DLJ Merchant Banking Partners, a $5.3bn (€4.3bn) private equity fund run by Credit Suisse First Boston's private equity group, has taken its first step into the gaming industry acquiring a $350m stake in Trump Hotels and Casino Resorts.

The casino business, which is struggling under a $1.8bn debt pile, has reached an agreement with the majority of its bondholders to seek Chapter 11 bankruptcy protection ahead of a radical recapitalization plan.