Trump Entertainment Resorts
 |
|
| Subsidiary | |
| Industry |
Gambling Entertainment Hospitality |
| Founded | 1995 |
| Headquarters | Trump Taj Mahal, Atlantic City, New Jersey, United States |
|
Key people
|
Carl Icahn (Controlling Stakeholder) Donald Trump (Founder & former chairman) |
| Products | Trump One Card |
| Parent | Icahn Enterprises |
| Website | trumpcasinos |
Trump Entertainment Resorts, Inc. is a gaming and hospitality company that owns and operated the now shuttered Trump Taj Mahal hotel and casino in Atlantic City, New Jersey, United States, as well as the now-shuttered Trump Plaza Hotel and Casino. Formerly known as Trump Hotels & Casino Resorts, it was founded by Donald Trump, who is no longer involved in the company. It is a subsidiary of Icahn Enterprises.
Donald Trump began purchasing properties along the Atlantic City boardwalk in the early 1980s and received a casino license from the New Jersey Casino Control Commission (CCC) on March 15, 1982. He had planned to build his own casino on the boardwalk, but was stalled on the project when Mike Rose, then CEO of Holiday Inn and Harrah's approached him to manage construction of a Holiday Inn Casino-Hotel. It opened in May 1984 and two years later Trump bought out Holiday Inn's shares in the property and renamed it the Trump Plaza Hotel and Casino.
In 1985, Trump purchased the nearly-complete Atlantic City Hilton hotel and casino property at the Atlantic marina from Hilton Hotels for $325 million. The hotel chain sold the property after its application for a gaming license was turned down by the CCC. Trump originally opened the property as Trump's Castle Hotel Casino, and later renamed it the Trump Marina.
In 1988, Trump purchased the unfinished Taj Mahal property from Resorts International for $230 million after negotiations with Merv Griffin in which the two men divided the assets of the failing company. The casino, at the time the largest in Atlantic City, would eventually cost almost $1 billion by the time it opened in 1990. Trump completed the project using junk bonds, a decision that hurt the company afterward as the gaming industry struggled in a recession and interest rates became unmanageable.
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Wikipedia