Three of the four recently shuttered casinos have gone through bankruptcy: Revel filed for bankruptcy for the second time on June 19; Trump Plaza Hotel and Casino… Trump beveragesPerhaps you’re aware of Trump Ice — “one of the purest natural spring waters bottled in the world,” according to the Trump’s website. But the proliferation of gambling is only part of the problem. He was back in bankruptcy court in 2004, and not just for the Trump Taj Mahal but for the Trump Marina and Trump Plaza casinos, which along with a riverboat casino in Indiana had a debt burden of some $1.8 billion. It was the first time gambling had been legalized outside of Nevada, and the 1.5 million New Jersey residents who voted in favor of the measure to bring casinos to the dowdy "Queen of Resorts" no doubt believed they had placed a winning bet. 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On April 3, the university announced that Florida developer Glenn Straub, whose Polo North Country club purchased Revel, had pledged $26 million for the real estate, as part of his larger Phoenix Project (catch the symbolism there?) He slapped a TRUMP decal and some gold bathroom fixtures on the commuter planes that flew between New York, Boston and Washington, D.C., but customers weren’t charmed. He was right; it folded in 2007. For instance, he was dumped by NBC, the home of Trump’s beloved Apprentice franchise. The amendment would have the casinos make a payment in lieu of taxes rather than pay property taxes. Weitz said. ", At this point, Atlantic City may have nowhere to go but up. But Trump’s other forays into the beverage market have been less successful. didn’t inspire a lot of confidence in his taste in hard alcohol. He said that "those conferences continue to need a place" for travelers from the mid-Atlantic and Northeast. 9. Unfortunately for Jenkins, the casino filed for bankruptcy just two years after opening. According to the Washington Post, the company never paid a $298,274 judgement it owed a former employee, nor the $3,555 it owed in unpaid taxes. For many in the Northeast, "you're not going to A.C. for the casino; you can get the casino elsewhere.". Their company was owed $231,000, according to the bankruptcy claim filed in the case. ", Icahn maintained that the union is "attempting to hold a bankrupt business hostage by threatening labor unrest if they do not receive exorbitant payments into their own highly profitable healthcare scheme.". The complex, which will include a swath of live music venues -- inspired by Nashville's Music Row and Memphis' Beale Street -- a bowling alley and an outdoor music venue, will save 400 jobs and create 500 additional ones. Like many of his business ventures, GoTrump.com was a gaudier version of an existing product — the travel booking website Travelocity, in this case. 7. In a March statement, nearby Trump Taj Mahal said, "The facts are that our company does not think having a college next door to the Taj is good for our company. "They disconnected the city," he said, suggesting that some of structures should be flattened. Kendal Lambert, a sophomore at Stockton, who is involved with the "Save our Sto-boat" movement pushing to get the green light for the campus, said it would "open up so many economic and community development opportunities for Stockton and Atlantic City in general.". Here are a few of their stories: The owner of a Las Vegas-based drapery business, Walters was contracted to supply Trump's hotel in the city. "He's preventing a community and economic development in an already handicapped city. Steelman also said "many of these buildings have become parking-centric buildings," taking away from the walkability of the city. How Trump’s Casino Bankruptcies Screwed His Workers out of Millions in Retirement Savings Trump made out like a bandit, but his employees paid the price. That means they have to do something either by ferry, by rail, by something, and it has to be an automatic, coming here every 20 minutes, every day," he said. Donald Trump, Election 2016. Trump casinos Trump has filed for bankruptcy on his Atlantic City properties alone three times. You're not going to go to the boardwalk in January. Trump ultimately defaulted, surrendering ownership of the airline to his creditors. Weitz also said that Atlantic City was once a "huge draw for New York [residents]," but now those fun-seekers are more likely to go to Foxwoods Resort Casino or Mohegan Sun in Connecticut. Still, Revel has some unique hurdles to overcome. “Yeah, I’m losing some contracts, who cares, people – politically they’re weak and they want to be politically correct,” he said at the time. Developer Bart Blatstein, CEO of Tower Investments, and Steelman, on April 1 announced plans to open the "Playground" on the site of the Pier Shops at Caesars. The trademark was abandoned in 2008, and the liquor was out of circulation by 2011. Emergency Manager Kevin Lavin's plan included information about the city's proposed changes to its tax structure. The trade-off was that these would be good jobs." "The city needs to keep diversifying the gaming product, revitalizing the boardwalk, which is one of the world's most iconic spaces, bringing academic institutions to help populate the town with academics and young people ... and celebrating the brand that A.C. has. In Atlantic City, where are you walking? 