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Trump just got fired, but he also got a raise LOS ANGELES: Donald Trump has two messages to himself as he looks to reorganise his debt-laden casino empire. First, “you’re fired” and second, “you’ve got a raise”, according to a federal filing on Tuesday. The first is the catch phrase he uses as the star of the hit reality TV series The Apprentice. The second follows Monday’s announcement that his casino group, Trump Hotels & Casino Resorts, would seek bankruptcy reorganisation. Trump’s annual salary as chief executive and chairman of Trump Hotels & Casino Resorts is $1.5m. If the reorganisation plan agreed to by key bondholders goes through, he will lose his job as CEO, but would keep his role as chairman — at a salary of $2m per year. But some investors who bought $425m of Trump Hotels & Casino Resorts bonds last year are balking at terms of the bankruptcy reorganisation plan, threatening to hold up a deal, analysts said on Tuesday. Trump also would lose control of the company under the reorganisation plan. His current contract allows him to receive a bonus that’s double his salary — if certain earnings targets are achieved. But the company did not make the target in ’03, and under the new plan, the board’s compensation committee can pay him a bonus as chairman if it likes. Trump Hotels & Casino Resorts aims to raise new funds to expand and refurbish its Atlantic City casinos if the plan is approved. Most of its rivals in the New Jersey market are making improvements, and the upscale Borgata casino opened last year, putting more pressure on incumbents. In the filing with the US Securities & Exchange Commission, the company said it expects EBITDA, to rise steadily through ’09, and it plans to build a new hotel tower at the Taj Mahal casino in Atlantic City, starting in ’05.
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