The Home Front

Financial Turmoil Hits Donald Trump’s Casinos

By Luke Mullins

Posted: December 1, 2008

Higher unemployment and home foreclosure rates are hitting Atlantic City’s casino industry, and even Donald Trump is feeling the pain, Bloomberg reports.

From Bloomberg:

Trump Entertainment Resorts Inc., the casino company founded by Donald Trump, said it will forgo a $53 million bond-interest payment due Dec. 1 as it negotiates with creditors on ways to restructure the company’s finances…

The casino owner posted its fourth straight quarterly loss this month as its Atlantic City properties attracted fewer gamblers and it wrote down the value of its Taj Mahal Casino.

 

Bailout for Trump's Casinos

If Trump's casinos hire union workers, like GM, Ford & Chrysler does, why not add Trump's casinos to the bailout of firms with union shops?

Unions were the third largest contributor to the winning side in the 2008 presidential election.

If you think donations aren't important to politicians, ask a big donator named Mark Rich, who resides in a Swiss chalet and would tell you that the best negotiator in dealing with any politician is money. Oscar Wilde would also agree.

Money talks and it says gimmee (you fill in the rest ____ e.g.pardon, bailout etc.)

Art

Art Youmans of OK @ Dec 01, 2008 17:06:29 PM

I'm doing my best

I've been a contributor to the Trump fund for 20+ years.

Trump is an egotist and blow-hard and has absolutely no interest in casinos bearing his name.

The only thing that has the Trump name on it now (as opposed to many years ago) is a styrofoam cup in the Chairman's Club and in the hotel rooms. What a well earned come down.

Jenna of PA @ Dec 01, 2008 13:57:26 PM

What?

The headline reads, "Financial Turmoil Hits Donald Trump’s Casinos." The writer and editors must be kidding, right? Like this is news.

Trump has gone through more bankruptcies than a porcupine has quills. In essence, he has a history of using the wealth of others to feed his lavish lifestyle and over-sized ego. His Ponzi schemes work fine while the bubble expands, but by nature fail upon the burst. I cannot imagine how he continues to sucker supposedly-sophisticated investors into putting money into his over-blown schemes, nor how reporters continue to be surprised.

JonSE of AZ @ Dec 01, 2008 13:36:12 PM

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The Home Front

The Home Front

Associate Editor Luke Mullins tracks the treacherous housing market and explains how to unload a five-bedroom McMansion or even find that dream home.

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