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Trump Casinos

The Art of the Reels

Chapter 11: Bankruptcy

Donald Trump’s hotel and casino empire spanned three states, four decades and six bankruptcies.What started in Atlantic City as a single high-stakes bet, developed to resemble a desperate gambler chasing his losses.

1. Trump Casino Management

There have been three main companies involved in the control and operation of Trump casinos since the 1980s, in addition to the individual properties and Donald Trump himself.

The Trump Organisation (TTO)

Founded: 1923

1923 Status: Active (2017)

Originally Elizabeth Trump & Son. Held stakes in Trump Hotels & Casino Resorts and Trump Entertainment Resorts.

Trump Hotel & Casino Resorts (THCR)

Founded: 1995

1995 Status: Became TER (2004)

Established to take control of Trump casino properties. Rebranded as Trump Entertainment Resorts following bankruptcy in 2004.

Trump Entertainment Resorts (TER)

Founded: 2004

2004 Status: Active (Mar 2017)

Became a subsidiary of Icahn Enterprises in 2016, following two bankruptcies. Donald Trump resigned as chairman in 2009.

2. The Casinos

The 1976 legalisation of casino gambling in Atlantic City led to an explosion of resorts along the boardwalk and within the marina district.Trump went on to run four casinos in New Jersey and another in Indiana.

He also managed (but did not own) an Indian casino in Coachella, California, financing a $60 million expansion as part of a planned five-year partnership. It was described on billboards as the place ‘Where the desert meets The Donald’.

The cards below only specify a ‘Cost to build’ amount if the casino was owned by Donald Trump prior to its original opening.

‘Cost to buy’ is used for casinos which previously operated under a different name and were later acquired byTrump, THCR or TER.

Trump Plaza

Opened: 1984

1984 Managed By: TTO, THCR, TER

TTO, THCR, TER Location: Atlantic City, New Jersey

Atlantic City, New Jersey Cost to build: $210 million

$210 million No. rooms: 906

906 Gaming space 91,181 square feet

91,181 square feet 2017 status: Closed - 16th September 2016

Trump’s Castle (later Trump Marina)

Opened: 1985

1985 Managed By: TTO, THCR, TER

TTO, THCR, TER Location: Atlantic City, New Jersey

Atlantic City, New Jersey Cost to build: $325 million

$325 million No. rooms: 728

728 Gaming space 74,252 square feet

74,252 square feet 2017 status: Reopened as Golden Nugget Atlantic City

Trump Taj Mahal

Opened: 1990

1990 Managed By: TTO, THCR, TER

TTO, THCR, TER Location: Atlantic City, New Jersey

Atlantic City, New Jersey Cost to build: $1.1 billion

$1.1 billion No. rooms: 2,010

2,010 Gaming space 167,000 square feet

167,000 square feet 2017 status: Closed - 10th October 2016

Trump World’s Fair

Opened: 1996

1996 Managed By: THCR

THCR Location: Atlantic City, New Jersey

Atlantic City, New Jersey Cost to build: $63 million

$63 million No. rooms: 500

500 Gaming space 40,000 square feet

40,000 square feet 2017 status: Closed - 3rd October 1999

Trump Casino

Opened: 1996

1996 Managed By: THCR

THCR Location: Gary, Indiana

Gary, Indiana Cost to build: $153 million*

$153 million* No. rooms: Casino only

Casino only Gaming space 37,000 square feet

37,000 square feet 2017 status: Reopened as Majestic Star II

*Trump actually spent $106 million in year one, not the $153 million originally promised

Trump 29 Casino

Opened: 2002

2002 Managed By: THCR

THCR Location: Coachella, California

Coachella, California Cost to build: $60 million

$60 million No. rooms: Casino only

Casino only Gaming space 100,000 square feet*

100,000 square feet* 2017 status: Now Spotlight 29 Casino

*Casino since expanded to 250,000 square feet

3. Key Dates & Bankruptcies

Donald Trump has been directly involved in five separate casino-related bankruptcies (Chapter 11). He was also separately involved in a sixth bankruptcy case for his Plaza Hotel in NewYork (no relation to Plaza Casino) in 1988.

The timeline below lists an additional casino-related bankruptcy for Trump Entertainment Resorts in 2014, however Donald Trump’s remaining affiliation with the company at this time consisted mostly of a licensing agreement for the use of his name.

Chapter 11 bankruptcy protection

A means by which a company can wipe debts, restructure and reorganise while remaining in business. Budgets and debt repayment plans are approved by bankruptcy courts, often resulting in shareholders losing a high proportion of equity.

