Spotlight: Trump Sells Casino Stake to Colony Capital
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Donald Trump has found a partner to help rescue Castle Casino Resort, his poorest-performing casino property. Los Angeles-based real estate investment trust Colony Capital Inc. will invest $125 million for a 51% equity interest in the 728-room Atlantic City casino-hotel. Trump plans to use the proceeds to redecorate and double the number of rooms. The deal comes five months after Trump sold the casino to Trump Hotels for about $485.6 million, which some investors said was too much.
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