Trump's gamble: A failed bet in Atlantic City
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- Опубликовано: 16 фев 2016
- In 1990, Donald Trump opened the largest and most lavish casino-hotel complex in Atlantic City. Unlike any other casino in America, the Trump Taj Mahal was expected to break every record in the books. But just several months later, it all fell apart.
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Trump still owes my family a ton of money for helping built the Taj Mahal in Atlantic City.
My dad did all the gilding of the finials 100 feet in the air over the boardwalk.
My Dad wasn’t the only contractor who was screwed out of tens of thousands of dollars. I only hope it comes full circle for don and his loved ones….
Anyone but 2024!
He’s a good businessman. Everyone should have took the money up front. Bankruptcy laws are still screwing alot of legit businesses. We ain’t seen nothing yet. People invested in the stock market will lose their life savings because of wall street greed. Bank on it.
It wasn't a failed bet, it was larceny. DJT diverted money from the casinos to pay his own debts. Totally screwed the investors
He is a con-artist, and very good at it.
I remember driving up from Baltimore a few times during law school to gamble at Taj Majal in ‘93-ish. It looked fine and had some bodacious models walking around but it was pretty much empty except for us. I was stunned that he owned a casino, which is basically a license to print money, and he completely blew it. Just a total schmuck.
How much money did you win? Going to Casino that is going to bankrupt sounds like a way to get a lot of money fast.
@mattsapero1896 Z 🇷🇺 Z
I hate to overestimate Atlantic City's potential but I get this feeling that it could be a substitute area for companies that feeling crowded and priced out of New York City.
The area is greatly inexpensive compared to NYC and has an ocean attractiveness that Philadelphia is unable to obtain, but the boardwalk area has to be redesigned as a year-round destination and must consist of eateries and amenities that could fill workers' needs and interests. In addition, many young adults could find escapes with venues like the Borgata and casinos that are currently standing and when summertime rolls around, they have a place to relax and have fun at with boardwalk amenities, amusement parks, and a beach nearby.
Atlantic City can revitalize itself if the city stops trying to make it a three-month destination that must withstand the other nine months. Unfortunately, people throughout the country (mainly the East Coast) are blind to the city and thus have lost hope in a place with incredible vibrancy. They and city leaders have to get past that and envision a figurative picture that I have in order to rebuild the city that many once loved.
A good start would be to drive all the low lifes on welfare from AC to Philly and drop them off. Level the ghettos of AC and do something else with the land.
Definitely has potential to be great. Saddled with problems. It’s sad to see all of the cars sold off for pennies by people desperate for one more roll of the dice.
This cities downfall is due to casinos opening in other states. In addition, very few people have disposable income in today's economy.
Also AC is a run down, dangerous, disgusting place to go.
@Les Ismore he has a success rate over 95%.
the name Taj Mahal emporer and cults
"A facade that looks fabulous in the front, but behind which there is no substance" perfect description of Dumps
Rhymes with trump.
Ironic
Don't call any building the Taj Majal unless you're the Taj Mahal 😂
95 million a year?! What kind of credit do you have to have in order to get a loan that requires you to basically pay a little over a million dollars a day?
Turns out as we know now. You just lie about the value of all your assets.
Yeah, and all banks and insurance companies, of course, won't check any lies, only democrat judges god knows how many years afterwards. No idiots here)@@cabobs2000
two of those casinos are sold (Taj Mahal is, I think, now Hard Rock) and the Trump Plaza got demolished today, February 17th 2021 after it's been closed in 2014.
Trump isn't the answer unlesss we want a America with more deeper woumds
Donald Trump is your president right you have to deal with it
No... See that's the thing.... You don't have to deal with it!!!! Clinton was pushed out of office... You can do the same to Trump at any time..... Deal with that!!!!
Shalom
Ben Milli Bush
Donald Trump is your father
T Reaper , trumps solution is pollution.
