Shares of Trump Entertainment Resorts Inc. rose the most in two years after the casino company founded by developer Donald Trump said its second-quarter loss widened less than analysts estimated as promotional costs fell.

The loss grew to $13.5 million, or 43 cents a share, from $4.93 million, or 16 cents, a year ago. Excluding one-time costs, the Atlantic City, N.J.-based company lost 19 cents a share, 10 cents less than the average estimate of analysts, according to Standard & Poor’s analyst Raymond Mathis.

The company gave out fewer free drinks and rooms, which cut $10.9 million in costs. Trump, with three casinos in Atlantic City, is struggling to lure wealthy gamblers after five new casinos opened in Pennsylvania.

“They’re cutting back on promotional expenses and they’re getting bigger spenders,” Mr. Mathis said. “The company has begun investing a lot of money in upgrading their operations.”