Trump's A.C. casinos to receive $110M. face lift
Trump's A.C. casinos to receive $110M. face lift
ATLANTIC CITY-Last year, Donald Trump's casinos were out of luck and nearly out of money.
Chapter 11 followed, but instead of destroying the cash-poor company, the bankruptcy reorganization allowed Trump to shed hundreds of millions of dollars of debt and tap new funding for expansion and renovation projects.
In the first phase of its post-bankruptcy rebuilding plan, Trump Entertainment Resorts Inc. announced Wednesday it will spend $110 million to give its three aging gambling halls a makeover.
"There won't be any product like it in Atlantic City. When we get done, it will be beautiful," Trump said in an interview from his New York office.
Trump, who is chairman of the company bearing his name, now has the money to back up his boasts. The bankruptcy reorganization cut $100 million from the company's annual debt payments and included a new $500 million line of credit. An extra $253 million will come from the recent sale of Trump's riverboat casino in Gary, Ind.
"The company is very strong financially," Trump said. "It came out of bankruptcy really well and really powerful. We have tremendous lines of credit and terrific cash flow."
The first phase of the renovation plan will include projects in 2006 and 2007. The company is still discussing the total cost of the rebuilding program, including the price tag for a new hotel tower scheduled to open in 2008 at Trump Taj Mahal Casino Resort.
"We haven't really determined it. But the word is, whatever is necessary," Trump said of the construction costs.
Trump Entertainment already has refurbished many of the hotel rooms at the three casinos and will now give the public areas of the buildings a facelift - in the process, adding some of the excitement and pizzazz needed to attract fickle gamblers.
"The renovations include a variety of projects designed to enhance the inherent strengths of each of the three properties," said James B. Perry, Trump Entertainment's chief executive officer. "Our goal is to focus on what matters most to our customers, and to create unique and exciting venues designed to add value to their Trump Atlantic City experience."
Trump Entertainment must spruce up its casinos to keep pace with its competitors on the Boardwalk and in the Marina District. Borgata Hotel Casino & Spa has started construction on a $525 million expansion project and Harrah's Atlantic City has plans for a $550 million makeover.
At the flagship Taj Mahal, renovations will include transforming a corridor that leads from the parking garage into a promenade featuring new stores and restaurants. A new high-end Asian gaming area, noodle bar and casino lounge also are planned.
Trump Plaza Hotel and Casino's outdated Boardwalk entrance will be given a facelift, complemented by changes to the lobby area to make it more accessible. The New Yorker deli will be replaced by a new restaurant.
When combined with Trump Plaza's newly added Liquid Bar and EVO Restaurant, the first floor from the Boardwalk entrance to the hotel lobby will have a more exciting and contemporary look, Perry said.
Trump Marina Hotel Casino will undergo renovations to its meeting and convention space. A new restaurant also is planned.
To boost morale among its workforce, the company has budgeted money for new staff uniforms at all three casinos and improvements to the employee cafeterias.
In addition to the $110 million rebuilding plan for 2006 and 2007, Trump Entertainment already has spent $32 million for renovation projects this year. By the middle of 2006, the company will have completely updated the standard guest rooms at all three properties and refurbished the casino floor at Trump Plaza, Perry said.
The centerpiece of the renovation program is a previously announced 800-room hotel tower at the Taj Mahal. Construction is scheduled to start next June, with completion in 2008.
Trump said the cost of the tower is still being determined. Designs have not yet been unveiled, but Trump promised the project will add a stunning new dimension to the Taj Mahal's skyline.
"It's going to be a really beautiful tower," he said.
At the same time it is refurbishing the Atlantic City casinos, Trump Entertainment is scouting expansion opportunities in other gaming markets. The company recently announced it will seek a gaming license for a new slots parlor in Philadelphia when Pennsylvania introduces casino-style gambling in 2006 or 2007.
Trump Entertainment replaced the now-defunct Trump Hotels & Casino Resorts Inc. when the company emerged from Chapter 11 bankruptcy protection in May. Trump's casino empire was threatened by a crushing $1.8 billion debt when it filed for Chapter 11 in November 2004, but the company's fina399.7M. month for A.C. casinos
Tropicana, others manage to avoid holiday slowdown
By DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Saturday, December 10, 2005
Updated: Saturday, December 10, 2005
ATLANTIC CITY-This is usually the time of year when Black Friday is much more important than blackjack and the mall is much busier than the gambling hall.
But it seems that there was no holiday shopping-related slowdown this November for the casino industry. Gaming revenue climbed 6.6 percent to $399.7 million for a record-breaking month, according to figures released Friday by the state Casino Control Commission.
It was the first time in Atlantic City's 27-year history of gaming that November's casino "win" came so close to the $400 million mark, a figure normally associated with the busy summer tourism season.
"That's pretty positive," said gaming analyst Brian McGill of Susquehanna Financial Group.
Slot revenue was up 5.7 percent to nearly $290 million and table winnings jumped 9 percent to $109.7 million. Eight of the 12 casinos posted gains for the month and five standouts had double-digit increases.
