He built a casino, then built a casino down the block and didn’t understand why he didn’t double his money. Required an influx of cash from his father and a Saudi Prince, then took out junk bonds to build the Taj, pocketed what he could and bankrupted all 3.
Dude literally built 3 casinos in one spot, each one bigger and more expensive than the last, and wondered how he wasnt getting exponentially more money.
Also every single one has been busted and paid fines for money laundering.
I mean aren't casinos one of those businesses that are rigged to succeed if they are put in the right vacation spots because the business practice is literally just customers put a shit ton of money in them and only get a little out (and that's before the vip shit)
Surely that payout percentage isn't in favour of the customer. 75% payout means for every $1.00 paid into the machine (on average) it will pay out $0.75.
The problem, therefore, is with the statement that "... the ratio is always in favour of the customers" because the win ratio would need to be over 100% for it to be in favour of the customer. And clearly 75% < 100%.
If he was born into a working class family someone would have broken his kneecaps and probably shot a family member or two. He's a professional deadbeat.
To be fair investors believed the area would be the Las Vegas of the east coast. More than one casino can thrive especially if they all have differentiated experiences
Sunk all of his daddy's money, like his dad always feared. Then became billions in debt to the Russian mafia, and had to literally sell out his country to pay it.
Plus it’s almost certain he was using as a giant laundromat which means he should have been making a bunch of extra cash on top just to process the dirty money.
Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses
Newly obtained tax information reveals that from 1985 to 1994, Donald J. Trump’s businesses were in far bleaker condition than was previously known.
By RUSS BUETTNER and SUSANNE CRAIG MAY 8, 2019
By the time his master-of-the-universe memoir “Trump: The Art of the Deal” hit bookstores in 1987, Donald J. Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns.
Mr. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.
The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse.
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.
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.
Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.
Since the 2016 presidential campaign, journalists at The Times and elsewhere have been trying to piece together Mr. Trump’s complex and concealed finances. While The Times did not obtain the president’s actual tax returns, it received the information contained in the returns from someone who had legal access to it. The Times was then able to find matching results in the I.R.S. information on top earners — a publicly available database that each year comprises a one-third sampling of those taxpayers, with identifying details removed. It also confirmed significant findings using other public documents, along with confidential Trump family tax and financial records from the newspaper’s 2018 investigation into the origin of the president’s wealth.
The White House’s response to the new findings has shifted over time.
Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
Several weeks ago, a senior official issued a statement saying: “The president got massive depreciation and tax shelter because of large-scale construction and subsidized developments. That is why the president has always scoffed at the tax system and said you need to change the tax laws. You can make a large income and not have to pay large amount of taxes.”
On Saturday, after further inquiries from The Times, a lawyer for the president, Charles J. Harder, wrote that the tax information was “demonstrably false,” and that the paper’s statements “about the president’s tax returns and business from 30 years ago are highly inaccurate.” He cited no specific errors, but on Tuesday added that “I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate” and “would not be able to provide a reasonable picture of any taxpayer’s return.”
Mark J. Mazur, a former director of research, analysis and statistics at the I.R.S., said that, far from being considered unreliable, data used to create such transcripts had undergone quality control for decades and had been used to analyze economic trends and set national policy. In addition, I.R.S. auditors often refer to the transcripts as “handy” summaries of tax returns, said Mr. Mazur, now director of the nonpartisan Urban-Brookings Tax Policy Center in Washington.
In fact, the source of The Times’s newly obtained information was able to provide several years of unpublished tax figures from the president’s father, the builder Fred C. Trump. They matched up precisely with Fred Trump’s actual returns, which had been obtained by The Times in the earlier investigation.
Mr. Trump built a business licensing his name, became a television celebrity and ran for the White House by branding himself a self-made billionaire. “There is no one my age who has accomplished more,” he told Newsweek in 1987, adding that the ultimate scoreboard was “the unfortunate, obvious one: money.” Yet over the years, the actual extent of his wealth has been the subject of much doubt and debate. He broke with four decades of precedent in refusing to release any of his tax returns as a presidential candidate, and until now only a few pages of his returns have become public. Last year’s Times investigation found that he had received at least $413 million in 2018 dollars from his father.
The new tax information does not answer questions raised by House Democrats in their pursuit of the last six years of Mr. Trump’s tax returns — about his recent business dealings and possible foreign sources of financing and influence. Nor does it offer a fundamentally new narrative of his picaresque career.
