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TUESDAY, FEBRUARY 9, 2010
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5

Trump Drops Bid to Control Bankrupt Casinos

Donald, Ivanka allow creditors to control resort

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(Newser) – Donald Trump will let creditors have the Trump Entertainment Resorts, easing the way for the three Atlantic City casinos to emerge from bankruptcy. The Donald and daughter Ivanka have stopped all litigation against a group of creditors who sought to block a bid by the Trumps to regain control over the casinos, which went under Chapter 11 in February. In exchange, the Trump Organization will receive a stake as high as 10% in the reorganized company, the Wall Street Journal reports.

Pedestrians enter the Trump Plaza in Atlantic City, N.J., in this 2006 file photo.
Pedestrians enter the Trump Plaza in Atlantic City, N.J., in this 2006 file photo.   (AP Photo/Mary Godleski, file)
Donald Trump speaks at the Eastern Ontario Economic Showcase in Ottawa on Thursday, Sept. 24, 2009.
Donald Trump speaks at the Eastern Ontario Economic Showcase in Ottawa on Thursday, Sept. 24, 2009.   (AP Photo/The Canadian Press, Pawel Dwulit)
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5 comments
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Jayster999
Nov 17, 09 5:57 PM CST
Well the man's no idiot, he knows when to fold. Reply
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IN RESPONSE:
Yourself
Nov 17, 09 6:04 PM CST
problem is he should have been folded long ago. he's a fraud, he's never been fully successful, it's always short runs of success and there's too much hanging on his empty name, so investor have to keep backing up the charade. Trump is a PERFECT example of a "company" that should be left to fail, no matter how big....
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IN RESPONSE:
Reader64481089
Nov 17, 09 6:26 PM CST
Trump lost most everything he had years ago, all that saved him was when his father died and left him a huge fortune which Trump has since been spending and blowing like mad. If not for his father he would have been finished when he failed with his New York properties he was stuck with over 20 years ago. Ever since he now takes investors for a ride time after time...
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IN RESPONSE:
DarkFrancis
Nov 17, 09 8:22 PM CST
The simple fact is this: if you can't maintain a CASINO as an ongoing successful business enterprise, you suck. A CASINO, for fuck sake.
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+1
AllenM
Nov 18, 09 8:03 PM CST
The casino business is based on losers, not players. Every casino has the same game, so revenue comes down to entertainment / hospitality. Hotels ultimately do the job more profitably than a casino. Reply
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