{"id":104429,"date":"2019-05-08T05:51:04","date_gmt":"2019-05-08T12:51:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=104429"},"modified":"2019-05-08T05:51:04","modified_gmt":"2019-05-08T12:51:04","slug":"alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/","title":{"rendered":"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses"},"content":{"rendered":"

Purported printouts of Donald Trump tax transcripts from the mid-1980s to mid-1990s obtained by the New York Times<\/em> reveal he lost $1.17 billion — reportedly more than any other individual American — at a time when casinos formed a core part of his business.<\/p>\n

\"Trump
Donald Trump pictured in front of the Trump Taj Mahal circa 1990. He described the casino as \u201cthe eighth wonder of the world.\u201d A year later, it was the first wonder of the world to go bankrupt. (Image: Getty)<\/figcaption><\/figure>\n

The picture NYT<\/em> paints shows a period of rampant borrowing, acquisition, and financial loss to the extent that Trump was not required to pay income taxes for eight of the 10 years covered by the NYT<\/em> records.<\/p>\n

Charles Harder, a lawyer for the president, described the information as \u201chighly inaccurate.\u201d<\/p>\n

That Trump\u2019s Atlantic City casino businesses struggled is nothing new — he sought bankruptcy protection in 1991 for the Trump Taj Mahal, a year after it opened — and then again in 2006 and 2009 — despite a controversial $65 million bailout from the State of New Jersey.<\/p>\n

Trump himself has admitted that his casinos were plagued by high debt and faltering revenues sparked by the recessions of the early 1990s and late 2000s, but it has long been speculated that he got out of Atlantic City relatively unscathed \u2013 after all, he said so himself.<\/p>\n

Trump Taj Debt Hole<\/strong><\/h2>\n

\u201cAtlantic City fueled a lot of growth for me,\u201d said Trump in May 2016. \u201cThe money I took out of there was incredible.\u201d<\/p>\n

But while the NYT<\/em> numbers only present a decade of Trump\u2019s secretly guarded finances, they suggest — if accurate — that 1990 and 1991 were a personal disaster financially.<\/p>\n

\n

Allegedly, he reported combined losses of $517.6 million for those two years. Over the following three years, his core businesses lost an additional $286.9 million, NYT<\/em> claims.<\/p>\n<\/div>\n

The Trump Taj Mahal<\/a> Hotel and Casino opened in 1990<\/a>, partly financed with $675\u00a0million in junk bonds. Had recession not kicked in that year, it might have been a gamble that paid off for Trump, but the casino failed to generate enough to cover the high interest rates on the bonds. This sucked up revenues from his other casinos, pushing the business towards chapter 11 reorganization.<\/p>\n

Trump quit the casino business in 2009, after the third bankruptcy restructuring of his casino company, Trump Hotels & Casino Resorts, although he retained 10 percent until 2014 when the billionaire Carl Icahn rescued the business from another bankruptcy.<\/p>\n

Is Trump Tax Leak Illegal?<\/strong><\/h2>\n

NYT<\/em> claims it received the information contained in the returns — which would likely to have run into thousands and thousands of pages and supporting documents — from someone who had \u201clegal access\u201d to the them.<\/p>\n

It is a felony, punishable by up to five years, to improperly disclose private tax information.<\/p>\n

In 2017, the journalist David Clay Johnston claimed he had been mailed pages of Trump\u2019s tax returns anonymously. The pages showed Trump had large sources of income and was paying his taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"

Purported printouts of Donald Trump tax transcripts from the mid-1980s to mid-1990s obtained by the New York Times reveal he lost $1.17 billion — reportedly more than any other individual American — at a time when casinos formed a core part of his business. The picture NYT paints shows a period of rampant borrowing, acquisition, […]<\/p>\n","protected":false},"author":36,"featured_media":104431,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,18,61],"tags":[],"acf":[],"yoast_head":"\nAlleged Trump Tax Records Show Extent of Atlantic City Casino Losses<\/title>\n<meta name=\"description\" content=\"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses\" \/>\n<meta property=\"og:description\" content=\"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-08T12:51:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"802\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/\",\"url\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/\",\"name\":\"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg\",\"datePublished\":\"2019-05-08T12:51:04+00:00\",\"dateModified\":\"2019-05-08T12:51:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg\",\"width\":1200,\"height\":802,\"caption\":\"Donald Trump pictured in front of the Trump Taj Mahal circa 1990. He described the casino as \u201cthe eighth wonder of the world.\u201d A year later, it was the first wonder of the world to go bankrupt. (Image: Getty)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Politics\",\"item\":\"https:\/\/www.casino.org\/news\/politics\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\",\"name\":\"Philip Conneller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"caption\":\"Philip Conneller\"},\"description\":\"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/philip-conneller\",\"https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk\",\"https:\/\/x.com\/casinoorgphilc\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses","description":"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses","og_description":"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.","og_url":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-05-08T12:51:04+00:00","og_image":[{"width":1200,"height":802,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg","type":"image\/jpeg"}],"author":"Philip Conneller","twitter_card":"summary_large_image","twitter_creator":"@casinoorgphilc","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Philip Conneller","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/","url":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/","name":"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg","datePublished":"2019-05-08T12:51:04+00:00","dateModified":"2019-05-08T12:51:04+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b"},"description":"NYT claims to have leaked IRS transcripts of Donald Trump\u2019s tax returns from 1985 to 1994 that show business was in bad shape, including AC casinos.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Trump-Taj.jpg","width":1200,"height":802,"caption":"Donald Trump pictured in front of the Trump Taj Mahal circa 1990. He described the casino as \u201cthe eighth wonder of the world.\u201d A year later, it was the first wonder of the world to go bankrupt. (Image: Getty)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/alleged-trump-tax-records-show-extent-of-atlantic-city-casino-losses\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Politics","item":"https:\/\/www.casino.org\/news\/politics\/"},{"@type":"ListItem","position":3,"name":"Alleged Trump Tax Records Show Extent of Atlantic City Casino Losses"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b","name":"Philip Conneller","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","caption":"Philip Conneller"},"description":"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.","sameAs":["https:\/\/muckrack.com\/philip-conneller","https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk","https:\/\/x.com\/casinoorgphilc"],"url":"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/104429"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=104429"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/104429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/104431"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=104429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=104429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=104429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}