The era of the internet has brought many benefits to the games of chance industry. Nowadays we have thousands of online casino platforms making sure everyone can indulge in a little bit of gambling, regardless of where they are. But, did you know that the former American president, Donald Trump, was once a casino mogul?
If not, here are some interesting facts about his career in this industry…
If you thought that being the child of rich parents was enough to inherit a huge amount of money, you will not read such a story this time! As the child of New York tycoon Fred Trump, he had to feel what it means to fight through life.
Donald ended up in a military gymnasium at the age of 13 because of the mischief he did at school.
It is interesting to say that he was not the first candidate to succeed his father after his death. Only when his brother Fred decided to become a pilot did he inherit his father’s business.
But even before inheriting his father’s business, he entered the real estate business. By receiving a $1,000,000 loan from his father and the rest is history!
Trump had licenses for Miss World and Miss USA, and everyone knows his reality show “The Apprentice”.
However, in this text, we will look at the establishment of Trump’s casino empire in Atlantic City.
Atlantic City as a business base
Atlantic City was founded in 1854 and has always been a tourist town. It was distinguished by tall buildings, a large number of hotels, and, of course, casinos.
Donald Trump chose this city to start his own casino business.
His casino empire in Atlantic City had over 8,000 employees, and his casinos collected a third of the city’s entire gambling revenue.
However, his story with casinos did not end gloriously, as his companies went to court for bankruptcy four times.
In the early 1980s, he started a business in the “Trump Plaza” casino. With this building, he positioned himself and took the best place on the promenade. Unable to get financing, he partners with Harrah’s Entertainment, a national gambling operator.
They provided him with 220,000,000 USD to start this project and guaranteed him 50% of the profits. After some time, they sold their share in the company to Trump for the aforementioned figure.
After the deal with Trump Plaza, he goes and buys the Hilton Casino and rebrands it as “Trump Castle”. He paid the Hilton family $320,000,000 for this service.
This casino opened in 1985 and competed directly with Harrah’s Marina. However, it did not bring him business success either.
This project failed slowly and was eventually sold in 2011. Today, this institution still operates under the name Golden Nudge.
His third casino was founded in Atlantic City and is called the Trump Taj Mahal. It was founded in 1990, and its value was estimated at around one billion dollars.
He himself called this building the eighth wonder of the world and for a long time, this was the largest casino in the world. At the same time, the building itself was the largest building in all of New Jersey.
This casino was also closed on October 10, 2016. It is then taken over by investor Carl Icahn who later reaches an agreement with Donald to use the Trump family name as a brand.
The New Jersey Casino Control Commission was concerned about the project. The Taj Mahal’s total debt at one point exceeded $820,000,000.
It was predicted that this casino would have to make $1,300,000 a day to have enough money just to pay the interest.
At one stage of his casino business, his total debts reached $1.3 billion. All of them suddenly began to fail and his lenders demanded a new business plan and the appointment of a new financial director for the entire organization.
Also, he was required to sell his planes, yachts, and hotel stakes to at least partially settle his debts.
Although his gambling business failed, he always said that it brought him a lot of money.
On the other hand, his total wealth is currently estimated at $2.4 billion, while Donald Trump himself says he owns $10 billion. Pretentious or not, judge for yourself.
The 2008 financial crisis shut down all of his casino dealings.
His fame brought him many successful business contacts and a lot of money. Some companies still bring him a high level of profit.
After reading all of the above, one can’t help to think that he should have invested in an online casino platform…
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Those who are new to this type of gambling should keep in mind that the first thing they need to do before they start playing at any online casino is to register. At most online platforms, you just need to go to the registration section and fill it out. You will fill in some basic data such as: first name, last name, address. Mostly, your email address will be used as your username, while you will set the password yourself. So, the process requires nothing complicated for you to do.