Is Trump in Trouble Again?
The billionaire everyone loves to hate is coming under financial pressure.
DUBAI–The Trump Organization and its partners are halting work on the Trump International Hotel & Tower, a 62-story steel and glass colossus slated for a palm tree-shaped island off Dubai. Mr. Trump had claimed one of the penthouse suites. But demand has collapsed, so state-owned Dubai real-estate developer Nakheel suspended the $790-million project.
CASINOS–Trump Entertainment Resorts, his publicly traded casino business, failed this week to make a scheduled $53 million loan payment while it tries to work out new terms with its lenders. The company’s shares are trading at 25 cents and the company has been in talks with bankers to develop a rescue plan. Granted, Mr. Trump says the company is less than 1% of his personal holdings.
CHICAGO–Mr. Trump is engaged in a bitter legal battle with Deutsche Bank over the fate of his Trump International Hotel & Tower in Chicago, which was slated to be the tallest building in the U.S.
Read all about Mr Trump’s challenges at present here.