“My basic attitude has always been that I want to do what is good for Atlantic City” Donald Trump to the Casino Control Commission, 1988

1984 Trump Plaza opens in partnership with Harrah’s

1985 Trump buys the Atlantic City Hilton Hotel for $325m and rebrands it as Trump’s Castle

1988 Trump buys the Taj Mahal while under construction

1989 Trump Plaza hosts WrestleMania V (it also hosted WrestleMania IV in 1988) and becomes the only venue ever to host consecutive events



“I also, as I said before, don’t have to use junk bonds. I can use my own funds or I can use regular bank borrowings, so I can build at the prime rate.” Donald Trump to the Casino Control Commission, 1988

1990 Taj Mahal opens at a total project cost of over $1bn, financed with over $600m of junk bonds



“Will the Taj work? It can’t miss. It’s like spitting and missing the floor.” Al Glasgow, publisher of gaming newsletter, Atlantic City Action, 1990

1991 Trump Taj Mahal files for bankruptcy with nearly $3bn of debt

1992 Trump’s Steel Pier opens as part of Taj Mahal project deal Trump’s Castle goes bankrupt with $338m of debt. Trump gives up a 50% stake in the casino in return for lower interest rates Trump Plaza also declares bankruptcy with $250m worth of debt

1995 Trump establishes Trump Hotels and Casino Resorts (THCR) as a publicly traded company THCR takes control of Trump Plaza and the under-development Trump Casino in Indiana

1996 THCR buys the Trump Taj Mahal and Trump’s Castle from Trump, for $890m and $486m respectively Trump World’s Fair at Trump Plaza and Trump Casino open

1997 Trump’s Castle renamed Trump Marina

2000 THCR begins managing Spotlight 29 Casino in Coachella - rebrands it as Trump 29 Casino



“When they approved gambling in Pennsylvania (in 2004), I said, it’s time to get out!” Donald Trump to The Daily Beast, 2014

2004 THCR files for bankruptcy with a reported $1.8bn debt accrued across all resorts.Trump reduces his share in the company from 47% to 27%, but remains in charge of its operations THCR rebranded as Trump Entertainment Resorts (TER)

2005 TER’s involvement with Spotlight 29 Casino ends; reverts to original name Trump Casino in Indiana sold for $253m to Majestic Star Casino, LLC

2009 TER applies for bankruptcy for second time, owing $1.2bn.Trump resigns as chairman, but retains a 10% stake in the company

2011 Trump Marina sold to Landry’s for $38m

2014 Trump sues TER to have his name and image removed from Plaza and Taj Mahal casinos TER files for bankruptcy for third time Trump Plaza closes

2016 TER exits bankruptcy and becomes a subsidiary of Icahn Enterprises Taj Mahal closes following a series of union disputes

2017 Donald Trump inaugurated as the 45th President of the United States Taj Mahal sold to Hard Rock International and two New Jersey investors. Expected to reopen as Hard Rock Hotel and Casino Atlantic City in 2018



4. Casino Licensing Around Atlantic City

When the Trump Plaza opened in 1984, casino gambling was illegal in the eight states directly surrounding New Jersey. By the time the Taj Mahal shut in 2016, casino gambling had since been legalised in all of these areas, with the exception of Virginia.

This, combined with the increasing emergence of online casinos, and new bingo sites, has been frequently blamed by Trump and others as the key cause of Atlantic City’s decline. It’s easy to see why:

1984 (Opening of Trump Plaza)

New Jersey - Legal* New York - Not Legal Delaware - Not Legal Pennsylvania - Not Legal Virginia - Not Legal Connecticut - Not Legal Massachusetts - Not Legal Maryland - Not Legal Rhode Island - Not Legal

2016 (Closure of Taj Mahal)

New Jersey - Legal* New York - Legal Delaware - Legal Pennsylvania - Legal Virginia - Not Legal Connecticut - Legal^ Massachusetts - Legal Maryland - Legal Rhode Island - Legal

New Jersey casino licensing restricted to Atlantic City only / Connecticut casino licensing restricted to tribal casinos within self-governing Indian reservations.

5. Other Casino Closures

Donald Trump was not the only businessman to struggle in Atlantic City. Many other high-profile resorts closed during his time there, including the Sands Casino Hotel (2006) and the Claridge Hotel and Casino (now hotel only).

2014 was a particularly bad year, with a further three casinos closing:

The Atlantic Club Casino Hotel

Opened: 12th December 1980

12th December 1980 Closed: 13th January 2014

13th January 2014 Status: Empty (2017)

The Atlantic Club was the sixth casino to open in Atlantic City and underwent many facelifts and ownership changes before eventually ceasing operations in 2014.

Showboat Atlantic City

Opened: 30th March 1987

30th March 1987 Closed: 31st August, 2014

31st August, 2014 Status: Reopened as hotel only (July 2016)

In somewhat bizarre circumstances, Showboat Casino was closed in 2014 (despite being profitable), to help stabilise other Caesars Entertainment casinos in Atlantic City.

Revel Casino Hotel

Opened: 2nd April 2012

2nd April 2012 Closed: 2nd September 2014

2nd September 2014 Status: To reopen as TEN Atlantic City (2017)

The Revel Casino Hotel cost $2.4 billion to build and shut after just two years. It was acquired for $82 million in 2015 (3.5% of its original cost) and is set to reopen as TEN Atlantic City in 2017.

“I made a lot of money in Atlantic City. I almost feel guilty about it, but I made a lot of money in Atlantic City and I got out.” Donald Trump to The Daily Beast, 2014

View our full list of over 50 sources here.

Infographic created, researched and published by Online Bingo. March 2017.