Downward Mobility

Trump Entertainment Resorts Bankrupt

Rumors swirled over the weekend, but now it’s official: Donald Trump’s Trump Entertainment Resorts has filed for Chapter 11. Not that Trump will be around for the proceedings: He and his daughter Ivanka were kicked off the company’s board last week. Still, Trump figures to take a hit, as he owns 28 percent of the company, whose holdings include the Tropicana Casino and Resort in Atlantic City. The filing came after the group missed a $53 million interest payment. Trump blamed the company’s failure on its bondholders, saying in a statement last week, “While The Trump Organisation grows and flourishes, Trump Entertainment …has languished. The Trump Organisation’s portfolio of residential, commercial, hotel, and golf properties has expanded all over the world, while Trump Entertainment has yet to diversify outside of Atlantic City.”