Trump's Onetime Boardwalk Empire Is Bankrupt

Trump Entertainment Resorts Inc. files for bankruptcy
By Shelley Hazen,  Newser Staff
Posted Sep 9, 2014 10:40 AM CDT
Trump's Onetime Boardwalk Empire Is Bankrupt
In this photo taken on July 20, 2013, pedestrians stroll the boardwalk past the the Trump Taj Mahal in Atlantic City, NJ.   (AP Photo/Wayne Parry)

Atlantic City's Trump Taj Mahal Casino Hotel and the Trump Plaza Hotel and Casino met their likely ends this morning in Delaware bankruptcy filings, Reuters reports. Trump Entertainment Resorts Inc.—associated with the billionaire and reality star Donald Trump basically only in name, as per CNBC—operates both casinos and says it owes $286 million, as well as has between $100 million and $500 million in listed assets and liabilities.

Casino lights are dimming in Atlantic City thanks to some new competitors in the Northeast and a dive in disposable income. The Taj Mahal will shutter in November if it doesn't reach a deal with its union and reduce expenses; Trump Plaza will close next Tuesday. That closure marks the third casualty in Atlantic City this month—Showboat and Revel are the other two—and 8,300 people will now be out of work. Trump Entertainment has another 4,600 employees. (More Atlantic City stories.)

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