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All Posts Term: bankruptcies
2 post(s) found

How Casino Bankruptcies Are Affecting Donald Trump

DonaldTrump

Job Losses and Casino Bankruptcies Do Not Concern Donald Trump

On August 31, the Showboat Hotel and Casino in Atlantic City closed its doors as did the Revel Hotel some days prior. This resulted in the loss of approximately 5,000 jobs which included dealers, waitresses, bartenders, security guards and other personnel in the casino. The Trump Plaza Hotel in Atlantic City is also poised for closure in late September, which will bring the number of laid off workers to 6,000.

Donald Trump has a lengthy history in Atlantic City and this includes him leaving his business deals in the area before the collapse of the local economy.

It was during the early 1980s when Trump first bought properties on the Atlantic City boardwalk after having received approval from the state's gaming and control board. This resulted in his forming a partnership with Holiday Inn and building Trump Plaza. The deal that Trump negotiated allowed him to collect 50% of all profits without assuming any liability for casino losses throughout the casino's first five years.

Casino Bankruptcies in Sin City

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Image by srpatterson via Flickr

If you’re a Sin City enthusiast like myself, a tiny glimpse into the scandals that ensue behind closed doors on the city strip offer a world of intrigue and entertainment. I came across an article recently that offers a glimpse into the major bankruptcies that have occurred for Las Vegas Casinos. Naturally, what came to mind was the scene in Ocean’s 11, a Sin City original, where Rusty and Danny, AKA the dreamy Brad Pitt and George Clooney, are explained the top 3 casino robberies ever attempted. Fabricated or not, while reading the article I had a difficult time not envisioning the top bankruptcies, and ultimate scandal, in my head as if playing before me like a well scripted movie scene, just as Ocean’s 11 so masterfully painted a picture of the attempted robberies of LV casinos. Unfortunately, as I read further, the bankruptcies of Las Vegas casinos are a lot less glitzy: Donald Trump is no Brad Pitt.

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