Trump Casinos Files for Chapter 11 Bankruptcy

Trump Casinos has filed for bankruptcy as the company’s casinos continue to struggle.

TrumpThe chain’s Chapter 11 filing is also trying to stop Donald Trump’s name from leaving the company. The billionaire filed a lawsuit with a New Jersey court to remove his name from the casinos.

Trump Casinos has experienced a number of financial problems recently including a decline in revenue, rising Atlantic City taxes and poor results from Internet gambling.

The company — which owns the Trump Taj Mahal and the Trump Plaza Hotel — is looking for protection from creditors. The Taj Mahal is likely to close its doors around Nov. 13.

Michael Cohen — Donald Trump’s lawyer — said in a statement that his client “brilliantly left Atlantic City more than seven years ago and has not been back.”

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Article printed from InvestorPlace Media, https://investorplace.com/2014/09/trump-bankruptcy/.

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