WRAPUP 2-Trump, Harrah's report loss, casino sector shaky

* Trump net loss $4.39 shr vs profit 21 cents

* Harrah's net loss $129.7 mln vs profit $244.4 mln

* Trump shares fall 12 percent

* Casino sector headed for financial restructuring (Adds details on decline of sector and financial restructuring, updates share prices)

NEW YORK, Nov 7 (Reuters) - Casino operators Trump Entertainment Resorts Inc TRMP.O and Harrah's Entertainment Inc reported quarterly losses on Friday as the economic slowdown continued to savage the gambling industry.

The recently booming sector is now facing a wave of restructuring or even bankruptcies, as it struggles to finance new projects and casinos see customers slash spending.

"Our average spend per patron has fallen significantly during the fluctuations of the financial market and gas prices," Trump Chief Executive Mark Juliano said in a statement.

The Dow Jones U.S. Gambling index .DJUSCA has tumbled 77 percent from its lifetime high in October last year, when several years of sharp growth in Las Vegas and Macau, Asia's gambling enclave, started to show signs of faltering.

In the last year, casino operator Tropicana Entertainment LLC has filed for bankruptcy while a deal to take Penn National Gaming Inc (PENN.O) private fell apart as the sector turned sour.

Las Vegas Sands Corp (LVS.N), which only last year opened the world's largest casino in Macau, is the most high-profile victim. Its shares have halved in value this week alone, after its auditor expressed doubts about the company's financial health. The company is considering ways to raise capital.

TRUMP LOSS

Trump, chaired by property magnate Donald Trump, posted a third-quarter net loss of $139.1 million, or $4.39 per share, compared with a year-earlier profit of $6.6 million, or 21 cents per share.

Net revenue fell to $198.3 million from $216.6 million.

"The negative effects of the slowdown in the U.S. economy, especially consumer spending, had a significant adverse impact on our results during the quarter," CEO Juliano said.

The company's 21 highest-paid employees have agreed to a voluntary 5 percent salary reduction, effective Dec. 1, the company said, as it looks to cut costs.

Shares of Trump, which was created out of a bankruptcy restructuring in 2005, fell 12 percent to 55 cents on the Nasdaq.