Owner of Trump casinos in Atlantic City files for Chapter 11 bankruptcy protection

MarketsAssociated Press

Trump Entertainment Resorts has become the latest Atlantic City casino owner to file for bankruptcy protection.

The company filed in U.S. Bankruptcy Court in Wilmington, Delaware, on Tuesday, saying it has liabilities of more than $100 million.

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The firm runs two casinos, the Trump Taj Mahal and the soon-to-close Trump Plaza.

The Taj Mahal has had financial problems, and Trump Plaza is scheduled to close next week.

Donald Trump owns a 10 percent stake in the firm, but no longer controls it.

The company last went through bankruptcy in 2009.

Three other Atlantic City casinos have closed this year, as the industry struggles with competition in nearby states.