Trump to be fired as casinos CEO

NEW YORK, Feb. 14 (UPI) -- Donald Trump, who fires someone every week on the NBC hit, "The Apprentice," will soon lose his CEO post at his debt-burdened casino empire.

Trump is already resigned to the loss, according to Barron's Saturday, since stepping down is part of the deal to allow DLJ Merchant Banking Partners to inject about $400 million into his Trump Hotel & Casino Resorts.


The casinos holdings are separate from Trump's New York real estate business. He is still estimated to be worth over $2 billion.

Trump controls Atlantic City's Taj Mahal, Plaza and Marina, and a floating casino in Indiana. After interest payments of about $215 million a year, the Trump properties have barely enough cash for upkeep, Barron's said, and cash flow could erode further if Pennsylvania approves slot machines at racetracks.

The new money could allow the construction of a new tower at one of the Atlantic City properties, the kind of improvement some competitors have already done.

Trump said he is not investing more of his own money in the casinos enterprise because he already has a large stake in the company.

The recapitlization depends on an agreement by bondholders to accept a loss, possibly to avoid any bankruptcy proceeding when $1.3 billion worth of Trump Atlantic City bonds mature, Barron's said.

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