Donald Trump is not, as you may have heard, going bankrupt. It?s just that the company that saved him from going bankrupt is. Confused? It takes more than a Harvard B-school degree (paging Kwame!) to untangle Trump?s financials, but here?s the 411 on the sinking of Trump Hotels & Casino Resorts. In the early 1990s, Trump had nearly $1 billion in personal debt fueled by overspending on his empire of glitz (everything from hotels to a USFL team) and the recession. Working with the banks, he crafted deals to, in essence, shift his debt to his casinos in Atlantic City. In 1995 he took those casinos public, effectively passing on to shareholders a debt that has now ballooned to $1.8 billion. Trump, though CEO, cleared the creditors from his back. Today, the Trump Taj Mahal and its downtrodden sister casinos are attempting a comeback plan, which Trump says is so incredible it will ”make the show even hotter.” The Donald?s shrinking stake in the casinos is worth about $5 million – a number he insists is a tiny percentage of his few-billion-dollar net worth (though ex-associates say, as usual, Trump is overstating the figure). Either way, he lives his life like a bazillionaire – and that?s all ”Apprentice” fans care about.
Posted September 3 2004 — 12:00 AM EDT
- President Obama and Vice head to prison in 'Fixing the System' trailer
- Chris Messina in talks to play Ben Affleck's best friend in 'Live By Night'
- 'Minions' clears $1 billion at the worldwide box office
- Justin Bieber to spend several mornings with you on the 'Today' show
- 'Doubt': 'Good Wife' actor to star opposite Katherine Heigl
- The first trans director of 'Transparent' on his experiences with the show
- Miley Cyrus reveals what a rainbow tastes like during Tumblr Q&A
- 'American Horror Story: Hotel' First Look: 11 EW exclusive photos
- 17 photos of people you forgot hung out at the VMAs
- 24 Movies With Great Opening Scenes
- 'Survivor: Cambodia—Second Chance' Cast Photos Revealed!
- Where is the cast of 'Can't Hardly Wait' now?
- Céline Dion, Aaron Paul, Kate & Hayden and More!