I've lived in Vegas, the gaming capital of the world, my whole life. I always wondered why Trump didn't come out here (at that time, he's owned a property here since 08), but I remember seeing the Taj Mahal on TV, and I was amazed. Mind you I was a kid though. I thought wow, that place is fancy, it looked like how you envisioned a "Taj Mahal," would look like. However, he dreamt too big and didn't think logically. These guys hit the nail on the head it was too big and too fancy, so it cost too much, so of course debt was high. It was doomed to fail. Donald should have known this, at first people will come and see it, but a casino is a casino at the end of the day. A table game is a table game, a slot is a slot, and once you see it a few times, you don't need to come everyday. All of his projects in AC failed. It reminds me of a guy that got mad at me when I said EOS doesn't have anything 24 HR Fitness doesn't have. They both had bench presses, squats, places to deadlift, dumbbells to curl with. What's the difference?
He opened 2 more casinos... He was his own competition... SMH... It was only a let's build it game, He's a developer only... Not thinking of the Future of gaming or employees in Atlantic City...
lorne cook YUP! exactly! That's it
Las Vegas never had this problem and their side hustle was bigger than all of Atlantic city.
Badazz, Vegas does have this problem now that only a handful of companies own most of Las Vegas casinos.
The best approach is to own 1 or 2 casinos in a market, for each demographic of players.
ATC being much smaller meant less wiggle room & trump did the worst thing imaginable he bought his competitors who were catering to the same clientele, which then doubled his debt with no additional players coming in.
MGM is feeling similar pain in Vegas now but they’re way more versatile of a company, they’ve got way more lending capabilities & Vegas has way more customers to offset the bad biz decisions.
Trump 2016!!! where is the Caesars video??
4TheRepublic i'm in the ceasars right now, it's a totally find hotel...
He still owes people to this day and leaving other people suffering
I walked in each casino in Atlantic City one night and slot machines bells were ringing in ALL but Trump's. The players there looked miserable sitting at the machines. Any indication?
AC was doing OK up to when the Greedy Pols in the neighboring states esp. PA where Philly was their largest market, decided thy wanted a piece of the pie and Legalized Gambling in their own states. Now 1/2 of the casinos have been shuttered not to mention the Revel which was totally built at the wrong time and was closed within a year of its completion. Most people have to fly to get to LV but AC was withing a few hours driving distance to Millions on the East Coast. But it was the States that saw the Dollar signs and all worked against AC.
He made hundreds of millions since 70s through 2014,I worked there.he just knew when to leave the casinos when 2012 came,I saw one months revenue 38 million,so he didnt lose much.the public def did
When I was a kid I believed the Taj Mahal AC was the real one in India .... I was so disappointed and confused ... I was a stupid kid and there was no internet yet
I'm the person who live in Agra where Tajmahal is Situated thats why I came to watch here, but it's intresting to see coments on my native...
I was there at the first day of the betting at Taj Mahal. the first 3 hours i bet with play money and won 3 hundred in blackjack. Then the authorities allowed real money. I won $300 in real money at black jack
A Indoor Amusement Park could had help !
Atlantic City's decline is due to:
-Smoking ban on 75% of casino floor
-Fierce competition from new casinos in surrounding states
-Poor service from casino staff
+woodsprout sorry for expressing my opinion. I've gambled in Vegas, Mohegan Sun, Seneca resorts, and Carnival cruises... They all have superior service than any casino in AC, including the Borgata. Furthermore, why would anyone drive to AC when there's better casinos with better services with closer proximity to where people live?
*****
Ok, I take back the asshole part. I think it is more accurate to blame the management. People generally like to have a job they enjoy going to, and are willing to work hard if treated reasonably well. Sometimes management makes conditions impossible for them to please the customers.
He opened 2 more casinos... He was his own competition... SMH... It was only a let's build it game, He's a developer only... Not thinking of the Future of gaming or employees in Atlantic City...
no built 4 casinos right next to each other, they cannibalized each another.
