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The court case to decide the fate of Trump Entertainment continued today, with both competitors looking to sell.
During today’s hearing on the competing buyout plans, Mark Juliano, CEO of Trump Entertainment, backing Donald Trump’s plan, told the judge that they have received an offer for the sale of the Trump Marina Hotel Casino.
Last year, Richard Fields, chairman of the New York gaming group Coastal Marina LLC had offered $316 million for the Resort, however the price was lowered to $270 million before negotiations fell apart.
Now the business man has made an offer of $75 million for the property, the new price reflects plunging real estate values in Atlantic City, the three year slump in gaming revenue, competition from surrounding states and the pending bankruptcy.
“That’s the offer we have on the table” Juliano said.
One the other side of the table, investor Carl Icahn also said he would consider selling the property as well as the Trump Plaza.
Icahn’s deposition was made via videotape; he does not plan on attending the hearing in person.
He added that he has not made a final decision yet, but believes that “it might make some sense” to unload the Marina and Plaza and keep only the flagship Trump Taj Mahal Casino Resort, if he wins the rights to control the business.
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