Trump Entertainment Resorts, Inc. is a game and hospitality company that owns and operates the now-closed Trump Taj Mahal hotel and casino, as well as Trump Plaza Hotel and Casino and Trump Marina now located in Atlantic City, New Jersey, USA. Formerly known as Hotel & amp; Trump; Casino Resorts , founded in 1995 by Donald Trump, is now the 45th President of the United States, which has not had a formal role in this company since 2011, if not earlier. The company filed for bankruptcy in 2004, 2009 and 2014. It has been a subsidiary of Icahn Enterprises since 2016.
Video Trump Entertainment Resorts
Histori
Donald Trump began buying property along the Atlantic City boardwalk in the early 1980s and received a casino license from the New Jersey Casino Control Commission (CCC) on March 15, 1982. He had planned to build his own casino on the sidewalk but stuck to the project when Mike Rose , then the CEO of Holiday Inn and Harrah approached him to manage the construction of Holiday Inn Casino-Hotel. Opened in May 1984 and two years later Trump bought a Holiday Inn stake on the property and named it Trump Plaza Hotel and Casino.
In 1985, Trump bought the nearly complete Atlantic City Hilton hotel and casino property in the Atlantic marina of the Hilton Hotel for $ 325 million. The hotel chain sells the property after the application for the game license is denied by CCC. Trump originally opened the property as Trump's Castle Hotel Casino, and later renamed it Trump Marina.
In 1988, Trump purchased an unfinished Taj Mahal property from Resorts International for $ 230 million after negotiations with Merv Griffin in which the two men shared the assets of the failed company. The casino, at the time of the largest in Atlantic City, will eventually spend nearly $ 1 billion by the time it opened in 1990. Trump completed the project using junk bonds, decisions that hurt the company afterwards as the gaming industry struggled in recession and interest rates became uncontrollable.
The company was shaken by the deaths of three key executives in an April 10, 1989 helicopter crash in northern New Jersey when they returned from a New York press conference promoting the upcoming Atlantic City boxing event. Those people are Steven F. Hyde, CEO of Trump casino operations, Mark Grossinger Etess, president and chief operating officer of Taj Mahal, and executive vice president of Trump Plaza Jonathan Benanav.
In 1995 Trump established Trump Hotels and Casino Resorts (THCR) as a public company, giving it ownership of Trump Plaza and Trump Casino under development in Gary, Indiana. The following year, THCR bought Trump Taj Mahal for a $ 890 million valuation, and purchased Trump Castle from Trump for $ 486 million (including $ 355 million in assumed debt).
In 1996, the company opened Trump World's Fair, an additional casino for Trump Plaza. The World Fair was closed in 1999, with plans to replace it with a larger resort.
In 1997, THCR was one of eleven applicants for three casino licenses available in Detroit, with a $ 542 million proposal for Trump Motor City Hotel Casino, in partnership with Mel Farr. The offer finally came down from consideration because of doubts by Mayor Dennis Archer about the company's financial condition.
In 1998, THCR business consultants spent at least $ 68,000 en route to Cuba in violation of the US embargo against Cuba. According to a report by Newsweek , the consulting firm Seven Arrows Investment and Development instructed THCR on how to avoid embargoes by linking the money with charitable efforts.
In 1999, THCR agreed to buy Flamingo Hilton Casino Kansas City for $ 15 million, but the deal failed when the Missouri game regulator did not approve the company's gambling license with a contract deadline.
THCR entered a management agreement in 2000 to operate Spotlight 29 Casino, an Indian casino in Coachella, California.
Financial issues
Trump Entertainment Resorts and its predecessors have filed for Chapter 11 bankruptcy protection four times, in 1991, after the construction of a $ 1 billion Trump Taj Mahal, and in 2004, 2009 and 2014.
In 2004, Trump Hotel & amp; Casino Resorts explores options to restructure its debt, amid speculation that it may be filing for bankruptcy. Possible arrangements with Credit Suisse First Boston are not finalized as bondholders reject them.
On October 21, 2004, the company announced an initial agreement with its investors. Trump, who has become a majority owner, will reduce its shareholding from 56 to 27 percent. Bondholders will hand over some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be a joint lead arranger for a $ 500 million financing as part of its restructuring plan. On November 21, the company filed for bankruptcy. Trump said the archiving was "really just a technical thing" as the best way to implement a restructuring plan. The plan was submitted to the Bankruptcy Court on December 16, 2004.
