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Trump pulled more than $1 million from his failing public company, describing the transaction in securities filings in ways that may have been illegal, according to legal experts. Trump received copious amounts for himself, with the help of a compliant board. Stock and bondholders lost more than $1.5 billion.Īll the while, Mr. Trump’s lagged, posting huge losses year after year. During a decade when other casinos here thrived, Mr. Trump avoided a second potential crisis by taking his casinos public and shifting the risk to stockholders.Īnd he never was able to draw in enough gamblers to support all of the borrowing. But the companies repeatedly added more expensive debt and returned to the court for protection from lenders.Īfter narrowly escaping financial ruin in the early 1990s by delaying payments on his debts, Mr. His casino companies made four trips to bankruptcy court, each time persuading bondholders to accept less money rather than be wiped out. He repeatedly emphasized that what really mattered about his time in Atlantic City was that he had made a lot of money there. He did not recall details about some issues, but did not question The Times’s findings. Trump acknowledged in general terms that high debt and lagging revenues had plagued his casinos. In three interviews with The Times since late April, Mr. The burden of his failures fell on investors and others who had bet on his business acumen. He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. Though he now says his casinos were overtaken by the same tidal wave that eventually slammed this seaside city’s gambling industry, in reality he was failing in Atlantic City long before Atlantic City itself was failing.īut even as his companies did poorly, Mr.
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Trump’s casino business was a protracted failure. But a close examination of regulatory reviews, court records and security filings by The New York Times leaves little doubt that Mr. His audacious personality and opulent properties brought attention - and countless players - to Atlantic City as it sought to overtake Las Vegas as the country’s gambling capital. “The money I took out of there was incredible.” Trump said in an interview in May, summing up his 25-year history here. “Atlantic City fueled a lot of growth for me,” Mr. A central argument of his candidacy is that he would bring the same business prowess to the Oval Office, doing for America what he did for his companies. Trump, the presumptive Republican nominee, often boasts of his success in Atlantic City, of how he outwitted the Wall Street firms that financed his casinos and rode the value of his name to riches. Years of neglect show: The carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines. Trump assembled here more than a quarter-century ago. Not far away, the long-failing Trump Marina Hotel Casino was sold at a major loss five years ago and is now known as the Golden Nugget.Īt the nearly deserted eastern end of the boardwalk, the Trump Taj Mahal, now under new ownership, is all that remains of the casino empire Donald J.
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Only a faint outline of the gold letters spelling out T-R-U-M-P remains visible on the exterior of what was once this city’s premier casino.
WHAT IS THE STORIE BEHIND CHIP HAILSTONE OF LIFE BELOW ZERO WINDOWS
ATLANTIC CITY - The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt.