It was the beginning of Trump having to relinquish his stakes in a host of enterprises—and by 1991 the Trump Taj Mahal was in Chapter 11 bankruptcy, the first of what would become four business bankruptcies. He later sold stock in his casinos, where investors not only lost their shirts, but during the fourth bankruptcy case creditors successfully demanded that Trump get lost. These days Trump licenses his name for much of his revenue.
The video for the Bruce Springsteen song Atlantic City opens with a scene of the grand Marlborough-Blenheim Hotel imploding into a pile of dust. That was almost 40 years ago. The Traymore Hotel and other grand hotels were leveled in much the same spectacular fashion. In their place rose glass boxes and concrete hulks to house […]
By Amy S. Rosenberg, The Philadelphia Inquirer ATLANTIC CITY, N.J. — In the end, the Revel ball did not roll off the tower into the ocean, and no buyer emerged in the middle of the night to save the day. Instead, Revel merely unraveled through the night to an anticlimactic pre-dawn closing of its moribund […]
By Harold Brubaker, The Philadelphia Inquirer The closure of three Atlantic City casinos by mid-September will wipe $2 billion from the city’s property-tax values next year, exacerbating the already cash-strapped city’s financial plight, Mayor Don Guardian warned Tuesday. By 2017, property values are expected to have fallen to as little as $7.5 billion from $20 […]
By Rob Hotakainen, McClatchy Washington Bureau WASHINGTON — As a proud Chinook Indian, Gary Johnson rejects the claim that his tribe in southwestern Washington state is extinct, even though that’s what the Bureau of Indian Affairs declared more than 12 years ago. “They couldn’t be more wrong,” said Johnson, a former chairman of the tribe […]
By Suzette Parmley, The Philadelphia Inquirer ATLANTIC CITY, N.J. — This resort town faces the prospect of having four major vacancies on its famed Boardwalk come mid-September. The grim reality sank in July 14 when Trump Plaza issued layoff notices and targeted Sept. 16 as the date to cease operating as a casino. Perception is […]