Trump Switches Allegiances, Beal Counters With AC Casino Offer

Donald Trump, a couple of months ago, claimed that he wanted to revive the Atlantic City casino industry. That was the reason that Trump was placing an offer to buy Trump Entertainment and take the company out of bankruptcy.

Last week, Trump showed that the almighty dollar is much more important to him than any revival of the AC casino industry. Trump dumped his bid for Trump Entertainment, and instead decided that he would back an offer from the bondholders in order to gain a ten percent stake in the company.

Now, Beal Bank, the company that was partnering with Trump, has decided that they will bid on the company on its own. Beal has made an offer that will give them sixty-five percent control of Trump Entertainment. Other creditors of the company would receive thirty-five percent.

"It looks as though Donald Trump understands that his initial bid was not going to be enough to gain control, of the company that bears his name," said Gaming Analyst Steve Schwartz, "If that was the case, it makes sense that he would switch allegiances at the last moment."

The last moment, indeed. The judge in the bankruptcy case has given the parties involved until December 3rd to negotiate a settlement. Now that Trump has joined the side of the bondholders, it does not appear that the agreement is far off.

Andy Beal is well known for being the most successful single-day poker gambler in the history of Las Vegas. Beal has turned his good fortune into a business empire, and he now is battling against his former ally Donald Trump for control of three Atlantic City casinos.

November 26, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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