International edition
September 28, 2020

Dale Black will join another gaming company around December 14

Trump shares hit new low and CFO walks

(US).- Shares of Trump Entertainment Resorts, already trading at all-time lows, fell Tuesday after the casino operator said its Chief Financial Officer is leaving the company.

T

rump (Charts) said late Monday that CFO Dale Black will join another gaming company around December 14. The company’s stock fell 42 cents, or 8.5 percent, to us$ 4.50 in morning trading.

Morgan Joseph & Co. analyst Adam Steinberg said Black’s departure was expected since former Trump Chief Executive James Perry resigned in July. Steinberg said Black is most likely following Perry to Isle of Capri Casinos Inc.

The analyst said Trump will select a replacement quickly, and has two good internal candidates in Eric Hausler, senior vice president of development, and Treasurer John Burke. However, Steinberg said the management changes add to uncertainty surrounding the company.

"Investors are already nervous about the finances of Trump because of its lack of any geographic diversity and high leverage, while operations have been impacted by new competition in Pennsylvania and New York," he said.

Steinberg kept a "Buy" rating on the stock, with a price target of us$ 14.

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