Trump Entertainment Resorts Inc. (fka TRMPQ)

[Cowboy200009]

Operator of Atlantic City Trump casinos cuts first-quarter losses in half

From Press staff reports | Posted: Thursday, May 13, 2010 | 4 comments

ATLANTIC CITY - Trump Entertainment Resorts Inc., operator of three Atlantic City casinos, cut its losses in half in the first quarter as it prepares to emerge from Chapter 11 bankruptcy protection under new ownership.

The company posted a loss of $24.4 million, or 78 cents per share, compared with a loss of $50.1 million, or $1.58 per share, in the same quarter a year ago. Net revenue from casino operations, hotel rooms, food and beverage sales and other sources of income fell 12.3 percent to $168.4 million, the company reported in a federal securities filing.

Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino all had lower gaming revenue for the quarter. Total gaming revenue for the three properties was $170.8 million, down nearly 18 percent.

The company partly offset its losses by cutting corporate costs and expenses. Promotional expenses for free hotel rooms, meals and other comps given to customers were slashed 23.5 percent, to $49.9 million.

Trump Entertainment bondholders backed by Donald Trump are buying the company out of bankruptcy for $225 million. A bankruptcy judge picked the bondholders over billionaire investor Carl C. Icahn in a contentious takeover battle. The company says it expects to emerge from bankruptcy in the third quarter.

http://www.pressofatlanticcity.com/communities/atlantic-city_pleasantville_brigantine/article_7eb23c60-5ed9-11df-a851-001cc4c002e0.html