After the 2004 bankruptcy, Trump Hotel & amp; Casino Resorts changed its name to Trump Entertainment Resorts (TER).
In 2005, the company's involvement in Spotlight 29 Casino ended, as the tribe purchased a $ 6 million casino management agreement. Later that year, TER sold his Indiana casino to The Majestic Star Casino, LLC for $ 253 million. The company has also been licensed to build a second casino in Orange County, Indiana, but canceled this plan, partly because of the country's concern about the company's survival.
In 2007, the company sought to negotiate purchases with several public and private companies, but on July 2, announced that they could not reach an agreement, and would take its own from the market. The company plans to lay off employees to cut costs.
2009 bankruptcy and restructuring
The casino group filed for bankruptcy again in February 2009, for $ 1.2 billion. Two sets of debt holders finally proposed a reorganization plan for the group in the US bankruptcy court.
Trump initially made a deal with banker and poker player Andrew Beal, the owner of Beal Bank, which holds $ 500 million in group debt, to take over the resort. However, citing concerns about his lack of playing experience at the bank, he dropped them in favor of Avenue Capital Management's hedge fund, a plan favored by other bondholders. Beal then partnered with investor, Carl Icahn, who has worked to restructure Atlantic City casino, Tropicana. In court, Trump argues that he will fight the Icahn/Beal team if they attempt to use his name and resemblance on the group property. Instead he signed an agreement with Avenue Capital where he will receive a 5% stake in the reorganized company and another 5% in return for the use of his name and likeness for good.
The bankruptcy court eventually sided with the Trump/Avenue partnership, favored by bondholders who believed that the Trump brand would produce a stronger company after the reorganization.
In 2011, TER sold Trump Marina to Landry's Restaurants, which also operates the Golden Nugget in Las Vegas.
Post-bankruptcy
In February 2013, the company agreed to sell Trump Plaza for $ 20 million to Meruelo Group, a California-based company whose holdings include Grand Sierra Resort in Reno. The proceeds will be used to pay corporate debt to the level of $ 270 million. CEO Robert Griffin said TER would consider also selling Trump Taj Mahal for the right price. However, Carl Icahn, who holds a mortgage at Trump's casino, will reject the sale of Trump Plaza.
In early August 2014, Donald Trump filed a lawsuit demanding the abolition of his name from two casino companies, as they allegedly had fallen into disrepair, in breach of a license agreement for the Trump name.
bankruptcy 2014
In September 2014, Trump Entertainment Resorts filed for bankruptcy, and closed Trump Plaza. On a motion made by UNITED HERE local 54 union, relating to bankruptcy, the US Court of Appeals for the Third Circuit decided to support Trump Entertainment on January 15, 2016 and declared that Trump Entertainment could refuse the ongoing terms and conditions of a collective agreement with the union, agreement that has ended with its terms. This case is important because it is a first impression problem between the appellate courts and can significantly alter the balance of power between the debtor-employers and their unions.
The company went out of bankruptcy in February 2016 and became a subsidiary of Icahn Enterprises.
Maps Trump Entertainment Resorts
2016 and closing the Taj Mahal
On October 10, 2016, Trump Taj Mahal was closed for the last time. Trump Entertainment will continue to operate to handle multiple points transfer on Trump One card accounts. The Taj Trump website is empty.
Former property
Former corporate properties include:
- Harrah's at Trump Plaza in Atlantic City, New Jersey (formerly a 50/50 partnership with Harrah's) is now wholly owned and renamed to Trump Plaza, which closes on September 16, 2014.
- Trump 29 Casino in Coachella, California (formerly a 50/50 partnership with Twenty-Nine Palms Band of Mission Indians of California) 2006 Trump is officially out. Now Spotlight 29 Casino.
- Trump Casino in Gary, Indiana is now Majestic Star II.
- Trump World's Fair at Trump Plaza in Atlantic City, New Jersey. Operated as the wing of Trump Plaza, but with its own casino license, it was closed in 1999, and destroyed in 2000.
- Trump Castle (renamed Trump Marina in 1997) in Atlantic City, New Jersey, was sold to Landry's, Inc. in 2011 and renamed Golden Nugget Atlantic City
- Steel Pier, sold in 2011
- Trump Taj Mahal, casino and hotel on Atlantic City sidewalk. Permanently closed on October 10, 2016.
References
Source of the article : Wikipedia
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