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1991 | It was only a year after it opened in 1990 that the Taj Mahal went to bankruptcy court. This was followed by the Plaza and the Castle in 1992. According to the rescue plan in the bankruptcy proceedings, Trump ceded to the lenders a 50% stake in the businesses in return for lower interest rates. The lenders, on the other hand, agreed to defer some principal and interest payments for a period of five years. |
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1998 | In 1998, Trump was in danger of defaulting on a loan to Donaldson, Lufkin & Jenrette. This was the bank that had underwritten the initial public offering in 1995. Trump personally owed them $13.5 million. He was in danger of defaulting because stock prices of THCR were falling. To recover from this situation, Trump borrowed money from the casino company to pay back the bankers. The New York Times said: “Indeed, the company posted losses of $66 million in 1996, $42 million in 1997 and $40 million in 1998. Those losses would continue.” |
2004 | In November 2004, the company filed for bankruptcy protection for the third time. “This time bondholders took a $500 million loss. Trump, who stepped down as chief executive but remained chairman of the board, agreed to invest $55 million of his own money in the company.” |
2009 | It was in early 2009, after the 2008 financial crisis, when the count of Trump bankrupt casinos moved towards the fourth time. He offered to buy all or part of the casino company that bore his name. However, he was “rebuffed” and quit the board soon afterwards, said the New York Times. |
2014 | It was in September 2014 that Donald Trump casino bankrupt entered proceedings once again. This time, he closed the Trump Plaza. The company allegedly exited bankruptcy in February 2016 and became a subsidiary of Icahn Enterprises. |