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Trump Casinos Go
Belly Up
Property mogul Donald Trump
has been faced with the grim news - the Atlantic City group
that operates three casinos in the city under his name has
filed for bankruptcy protection for the third time after
missing a bond payment of $53 million. The casinos in question
are the Taj Mahal, the Trump Plaza Hotel & Casino and
the Trump Marina Hotel Casino.
The board of Trump Entertainment approved
the move on Monday with the blessings of ‘The Donald’.
Trump has a 28% share in the company but resigned his position
on the board after the bondholders had turned down his offer
to buy the troubled company. Trump Entertainment listed
a $2, 1 billion profit and a debt of $1, 74 billion at the
end of 2008.
The bankruptcy application of Trump
Entertainment does not bode ill for Trump’s property
development business. Trump has recently given the go-ahead
to begin construction on a luxury golf course estate in
Scotland. In a statement issued by Trump, he says “While
the Trump Organisation grows and flourishes Trump Entertainment
has languished.”
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