It seems that the US gambling market is only getting worse.
Donald Trump the Billionaire, nicknamed “the Donald” watched as one of his companies had to file for chapter 11 bankruptcy protection.
The colourful 62-year old resigned from his position as chairman of Trump Entertainment Resorts, a collection of three mega hotels and casinos in Atlantic City, New Jersey, only four days before.
Results from the last three months for Trump Entertainment Resorts showed a drop of $18million in revenues to $196.3million and a net loss of $102.2million.
Trump like most casino operators, is suffering from the current lack of trading within Las Vegas.
Atlantic City, where Trump owns the Trump Plaza, Trump Taj Mahal and Trump Marina casino-hotels, has witnessed gambling revenues drop by 7.6% in 2008 to $4.55bn. Atlantic City revenues now rival that of Las Vegas, which is unfortunately suffering worse than its east coast rival.
n August 2005, Trump Entertainment’s market value was $842 million. Now, its market value is estimated at $7.3 million