The history of Trump Hotels and Casinos is a tale of ambition, expansion, and financial turbulence. Spanning over three decades, the brand’s story reflects the high-stakes nature of the casino industry and the challenges of maintaining profitability in a volatile market. From the glitzy opening of the Trump Taj Mahal in Atlantic City to the eventual closures of all Trump-branded casinos, the timeline below captures key milestones in the growth and decline of this once-prominent empire.
Disclaimer: While every effort has been made to ensure the accuracy of the events and dates presented, the complex nature of financial dealings and business transactions means some details may be subject to interpretation or further revision. Readers are encouraged to consult additional sources for a comprehensive understanding.
1984–1990: Early Growth and Expansion
- 1984: Donald Trump opened his first casino, Harrah’s at Trump Plaza, in Atlantic City, in partnership with Harrah’s. This marked his entry into the casino business.
- 1985: Trump purchased the Hilton Hotel and Casino in Atlantic City for $325 million, renaming it Trump Castle.
- 1988: Acquired Trump Taj Mahal, the “eighth wonder of the world,” financed through high-interest junk bonds.
- 1990: Trump Taj Mahal opened, becoming the world’s largest casino at the time. However, it was heavily indebted.
1991–2004: Financial Struggles and Bankruptcies
- 1991: The Trump Taj Mahal filed for bankruptcy due to its $3 billion debt. Trump restructured his finances, losing half his stake in the property.
- 1992: Trump Plaza and Trump Castle filed for bankruptcy as well, further reducing Trump’s ownership stakes in the properties.
- 1995: Trump consolidated his casino holdings into Trump Hotels & Casino Resorts (THCR), a publicly traded company.
- 1996: Trump opened the Trump World’s Fair Casino, but it struggled to attract customers and closed in 1999.
- 2004: THCR filed for bankruptcy after accumulating $1.8 billion in debt. Trump reduced his ownership to 27%.
2005–2009: Rebranding and Decline
- 2005: THCR emerged from bankruptcy as Trump Entertainment Resorts, with Trump still as chairman but holding a smaller equity stake.
- 2008: The global financial crisis severely impacted the casino industry, leading to decreased revenues.
- 2009: Trump Entertainment Resorts filed for bankruptcy again. Trump resigned as chairman but retained a 10% stake in exchange for the use of his name.
2010–2016: Exit from Atlantic City
- 2011: The Trump Marina Hotel Casino was sold and rebranded as the Golden Nugget Atlantic City.
- 2014: The Trump Plaza Hotel and Casino closed due to poor financial performance. Trump sued to have his name removed, citing its poor reputation.
- 2016: The Trump Taj Mahal closed, marking the end of Trump-branded casinos in Atlantic City.
2017–Present: Focus on Hotels and Licensing
- 2017: The Trump Organization shifted its focus to its hotel and licensing business, opening properties in major cities worldwide.
- 2020: The Trump Organization faced scrutiny and lawsuits related to its business practices, impacting its brand reputation.
This timeline highlights the dramatic rise and fall of Trump-branded casinos, from their peak as iconic properties in Atlantic City to their eventual closures and financial struggles. The information above is referenced to ChatGPT and other sources. Accuracy cannot be guaranteed and the publisher urges it’s readers to research further and to further fact check.
This contribution was taken from an external source and was not written specifically for hospitality.co.za. Please see the link in the article that references the original author and the publication or website.
