Local News

Trump Entertainment Resorts Files For Bankruptcy

/ CBS Philadelphia

ATLANTIC CITY, N.J. (CBS) -- Trump Entertainment Resorts has filed for bankruptcy.

The company filed in U.S. Bankruptcy Court in Delaware on Tuesday, saying it has liabilities of more than $100 million.

The company operates two casinos in Atlantic City. They include the Trump Taj Mahal and the Trump Plaza. The Trump Plaza is slated to close next week.

Sources tell CBSPhilly that the Trump Taj Mahal will reportedly close in November.

A shutdown at the Trump Taj Mahal would put another 2,800 employees out of work.

Donald Trump owns a 10 percent stake in the firm but no longer controls it.

The company last went through bankruptcy in 2009.

Three other Atlantic City casinos have closed this year as the industry struggles with competition in nearby states.

Atlantic City has lost more than 5,000 casino jobs this month alone.

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First published on September 9, 2014 / 8:50 AM EDT

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