type subsidiary industry gambling entertainment hospitality founded 1995 ; 21 years ago 1995 headquarters trump taj mahal atlantic city new jersey united states key people carl icahn controlling stakeholder donald trump founder & former chairman products trump one card parent icahn enterprises website trumpcasinos.com trump entertainment resorts inc. is a gaming and hospitality company that owns and operated the now shuttered trump taj mahal hotel and casino in atlantic city new jersey united states as well as the now shuttered trump plaza hotel and casino . formerly known as trump hotels & casino resorts it was founded by donald j. trump who is no longer involved in the company . citation needed it is a subsidiary of icahn enterprises . contents 1 history 1.1 financial troubles 1.2 2009 bankruptcy and restructuring 1.3 post bankruptcy 1.4 2014 bankruptcy 2 2016 and closure of taj mahal 3 former properties 4 references 5 external links history edit entrance to the trump taj mahal at night atlantic city new jersey donald trump began purchasing properties along the atlantic city boardwalk in the early 1980s and received a casino license from the new jersey casino control commission ccc on march 15 1982 . 1 he had planned to build his own casino on the boardwalk but was stalled on the project when mike rose then ceo of holiday inn and harrah s approached him to manage construction of a holiday inn casino hotel . it opened in may 1984 and two years later trump bought out holiday inn s shares in the property and renamed it the trump plaza hotel and casino . 2 in 1985 trump purchased the nearly complete atlantic city hilton hotel and casino property at the atlantic marina from hilton hotels for 325 million . the hotel chain sold the property after its application for a gaming license was turned down by the ccc . 3 trump originally opened the property as trump s castle hotel casino and later renamed it the trump marina . in 1988 trump purchased the unfinished taj mahal property from resorts international for 230 million after negotiations with merv griffin in which the two men divided the assets of the failing company . 4 the casino at the time the largest in atlantic city would eventually cost almost 1 billion by the time it opened in 1990 . trump completed the project using junk bonds a decision that hurt the company afterward as the gaming industry struggled in a recession and interest rates became unmanageable . 5 6 in 1995 trump established trump hotels and casino resorts thcr as a publicly traded company granting it ownership of the trump plaza and the under development trump casino in gary indiana . 7 the following year thcr bought the trump taj mahal at a valuation of 890 million 8 9 and bought the trump castle from trump for 486 million including 355 million in assumed debt . 10 in 1996 the company opened trump world s fair a casino adjunct to the trump plaza . 11 the world s fair was closed in 1999 with plans to replace it with a larger resort . 12 in 1997 thcr was one of eleven applicants for three casino licenses available in detroit with a 542 million proposal for the trump motor city hotel casino in partnership with mel farr . 13 the bid was ultimately dropped from consideration because of mayor dennis archer s doubts about the company s financial condition . 13 in 1998 thcr business consultants spent at least 68 000 on a trip to cuba in violation to the united states embargo against cuba . according to a report by newsweek the consulting firm seven arrows investment and development instructed thcr on how to evade the embargo by linking the money to a charitable effort . 14 in 1999 thcr agreed to purchase the flamingo hilton casino kansas city for 15 million 15 but the deal fell through when missouri gaming regulators did not approve the company s gaming license by a contractual deadline . 16 thcr entered a management agreement in 2000 to operate the spotlight 29 casino an indian casino in coachella california . 17 financial troubles edit trump entertainment resorts and its predecessors have filed for chapter 11 bankruptcy protection four times in 1991 following construction of the 1 billion trump taj mahal and in 2004 2009 and 2014 . in 2004 trump hotels & casino resorts explored various options for restructuring its debt amid speculation that it might file for bankruptcy . a possible arrangement with credit suisse first boston was not completed because the bondholders rejected it . 18 on october 21 2004 the company announced a preliminary agreement with its investors . trump who had been the majority owner would reduce his stock ownership from 56 to 27 percent . bondholders would surrender some of their debt in exchange for stock . on october 27 the company announced that morgan stanley would be the joint lead arranger for a 500 million financing as part of the restructuring plan . on november 21 the company filed for bankruptcy . trump said the filing was really just a technical thing as the best way to implement the restructuring plan . 19 the plan was submitted to the bankruptcy court on december 16 2004 . after the 2004 bankruptcy trump hotels & casino resorts changed its name to trump entertainment resorts ter . in 2005 the company s involvement in the spotlight 29 casino ended as the tribe bought out the casino management agreement for 6 million . 20 later that year ter sold its indiana casino to the majestic star casino llc for 253 million . 21 22 the company had also been awarded a license to build a second casino in orange county indiana but dropped this plan due in part to the state s concerns about the company s viability . 