Donald Trump is betting people still want to gamble at casinos, and so are others -- shares of Trump's company soared 41% in after-market trading following Trump's testimony yesterday in U.S. Bankruptcy Court.
Trump is fighting for control of the three Atlantic City hotel-casinos that bear his name. Trump and his daughter Ivanka are pushing a plan to invest $225 million in a reorganized Trump Entertainment by selling stock and paying down debt. The deal would give Trump up to 10% of the company.
That $485 million in debt is held by Texas banker and poker player Andy Beal, and billionaire Carl Icahn, who have their own plans to reorganize the casinos.
Trump Entertainment Resorts made its third bankruptcy filing last February.
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