The New York Post reports that the 24-year-old casino could be headed for Chapter 11 reorganization after breaking several of its loan covenants.
According to the report, Trump Entertainment Resorts—which also owns Trump Plaza—has been unable to find an out-of-court solution with its creditors and could file for Chapter 11 within days.
So far this year, four AC casinos have announced their closures including the Atlantic Club which shut its doors in January, Showboat which closed on Sunday, Revel Casino, which rolled the dice for the last time on Tuesday and Trump Plaza, which will say goodbye on September 16.
According to Trump Entertainment, the company employs approximately 7,000 employees between its two casino properties. If Trump Taj Mahal shut down this year, it would bring the total job loss in AC to nearly 13,500 among the five resorts.
Atlantic City began its year with 12 casinos; it could end the year with nearly half of its Boardwalk casinos out of commission.
Governor Chris Christie is expected to address the issue during a summit on September 8 in Atlantic City.Click here to leave a comment