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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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