ATLANTIC CITY Trump Entertainment Resorts Inc. officially has new ownership, now that New Jersey gaming regulators have signed off on Marc Lasry and his hedge fund Avenue Capital Group.
Avenue is the majority owner of Trump Entertainment, holding about 22% of outstanding shares. Donald Trump has been offered a stake of up to 10% for continued use of his name, Press of Atlantic City reports. Lasry will serve as Trump Entertainment’s chairman, while his sister, Sonia Gardner, is a managing member of the holdings company.
Trump Entertainment officially controls three Atlantic City gaming resorts—Trump Marina Hotel Casino, Trump Plaza Hotel and Casino and Trump Taj Mahal Casino Resort—but the US$38 million sale of the underperforming Trump Marina is pending and is expected to be finalized next month. Buyer Landry’s Inc. plans to rebrand the property as Golden Nugget Atlantic City.