Trump Entertainment posts loss as casinos wane

NEW YORK (Reuters) - Trump Entertainment Resorts Inc reported a wider quarterly loss on Thursday as more would-be gamblers stayed home and the company took a one-time charge to write down the value of a casino it is selling.

In the past week, major casino operator Las Vegas Sands Corp reported a net loss for the quarter while rival MGM Mirage suffered a dip in profit, as gamblers stayed away to save money on gas and airfares.

"The weakened economy, driven by tight credit markets, declines in consumer confidence and rising oil prices, has had a significant impact on the gaming industry across America," Trump's chief executive, Mark Juliano, said in a statement.

In addition to that, Trump has faced rising competition for its Trump Taj Mahal and Trump Plaza casinos in Atlantic City, New Jersey, from new gaming facilities in nearby Pennsylvania and New York, which has forced it to step up its marketing efforts.

The company, chaired by property mogul Donald Trump, reported a second-quarter net loss of $29.8 million, or 94 cents per share, compared with a loss of $13.4 million, or 43 cents per share, a year earlier.

The loss was increased by a charge of $18.6 million for writing down the value of its Trump Marina casino, also in Atlantic City, which it is in the process of selling to a resort developer for $316 million.

Net revenue fell 5 percent to $177.9 million, well below Wall Street's average forecast of $231.6 million, according to Reuters Estimates.

The company said it was still weighing what to do with the proceeds of the Trump Marina sale, whether to pay down debt or invest in new projects in Atlantic City or elsewhere.

(Reporting by Bill Rigby; editing by John Wallace)