Fact Check: Trump's casinos faced bankruptcy multiple times.

Fact Check: Trump's Casinos Faced Bankruptcy Multiple Times

What We Know

Donald Trump's casino ventures in Atlantic City have indeed faced bankruptcy multiple times. According to Trump Entertainment Resorts, which includes Trump's casinos, they filed for Chapter 11 bankruptcy protection four times: in 1991, 2004, 2009, and 2014. The first bankruptcy occurred shortly after the opening of the Trump Taj Mahal, which was heavily indebted from the start.

A study by a Temple University professor highlights that Trump's casinos lost more jobs and money compared to their competitors, indicating significant financial distress. Furthermore, a Washington Post article notes that Trump has declared bankruptcy six times, including two additional bankruptcies filed after 1992, which adds to the complexity of his financial history.

Analysis

The claim that Trump's casinos faced bankruptcy multiple times is well-supported by various credible sources. The New York Times provides a detailed account of Trump's financial struggles, emphasizing that despite his claims of business acumen, the reality was that his casinos were often in dire financial straits. The Wikipedia entry on Trump Entertainment Resorts corroborates the bankruptcy filings, providing a timeline that aligns with other reports.

However, it is essential to consider the context of these bankruptcies. Trump has often portrayed these events as strategic business decisions that allowed him to emerge financially intact while shifting the burden of debt to creditors. This perspective is reflected in the House document that discusses how Trump views these bankruptcies as a form of financial maneuvering rather than failure.

While Trump's narrative may resonate with some audiences, the factual basis of multiple bankruptcies is indisputable. The analysis of Trump's casino operations shows a pattern of financial mismanagement and reliance on bankruptcy as a tool for restructuring debt.

Conclusion

Verdict: True
The claim that Trump's casinos faced bankruptcy multiple times is accurate. The documented instances of bankruptcy, combined with the analysis of Trump's financial practices, confirm that his casino ventures in Atlantic City were marked by significant financial turmoil and multiple bankruptcy filings.