Four Bankruptcies and a Casino Funeral<\/strong><\/h2>\nTrump first bought property in Atlantic City in the early eighties, and by 1984, completed the construction of the Holiday Inn Casino Hotel. He built that in partnership with the Holiday Inn and Harrahs, then promptly bought out his partners and renamed the casino the somewhat more glamorous “Trump Plaza”.<\/p>\n
Next, he purchased the Atlantic City Hilton, which became the Trump Marina, only to sell it off in 2011, before it became the Golden Nugget.<\/p>\n
In 1988, he bought the unfinished Taj Mahal from Resorts International for $230 million. By the time it was completed in 1990, it had cost $1 billion to build. This was at a time when Trump and his business enterprises were experiencing mounting debt and the Taj was declared bankrupt later that year.<\/p>\n
He declared bankruptcy again on the Taj in 2004, a \u201ctechnical thing,\u201d he claimed at the time.<\/p>\n
“I have used the laws of this country . . . the (bankruptcy) chapter laws, to do a great job for my company, for myself, for my employees, for my family,” he claimed last year.<\/p>\n
Did Trump Run AC into the Ground?<\/h2>\n
Trump presided over some of the best years of Atlantic City, but he got out for good in 2009, at the height of the recession. That was not before declaring his fourth bankruptcy, however: on Trump Entertainment Resorts.<\/p>\n
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Four bankruptcies in one city is not a good record, but in answer to Clinton\u2019s question about how someone can lose money running a casino, in 2009, at the height of the recession, anyone could and most did.<\/p>\n<\/div>\n
Trump did not invent the idea of the highly leveraged casino resort, either. It was a model that had been molded by Steve Wynn\u2019s Mirage in the late eighties and it had become the norm.<\/p>\n
Nor can he be blamed for the economic downturn of the late noughties, or for the increased competition from neighboring states, or for the rampant overspending of New Jersey politicians, who relied on the spoils of the Atlantic City casino industry and failed to curb their spending when increased competition pushed the market reached saturation point.<\/p>\n
Trump\u2019s risk-taking in Atlantic City was a representative of a far broader malaise of economic recklessness and a breakdown in corporate governance that pushed the world into avoidable recession.<\/p>\n
If Trump becomes the next president of the United States, perhaps he will carry what he learned in Atlantic City into the Oval Office.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hillary Clinton hit the boardwalk in Atlantic City on Wednesday to denounce what she called Donald Trump\u2019s legacy of “multiple bankruptcies,\u201d \u201cstiffing contractors,\u201d and \u201chundreds of job losses” in the resort gambling town. The backdrop of the shuttered, bankrupt Trump Plaza served, in the eyes of the Clinton camp, as the perfect metaphor for a […]<\/p>\n","protected":false},"author":42,"featured_media":37257,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,18],"tags":[],"acf":[],"yoast_head":"\n
Clinton Denounces Trump in Front of Bankrupt Trump Plaza in AC<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n