Carl Icahn permanently closed the Trump Taj Mahal casino in Atlantic City on October 10, 2016, after a bitter 102-day labor dispute with Unite-HERE Local 54 union workers. Icahn, who had acquired the casino through Trump Entertainment Resorts in 2014, cited substantial financial losses, claiming to …
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Trump Entertainment Resorts filed for Chapter 11 bankruptcy protection on February 17, 2009, after missing a $53.1 million bond payment, marking the sixth bankruptcy of a Trump casino company in 18 years. Just four days before the filing, on February 13, Donald Trump resigned as chairman of the …
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Trump Entertainment Resorts filed for Chapter 11 bankruptcy in 2009, owing $1.2 billion. Initially, Trump worked with Avenue Capital Management to restructure the company, rejecting an earlier partnership with Andrew Beal’s Beal Bank. Carl Icahn then purchased 51% of Beal Bank’s first …
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Trump Hotels and Casino Resorts, the publicly traded company that operated Trump’s Atlantic City casino empire, filed for Chapter 11 bankruptcy protection on November 21, 2004, unable to make a $73 million interest payment due November 1. The company was drowning in approximately $1.8 billion …
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Trump Castle and Trump Plaza Hotel and Casino in Atlantic City both filed for Chapter 11 bankruptcy protection on March 9, 1992, marking Trump’s second and third casino bankruptcies in less than a year. Trump Castle faced $338 million in bond debt it could not service, while Trump Plaza was …
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Between 1991 and 2009, Donald Trump’s hotel and casino businesses filed for Chapter 11 bankruptcy protection six times, establishing a clear pattern: borrow heavily using high-interest debt and other people’s money, operate businesses unprofitably or make unrealistic revenue projections, …
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Donald Trump’s Trump Taj Mahal casino in Atlantic City filed for Chapter 11 bankruptcy protection in July 1991, just over one year after its lavish April 1990 opening. The casino, which Trump had called “the eighth wonder of the world,” was buried under nearly $3 billion in debt, …
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Donald Trump debuted his third Atlantic City casino, the Trump Taj Mahal, but immediately struggled to make payments on $675 million in high-interest junk bonds used for construction. Financial analyst Marvin Roffman predicted the casino would need to make nearly $1.3 million daily to break even, …
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Donald Trump opened the Trump Taj Mahal Casino in Atlantic City in April 1990, financed by $675 million in high-interest junk bonds at 14% rates. Within months, the casino faced severe financial challenges, missing debt payments and signaling the beginning of Trump’s broader Atlantic City …
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