Trump's big gamble on Atlantic City


In los amigos mexican restaurant and bar is a sliver of a place tucked between the monolithic gambling halls of caesar's bally's in atlantic city and it's tacos is our eight talisman of sorts. Yeah i think so yeah a few people like i had a couple of gamblers that used to have to eat here before they went. That's patch camelia owned los amigos for forty years and in that time she said more than a few superstitious high rollers swing through her spot for some baja fish tacos or karnataka's does before hitting the tables there <hes> host would bring them in and said every time he tear he's lucky to someone employed by casino to take care of the big gamblers who are also called wales and this one whale couldn't get enough of los amigos so the fellow told me he goes yeah win when i come here so i was like back she it's awesome. It really felt lucky so that was a big plus size ceo. Keep winning. Please this whale. His gambling spot of choice was trump taj. Mahal the now defunct casino previously owned by the forty fifth president of the united states donald j trump if high rollers are whales than the taj. Gosh mall was the most opulent over the top whale sanctuary in the world. When it opened in one thousand nine hundred it was the largest most expensive casino ever built with with its minarets and domes and life-size elephant statues the taj cost nearly a billion dollars and boasted gaming floor the size of three football fields the utterly fantastic trump taj mahal casino resort where every day is a holiday and every night is new year's eve so take a magic ride or the eighth. I wonder of the world that trump taj mahal casino resort in atlantic city new casino the eighth wonder of the world wonder the pyramid of giza thought about that pop superstar michael jackson and supermodel elle macphearson were on hand for the grand opening so was lifestyles of the rich and famous robin leach because you know why not at times mahal casino is the wonder of the world on that diet thing. The beloved glum ranked nine seventy five thousand fan dan. He's swept away but they didn't stop the casino. Take topping two million dollars for the day away from the throng. I asked donald bringing in michael was his ultimate from michael taj mahal. He's my friend. He's a tremendous talent and it's really my honor. It's <hes> it's a big day for me. Shout shoutout to robin leach for using trump card in an absolutely on ironic way in addition to its other superlatives taj was the most lucrative casino in the world hauling and hundreds of thousands of dollars a day at least for a while but then just a year after it opened atlantic city's most glittery diamond and the crown joel in trump's casino empire went bankrupt a year after that trump's to other new jersey casinos also filed for bankruptcy by the time the final dice were thrown at the taj gaj. Two thousand sixteen trump's casino operation had gone bankrupt six times trump entertainment resorts the holding company that owned trump's casinos gino's was the only public company trump ever ran and every year that trump was in charge lost money in spite of that it's c._e._o. Donald j trump pulled down seven-figure bonuses year after year. The story of trump entertainment resorts is a story with many things it's about the basic supply and demand the relationship nation ship between a slick developer and desperate city and the consequences of gambling with other people's money and livelihoods and losing. I'm lauren over and from american american public media and the carlson school of management at the university of minnesota. This is spectacular failures. The show that goes all in on failure even the lady luck isn't always on our carside. If you've ever been to an american beach you have probably felt the presence of of atlantic city in the form of salt water taffy that sticky coastal confection that can be found in every cianci shop selling seashell jewelry and t shirts that read life life is better in flip flops salt water taffy was invented in atlantic city in the late eighteen eighty. S legend has it that a. storm dumped ocean water on an early batch of the candy hence its name but more likely the treats and vendor was just really good at marketing and that's also the story of the queen of resorts herself atlantic city in its early days. Atlantic city was billed as a health resort. The idea was air. There would cure people of illnesses and i and i love the the references is that they promised that if you come to atlantic city that you'll get lots of ozone that's bryant simon. He's a history professor at temple university university and the author of the book boardwalk dreams atlantic city and the fate of urban america and i can tell you from a recent trip to jersey's most famous shore i i took in tons of ozone and now cure to the vapors by the early nineteen hundreds atlantic city had shed its health resort vibe and started attracting a new white middle-class middle-class who suddenly had leisure time thanks tweet changing american economy as a destination atlantic city offered affordable luxury for the masses and it was a place to dress surf and march and say look i have enough money to take a week off and dress up and do nothing and that quickly became the more important thing the thing that make atlantic city america's first great middle class resort disneyland before there was disneyland. The key feature was the boardwalk with a capital be legged the most expensive monopoly property the original four mile long wooden walkway as wide is a two lane highway in some places was finished in one thousand nine hundred sixteen ecksteen and it was one of the most important promenades of the day a place to see and be seen people on the boardwalk