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Posted On: 12/21/2018 3:29:58 PM
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Trump Shutting Down the Government Is No Surprise!
He is Really Good At Shutting Things Down:
The Trump Taj Mahal sought bankruptcy protection in 1991.
Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.
Trump was forced to relinquish half of his ownership in the casino and sell off his yacht and his airline. The bondholders were awarded lower interest payments.
Trump's Taj Mahal was described as the eighth wonder of the world and the largest casino in the world. The casino covered 4.2 million square feet on 17 acres of land. Its operations were said to have cannibalized the revenue of Trump's Plaza and Castle casinos.
1992: Trump Castle Hotel & Casino
Trump Castle Casino
This is a bed in the 'High Rollers Suite' at Trump's Castle Casino in Atlantic City, New Jersey. Leif Skoogfors/Getty Images Contributor
The Castle Hotel & Casino entered bankruptcy in March 1992 and had the most difficulty of Trump's Atlantic City properties in covering its operational costs. The Trump Organization relinquished half of its holdings in the Castle to the bondholders. Trump opened the Castle in 1985. The casino remains in operation under new ownership and a new name, the Golden Nugget.
1992: Trump Plaza Casino
Trump Plaza Hotel and Casino
The Trump Plaza Hotel and Casino filed bankruptcy in March 1992. Craig Allen/Getty Images
The Plaza Casino was one of two Trump casinos in Atlantic City to enter bankruptcy in March 1992. The other was the Castle Hotel & Casino. The 39-story, 612-room Plaza opened on the Atlantic City boardwalk in May 1984 after Trump struck a deal to build the casino with Harrah’s Entertainment. Trump Plaza closed in September 2014, putting more than 1,000 people out of work.
1992: Trump Plaza Hotel
The Trump Plaza Hotel
The Trump Plaza Hotel in Manhattan sought bankruptcy protection in 1992, about four years after Donald Trump bought it. Paweł Marynowski / Wikimedia Commons
Trump's Plaza Hotel was more than $550 million in debt when it entered Chapter 11 bankruptcy in 1992. Trump gave up a 49 percent stake in the company to lenders, as well as his salary and his day-to-day role in its operations.
2004: Trump Hotels & Casino Resorts
Trump Marina
Trump Hotels & Casino Resorts, a holding company for Trump's three casinos, entered Chapter 11 in November 2004 as part of a deal with bondholders to restructure $1.8 billion of debt.
Earlier that year, the holding company posted a first quarter loss of $48 million, double its losses for the same quarter the previous year. The company said its gambling take was down nearly $11 million across all three casinos.
The holding company emerged from bankruptcy less than a year later, in May 2005, with a new name: Trump Entertainment Resorts Inc. The Chapter 11 restructuring reduced the company's debt by about $600 million and cut interest payments by $102 million annually. Trump relinquished the majority control to bondholders and gave up his title of chief executive officer, according to The Press of Atlantic City newspaper.
2009: Trump Entertainment Resorts
Donald Trump
Donald Trump flies in a personal helicopter to view some of his properties in
Trump Entertainment Resorts, the casino holding company, entered Chapter 11 in February 2009 amid The Great Recession. Atlantic City casinos were also hurting, according to published reports, because of new competition from across the state line in Pennsylvania, where slot machines had come online and were drawing gamblers.
The holding company emerged from bankruptcy in February 2016 and became a subsidiary of investor Carl Icahn's Icahn Enterprises. Icahn took over the Taj Mahal then sold it in 2017 to Hard Rock International, which said it was planning to renovate, rebrand, and reopen the property in 2018.
YEP Donny is a really good business man!
Now Thousands of folks will have no check while donnie flies to Mara Largo.
Happy Holidays from Your President!
He is Really Good At Shutting Things Down:
The Trump Taj Mahal sought bankruptcy protection in 1991.
Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.
Trump was forced to relinquish half of his ownership in the casino and sell off his yacht and his airline. The bondholders were awarded lower interest payments.
Trump's Taj Mahal was described as the eighth wonder of the world and the largest casino in the world. The casino covered 4.2 million square feet on 17 acres of land. Its operations were said to have cannibalized the revenue of Trump's Plaza and Castle casinos.
1992: Trump Castle Hotel & Casino
Trump Castle Casino
This is a bed in the 'High Rollers Suite' at Trump's Castle Casino in Atlantic City, New Jersey. Leif Skoogfors/Getty Images Contributor
The Castle Hotel & Casino entered bankruptcy in March 1992 and had the most difficulty of Trump's Atlantic City properties in covering its operational costs. The Trump Organization relinquished half of its holdings in the Castle to the bondholders. Trump opened the Castle in 1985. The casino remains in operation under new ownership and a new name, the Golden Nugget.
1992: Trump Plaza Casino
Trump Plaza Hotel and Casino
The Trump Plaza Hotel and Casino filed bankruptcy in March 1992. Craig Allen/Getty Images
The Plaza Casino was one of two Trump casinos in Atlantic City to enter bankruptcy in March 1992. The other was the Castle Hotel & Casino. The 39-story, 612-room Plaza opened on the Atlantic City boardwalk in May 1984 after Trump struck a deal to build the casino with Harrah’s Entertainment. Trump Plaza closed in September 2014, putting more than 1,000 people out of work.
1992: Trump Plaza Hotel
The Trump Plaza Hotel
The Trump Plaza Hotel in Manhattan sought bankruptcy protection in 1992, about four years after Donald Trump bought it. Paweł Marynowski / Wikimedia Commons
Trump's Plaza Hotel was more than $550 million in debt when it entered Chapter 11 bankruptcy in 1992. Trump gave up a 49 percent stake in the company to lenders, as well as his salary and his day-to-day role in its operations.
2004: Trump Hotels & Casino Resorts
Trump Marina
Trump Hotels & Casino Resorts, a holding company for Trump's three casinos, entered Chapter 11 in November 2004 as part of a deal with bondholders to restructure $1.8 billion of debt.
Earlier that year, the holding company posted a first quarter loss of $48 million, double its losses for the same quarter the previous year. The company said its gambling take was down nearly $11 million across all three casinos.
The holding company emerged from bankruptcy less than a year later, in May 2005, with a new name: Trump Entertainment Resorts Inc. The Chapter 11 restructuring reduced the company's debt by about $600 million and cut interest payments by $102 million annually. Trump relinquished the majority control to bondholders and gave up his title of chief executive officer, according to The Press of Atlantic City newspaper.
2009: Trump Entertainment Resorts
Donald Trump
Donald Trump flies in a personal helicopter to view some of his properties in
Trump Entertainment Resorts, the casino holding company, entered Chapter 11 in February 2009 amid The Great Recession. Atlantic City casinos were also hurting, according to published reports, because of new competition from across the state line in Pennsylvania, where slot machines had come online and were drawing gamblers.
The holding company emerged from bankruptcy in February 2016 and became a subsidiary of investor Carl Icahn's Icahn Enterprises. Icahn took over the Taj Mahal then sold it in 2017 to Hard Rock International, which said it was planning to renovate, rebrand, and reopen the property in 2018.
YEP Donny is a really good business man!
Now Thousands of folks will have no check while donnie flies to Mara Largo.
Happy Holidays from Your President!
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