New Trump CEO Trying to Revive Trump Casino Brand
New Trump CEO Trying to Revive Trump Casino
Brand
51 year-old Bob Griffin was named the Chief Executive Officer of Trump Entertainment in November, taking over for Mark Juliano, who was removed in a management shake-up conducted by corporate bondholders who saved the company from bankruptcy last year for $225 million. Bondholders extended a ten percent stake in the operation to Donald Trump for the right to continue to use his name.
As the new head of the company, Griffin immediately set to work on restructuring and trimming costs. In his first day alone, he laid off 50 managers, and followed up by laying off another 250 people in December, both managers and front-line employees.
The extensive job cuts have been just one part of the company's overall post-bankruptcy restructuring. The company emerged from Chapter 11 bankruptcy protection in July, cutting its overall debt from $1.7 billion to a more manageable $344 million.
In an attempt to turn the operation around, Griffin and bondholders have decided to upgrade the company's flagship Trump Taj Mahal Casino, and possibly bring in a partner to revive the aging Trump Plaza Hotel and Casino. The company is also looking into selling the Trump Marina Hotel Casino. Trump Marina reportedly suffered a $3.4 million operating loss through 2010's first three quarters and is the worst-performing of Trump's Atlantic City's casinos, taking in a reported $137.3 million through November.
Griffin said that while no offers are currently on the table for Trump Marina, conversations have been ongoing with several prospective buyers. Griffin did not disclose their names, saying only that they include casino operators and former gaming executives who are trying to put together investment groups. Insiders say the move would be a good one for Trump Entertainment, as selling its weakest casino would enable Trump executives to focus on drawing customers to the firm's other two boardwalk properties.
Ultimately, Griffin's goal is to significantly expand the reach of Trump Entertainment, a lofty goal but one the 51 year-old says he is up to.
51 year-old Bob Griffin was named the Chief Executive Officer of Trump Entertainment in November, taking over for Mark Juliano, who was removed in a management shake-up conducted by corporate bondholders who saved the company from bankruptcy last year for $225 million. Bondholders extended a ten percent stake in the operation to Donald Trump for the right to continue to use his name.
As the new head of the company, Griffin immediately set to work on restructuring and trimming costs. In his first day alone, he laid off 50 managers, and followed up by laying off another 250 people in December, both managers and front-line employees.
The extensive job cuts have been just one part of the company's overall post-bankruptcy restructuring. The company emerged from Chapter 11 bankruptcy protection in July, cutting its overall debt from $1.7 billion to a more manageable $344 million.
In an attempt to turn the operation around, Griffin and bondholders have decided to upgrade the company's flagship Trump Taj Mahal Casino, and possibly bring in a partner to revive the aging Trump Plaza Hotel and Casino. The company is also looking into selling the Trump Marina Hotel Casino. Trump Marina reportedly suffered a $3.4 million operating loss through 2010's first three quarters and is the worst-performing of Trump's Atlantic City's casinos, taking in a reported $137.3 million through November.
Griffin said that while no offers are currently on the table for Trump Marina, conversations have been ongoing with several prospective buyers. Griffin did not disclose their names, saying only that they include casino operators and former gaming executives who are trying to put together investment groups. Insiders say the move would be a good one for Trump Entertainment, as selling its weakest casino would enable Trump executives to focus on drawing customers to the firm's other two boardwalk properties.
Ultimately, Griffin's goal is to significantly expand the reach of Trump Entertainment, a lofty goal but one the 51 year-old says he is up to.
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