Trump resorts fail

18/02/2009

Casinos partly owned by tycoon file for bankruptcy

A casino business run under the name of Donald Trump has filed for bankruptcy.

Trump Entertainment Resorts collapsed four days after the real estate mogul, whose surname remains on the company title, resigned as chairman of its board.

Though his dream of a Scottish resort based around a new gold course in Aberdeenshire remains on course, Trump acknowledged being sad over the end of a venture that was so publicly associated with his image.

"If I can't manage something, it's not for me," he told the Associated Press. Trump, who still holds 28 per cent of the company's stock, said the casino business "represents substantially less than 1 percent of my net worth, and has for some time.”

The company has more than $2 billion in assets, according to its New Jersey court filing.