Trump Entertainment, which operates three casinos in Atlantic City, has moved a step closer to emerging from bankruptcy following approval from the New Jersey Casino Control Commission.

The Commission approved the company’s reorganisation plans, under which a group of bondholders led by New York-based Avenue Capital Management will take control of Trump Marina, Trump Taj Mahal Casino Resort and Trump Plaza Hotel Casino.

Donald Trump told the Associated Press he was delighted with the Commission’s decision to approve the bondholders’ proposals, which effectively ended a challenge from billionaire investor Carl Icahn.

"This was a great victory for us, the bondholders and I," he said. "We are going to make this very successful. We’re really positioned to do something special. We got rid of so much debt and we have the best brand in town, by far."

The reorganisation is expected to see $225m of new equity injected into the company, ensuring it benefits from improved liquidity and capital resources.