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Offshore offer for Trump casinos
Report: Online casino operator makes unsolicited $400M bid for 31% stake in bankrupt casino company.
September 29, 2004: 7:59 AM EDT

NEW YORK (CNN/Money) - An offshore online casino operator says he's making a bid to acquire a 31 percent stake in Donald Trump's casino companies, according to a published report Wednesday.

The New York Post said that Casino Fortune, a Trinidad-based online casino, has made an unsolicited $400 million investment offer for Trump's three ailing Atlantic City casinos. And John Wallis, the CEO of Sunny Group, told the paper that his company can show Trump how to run the casinos profitably. Trump Hotels & Casino Resorts (DJTC: Research, Estimates) has posted a net loss since it went public in 1996, according to the paper.

"We feel we can help Trump turn around his [money-losing] casinos and want to be involved in the management," Wallis told the paper.

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But Wallis admitted that he has yet to hear a response to his offer. And the paper said the company has made some other high-profile offers in the past that went nowhere, including an offer to buy the Phoenix Suns basketball team and an offer to NASA to buy a seat on the space shuttle. Neither offer resulted in serious negotiations, according to the paper.

Trump, who is also the star of the hit reality television show "The Apprentice," filed for bankruptcy protection for his casino company in August. A report Monday in the Wall Street Journal said he is trying to negotiate a deal with bondholders that would grant them a two-thirds stake in Trump Hotels and Casino Resorts Inc.  Top of page




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