Trump casinos now worth only $459M

Donald Trump’s former Atlantic City casinos have plummeted in value in the 11 months since they filed for Chapter 11, public Securities and Exchange Commission filings revealed yesterday. Trump Entertainment Resorts, which owns the Trump Taj Mahal, Trump Marina and Trump Plaza casino-hotels, said the properties are now worth just an estimated $459 million. When the company filed for bankruptcy in February 2009, its properties were worth $2 billion. Trump and his daughter Ivanka resigned from the company’s board at that time. A decision is expected this week in bankruptcy court on two reorganization plans for the properties. Under one plan, which was presented by investor Carl Icahn, the company’s debt would be converted into equity. Hedge fund Avenue Capital would buy the casinos for $225 million under the other plan, which is being backed by Trump Entertainment Resorts and Donald Trump. [Post]