Discontinued Operations

9 Months Ended

Sep. 30, 2011

Trump Marina Assets Held for Sale and Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Trump Marina Discontinued Operations and Assets Held for Sale

On May 24, 2011, the Company and its subsidiary, Trump Marina Associates, LLC, completed the sale of Trump Marina (the “Property”) to Golden Nugget Atlantic City, LLC (“Golden Nugget”), an affiliate of Landry's Restaurants, Inc., pursuant to the Asset Purchase Agreement dated as of February 11, 2011, as amended (the “Asset Purchase Agreement”).  Pursuant to the Asset Purchase Agreement, at the closing, Golden Nugget acquired substantially all of the assets of, and assumed certain liabilities related to, the business conducted at the Property. A copy of the original Asset Purchase Agreement executed on February 11, 2011 was attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 17, 2011. A copy of the May 23, 2011 amendment to the Asset Purchase Agreement was filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2011.

The cash proceeds of the sale were $37,348, after giving effect to certain adjustments as of the closing date as set forth in the Asset Purchase Agreement and before transaction expenses.  The proceeds are subject to certain post-closing adjustments, including adjustments based on working capital balances as of the closing of the sale, as set forth in the Asset Purchase Agreement.   In connection with the sale of the Property, the Company (i) repaid $30,000 of debt outstanding under its secured credit facility with Beal Bank, SSB (“Beal Bank”), as agent, and Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP (collectively, “Icahn Partners”), as lenders, utilizing $28,000 of net cash proceeds from the sale of the Property and $2,000 of other restricted cash and (ii) recognized a loss on disposal within its discontinued operations of $1,240 during the nine months ended September 30, 2011.

The following table provides a summary of Trump Marina's discontinued operations presented in our consolidated statements of operations for all periods presented:

	Reorganized Company									Predecessor Company
							Period From			Period From
	Three Months			Nine Months			July 16, 2010			July 1, 2010		Period From
	Ended			Ended			Through			Through		January 1, 2010
	September 30,			September 30,			September 30,			July 15,		Through
	2011			2011			2010			2010		July 15, 2010
Gaming revenues	$	—		$	48,242		$	31,895		$	7,868	$	79,480
Net revenues	—			45,074			32,545			7,835		76,297
Depreciation and amortization	—			481			1,023			111		1,449
(Loss) income from discontinued operations	(114		)	(6,661		)	(2,345		)	10,588		2,797

Assets held for sale and liabilities related to assets held for sale at December 31, 2010 were as follows:

	December 31,
	2010
Assets held for sale:
Cash	$	9,018
Property and equipment, net	34,417
Other assets	814
Total assets held for sale	44,249
Liabilities related to assets held for sale:
Accrued expenses	$	2,553
Deposits and other	1,381
Total liabilities related to assets held for sale	$	3,934

In accordance with ASC 360, long-lived assets that are held for sale are reported at the lower of the assets' carrying amount or fair value less costs related to the assets' disposition and are no longer depreciated.

In connection with the Asset Purchase Agreement, TER Holdings entered into a Transitional Services Agreement dated as of February 11, 2011, with Landry's A/C Gaming, Inc., which was subsequently assigned to Golden Nugget (the “TSA”). Under the TSA, the parties agreed to facilitate the purchaser's purchase of the Property by creating a transition and separation plan. Pursuant to the TSA, the Company provides certain services relating to information technology for the benefit of Golden Nugget for a period of up to one year following consummation of the sale of the Property. The Company is reimbursed for its costs of providing such services.