“Mike Pence just called,” Atlantic City Mayor Marty Small joked, “and he’s not going to stop the implosion.”ĭan Heneghan, who covered the opening of every casino in Atlantic City while he worked as a reporter for the Press of Atlantic City, says Trump came bringing a lot of jobs and hope to the Boardwalk. (The Taj Mahal closed in 2016 year and is now a Hard Rock Casino Trump Marina is now the Golden Nugget.) He resigned from the company in 2009, and Carl Icahn, who was a bondholder, bought the company out of bankruptcy in 2016. Trump took Trump Plaza public on the New York Stock Exchange in 1995, and by 2004, through a series of maneuvers and self-dealing, he had made more than $200 million while the company, which came to own his Taj Mahal and the Trump Marina, lost $647 million and declared bankruptcy. This money wasn’t going to be gambled at the tables-it went to Donald Trump so he could pay interest payments on a loan. That same year, Fred, Trump’s father, sent a lawyer to the Taj in Atlantic City to purchase $3.5 million in chips. “The possibility of a complete financial collapse of the Trump Organization is not out of the question.” , one New Jersey regulator said at the time that the would-be president’s business was in a precarious position. As Forbes senior editor Dan Alexander writes in his book about Trump, White House, Inc. To fund his vision of opulence in Atlantic City, which eventually included the Taj Mahal, which opened in 1990 and the Trump Marina, which was first dubbed Trump Castle and opened in 1985, Trump raised $675 million in bonds.īy 1990, the Trump Organization had amassed $3.4 billion in debt, straining the entire company. In 1984, Donald Trump opened the Trump Plaza, which at the time was a joint operation with Harrah’s running the casino. CNN Sans ™ & © 2016 Cable News Network.Ringmaster: In the early years of Trump Plaza, Donald Trump (with Sugar Ray Leonard and Don King) hosted many heavyweight fights as well as two WrestleManias. ![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. ![]() Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account At its peak, the Plaza hosted world-famous boxing matches, high-profile concerts and celebrity ebents.īoth casino’s failures shadow broader struggles for Atlantic City, with vacationers going to other gambling locales such as Las Vegas or nearby casinos. He said in the lawsuit that Trump Resorts had allowed the Taj and its sister casino, Trump Plaza, “to fall into an utter state of disrepair,” which tainted the “superior reputation” of his brand.īy the time of its closure, Trump owned only the name attached to the Taj, with Icahn controlling the rest. ![]() In 2014, Trump sued Trump Entertainment Resorts to take his name off both casinos. ![]() It has since reopened under the Hard Rock brand. His most noted property, the Trump Taj Mahal hotel and casino, which he once dubbed “the eighth wonder of the world,” officially closed in 2016 with little fanfare. Trump’s decades-long relationship with Atlantic City has been marked by both grandiose ambition and rocky finances.
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