Trump Entertainment Settling With Online Gambling Associates

Ultimate Gaming and Betfair named in court documents

The bankrupt land casino owner Trump Entertainment Resorts has filed court documents announcing settlements with Betfair and Ultimate Gaming – two former partners in internet gambling ventures in New Jersey under the Trump Plaza and Trump Taj Mahal brands.

The documents indicate that Betfair – former partner in the Trump Plaza initiative – will retain the customer base data and will continue to hold a $700,000 unsecured claim against Trump Entertainment in its ongoing bankruptcy case.

It is not known what Ultimate Gaming received; it has claimed around $1.5 million from Trump.

Billionaire investor Carl Icahn, principle creditor for Trump Entertainment, has approved the settlements as part of a deal in which he will acquire the company in return for canceling $286 million of its debt that he holds.

However, that agreement is contingent on Trump Entertainment being awarded state and local tax breaks and the cooperation of a worker's union (see previous InfoPowa reports).

When InfoPowa went to press Friday there was no record of comment on the settlement by either Betfair or Ultimate Gaming.

Online Casino News Courtesy of Infopowa

More news

here.

About the Author... Total Posts Written: 9,449
Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
bryan@casinomeister.com

See More Posts