Trump Entertainment Resorts Inc., which operates two casinos in Atlantic City, filed for Chapter 11 bankruptcy in Delaware on Tuesday.
Clearly Trump Entertainment has been investing too much money in finding Obama’s “real” birth certificate, because this is the third time the entire company has gone into bankruptcy. The company, founded by Donald Trump, listed assets and liabilities of between $100 million and $500 million in its bankruptcy petition in a Delaware court. As a result of recent financial losses, the Trump Plaza Hotel and Casino is set to shut down on September 16, and the famous Atlantic City Taj Mahal hotel may be closed by November of this year.
Turns out the casino industry in Atlantic City is in rough shape. Growing competition from new rivals in the northeastern United States and a fall in disposable income has led to three casinos closing in less than a month and 8,300 people losing their Atlantic City jobs.
But before you get too excited about Donald Trump being one of them, Trump is no longer associated with the company. Donald and Ivanka Trump resigned from the board of Trump Entertainment in February 2009 and the Comb Over King has filed a lawsuit demanding that his name be stripped from the casinos – the first time Trump has ever wanted his name removed from a building.
“Mr. Trump brilliantly left Atlantic City more than 7 years ago and has not been back,” The Trump Organization Executive Vice President Michael Cohen said in a statement. “Mr. Trump has absolutely nothing to do with Trump Entertainment Resorts, Inc. and is currently in a lawsuit seeking to have his name taken off the buildings.”
Yes, it was a brilliant move to leave Atlantic City back in 2009. Otherwise the good Trump name might be associated with tacky buildings and bankruptcy…