Trump Entertainment Resorts (NASDAQ: TRMP) disclosed on Friday that it would delay making a $53.1 million interest payment on its senior secured notes due 2015 as it looks to restructure.
The company owns and operates the Atlantic City's Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and the Trump Marina Hotel Casino. The Donald serves as the nonexecutive chairman of the board and his daughter Ivanka is also a director.
The company's results have suffered along with the broader tourism economy, but the Trump properties in Atlantic City have also been hurt by their dated feel and the company's lack of cash that has made necessary updates difficult.
As I wrote back in March, Donald Trump has continued to loot this sinking ship: In 2007 he was paid $2 million for serving as chairman of the board in addition the company's purchases of Donald Trump-branded water and other goodies.
The stock closed at 31 cents per share on Friday.
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Reader Comments (Page 1 of 4)
11-29-2008 @ 4:46PM
Hastin said...
Guess these just aren't "world class" properties anymore?
11-30-2008 @ 1:05AM
BHarrison said...
Trump is a master at using OPM - Other People's Money; the guy is a master con artist of the first degree. He sells his name to development projects that he virtually has nothing to do with the construction of the projects.
As the article states, Trump "loots' money from the projects (at the expense of the investors). His name is becoming synomous with schemes to "loot and plunder investor's interests". With the notoriety of all of the past incidents, why would anyone invest in a project that Trump is associated with?
And now, they can't even make the INTEREST PAYMENTS? That just doesn't reflect fiscal integrity; but Trump is "getting his money" regardless of what happens. Donald Trup is the SAME as the CORRUPT and INCOMPETENT CEOs who have taken exorbitant salaries and compensations while they have totally mismanaged corporations. It's time for investors to start "Firing 'The Donald'". The guy has become a Barnum and Baily act". Cheesey at best.
11-30-2008 @ 4:14AM
justpicky said...
#2....glad you explained it .His last name has a bad reputation . He's not famous anymore . People in NYC and surrounding areas , doesn't like "the donald " . Donald takes advantage of companies who's not doing as good and what you said too .
11-30-2008 @ 9:18AM
Nick said...
Trump has problems with casino's not a Steve Wynn at all..He lack service and his buildings are TOOO big.
I was born and raised there !
11-30-2008 @ 9:27AM
Beltway Greg said...
Don't let Rosie O'Donnel know that woman will tell everyone.
11-30-2008 @ 12:38PM
Judy Ferguson said...
Americans get ready to start bailing out the casino's next or look forward to Donny filing Bankruptcy again.
11-30-2008 @ 7:22PM
Mel said...
I cannot forget Trump's comment the first time he bankrupted his casinos. "This is a good thing," he said. Good for who? Only for The Donald. Screw everybody else. I think he must have invented the game of Three Card Monty
12-01-2008 @ 2:07PM
Dick said...
Trump is and always has been a big blowhard just like Ted Turner, these guys are so full of themselves, and a legend in their own MINDS!!
12-01-2008 @ 2:31PM
sam said...
well this what happens when you live in a country with corrupt goverment and corrupt leaders.our goverment is not any different from other dictators .here the president and his buddies gets paid after leaving office for making it possible for the crooked CEO to ripoff the people.and there is no Law on land that can stop them since they make the laws .
12-01-2008 @ 2:42PM
MARK said...
IT CERTAINLY IS TIME THE REST OF THE WORLD START TO SEE WHAT A ASS DONALD TRUMP IS. WHAT HE HAS DONE TO HIS WIVES,CHIDREN AND BUSINESSES IS ALMOST CRIMINAL.HIS ARROGANCE BORDERS ON MENTAL ILLNESS
12-01-2008 @ 3:01PM
reality said...
Donald will make sure he comes out ok. He may not be able to get so many young girls in the future when he dumps the present one some time inthe future.
12-01-2008 @ 2:56PM
William Gates said...
He still owes me 20 bucks from 1998 ......
12-01-2008 @ 3:21PM
STEVE said...
HAOLI KAO (THAT'S HAWAIIAN FOR HOLY COW)...FIRST HE LOST MONEY ON A CASINO (THAT'S A BUSINESS THAT IS AS GOOD AS A LICENSE TO PRINT MONEY) AND NOW THIS???...WHAT CAN BE WORSE???...OOPS...NEVER ASK THAT, YOU'RE LIABLE TO FIND OUT
12-01-2008 @ 3:38PM
GILBERT said...
