Trump Entertainment Files for Bankruptcy a Third Time

Tuesday: Trump Entertainment Resorts, Inc., the casinos once run by Donald Trump, filed for Chapter 11 bankruptcy protection for the third time due to continuing recession and declining gambling revenues.

Trump Entertainment owns three Atlantic City casino hotels: Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Trump Marina Hotel, which is in the process of being sold to a company led by Richard Fields. All three will remain in business as usual during the bankruptcy proceedings.

According to the court filing, the company has $1.74 billion in total debt and $2.06 billion in assets.

It is the third time the three casinos have filed for bankruptcy. According to Reuters, "Trump Entertainment Resort Holdings went into Chapter 11 in 2004, from which it emerged a year later with Trump having relinquished the position of CEO."