ATLANTIC CITY, N.J. - Trump Entertainment Resorts Inc. has entered into a five-year option to lease roughly 18 acres in Philadelphia to possibly develop a gaming facility.
The option on the parcel of land popularly known as the former "Budd Site," at the intersection of Interstate 76 and Pennsylvania Route 1, signals what the company said is its first step in applying for one of only two Class 2 Slot Licenses expected in Philadelphia and one of five in Pennsylvania.
The Pennsylvania Gaming Control Board is expected to issue the licenses by the end of 2006. Each license will initially allow the operation of up to 3,000 slot machines, and will let holders apply for another 2,000 slot machines. If Trump acquires the gaming license, the company said, it will weigh a number of possible developments, including 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., a privately held commercial and industrial real estate developers in the mid-Atlantic specializing in transforming underutilized or obsolete facilities into viable commercial and industrial space.
Trump Entertainment Resorts Inc. is owns and operates the Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, on the Boardwalk in Atlantic City, N.J.; Trump Marina Hotel Casino, in Atlantic City's Marina District; and the Trump Casino Hotel, a riverboat casino in Gary, Ind.
