Donald Trump Moves to Retake His Casinos
After abusing the company to the point of its third bankruptcy in less than a decade, Donald Trump is once again ready to run the casino gambling business of Trump Entertainment. And the bondholders who chased Trump from the board of his eponymous company find the gaming operating enterprise so distressed that they will allow him to have it.Trump made an offer of $100 million for the company, which declared bankruptcy earlier this year. The three Atlantic City casinos run by Trump Entertainment lost a combined $187 million so far this year.
Trump was blamed by debt holders for having used the gaming company to funnel profits to other Trump companies, leaving the casino company taking losses. The entrepreneur tried to buy back control of the company in the days preceding bankruptcy, but bondholders preferred to toss him off the board and take a chance in bankruptcy court.
"I am pleased that the reorganisation affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management," said Trump.
Trump had ceded control over five years ago, but remained invested in the company, holding 28 percent of its stock. He and his daughter, Ivanka, resigned from the board when they could persuade the other board members to sell to him.
