Trump has no problem claiming credit for building his casinos and "creating jobs". But I see the Chumps defend his catastrophes.
Trump's Taj - Open at Last, With a Scary Appetite
All along there were doubters, Donald J. Trump recalled. ''Nobody thought it could be built. That was the biggest risk - just getting it built. But I love proving people wrong.''
What inspired ''The Donald'' in his latest I-told-you-so mood was the opening last week of his third Atlantic City casino, the Trump Taj Mahal. Dubbed the ''Eighth Wonder of the World'' by its giddy publicists, the gaudy, 17-acre Taj is the largest casino complex ever built. After years of spending, its cash flow had begun.
Mr. Trump has since poured another $500 million or so into the hulking facility, bringing the total debt on his three Atlantic City casinos to more than $1.2 billion. For months, that has spurred doubts among some gaming analysts - and casino rivals - that Mr. Trump can transform the former white elephant into a cash cow and avoid having the Taj ''cannibalize'' the earnings of his other two casinos.
I'm not defending anything. Just pointing out that Trump has never declared bankruptcy.
Now, go back to sleep poopy-pants.
Bankruptcy 1: The Trump Taj Mahal, 1991
The first bankruptcy associated with Trump was perhaps the most significant in terms of his personal finances, according to
news reports at the time. He funded the construction of the $1 billion Trump Taj Mahal casino in Atlantic City, which opened in 1990. By 1991, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities, so the business decided to file for Chapter 11 reorganization, according to the
New York Times. As a result, Trump gave up half his personal stake in the casino and sold his yacht and airline, according to the
Washington Post.
Bankruptcy 2: Trump Plaza Hotel, 1992
Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt. As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to
ABC News. Trump remained the hotel’s CEO, but it was merely a gesture -- he didn’t earn a salary and had no say in the hotel’s day-to-day operations, according to the
New York Times.
Bankruptcy 3: Trump Hotels and Casinos Resorts, 2004
Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004 when his casinos -- including the Trump Taj Mahal, Trump Marina and Trump Plaza casinos in Atlantic City and a riverboat casino in Indiana -- had accrued an estimated $1.8 billion in debt, according to
the Associated Press. Trump agreed to reduce his share in the company from 47 to 27 percent in a restructuring plan, but he was still the company’s largest single shareholder and remained in charge of its operations. Trump
told the Associated Press at the time that the company represented less than 1 percent of his net worth.
Bankruptcy 4: Trump Entertainment Resorts, 2009
Trump Entertainment Resorts -- formerly Trump Hotels and Casinos Resorts -- was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to
ABC News. After debating with the company’s board of directors, Trump resigned as the company’s chairman and had his corporate stake in the company reduced to 10 percent. The company continued to use Trump’s name in licensing.