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Boz
Boz
Boz
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February 14th, 2013 at 3:32:29 PM permalink
http://www.pressofatlanticcity.com/news/top_three/trump-plaza-sold-to-california-company/article_dcb69502-76e8-11e2-9f0a-001a4bcf887a.html

How the mightly have fallen! Great location and maybe a bargain in the end if they run it right.
Boz
Boz
Boz
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February 14th, 2013 at 3:41:32 PM permalink
Or they could have bought Revel for 100+ times as much and hired Kevin to run it
sodawater
sodawater
sodawater
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February 14th, 2013 at 3:44:52 PM permalink
we should have all pitched in on the forums here and bought it ourselves
EvenBob
EvenBob
EvenBob
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February 14th, 2013 at 3:48:39 PM permalink
Quote: sodawater

we should have all pitched in on the forums here and bought it ourselves



Ahigh could have bought it with petty cash, then he'd
have lots of craps tables to practice on..
"It's not called gambling if the math is on your side."
sodawater
sodawater
sodawater
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February 14th, 2013 at 3:52:36 PM permalink
Quote: EvenBob

Ahigh could have bought it with petty cash, then he'd
have lots of craps tables to practice on..



some pretty good overhead cameras, too
pacomartin
pacomartin
pacomartin
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February 14th, 2013 at 4:15:10 PM permalink
Quote: Boz

How the mightly have fallen! Great location and maybe a bargain in the end if they run it right.



At $20 m it is worth a chance.
rainman
rainman
rainman
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February 14th, 2013 at 4:17:26 PM permalink
Quote: pacomartin

At $20 m it is worth a chance.



I concur 20 m for a turn key seems pretty good.
Wizard
Administrator
Wizard
Wizard
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February 14th, 2013 at 4:53:21 PM permalink
That is what a house, albeit a nice one, costs in Bel Air or Montecito.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
EvenBob
EvenBob
EvenBob
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February 14th, 2013 at 4:55:13 PM permalink
There's a reason it sold so cheap, there always is. Just
because it looks like a bargain doesn't really mean
anything.
"It's not called gambling if the math is on your side."
Bhappy
Bhappy
Bhappy
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February 17th, 2013 at 8:47:13 AM permalink
I had read an article that said they had two deteriorating properties. No one was willing to loan them money for upgrades - specifically Taj. They wanted to sell Trump to raise some money for Taj upgrade.
SanchoPanza
SanchoPanza
SanchoPanza
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February 17th, 2013 at 9:20:51 AM permalink
Quote: Bhappy

I had read an article that said they had two deteriorating properties. No one was willing to loan them money for upgrades - specifically Taj. They wanted to sell Trump to raise some money for Taj upgrade.


Credit Suisse doesn't really have problems banking or amassing major sums of money.
Bhappy
Bhappy
Bhappy
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February 17th, 2013 at 10:26:29 AM permalink
Quote: SanchoPanza

Credit Suisse doesn't really have problems banking or amassing major sums of money.



Perhaps.

But when they see their business model of running soup kitchen with free food, homeless shelter with free beds for nickle and dime, something for nothing expecting AC players, they don't see any hope of repayment. Massive sums of money does not mean they are stupid.
pacomartin
pacomartin
pacomartin
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February 17th, 2013 at 10:27:58 AM permalink
Quote: EvenBob

There's a reason it sold so cheap, there always is. Just because it looks like a bargain doesn't really mean anything.



In casino terms, $20m is practically free for a hotel with over 900 rooms. It gets rid of a money losing property so they can concentrate on Taj Mahal. But the buyers will need a lot of renovation money.
coilman
coilman
coilman
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February 17th, 2013 at 11:00:51 AM permalink
$20 million plus assumed how much debt?
MrV
MrV
MrV
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February 17th, 2013 at 11:14:52 AM permalink
Quote: coilman

$20 million plus assumed how much debt?



Exactly.

Are they assuming any debt on the property as well as paying $20M?
"What, me worry?"
thecesspit
thecesspit
thecesspit
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February 17th, 2013 at 1:03:10 PM permalink
Quote: Wizard

That is what a house, albeit a nice one, costs in Bel Air or Montecito.



But those probably don't have debts hanging over them?
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829
teliot
teliot
teliot
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February 17th, 2013 at 1:43:37 PM permalink
Quote: Wizard

That is what a house, albeit a nice one, costs in Bel Air or Montecito.

FS: 690 Picacho Ln, Montecito, $27,000,000. According to mapquest, it is 9.39 driving miles (and over 26 million dollars) from here to there. Every other property currently FS in Montecito is under 20M.
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