Trump Entertainment Resorts has filed for Chapter 11 bankruptcy protection, and could end up closing its last remaining Atlantic City, N.J., resort as a result, according to media reports.
Trump Entertainment Resorts, only a 10 percent stake in which is owned by Donald Trump, currently owns two Atlantic City properties: the Taj Mahal and the Trump Plaza. While the latter already is scheduled to shut its doors on Sept. 16, the former is now on the chopping block as well, and could close on Nov. 13 if the company's turnaround plan includes liquidation.
"According to a filing in U.S. Bankruptcy Court in Wilmington, Delaware, Trump Entertainment has liabilities of between $100 million and $500 million, and assets of no more than $50,000," CBS News reported this week. "The company last went through bankruptcy in 2009."
Trump's properties aren't the first casualties in Atlantic City's tourism downturn. Last week, two others -- Revel and Showboat, owned by Caesars Entertainment -- also closed.
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