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Trump stock high after casino takeover rumors

Shares of Trump Entertainment Resorts Inc. soar over 18% after casino takeover offer rumored in the press.

Trump stock high after casino takeover rumors 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.

 Published on 10/05/2007

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