‘We have a company that’s really got great potential’ — 2005
Though he has acknowledged mistakes in piling crippling debt on Trump Hotels and Casino Resorts, Donald Trump has steadfastly maintained that his resorts were the best-run and highest-performing casinos in Atlantic City.
“The casinos have done very well from a business standpoint,” he told Playboy magazine in 2004. “People agree that they’re well run, they look good and customers love them.”
In reality, the revenue at Mr. Trump’s casinos had consistently lagged behind their competitors’ for a decade before larger forces ravaged the industry. Beginning in 1997, his share of the Atlantic City gambling market began to slip from its peak of 30%.
Revenues at other Atlantic City casinos rose 18% from 1997 through 2002; Mr. Trump’s fell by 1%.
Had Mr. Trump’s revenues grown at the rate of other Atlantic City casinos, his company could have made its interest payments--possibly registered a profit. But w/sagging revenues+high costs, his casinos had too little money for renovations and improvements - are vital for hotels to attract guests. The public company NEVER logged a profitable year.
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