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MONDAY, NOVEMBER 23, 2009
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Trump Casinos Expected to Go Bankrupt

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(Newser) – Owing bondholders more than a billion dollars, Donald Trump's Atlantic City casino company is expected to file for chapter 11 tomorrow, the Wall Street Journal reports. Board members are discussing it tonight, but if they don't file, creditors will force them into bankruptcy tomorrow. It will mark Trump Entertainment Resorts' third visit to bankruptcy court.

Trump quit as chairman of the board on Friday after failing to strike a deal to buy out the company. "Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company," he said in a statement. Trump owns 28% of company shares, which have fallen from more than $4 last year to about 23 cents.

Donald Trump yells his trademark
Donald Trump yells his trademark "You're Fired!" as he poses next to his daughter Ivanka Trump, Saturday, Aug. 23, 2008, in Los Angeles.   (AP Photo/Chris Pizzello)
Executive Producer Donald J. Trump speaks at a news conference to announce MTV's new show
Executive Producer Donald J. Trump speaks at a news conference to announce MTV's new show "The Girls of Hedsor Hall" on Thursday, Jan. 29, 2009.   (AP Photo/Peter Kramer)
Donald Trump arrives for a Trump event in this Jan. 17, 2007 file photo taken in the Hollywood section of Los Angeles.
Donald Trump arrives for a Trump event in this Jan. 17, 2007 file photo taken in the Hollywood section of Los Angeles.   (AP Photo/Danny Moloshok, FILE)
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12 comments
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SPH
Feb 16, 09 8:56 PM CST
How can a casino EVER go broke?>> Reply
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IN RESPONSE:
anchower
Feb 17, 09 1:14 AM CST
Good question. Although AC is a hellhole. Which I've only been to once, despite living nearby.
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IN RESPONSE:
Shannonals
Feb 17, 09 2:24 PM CST
casino lose money when people are not gambling, people don't gamble if they have no job to pay for their vices
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IN RESPONSE:
Chilblain
Feb 18, 09 5:18 PM CST
Buy poor investing/borrowing.
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whtmountain
Feb 16, 09 10:38 PM CST
When they run out of suckers! You surely don't think everybody wins? It is just another ruse to fleece America. They tax any winnings - but if you loose - it's just bad luck, not a write off. Fleece millions of dollare out of working class Americans and it isn't even a tax writeoff. Reply
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