trump casino atlantic city bankruptcy wikipedia

Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. Trump has filed Chapter 11 bankruptcy for his companies six times. 'The burden of his failures,' according to the newspaper, 'fell on investors and others who had bet on his business acumen.'

It reported in 2016 that Trump 'put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses, and other payments. The New York Times, which conducted an analysis of regulatory reviews, court records, and security filings, found otherwise, however. 'I have used the laws of this country just like the greatest people that you read about every day in business have used the laws of this country, the chapter laws, to do a great job for my company, my employees, myself and my family.”

But he has also led some of his companies into bankruptcy, maneuvers he says were designed to restructure their massive debt.Ĭritics have cited the Trump corporate bankruptcies as examples of his recklessness and inability to manage, but the real estate developer, casino operator, and former reality-television star says his use of federal law to protect his interests illustrates his sharp business acumen. Donald Trump has portrayed himself as a successful businessman who has amassed a net worth of as much as $10 billion.

Trump casino atlantic city bankruptcy wikipedia