Economy Helps Same Old Names Resurface In Atlantic City Casinos

Nobody knows whether Donald Trump had this in mind when he left the Board of Trump Entertainment a short time ago, but it certainly looks like he knew what he was doing. Trump has won the rights to reclaim Trump Entertainment, the company with his name on it.

He is one of many casino moguls that are resurfacing in Atlantic City. Billionaire Carl Icahn is also back in the AC casino business, after purchasing the Tropicana Hotel and Casino in bankruptcy court a couple of months ago.

These two billionaires have both been associated with Atlantic City gambling in the past, and if ever there were two people who could revive the industry in the city, it is Trump and Icahn. Icahn has been down this same road back in 2000, when he bought the Sands.

Icahn not only bought Sands, but he improved the service and renovated the casino. He then waited, and at the right time, he sold the casino for a huge profit. He has not yet said whether he will keep Tropicana or attempt to have the Sands situation happen again.

Trump, on the other hand, was clearly upset with bondholders at Trump Entertainment. He attempted to buy control of the company before it went into bankruptcy, but was turned away by the bondholders. Some of those bondholders were still trying to buy the company themselves before Trump intervened in the past few weeks.

Trump claims that he is dedicated to once again making Atlantic City a top gaming destination, and he has enough raw emotion involved in the city to do so. There has to be some skepticism, however, that Trump is only doing this to show the bondholders who is boss.

Whatever the case may be, the Atlantic City casino industry is in the dumps. They no longer control all of the Northeast. Pennsylvania, New York, and Connecticut have all caught up to the AC casino industry, and it will be part up to Trump and Icahn to turn that trend around.

August 10, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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