Opening The Books On Donald Trump's Business Deals In Atlantic City : NPR Mar 17,  · Opening The Books On Donald Trump's Business Deals In Atlantic City Washington Post reporter Robert O'Harrow dissects Trump's acquisition of the Taj Mahal.


Donald Trump and the Rise and Fall of Atlantic City

This is FRESH AIR. Donald Trump is running for president without ever having held elected office, but he offers as qualifications his record atlantic city bankrupt casinos a deposit casino codes no online free bonus businessman and dealmaker. This week, he tweeted that he will make the American economy sing again.

Here's an example of what Trump promised last June when he announced that he was entering the race for the Republican nomination for president. Rebuild the country's infrastructure. Nobody can do that like me. It will be atlantic city bankrupt casinos on time, on budget, atlantic city bankrupt casinos below cost, way below what anyone ever thought.

My guest, Robert O'Harrow, a reporter with The Washington Post's atlantic city bankrupt casinos unit, has examined Trump's business practices and the promises he made when Trump acquired Atlantic City's Taj Mahal before the Taj was completed.

The Taj was Atlantic City's largest casino hotel complex when it opened in Trump already owned two other Atlantic City casinos, Trump Plaza and Trump Castle. These three casinos could have enabled him to dominate gambling on the East Coast.

But the year after the Taj opened, it filed for bankruptcy. O'Harrow says this was the first and most significant of the four bankruptcies Trump's companies have atlantic city bankrupt casinos. Robert O'Harrow, welcome to FRESH AIR. Let's start with why you wanted to examine Donald Trump's business deals. Why did you choose the Taj Mahal as the focus of your longest piece?

We decided to look at bankruptcies in general after the issue came up over and over again in the debates. In each case, Donald Trump assured voters and viewers that he personally had never gone bankrupt, and so we thought we ought to examine the details and find out what sort of culpability might have he had, what forces were working against him.

And in doing that, it became clear to us that the Taj stood as perhaps his most - the most significant bankruptcy that he was involved with. It was his first, and it had some elements to it that were seen strikingly germane to the current election. In the s, Donald Trump made a successful move into the casino business in Atlantic Atlantic city bankrupt casinos, and he had acquired and built two casinos.

And there came an opportunity to get involved with the Taj Mahal when the then-owner of it died suddenly and the company, Resorts International, went into flux. And so Donald Trump saw an opportunity to become the dominant gambling force in Atlantic City. And the Taj Mahal was only what, like, half completed by then?

It wasn't a functioning casino yet. It was still being built. No, it was what many people at the time called a white elephant. It was the dream of the resort's owner to build this tremendous, lavish, giant facility.

But it stalled for a lot of reasons, not least of which was the financing. And so yes, it was a hulking, half-finished building. So when Donald Trump took over the Taj Mahal casino, he had to convince the casino commission that he could raise enough money to complete the project.

And he bragged that he could get a better deal atlantic city bankrupt casinos other developers could get and that he wouldn't have to rely on junk bonds.

And just so we can understand, could you explain what junk bonds are and why Donald Trump tried to convince the commission that he would avoid using them? Well, I should point out first here that this is one of the reasons why we thought this was such a relevant story to today. And the key here is that Donald Trump had more info convince this commission that he could raise enough money at a low enough interest rate to make this ambitious project feasible.

And what he told the commission in early was that he wouldn't use a type of loan called a junk bond. And a bond, of course, pays people loaning the money a certain amount of interest rate in exchange for loaning the money. Junk bonds are called junk bonds because they're very high-risk, and, as a result, they pay a much higher interest rate than a traditional loan or, let's say, a mortgage would pay.

So junk bonds were available to a whole host of developers and entrepreneurs back in the '80s. The problem, of course, is the more interest you take on, the higher the risk of the failure of the project this web page it means you have to make more money to pay off the loans. Now, at the time, junk bonds were very common. But Donald Trump appeared before the commission, and he made a very, very stark promise. And he did it in a way that has similarities to some of his statements atlantic city bankrupt casinos. He did it with disdain, and he did it in an unequivocal way.

And he said, for example, that he would get loans from atlantic city bankrupt casinos banks not junk bonds, and he said junk bonds are ridiculous. He said the funny thing with junk bonds is that junk bonds are what make - what made the companies junk. And he said - he just flat out said he would not use them, atlantic city bankrupt casinos that was in February of Yeah, and I want to quote him from a transcript of one of these Casino Commission hearings.

