Trump Drowned Atlantic City Casinos In Debt
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Far from the brilliant businessman he portrays himself, The Donald has a history of debt and bankruptcies along with bitter memories of those he did business with in Atlantic City.
The real story of Trump’s rise and fall in Atlantic City is…complicated. His casinos were profitable early. As he expanded, though, Trump’s aggressive borrowing and go-go strategy left them laboring under high-interest debt. When he decided to leave, in 2009, the exit was far from smooth and graceful; he gave up after last-ditch battles with bondholders.
Today, some still love him here, even people who lost money. Others have bitter memories.
“He trampled everyone: the shareholders, the bondholders, the employees, the contractors,” said Sebastian Pignatello, who lives in Flushing, N.Y., near where Trump grew up. An investor who headed a stockholders’ committee that tried to recover losses in one Trump bankruptcy, Pignatello says many small businesses had to settle for “pennies on the dollar.”
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