Trump Entertainment is now a subsidiary of Icahn Enterprises, and Tropicana Entertainment was sold in 2018 to Eldorado Resorts as part of a $1.85 billion deal.Įven Revel, during its two-year stint between 20, saw a group called Chatham Asset Management assume a nearly 30 percent stake in the failed casino property. In just the last decade, companies such as Avenue Capital purchased Trump Entertainment Resorts and Icahn Enterprises took ownership of Tropicana Entertainment. The various bankruptcies in the casino gaming industry around 2008, particularly in the Atlantic City market, brought about a renewed interest by hedge-fund investors and private-equity firms.įor the Atlantic City casino industry, the involvement of hedge funds is not new and has yielded mixed results. “Gaming developed a very good name in the high-yield market because the yields associated with gaming investments in the past exceeded the risk,” said Heller. The original interest by high-yield investors (the precursor to hedge funds) in casino gaming was a result of perception of the industry as a “sin business” that was shunned by traditional investors, he said. They tend to be shorter-term focused,” said Heller. “Every investor wants to buy low and sell high, but hedge funds are much more opportunistic.
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