save their best clothes so when they walk down the boardwalk and they weren't to muir clothing they were meant to be ostentatious and over the top pants that were cre- three so sharply they could cut you in the middle of the summer. Women wearing cashmere sweaters with mink stole is not worrying about sweating adding they wanted you to notice them being stole and at the heart of that gray was this ride down the boardwalk in a rowing chair. The rolling chair was one of the most unique attractions early atlantic city and one of the most troubling so think of a two person chair made out of wicker and then give it wheels and a handle the back so it can be pushed. It's like rickshaw but there's no real transportation purpose. The people getting pushed along had no particular place to go and the job of rolling chair pusher her that was generally reserved for black matte. It was a fantasy for white immigrants who sometimes we're not included in the american story for jews particularly securely for italians for the irish to be fully made into americans and how do you become fully made into americans. He become white and in part of being wade is controlling black labor. I mean that is a story of america. This boardwalk novelty along with the elegant hotels and restaurants staff by black workers allowed white vacationers to live out their race and class role playing fantasies and this friction would permeate the city for decades to come simon jokes that atlantic city's heyday was when everything along the boardwalk was shiny and new leg almost one hundred years ago but at least from a population standpoint he's right the city topped out at six thousand year round residents in nineteen thirty around that time prohibition brought all kinds of narrative wells to town doing things things that near dwells do boozing booze halls flopping and flop-houses your garden variety hustling by were to the city had tidied itself up in pitched into the war effort housing convalescing soldiers in the city's grand jazz age hotels and it's still captured a place in the country's imagination again it alantic city we will walk in a dream will be deep teaches and that is the timeless voice of mr dick haymes but everything wasn't peaches graham for atlantic city. Those war were to progress the city ground to a halt. This is the place that lives on fumes for a long time business. Hold out in the nineteen fifties. It's passed the tate. There's not a lot investment. There's not much new housing being built so it's really one of these places michael american cities where the heyday is nine hundred twenty nine plus as the the country's black population became more upwardly mobile and began vacationing at the shore a lot of white people were treated to the burbs and the backyard pools therein you know near-standard grouse white flight story i would argue that race and racism kill atlantic city that middle class whites no longer wanted to vacation in places that were diverse and they went to seek places that create that exclusion and that's disneyland in nineteen sixty four the city tried to pretty itself up for the democratic national convention but reporters still wrote about how trashing the city had become the hotels were in disrepair. The stores were boarded up up and huckster tried to shake people down for money at every turn by the early nineteen seventies. The city was desolate. Brian simon says residents used to joke that you could roll a bowling doing ball down the center of the boardwalk and it wouldn't hit anyone which probably wasn't a hilarious joke. If you ran one of the boardwalks penny arcades or hot dog stands or nine thousand thousands salt water taffy shops local leaders knew they had to make a drastic change. Elsa lennox said he was going to become a ghost town so they proposed a little plan to change change their luck. They would become vegas by the sea. Alantic city used to be the resort area in the country at deteriorated new jersey governor brendan byrne you bet the house on casino gambling in atlantic city in the move broader sense of hope to the place to revitalize it spur jobs and restore its reputation. Yes yes there will be problems like making sure organized. Crime has kept out but as a former judge and prosecutor. That's something i know how to do and as governor that's. That's what i intend to do. In nineteen seventy-six new jersey voters passed a referendum allowing casino gambling in atlantic city before this nevada was the only u s state with a legal eagle gambling operation. The decision was monumental drive around this town enough and you can feel the changes coming. It's not part of the regular seen gene like say salt water taffy but in among those familiar landmarks down the length of atlantic avenue you sense the excitement and challenge of change on the way of course all cities change but a bold new decision sets a city in motion for atlantic city. The decision of the century was casino gambling. Once casinos were legalized that was kind of transformative for the city and made the city a much which much more interesting place to be and to work. That's dan hannigan. He was the gaming writer for the press of atlantic city for twenty years. He also worked at the new new jersey casino control commission so he knows a little something about the business of chance. We're walking along the longest boardwalk in the world on an absolutely scorching hot day hey like i was sweating through my trousers so cute and again remember is that after the referendum the city was deluge with casino bids from all kinds of operators at one point. We counted somewhere around forty six different proposals for casinos. Oh my god that obviously really didn't happen but in order to make way for the glitz and glam new casinos