Reuters reported that Trump Entertainment Resorts Inc, the casino operator named for Donald Trump, filed for bankruptcy protection on Tuesday as recession and declining gambling revenues battered the company and its rivals.
The Chapter 11 filing marks the third plunge into bankruptcy for the company, which was created out of a restructuring in 2005. It also underscores the struggles facing the casino business as recession squeezes casino gambling
Trump Entertainment Resorts Inc. (TRMP), the three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection yesterday (Tuesday) - for the third time. Trump was frustrated that bondholders and their allies on the board rebuffed his offer to buy the company and take it private. “Other than the fact that it has my name on it - which I’m not thrilled about - I have nothing to do with the company,” Trump told The Associated Press.