The history of Trump Entertainment Resorts is an entrepreneurial roller coaster ride that begins in 1982 and ends in 2016. In 1976, Atlantic City became the second place in the United States to legalize gambling, and casino projects began popping up along the coast. Local voters hoped these Online casinos would revitalize the city’s economy and create new jobs for local residents.
The glowing seaside resort, the East Coast’s first and only gambling mecca, had been devastated by a cascade of casino closures that dimmed its skyline and pushed its local government to the edge of bankruptcy in the last decade. But the city of 38,000 was finally rebounding after the situation grew so dire former New Jersey Gov. Chris Christie forced a state takeover in 2016.
Two of the five casinos that shuttered — including one that used to have President Donald Trump’s name emblazoned across the marquee — reopened under new ownership and branding in recent years. Revenue was up, with the casinos having their best February since 2011. It was starting to feel like a new era for the city. Even Trump’s name had been scrubbed from the boardwalk, years after he fled town.
It’s hard these days not to read about Donald Trump and see him all over the place. In Atlantic City, back in the nineties, his name was inscribed on many city buildings that were owned by Trump Entertainment Resorts. At one time, you could even buy bottles of Trump’s bottled water at his casino. Unfortunately, today you won’t find any Trump brand casinos in Atlantic City.
The Rise and Fall of the Online Casino Empire
By 1980, there were fifteen casinos on the Atlantic coast (half of them are now closed). In 1982, the New Jersey Casino Control Commission approved Donald Trump’s application for a gambling license to open the Harrah’s Boardwalk Hotel and Casino in Trump Plaza. Just a year later, Trump bought a second unfinished casino from Hilton Hotels in the Atlantic City Marina, which became known as Trump’s Castle Hotel and Online Casino. This made him the first person in Atlantic City to own more than one casino.
Legal Battle for a Giant Best Online Casino
In 1987, Trump became interested in acquiring an unfinished casino project owned by Resorts International, which was the first company to open an online casino in Atlantic City. Trump tried to buy out all the remaining shares of Resorts International. He then planned to use his own money to finish this colossal unfinished casino, which, once completed, would become the largest of its kind in Atlantic City. Things got complicated, however, when American TV presenter and media tycoon Merv Griffin also made an offer to buy the project. A lawsuit ensued, which culminated in Trump selling his stakes in Resorts International but retaining ownership of what would eventually become the Trump Taj Mahal Casino (his third Atlantic City casino, opened in 1990).
Creation of Trump Hotels and Online Casino Resorts (THCR)
In 1995, Trump created a public company known as Trump Hotels and Casino Resorts or THCR. This new company has bought Trump Plaza, as well as another Trump casino under construction in Gary, Indiana. THCR also bought the Taj Mahal from Trump for $ 890 million, followed by Trump Castle Casino for $ 486 million, including an estimated $ 355 million in debt. In fact, Trump’s publicly-traded company was buying up all of the best online casinos owned by Donald Trump, and these buildings continued to operate under the Trump name.
In 1996, THCR also bought the Trump Regency Hotel and Casino from the mortgage company that bought them out. (Trump already bought this casino in 1989 and lost it, but we’re trying briefly here!) THCR paid $ 60 million to buy Trump Regency and changed the name to Trump’s World’s Fair at Trump Plaza Hotel and Online Casino. – this is a lot of trump cards! However, this casino hotel has suffered from problems since its opening (like the casino and the Playboy Hotel). For example, he had a pool that trickled down to the lower levels of the building; a problem that was irreparable and costly. The design of the building was deeply flawed and doomed to failure from the outset. The Trump World’s Fair will be permanently closed in 1999 and demolished in 2000.
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