most of the old legendary atlantic city hotels including the trae more and the marlboro blend more demolished mollis because when the chips are down you better put on your boettger vase double down and go for broke. The first casino to open in atlantic city was resorts which which is like a who's on first situation resorts actually the worst name for a resort demise the only one who thinks this anyway the hype around resorts opening was huge resorts opened. It was swamped. It was absolutely mocked the biggest problem they had they didn't have to do any marketing. They had. They had to deal with crowd control. They couldn't count the money that they won fast enough right and they would run out of coin. Here's how old paper bird the press of atlantic city described resorts opening at the time quote. The wheels are spinning in the dice. Rolling in the coins are linking in the grand ole. Damn damn atlantic. City has a saucy swivel in her hip. She never had before the city will never be the same again and that writer was correct. The city was never the same but perhaps not in the way the writer expected resort was part of the first wave of casinos to open in atlantic city. It was followed closely by caesar's bally's and harrah's all vegas mainstays nine casinos opened in the span of three years and they were great for the city. They brought that year round employment and tax revenue plus. The building boom made the city feel alive again but then hit the wall and the number of casinos casino space had grown faster than the demand for it did so in nineteen eighty-one or so places losing money basically there were too many casinos and not enough gamblers and it was in that environment that trump i came to town. We're going to take a quick break so i can go hit. The slots big money big money big money when we come back how donald trump's casino empire took shape and with the help of junk bonds eighteen hundred lawsuits and an illegal three point five million dollar loan from daddy trump and then of the whole operation fell apart <music> and spectacular failures is supported by ziprecruiter hiring used to be hard multiple job sites stacks of resumes confusing review process but today <unk> hiring can be easy and you only have to go to one place to get it done. Ziprecruiter dot com com slash failure ziprecruiter sends your job to over one hundred of the web's leading job boards but they don't stop there with their powerful matching technology technology ziprecruiter scans thousands of resumes to find people with the right experience invites them to apply to your job as applications come in ziprecruiter analyzes analyzes each one and spotlights the top candidates so you never have to miss a great match four out of five employers who post on ziprecruiter get a quality candidate through the site within the first day and right now. My listeners can try ziprecruiter for free at this exclusive web address ziprecruiter recruiter dot com slash failure that ziprecruiter dot com slash f. a. I l. u. R. e. ziprecruiter dot com slash failure ziprecruiter ziprecruiter the smartest way to hire a failure fans a big part of what makes spectacular failures special you. Yes you our listeners. That's why we'd like like your help to plan for the future of the show by filling out a short survey super short so short about the season so far your responses will help us understand what you like about the show. Hopefully the whole thing what things we could improve on hopefully only like two things and what things you might want to see in the future just visit it's spectacular failures dot org slash survey once again. That's spectacular failures dot org slash survey. I really really hope you'll participate taping across thank you. I am not a gambler. I feel like it's real important to flag that up front. I know that we let has a wheel and crafts has a bunch of days and if you play any game long enough the house will eventually win. The first time i ever went to a casino i expected it to be like monte carlo with glamorous gowns and tuxedos. Everyone would be smoking allies. Drinking martini shaken not stirred not so casinos is at least in america are for the masses and recently at atlantic city's golden nugget casino. My producer whitney and i were those masses oh okay. I'm not playing twenty five dollars thing. I never bear to the golden. Nugget is the eighth best ranked casino. Yeah no out of nine. According to the news website nj dot com the casino features about fifteen hundred slot machines which person with sensitive ears like me about fourteen hundred ninety ninety nine slot machines too many in the machines. It was hard to know which one to pick way which came should we play beer house. Spartacus napoleon josephine pirate tyrod ship or the double diamond deluxe trouble diamonds we settled on the game called triple double diamond and fed fed a five dollar bill into the machine sadly. We didn't quite know how to play today's one armed. Bandits are just a bunch of flashing buttons and loud dings the recently video games with oh fun levers to pull so this isn't replaying. We're playing the slots right now yeah yeah. Do you wanna play the remaining no you're you're doing great in fact. I wasn't gonna get that triple. Diamond cut to three minutes later predominant <hes> sala money. You lost all my money so now. The golden gate is five dollars richer. You're welcome casino. We picked the golden nugget not because of what it is now but because of what it used used to be see before the golden nugget was the eighth best casino in atlantic city it began its life as part of donald trump's gaming empire it. Ah in the late seventies trump was just beginning to grow his real estate development business one of his early projects was the