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Donald Trump Rebuys Casino Business For $100 Million

Gambling News - August 5th, 2009 - Written by Bonnie

donald trumpIt is no secret that even the wealthiest Americans have faced hard times over the past few years due to the economy and Donald Trump was no exception to these hard times. One of his Las Vegas casinos business was forced into bankruptcy, not only once but three times, the third being this past February. Every attempt to repay debt owed by the business was unsuccessful and left Trump no other choice but to surrender his business ownership.

Things could very well be looking up for the king of American capitalism,  as he has recently won a preposterous bid to take back control of his casino business. With three Atlantic City Hotels and Casinos run by Trumps business and $1.74 BN in debt, he sure is getting control back at a bargain price of $100 million.

Mr Trump made these three casinos and his name back in the 80's and was involved in the day to day running of these properties up until the 2004 when he was forced to file of bankruptcy for the second time. Mr Trump did still hold approximately 28 per cent stake and served on the board along side of his daughter, the Duluth of excellence resigned their position back in February during the third filing of bankruptcy.

His buy back has come with a promise that he will soon restore these properties back to what made them so popular in the first place. "My previous investment in the company was destroyed by excessive and restrictive debt. This reorganisation changes all that, and affords me an opportunity to help revive a company that has borne my name but has not performed to my standards or been under my management," Trump stated. In order to restore the company, Mr. Trump joins BNAC, which is an affiliate to the Beal Bank of Nevada. With the help from a major creditor willing to issue a $486 million mortgage, the company will soon be on the right track to being restored to health. Mr. Trump states that "As I have done in the past, we will make Atlantic City hot once more."

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