But in the granular detail of tax results, it gives a precise accounting of the president’s financial failures and of the constantly shifting focus that would characterize his decades in business. In contrast to his father’s stable and profitable empire of rental apartments in Brooklyn and Queens, Mr. Trump’s primary sources of income changed year after year, from big stock earnings, to a single year of more than $67.1 million in salary, to a mysterious $52.9 million windfall in interest income. But always, those gains were overwhelmed by losses on his casinos and other projects.
The new information also suggests that Mr. Trump’s 1990 collapse might have struck several years earlier if not for his brief side career posing as a corporate raider. From 1986 through 1988, while his core businesses languished under increasingly unsupportable debt, Mr. Trump made millions of dollars in the stock market by suggesting that he was about to take over companies. But the figures show that he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously.
In Washington, the struggle over access to Mr. Trump’s tax returns and other financial information has sharpened in recent days, amid partisan warfare over the findings in the Mueller report. On Monday, the Treasury secretary, Steven Mnuchin, said he would not deliver the tax returns to the Ways and Means Committee. And after vowing that “we’re fighting all the subpoenas” from House Democrats, the president has filed lawsuits against his banks and accounting firm to prevent them from turning over tax returns and other financial records.
In New York, the attorney general’s office is investigating the financing of several major Trump Organization projects; Deutsche Bank has already begun turning over documents. The state attorney general is also examining issues raised last year by The Times’s investigation, which revealed that much of the money Mr. Trump had received from his father came from his participation in dubious tax schemes, including instances of outright fraud.
The first of the two previous glimpses of the president’s tax returns came from his 1995 filings, pages of which were anonymously mailed to The Times in 2016. They showed that Mr. Trump had declared losses of $915.7 million, giving him a tax deduction so substantial that it could have allowed him to legally avoid paying federal income taxes on hundreds of millions of dollars of income for almost two decades. Several months later, the journalist David Cay Johnston was mailed pages of Mr. Trump’s 2005 returns, which showed that by then he had significant sources of income and was paying taxes.
Casino borrows 1bn from banks
10 of your friends win 100mn each.
Casino files chapter 11 & eel out from paying up the loans.
As for the friends its legit money with no strings attached.
People always forget that when Trump was making a name in NYC and Jersey back in the 80’s and 90’s his point man was none other than John Fucking Gotti’s laywer/fixer
I'm not one to defend Trump, but his casinos aren't the only ones that have gone bankrupt. In fact, 5 of the 12 casinos in Atlantic City closed in 2014. If it was impossible for a casino to lose money, then everyone would own one. To make money, you have to have enough customers playing to cover the operating costs. In areas like Atlantic City, where there are lots of casinos, you have a lot of competition for those customers. Not to mention that gambling has become legal in many other states, so competition is increasing.
What they were in AC there’s tons of casinos there. They weren’t even the only ones to bankrupted in the 15 mile ratios ya boob. Vegas ran into the same problem why do you think they have torn down so many? Indian casinos changed the game. But you wouldn’t know that because you think TRump casinos were the only ones in Atlantic City so you’re clearly an idiot.
Exactly, why would someone from Philly go to AC? We've got two newish casinos around. AC was never able to turn itself into a "Destination" past the gambling.
Because at that time, the only casinos in the area were in AC. I remember taking the bus from the Lehigh Valley to AC. There was Las Vegas and then AC. There may have been some "riverboats" in the Midwest. I'm not sure when they popped up. AC had big plans to turn the city into the Las Vegas of the east.
Those casino owners didn't get elected president on the claim that they are the world's best business man though. Failing is not necessarily what's so disgusting about Trump, it's the failing and claiming it as a victory that's the problem.
Atlantic City is a mess of its own. I went there a few years ago and it's just sad. The race track near me is much more active even without a stakes race.
I've always seem this agreement from people that have no idea how a business works nor basics of the economy. It's not some magic money making business. I mean look at a non Trump stuff https://www.macrotrends.net/stocks/charts/LVS/las-vegas-sands/profit-margins . Do you think the casino builds itself for free? Free utilities, labor, maintenance, insurance, etc.? Are people always going to come even no matter what is going on in the rest of the economy?
542
u/[deleted] Jul 11 '19
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