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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 ]
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.
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]
In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza. [41] THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving him with 10 percent ownership. [35] He remained chairman until 2009. [42]
The Trump Organization also housed ventures started by Donald Trump's daughter Ivanka, including Ivanka Trump Fine Jewelry (a jewelry line) and the Ivanka Trump Lifestyle Collection (a high-end designer-fashion and cosmetics line that includes fragrances, footwear, handbags, outerwear and eyewear collections); the ventures were discontinued in ...
The arena was named after Mark Grossinger Etess, a former president and COO of Trump Plaza, who lost his life in an October 1989 helicopter crash. [4]Despite the Indian theme of the Trump Taj Mahal, the Etess Arena was designed with a contemporary feel, based upon the club scene in England.
As the Taj Mahal's budget had ballooned to $930 million, Resorts struggled to find the financing to complete it. [27] With the company claiming to be near bankruptcy in early 1988, Trump made a tender offer to buy all outstanding stock for $22 a share, stating that he was willing to personally finance the construction, but only if he owned the ...
Taj Mahal Hotel may refer to: Taj Mahal Hotel, Abids, Hyderabad, India; Taj Mahal Palace Hotel, Mumbai, India; Taj Mahal Hotel, Lucknow; Trump Taj Mahal, now the Hard Rock Hotel & Casino Atlantic City, New Jersey, US