I GUESS IT WOULD BE INCONCEIVABLE TO THINK THAT WHEN the "TRUMP SHIP" WAS FLOATING HIGH, ALL THE WANNABEES LOOKING IN, WHO DID NOT PARTICIPATE IN THE "DONALD'S" PLANS, BECAUSE THEY WERE TOO INSECURE TO PUT THEIR MONEY WHERE THEIR WISHES WERE..SO WOULD NOT SHARE IN THE WINNINGS OR THE LOSSES ALONG THE WAY,AND NOW...NOW, THAT SEEMS GIVES THEM THE PRIVILEGE TO CALL HIM AN ASS, A RIPOFF, A SCAMMER AND ALL THE OTHER ACCOLADES YOU FREELY THINK THAT YOU ARE ENTITLED TO ENTERTAIN TOWARDS HIM.
YOU JACK OFFS.. YES YOU JUDGES IN THIS BLOPPORTUNITY... UNDERSTAND THAT EVERY TIME YOU LAY DOWN IN A WARM BED, GET TO TURN ON A TV SET WITH YOUR REMOTE, ENJOY A HOT SHOWER OR TURN ON A COMPUTER,NOT TO MENTION THE LIGHTS IN YOUR LIVING ROOM.. THAT YOU TOO ARE ACTING IN NO LESS A MANNER THAN DONALD TRUMP, WHO, AS YOU MIGHT CONSIDER,BUT MOST LIKELY CAN'T, FOR A GREAT WHILE SUPPLIED THE BUS BOYS, THE COOKS , THE ACCOUNTANTS THE GARDENERS, THE FRONT DESK CLERKS, YES EVEN THE ONES WHO WERE ON THE RAG WHEN YOU WERE CHECKING IN.. PROBABLY FOLKS JUST LIKE YOU BTW, THE STOCK BROKERS, THE BANKERS THE CIRCUS CLOWNS, THE MISS AMERICAS, THE ROVING EYES OF THE MARTHA STUARTS, THE FODDER FOR THE ROSIEWEIRDS, ,ALL THE WHILE KNOWINGLY BEING IN LINE AS THE FRONT MAN FOR DISASTER... WHERE WERE YOU WHEN THE SxxT HIT THE FAN..??? YES I KNOW WHERE YOU WERE... YOU WERE IN YOUR CUTE LITTLE CHURCH TELLING GOD HOW MUCH OF AN ASSHO;LE THIS CHILD OF HIS WAS WHEN HE FINDS HIMSELF IN THE MIDST OF A GLOBAL CATASTROPHE... AND.. DON'T YOU EVER EVEN THINK OF BLAMING YOURSELF IN THIS MESS FOR OVERSPENDING, OVER BORROWING, TAKING WHAT YOU COULD FROM THE "DONALD" AND HIS ILK AND LAVISHING YOUR FAMILIES WITH ALL THE ATTRIBUTES OF WHAT YOU DETERMINED AS BEING ABLE TO STAY EVEN WITH THE "JONE'S"
I FIND YOU'RE PATHETIC.IMPOVERISHED IN MIND AND SO UNTALENTED IN YOUR OWN CONTRIBUTION TO SOCIETY THAT IN THE END, YOU WON'T EVEN RECOGNIZE THAT IT WILL BE AGAIN, MEN LIKE THE "DONALD" WHO WILL BE ABLE TO FIX IT WHAT YOU ALSO MADE BROKEN. LET ME ADD... I AM NOT MUCH BETTER THAN YOU ARE.. I HAVEN'T DONE MUCH EITHER.. MEA CULPA,MEA MAXIMA CULPA.
12-01-2008 @ 3:26PM
CindyM said...
For cryin' out loud-this horses ass has been running this scam for years and people just keep going along with it. Take every dime he's got to cover the note, take over the company and kick him to the damn curb with nothing left to show for it.
12-01-2008 @ 3:32PM
Katherine said...
You're fired, Donald!
12-01-2008 @ 3:39PM
Tim Orris said...
Time to start selling assets, Start with the private jet, then the Palm Beach properties and work your way North then west. Maybe a Native American Tribe is Looking for a new Reservation in Atlantic City
12-01-2008 @ 3:48PM
Kate said...
It's 2008, the interest payment isn't due until 2015. So, effectually, he is PLANNING on not paying what he owes...
12-01-2008 @ 3:48PM
CherAz said...
His first wife must be laughing her butt off! I was in the south visiting my sis in October. My son-In-law and I, played at one of the casinos in Tunica, Mississippi.
I live in Arizona. Sorry Las Vegas and New York.....YOU MISSED IT ~ Business was absolutely BOOMING along the river in Mississippi. Hot $hits crapping out from the West to the East and vice versa. Ohhhhhhh...so sad!
12-01-2008 @ 3:50PM
rob said...
i am eating cat litter for dinner tonite.......i sould care...........