Trump Entertainment Resorts files for bankruptcy
Trump Entertainment Resorts Inc
Trump Entertainment operates the Trump Taj Mahal Casino Resort and the Trump Plaza Hotel and Casino in Atlantic City.
The casino industry in Atlantic City is declining due to growing competition from new rivals in the northeastern United States and a fall in disposable income.
Around 8,300 people are losing jobs in Atlantic City with three casinos closing in less than a month.
Showboat, a Caesars Entertainment Corp
Trump Taj Mahal Casino is expected to close on or shortly after Nov. 13, if the company fails to reduce expenses and negotiate a deal with its largest union, the company said in its bankruptcy petition in a Delaware court.
Trump Entertainment, which filed for bankruptcy in 2009 and emerged the following year, said it has about 2,800 full-time employees and about 1,800 seasonal employees.
The company, founded by Donald Trump, listed assets and liabilities of between $100 million and $500 million and said it owed about $286 million to Carl Icahn-owned funds.
The billionaire’s empire spans residential real estate, hotels and resorts, including the Trump World Tower in New York City.
The case is In Re: Trump Entertainment Resorts Inc, U.S. Bankruptcy Court, District of Delaware, No:14-12103.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)