Trump stock high
after casino takeover rumors
Shares of Trump Entertainment
Resorts Inc. soar over 18% after casino takeover offer rumored
in the press.
Shares of Trump Entertainment Resorts Inc. (NASDAQ:TRMP)
rose over 18% today to close at $8.27, after rumors on Friday
that a Baltimore developer Cordish Co. was in talks for the
buyout of the three struggling Atlantic City casinos. According
to the Star-Ledger of Newark, Cordish Co. is attempting to enter
the gambling business and the company was interested in the
Trump casinos. Neither Trump Entertainment Resorts Inc., nor Cordish Co. have publicly commented on a deal between the two
companies, although Donald Trump was quoted last week by the AP
that there are several interested parties in the casinos.
Cordish Co. is a development company out of Baltimore, MD.
Cordish Company, through its affiliate Power Plant
Entertainment, LLC, developed two four-star Hard Rock-themed
hotels and casinos in Hollywood, Florida and Tampa, Florida, the
first Hard Rock hotels and casinos in the United States outside
of Las Vegas, according to the company's website.
Following the report, shares of Trump
Entertainment Resorts Inc. (NASDAQ:TRMP) closed on Friday
afternoon at $8.27 or 18.31% higher than the opening $7.20,
still far away from the 52-week high of $23.80 per share. The
possible buyout of the casinos by Cordish Co. was the first
"good news" for investors in the Trump casinos since July, when
the casino company failed to reach a similar deal.