One of the most powerful and influential politicians of today’s world, the USA president Donald Trump, was famous even before its political career. Each person has its background, whether it is good or bad. The 45th and the current head of the States had its own business in various fields: real estate, sports, beauty contest, education, and many more. One of these was gambling.
One of the most impactful enterprisers of our age founded a whole empire of Hotels and Casino Resorts. Was everything really so good? Except for 6 crashes, which Mr. President passed. How it all began and ended, the fate of Atlantic City gambling will be revealed in the full details.
Everything started in March 1982, when the magnate got a casino license rewarded by the New Jersey Casino Control Commission. That is when the developer owned land in Atlantic City. The occasion was so notable, because the license was created by the commission within a couple of hours. That was on the stop, considering the fact that usual procedures may take several months until it is clear whether the license is given or denied.
Having a partner who paid for the construction (Harrah’s), There was established Trump Plaza, the 10th land-based gambling house in Atlantic City then. In 1986, the future king bought out Harrah’s part and become the only owner of the casino.
After numerous failures and successes, The company announced about the closure of Plaza Hotel and Casino if a buyer wasn’t found. In September 2014, the plaza was closed permanently. About 1,300 employees left out of work under those conditions. In that year, there were closed also 4 casinos in Atlantic City.
The building was started by the Hilton Hotels company, though, when it was almost complete, they didn’t get the license by the State of New Jersey. Coincidence? No one knows. That is when the complex was bought by the prospective leader of America and opened in 1985. Having gained numerous debts, the was announced a prepackaged failure in 1992.
A year later, the man got a full ownership over the castle and sold it to his company Trump Hotels & Casino Resorts. There took place so frequent selling and buying, finally, the building was renamed Trump Marina in 1997 and sold in 2011 after long negotiations (for about 3 years).
Trump Taj Mahal
In 1988, there was owned another casino known as Trump Taj Mahal. And as it was prohibited by the local jurisdiction for anyone to own more than 3 casinos, the future president wanted to close the original Resorts casino and make it just a hotel.
The opening of Taj Mahal was in 1990, with about 70,000 people coming to various ceremonies. There even took place some performances of Michael Jackson. The early months of the casino, it was a real jewel of Atlantic City, welcoming people all over the globe. It was even called the 8th wonder of the world.
However, a year after the opening (perhaps, a little bit more), the casino went to Chapter 11 bankruptcy. In 1996, the complex was purchased by Trump Hotels & Casino Resorts. To save the situation, there was even opened a strip club in 2013. Yet, in 2016, it was announced that the casino would close due to the workers on strike.
The comeback of the president’s gambling era has never happened. In 2004, Trump Hotels and Casino Resorts (THCR) restructured its debt and entered smash-up again. That is why, there was no other choice but to reduce the ownership from 56% to 27%. The company’s name was also changed to Trust Entertainment Resorts.
In the end, the stock ownership reached 10% and the future president has never been an active part of gambling anymore. The businessman himself says that he has never been a bankrupt and actually among the dozens of business he owns this was the only one to have such a destiny.