Casino news from http://today.reuters.com/
Casino operator Trump Entertainment Resorts Inc. (TRMP.O: Quote, Profile, Research) is looking to spend about $300 million on transforming an Atlantic City landmark and is looking westward for new development, its chief operating officer said.
The redevelopment of the famed Atlantic City Steel Pier near the Taj Mahal Casino Resort would help the company increase sales by driving non-gambling revenue, while a hoped-for casino in the state of Oregon would diversify its holdings beyond just the southern New Jersey seacoast.
Trump currently owns and operates only three casinos -- the Trump Taj Mahal, Trump Marina Hotel Casino and Trump Plaza Hotel & Casino -- all in Atlantic City.
"Ideally, we would like to do a mix of residential, entertainment and retail" at the pier, Chief Operating Officer Mark Juliano told Reuters in an interview at the Taj Mahal casino on Monday. "A living component or a guest component out there we think would be really ideal."
The Steel Pier, which dates back to 1898, has hosted such entertainers as Charlie Chaplin, The Three Stooges and Frank Sinatra as well as the Miss America Pageant, according to the Web site Steelpier.com.
Trump, which owns the 900-foot pier, decided to close it to make way for the new development, which could include as many as 400 residential units and 50,000 square feet of retail space, Juliano said.
The move is part of the company's expansion plans in Atlantic City. Like other casino operators, such as Harrah's Entertainment Inc. (HET.N: Quote, Profile, Research) and Boyd Gaming Corp. (BYD.N: Quote, Profile, Research), Trump is also trying to get gamblers to stay longer and spend more by sprucing up properties, building new hotel rooms and offering more restaurants and shops.
Trump is already in the midst of capital improvements of $110 million at its three Atlantic City casinos, and is building a new hotel tower at the Taj Mahal.
It has also been looking for opportunities to open casinos outside Atlantic City, but faces certain restrictions related to its emergence from bankruptcy protection last year on how much it can spend on those projects.
So it has been using the name of Donald Trump, a real estate tycoon who started the company and is its chairman and largest shareholder, as well as its experience as a casino operator to scout for local partnerships and joint ventures.
Juliano said Trump was talking with local partners for a possible casino in Portland, Oregon. That project, however, needs public approval and is expected to go before the voters in 2008.
But it has already used the name of Donald Trump to forge partnerships to develop a casino in Mississippi and bid for a $350 million slot parlor in Philadelphia.
"Every week somebody comes to us with something we might or might not be interested in," Juliano said.
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