Trump resigned last year from the board of Trump Entertainment Resorts just before the company filed for bankruptcy.
But now he's joined with the bondholders to emerge as the owner.
The competition is another big name in the casino business. Carl Icahn says he would wipe out all the casino's debt if his group takes over. But it's not certain the Trump name would remain on the casinos if that's the case.
A federal bankruptcy judge in Camden is starting proceedings to determine which group should own the business.