Atlantic City's tourism usually drops off dramatically after the summer season, with the weeks between Thanksgiving and Christmas among the weakest for casinos.
Casinos begin to lose business to the malls after Black Friday, the traditional start of the holiday shopping season. However, one casino has transformed itself into a more mall-like holiday setting and the results have been extraordinary.
Gaming revenue at Tropicana Casino and Resort surged nearly 25 percent in November thanks to the spillover effects from The Quarter, the sprawling retail and entertainment complex that opened in late 2004.
It seems that when customers weren't shopping or eating at The Quarter, they were spending their money on Tropicana's gaming floor. Tropicana's slot win soared 31.5 percent and table-game revenue increased nearly 12 percent in November.
Embracing the holidays like no other casino has done before, Tropicana has turned The Quarter into a winter wonderland complete with towering Christmas trees, lavish decorations and festive music. It kicked off the holiday season on Nov. 2 with a tree-lighting ceremony that drew hundreds of onlookers.
"We took advantage of our unique position in the marketplace as Atlantic City's only enclosed dining, entertainment and retail destination," Tropicana spokeswoman Maureen Siman said in a statement. "By launching our First Annual Holiday Spectacular on Nov. 2, we took advantage of and jump-started the retail season."
McGill said other casinos will most likely use Tropicana's mix of nongaming and casino attractions as a model for their expansion projects. He said November's results underscored the importance of giving customers more to do than just gamble.
"I think one glaring number that jumps off the page is Tropicana," he said. "It still shows that more nongaming amenities are certainly better than not. I think that's what is going to drive performance going forward."
Meanwhile, other casinos that posted double-digit gains in November were Caesars Atlantic City, Harrah's Atlantic City, Resorts Atlantic City and Showboat Casino Hotel.
Borgata Hotel Casino & Spa was No. 1 overall in November revenue - at $55.3 million - but the Las Vegas-style megaresort fell well short of the double-digit increase that it usually racks up each month.
Overall, Borgata's revenue was up 3.5 percent on the strength of a 12.3 percent gain in table winnings. Slot revenue, though, slumped 1.5 percent.
McGill said Borgata is "capacity constrained" and that revenue growth will depend on completion of its $525 million expansion project. The first phase will add new gaming space, restaurants and retail when it opens next spring. An 800-room hotel tower is planned for late 2007.
"I think with Borgata, until they get the expansion opened next year, we're not going to see the double-digit increases we've come to know," McGill said.
ncial turnaround included a profitable third quarter this year.
ATLANTIC CITY-Last year, Donald Trump's casinos were out of luck and nearly out of money.
Chapter 11 followed, but instead of destroying the cash-poor company, the bankruptcy reorganization allowed Trump to shed hundreds of millions of dollars of debt and tap new funding for expansion and renovation projects.
In the first phase of its post-bankruptcy rebuilding plan, Trump Entertainment Resorts Inc. announced Wednesday it will spend $110 million to give its three aging gambling halls a makeover.
"There won't be any product like it in Atlantic City. When we get done, it will be beautiful," Trump said in an interview from his New York office.
Trump, who is chairman of the company bearing his name, now has the money to back up his boasts. The bankruptcy reorganization cut $100 million from the company's annual debt payments and included a new $500 million line of credit. An extra $253 million will come from the recent sale of Trump's riverboat casino in Gary, Ind.
"The company is very strong financially," Trump said. "It came out of bankruptcy really well and really powerful. We have tremendous lines of credit and terrific cash flow."
The first phase of the renovation plan will include projects in 2006 and 2007. The company is still discussing the total cost of the rebuilding program, including the price tag for a new hotel tower scheduled to open in 2008 at Trump Taj Mahal Casino Resort.
"We haven't really determined it. But the word is, whatever is necessary," Trump said of the construction costs.
Trump Entertainment already has refurbished many of the hotel rooms at the three casinos and will now give the public areas of the buildings a facelift - in the process, adding some of the excitement and pizzazz needed to attract fickle gamblers.
"The renovations include a variety of projects designed to enhance the inherent strengths of each of the three properties," said James B. Perry, Trump Entertainment's chief executive officer. "Our goal is to focus on what matters most to our customers, and to create unique and exciting venues designed to add value to their Trump Atlantic City experience."
Trump Entertainment must spruce up its casinos to keep pace with its competitors on the Boardwalk and in the Marina District. Borgata Hotel Casino & Spa has started construction on a $525 million expansion project and Harrah's Atlantic City has plans for a $550 million makeover.
At the flagship Taj Mahal, renovations will include transforming a corridor that leads from the parking garage into a promenade featuring new stores and restaurants. A new high-end Asian gaming area, noodle bar and casino lounge also are planned.
Trump Plaza Hotel and Casino's outdated Boardwalk entrance will be given a facelift, complemented by changes to the lobby area to make it more accessible. The New Yorker deli will be replaced by a new restaurant.
