Close to leaving behind its third bankruptcy is Trump Entertainment Resorts. And, in doing so, Donald trumped one over on rival billionaire Carl Icahn, nothing could make him any happier.

To buy the company out of bankruptcy, a federal bankruptcy judge chose the Capital Group and Donald Trump, along with daughter Ivanka, earlier this week. The price: $225 million. As the bid topped Icahn’s proposal to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company, put Icahn out of the running.

Later in 2010, Trump Entertainment is expected to emerge from bankruptcy. From a whopping $1.8 billion to $334 million, the debt will be reduced. The first priority of Trump Entertainment will be to revitalize three of the casinos the company owns in Atlantic City. One of the places, Trump Marina Hotel Casino will once again be put on the market to be sold. Trump Taj Mahal Casino and Trump Plaza Hotel and Casino will be held by the company. If the one casino is sold then the company will seek opportunities in other states. To lessen its dependence on a single market which is already struggling is the reason behind this.

It has also been announced that, in the near future beauty Ivanka will become one of the main faces of Trump Entertainment. Since she has been featured, with Trump, on his weekly TV show Celebrity Apprentice, Her popularity has soared. An impressive amount of skill and knowledge is also exhibited by her.