Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from Dennis Ferro - Wachovia.
Dennis Ferro - Wachovia
What’s the status on the property tax dispute with the city?
Mark Juliano
It has been settled, settled first quarter of this year.
Dennis Ferro - Wachovia
Are there any incremental proceeds over time that will be coming in from that? I thought it was a phase payment.
Mark Juliano
There are and for this year there is no credit at all. The credits start again next year, it will be $4 million next year, and a payout over the next three years of I believe a total of $20 million in credit.
Dennis Ferro - Wachovia
I know you mentioned you’re still working through the uses on the Marina sale. But maybe if you could just walk us through a range of the potential source of net proceeds to the company. And I know there’s step-downs or fees. I’m just wondering for modeling purposes if there’s a range you could give us.
Mark Juliano
The sale price obviously is $316. We don’t have any tax implications on it and there will be normal fees associated with it that will probably bring the net proceeds somewhere in the $290-300 million range.
Dennis Ferro - Wachovia
You mentioned in your remarks that half of the Tower will be opened by Labor Day. When do you expect to have the Tower fully ramped?
Mark Juliano
We will have the Tower fully open, an additional hundred rooms per month until the end of the year when the full Tower will be open. So you’ll get the 380-some-rooms Labor Day, little bit before Labor Day probably the 30 to the 28 of August, somewhere in there, and then a hundred a month until we’re completely open in December.
Operator
Your next question comes from Justin Sebastiano - Morgan Joseph.
Justin Sebastiano - Morgan Joseph
As far as the opportunities that you’re seeing obviously there is news out there about Panama, could you maybe go into a little of that.
Mark Juliano
Yes, the Panama deal is progressing for quite some time now. We are in the final stages of negotiating our lease and we expect it to be open sometime in 2010, and it is our first attempt at branding, taking advantage of the name, and branding it throughout the world. And every opportunity that presents itself like that we’re going to take advantage of to build on the strength of the name. The Trump name has become more and more popular not only in its own country but throughout the world, and many opportunities because of the Tower and the name and the strength of the name come our way. We will evaluate them as they come and make the decisions at the appropriate time.
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