Trump's casino operations file for bankruptcy

[dj pussy]

PHILADELPHIA, Nov 21 (Reuters) - Donald Trump's casino operations filed for bankruptcy on Sunday in a long-expected move that would allow the real estate maverick to restructure the company's debt and overhaul its aging casinos.

Trump Atlantic City Associates listed $1.3 billion in debt, and $1.5 million in assets, according to the filing with the U.S. Bankruptcy Court for the District of New Jersey.

Trump's major casinos in New Jersey -- Trump Taj Mahal, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino -- have suffered from competition from the Borgata Hotel Casino & Spa, which opened last year.

Trump, the developer recently made more famous by his "The Apprentice" reality television series, last month clinched $500 million in financing from Morgan Stanley to help fund a push into new markets such as Las Vegas and Pennsylvania.

[Steen2]

Only 2 months off.

[buddyjuf]

oh wow...

[adrenalinedef]

He has a new book out. He has a chapter called "How to stay married". I dont see why I would take advise from someone who has been divorsed and almost lost a few billion in the divorse

[Drake]

Double wow

[detoxed]

Originally posted by adrenalinedef
He has a new book out. He has a chapter called "How to stay married". I dont see why I would take advise from someone who has been divorsed and almost lost a few billion in the divorse

People learn from what they did wrong. He has been with his current GF for a while.. living together and all.

[KRL]

[Steen2]

Originally posted by detoxed
People learn from what they did wrong. He has been with his current GF for a while.. living together and all.

She looks like a trophy.

Isn't Trump in the book of records for the most in debt and back to the most net?

[Drake]

Originally posted by detoxed
People learn from what they did wrong. He has been with his current GF for a while.. living together and all.

That's perfectly reasonable.

What about listening to somebody who has never divorced and has never been in debt and is successful.

Maybe they know just as much or more about it and should write a book about it.

Anyway, I'm sure Trump will pull through. It's not like this is all he owns.

[Drake]

"Trump Marina Hotel Casino -- have suffered from competition from the Borgata Hotel Casino & Spa, which opened last year. "

Anybody know the financial situation of the competing casinos? Are they doing ok or are they in bad shape too?

I'm not clear on why they would be doing fine while only Trump's are suffering.

[detoxed]

Just so you guys know... his businesses are in debt. Not him personally. He never puts his personal guarantee on anything, read his books. He pays himself millions a year, even when he was going bankrupt like 10 years ago he still was paid $400,000 a month personal salary by the banks.

[alias]

I though those places were money machines.. . The house always wins, but I guess if noone is playing it doesnt.

Didn't one of the AC trump casinos have 1mill in a box? I know I saw a million cash in one of those atlantic city casinos a few years ago not sure if it was trump's though.

[Steen2]

Originally posted by alias
I though those places were money machines.. . The house always wins, but I guess if noone is playing it doesnt.

Didn't one of the AC trump casinos have 1mill in a box? I know I saw a million cash in one of those atlantic city casinos a few years ago not sure if it was trump's though.

Obviously you need to get people in the house to gamble before you can make the money.

[GTS Mark]

Originally posted by detoxed
Just so you guys know... his businesses are in debt. Not him personally. He never puts his personal guarantee on anything, read his books. He pays himself millions a year, even when he was going bankrupt like 10 years ago he still was paid $400,000 a month personal salary by the banks.

He learned his lesson the first time as he personally guaranteed everything and went bust. However you have to give the guy credit, he went and made deals with every bank he was in debt to and made deals to get the debt paid down or off over time.

These banks don't want to post those kinds of losses hence the reason they are more willing to be negotiable.

DH

[ChrisExtreme]

His Casinos still make money, this is just a move to rebuild them.