Trump Entertainment runs out of luck

It looks like the house doesn't always win after all. Trump Entertainment Resorts Inc. filed for Chapter 11 for the third time Tuesday morning as the recession has driven gamblers away from the company's Atlantic City, N.J., casinos.

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The Chapter 11 petition bankruptcy, filed in Camden, N.J., listed less than $50 million in assets and less than $500 million in debt. Nine affiliates including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection. The company missed a chance to avoid the filing last week, when its namesake Donald Trump quit the board on Feb. 13 after bondholders rejected his offer to purchase the company.

For Trump, the filing is a bankruptcy "hat trick." Parts of his Atlantic City casino empire went through Chapter 11 in the 1990s, and Trump Entertainment Inc. itself is the successor company to Trump Hotels & Casino Resorts, which filed bankruptcy in November 2004. - George White

See Dealscape post on Trump Entertainment's distress

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