Trump Entertainment Looking For A Bailout

Even financial master Donald Trump can't escape the pressures of a poor economy. According to Reuters, Trump Entertainment Resorts Inc. has filed for bankruptcy as of Tuesday.

Trump Entertainment, which operates and controls the Trump casinos in Atlantic City, was hurt by the current recession and declining gambling profits.

This isn't the first time Trump has filed for bankruptcy; in fact, this will be the third time for the company, which was created in 2005.

The company said that it will continue with business as usual, and did not ask for debtor-in-possession financing as they go ahead with the restructure.

"This filing will result in no immediate change in our daily operations, and we expect to make no changes regarding our operating structure or philosophy," Trump Chief Executive Mark Juliano said in a statement.

Along with the casino business, nine of the company's affiliates also sought protection under the filing. Some of the names include Trump Plaza Associates, Trump Marina Associates, and Trump Taj Mahal Associates.

As of Dec. 31, Trump had assets close to $2.1 billion and debts of nearly $1.74 billion.

The company missed a payment of $53.1 million in bond interest on Dec. 1 in an effort to save money. The payment, along with a decline in casino profits, pushed the company towards bankruptcy.

This filing comes just days after the company's namesake announced that he will resign from the company's board due to disagreements over whether or not to file for bankruptcy. There was no announcement as to when Trump would officially resign, but Trump's daughter Ivanka announced that she too would be resigning.

Trump has no problem leaving the company, saying that it is only about one percent of his net worth now and "my investment in it is worthless to me now."