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Donald Trump: Welfare queen of the casino economy

Wednesday, November 23, 2016 3:07
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And now Donald Trump has won the United States presidential election and it is not known whether he would govern the country as he used to run his casino business, the Trump Taj Mahal Casino in Atlantic City, New Jersey that had 167,000 square feet of gaming space and is now a closed casino even though it was sold to Icahn Enterprises in 2014 following bankruptcy of parent company.

It is not to forget online casinos gaming and lottery are two of the big businesses in the US and enjoys widespread bipartisan support unlike drugs and guns. The industry is appreciated by the anti-tax Republican establishment for being capable to generate state revenue, overlooking moral outrage.

donald-trump-welfare-queen-of-the-casino-economy

The Republican has lifelong connections to the gaming industry and his casino business had the first take-off in the 1980s even though he was criticized for his reliance on over leveraged debt. It is said he had political as well as mob connections then.

In 1990 he inaugurated the Trump Taj Mahal casino and hotel on the Boardwalk in Atlantic City, New Jersey at a cost of about one billion dollars and after the construction of about seven years. However, the project was of Resorts International, owner of Resorts Casino Hotel, and encountered construction problems after the death of its head James Crosby. Trump acquired a controlling state of it in 1987 for $79 million and was appointed as chairman of Resorts International. By then he already owned two other Atlantic City casinos.

In 2014 his Trump Entertainment Resorts filed for bankruptcy and announced soon to be shutting down the Taj Mahal as four out of twelve casinos in the city had closed.

In 2016 the Trump Entertainment Resorts became a subsidiary of Icahn Enterprises and the name “Trump Taj Mahal” was retained even though Trump had no ownership stake. About two months later Icahn affiliate Tropicana Entertainment took over the resort, but only to be shut down after another few months.

Leaving aside the bankruptcy now it is to see how the most influential people of TIME magazine would lead America in other industries and other countries with its policies and diplomacy.

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