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

Fact Check: "Trump's casinos in Atlantic City faced bankruptcy multiple times."

What We Know

Donald Trump's casinos in Atlantic City have indeed faced bankruptcy multiple times. Specifically, Trump's casino business filed for bankruptcy in 2004, 2009, and 2014, as noted in various sources including Wikipedia and a report by the New York Times. According to bankruptcy expert David Lipson, Trump's casinos went through a total of four bankruptcies, which is notably more than any other large business in the sector, which typically does not exceed three bankruptcies (Temple Now).

These bankruptcies were significant events in the Atlantic City gambling landscape, as Trump's properties were among the most prominent in the area. The financial struggles of these casinos were attributed to various factors, including high levels of debt and competition from other gaming markets (House Report, New York Times).

Analysis

The claim that Trump's casinos faced bankruptcy multiple times is supported by credible sources. The House report discusses how Trump has often framed these bankruptcies as strategic business decisions, emphasizing that he profited despite the financial failures. This perspective, however, contrasts sharply with the experiences of workers and creditors who suffered losses during these bankruptcies.

The New York Times provides a detailed examination of Trump's casino business, highlighting the protracted failures and the eventual financial restructuring that followed each bankruptcy. Furthermore, the Washington Post confirms the timeline and details of the bankruptcies, noting that Trump Entertainment Resorts filed for bankruptcy in 2004 after accruing significant debt.

While Trump's own narrative may downplay the negative consequences of these bankruptcies, the consensus among financial analysts and media reports indicates that these events were indeed failures for his business ventures. The reliability of the sources is high, as they come from established news organizations and official reports, which lend credibility to the claims made about Trump's casino bankruptcies.

Conclusion

Verdict: True
The claim that Trump's casinos in Atlantic City faced bankruptcy multiple times is substantiated by multiple credible sources. Trump's casinos filed for bankruptcy in 2004, 2009, and 2014, marking a significant pattern of financial distress in his Atlantic City ventures. The evidence indicates that these bankruptcies were not merely strategic maneuvers but rather reflections of substantial business failures.