Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
Trump Atlantic City Funding II, Inc. history
Trump Atlantic City Funding II, Inc. company history timeline
By the time he became interested in Atlantic City, as early as 1976, Trump was gaining a reputation as a highflying developer in Manhattan.
From the beginning, Trump kept an eye on the Resorts International Hotel and Casino, which opened in May 1978 as the city’s first gambling hall.
The outspoken casino magnate was awarded his first casino license by the New Jersey Control Commission on 15th March, 1982.
In 1983, after Edward Friel finished the carpentry work he was hired to do at the Trump Plaza, Robert and Donald Trump called him to their office.
Humble beginnings: the entrance to Harrah's Trump Plaza, as it was known in 1985.
In 1986, just two years after the venue had opened, Trump became a majority shareholder in the venue and re-named it Trump Plaza Hotel and Casino.
In March 1987, he made a move on Resorts, agreeing to buy a controlling chunk of the company’s voting stock from Crosby’s heirs — giving him control of assets potentially worth $1 billion.
For months in 1987, Donald Trump maneuvered to take control of the hulking, unfinished Taj Mahal casino in Atlantic City.
High rollers: Don King, Donald Trump, Malcolm Forbes and Jesse Jackson attend the Mike Tyson-Michael Spinks fight at Trump Plaza in June 1988.
In November 1988, a financial firm working with Trump issued junk bonds that paid 14 percent.
It hosted fellow billionaire Vince McMahon’s Wrestlemania IV and V and dozens of boxing matches, including Mike Tyson’s famous 1988 bout against Michael Spinks, whom he knocked out in one minute and nine seconds.
8, 1988, at a licensing hearing in front of the state Casino Control Commission, Trump said he could pull it off for one main reason: He was Donald Trump.
In July 1989, Roffman, the market analyst, issued another gloomy report for investors.
The Taj Mahal opened on April 2, 1990.
He wrote that “we are projecting that 1990 may be a very tough year for the Atlantic City casino operators.”
In December 1990, when Trump did not have enough money to pay the interest on the Castle’s debt, he turned to his father, a successful development tycoon.
By 1990, the Trump Organization had amassed $3.4 billion in debt, straining the entire company.
He said the bankruptcy was the result of external forces beyond his control, specifically an extremely bad economy in 1990.
By March 1991, Trump was in “noncompliance” on $1.1 billion in loans across his empire, including the Taj, Trump Shuttle airline, the Castle, Trump Palm Beach Corp. and Mar-a-Lago, the spectacular estate in Florida.
In July 1991, Trump’s Taj Mahal filed for bankruptcy, the first and most significant of the four that his companies have experienced.
On March 9, 1992, Trump’s Castle and Plaza casinos also filed for bankruptcy protection.
The city then was a struggling resort town, “barren and hostile, with its boarded-up shells and vacant lots,” investigative reporter Wayne Barrett wrote in “Trump: The Deals and the Downfall,” published in December 1992.
Under the agreement, Trump gave up half his stake in the Taj to bondholders in exchange for support in reorganizing his debt, according to the Taj’s annual report for 1992.
Step 1 came in 1993, when his company sold more junk bonds, adding another $100 million in debt to the Trump Plaza casino.
A Philadelphia resident, Woloszyn started going to controlled implosions in 1994, when he saw the Sears Catalogue building come down in Philly.
Trump personally responsible for more than $100 million in debt, and his agreements had only delayed the day of reckoning to June 30, 1995.
Then, in June 1995, with the risk of being forced into bankruptcy just weeks away, Mr.
In 1996, the public company issued more stock and sold $1.1 billion in junk bonds.
In 1996, he was paid a $5 million bonus.
Beginning in 1997, his share of the Atlantic City gambling market began to slip from its peak of 30 percent.
“T.H.C.R. is a casino and entertainment company,” the lawsuit, filed in 1999, said. “It is not in the business of loaning money.
The public company’s collapse began in 1999.
Competition grew more intense in 2003, when the Borgata Hotel Casino and Spa opened.
Trump sold the Riviera shares in April 2004, the company, which was entitled to the proceeds, simply canceled the option, without explanation.
Trump willingly left sometime around 2006, the year that revenues peaked in Atlantic City and that Pennsylvania allowed its first casino to open, a development that marked the start of a rapid downward spiral in the city.
The last time he was in Atlantic City was in 2008, for the Sands implosion. “It started as a bad Halloween costume,” Woloszyn says. “Now I’m a legend in my own mind.”
The drop-off was exacerbated by the recession that began in 2008.
The 2009 bankruptcy filing saw the company owing a staggering $1.2 billion with many questioning just how the company could recover from such a debt.
In 2011, the casinos reported leasing a Trump helicopter for $390,000 and spending $236,000 for “Trump labeled merchandise,” including $197,000 for Trump Ice bottled water.
In 2014, the casino company filed for bankruptcy protection for the fifth time.
Minutes after the tower fell, Mayor Marty Small, who made bringing down Trump Plaza one of his promises during his first State of the City address in January 2020, spoke to the press huddled around him.
Rate how well Trump Atlantic City Funding II, Inc. lives up to its initial vision.
Trump Atlantic City Funding II, Inc. jobs
Do you work at Trump Atlantic City Funding II, Inc.?
Is Trump Atlantic City Funding II, Inc.'s vision a big part of strategic planning?
Zippia gives an in-depth look into the details of Trump Atlantic City Funding II, Inc., including salaries, political affiliations, employee data, and more, in order to inform job seekers about Trump Atlantic City Funding II, Inc.. The employee data is based on information from people who have self-reported their past or current employments at Trump Atlantic City Funding II, Inc.. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Trump Atlantic City Funding II, Inc.. The data presented on this page does not represent the view of Trump Atlantic City Funding II, Inc. and its employees or that of Zippia.
Trump Atlantic City Funding II, Inc. may also be known as or be related to Trump Atlantic City Funding II, Trump Atlantic City Funding II Inc, Trump Atlantic City Funding II, Inc. and Trump Atlantic City Funding Inc.