California finally has an idea of how casino mogul Donald Trump’s enterprise with the Mission Indians is doing. The answer is quite well.
Trump 29 Casino, formerly Spotlight 29, is believed to have recorded net revenue of at least $3.7 million during the last quarter, according to the Securities and Exchange Commission.
Trump has an operating agreement with the Twenty Nine Palms Band of Mission Indians, which owns the casino. Trump Hotels & Casino Resorts Inc., assumed management duties April 15.
Spotlight 29 received a $60 million renovation when it became Trump 29. Analysts predicted the property could earn Trump’s company as much as $7 million annually in fees.
Jacques Cornet, a New York City bond analyst who specializes in gaming, said it would take from two to four more quarters to determine the success of Trump 29.
"Obviously, they expected the property to get better," Cornet said.
Gaming on trial
A lawsuit will be heard Aug. 13 that will determine whether a proposal to legalize video slot gambling in Nebraska has merit.
The trial is expected to last just one day.
Organizers turned in about 178,000 signatures before the July 5 deadline to put the proposed constitutional amendment on the November ballot.
If passed, video slot machines will be allowed in bars, restaurants, racetracks and keno parlors within 20 miles of any community that already has video gambling.
Last stand in Detroit
The Lac Vieux Desert Band tribe has asked a federal appeals court in Cincinnati to block permanent casinos for Detroit.
U.S. District Court Judge Robert Holmes Bell rejected the Lac Vieux request on July 16, siding with the city of Detroit.
MotorCity, Greektown and MGM Grand are currently allowed to negotiate permanent development deals with the city of Detroit.
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