According to online poker news reports, Donald Trump’s casino group, Trump Entertainment Resorts Inc has filed for Chapter 11 bankruptcy protection.
Last we knew, Trump’s group had a meeting scheduled on Monday where the fate of the company would be decided. It looks as though the company’s board authorized the bankruptcy, according to reports, due to overwhelming debt, they didn’t really have much choice.
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Court documents show that Trump Entertainment filed for bankruptcy early Tuesday morning. The company reportedly had less than $50 million in assets,and almost $500 million in debt.
This is the third time we’ve seen Trump Entertainment in bankruptcy court, in fact, some of my own first memories of “The Donald” and likely the memories of my generation of “The Donald” begin with his first appearance prior bankruptcy proceedings. What kid could forget the day the richest man in the world filed for bankruptcy?
Even bigger than the bankruptcy proceedings…
Trump fired himself as the chairman of the board, handing in his resignation late on Friday. According to Fox News, Trump disagreed with the decisions made by the board holders. Trumps daughter Ivanka stood behind her dad, following suit and also resigning. Trump offered to buy the company personally awhile back. Trump said his intention when offering to buy Trump Entertainment was to attempt to “reverse its fortunes”.
That means that though Trump is no longer with the casino group, the group is still Trump Entertainment, and his name can legally be used in conjunction with it. This proceeding however does not effect real estate owned by Trump in New York and Chicago.
Trump Entertainment operates both the Taj Mahal Casino Resort, and Trump Plaza Hotel and Casino located in Atlantic City. Additionally effected is The Trump Marina Hotel and Casino located in the Marina District.
Trump Entertainment isn’t the only casino group having trouble this year in fact, much of the land based casino industry is feeling the brunt of this recession (said to be the biggest recession we’ve seen in 30 years!).
Face it, gas goes crazy, milk gets expensive, we can’t afford plane tickets! Harrah’s has sold properties to stay afloat, the Mirage and Las Vegas Sands have also been forced into recent property sales, at less than market prices.
The worst part, is the employee cuts in the industry. Thousands of employees have been cut in efforts to save cash, expansion plans have obviously been halted.
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