Casino Owner Donald Trump Files for Bankruptcy Protection
While the American gambling market is in trouble, Donald Trump has been forced to file for Chapter 11 bankruptcy protection for his collection of three hotels and casinos in Atlantic City.
The entrepreneur, who re-invented himself by appearing on The Apprentice, only last week stepped down as the company’s chairman, with his daughter Ivanka also stepping down at the same time as her father.
Like many casino owners in Las Vegas, Trump is suffering as a result of the difficult trading conditions in the American gaming city. Atlantic City has seen gambling revenues decline by 7.6 percent in 2008 to $4.55 billion, a decline greater than gambling Valhalla Las Vegas.
Trump Entertainment Resorts has just missed a $53 million interest payment deadline and consequently bondholders have rejected Trumps suggestion of buying back the company. In addition, UK construction firm Bovis Lend Lease, according to the filing, is owed $7.5 by Trump’s company.
An anonymous US analyst said of the situation, “He has invested a lot, employed a lot of people and done business with a lot of businesses; all of that would appear to be reasonably positive. At the same time, this is yet another trip through Chapter 11. There are some folks who don't always have the kindest words to say about him.”
Trump’s lively business life has come to mirror his colorful personal life, facing regular financial trouble and having been married three times with five children.