Trump Taj Mahal closes its doors in Atlantic City 

Trump financed it with junk bonds and could not cover their payments with profits from the gaming operations. On four of the Taj's first 16 days of operation, its bank account contained less than $0, with deficits as deep as $1.7 million, according to a New Jersey Division of Gaming Enforcement report from 1990.

The state approved a $65 million bailout in 1990 because of fears that closing it would cripple the Atlantic City economy. The Taj filed for bankruptcy the next year, allowing it to shed hundreds of millions in debt. It was the first of four trips through bankruptcy court for Trump's casino operations.

http://money.cnn.com/2016/10/10/news/companies/trump-taj-mahal-closed/index.html?iid=hp-stack-dom

Last edited by tennyson (10/11/2016 4:01 am)