3Trump declared bankruptcy 6 times
Photo by Michael Vadon / CC BY 2.0
“You’ve taken business bankruptcies six times.”
– Hillary Clinton
“On occasion – four times – we used certain laws that are there.”
– Donald Trump
It is six times. Trump told Washington Post that he counted his first three bankruptcies as just one.
A bad bet on the Taj Mahal casino in Atlantic City in 1991 resulted in his first and most significant of his companies that had filed for bankruptcy. Washington Post reported that even though the approvals needed for Taj Mahal were obtained, the prime-rate loans never materialized – leading him to turn to junk bonds that were defaulted on. The bankruptcy of his other two Atlantic City casinos as well as one of his property, the Plaza Hotel in New York, ensued in 1992 following the massive debts faced.
In 2004, Trump Hotels & Casino Resorts filed for bankruptcy court protection after accruing an estimated of 1.8 billion in debt, as reported by NBC News. The sixth bankruptcy was filed in 2009 for Trump Entertainment Resorts, according to CNN.
