Angry Donald Trump wants Name gone from Trump Plaza, Taj Mahal
Atlantic City casinos are struggling so badly these days that Donald Trump doesn’t want his name associated with them any more. The real estate mogul and reality TV star is suing Trump Entertainment Resorts to get his name removed from two of their casino properties.
The deal in place between the two sides is that Trump retains a 10% stake in the company by lending his name to the Trump Plaza and Trump Taj Mahal. However, the 68-year-old feels that the arrangement has been broken because the quality of both casinos has fallen so low that it damages his brand and reputation. Here’s one excerpt from his lawsuit:
Since Mr. Trump left Atlantic City many years ago, the license entities have allowed the casino properties to fall into an utter state of disrepair and have otherwise failed to operate and manage the casino properties in accordance with the high standards of quality and luxury required under the license agreement. The Trump name … has become synonymous with the highest levels of quality, luxury, prestige and success.
Based on what he deems to be poor quality, Trump especially wants it to be known that he has nothing to do with making executive decisions for the casinos. “I want it (my name) off both of them,” he said. “I’ve been away from Atlantic City for many years. People think we operate (the company), and we don’t. It’s not us. It’s not me.”
Trump gave up most of his ownership in Trump Entertainment Resorts following four appearances in bankruptcy court. He was allowed to keep 10% of his stake in exchange for his name, while corporate entities make the main decisions behind the company. One decision that Donald wasn’t particularly happy about involved when Trump Plaza laid off 1,000 workers and announced a planned closing date of September 16th, 2014.
Over the past few years, Trump believes that the corporate entities have done a poor job of managing the properties, leading to their demise. Assuming Trump Plaza does close as planned, that would leave the Taj Mahal as the company’s one remaining Atlantic City casino.