Trump's Four Biggest Business Failures - All In N.J.

The big talk that Donald Trump is known for is certainly nothing new. And if you were around Atlantic City in the 1980s and 1990s, that’s all you ever heard from the businessman-turned-presidential candidate.

He once even bragged that “the numbers are terrific, the numbers are huge” after stockholders cleared a buyout of Trump Castle, a $480 million deal involving Trump’s publicly-traded casino company buying his Trump’s Castle Casino Resort.

But Trump has spent much of the past decade distancing himself from the business failures of several casinos that bear his name, and his companies have faced bankruptcy proceedings as those casinos have been riddled with debt. He’s even fought to remove his name from them.

And nearly a year ago, Trump boasted on Twitter that people should “give me credit” for getting out of the Atlantic City business before it’s demise. “Timing,” he added.

The decline of his casinos, however, coincided with the recent troubles of Atlantic City. Several casinos have faced bankruptcy and closure, and more could have their doors shut, spelling trouble for the future of the New Jersey casino resort.

Trump has acted defensive whenever his business failures have been discussed on the campaign trail, tweeting this a month ago: “Stop saying I went bankrupt. I never went bankrupt but like many great business people have used the laws to corporate advantage—smart!”

Vanity Fair, however, provided a list this week of four of Trump’s biggest business failures, and all four involved his Atlantic City business ventures.

• Trump’s Taj Mahal: Vanity Fair noted that financing much of the construction of the casino came from junk bonds, but the facility ended up in debt. The New York Times said his personal liabilities reached $900 million. Trump’s corporation filed for Chapter 11 bankruptcy, but Trump was forced to give up half his stake in the casino and sell his yacht and airline to pay back loans, according to the Vanity Fair report.
• Trump Plaza Hotel: Trump was able to insulate himself in his second trip through bankruptcy, with the Trump Plaza Hotel having lost over $550 million. Trump agreed to give up a 49 percent stake in the hotel to Citibank and other lenders, according to ABC News.
• Trump Hotels and Casinos Resorts: A decade ago, the Trump corporation filed for Chapter 11, with the company nearly $1.8 billion dollars in debt. He agreed to reduce his stake in the company to about 25 percent in exchange for lower interest rates and a new loan, the Associated Press reported.
• Trump Entertainment Resorts: Trump’s company again declared Chapter 11 after missing a $53.1 million bond interest payment. Trump and the rest of the board of directors could not reach an agreement over whether or not to file for bankruptcy, resulting in his resignation as head of the board, according to the Vanity Fair report.

You can read the whole Vanity Fair article by clicking here.