Trump Entertainment Resorts Inc., operator of two casinos in Atlantic City, New Jersey, said Chief Executive Officer Robert Griffin will take up the additional position of chairman after the resignation of Marc Lasry.
Lasry, 53, chairman and CEO of the firm Avenue Capital Group, a major investor in Trump Entertainment Resorts, plans to step down at the end of February, the Atlantic City-based resort company said in a regulatory filing yesterday. Griffin has been CEO since 2010, according to the filing.
Avenue Capital, which invests in the securities of distressed companies, became a major shareholder in closely held Trump Entertainment Resorts when the casino operator emerged from bankruptcy in 2010. Michael Elkins, a portfolio manager at Avenue Capital, will replace Lasry on the board, according to the filing.
Gambling revenue in Atlantic City fell 8.9 percent in December, state regulators said this month. Trump Entertainment Resorts owns and runs the Trump Taj Mahal Casino Resort and Trump Plaza Hotel & Casino, both located on the Boardwalk in Atlantic City. Together they have more than 4,100 slot machines, about 250 table games and more than 2,900 hotel rooms.