Trump
Entertainment Signs Lease for Philadelphia Site
Trump Entertainment Resorts,
Inc. announced today that it has entered into
a five-year option to lease an approximately
18-acre parcel of land popularly known as the
former "Budd Site" located at the
intersection of Interstate 76 and Pennsylvania
Route 1 in Philadelphia, Pennsylvania for the
potential development of a gaming facility.
The option represents the Company's first step
in applying for one of only two Class 2 Slot
Licenses anticipated to be made available in
the city of Philadelphia and one of five in
the Commonwealth of Pennsylvania. The Class
2 Slot Licenses are anticipated to be issued
by the Pennsylvania Gaming Control Board by
the end of 2006 and will each initially allow
the operation of up to 3,000 slot machines with
the ability to apply for an additional 2,000
slot machines. If the Company acquires the gaming
license, the Company will explore various development
options, including developing a gaming and entertainment
facility through a joint venture with a third
party.
The option is with a subsidiary of
Preferred Real Estate Investments, Inc., one
of the largest privately-held commercial and
industrial real estate developers in the U.S.
Mid-Atlantic region specializing in the transformation
of underutilized or obsolete facilities into
cutting-edge commercial and industrial space.
The Company and Preferred Real Estate Investments
remain committed to the community surrounding
the site and to the city of Philadelphia, as
evidenced by town meetings held throughout the
summer and which will be conducted throughout
the Company's application and development process.
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