Now, Trump Entertainment's bankrupt for the third time. Oops.
The fact is Trump Entertainment, like the entire casino industry, is on the brink.
Trump had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey.
The company, eager to conserve cash, missed a $53.1 million bond interest payment due on December 1 as a sharp downturn in consumer spending hit casino revenue, prompting bondholders to push for bankruptcy.
One would hope that this is the kind of news that will make it into the halls of Beacon Hill over the next few months, most especially the Speaker's office, but that's probably too logical for the pro-casino forces. Normally, that wouldn't be a big deal - given the thrashing Governor Patrick's bill took last year, there aren't that many pro-casino forces on Beacon Hill - but things change when a powerful Speaker is among their number. They should note their beloved slot parlors and Racinos aren't doing any better.
So when Speaker DeLeo is considering whether or not
Friday's statement did not say when Trump's resignation would be offered or take effect. His daughter Ivanka Trump also said she was resigning.
Trump, a very public and flamboyant figure in an industry filled with colorful, headstrong executives, said the company represents less than 1 percent of his net worth, and that "my investment in it is worthless to me now."
If casinos are worthless to Trump, why should they be any different to the Commonwealth of Massachusetts?