commodore hotel in midtown manhattan in the middle of the commodore deal trump got wind of just how much money a mid tier casino could bring in this is from his book the art of the deal now now for the first time it occurred to me that even if i finally got the hotel built and it became a major success in the greatest city in the world it still wouldn't be nearly as profitable as a a moderately successful casino hotel a small desert town in the southwest. I tried to get my producer read that his best trump voice but he refused sat in order to understand the growth of trump's gaming empire. I i understand a little about the man at this time and for that we'll turn to pulitzer. Prize is winning investigative reporter david kay johnston. He's covered trump. Since the late nineteen eighties he was the story atlantic city at two casinos and he's a flamboyant liam character unlike the other casino executives who are boring suits. He was clearly out marketing himself. This impresario johnston says fellow casino owners and state regulators were of the opinion that while trump might be great at selling brand he might not be so hot running gambling operation and they said donald donald is not an operator and i go what do you mean. Donald is not what what does that mean and it was code for other people run the business because he doesn't know anything about the casino she no business as with most things involving trump. The story gets real complicated real fast in one thousand nine hundred eighty. Two trump received a license to run a casino in atlantic atlantic city. The approval hearing took just minutes according to trump had gotten his financing in place and had received all the appropriate permits when he got a call from the c._e._o. Of the company me that owned harrah's casinos they wanted to partner with trump on his new venture and trump was like oh hell yeah partnering with harassment that harrah's would put put up the financing for the project and trump wouldn't have to risk anything and have that all taken care of on his first casino outing that was huge sorry so just like that trump. It added a casino to his growing portfolio of properties so the attraction was this was quick easy money and blow risk. This compared to being developer. Non was never a big developer you know he claims he's the biggest developer in new york. He was nowhere near that. He wasn't even in the top five or ten but this was an easy way to make a lot of money. Trump plaza opened in nineteen eighty-four to great fanfare the casino and hotel up an entire city block doc featured sixty thousand square feet of gaming space it was sleek and flashy and gave the common man a glimpse into brass and class of trump's new york world it also made a lot of cash trump plaza his first casino which is right at the center of the boardwalk was a mighty cash engine that was just spewing spewing money into his pocket left and right shortly after trump plaza opened on the boardwalk trump had the opportunity to open even bigger casino now on the city's marina the hilton hotel chain had built a hugely expensive waterfront casino. The casino control commission denied its application for a license. It's surprising that barron hilton owner of one of the largest hotel chains in the world couldn't get a casino license but donald trump could especially given the criteria doc which former gaming reporter dan hannigan explains are good character honesty integrity. You also have to show things like your financial stability your business ability and a and this applies to everyone involved holding company above up to the parent company and key employees officers directors all have to meet this standard after being denied a license hilton was desperate to get his project on track while simultaneously trying to fend off a takeover by vegas casino mogul steve win so when donald trump called with an offer to buy the stalled casino project hilton reluctantly answered trump borrowed three hundred fifty million then justify okay five million dollar fee off the top to pay himself for the deal and do you name the new operation trump's castle it opened in one thousand nine hundred five just a year after trump plaza plazas roulette wheels started spinning naturally trump's partners in his first casino weren't thrilled about the new purchase which would directly compete with their investment harris hair has sued trump but eventually he just bought out the company's shares again with borrowed money. That lawsuit was just one of nearly eighteen hundred that trump's casinos were involved in despite all those lawsuits david kate johnston says trump was never personally on the hook for anything financially. Donald never had a dollar invested invested in any of his casinos in the first one. He got money upfront from his partners. The second one the hilton he borrowed one hundred percent of the purchase price and took a five million dollar dollar fee off the top for himself the third one same thing he took these events so it never donald trump have a dollar. He had no skin in the game in atlantic city so his rate of return. You can't calculate it's infinite people wanted what trump is selling and that was gold plated grandeur in every man sort sort of luxury and he promoted that using the ultimate equalizer boxing trump plaza was legendary for its fight nights and there was none more legendary than nineteen eighty-eight heavyweight title bout between mike tyson and michael spinks special introductions i in the raiders at this time the gentleman resposible bringing this spectacular event to atlantic city and i would like him to be properly acknowledged the man's excessive business of minimizing the american dream they all of the year's bestselling book the auto the deal is