When combined with Trump Plaza's newly added Liquid Bar and EVO Restaurant, the first floor from the Boardwalk entrance to the hotel lobby will have a more exciting and contemporary look, Perry said.
Trump Marina Hotel Casino will undergo renovations to its meeting and convention space. A new restaurant also is planned.
To boost morale among its workforce, the company has budgeted money for new staff uniforms at all three casinos and improvements to the employee cafeterias.
In addition to the $110 million rebuilding plan for 2006 and 2007, Trump Entertainment already has spent $32 million for renovation projects this year. By the middle of 2006, the company will have completely updated the standard guest rooms at all three properties and refurbished the casino floor at Trump Plaza, Perry said.
The centerpiece of the renovation program is a previously announced 800-room hotel tower at the Taj Mahal. Construction is scheduled to start next June, with completion in 2008.
Trump said the cost of the tower is still being determined. Designs have not yet been unveiled, but Trump promised the project will add a stunning new dimension to the Taj Mahal's skyline.
"It's going to be a really beautiful tower," he said.
At the same time it is refurbishing the Atlantic City casinos, Trump Entertainment is scouting expansion opportunities in other gaming markets. The company recently announced it will seek a gaming license for a new slots parlor in Philadelphia when Pennsylvania introduces casino-style gambling in 2006 or 2007.
Trump Entertainment replaced the now-defunct Trump Hotels & Casino Resorts Inc. when the company emerged from Chapter 11 bankruptcy protection in May. Trump's casino empire was threatened by a crushing $1.8 billion debt when it filed for Chapter 11 in November 2004, but the company's fina399.7M. month for A.C. casinos
Tropicana, others manage to avoid holiday slowdown
By DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Saturday, December 10, 2005
Updated: Saturday, December 10, 2005
ATLANTIC CITY-This is usually the time of year when Black Friday is much more important than blackjack and the mall is much busier than the gambling hall.
But it seems that there was no holiday shopping-related slowdown this November for the casino industry. Gaming revenue climbed 6.6 percent to $399.7 million for a record-breaking month, according to figures released Friday by the state Casino Control Commission.
It was the first time in Atlantic City's 27-year history of gaming that November's casino "win" came so close to the $400 million mark, a figure normally associated with the busy summer tourism season.
"That's pretty positive," said gaming analyst Brian McGill of Susquehanna Financial Group.
Slot revenue was up 5.7 percent to nearly $290 million and table winnings jumped 9 percent to $109.7 million. Eight of the 12 casinos posted gains for the month and five standouts had double-digit increases.
Atlantic City's tourism usually drops off dramatically after the summer season, with the weeks between Thanksgiving and Christmas among the weakest for casinos.
Casinos begin to lose business to the malls after Black Friday, the traditional start of the holiday shopping season. However, one casino has transformed itself into a more mall-like holiday setting and the results have been extraordinary.
Gaming revenue at Tropicana Casino and Resort surged nearly 25 percent in November thanks to the spillover effects from The Quarter, the sprawling retail and entertainment complex that opened in late 2004.
It seems that when customers weren't shopping or eating at The Quarter, they were spending their money on Tropicana's gaming floor. Tropicana's slot win soared 31.5 percent and table-game revenue increased nearly 12 percent in November.
Embracing the holidays like no other casino has done before, Tropicana has turned The Quarter into a winter wonderland complete with towering Christmas trees, lavish decorations and festive music. It kicked off the holiday season on Nov. 2 with a tree-lighting ceremony that drew hundreds of onlookers.
"We took advantage of our unique position in the marketplace as Atlantic City's only enclosed dining, entertainment and retail destination," Tropicana spokeswoman Maureen Siman said in a statement. "By launching our First Annual Holiday Spectacular on Nov. 2, we took advantage of and jump-started the retail season."
McGill said other casinos will most likely use Tropicana's mix of nongaming and casino attractions as a model for their expansion projects. He said November's results underscored the importance of giving customers more to do than just gamble.
"I think one glaring number that jumps off the page is Tropicana," he said. "It still shows that more nongaming amenities are certainly better than not. I think that's what is going to drive performance going forward."
Meanwhile, other casinos that posted double-digit gains in November were Caesars Atlantic City, Harrah's Atlantic City, Resorts Atlantic City and Showboat Casino Hotel.
Borgata Hotel Casino & Spa was No. 1 overall in November revenue - at $55.3 million - but the Las Vegas-style megaresort fell well short of the double-digit increase that it usually racks up each month.
Overall, Borgata's revenue was up 3.5 percent on the strength of a 12.3 percent gain in table winnings. Slot revenue, though, slumped 1.5 percent.
McGill said Borgata is "capacity constrained" and that revenue growth will depend on completion of its $525 million expansion project. The first phase will add new gaming space, restaurants and retail when it opens next spring. An 800-room hotel tower is planned for late 2007.
"I think with Borgata, until they get the expansion opened next year, we're not going to see the double-digit increases we've come to know," McGill said.
ncial turnaround included a profitable third quarter this year.
posted by Atlantic City Slots Video Poker Dining at 12:32 PM
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