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Business
Jun. 22, 2008
Copyright © Las Vegas Review-Journal

INSIDE GAMING: What, him worry? Not Trump

HOWARD STUTZ
INSIDE GAMING

Finalizing the sale of more than 250 condominium units on the Strip since April would seem sufficient, especially during these daunting economic times.

When the condos are inside Donald Trump's $1.2 billion Trump International Hotel & Tower and carry prices between $700,000 and $5 million, there's a higher level of scrutiny attached.

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    • Trump, the opinionated billionaire developer, crowed over how quickly units were being sold at his noncasino Las Vegas venture. Before the building was topped off a year ago, Trump said all the units had been reserved. Buyers plunked down 20 percent nonrefundable deposits for the 64-story tower's studios, one-bedrooms and penthouses.

    This week, Trump continued to paint a positive picture despite having closed sales on only roughly 20 percent of the building. Banks, he said, are not as quick these days to loan money for high-rise condo purchases.

    "Some of my buyers are richer than the banks," Trump said from his New York offices. "We're working with people and I think we're doing pretty well. Listen, we only started closings a short time ago. It's a much more complicated process today."

    The major issue facing Trump is that a unit can't be placed into the hotel's reservation system until it is sold. Trump bookings start at $349 per night, some of the highest rates on the Strip. The nonsmoking luxury resort received a glowing review recently from the Los Angeles Times and Trump gets letters daily from satisfied customers.

    Until more units are added the Trump International operates as a boutique hotel.

    "This is a wonderful property," Trump said of the tower, which is wrapped in 24-karat gold glass and has a lobby decorated with ornate chandeliers, gold-accented features and Italian marble.

    "People love the building. I love the building," he added. "Everyone, including Las Vegas, is going through a tough time, however. We'll be fine."

    ***

    In May, Trump agreed to sell one of his three Atlantic City casinos for $316 million. But he isn't ready to give up on the Boardwalk, where he has owned casinos since the 1980s. Trump said he would part with either the Trump Plaza or Trump Taj Mahal, however, for the right price.

    Trump owns 28 percent of the publicly traded Trump Entertainment Resorts, his casino holding company. He is the chairman but does not exercise daily control.

    ***

    Station Casinos, with the help of Grucci, is planning a valleywide Fourth of July fireworks spectacular.

    At 9:30 p.m., fireworks will erupt simultaneously from the rooftops of Red Rock Resort, Green Valley Ranch Resort, Texas Station, Santa Fe Station and Sunset Station, creating a nine-minute aerial display.

    Howard Stutz's Inside Gaming column appears Sundays. E-mail him at hstutz@reviewjournal.com or call 702-477-3871.



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    eric wrote on June 29, 2008 09:34 AM: You can get the trump hotel for $125/night on priceline. Don't believe the $349/rate, nobody is paying that.

    Priceline 5* start bidding at $110 and work you way up in $5 increments, you will snag a winner at the trump for around 125-135 or the venetian 135-145.


    D wrote on June 23, 2008 03:16 PM: 250 condo's closed? Has he checked the county records - try 80
    What a jerk


    0u812 wrote on June 23, 2008 07:05 AM: He made his billions on Bankruptcy. Yes this guy has filed bankruptcy more times than the average millionaire.


    D- wrote on June 22, 2008 06:39 PM:
    Trump may have waited a bit long to get into Vegas, and some may think him a stooge right now. In 20 years when Vegas has doubled in size and has 2 or 3 major league teams and things sizzling-

    Then they will say he was a visioanry and celebrate his wisdom.


    NYC wrote on June 22, 2008 11:20 AM: Trump is a real pantload! He went Bankrupt in the 80's and again in Alantic City with one of his Casinos. Banks bailed his butt out each time with leveraged money and rope a dope deals.The Vegas project isnt even his own money, just the "Name". Trump is the poster child for the current economic meltdown. Highly leveraged deals with someone else's money and just a shoeshine and a smile. But hey give the Trumpster some kudos, he gets to shag some real nice foreign trim.


    Problem Solver wrote on June 22, 2008 09:20 AM: I was thinking. Is it possible to convert all the new condo's into living quarters for the maids and porters that will be needed after all the condo's are finished? That would solve all the housing the taxpayers have to furnish.


    Reality wrote on June 22, 2008 08:38 AM: Did you read carefully that "only 20%" of the units have "closed"! Hello, McFly Hello!...doesnt bold well for the Trumpster! Another example of the meltdown!


    Balto_Bob wrote on June 22, 2008 03:18 AM: Trump International Hotel has all that EMPTY land next to it. Until something happens there banks are going to be VERY cautious.