Down on its Luck: Fifth Atlantic City Casino Could Close This Year

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/ Source: Reuters

The chips are really down now as the east coast gambling mecca of Atlantic City is poised to lose its fifth casino this year. Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort in November. The company also owns Trump Plaza, which is closing in a week. Trump Entertainment said it has liabilities of between $100 million and $500 million, and assets of no more than $50,000. It missed its quarterly tax payment due last month, and says it doesn't have the cash to make an interest payment to lenders due at the end of the month. Developer Donald Trump owns a 10 percent stake in the firm, but no longer controls it. He is suing the company to remove his name from the properties, which he says have fallen into disrepair and do not meet agreed-upon standards of quality and luxury. Three other Atlantic City casinos - the Atlantic Club, Showboat and Revel - have closed this year, as the industry struggles with competition online and in nearby states.

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- Reuters