vision and accomplishment made him than essential entrepreneur ladies the new jersey. Thanks had our host for this evening. I'll tap in boxing. Mr donald j trump ringside seats when four fifteen hundred dollars each and every celebrity who is anyone was there that night oprah madonna a handful full of madonna's ex-boyfriends tyson won by a knockout just ninety one seconds in but the match brought in more than seventy million dollars at the time was the highest grossing fight in history over trump plaza casino earned millions more than usual that night thanks to high rollers feeling particularly clearly flush. The donald had become an unstoppable force in atlantic city a fresh off his tyson spinks windfall trump bought the old playboy atlantis casino for sixty three million dollars and renamed at trump regency so if you're keeping track that's three atlantic city property is for trump in five years then came the biggest deal trump's career the taj mahal amidst rate hoopla this week. Donald trump is opening his one billion dollar taj mahal casino in atlantic city. Some economists call it a reckless gamble but the customers we talked to like just fine. This is truly the eighth wonder of the world how is beyond belief from any stanton and we think it's going to be a tremendous success despite the lavish layout it isn't the world's largest casino. These people have come to see what brought them. Here is the resort's charismatic and controversial owner donald trump. That's a pre fox. News bill o'reilly doing inside in addition puff piece on trump in nineteen ninety. Oh simpler times the taj mahal was a beast of resort at the time it was the tallest building in new jersey z. with more than twelve hundred hotel rooms twelve restaurants and strip club because y not but at the end of the day the taj was still just a casino trump's trump's third in what was already over saturated market. When he got his third casino the taj mahal he was competing against himself. You know the when in general motors had the cadillac buick oldsmobile pontiac and the chevrolet they differentiated them trump's three casinos and four hotels. All pretty pretty much attracted the same clientele. The only real difference was how they were financed like trump's to other atlantic city casinos. Taj wasn't trump's original development he he swooped in when the owner of the company developing the property died he then beat out entertainment legend merv griffin for ownership of the casino that would become the taj now this casino wasn't cheap but trump had to have it it promised to be doubling is most disney find casino in the city so he found found a way to finance it and how did trump pay for this leviathan of loot junk bonds now. If you listen to our previous episodes you'll be familiar with the concept act if you're new to the show welcome a junk. Bond is a risky financial product that offers the promise of a big pay for the investor. If the issuer of the bond is successful successful and it can get much needed cash to the bond issue or quickly but it can also put them up to their eyeballs in debt just as fast junk bonds are <hes> basically injecting debt onto the books of your company the same way that <hes> heroin dealers get you inject drugs into your bloodstream and it makes you feel good for a while but unless you have produced really phenomenal prophets the interest rate is so high. You're not going to recover. I'm donald borrowed money in one case at fourteen and a quarter percent interest for one of his casino deals so when you add up all the money that trump owed all over town with his other properties properties plus these junk bonds which by the way he told the casino control commission he wasn't going to use it was more than a billion dollars on the line and trumpet personally guaranteed eight hundred thirty three million dollars of that sometimes when you can't afford your debts you have to ask people for help in trump's case he called on his father fred in one thousand nine hundred shortly after the taj open trump was having trouble making interest payments on one of his loans so bobby trump's sent an emissary to trump's castle to buy is three point five million dollars in chips that were never going to be used but the casino control commission caught wind of this and the casino had to pay a sixty five thousand dollar penalty penalty for accepting an illegal loan still says dan hannigan trump's appeal remained miraculously intact. We all know there was a certain lured of trump that he created this image that big rich powerful guy and folks wanted to because he certainly fed that image here and created a buzz in town anytime he around world. If you have followed even a minute of coverage about trump's presidency this will likely sound familiar to you but in atlantic city the buzz didn't last in nineteen ninety-one things started to go south for trump's casino empire verse trump plaza had to pay a two hundred thousand dollar penalty for discriminating against black and female dealers. Apparently the casino would remove those dealers from the floor. When one particular high roller played you would actually flip out if he saw people dealing cards who aren't white men then the taj mahal filed for bankruptcy buckling under the weight of all those junk bonds trump plaza and trump castle followed with bankruptcies of their own not long after here's trump in nineteen ninety-two explaining his no good very bad year too late night host david letterman. Were you ever near broke. I was never knew broke. I with having a good time and i i. It was a good year to get a divorce. Let's let's go back if you don't mind. What did you have to unload well. I didn't unload. I sold things i saw. I'm channel shuttle is no longer the trump