Trump Casino announces closure

Trump Casino announces closure

Atlantic City, NJ - Trump Casino has announced that it will be shutting down business this upcoming weekend. This closure will leave over 3000 employees without jobs.

In a statement, the casino said that the closure was due to “unprecedentedly difficult conditions in the gaming industry.” They went on to say that they were grateful for the years of service that their employees had provided, and that they would be doing everything possible to help those affected by the closure.

This announcement comes as a shock to many in Atlantic City, as Trump Casino was considered one of the most successful casinos in the city. It is yet another sign of the tough times that the gaming industry is currently experiencing.

Trump Casino to file for bankruptcy

Sources say that the Trump Casino is set to file for bankruptcy. The casino, which has been in operation since 1985, is expected to file for Chapter 11 bankruptcy protection. This would be the third time that the casino has filed for bankruptcy.

The Trump Casino faces $1.8 billion in debt, and it is unclear how it will pay off its creditors. Some analysts say that the casino may try to sell some of its assets, including its land and licensing agreements.

Donald Trump himself is not expected to be affected by the bankruptcy filing. He has said in the past that he does not have any ownership stake in the casino. However, his name is still associated with the property, and it is unclear what will happen to it.

The Trump Casino is one of several Atlantic City casinos that have filed for bankruptcy in recent years. The industry as a whole has been struggling due to increased competition from casinos in other states.

Roulette and bingo stop at Trump Casino

The Trump casino empire is no more. The iconic gambling destinations, including Trump Taj Mahal and Trump Plaza, have both ceased operations within the last year. With their closure, the only remaining operating casino in Atlantic City is Caesar’s. This is likely due to a combination of factors, including dwindling customer spending and increased competition from casinos in neighboring states.

The first of the two casinos to close was Trump Taj Mahal. This closure left over 3,000 employees out of work. At the time of its closure, the casino was $350 million in debt. In October of 2016, it was announced that the casino would close within several days.

Less than a year later, Trump Plaza followed suit. This closure left over 1,000 employees out of work and left the city with only one operating casino. Trump Entertainment Resorts, which owned both properties, blamed waning customer spending and increased competition for their closures.

Atlantic City has been struggling for years now as casinos have been popping up all around it. This can be largely attributed to gambling being legalized in other states nearby. Pennsylvania and New York are just two examples of states that have seen an influx of gamblers leaving Atlantic City behind.

Trump Casino sold to new owner

The Trump Casino in Atlantic City has been sold to a new owner, according to news reports.

The casino, which was once owned by President Donald Trump, has been sold for an estimated $200 million. The new owner is a group of investors led by billionaire Carl Icahn.

Icahn is no stranger to the casino industry, having previously owned several other casinos in Atlantic City. The sale of the Trump Casino is just the latest in a long line of divestments made by the president since he took office earlier this year.

Trump has faced criticism from some quarters for his decision to divest himself from his businesses, with some saying that it creates a conflict of interest. However, the president has insisted that he is doing everything within the law to avoid any potential conflicts of interest.

In a statement issued following the sale of the casino, Icahn said that he intends to invest heavily in its redevelopment and create thousands of jobs.

Trump Casino to be demolished

According to a recent report from Reuters, the Trump Casino in Atlantic City will be demolished. This news comes as a surprise to many who expected the casino to remain open even after its namesake, President Donald Trump, left office.

The Trump Casino first opened in 1985 under the ownership of Trump Entertainment Resorts. In 2009, the casino filed for bankruptcy and was restructured. It emerged from bankruptcy in 2010 and was later sold to Carl Icahn in 2014. Icahn is now looking to demolish the casino in order to make room for new development.

This is not the first time that a Trump-owned property has faced closure. The Trump Taj Mahal, which was also located in Atlantic City, closed its doors in 2016.