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Icahn Takes Big Risk Buying Trumps’ Casinos

April 13, 2010

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Billionaire investor Carl Icahn is hoping his dicey investments of buying Donald Trump’s bankrupt casinos pays off.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 13, 2010 -- Just like the popular board game Monopoly, there is major real estate deal taking place on the Atlantic City boardwalk. Billionaire investor Carl Icahn as purchased the remaining mortgage of Donald Trumps’ three resort and casino properties for 250 million. Icahn already owns the majority half of this mortgage.

Icahn wants to convert the mortgage into ownership of the casinos. Besides this deal he has scooped up 10 other casino properties in the past three months; including nine Tropicana Entertainment casinos. Property investment analysts are asking why he is making such a move. Icahn’s answer: “I like to wait and buy things when nobody else wants them - that’s when you get the best values.”

The business venture comes with risk during a time that land based casinos are struggling. Two major obstacles are the struggling American economy and the battle against online casino competition. But Icahn sees the investment as a long term project with potential for success. He has a well known record for turning around companies that are not being operated properly into profitable business ventures.

Only time will tell if his bold deals in the casino industry was the right move. Even Icahn admits that "there's certainly going to be rough sledding ahead in the casino industry — Vegas is overbuilt and Atlantic City has its problems with a lot of [regional] competition. That's precisely why they're selling at the values they're selling at."

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