shuttle. I unloaded the wife sue classy what a guy not only lead to trump lose his airline but he was also forced to give up his yacht and other holdings oh and he had been put on an allowance of four hundred fifty thousand dollars a month after all lose bankruptcy proceedings trump's casino operation was desperate for cash so in nineteen ninety five created a public company to house all of his gambling enterprises the stock doc ticker symbol for his company d._j. T donald j trump donald only had one publicly traded company and everybody lost cost money in that company vendors weren't paid worker sometimes weren't paid but donald walked away with at least eighty three million dollars but we're getting ahead of ourselves ourselves between one thousand nine hundred five thousand lots of reshuffling happened in trump's casino operation one property got demolished another renamed and by two thousand one the stock and trump's public company was trading for about the price of a turn on a dollar slot machine not to bigly a in two thousand four trump's public public company trump entertainment resorts filed for chapter eleven so for those playing along at home. We're up to four bankruptcies related to trump's casinos so far then then the baron company was delisted from the new york stock exchange by this point trump's gambling halls were starting to look a little long in the two especially in the shadow of the sexy new got casino. Dan hannigan says because trump's casino company was leveraged to the held. It was hard to find the resources for anything more than quick spit-shine or patch job rob you come down as a player and its place starts to look a little shabby a property nearby that is reinvesting that discloses one restaurant and opened up a brand new one. You're going over there and you're seeing this kind of dynamic property. You come to a place. That's in financial troubling you see something and it loses the successful but deferred maintenance san competition from new properties weren't the only reasons trump's atlantic annex city operation was struggling neighboring states had slowly been legalizing casino gambling since nineteen ninety-three by the mid thousands gamblers had options up and down the eastern turned seaboard so there's a convenience market that would be purely looking for. Can i go and gamble and if it's within my driving distance since twenty minutes i'll go and do that. That's rummy pandit. He's the executive director of the lloyd d levinson institute of gaming hospitality and tourism at stockton university eh. He says this market saturation has forced casino owners to rethink their approach. As time went by other markets in the area opened up pennsylvania kanye delaware new york maryland therefore the shift had to be made which is what atlantic city is looking at doing now is. How can we follow a model. That's going to bring people in as a destination resort sure trump brought boxing and later wrestling sling to atlantic city and trump castle had its own live tv game show called trump card quote card and strip can't forget about that but there it was a lot to differentiate the city or its casinos unlike in las vegas lean dion wasn't doing residencies at the taj and cirque du soleil didn't stage a gasp inducing show at trump plaza in two thousand six atlantic city casino revenue peaked out at five point two billion dollars then the city and its gambling industry took took a tumble and trump's properties were falling faster than the rest in two thousand nine trump entertainment resorts filed for bankruptcy again that brings our tally to five live this time trump was pushed out as chairman of the board though he did retain a ten percent stake in the company for use of his name his daughter ivanka who was is also on the board with scooted on out doors. Well david johnston basically the people who control the enterprise carl icahn and his buddies. They paid donald to go away. Donald had no more marquee value for them. <hes> you know people weren't lining up saying oh we want to go meet donald and they needed to cut down every expense spence they could and feeding donald just was no longer a viable option by two thousand fourteen trump entertainment resorts now under the ownership of buyout king king carl icahn had gone bankrupt one more time that was number six and two out of the three trump casinos closed a year later the treasury department and find the taj mahal ten million dollars for money laundering violations. Something trump's casinos also got popped for back in the nineties. The the final die in the trump casino saga was cast by worthy foe the casino workers union the union charge taj mahal with failing to uphold its collective bargaining agreement agreement that guaranteed employees health care and pension in a proposal trump entertainment resorts suggested that because employees could get obamacare the casino yeah no didn't need to provide healthcare. It could just give fulltime workers. A stipend to pay for healthcare on the change and union was like nope carl icahn. The taj is owner estimated that rehabbing the outdated casino would cost one hundred million dollars. The dispute with the union pushed him over the edge rather than up. The ante icon folded the trump. Taj mahal wants atlantic. City's flashiest casino was done the tar shuttered just hours after then candidate trumps second presidential debate with hillary clinton. Three thousand people lost their jobs naturally his opposition cast the failure as one of the many reasons why the donald wasn't fit to be leader of the free world clinton took that message right to the city's iconic boardwalk. We're we're standing in front of the old trump plaza casino and hotel. Donald trump wants predicted. It will be the biggest. I