Trump Entertainment (TRMP) Reports A Wider Than Expected Loss; Names New CFO
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Trump Entertainment (Nasdaq: TRMP) reports Q3 loss of $4.39, versus the analyst estimate of $0.05. Revenue for the quarter was $198.3 million, versus the consensus of $224.3 million.
Trump Entertainment also announced that John P. Burke has been named Chief Financial Officer, effective immediately. Mr. Burke, 61, joined the Company in 1990 and has served as Interim Chief Financial Officer since December 2007. He has previously served as Executive Vice President and Treasurer of the Company and certain of its subsidiaries.
In making the announcement, Mark Juliano, Chief Executive Officer of the Company, said, "The negative effects of the slow down in the U.S. economy, especially consumer spending, had a significant adverse impact on our results during the quarter. The continued competitive environment, predominantly from Pennsylvania, and the ongoing effects of the smoking ban continue to take their toll. The quarter also marked the debut of The Chairman Tower at Trump Taj Mahal, which has received overwhelming positive reviews from our customers."
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