That's what closed the doors in the new REVEL casino! No smoking, are you kidding me? You're telling me I can't have a smoke while I'm throwing money around on the dice table. Nope, good luck wit dat. I won't be back. Although, I'd never been in the Revel but that was a huge failure plus the location was awful.
Hey Washington post want to learn about journalism ethics just watch BBC they understand ethics you don't.
This reminds me of infamous mobster Bugsey Siegel. He and his mistress bit off more than they could chew. The end result being the mafia punishing Bugsey in their "time honored fashion."
All things considered, I'm surprised the same thing... Didn't happen to Donald Trump. Some "businessman." Smh.
If I went a Trump supporter, I could make a great Hangover reference
He was scamming everyone for years. And if his friends and allies don’t know this, then he is a master manipulator.
What a joke how many casinos lasted 35 years in Vegas without being torn down or sold this is a never Trumper documentary
You can’t compare Vegas and Atlantic City ... every billionaire who came to Atlantic City left empty handed
I recall Victorian houses lining the Boardwalk. What happened to them? John McAlonan
Now with 3 casinos opened in the Philly area why go down to Getto Atlantic City ? My neighbor got mugged during day light hours only a block from a casino.Laughed when they opened up the first AC casino back in the 1970's. Said it was going to be the Last Vegas of the East coast.
junk bonds come at a big risk that's why it yields a high note. the little man as the commentator said bought these notes. but, if they weren't greedy looking for the high yield. they could have bought some AA rated bonds for a lot less yield. high risk=high reward or default on the bond.
They say the house always win I guess the house finally lost !!
The real “house” was the state of New Jersey
Had to fail because you do not called a casino after a graveyard!
so he fired a bunch of decent work force but listened to the creeps who told him to build this?
He's such a crook, and this is what he's done to our entire country.
Lapis Lazarus
I agree.
He's has done so many good things to our country! :D
@midnitesquirldog1 oops sorry i forgot that lol
Just trying to keep up with croaks bill & Hillary Clinton.
U ARE FIRED!!!
“A façade. No substance.” 👈🏻 Describes Donald to a T (tee).
Boardwalk Empire is falling
IN A CASINO THE HOUSE ALWAYS WINS : ) .IT MEANS IF YOU ARE A PLAYER YOU WILL NOT GET OUT WITH A PENNY
@Les Ismore when i made this comment i was thinking of Yonkers raceway .loser Trumptards p.s America is paying for the wall 🤣
you still got the building and it's generating 3 million in taxes every year.
mechbull cute
Yeah but that won’t bring back the business that went bankrupt and the workers who never got paid.
This is what Trump is going to do to the USA
REPLY
TechMack Lol 2 years later DONE!
Damn, you"re psychic!
@Juve what planet are you on.
@Juve at least we're on the same page.
@Juve I'm done with this conversation.
ill buy it
One of the questions that I have and have not found is other than individuals as was stated in this video who financed these ventures, who were the banks who got burned?. My understanding is that Trump settled this debt on cents on the dollar because he in fact had become too big to fail, and after this episode he had to look overseas to banks like Deutsche Bank and others for his financing.
Lehman brothers buddy
The same ones who became defunct after 2008
He also had close contacts at Deutschbank who loaned him a bunch of dough on the DL. Even after he was deemed too risky a couple of insiders still hooked him up. Now he’s reduced to borrowing from Saudi oil czars & they’re not even helping him these days, which is why he’s 24/7/365 grifting his cult members.
new jersey has priced itself out of business with corrupt practices.
WHAT? You don't get $675M in Junk Bonds from "regular people".
I used to stay there when he owned it it was amazing. The best casino in Atlantic City at the time and today the building itself is one of the nicest around. The service when Trump opened it was phenomenal I wish he still owned it
Let’s be clear people where gambling and playing in casinos in Atlantic city LONG before it was legal lol
Before Trump
Atlantic City was a sht hole
After Trump
His fault that it’s still a shthole 🤷♂️
Don't put a name on a casino that is a sacred place.
