Trump Entertainment Resorts, US magnate Donald Trump's casino group, said Tuesday it had filed for bankruptcy protection to cope with a "strained" economic environment.
Trump Entertainment Resorts, which own and operates three casinos in the Atlantic City, New Jersey area, filed for Chapter 11 bankruptcy protection in a New Jersey Court to allow the company to pursue a restructuring to avoid collapse.
"We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period," Mark Juliano, the company's chief executive, said in a statement.
Juliano said the casino resorts would remain open during the restructuring and there would be no change to consumer marketing programs.
"We remain focused on operating as efficiently as possible in this strained economic environment," he said.
Trump, the brash real estate tycoon and reality television star whose investments span the globe, resigned as chairman of the company Friday in protest of a creditors' plan to force the company into bankruptcy, The Wall Street Journal reported Tuesday.
Trump Entertainment Resorts is weighed down by 1.7 billion dollars in debt, the paper said.
The company owns and operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Atlantic City's oceanside boardwalk, and Trump Marina Hotel Casino.
Together, the three casino hotels have nearly 3,000 hotel rooms, more than 9,000 slot machines and 375 table games.
According to the company, Trump is a shareholder and is not involved in its daily operations.
"The company is separate and distinct from Mr. Trump's privately held real estate and other holdings, which the company understands encompasses substantially all of his net worth," it said.
Trump Entertainment Resorts, which own and operates three casinos in the Atlantic City, New Jersey area, filed for Chapter 11 bankruptcy protection in a New Jersey Court to allow the company to pursue a restructuring to avoid collapse.
"We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period," Mark Juliano, the company's chief executive, said in a statement.
Juliano said the casino resorts would remain open during the restructuring and there would be no change to consumer marketing programs.
"We remain focused on operating as efficiently as possible in this strained economic environment," he said.
Trump, the brash real estate tycoon and reality television star whose investments span the globe, resigned as chairman of the company Friday in protest of a creditors' plan to force the company into bankruptcy, The Wall Street Journal reported Tuesday.
Trump Entertainment Resorts is weighed down by 1.7 billion dollars in debt, the paper said.
The company owns and operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Atlantic City's oceanside boardwalk, and Trump Marina Hotel Casino.
Together, the three casino hotels have nearly 3,000 hotel rooms, more than 9,000 slot machines and 375 table games.
According to the company, Trump is a shareholder and is not involved in its daily operations.
"The company is separate and distinct from Mr. Trump's privately held real estate and other holdings, which the company understands encompasses substantially all of his net worth," it said.
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