Trump Taj Mahal Files for Bankruptcy Protection
Atlantic City is reeling from the current economic crisis and the landmark of its casino strip, the Trump Taj Mahal, has filed for bankruptcy protection. It is one of three hotel casino operations now under bankruptcy as part of the Trump Entertainment Resorts. The Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino are the two other properties affected.
Donald Trump told Wolf Blitzer on CNN Tuesday that neither he nor his daughter were on the Board of Directors at the time of the filing and that he will consider filing an action to have his name removed from the property. The two resigned just days prior.
"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," Trump told The Associated Press Tuesday.
But it is the third time Trump Casinos has filed for bankruptcy.
Filing three times for Chapter 11 protection is uncommon in American business, according to Harlan Platt, a professor and bankruptcy expert at Northeastern University in Boston, who has followed Trump's casino bankruptcies for decades.
"Chapter 33! Wow! That's rare," he quipped.
The casino company's current incarnation, Trump Entertainment Resorts, was born of a prior trip through bankruptcy that ended in 2005.
Debt that was still left over from that restructuring was exacerbated by the economic meltdown and competition from slots parlors in Pennsylvania and New York that have been hammering Atlantic City for more than two years.
Gambling911.com Staff and the Associated Press
