Donald Trump is one of the most interesting and iconic figures in the history of American business. He’s a billionaire and has an unmatched flair for marketing in the real estate world. That said, Trump should be admired from a distance…and don’t EVER go into the casino business with him.
For the second time in ten years, it looks as though his Atlantic City casino business, now called Trump Entertainment Resorts Inc (TRMP) is facing bankruptcy, as bond holders and creditors grow weary of the repeated delays of interest payments from the heavily-indebted company.
I’m not an AC guy, but players, correct me if I’m wrong: Unless you have an elephant fetish or just enjoy a late 80’s-conceived Arabian Nights/ Indian subcontinent motif while you gamble, chances are, you stay at the Borgata these days, not the Trump Taj Mahal.
The Donald had a different ticker symbol, DJT, for his casino company in the late 90’s, but essentially it was the same properties with the same problems. That stock was wiped out as well. Some people are great at making money for themselves, but their partners and fellow equity holders? Not so much.
And of course, the bankruptcy drama will unfold, unnoticed and in small print, buried in the business section of the Atlantic City Herald-Gazette (made that newspaper up, but you get the point). Meanwhile, on the main stage (broadcast television), Trump will be appearing in the latest iteration of his show, The Apprentice. The show premieres on March 1st on NBC at 9pm.
This time, it’s another “celebrity” version, and I use the word “celebrity” in quotes because I am only familiar with about two thirds of the names in the cast (who on earth is Claudia Jordan, and isn’t Khloe Kardashian just the sister of someone whose own celebrity is dubious to begin with?).
I can sum up why I will attempt to watch in just three words: Andrew. Dice. Clay.
They also have Dennis Rodman, Clint Black, Tom Green (remember that nonsense?), Herschel Walker, Jesse James (the bike guy, he’s cool), Scott Hamilton, Joan Rivers and last but not least, Playmate Brande Roderick (who I would watch reading a train schedule).
So, good for Donald Trump, ignoring his upcoming BK and coming out to spread joy to the masses and to offer business advice for free to anyone who’s willing to tune in to the spectacle.
I only hope he doesn’t persuade any of them (or any of you) to invest in a casino with him. Hasn’t worked out too well for his current partners!
Full Disclosure: No Positions Mentioned