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Analysts pessimistic about Trump deal

29 Jun 2007

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Another Wall Street gaming analyst is pessimistic that Donald Trump's financially ailing casino company will be able to find a buyer.

"Carlo Santarelli, of Bear, Stearns & Co. Inc., predicted Thursday that Trump Entertainment Resorts Inc. will have a hard time selling itself, although its falling stock price in recent weeks could make it more attractive to suitors.

"...Earlier this month, analyst Dennis I. Forst, of KeyBanc Capital Markets Inc., said a sale of the entire company would be complicated by the enormous amount of money a buyer would have to spend to upgrade Trump's three aging casinos.

"...Trump Entertainment is in negotiations with a private investment group headed by former Atlantic City gaming executive Dennis Gomes and New York real estate developer Morris Bailey.

"...If there is no sale, Santarelli expects the stock price to dip to about $11 a share, far below its 52-week high of $23.80 in November..."

copyrighted material written for and appeared exclusively in The Press of Atlantic City

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