Trump Tumbles on Sale Worries

A newspaper report says the casino operator and its potential buyer don't agree on price.
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Shares of

Trump Entertainment

(TRMP)

plunged 14% Wednesday after a newspaper report suggested that the casino operator's buyout efforts may be running into trouble.

Trump has reportedly been in talks to sell itself to a private-equity group led by former Atlantic City casino bigwig Dennis Gomes. According to a report in

The Philadelphia Inquirer

Wednesday, the two sides haven't been able to agree on price.

The

Inquirer

said the Gomes group has offered more than $11 a share for Trump, but Trump's bankers want $17 a share.

Shares of Trump recently were trading down $1.93 to $11.93.

Trump put itself up for sale earlier this year, and the move has helped keep the company's shares aloft amid a sharp drop in revenue in Atlantic City, the sole market Trump operates in. Atlantic City revenue has been hit by competition from the introduction of slot machines to casinos in Pennsylvania and New York.

Last week, Trump's

CEO departed amid the deal talks.