hit yet now. It's abandoned you can just make out the word trump where it it used to be written in flashy lights a had the letters taken down a few years ago but his presence remains okay looking back. You can totally see why she didn't win so it's fair to ask since he is applying for a job bob what in the world happened here girl. The collapse of trump's atlantic city empire came up over over and over on the campaign trail fox news host chris wallace asked trump about it during one of the republican primary debates questions with that record. Why should we trust crossed you to run the nation's business because i have used the laws of this country just like the greatest people that you read about every day in visit have used the laws of this country chapter laws to do a great job for my company for myself for my employees from my family etc. I have never gone bankrupt by the way i have never but out of one hundred plus acc- serves me. That's your line but the company. What am i saying out of hundreds of deals that i've done hundreds on four occasions. I've taken advantage of the laws of this country like other people. I'm not going to name name the names because i'm not going to embarrass but virtually every person that you read about on the front page of the business section. They've used the differences when somebody else uses those laws. Nobody writes writes about it but then trump was all like you gotta no one to hold them. You gotta know unfold on. Let me just tell you. I had the good sense and i've gotten a lot of credit. In the financial pages seven years ago i left atlantic city before it totally cratered and i made a lot of money in atlantic city and i'm very proud of it. I want to tell you that very very proud of it now. Remember it was six bankruptcies three for the individual casinos and three for the holding company another fact check trump was was pushed out of the public company that he started a knob before he raked in a ton of cash though the casinos investors vendors and workers many of those folks ah haircut david johnston says trump left an indelible stain on the place atlantic city would be a lot better off today. If donald trump had never come to town donald was there just extract as much cash as he could as quickly as he could with no regard for what that means the community today to trump's old casinos have new life trump's castle slash trump. Marina is now the golden nugget and in late twenty sixteen eighteen the seminole tribe which owns the hardrock brand bought the taj mahal for pennies on the dollar and turned it into the hard rock hotel and casino. There is one vestige vestige of trump left in atlantic city and that's the property that started at all the old trump plaza sits derelict in the middle of the boardwalk. The air has not been kind to the building and it's been crumbling for years. Trump's name has been pried off the casino but you can still see the outline of the letters it was scheduled to be demolished in two twenty eighteen but the deadline passed and much like its namesake. It's still standing in games of chance. The house has a built in advantage. Most players will eventually lose and the more times a player plays the more he loses. There is apparently one exception to this rule. President donald j trump radim in weep and spectacular failures is a production of american public media. The the carlson school of management university of minnesota it hosted and produced by me huge luther lauren over winner with the joneses show's producer. Our editor is high roller philip fletcher our theme music is the delightful david shulman other original music in the show comes from the jeremy's jeremy custodio and jeremy ray. Ah laurin d is the interim director podcast a._p._m. Our other seller a._p._n. Buds include eliza dudley tracy mumford and christina lopez big love to the marketplace dc z. bureau especially betsy streisand the a._p._m. Engineering staff johnny vince evans veronica rodriguez inquiry shrapnel our heroes we need but don't deserve sue for lots of thanks go to the following people on a rosen just levy dan zak molly harris lou miller family dinner radio girl gang including bam malinga big bear cafe the throne up and the numero uno michael antonio's book the truth about trump was super helpful for this episode as was making donald trump by our pal david johnson thin and thanks so much to you are extremely successful listeners for checking the show out. This is the last episode of the season but hit us up online. We are in all the places says and finally much gratitude to patch mealy at loose amigos for saving us from the casino buffets with her delicious league tacos. Dolly parton has been here. Wait what dolly parton miss stop it yeah. She cindy waiting honor the stairs and she's tinier than cindy. I feel like i wanna cry right now. Because the biggest casale part so thrilled that you came in and she came she came eighty here <music> now for some business with professor gordon birch. He's a mcknight presidential fellow at the carlson in school of management university of minnesota and he has some advice for anyone considering a side hustle in the gig economy. I think it really important to take a moment oh man and being mindful of where my costs coming from. How much did i spend on gas. What was the depreciation on my vehicle on the additional miles. I drove how much did did. I pay for insurance. People typically don't think about those things they need to and listen up rideshare companies. Maybe the platform should be doing more facilitate that for them. It's a good idea at it probably apply that information in a way that helps people make better decisions to make the market more efficient.

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