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Trump Entertainment Resorts Breaks Ground on New $250 Million, Nearly 800-Room Hotel Tower
Aug 04, 06 | 7:57 am
Trump Entertainment Resorts, Inc. (the "Company") (Nasdaq: TRMP) announced today that construction officially commenced in July 2006 on the new, $250 million hotel tower at the Trump Taj Mahal Casino Resort (the "Taj Mahal").
"As we constantly strive to create a more entertaining and exciting atmosphere at each of our properties, the construction of our new hotel tower is planned to greatly increase our guest capacity at the Taj Mahal," said Mark Juliano, the Company's Chief Operating Officer. "As we renovate the casino floor and develop more dining and retail options at the Taj Mahal, these rooms will serve as a critical component of our plan to expand our business and attract more valuable customers."
Completion of the tower construction is expected during the summer of 2008. The new tower is planned to add 786 rooms to the Taj Mahal, which currently has 1,250 rooms in the existing hotel tower. Standing 40 stories high and 450-feet tall, the tower's rooms include 716 generously apportioned standard guest rooms and 70 suites with ocean views. The primary architect on the project is the Friedmutter Group.
Construction of the new tower is in addition to the Company's previously announced $110 million renovation and expansion plan. Projects already completed include the renovation of nearly every hotel guest room at all three Trump properties; the entire casino floor renovation and the opening of 24 Central Cafe at Trump Plaza Casino and Hotel; the Ego Bar and Lounge, Trump Exchange retail store, The Asian Gaming Pit and the new noodle bar, The Rim, at the Taj Mahal. Construction of the new retail and dining entrance corridor to the Taj Mahal is underway, as is the renovation of the casino floor. The master plan for the Trump Marina Hotel Casino is also currently being developed.
"We believe that expanding the Company's guest room inventory in Atlantic City is a critical component of our overall plan to capitalize on the changing and growing gaming marketplace," said James B. Perry, Chief Executive Officer of the Company. "As Atlantic City continues to transform into a destination market for customers, our expansion and renovation plan is being specifically tailored to create new entertainment options, to increase the overall quality of experience at Trump properties, and to increase value for shareholders of the Company."
About Trump Entertainment Resorts:
Trump Entertainment Resorts, Inc. is a leading gaming company that owns and operates three properties. The Company's properties include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Together, the properties comprise approximately 371,300 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump, the Company's Chairman and largest stockholder, conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. Trump Entertainment Resorts, Inc. is separate and distinct from Mr. Trump's real estate and other holdings.
