Atlantic City – The Trump Plaza Casino and Hotel are now closed, its windows are covered with sea salt, and only the faint gold letter frame that makes T-R-U-M-P visible on the facade of what was once the city’s first casino.
Not only that, but the Trump Mariana Casino Hotel was sold at a great loss five years ago after having experienced a long time of failure, now known as the Golden Nugget.
In the midst of his presidential campaign, as a potential Republican candidate, Mr. Trump often boasted of his success at Atlantic City and outperformed the Wall Street companies that financed the casino clubs and used his name for wealth. The main argument for his candidacy was that he would bring the same oval to the Oval Office to give America what he had done to his companies.
“I owe Atlantic City a lot,” Mr. Trump said in an interview in May. “I’ve made huge money from there,” he said in a summary of his quarter-century history.
What brought him to Atlantic City?
His bold personality, unique features and the massive number of players have drawn him to the great Atlantic City, which he thought could be the new Las Vegas gambling capital of the country. However, a closer look at evidence raises little doubt about the long history of Mr. Trump’s failure in casino clubs. Although he says that his casino clubs have been hit with the same failure that the casino has not delivered in this coastal city.
But even when his companies stumbled, Mr. Trump was doing well before putting a small percentage of his money and personal debt into casino clubs and raised few in bonuses, salaries, and other payments.
In three interviews with The Times since late April, Trump implicitly admitted that high debt and low revenues had damaged his casino clubs. Although he did not give any details, he did not question the results of The Times. He has repeatedly stressed that what he really cared about in his time in Atlantic City was that he made a lot of money there.
How did Mr. Trump find his casino empire?
Mr. Trump founded his casino, but he borrowed plenty of money at a high-interest rate. Later after informing regulators that he did not, as his business would not have a chance of success.
His casino companies have been represented by the bankruptcy court four times, and each time bondholders are persuaded to accept less money than to drop them altogether. However, these companies have repeatedly added more valuable debts and have returned to court to protect them from lenders.