Trump Entertainment has settled the dispute with former partners Ultimate Gaming and Betfair.
According to the Associated Press, both companies terminated their relationships with the Trump Taj Mahal and the former Trump Plaza earlier this year, with UG accusing the Trump Taj Mahal of “multiple contract breaches.”
Betfair pulled out of New Jersey on December 1.
The company's settlement with Betfair, which was aligned with Trump Plaza, specifies that Betfair owns its customer data and can use data it jointly owns with Trump Plaza for its own commercial purposes. Trump Entertainment said the two settlements will give it access to about $1.4m that it can use to pay other expenses and for its own operations.
Carl Icahn, Trump Entertainment's main lender, approved of the settlements. He would acquire the company in return for cancelling $286m of its debt that he owns, but only if Trump Entertainment gets significant tax breaks from state and local governments, and if its main union drops an appeal of court-ordered cost-cutting measures. The company is threatening to close the Taj Mahal, its lone remaining casino, on December 12. Betfair will continue to hold a $700,000 unsecured claim against Trump Entertainment in its ongoing bankruptcy case.
