The gaming hall, with an estimated completion cost of $938.5 million, is under construction next door to the Resorts’ existing Boardwalk casino.Trump controls Resorts by owning 95 percent of the company’s outstanding Class B shares, and had tried since February to take the company private, offering $22 for each of the company’s 5.7 million outstanding shares of Class A stock.Trump, who paid $135 a share for his shares of Class B stock, also is getting paid in cash for those shares, said Jack Nusbaum, the developer’s attorney. In recent weeks, he has repeatedly spurned Griffin’s tender offers to purchase a majority of Resorts’ stock.″It’s nearly double Trump’s offer - it’s a lot better than $22 a share,″ he said. “I ran for office once and I won,” Mr. Trump said.Rather, Mr. Schwartz said, Mr. Trump’s “virtue” in negotiating was his relentlessness and lack of concern for anything but claiming victory.“If you don’t care what the collateral damage you create is, then you have a potential advantage,” he said. But he would not provide details of the payment to Trump.Trump would only say that he will receive ″a substantial profit″ on his shares of Resorts’ Class B stock, which has 100 times the voting power of the Class A stock.″I am very happy with the transaction and I’m especially happy to have Merv and his entire organization coming to Atlantic City,″ Trump said. Trump first got his hands on the property in 1988 as part of a deal involving media mogul Merv Griffin. 1. That is compared to a net loss of almost $7 million in the same quarter in 1987.Griffin on Wednesday also will sell Resorts’ unfinished Taj Mahal casino project to Trump for about $273 million.″He will have to invest millions in it,″ Trump said. ATLANTIC CITY, N.J. (AP) _ Entertainer Merv Griffin became the new owner of Resorts International Inc. on Tuesday, taking control from developer Donald Trump after months of haggling with financiers and gaming regulators. When a commitment he made no longer made sense, he walked away, often blaming the other party with a fantastical line of reasoning.Mr.
Trump originally opened the property as Trump's Castle Hotel Casino, and later renamed it the Trump Marina.
Merv Griffin (left) and Donald Trump (right) battled for control of the company in 1988 Crosby died unexpectedly in April 1986, and Resorts International became a takeover target. In ordering thousands back to work without pay, he has put the pain for the shutdown on them.One example of that stamina — seen by others as evidence of unreliability — recounted in Mr. O’Donnell’s book, “Trumped! Donald Trump helped make Atlantic City the capital of boxing in the 1980s — Mike Tyson made 4 of his 7 undisputed title defenses here — and Trump hung out with Don King ... Merv Griffin. Having the massive Taj Mahal open next door ″only benefits us - it will bring a lot of people.″The net loss for the first three quarters of 1988 was $357.4 million, compared to net earnings of $5.9 million for the first three quarters of 1987.″It shouldn’t be coveted - it should be out there, made available to people.