Trump Entertainment Resorts Inc reported a wider quarterly loss on Thursday as more would-be gamblers stayed home and the company took a one-time charge to write down the value of a casino it is selling.

In the past week, major casino operator Las Vegas Sands Corp reported a net loss for the quarter while rival MGM Mirage suffered a dip in profit, as gamblers stayed away to save money on gas and airfares.

“The weakened economy, driven by tight credit markets, declines in consumer confidence and rising oil prices, has had a significant impact on the gaming industry across America,” Trump’s chief executive, Mark Juliano, said in a statement.

In addition to that, Trump has faced rising competition for its Trump Taj Mahal and Trump Plaza casinos in Atlantic City, New Jersey, from new gaming facilities in nearby Pennsylvania and New York, which has forced it to step up its marketing efforts.

Source

WENN