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Trump Entertainment will not make bond interest payment

1 December 2008

NEW YORK, New York -- As reported by Reuters: "Casino operator Trump Entertainment Resorts Inc said on Friday it will not make a $53.1 million bond interest payment due on December 1 in an effort to 'maintain sufficient liquidity.'

"Trump said a 30-day grace period will apply to the missed interest payment and that during this period it will pursue discussions with lenders to restructure the company's capital structure.

"The Atlantic City-based casino company said there can be no assurance that any agreement will be reached.

"Revenue at Atlantic City's casinos dropped by 9.9 percent to $346.2 million in October from a year ago as the national economic downturn deepened the gambling industry's woes.

"The October decline followed a 15.1 percent plunge in September, the biggest overall fall in gaming revenue in the 30-year history of New Jersey's gambling capital, according to the state's Casino Control Commission.

"...Its shares have fallen from $5.70 last December to a close of 31 cents on Friday..."

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