East Coast Gambler

Trump Entertainment Resorts, Inc is about to emerge from bankruptcy and the bondholders are ready to do work getting Trump Casinos into a better place.  Plans include updating Trump Plaza and selling Trump Marina.

Trump Entertainment’s new owners plan to spend money updating Trump Plaza, and want to attract more families to Atlantic City in order to compete with new casinos closer to their homes in nearby states, Lasry said today during commission questioning.

Coastal Marina LLC, controlled by Richard T. Fields, had agreed in 2008 to buy Trump Marina and turn it into a Margaritaville casino resort. Last year, Fields renegotiated the deal, which included settlement of an unrelated lawsuit, and then reached yet another plan with bondholders to buy the Marina before Trump switched sides and aligned with them.

These are welcome changes and potential additions.  My last experience at Trump Plaza was nice, but the casino doesn’t seem as if it’s been updated since the 80′s.  A makeover will do nicely.

I’m not a parrothead, but I love the attitude of Jimmy Buffett fans.  All they want to do is drink and have a good time.  Even if Trump Marina doesn’t become the next Margaritavile casino, new owners and a major face lift will do the casino good.  It’s the only ugly property at the marina area, which is becoming more popular with young casino-goers every day.

Photo: www.oldvegaschips.com

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To no surprise the Riviera (hotel and owners) filed for chapter 11 bankruptcy reorganization yesterday.

…because this is a Chapter 11 filing backed by the key creditors, it’s likely the Riviera Las Vegas and the Riviera Black Hawk will operate normally through the bankrupty process.

This is backed by the bulk of the companies creditors, so don’t expect Riviera to go away too quickly.  Hopefully this reorganization includes renovations and cleaning up of one of the last remaining casinos from the old strip.  Sometimes I’m nostalgic.

Photo: Las Vegas Sun

Update: It seems as if Starwood will be taking over the Riviera.  Vegas Tripping has the quick and dirty.

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I’ve never been inside the Riviera on the Las Vegas strip and thus don’t write about it.  The Riviera is one of the oldies on the strip and even though everything I’ve read or heard is pretty bad I figured I’d share some news.

The Riviera seems to be prepping for bankruptcy.

Riviera Holdings Corp. of Las Vegas reiterated Friday that it’s in talks with creditors about restructuring its debt – but continued to avoid comment on whether Starwood Capital Group LLC is preparing to take over Riviera through a prepackaged bankruptcy.

This comes as no surprise to me as an old property on the north end of the strip doesn’t seem to have much shine.  I’m curious to see what happens to the property in the future.  The facade is still very recognizable, but that probably won’t save it.

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