It looks like The Donald is on his way to bankruptcy just like many other Americans. Donald Trump's casinos are facing a meltdown as tourists aren't looking at losing another fortune in Atlantic City.
Trump is facing $1.25 billion of corporate debt.
Press of Atlantic City reports:
"There is a restructuring plan the bondholders and the company hope to agree to. But we're not there yet," said Mark Juliano, Trump Entertainment's chief executive officer.
If the Trump Corporation goes down it won't be the first time. The company has faced rough times before. In 2005 used a Chapter 11 restructuring to clean up their balance and start over. Analysts say another Chapter 11 may be the only light at the end of the bill collector tunnel.
After four
extensions since December, Trump will have to face the music on Tuesday.
Trump is blaming the bondholders for his company's current woes. Casino Gaming Stock.net quotes
Trump:
The bondholders “have made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company.”
Both Pinnacle Entertainment and Penn National Gaming have cancelled plans for Atlantic City casinos recently. Atlantic City is not only dealing with the recession but other state's opening slot parlors and the smoking bans in effect.
Online Casino Sphere.com reports that Donald Trump has resigned from the Trump Entertainment Board.
Donald Trump said of the trend, "It’s a disaster and I see what’s happened with so many others, and I don’t want to be a part of it."
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