How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned MillionsQuicklink submitted By Scott Baker Permalink
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"Mr. Trump assembled his casino empire by borrowing money at such high interest rates — after telling regulators he would not — that the businesses had almost no chance to succeed.
His casino companies made four trips to bankruptcy court, each time persuading bondholders to accept less money rather than be wiped out. But the companies repeatedly added more expensive debt and returned to the court for protection from lenders."
Trump's Art of the Deal shines mostly in bankruptcy court. As Elizabeth Warren asked, "Who loses money on a casino?" During 2 decades when other casinos were soaring in value, Trump's were souring.
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