Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDoesn't Donald Trump have casinos in Atlantic City?
Wonder if he gonna try and get federal funds for repairs?
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
9 replies, 1165 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (0)
ReplyReply to this post
9 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Doesn't Donald Trump have casinos in Atlantic City? (Original Post)
LynneSin
Oct 2012
OP
mwdem
(4,031 posts)1. He used to..
don't know about it now.
Panasonic
(2,921 posts)2. His namesake tower in Manhattan fired his ass.
That's why he went nuts last week with his news bomb.
jorno67
(1,986 posts)3. yep...the Taj Mahal
closeupready
(29,503 posts)4. I thought he sold them recently.
Just within the last year.
rustydog
(9,186 posts)5. No, I believe he lost his through bankruptcy.
The casino was bought out and retains the Donald's name.
BeyondGeography
(39,369 posts)7. Yup
Here's the info:
2009 bankruptcy and restructuring
The casino group filed for bankruptcy for the third time in February 2009 owing $1.2 billion. Two sets of debt holders eventually proposed reorganization plans for the group in U.S. bankruptcy court.
Trump initially made an agreement with banker/high-stakes poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's experience with gaming, he dropped them in favor of the hedge fund Avenue Capital Management, a plan favored by other bond-holders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity.
Judith H. Wizmur, Chief Judge of the United States Bankruptcy Court for the District of New Jersey, eventually sided with the Trump/Avenue partnership, favored by bond holders who believed that Trump's brand would result in a stronger company after reorganization.
Current properties
Trump Plaza Hotel and Casino
Trump Taj Mahal
http://en.wikipedia.org/wiki/Trump_Entertainment_Resorts
The casino group filed for bankruptcy for the third time in February 2009 owing $1.2 billion. Two sets of debt holders eventually proposed reorganization plans for the group in U.S. bankruptcy court.
Trump initially made an agreement with banker/high-stakes poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's experience with gaming, he dropped them in favor of the hedge fund Avenue Capital Management, a plan favored by other bond-holders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity.
Judith H. Wizmur, Chief Judge of the United States Bankruptcy Court for the District of New Jersey, eventually sided with the Trump/Avenue partnership, favored by bond holders who believed that Trump's brand would result in a stronger company after reorganization.
Current properties
Trump Plaza Hotel and Casino
Trump Taj Mahal
http://en.wikipedia.org/wiki/Trump_Entertainment_Resorts
catbyte
(34,373 posts)6. Yeah, NPR said it's now the TRUM Casino
Wonder if he'll reject federal low-interest loans from the Illegal Kenyan Usurper.
What a POS. I hope the wind blew that critter cadaver off his head.
meadowlark5
(2,795 posts)8. Where does Sheldon Addelson have his casinos?
Ruby the Liberal
(26,219 posts)9. ...and take tax deductions on what he does end up spending himself. nt