The Trump casinos in Atlantic City have filed for Chapter 11 bankruptcy protection in Wilmington, the Wall Street Journal reported.
Click on the link below for the Wall Street Journal story.
Trump Entertainment Resorts Files for Chapter 11 Bankruptcy – WSJ.
The Journal reported that filings indicate the Trump Taj Mahal casino would close in November if labor concessions are not made. The Trump Plaza casino is already slated for closing.
The loss of the Taj Mahal would leave three casinos on the upper end of the boardwalk vacant and create a ghost town of sorts in that area.
The Showboat and Revel, on that end of the boardwalk, closed their doors this month. The closing threats puts more pressure on New Jersey Gov. Chris Christie to come up with ways to save the industry in Atlantic City.
In Delaware, the state’s three casino-racetracks are also under pressure, with Dover Downs recently getting a new debt agreement with its lenders. The agreement calls for the one-casino company to reduce its debt load.
