Casino Debt Negotiations End In Bankruptcy For Trump Entertainment
Trump Entertainment Resorts may bear the name of the business savy Donald Trump, but the company does not resemble their namesake at all. While Trump is a known as a fighter, the company itself succumbed to pressure on Tuesday.
US Bankruptcy Court in Camden, New Jersey was the scene of the company's third bankruptcy filing since coming into its own. Negotiations with bondholders had taken a turn for the worst in recent days, so much so, that Trump resigned from the company.
"Other than the fact that it has my name on it, which I'm not thrilled about, I have nothing to do with the company. If I can't manage something, it's not for me," said Trump.
Trump Entertainment owns three casinos in Atlantic City. It is not just those three that have struggled in the city. All eleven casinos in AC have seen their revenue drop drastically in the past year.
One of the casinos, Trump Marina Hotel Casino, is in the process of being sold and the bankruptcy filing of Tuesday will not affect that sale. It is being bought by a group that is led by Richard Fields, who has close ties to Trump.
The company vows to keep all of their casinos open and operational. They plan on honoring all programs in place for customers, any winning bets, and all employee pay.
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