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Beal goes solo in bid for Trump Casinos

Billionaire Andy Beal has struck out on his own in a bid to take over the three bankrupt casinos in Atlantic City bearing the Trump name.

He had originally backed real estate mogul Donald Trump's bud to regain control of Trump Entertainment Resorts.

However, Mr Trump announced last week that he would be supporting bondholders in exchange for an ownership stake in the casinos.

The Press of Atlantic City reported that Mr Beal's attorney claimed the offer made by the bank was superior to the bondholders' deal because the casinos would be free of debt once they came out of Chapter 11.

Bondholders made an offer of $225 million, but an affiliate of Beal Bank has since offered to turn the $486 million mortgage on the casinos into equity.

Another firm to have expressed interest in the properties in the last couple of months was New Century Investment, whose chief investment officer Artin Afsharjavan suggested the company could be willing to pay up to $500 million for the company, the Associated Press reported.