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Oh Donald Trump. You kill me, you really do.
Earlier this week, news broke that Trump had dropped millions on the Lowes Island Club, a country club with two championship golf courses in Loudoun County. Then he bragged to the Washington Post that “this place, when it’s finished, will be the finest club anywhere in the country…I already own the best ones, so I know.”
What a difference half a week makes. The news splashed all over newspapers and websites today is all about Trump’s failing casinos. Trump himself quit the board of Trump Entertainment Resorts, one of his many operations, on Friday. Here’s what the Washington Post is reporting on the subject:
The Chapter 11 petition, filed days after founder Donald Trump quit the board, listed assets of $2.06 billion and debt of $1.74 billion as of Dec. 31, according to the filing, in U.S. Bankruptcy Court in Camden, N.J. This is the third time Trump’s casinos have sought protection from creditors.
Trump Entertainment owns three casinos in Atlantic City, N.J., which had a record decline in gambling revenue last year amid the recession and competition from slot machines in neighboring states. The company missed a $53 million interest payment at the start of December, and an extended grace period to make a defaulted coupon payment was to end today.
Trump is not running and hiding though! In today’s Wall Street Journal, he defends his brand by referencing his local acquisition:
He added that his recent purchase of a golf course near Washington, D.C., was proof of his brand strength, since “one reason I was able to get this club was because of my name” and that a Macy’s report on sales of his clothing line showed the line was “one of the hottest things out there.” His Trump-branded vodka and books also are selling strong, he said.
Image by PingPing, Flickr Creative Commons