Sin is legal in america
my goodness! wtf! lol
Trump said he is a successful business man. I guess success means you have a lot of failures.
If my history can speak, even a great hotel named after the Taj has suffered immensely due to invasion (Gateway of India) and Trump may be next
I've been here before it's so cool It have bed and theme park
The Golden Nugget Atlantic City was the best property in town when Steve wynn left it was all over
Ronald Reagan I wish STEVE Wynn would have built the Bellagio & the Mirage in AC!! That’s what this town needs!!
I HEAR RUMORS WYNN IS GOUNG TO BUILD SOMETHING SPECTACULAR IN THE TRUMP PLAZA SITE AFTER IT GETS IMPLODED!! THAT WOULD BE AWESOME OR ATLANTIC CITY!! ANYTHING THAT GUY BUILDS IS A MONEY MAKER & BEAUTIFUL!!
He's been a con and failure his entire life yet millions look to him as a business success
Tight slots crooked dealers and hundreds of gaming violations
IN EVERY FAILED BUSINESS OF THIS HERO, THE "ONLY" FOOL NEVER TO LOSE A DIME WAS HIM. EVERYONE ELSE LICKED HIS BOOTS TO COME ABOARD AND THEY LOST EVERYTHING!!!
Sturgis touched for the very last time says Hugh hefner Beverly hills hills song
Adelson paid Bradley huge amounts of currency to get that anti-sports betting bill passed.
Merv Griffin built it....Trump just purchased it near the end of construction.
The state gaming commission and their overregulation killed the golden goose
Pfffft dumbfk.... Keep playing stupid!
@@shuheihisagi7851 He's not playing stupid
A few shortcomings? Good grief, how naive and ill-informed? A lot of average locals, making average earning, lost it all on Trump's junk bonds, not to mention all the small and medium-sized businesses his company bankrupted! 👎
And the Taj is a mausoleum
State run lotteries and interstate lotteries have taken the place of casinos .
Are you crazy?
yeah... no.
Opulence????? Lmao..... it looks tacky tacky tacky tacky! Nothing opulent about it
Next do a story on how he bought Mar a lago. How he offered them ten cents on the dollar. And when they said no. He bought the property next door, and applied for permits to build some outlandish eyesore until they agreed to his price. I hope the 350,000+ souls lost to covid come back to haunt the Trump family for years.
ouch
trump bankrupted the taj mahal 3 times. the last time he left Carl Ichan holding the bag
What a beautiful place he built to bad all the people are jobless in this country.
YUP ANOTHER FAILURE FROM A FAILURE OF A FAMILY.
more than you ever did.
Trump should have been sued for using the Taj Mahal name.
YOU LIE... HES STILL GOT THAT MONEY..HOW MUCH DO YOU HAVE????
The Taj Mahal is now the Hard Rock which they bought at the time for 50 million dollars. This means at that time the hotel was worth about 5% of what it originally cost to make. Also Trump has at least 1 billion dollars in debt and filed for bankruptcy 3 times. He’s worth 2.5 billion
I don’t have much money but I can at least say I have never declare bankruptcy and don’t have any debt
So i he was bankrupt except for the banks then how does the myth he inherited his wealth from father stand up if he lost all the old money?
How can you call it a MYTH that Trump inherited his wealth from his father? His father Fred Trump was a major construction mogul in New Jersey. Donald is proud of him, he has talked about him all the time. Look up Donald and Fred trump on RUclips.
But as for his three casinos going out of business, as it explained, he raised the funds to buy/build his casinos by selling shares, many of them to local average citizens. He did not put his own money into the casinos, his shareholders did. But Trump did pay a huge amount of the profits they originally made to himself, while refusing to pay the small local contractors who provided most of the furniture etc. He took way too much for himself and the businesses were left under-funded and vulnerable.
