Indian Tribe Buys Out Trump Partnership
- Share via
The Twenty Nine Palms Band of Mission Indians is dumping Donald Trump from its casino.
The tribe has announced an early $6-million buyout of its partnership with Trump Hotels and Casino Resorts Inc. The initial $11-million deal two years ago renamed the tribe’s Spotlight 29 Casino the Trump 29 Casino. Daily operations were turned over to Trump’s company as part of a $60-million expansion.
The announcement comes after Trump Hotels filed for bankruptcy protection last month.
A hearing will be held in Bankruptcy Court on Tuesday to review an interim approval of the company’s $100-million reorganization financing. Under the restructuring, bondholders will own about two-thirds of the company, and Donald Trump’s stake will shrink to 27% from 56%.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
