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Trump Refinances Atlantic City Portfolio to the Tune of $500M
Dec 24, 2007
By: Barbra Murray, Contributing Editor

Trump Entertainment Resorts Inc. has just refinanced the entire first-lien debt on all of its Atlantic City properties, courtesy of a $500 million credit facility from Beal Bank Nevada.

Trump Entertainment's portfolio of existing properties, all located in Atlantic City, consists of the Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, which sit along the boardwalk, and the Marina District's Trump Marina Hotel Casino. Having cost about $1 billion to complete, the Taj Mahal debuted in 1990, offering 1,250 rooms within a 51-story tower. The 39-story Trump Plaza, featuring 900 rooms, was developed in 1984, and the approximately 700-room Trump Marina reached completion in 1985. Together, the properties encompass an aggregate 3,000 guestrooms, 25 restaurants and 200,000 square feet of meeting space.

Commenting on the attainment of the financing package, Trump Entertainment CEO Mark Juliano said in a prepared statement that, "the execution of this agreement in today's credit market is an endorsement of our strategic plan." Demand for casino resort accommodations in Atlantic City continues to increase and Trump Entertainment has responded to the call with expansion endeavors at all three of its properties. The addition of an 800-room hotel at the Taj Mahal at a cost of $250 million is presently in the works.

 
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