It's not the first time that Trump Entertainment has
filed for bankruptcy, but this time, it could mean that its presence in
Atlantic City is coming to an end. The Wall Street Journal has
more:
Units associated with Trump Plaza, which is already
slated for closure, and with the Trump Taj Mahal sought Chapter 11 bankruptcy
protection with Tuesday's filing in the U.S. Bankruptcy Court in Wilmington,
Del., along with Trump Entertainment Resorts Inc. and other
affiliates. Among other things, the filings halt Mr. Trump's efforts to get a New
Jersey court to get his name off the casinos.
While the Trump Plaza is set to close Sept. 16, the Taj
Mahal is still open. But rumors emerged Monday that the facility could close if
a deal with lenders can't be reached. CBSPhilly reported that
leaders at the Taj Mahal are planning to close the facility in
November.
Bloomberg has more on the
effect on jobs:
A Taj Mahal shutdown would put another 2,800 employees
out of work in a city already losing 5,200 casino jobs this month. Moody’s
Investors Service cut the municipality’s bond rating by two steps on July 23 to
Ba1, the highest speculative standing. Governor Chris Christie and other local leaders held a
summit yesterday to discuss Atlantic City’s future after an expansion of
gambling in neighboring states ate into what was once the only legal market on
the East Coast.
Source: Philadelphia
Business Journal
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