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2016 Postmortem
Related: About this forumTrump’s Atlantic City debacle: He racked up debts that no honest man could pay
Great op-ed piece by David Cay Johnston:
http://www.nydailynews.com/opinion/david-cay-johnston-trump-atlantic-city-debacle-article-1.2821933
Monday at dawn marks the end of the Donald Trump era in Atlantic City, the New Jersey seaside resort from which he extracted hundreds of millions of dollars while doing as little as he could for the town.
About 3,000 workers will lose their jobs when the Trump Taj Mahal casino hotel, a business involved in six bankruptcies and one privately negotiated deal to escape paying the debts Trump ran up, closes.
From 1984, when the Trump Plaza casino opened at the best Boardwalk site, until investors paid Trump to go away seven years ago, Trump dominated Atlantic City so thoroughly that when I covered the casino industry, some called the resort town Trumpville.
At one time Trump ran four casinos here, though the law only allowed an owner three. To get around that, he built a walkway from Trump Plaza to the old Atlantis which, like its mythic namesake, has since disappeared, sunk by a sea of red ink and then demolished. The Plaza sits empty, as will the Taj Mahal today.
-snip-
About 3,000 workers will lose their jobs when the Trump Taj Mahal casino hotel, a business involved in six bankruptcies and one privately negotiated deal to escape paying the debts Trump ran up, closes.
From 1984, when the Trump Plaza casino opened at the best Boardwalk site, until investors paid Trump to go away seven years ago, Trump dominated Atlantic City so thoroughly that when I covered the casino industry, some called the resort town Trumpville.
At one time Trump ran four casinos here, though the law only allowed an owner three. To get around that, he built a walkway from Trump Plaza to the old Atlantis which, like its mythic namesake, has since disappeared, sunk by a sea of red ink and then demolished. The Plaza sits empty, as will the Taj Mahal today.
-snip-
Must-read. It's a brilliant summary of what Trump did to Atlantic City, everything he did wrong.
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Trump’s Atlantic City debacle: He racked up debts that no honest man could pay (Original Post)
highplainsdem
Oct 2016
OP
tonyt53
(5,737 posts)1. But his followers trust him because he is a successful businessman.
gopiscrap
(23,761 posts)2. wow what an asshole
brucefan
(1,549 posts)3. Love the Springsteen reference!
Jersey Devil
(9,874 posts)4. His father once bailed him out by buying 3.5 million in chips
He made an illegal loan to him by buying chips with no intention to gamble. Was a big story in the NY area.
http://articles.philly.com/1991-04-09/news/25780577_1_casino-control-act-donald-trump-casino-owners