Breaking Travel News

Beal Bank Provides $100,000,000 Loan to Trump

Beal Bank announced today
that it has provided $100 million in interim financing to Trump Hotels &
Casino Resorts, Inc. as part of that
company’s recapitalization plan. In announcing the transaction, Beal
Bank’s Chairman and Chief Executive Officer, Andy Beal, said, “Trump
Hotels & Casino Resorts, Inc. is run by one of America’s leading
entrepreneurs, Donald J. Trump. We appreciate the opportunity to work with
a businessman of his stature on this transaction, and we look forward to
future transactions.” The transaction, which was consummated last week, was sourced, negotiated
and completed through CSG Investments, Inc. (“CSG”), the Bank’s investment
advisor. CSG’s President, Jacob C Cherner, in describing the purpose of
the loan, stated, “This transaction will enable Trump Hotels & Casino
Resorts to emerge from its reorganization stronger and should make its
properties more competitive in the Atlantic City market.”

The selection of Beal Bank to provide the interim financing to THCR was
the culmination of a highly competitive process among potential lenders.
THCR’s President and Chief Operating Officer, Scott C. Butera, commented,
“We are excited to be continuing our relationship with Beal Bank through
the interim facility. Beal Bank is an extremely innovative financial
institution and a strong supporter of the gaming industry. I look forward
to having them as a financial partner as we look forward to expand the
Trump brand into new gaming and entertainment markets.”

Mr. Cherner concluded, “We are pleased to have been able to facilitate
this interim financing transaction between two of the nation’s most
innovative businessmen in Donald Trump and Andy Beal, and we look forward
to expanding the Bank’s presence in the capital markets arena.”