Friday, March 24, 2006

"Plans were submitted Tues-day for a 45-story addition to the Trump Taj Mahal Casino Resort that will serve as the centerpiece of the company's post-bankruptcy turnaround.

"Besides the financial benefits, the new 800-room hotel tower will allow Trump to reclaim bragging rights for Atlantic City's tallest building. Borgata Hotel Casino & Spa, which tops out at 479 feet, eclipsed the Taj Mahal's existing 42-story tower by 64 feet when it opened in 2003. Now Trump will take back the title by a mere 6 feet.

"…Architectural renderings show the Trump name emblazoned on the top of the tower in gigantic letters. Pending regulatory approvals, construction of the estimated $250 million project is expected to begin in June, with completion by summer 2008.

"…Since emerging from Chapter 11 bankruptcy last May, the company has slashed its debt, reduced interest payments by $102 million annually and secured a $500 million line of credit to spruce up and expand its three aging casinos.

"The new tower is the next phase of a capital plan that started last year with $110 million in renovations to the Taj Mahal, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino…"