Bondholders seize Trump casinos while he keeps brand and stake

New Jersey casino regulators approved a reorganization that let Avenue Capital bondholders take control of Trump Entertainment Resorts and slash roughly 80% of its $1.8 billion debt, while Trump retained 10% ownership and lucrative naming rights. Trump celebrated the deal as a "great victory" and bragged, "We got rid of so much debt, and we have the best brand in town," underscoring his pattern of using repeated bankruptcies to jettison obligations while preserving personal upside.

"This was a great victory for us... We got rid of so much debt, and we have the best brand in town, by far." — Trump interview after NJ Casino Control Commission approval, July 14, 2010