TRUMP CASINOS bankrupt - again

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Trump casinos file for bankruptcy a third time
By WAYNE PARRY " 3 hours ago

ATLANTIC CITY, N.J. (AP) " The three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection on Tuesday " for the third time.

Trump Entertainment Resorts made the filing in U.S. Bankruptcy Court in Camden, N.J., four days after the real estate mogul whose name remains on the company and its three seaside gambling resorts resigned as chairman of its board.
Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.

"Other than the fact that it has my name on it " which I'm not thrilled about " I have nothing to do with the company," Trump told The Associated Press Tuesday.

He acknowledged being sad over the end of a venture that was so publicly and relentlessly associated with his name and image. Yet he said the company "represents substantially less than 1 percent of my net worth, and has for some time."

"If I can't manage something, it's not for me," said Trump, who still holds 28 percent of the company's stock.

see for complete article :
http://www.google.com/hostednews/ap/article/ALeqM5jW8kHo45blDqFiegRRC5EiVyQQPwD96DGIAG0

someone help me out , please !
the donald was chairman of the board , he held 28 % of the stock but "I have nothing to do with the company" !
anyone else confused by he donald's comments ?
hbg

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The Donald has always been a pompous douche bag hoping that Atlantic City would flourish but only plopping in token money to the town. I was on a team that replaced the entire water system at AC and their other infrastructure is like Kabul. We go to AC about once every 3 years to see how its coming and, after an initial flurry of activity thats over 15 years old, the place has been going down the tubes. I dont understand how these guys are so dimwitted about creating a non ghetto environment.
Now with every surrounding state building slots and casinos, the "jewel" that could have been, is gonna turn into just another crappy old midway.

The conventions that used to keep some spin in the town are long gone.

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@farmerman,

we went to AC twice some years ago . once from philly , once from wilmington , delaware .
cost us $8 for the casino-bus and we were given $8 in quarters upon arrival at trumps' .
not being gamblers , we took the $16 and had a nice dinner at merv griffin's casino .
we were quite fascinated by the behaviour of the gamblers : running around the table three times , kising the dice ... you name it . have never seen anything like that again . it was probably more entertaining than any floor show we could have seeen .

most interesting part were the people on the bus : on the way down , there was singing , gambling , tall tales ... on the way back it was like coming back from a funeral !
as people left the bus at various stops , we heard over and over again : "but next week i'm going to break the bank - have the winning system all worked out now ! " .
felt kind of sorry for the people - they seemed like a fairly decent sort .
hbg

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I've been to AC/Trump's Dump twice. Once when it first opened and our company sent us on a junket. I don't gamble, so I pocketed the $500 "starter cash" and looked for other things to do. I spent $4 on really good fried chicken at a gospel Church and watched sad faced people go by out on the boardwalk. Second time was for a convention in my current field. Again they made no money on me, but one of the most disturbing things I saw was a woman nursing a baby, smoking a cigarette and playing a slot machine at about 1AM. I had never seen the telephone cable thingy attached to a gambling card before. This woman had one clipped to her shirt and inserted into the machine like an umbilical cord. The whole scene was surreal and creepy. If the economy takes down AC I would consider it a positive result.

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@Green Witch,

gw writes :

Quote:

If the economy takes down AC I would consider it a positive result.

in ontario , gambling ( "gaming" = the sanitized government word ) is really spreading . it started with large casinos in niagara falls and windsor - to draw new york state gamblers - , from there it spread to "native" casinos ; now even some small towns of 5,000 people people have a casino !
slogan of the ontario "gaming" corporation : "HAVE SOME FUN !!!! " and in small script "play responsibly" .
it's no doubt part of the human make-up - it seems to be as old as human history .

reading some german family stories , i've found out that it was not unusual for a landowner to gamble away his whole estate in one weekend - and that was in the 17th , 18th and 19th century .
hbg

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How can any casino go bankrupt except through mismanagement? The odds are all on the side of the house -- the house can't lose. That's a mathematical certainty. If a gambling joint finds itself in the red, that means they're not managing their income properly.

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@Merry Andrew,

merry andrew wrote :

Quote:

How can any casino go bankrupt except through mismanagement? The odds are all on the side of the house -- the house can't lose. That's a mathematical certainty. If a gambling joint finds itself in the red, that means they're not managing their income properly.

since most casinos are heavily indebted to their bondholders , falling revenues means that they can no longer meet interest and debt repayments ... and down they go , just like any other business .

http://www.fool.com/investing/general/2009/02/04/casinos-watch-the-chips-fall.aspx

Quote:

Casinos Can't Avoid Falling Chips
By Robert Steyer
February 4, 2009 | Comments (1)

You know the casino industry is in trouble when relatively few equity analysts tout "buying opportunities" for stocks that have been crushed.

Share-price declines of 50% or more during the past 12 months are the rule, rather than the exception, for prominent casino operators. And there's little hope that the industry will stabilize -- let alone turn around -- until late this year or early next year.

Gambling's biggest names, including MGM Mirage (NYSE: MGM), Las Vegas Sands (NYSE: LVS), and Wynn Resorts (Nasdaq: WYNN), are a bust on Wall Street. Hold-plus-sell ratings outnumber buy ratings for each of these companies as well as for most major casino operator stocks, according to data compiled by Thomson Reuters.

Even companies most favored by equity analysts, Penn National Gaming (Nasdaq: PENN) and Pinnacle Entertainment (NYSE: PNK), have suffered sharp stock drops.

As for Trump Entertainment Resorts (Nasdaq: TRMP), if it were a contestant on the TV show The Apprentice, it would have been fired before the opening credits had concluded. The stock trades for less than a pack of chewing gum.

they are no longer a "sure bet" - is anything even a reasonably good bet ?

i understand that pawnbrokers are actually doing good business WORLDWIDE !
read in german news that german pawnbrokers , who for years languished , are doing brisk business again .
hbg

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TRUMP CASINOS bankrupt - again

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