Trump to sell Lake Michigan casino, hotel
| 06 November 2005 |    |
Donald Trump's casino company says it has agreed to sell its Lake Michigan riverboat and hotel to The Majestic Star Casino LLC in a $253 million deal.Trump Indiana owns and operates a riverboat casino and hotel at Buffington Harbor in Gary.
The sale of the casino comes as Trump Entertainment Resorts works on its reorganization after filing for bankruptcy protection last year. Trump has operated the Gary casino since it opened nine years ago.
Las Vegas-based Majestic has a neighboring casino in Gary and the two companies have a joint venture that owns the dock, entrance pavilion and restaurants that the two riverboats share.
Trump Entertainment said Friday it expected to receive $227 million in the deal after accounting for certain taxes, fees and other closing costs and expenses.
Article By: Island Packet
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