1. Bashaw added that Atlantic City had been a resort town before it was just a gaming market. I don't think we're writing an obituary.". Curtis Bashaw, owner of the high-rise Chelsea Hotel in Atlantic City and former director of New Jersey's Casino Reinvestment Development Authority, said "There is no industry other than gaming in the Atlantic City market, and there is a very small residential tax base," creating an "untenable fiscal structure for the city.". “The real-estate market is going to be very strong for a long time to come.” In reality, the market, at that point and would collapse within a matter of months. Trump’s comms companyTrump registered a trademark for Trumpnet under the category of “corporate telephone communication services” in 1990. Of the eight operating casinos in Atlantic City, three are owned by Caesars Entertainment, which itself is in bankruptcy court in Chicago. State Senate President Stephen Sweeney, a Democrat, recently told The Deal that the city "had a monopoly on gaming for 30 years.". The most important part of [the workers'] contract is the economic component of wages, healthcare and retirement, but it's hard to parse between the three of them.". 6. By Trump’s measure, his name is his most valuable asset. [The city] has brand equity that goes back 120 years. Others could follow suit. Trump brags on his campaign website that his fortune is “in excess of TEN BILLION DOLLARS.” The Federal Election Commission disclosure form filed by Trump’s campaign offers a somewhat more conservative estimate of $8.7 billion, while Forbes pegs his fortune at more like $4.5 billion. Casinos are located in two sections: the marina district north of downtown and on the boardwalk along the beach. Trump Entertainment Resorts currently owns one property, Trump Plaza Hotel and Casino, which is currently shuttered and vacant. Weitz also said casinos have an opportunity to open up their real estate for "alternative use.". He’s repeatedly threatened to sue individuals who speculate he’s exaggerating about his riches, and he once even made good on such a threat, suing the author of the 2005 book TrumpNation for estimating that his empire was worth as little as $150 million. And 3) his business record is less sterling than he suggests. Steelman said the city also allowed the adjacent communities to deteriorate, making it difficult to have successful, beautiful oases in the city. Want more Rolling Stone? The state and local governments are considering regulatory and financial reforms that should make the city more business-friendly. Instead of the hand-picked instructors Trump promised, the seminars were delivered by motivational speakers, often, Trump Vodka — “Success Distilled,” to quote its press materials — appeared in 2006. to bring family-oriented education and entertainment venues to the city. She said that the plan has always been to have upperclassmen -- juniors and seniors who would be 21 or older -- housed at the campus. "You've gotten rid of a lot of casinos, so this may have been a case of supply well exceeding demand and now its right sizing," he said. He said that the workers want to hold on to their wages, healthcare and retirement benefits and "keep those as a strong and stable part of their life. (Per Forbes, “Trump claims that his brand and brand-related deals are worth some $3.3 billion. Atlantic City itself contributed to the downturn. 11. ", Another difference between the two locales is outside of anyone's control: Mother Nature. attract the support of a whopping 41 percent of small business owners. In 1988 Jenkins was the hardworking entrepreneur who was was thrilled to secure a large contract to install toilet partitions in Trump's Atlantic City casino. The boardwalk properties separate most of the city from the oceanfront. And Serta announced it would stop selling its Trump-branded mattress, which, according to Trump’s FEC filings, brought in another $1 million and $5 million in royalties every year. Bashaw insisted that "smart money is already looking at the town because real estate values have plummeted," adding, "we're seeing the first seeds of that.". Trump never gave up the URL, though — today it directs back to his campaign website. Most Trump-branded projects and products are built and sold by third parties, and Trump only makes a relative sliver of money off them by licensing his name. ", Icahn, McDevitt said, views the city as a "fatted calf that he wants to slaughter," not as a "city that wants to thrive and survive.". Friel was another small business owner initially thrilled by the prospect of supplying Trump's first Atlantic City casino with cabinets for slot machines. The shop later closed. The Trump Plaza Hotel and Casino in Atlantic City, which opened in 1984, declared bankruptcy at the same time as the Castle. At a recent news conference at which renderings of the development were released, Blatstein said, "we are going to be the music capital of the East Coast.". Calls to Caesars representatives were not returned. Wayne Weitz, managing director at restructuring firm Gavin/Salomonese, pointed out that part of the problem for Atlantic City is the proliferation of other casinos in the Northeast.

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