What about Trump University?
Or Trump Airways?
Trump Steaks?
Trump Vodka?
Where are they all now?
Sounds like sour grapes to me. AC is not doing great lately- Trump is a President- i know 💡💡 !!! Let’s Blame Him!!!
Humpty Trumpty is taking a huge fall! Karma is a real thing and it goes around, it comes around!
President Trump lost 4 executives in a helicopter crash
A great day for Atlanta City. Trump has been demolished.
LOL
So baaaaasically, he bit off more than he could chew. Plus he didn't know the business, well. kind of like now.
Had DEMOCRAT Bill Bradley not stopped sports betting in the early 90's,Trump would still be in the casino business and I would have Bezos like money because Einstein was a mental midget compared to me.
You build anything in Atlanta, it's warrantee to fail.
AND BECAME A BILLIONAIRE AND PRESIDENT
He’s not a billionaire. Never has been, never will be.
He’s a grifter, a con artist & great at marketing. He’s knows how to manipulate corporate media for his own gain.
@@DM-il1hf president Trump sold his casino in New Jersey for over 900 million dollars, sold a yacht for over 300 million ,has 7 skyscrapers in NYC ,golf courses, buildings around the world
Proof that the bonds were held by small people and not banks? None? Okay then
Do you want their names and send? Lol
UN's
THE, trump Son Mareekh 👽
😂😂😂😂
U mad?😂
I don’t consider Trump Taj Mahal a failure. The doors where open for over 25 years.
TRUMP 2024
Your casinoes presidency social media facebook in bars are full of free alcohol meth in 20 USA states.
HE’S A GENIUS!! THAT’S ALL THERE IS TO IT!! ALL BILLIONAIRES SRE LIKE THIS!! WHAT DO YOU THINK ROCKEFELLER & THE VANDERBILTS WERE??
5th
A gamble.... welcome to capitalism baby.
A con man
The corrupt politicians at that time where to blame as well
The mob
The smirks on these guys faces are disgusting. They love the failure.... haters..
UN's
THE, Taj mahal of UNO 💘💘💘 I'M maho
THE, SON Yeshua'Sa of 9 god
who cares, sometimes things go south, look at all his amazing successes. they far out weight a few short comings
Ok I'll play your game. Tell me what successes he's had? Name two
So true.
+Samson Cline Name some of Donald's amazing successes please. There are probably more failures than successes.
+Samson Cline Which ones.... that's the point. He doesn't have any.
It's not that "things went south". It's that he made promises he couldn't keep. He said he wouldn't finance the place with junk bonds and then he did. Then he declared bankruptcy and left God knows how many local vendors unpaid for services they already rendered.
Grow a brain.
"who cares,"
Well, some care. Betrayed investors or workers for example.
Maybe Americans will care who leads their country right now? Will you say "sometimes things go south" when he fucks up this country as well?
Donald J. Trump's failures are not reminded to us because he's too incompetent, but because he's too honest.
He's an absolute loser.
end casinos forever no more sin.
nah thats how i earn an income on losers
TRUMP 2016 !!!! MORE NOW THEN EVER !!
craig bishop hes the president but i am still here : ) what a waste of time trump voters
So what.. every other person you see voted for Trump... less then two years we vote in new house and senate members that will support Trump. When that happens we will get the wall and the drug dealing , rapist and murdering law braking thugs will be gone. if you think this is hate full just pick up a news paper or turn on the news.... this is the will of the people the Hillary never had a chance even with Obama's help..
Donald Trump ran three casinos in Atlantic City for over 30 years. Definitely not a failure
I'm from Atlantic City it wasn't 30 years. It was 1987-2005 ish. After that he started selling stocks and phasing himself out. His big casino the taj opened in 1990 and by 2000 he wasn't really around that much.
@@1983jcheat Yes but why do you and others ignore the helicopter crash... that was it, because those were the people behind Trump's casino venture!