Donald Trump

==== Atlantic City casinos ====
[[File:Trump Taj Mahal, 2007.jpg|thumb|alt=The entrance of the Trump Taj Mahal, a casino in Atlantic City. It has motifs evocative of the Taj Mahal in India.|Entrance of the [[Trump Taj Mahal]] in [[Atlantic City]]]]
In 1984, Trump opened [[Harrah's at Trump Plaza]], a hotel and casino, with financing and management help from the [[Holiday Corporation]].<ref name="fall"/> It was unprofitable, and Trump paid Holiday $70&nbsp;million in May 1986 to take sole control.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA128 128]}} In 1985, Trump bought the unopened Atlantic City Hilton Hotel and renamed it [[Golden Nugget Atlantic City|Trump Castle]].<ref>{{cite web|last=Saxon|first=Wolfgang|url=https://www.nytimes.com/1985/04/28/nyregion/trump-buys-hilton-s-hotel-in-atlantic-city.html|title=Trump Buys Hilton's Hotel in Atlantic City|work=[[The New York Times]]|date=April 28, 1986|access-date=May 25, 2023}}</ref> His wife Ivana managed it until 1988.{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA137 137]}} Both casinos filed for [[Chapter 11]] bankruptcy protection in 1992.<ref>{{cite web|url=https://www.upi.com/Archives/1992/03/09/Trumps-Castle-and-Plaza-file-for-bankruptcy/3105700117200/|title=Trump's Castle and Plaza file for bankruptcy|work=[[UPI]]|date=March 9, 1992|access-date=May 25, 2023}}</ref>

Trump bought a third Atlantic City venue in 1988, the [[Hard Rock Hotel & Casino Atlantic City|Trump Taj Mahal]]. It was financed with $675&nbsp;million in [[junk bonds]] and completed for $1.1&nbsp;billion, opening in April 1990.<ref>{{cite web|url=https://www.nytimes.com/1990/04/08/business/trump-s-taj-open-at-last-with-a-scary-appetite.html|title=Trump's Taj – Open at Last, With a Scary Appetite|date=April 8, 1990|last=Glynn|first=Lenny|work=[[The New York Times]]|access-date=August 14, 2016}}</ref>{{sfn|Kranish|Fisher|2017|p=[https://books.google.com/books?id=x2jUDQAAQBAJ&pg=PA135 135]}} Trump filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, Trump gave up half his initial stake and personally guaranteed future performance.<ref>{{cite web|work=[[The New York Times]]|url=https://www.nytimes.com/1991/10/05/business/company-news-taj-mahal-is-out-of-bankruptcy.html|title=Company News; Taj Mahal is out of Bankruptcy|access-date=May 22, 2008|date=October 5, 1991}}</ref> To reduce his $900&nbsp;million of personal debt, he sold the [[Trump Shuttle]] airline; his megayacht, the ''[[Trump Princess]]'', which had been leased to his casinos and kept docked; and other businesses.<ref>{{cite web|url=https://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/|title=Fourth Time's A Charm: How Donald Trump Made Bankruptcy Work For Him|work=[[Forbes]]|date=May 29, 2011|access-date=January 27, 2022|last=O'Connor|first=Claire}}</ref>

In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza.<ref>{{cite web|title=Trump Plaza casino stock trades today on Big Board|work=[[The New York Times]]|first=Floyd|last=Norris|author-link=Floyd Norris|date=June 7, 1995|url=https://www.nytimes.com/1995/06/07/business/trump-plaza-casino-stock-trades-today-on-big-board.html|access-date=December 14, 2014}}</ref> THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving Trump with 10 percent ownership.<ref name="fall">{{cite web|url=https://www.phillymag.com/news/2015/08/16/donald-trump-atlantic-city-empire/|title=The Truth About the Rise and Fall of Donald Trump's Atlantic City Empire|work=[[Philadelphia (magazine)|Philadelphia]]|date=August 16, 2015|access-date=March 21, 2016|first=Dan|last=McQuade}}</ref> He remained chairman until 2009.<ref>{{cite web|url=https://fortune.com/2016/03/10/trump-hotel-casinos-pay-failure/|title=How Donald Trump Made Millions Off His Biggest Business Failure|last=Tully|first=Shawn|date=March 10, 2016|work=[[Fortune (magazine)|Fortune]]|access-date=May 6, 2018}}</ref>