COLONY CAPITAL BUYS INTO TRUMP CASINO.Byline: Gregory J. Wilcox Daily News Staff Writer A Los Angeles-based real estate investment company will acquire a majority stake in Atlantic City's Trump Castle for $125 million, providing developer Donald Trump  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. with much-needed cash to revamp his
water front hotel-casino.
Colony Capital  This article may contain improper references to .Please help [ improve this article] by removing . Inc.'s 51 percent equity investment gets it into the lucrative gaming industry, and ``The Donald's'' Trump Hotels & Casino Resorts Inc. secures the money it had been seeking to re-theme Trump Castle into Trump Marina Trump Marina Hotel Casino is located in Atlantic City, New Jersey and is managed by Trump Entertainment Resorts. The resort covers a 14.6 acre tract and includes a 74,252 square foot casino; 728 guest rooms (including 571 guest rooms, 60 Bay Tower suites and 97 luxury suites); . Trump announced the deal Monday from his headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Colony's offices were closed Monday and executives could not be reached for comment. Trump's company retains a 49 percent interest in the property and will continue to manage it. Nicholas L. Ribis, president and chief executive officer of Trump Hotels & Casino Resorts, said that the cash infusion will enable the company to more than double the number of rooms at the former Castle to 1,500. ``This strategic transaction strengthens our balance sheet and provides for future benefits, which further our goal of increasing long-term shareholder value,'' Ribis said. Analysts said that the partnership is a good deal for Trump. Since his company now owns a minority stake in the project, it can take about $314 million in related debt off its balance sheet. ``He's seen as doing a smart deal because he retains half the profits,'' said Thomas M. Ryan at BT Securities in New York. And Colony Capital's money will help Trump prepare for competition expected in the Atlantic market over the next few years. ``I would say that Trump's big strength is construction, so he will get it done in time and on budget,'' Ryan said of the expansion project. Trump's is the only casino hotel located on Atlantic City's marina waterfront, and it has 645 boat slips, the largest number on the East Coast. His company owns and operates Trump Plaza Trump Plaza is a name associated with several buildings in the Trump Empire
But Trump Castle's performance lagged that of the other properties. With Colony's help it will be renamed Trump Marina Hotel and Casino Resort. At one point, Trump planned to convert it to a Hard Rock casino, but those talks ended last month. Colony has been investing in luxury hotels, especially in Hawaii. The company has also expressed interest in Santa Anita Park Santa Anita Park is a thoroughbred racetrack in Arcadia, California, USA. It is known for offering some of the prominent racing events in the United States during the autumn and in winter. Racing at Santa Anita began in 1934. , the Arcadia horse-racing venue. |
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