Tuesday, 31 May 2016
Last updated 3 days ago
Apr 8 2011 | 12:28pm ET
The name doesn’t have quite the ring of “Trump” but New York billionaire Marc Lasry of Avenue Capital Group has become the main owner of Trump Entertainment Resorts.
On Wednesday, Lasry received final approval from New Jersey casino regulators to control the company which Avenue won in a bankruptcy battle last year. Avenue is the largest shareholder, with 22%, but Donald Trump, the company’s founder, retains 10%.
The three casinos owned by Trump Entertainment Resorts employ about 8,000 people after cutting about 600 jobs since last fall. One of the three, the Trump Marina Hotel Casino, will be sold next month to a Texas company. That will leave the new owners with the flagship Trump Taj Mahal Casino Resort and the Trump Plaza Hotel and Casino.
Trump told Bloomberg that things have been going well since the new owners took over last year:
"We own it together, and I am really happy about it," he said. "They are wonderful partners."