Editor’s note: This article was first published in September 2014. It is a news item from 9 September 2014, written before Donald Trump’s political career; “has just filed” and “today” refer to that date. The Trump Taj Mahal later closed (2016) and the company changed hands.
One of Donald Trump’s most important companies, Trump Entertainment Resorts, has just filed for bankruptcy.
Trump Entertainment builds and operates casinos and hotels in Las Vegas and Atlantic City. Founded in 1988, it was one of the most profitable businesses of the tycoon Donald Trump.
After Trump’s previous bankruptcy during the property crash of ’92, which left the Trump Organization on the brink of collapse, this was the company that helped him expand his real estate business into other sectors.
But not even Donald Trump, regarded as a real estate guru, is immune to management problems. And today the company that helped him out of that crisis more than 20 years ago is the one that has been putting his whole empire at risk, which is why it has filed for bankruptcy in the Delaware bankruptcy court.
Donald Trump is not going through his best moment. And we don’t just mean his companies but his personal reputation, because Trump is the target of lawsuits from thousands of people who say he defrauded them by selling real estate investment courses that promise to make you rich in a few months.
These snake-oil sales techniques applied to real estate reach outrageous prices of up to $35,000 for useless and completely bogus courses on building wealth through property investment.
Still, this bankruptcy is just one example of how every successful businessperson also has failures and financial rough patches.
Read: Trump and Kiyosaki: when your idols stop inspiring you and start using you
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