Trump names James Perry as CEO for casino business

Thursday, July 7, 2005 | 9:31 a.m.

NEWARK, N.J. -- James B. Perry, the former chief executive of a riverboat casino company, has been appointed CEO of Trump Entertainment Resorts, Chairman Donald J. Trump said Wednesday.

"Jim's track record is terrific," Trump said, adding that he was selected after "a large number" of people were interviewed to run the four Trump casinos.

Perry will remain a director of Trump Entertainment, created in May when its predecessor, Trump Hotels & Casino Resorts, emerged from bankruptcy, Trump said.

Trump had been both chairman and CEO of the old company, but said he is concentrating on Manhattan real estate development and the CEO needs to spend time a lot of time in Atlantic City.

Trump was optimistic about the company, which operates three casinos in Atlantic City and one in Gary, Ind., and remained open throughout the Chapter 11 reorganization, which began Nov. 21.

"It has a chance to be a very important company" in the casino world, now that it has reduced its debt, Trump said.

As part of the prepackaged reorganization, Trump relinquished majority control to his bondholders while remaining the largest individual stockholder. The plan reduced annual interest payments by about $100 million and reduced debt to $1.25 billion, down from $1.8 billion.