• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

How Trump bankrupted the Taj Mahal Casino... not once but twice

OscarLevant

Gadfly Extraordinaire
Banned
DP Veteran
Joined
Mar 3, 2018
Messages
16,876
Reaction score
7,398
Location
San Diego
Gender
Male
Political Leaning
Liberal
Donald Trump claims to have considerable business acumen but the record says otherwise. This is one example of six bankruptcies our president has filed over the years. Now businesses don't often go bankrupt right away, but put a incompetent leader at the helm and it will happen sooner or later. just as America seems to be doing good, but underneath it is hemorrhaging, his tax plan granting the wealthy more and more riches and the middle class A few crumbs and many have less disposable income then they did before Trump not to mention the tariffs are causing Farmers bankruptcy and there are suicides, if America continues on its current trajectory of extreme deficits it will spell disaster.

Bloomberg once said of Trump, "Trump wants to run America like he runs his businesses, God help us". Unlike Trump who is probably a fake billionaire Bloomberg has an estimated 50 billion in assets.

How Trump bankrupted the Taj Mahal - Business Insider
 

What a poorly written article, and a post that has nothing to do with the content of the article.

Why not just post your own opinion and leave the article out of it?
 

More Trump TDS on display from the left's MSM outlets.

Tell us, what else happened in Atlantic City? Was the Taj Mahal the only Casino to go bankrupt?

Click bait for the well trained audience.
 

It's funny because I saw Donald Trump at the Taj Mahal in Atlantic City in the late 1990's. He was descending the main lobby escalator with the same 'look at me' expression as he had at Trump Tower with Melania when he confirmed his candidacy. I stayed in the Taj Mahal hotel a few times. Initially, it was 'the place' to be since it was the newest and grandest on the boardwalk. It was opened as the Taj Mahal between 1990 and 2016. Trump boasted that it was the "Eighth Wonder of the World!" when he opened it.

The last time we stayed overnight at the Taj was in 2011. The rooms were dingy, the bedding was old, stinky and dirty, it was totally creepy and we felt like we were staying in a $20 motel along a back highway somewhere.

On the day it closed, Trump himself no longer owned anything more than the name attached to the Taj. In its last days, the casino was controlled by the financier Carl Icahn. The Taj opened in April 1990 and had financial problems almost immediately.

Trump financed it with junk bonds and could not cover their payments with profits from the gaming operations. On four of the Taj's first 16 days of operation, its bank account contained less than $0, with deficits as deep as $1.7 million, according to a New Jersey Division of Gaming Enforcement report from 1990.

The state approved a $65 million bailout in 1990 because of fears that closing it would cripple the Atlantic City economy. The Taj filed for bankruptcy the next year, allowing it to shed hundreds of millions in debt. It was the first of four trips through bankruptcy court for Trump's casino operations.
 
ocean515 said:
More Trump TDS on display from the left's MSM outlets.

Tell us, what else happened in Atlantic City? Was the Taj Mahal the only Casino to go bankrupt?

Click bait for the well trained audience.
Click to expand...

Five of Trump's six corporate bankruptcies were in the gaming industry.

1991 - Trump Taj Mahal
1992 – Trump Castle Hotel & Casino
1992 – Trump Plaza Casino
2004 – Trump Hotels & Casino Resorts (which came out of bankruptcy under a new name, "Trump Entertainment Resorts")
2009 – Trump Entertainment Resorts

Trump should stay out of the gaming biz.
 

He's apparently trying to get back into the entertainment business. Looks like he's fixing to star in a new rip-off show called, 'Are You Smarter Than A 16 Year Old?' The trailer leaves little doubt that the contest winner is as yet undecided.
 
Torus34 said:
He's apparently trying to get back into the entertainment business. Looks like he's fixing to star in a new rip-off show called, 'Are You Smarter Than A 16 Year Old?' The trailer leaves little doubt that the contest winner is as yet undecided.
Click to expand...

I hope he's planning on retiring and hosting the show himself.
 

THe man is a moron. We all knew it, even his supporters.
 

I'll ask the question again and add a key word to see if you're willing to answer the question.

What happened to the economics in Atlantic City?
 

You forgot to insert the time line when New Jersey legalized gambling. That’s what killed A.C.
 
ocean515 said:
I'll ask the question again and add a key word to see if you're willing to answer the question.

What happened to the economics in Atlantic City?
Click to expand...

The economics were bad. But Trump stuck around and filed 4 more bankruptcies.
 
Anybody else wonder if Donald Trump is purposely manipulating the markets with his comments after tipping off his family and friends? All he has to do is say 1 or 2 things and the market will rush one way or the other. Like if he announces that a China deal is close the market just takes off.

I think a whole lot of research on insider trading will be done for this entire era of DC politicians.
 
less right said:
The economics were bad. But Trump stuck around and filed 4 more bankruptcies.
Click to expand...

He might be faulted for staying with the city longer than he should have, but why is he to be attacked for trying to keep things going, and all the people he could employed?

Was President Trump himself responsible for the economic collapse of Atlantic City?
 

He has always worried about the little people.
 

Did I blame Trump for Atlantic City's problems?

I just pointed out his record and opined he should stay out of the gambling industry.
 
less right said:
Did I blame Trump for Atlantic City's problems?

I just pointed out his record and opined he should stay out of the gambling industry.
Click to expand...

The gambling industry can be very lucrative. Who predicted the collapse of Atlantic City?
 

Well that's the final straw... Impeach his ass NOW!

:lamo
 

Trump does not have a good record as a businessman. He cheats, doesn’t pay his debts and was just fined for fraud. This is what he has brought to the WH as president. He has disgraced the office of the presidency.
 

Read the article. Can you point out where it shows how Trump bankrupted the property twice. I see a list of trivial items that would NOT have put the casino out of business.

I would call the headline here misleading. Many here would call this a lie if Trump had said it!
 

The article made the claim, if it's not true, let Trump sue.

...Trump bankrupted the property twice as part of his public casino holding company Trump Entertainment Resorts.
Click to expand...

The article then went on to explain how he did it. I'm not a finance wiz, you figure it out.
 

560 Trump owned businesses around the world and only 6 file for Ch 11? Thats about a 98% success rate. Not to mention that his casinos filed for reorganization and are still running today. They didn't file Ch 7 and liquidate.
 
OscarLevant said:
The article made the claim, if it's not true, let Trump sue.



The article then went on to explain how he did it. I'm not a finance wiz, you figure it out.
Click to expand...

As to the second point I did and told you. If you want to understand it is right there for you.

On the first point repeating a lie is no less repugnant than the original telling of the lie.
 
less right said:
This isn't Jeopardy. You don't have to put everything in the form of a question.
Click to expand...

True.

But it's a way to get a poster off their butt, and do some research on a subject they want to discuss, rather than forcing the person they are having a discussion with to do all the work.
 
You must log in or register to reply here.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more…