By David Madden
ATLANTIC CITY, N.J. (CBS) — As Atlantic City reels from two casino closings last weekend, and braces for a third in less than two weeks, there are reports that yet another shore resort gambling hall may soon head into federal bankruptcy court.
The New York Daily News, citing unnamed sources, suggests that the Trump Taj Mahal may be days from filing for Chapter 11 bankruptcy protection.
Joe Weinert, an analyst with the Spectrum Gaming Group, points out that if that were to happen, it wouldn’t necessarily be a bad thing.
“A bankruptcy filing is a way of reorganizing a company’s finances,” he notes. “It should have no impact on the customer experience. And, most importantly, it keeps the property open.”
Trump Entertainment officials, who are closing the Trump Plaza in less than two weeks, did not immediately respond to our request for comment. But Donald Trump wants to take his name off the Taj Mahal — a sign of trouble within the company.