Posted on 03/30/2004 4:28:13 PM PST by wardaddy
March 30, 2004, 5:06 PM EST ATLANTIC CITY, N.J. -- While Donald Trump basks in the popularity of his runaway hit reality TV show, "The Apprentice," the auditors for his Atlantic City casinos are raising alarms over their real-life debt. Barring a bailout, Trump Hotels & Casino Resorts may not be able to continue as a "going concern," auditors for Ernst & Young LLP warned in a letter to the company's board of directors. The debt-laden company, which runs three Atlantic City casinos, is struggling under stiff competition, recurring operating losses and what had a working capital deficit as of Dec. 31, 2003, the auditors said. The letter was made public Tuesday as part of Trump's filing of the company's annual report. "The Company is working on various alternatives to improve the Company's financial resources ... Absent the successful completion of one of these alternatives, the Company's operating results will increasingly become uncertain. These conditions raise substantial doubt about the Company's ability to continue as a going concern," the auditors said.
(Excerpt) Read more at newsday.com ...
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