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Trump Entertainment Asks Judge to Allow Plaza Slot-Machine Sale

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(Bloomberg) — Trump Entertainment Resorts Inc. idled 353 slot machines with names such as Top Dollar, Jackpot, Loveboat and Dangerous Beauty when it closed its Plaza casino in Atlantic City, New Jersey, after declaring bankruptcy.

Now the company is betting it can squeeze a bit more value from the slots by selling the machines and unloading the cost of securing, maintaining and storing them.

The company asked U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, for permission to sell the slots for $146,650 to Patriot Gaming & Electronics Inc., with offices in New Gretna, New Jersey. That works out to about $415 each for Patriot, which repurposes and distributes used slot machines, according to its website.

The slots “are no longer necessary” for business and will help “obtain meaningful value” for creditors, Trump Entertainment said in an Oct. 24 filing.

The company filed for Chapter 11 protection Sept. 9, citing assets and debts of as much as $500 million each, amid growing regional competition. It won permission this month to scrap provisions of its union contract to save money.

Donald Trump, who founded the resorts, has no active role in management and is seeking to have his name removed from the Plaza and the company’s other casino, the Taj Mahal, which is still open for business.

The case is In re Trump Entertainment Resorts Inc., 14-12103, U.S. Bankruptcy Court, District of Delaware (Wilmington).


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