23 in 2007 the company attempted to negotiate a buyout with several public and private firms but on july 2 it announced that it could not reach a deal and would take itself off the market . the company planned to lay off employees in order to cut costs . 24 2009 bankruptcy and restructuring edit the casino group filed for bankruptcy again in february 2009 25 26 owing 1.2 billion . two sets of debt holders eventually proposed reorganization plans for the group in u.s. bankruptcy court . trump initially made an agreement with banker and poker player andrew beal owner of beal bank which held 500 million in the group s debt to take over the resorts . however citing concerns about the bank s lack of gaming experience he dropped them in favor of hedge fund avenue capital management a plan favored by other bondholders . beal then partnered with investor carl icahn who had worked on restructuring another atlantic city casino the tropicana . 27 in court trump argued that he would fight the icahn beal team if they sought to use his name and likeness on the group s properties . 28 instead he signed an agreement with avenue capital in which he would receive 5 % stock in the reorganized company and another 5 % in exchange for the use of his name and likeness in perpetuity . the bankruptcy court eventually sided with the trump avenue partnership favored by bond holders who believed that trump s brand would result in a stronger company after reorganization . 29 in 2011 ter sold the trump marina to landry s restaurants which also operates the golden nugget in las vegas . 30 post bankruptcy edit in february 2013 the company agreed to sell the trump plaza for 20 million to the meruelo group a california based company whose holdings include the grand sierra resort in reno . the proceeds would be used to pay down the company s debt to a level of 270 million . ceo robert griffin said ter would consider also selling the trump taj mahal for the right price . 31 however carl icahn who held the mortgage on the trump casinos would reject the sale of the trump plaza . 32 in early august 2014 donald trump filed a lawsuit demanding removal of his name from the company s two casinos because they had allegedly been allowed to fall into disrepair in breach of the licensing agreement for trump s name . 33 2014 bankruptcy edit in september 2014 trump entertainment resorts filed again for bankruptcy 34 35 and closed the trump plaza . 36 on a motion made by union unite here local 54 37 relating to the bankruptcy action the united states court of appeals for the third circuit ruled in trump entertainment s favor on january 15 2016 and held that trump entertainment could reject the continuing terms and conditions of a collective bargaining agreement with the union an agreement that had already expired by its terms . this case was significant as it was a matter of first impression among the courts of appeal and could significantly alter the balance of power between debtor employers and their unions . 38 the company exited bankruptcy in february 2016 and became a subsidiary of icahn enterprises . 39 2016 and closure of taj mahal edit on october 10 2016 the trump taj mahal closed for the final time . trump entertainment will remain operating to deal with the transfer of some points on the trump one card account . 40 the trump taj website will remain active until at least february 28 2017 . 40 former properties edit the company s former properties include harrah s at trump plaza in atlantic city new jersey formerly a 50 50 partnership with harrah s now wholly owned and renamed as the trump plaza which was closed on september 16 2014 . trump 29 in coachella california formerly a 50 50 partnership with the twenty nine palms band of mission indians of california now spotlight 29 casino . trump casino in gary indiana now the majestic star ii . trump world s fair casino at trump plaza in atlantic city new jersey . operated as a wing of trump plaza but with its own casino license it was closed in 1999 and demolished in 2000 . trump marina previously trump castle in atlantic city new jersey now the second incarnation of the golden nugget atlantic city brand . steel pier now owned by steel pier associates . trump taj mahal a casino and hotel on the boardwalk . closed on october 10 2016 . references edit trump donald and schwartz tony trump the art of the deal random house digital inc. 2004 page 204 blair gwenda the trumps three generations that built an empire simon and schuster 2001 page 345 delugach al hilton negotiating to sell its atlantic city hotel casino to trump l.a. times april 19 1985 easton nina merv griffin s outrageous fortune ... l.a. times july 24 1988 clark kenneth trump taj mahal casino hotel opens with a bang chicago tribune april 6 1990 atlas d. riva may 7 2002 . trump tries to sell happiness in junk bonds . the new york times . missing or empty url help ; access date requires url help floyd norris june 7 1995 . trump plaza casino stock trades today on big board . new york times . retrieved 2014 12 14 . david cay johnston january 9 1996 . trump moves to put taj mahal in his company . new york times . retrieved 2014 12 14 . form 8 k current report report . trump hotels & casino resorts inc. may 2 1996 . retrieved 2014 12 14 . douglas feiden october 1 1996 . trump co. buying castle . new york daily news . retrieved 2014 12 14 . amy s. rosenberg may 16 1996 . at trump s world s fair opening gamblers hope casino 13 is