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Leaked Tax Information Paints Clearer Picture Of President Donald Trump's Atlantic City Casino Failures

New York Times Report Reveals Trump Lost $1.17 Billion During Decade-Long Run In Atlantic City

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Leaked tax transcripts obtained by the New York Times are painting a clearer picture of the business failures of President Donald Trump during his time as a casino mogul in Atlantic City between 1985 and 1994.

Trump spent months on the campaign trail prior to the election boasting that he “never went bankrupt” and that he emerged from his time in Atlantic City with a profit of $10 billion.

“Atlantic City fueled a lot of growth for me,” Trump said at the time. “The money I took out of there was incredible.”

In reality, Trump sought bankruptcy protection three times, in 1991, 2006, and again in 2009, and even had to take a $65 million bailout from the state of New Jersey. Another New York Times report from October of 2018 confirmed that Trump needed to sell off his father’s $1 billion New York real estate empire to keep his own casinos afloat.

Recently revealed tax records now show that Trump reportedly lost more than $1.1 billion during that stretch on his projects, which included the Trump Plaza, Trump Castle, and Trump Taj Mahal.

The figures are sobering for those who bought into Trump’s The Art Of The Deal persona. From the New York Times report.

The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.

The report went on to point out that Trump not only lost, but lost more than just about anyone else.

In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years. Overall, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years.

 
 
 
 

Comments

Lyle12
over 1 year ago

Please don't go down this political bashing road and please just stick with your usually interesting articles concerning the poker world. There is enough of this garbage everywhere we turn. Don't jump on this bandwagon please!!!

 
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TandG21
over 1 year ago

Totally agree with Lyle 12 just report on poker and leave the politics out.

 
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pievegas
over 1 year ago

How old are you, 12? You know little to nothing about taxes, so it's best you stick to analyzing card games. First, this was reported 30 years ago by the NYT, except that the headlines read "The Comeback King." Years later Trump authored a book titled "The Art of the Comeback," outlining his struggle in detail, how he learned from his mistakes, how no one in the industry would support him, and how he had to hit the pavement and claw his way back up to become a multi-millionaire. Someone's taxes is none of our business. Millions of dollars in write-offs and depreciation is common practice. Anyone who's had to learn to manage their bankroll will tell you, they didn't get it right the first time, or probably the tenth. Such hypocrisy. This is what America is all about. The land of opportunity where anyone can rise, fall, and rise again. Kind of like Tiger, but I'm guessing you'd judge him the same as well.

 
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