Filed under: Trump Entertainment Resorts (TRMP)

Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) has sold its Trump Marina Hotel to New York-based Coastal Marina for $316 million. In a self-congratulatory press release, Trump chairman “Donald J. Trump” said that the hotel “has been an important part of our company with a loyal customer base and a dedicated team.”

Well then it’s good news that they sold it. In the past year, shares of Trump Entertainment Resorts have gone from $16 to as low as $2.29. The stock is up more than 20% today, but it’s still a tiny fraction of its former high. Who knows: maybe if they sell all the important parts of the company the stock will go back over $5. Trump Entertainment Resorts really is that bad, having reported a pre-tax loss of $249 million last year.

But good news for my fellow Donald Trump haters: Coastal Marina is planning to rename the hotel “Margaritaville.” Trump Entertainment CEO Mark Juliano commented that “The execution of this transaction will provide us with additional financial flexibility to effectively master-plan the future path of our company in the midst of an overall transformation which has already been marked by many successes.”

Reality check: the company has lost $252 million since inception. Whatever its “many successes” are, they have been heavily outweighed by failures.

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This entry was posted on Friday, May 30th, 2008 at 10:19 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.