"The Donald" can't be too happy about having his name attached to a debt-laden casino operator. Trump Entertainment Resorts Inc.—which owns and operates Atlantic City hotels Trump Taj Mahal, Trump Plaza, and Trump Marina, filed for bankruptcy protection today in U.S. Bankruptcy Court in Camden, N.J. The embattled company has already been through bankruptcy twice.
The Chapter 11 bankruptcy filing, which comes just four days after founder Donald Trump and his daughter Ivanka resigned from the board, listed assets of $2.1 billion and debt of $1.74 billion as of December 31. Trump Entertainment missed a $53 million interest payment at the start of December, and a creditor-extended grace period to make the defaulted coupon payment expires today.
"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 told the Associated Press.
Atlantic City has been severely hit by the recession and has experienced a sharp decline in gaming revenues, which fell 9 percent in January, according to the New Jersey Casino Control Commission.