Online Casino Makes Offer to Trump
ATLANTIC CITY, New Jersey – As reported by the Associated Press: "Calling itself a 'white knight,' an Internet casino operator said it is offering Donald Trump $400 million for a stake in his ailing casino company.
"Casino Fortune, a Trinidad-based company that bills itself as the world's oldest online gambling company, said Tuesday it has approached Trump about replacing DLJ Merchant Banking Partners, whose plans for a bailout of Trump Hotels & Casino Resorts fell through last week.
"…DLJ Merchant Banking Partners, a private equity arm of Credit Suisse First Boston bank, had been negotiating for a stake in Trump Hotels, offering $400 million in exchange for a controlling interest. Under the deal, Trump would have given up his majority stake and his title as CEO.
"Casino Fortune, which runs eight casinos in the Caribbean, Africa and Europe, is making the bid because it wants a land-based casino in the United States to add to its credibility, [Vice President Dennis Rose] said…"