Indian Tribe Buys Out Trump Partnership
From Times wire services
The Twenty Nine Palms Band of Mission Indians is dumping Donald Trump from its casino.
The tribe has announced an early $6-million buyout of its partnership with Trump Hotels and Casino Resorts Inc. The initial $11-million deal two years ago renamed the tribe’s Spotlight 29 Casino the Trump 29 Casino. Daily operations were turned over to Trump’s company as part of a $60-million expansion.
The announcement comes after Trump Hotels filed for bankruptcy protection last month.
A hearing will be held in Bankruptcy Court on Tuesday to review an interim approval of the company’s $100-million reorganization financing. Under the restructuring, bondholders will own about two-thirds of the company, and Donald Trump’s stake will shrink to 27% from 56%.
