Trump Casino Stock Symbol Resurrected for Former President’s Media IPO
It is anticipated that Wall Street will soon see the stock symbol that former President Donald Trump's casino enterprise traded under in the late 1990s.
A New York appeals court decided to stop the seizure of the presumed Republican presidential nominee Trump's assets provided he provides $175 million in collateral within ten days, giving him a significant victory on Monday morning. After Trump was sentenced to pay $454 million in relation to a civil fraud judgment, there is now a bond or security requirement. Trump plans to appeal the decision.
Trump intends to make his social media network, Truth Social, public in order to raise money for his legal expenses. The billionaire intends to combine Digital World Acquisition Corp. with his Trump Media & Technology Group.
(DWAC), a special-purpose acquisition company (SPAC) connected to Trump and situated in Miami.
On Friday, DWAC's shareholders gave their approval to merge with Trump Media & Technology. Trump would receive around 80 million shares of DWAC in return for purchasing Truth Social. In early afternoon trading on Monday, the stock was trading at approximately $44, meaning that Trump's holding was worth more than $3.5 billion.
Casino Alert
The majority of Trump's wealth came from developing, owning, and trading luxury real estate in Manhattan. However, his forays into the casino sectors in Indiana and Atlantic City also had an impact.
He founded Trump Hotels and Casino Resorts (THCR) in 1995, and the company went public with the stock ticker "DJT" on the New York Stock Exchange. John is Trump's middle name.
Following THCR's bankruptcy in 2004, the business changed its name to Trump Entertainment Resorts. The trading symbol for Trump Entertainment Resorts was "TRMP."
Among the billionaire's casino ventures were the demolished Trump Plaza in Atlantic City, the Trump World's Fair, the Trump Castle (now a Golden Nugget), and the Trump Taj Mahal (now a Hard Rock). Additionally, Trump managed Gary, Indiana's Trump Casino riverboat.
The blank-check company will be listed on the Nasdaq stock exchange with the revived "DJT" symbol if DWAC's acquisition of Truth Social is successful.
Trump left the casino business well in advance of his name being removed from Atlantic City. Three bankruptcies occurred in 2004 for Trump's casino business, and again in 2009 and 2014.
For an undisclosed fee, fellow billionaire Carl Icahn purchased Trump Entertainment Resorts in the early months of 2016 and used the Trump trademark until October 2016, when he closed the company's last remaining property, the Trump Taj Mahal.
Icahn attributed the financial difficulties of the Boardwalk resort to the local casino union. In 2017, he paid just $50 million to Hard Rock International for the abandoned resort. In June 2018, Hard Rock, which is owned by the Seminole Tribe of Florida, reopened the resort after investing over $500 million.
Trump Supporter
The casino magnate became extremely rich thanks to Trump's publicly traded companies. For many of the investors, that was not the case.
In 1995, THCR went public, selling more than 10 million shares at an initial price of $14 a share. A year later the stock had risen to $35. During the run, Trump cashed in a large number of his shares and collected a hefty salary and incentives.
THCR's stock hit an all-time high in 1997, but according to CNBC, the company lost $66 million. After suffering a $134 million loss in 2004, the business filed for Chapter 11 bankruptcy protection and was taken from the New York Stock Exchange's list of stocks.
