- Future President bought supercars for mobster
- Trump failed to pay contractors for work carried out on his casinos
- ‘The Donald’ alienated high rollers – costing him millions
Donald Trump is renowned the world over as a successful businessman, but it’s also common knowledge that the US President bankrupted several Atlantic City casinos during his highly colorful time in charge. As you’ll learn in this article, Trump’s tenure at the helm of the likes of the Trump Taj Mahal, Trump Plaza Hotel and Casino and Trump Castle Hotel and Casino spawned some quite incredible tales… and none of it is fake news!
Links to the Mafia
One of Trump’s most loyal customers was one Robert LiButti, a horse breeder with links to notorious mafioso John Gotti. A noted racist, Trump’s casinos would keep African-American employees away from LiButti’s tables, while The Casino Control Commission once fined Trump Plaza $450,000 for buying LiButti nine luxury cars, apparently to keep the mobster happy!
Running out of money
What do you need to keep a casino going? Money would be a good start. In 1988, the Trump Taj Mahal defaulted on massive debts and was later declared bankrupt. Years later, it was revealed that the casino was struggling to cover operating costs from day one.
Not paying contractors
The bankruptcy of the Taj resulted in contractors who had helped build the casino going unpaid for years. Beth Rosser and Steven Jenkins’s father eventually settled in court for a contract worth significantly less than the original agreed, while another went bankrupt itself.
Bailed out by Dad
At risk of defaulting on another casino in 1990, Fred Trump – Donald’s father – walked into Trump Castle and bought over $3m worth of casino chips, effectively loaning the money to Donald. This resulted in another fine from New Jersey Casino Control Commission.
Annoying high rollers
Japanese gambler Akio Kashiwagi was once banned from Trump’s casinos as his winning streak threatened to put the businessman in further financial peril. Kashiwagi was down by $10 million when Trump called everything off – but he was playing on house credit. Trump never recouped the $6 million owed and several high rollers boycotted his establishments.
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