He said, I don't have to use junk bonds. I can use my own funds atlantic city bankrupt casinos I can use regular bank borrowing, so I can build at the prime rate. I mean, the banks call me atlantic city bankrupt casinos the time. Can we loan you money? Can we do this? Can we do that? And he also says it's easier to finance if Donald Trump owns it.

With me, they know that there's a certainty that they would get interest. I get it done, and everybody is happy. And it turns out successfully. So those are the promises he was making to the Casino Commission. What he was selling was himself, and he said he could pull off this project for one main reason - because he was Donald Trump.

Was Donald Trump able to get the lower interest bank loans that he promised? I'm going to get good rates from banks. No, the striking thing for us is just months after he received the approvals that he needed for the Taj, he discovered the prime-rate loans never materialized. He was still determined to move forward. So Trump ends der www betclic Beschwerden doing what he atlantic city bankrupt casinos he wouldn't do, financing the Taj with the help of junk bonds.

He wanted the Taj to be atlantic city bankrupt casinos biggest and the most luxurious, extravagant, whatever atlantic city bankrupt casinos. It was definitely going to be atlantic city bankrupt casinos biggest. But were there, like, extravagances that he spent money on that he maybe had second visit web page about later when he went bankrupt? I've never heard him express any regrets about what he spent money on, but he definitely spent a lot more money than he originally please click for source. His plans included super deluxe suites and crystal chandeliers and all these expenses, and Trump was questioned about it.

And they pressed him about his projected costs which were going to add luxury suites and gourmet restaurants and opulent fixtures, and the commission referred to them as extras. And one of the commissioners asked him, don't people have to live within their means? And Trump responded that the costs were insignificant, and that they were really necessary to impress customers. He said we are probably talking about read article difference of 50 million or so.

He said, I mean, the worst thing to happen with the Taj Mahal is for the building to open and for people to have been disappointed with it because word-of-mouth on something like this is so important. He said, it's like a Broadway show. He added one thought that I - depending on your point of view - is true or ironic.

He said, my basic attitude has always been that I want to do what is good for Atlantic Atlantic city bankrupt casinos. So the Taj Mahal opened in April of Michael Jackson was the star guest. How were Trump's finances by the time the Taj actually opened? Only some people seemed to understand it at the time, but it soon became clear that his company's finances were in dire straits. He had taken on too much debt in a number of different areas, including his other casinos.

And so when it came time to pay the interest payments on his junk bonds, the Trump company finances went into a tailspin. And so to jump forward a little bit in Julythe Taj Mahal filed for bankruptcy. That's when you're seeking protection from creditors in order to reorganize your finances.

And this is a very important point, Terry, because check this out is one of the ways Donald Trump says that he's a great negotiator.

When you go into bankruptcy, you begin negotiating with the lenders, and in this case, it included large banks who were in it to try to make lots of money. And Donald Trump began negotiating and trying to rearrange the deal in order to salvage his ownership of the Taj. He was, and he atlantic city bankrupt casinos up giving - eventually on not only the Taj but on the two other casinos over the next couple of years - gave up significant atlantic city bankrupt casinos of those to the banks as part of the negotiations.

So he could brag that he negotiated a great deal, but the deal depended on him giving up a lot of what he owned and handing it over to the atlantic city bankrupt casinos. A lot of these circumstances depends on how you view the outcomes and if - how you decide to frame it. And Donald Trump has framed these bankruptcies and others and his experience in Atlantic City as an extremely profitable set of endeavors for him. So he says that he was at the helm, at a time when Atlantic City was going through a very tough economic time, that everybody was suffering from it.

The East Coast was suffering from an economic downturn where he ascribes much of the blame for the troubles, and he said - he told me that he had no regrets whatsoever about casino tiger things unfolded. He said, the Taj Mahal was a very successful job for me. He said, it's not personal. This was just business. And then he said, I got out great.


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The jury is still out on that one. Locally, Caesars Entertainment owns Ballys, Harrahs, and Caesars in Atlantic City. Investors claim the owners of Caesars; Apollo Global Management continue reading TPG Capital…. As the owners were trying to restructure their debt…. Caesars, Apollo and TPG have all http://ekszerbolt.info/mass-casino.php the allegations.

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The transfers bothered creditors. Caesars Game slots download and Lawsuits Add to Atlantic City Woes. AC Prime Time September 1, Comments Off on Caesars Bankruptcy and Lawsuits Add to Atlantic City Woes.

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