Trump Loses Slot Machine Bid

When the dust cleared on Tuesday, the biggest loser was none other than Donald Trump. He had tried to get a slot machine license to build a casino in Philadelphia, which many thought he would get. Instead, the Pennsylvania Gaming Control Board chose not to award the slot machine license to him or many other Atlantic City operators.

Some think it was intentional because of the proximity of Philadelphia to Atlantic City, that they did not want the slot machine license to become a kind of competition for operators against themselves. Others just plain felt that if you are giving out slot machine licenses, who other to give it to than the King of Atlantic City, Donald Trump?

In the wake of losing the slot machine license, Trump’s stock nosedived 13% to $19.78. He lost his bid to the Mashantucket Pequot Indian Tribe who own and run the Foxwoods Casino in Connecticut. Joseph Weinert, VP of Spectrum Gaming, who assisted Trump in his bid for the slot machine license said, "In Philadelphia, Foxwoods' level of capital investment and its unique structure evidently wowed the gaming board. Trump losing out was a bit of a surprise, as its location [for a slot machine casino] was identified by the mayor's task force as being prime for revenue generation. Being the only [slot machine] casino not along the riverfront was seen by many as an advantage for Trump, but could also have been seen as a negative by gaming commissioners."

No matter how you look at it, Trump won’t stay down for long – his executives have already released a statement saying that although they were disappointed at losing the slot machine license, they are looking onward and upward.

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