Trump casinos file for bankruptcy a third time
ATLANTIC CITY, N.J. — The three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection today — for the third time.
Trump Entertainment Resorts made the filing in U.S. Bankruptcy Court in New Jersey, four days after the real estate mogul whose name remains on the company and its three seaside gambling resorts resigned as chairman of the board.
Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.
"Other than the fact that it has my name on it, which I'm not thrilled about, I have nothing to do with the company," Trump said this morning.
He acknowledged being sad over the end of a venture that was so publicly and relentlessly associated with his name and image. Yet he said the company "represents substantially less than 1 percent of my net worth, and has for some time."
"If I can't manage something, it's not for me," Trump said.
All three of the company's casinos will continue to operate as usual during the bankruptcy proceedings.
It marked the third time that the three Trump casinos have filed for bankruptcy. The current incarnation, Trump Entertainment Resorts, was born of a prior trip through bankruptcy that ended in 2005.
The company has $1.74 billion in total debt and $2.06 billion in assets, according to the court filing.
