P.M. BRIEFING : N.J. OKs Trump’s Third Casino
Donald Trump received approval today from state gaming regulators to open the palatial $1-billion Taj Mahal Casino Resort, the developer’s third casino in the famed resort city.
The state Casino Control Commission voted unanimously to grant Trump a license. The New York developer also owns the Trump Plaza and the Trump Castle resorts.
The property’s grand opening next week will feature fireworks and a laser show.
Industry analysts have said that Trump will have to take in more than $1 million daily to make the 1,250-room Taj a success. Trump floated $675 million in junk bonds to build the extravagant Boardwalk casino and must obtain $94 million annually to service the debt.
Marvin Roffman, a veteran securities analyst who tracks casino companies, was fired Friday from Janney Montgomery Scott Inc. of Philadelphia after refusing to retract his opinion that the Taj might have difficulty during the traditionally slow winter months. Trump had complained to the firm about the analyst’s views.
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