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Speaking about a city in crisis usually means the closure of some of the biggest companies and the unemployment that follows that. Atlantic City is a city in crisis and probably in a much bigger crisis than what first meets the eye, as yet another casino is set to file for bankruptcy and close this year – The fifth this year.
The Taj Mahal Resort in Atlantic City is now also on the brink of closure this year, as the Trump Entertainment Resorts who owns the casino filed for bankruptcy this Tuesday. According to the company, they have no assets but liabilities between $100-$500 million and that it missed its quarterly tax payment that was due last month.
Furthermore the company doesn’t have money to pay interest payments to lenders of the company, which is due at the end of the month. The consequence is that the company wants to close down the Taj Mahal Casino in Atlantic City in November, if the bankruptcy filing is approved.
Meanwhile Donald Trump is working hard to try and get his name out of the company, as he believes the company is no longer run the way he was promised when he put his name in the company and purchased 10% of it. The closure of Taj Mahal will mean that thousands of workers will be unemployed, with more than 5,000 having already lost their jobs in Atlantic City.