Trump Entertainment Files for BankruptcyCompany Says Daily Operations to Resume Unchanged |
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Perhaps the third time will be the charm.
Trump Entertainment Resorts Inc. announced today it has filed for Chapter 11 bankruptcy protection in New Jersey. It is the third time since 2004 the company has filed for bankruptcy.
“We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period,” said Mark Juliano, the CEO of Trump Entertainment, according to the Wall Street Journal. “This filing will result in no immediate change in our daily operations, and we expect to make no changes regarding our operating structure or philosophy.”
Trump Entertainment owns and operates three Atlantic City casinos — Trump Taj Mahal, Trump Plaza, and Trump Marina. The company is named after real estate giant Donald Trump, who owns 28 percent of the company.
The Trump announcement is the latest in a series of recent dire financial news for the casino industry.
GBGC, Global Betting and Gaming Consultants, issued a report today that estimated that casinos have lost $140 billion of shareholder funds in the past 12 months alone.
Shares for Las Vegas Sands, which owns The Venetian on The Strip, fell 93 percent, while MGM Mirage went down 88 percent.
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