A report by Bloomberg states that Trump Entertainment Inc. and The Avenue Capital Group are set to form a joint online gambling venture, and will be the largest online gambling company in America if the hobby is legalized.
Trump Entertainment, which filed for bankruptcy in 2009, was taken over by Avenue Capital Management, which was co-founded by Marc Lasry. Avenue Capital maintains a 22% share in Trump Entertainment with Donald Trump holding 10% for the right to use his name.
A U.S. Securities and Exchange Commission regulatory filing from October 14th shows that Trump Entertainment would possess 10% of the venture, but no additional information was laid out describing the amount Trump or Lasry would hold.
Speaking about the joint venture, Ivanka Trump, Executive Vice President of Development and Acquisitions for the Trump Organization said: The joint venture is positioning itself to be the largest online gaming company if the U.S. industry is legalized. In terms of the Internet, brand is essential toward attracting players, the Trump brand would be the most powerful one in this space."
Speaking about online gambling in America, Trump said: "It would be a tremendous source of taxable revenue for states or the federal government and an enormous generator of jobs.”