Trump may seek LV partner for AC casino

Friday, July 9, 1999 | 11:59 a.m.

Donald Trump is seeking help from Las Vegas casino operators to build a $750 million hotel-casino on Atlantic City's Boardwalk, the Wall Street Journal reported.

Trump announced today he plans to raze his World's Fair casino in Atlantic City and build a structure on the 12-acre site that will incorporate "the best of everything we have ever developed before."

Noting his current four Atlantic City casinos "were principally designed by others or with partners," Trump said, "they do not reflect a Trump signature property."

"Our new Atlantic City project will define what a casino-hotel should be and set a new standard for the industry," he said.

The Journal said Trump Hotels & Casino Resorts Inc. directors want Trump to seek a joint-venture partner to develop the property because of the company's already high debt level.

"The company hopes to enter talks with several Las Vegas casino operators, believing they could take advantage of Trump's construction expertise and connections" in Atlantic City, where obtaining development and environmental approvals is difficult, the Journal said.

Trump's plan to close the World's Fair could boost the company's earnings as much as $15 million a year, since the casino has been a consistent money loser, analysts said.

And building a new resort will help Trump compete with the Las Vegas casino operators planning their own additions to the Atlantic City skyline.

Mirage Resorts Inc. and Boyd Gaming Corp. are building the Borgata, a $750 million Italian-themed resort on property Mirage controls in Atlantic City's Marina District. Mirage itself plans a $1 billion-plus property tentatively called Le Jardin. And MGM Grand Inc. wants to build its own megaresort in Atlantic City.