Trump Entertainment Resorts
Trump Entertainment Resorts Inc. is a holding company that owns, operates and manages casino hotels in the United States . The company was created in 2005 through restructuring measures taken by the predecessor company Trump Hotels & Casino Resorts . Today the company only bears the name Donald Trumps , who has completely withdrawn from the operative business.
Donald Trump began getting involved in the Atlantic City, New Jersey gambling industry in the early 1980s . He built three casinos there, operated by the Trump Hotels & Casino Resorts company. Business was going well by the mid-1990s, and Trump was planning over 40 other projects in New Jersey, most of which he failed to realize. Due to the increasing competition from neighboring states, the gambling business in Atlantic City fell into a severe crisis since the 2000s, and Trump's holding company has been insolvent three times. For example, Trump had to sell shares in the mid-1990s to avoid bankruptcy, and investments were postponed for years, making his casinos less and less competitive. When the company again went into Chapter 11 insolvency in 2004 and negotiations with Credit Suisse to save the previous company failed, Trump Entertainment Resorts was formed in 2005 , which continued to operate the three casinos:
- Trump Taj Mahal Casino Resort (Boardwalk)
- Trump Plaza (Boardwalk)
- Trump Marina (Marina District)
The Trump Taj Mahal Casino Resort was renovated in 2007 for US $ 250 million and added a new hotel tower. Donald Trump withdrew from the operation of the casinos in 2009 and, like his daughter Ivanka, left the board of directors because the company was on the verge of insolvency; its other businesses are administered by the Trump Organization , which operates independently from Trump Entertainment Resorts . The company continued to use the popular name Trump for marketing purposes.
On September 11, 2014, Trump Entertainment Resorts had to file for Chapter 11 bankruptcy protection, the American form of bankruptcy. The Trump Plaza and Trump Marina were closed, the Trump Taj Mahal was sold from the bankruptcy estate to the investor Carl Icahn , who wants to keep the name for a license fee and invest 40 million US dollars, but for the employees hard cuts in pensions and social security plans. As a result, there have been several sharp union-supported protests since 2014. Robert Griffin is currently the managing director.
Web links
supporting documents
- ^ Salvador Rizzo: Trump's Wild NJ Ride: 30 Years of Grand Promises, Successes and Setbacks. In: NorthJersey.com , July 27, 2015.
- ↑ a b Trump Tries to Work New Magic at Aging Atlantic City Casinos. ( Memento of June 13, 2008 in the Internet Archive ) In: International Herald Tribune , April 10, 2007.
- ↑ Beth Jinks: Trump Quits Trump Entertainment as Debt Payment Deadline Looms. In: Bloomberg Business , February 14, 2009.
- ↑ Michael Bathon, Steven Church: Trump Taj Mahal Survives Bankruptcy by Joining Icahn Empire. In: Bloomberg Business , March 12, 2015.
- ^ Peg Brickley: Trump Entertainment Loses Bid to Silence Union Campaign. In: The Wall Street Journal , July 22, 2015.