Trump Taj Mahal
On Friday, the three Trump casinos in Atlantic City, New Jersey, emerged from their third bankruptcy, after cutting company debt by $1.3 billion following a restructure of the business. The Taj Mahal, Trump Plaza and Trump Marina were all part of the Chapter 11 bankruptcy filing, which allowed the owners of the casino resorts to “restructure” the business and improve the financial state of the company. Friday’s court transaction has officially confirmed that that Trump Entertainment Resorts, the company behind the casinos, has fully emerged from bankruptcy and now has over $250 million in equity.
Speaking to the press, Marc Lasry, the new chairman of Trump Entertainment Resorts, suggested that the casino operator “today begins a period marked by new financial strength”. While Donald Trump’s stake in the business was heavily reduced while the company was re-organised, he still retains a 10% stake in Trump Entertainment Resorts. According to Associated Press, the casinos will still be able to use the name and likeness of Trump, as well as that of his daughter, Ivanka.
Have you visited any of the Trump casinos recently? Do you think they can compete with other casinos in the area? If you have an opinion on this story, we'd love to hear from you.
