Trump bets on Pa. slots casino site.
Trump Entertainment Resorts Inc. has lined up a property in Philadelphia where it may build a casino should it win a gaming license there.
The company run by developer Donald Trump entered into a five-year option to lease an 18-acre site at Interstate 76 and Pennsylvania Route 1. Pennsylvania is expected to issue licenses to operate slot machines by the end of next year, Atlantic City, N.J.-based Trump Entertainment said yesterday in a statement.
Trump Entertainment is working to expand into new markets since emerging from bankruptcy in May.
In Pennsylvania, the company is applying for a Class 2 slot license, which allows the operation of as many as 3,000 slots.
The company will explore developing a gaming and entertainment center on the land if it receives the license.
The company owns three casinos in Atlantic City, including the Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, and a riverboat casino in Gary, Ind. Trump Entertainment entered the option with closely held developer Preferred Real Estate Investments Inc. for the land, which is known as the Budd Site.
Preferred Real Estate is based in Conshohocken, Pa. Shares of Trump Entertainment rose 8 cents to $18 at 3:57 p.m. in Nasdaq Stock Market composite trading.