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Trump Entertainment Resorts and its predecessors have filed for Chapter 11 bankruptcy protection four times, in 1991, following construction of the $1-billion Trump Taj Mahal, and in 2004, 2009 and 2014. In 2004, Trump Hotels & Casino Resorts explored various options for restructuring its debt, amid speculation that it might file for bankruptcy.
In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza. [38] THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving him with 10 percent ownership. [32] He remained chairman until 2009. [39]
In 1996, Trump's new publicly traded company Trump Hotels & Casino Resorts purchased Taj Mahal in a transaction that valued the property at $890 million. [ 27 ] [ 28 ] In the 1990s, Trump's Taj Mahal casino was "the world's largest, most flamboyant casino" and Trump took on an "enormous amount of debt" to launch it. [ 29 ]
The bout was set to be the first to be held at the then-newly opened Trump Taj Mahal owned by future United States President Donald Trump. Trump was in the midst of his high-profile separation (and eventual divorce) from wife Ivana which overshadowed the pre-fight press conferences. [2]
Trump Plaza's revenues took a sharp decline in 1990, due to competition from its newly opened sister property, the Trump Taj Mahal, which was a mile away. [15] The casino narrowly averted default on a 1991 payment to bondholders by taking out a $25 million mortgage on its parking garage. [15]
The Steel Pier is a 1,000-foot-long (300 m) amusement park built on a pier of the boardwalk in Atlantic City, New Jersey, across from the Hard Rock Hotel & Casino Atlantic City (formerly the Trump Taj Mahal). Built in 1897 and opened in 1898, it was one of the most popular venues in the United States for the first seven decades of the twentieth ...
Trump Taj Mahal, a casino and hotel on the Atlantic City boardwalk (closed in 2016 and reopened in 2018 as Hard Rock Hotel & Casino Atlantic City) Trump Plaza Hotel and Casino , in Atlantic City. Initially a 50/50 partnership with Harrah's , then wholly owned by Trump since 1986.
The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties. [54] Trump served as chairman of the organization, which was renamed Trump Entertainment Resorts, from mid-1995 until early 2009, and served as CEO from mid-2000 to mid-2005. [55]