Posted on 07/27/2015 7:44:33 AM PDT by Ge0ffrey
Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth casino to close this year.
The company owns Trump Plaza, which is closing in a week, and the Taj Mahal, which has been experiencing cash-flow problems and had been trying to stave off a default with its lenders. The company said the Taj Mahal could close Nov. 13.
It's the fourth such filing for the struggling casino company or its corporate predecessors.
The company filed in U.S. Bankruptcy Court in Wilmington, Delaware, saying it has liabilities of between $100 million and $500 million, and assets of no more than $50,000. It missed its quarterly tax payment due last month, and says it doesn't have the cash to make an interest payment to lenders due at the end of the month.
[Something to ponder. He promotes gambling. He left the Republican party to register as a Democrat. He supports national health care. He was pro abortion until very recently. He's starting to hedge on immigration. How many times has he been married? Adulterous affairs? Are you sure he's a conservative?]
(Excerpt) Read more at nydailynews.com ...
Idiot article.
Whah? Nohhh!
Still waiitng for Mr. Perfect....
LOL, I always think of the scene in "Trading Places", where the Dukes explain to Eddie Murphy their business, and Eddie responds with, "Sounds to me like you guys a couple of bookies."
Probably ego, mostly. In my years I’ve done such things....on a much smaller scale. Got my wings clipped several times, too. Learning process.
Seems to me Trump files for bancrupcy a lot on various projects and SOMEONE in the private sector ends up not getting paid. I think its his business model/backup plan. I’m no Trump hater, but this method is predatory.
The Pennsylvania casinos helped seal their doom, but a much larger problem in NJ is the horrible economy. Too many people within driving distance have no more discretionary dollars; this region (and probably California) will be the last to see any economic recovery. The high costs of bloated government workforces (a holdover from when private-sector employers had a lot of jobs here decades ago) and the aging, crumbling infrastructure are real impediments to growth.
NJ continues to bleed jobs and American population (and the corresponding electoral votes).
I have no issue with gambling, but living in NJ we understand that it doesn’t fix anything. Atlantic City is a dump, and the only reason other areas want casinos now is to keep people with money coming to areas where nobody has any reason to visit. It doesn’t fix a ghetto; it subsidizes it.
The Connecticut casinos are nice because they are in the middle of the woods.
Ha! I forgot about that scene! Spot on!
And now it will close after Labor Day.
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