As earlier reported, former gaming executive Dennis Gomes and real estate developer Morris Bailey are in position to buy Donald Trump’s Atlantic City casinos.
A proposed deal is that the three casinos will retain the Trump name and Donald Trump would lend his self in some capacity to the new corporation.
Gomes and his financial backer Bailey want all three properties – the Marina, Plaza and Taj Mahal. They are to have exclusive rights to buy until Tuesday.
There are numerous difficulties to completing the deal. A 1.4 billion debt will contribute to the difficulty in any deal. Trump has a clause in the possible sale of any property that his income taxes would be paid from the sale. He owns 30 percent off the stock.
Analysts have predicted the demolition of the Marina and or Plaza properties with the sale of the corporation.
Gomes in early comments refutes these predictions saying he has no intention to rebuild the properties.
Of course if Gomes and Bailey complete the purchase they could always sell the underperforming properties or seek partners for a refurbishing.
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