Kentucky residents are likely well aware that the current president previously ran a string of gambling establishments in various locations across the country. One such casino, marketed as the "Eighth Wonder of the World," has been in bankruptcy for some time now, and has finally been sold, with many of its contents sold off to the highest bidder.
The Taj Mahal Casino was sold to another casino company for about $50 million dollars. While that might seem like a huge some to most Kentucky residents, it is a paltry amount considering that the current president paid around $1.2 billion to open the casino. The sale means that the value of the property dropped to about 40 percent of what it was when it opened in 1990.
The assets of the Taj Mahal will be liquidated at a sale that will include items such as poker tables, pianos, paintings and sculptures, and the chandeliers that helped make the casino famous. Everything must be sold, and the proceeds will presumably be parceled out to the numerous creditors left in the wake of the bankruptcy.
While this may be the end for the Taj Mahal casino, business bankruptcies don't have to end this way. In some cases, depending upon the business and its debts and potential income, a reorganization plan can be implemented that will allow the company to continue to operate. In other cases, the bankruptcy will allow an owner to wind down operations and have a trustee determine which creditors get paid out of the remaining assets of the corporation. Bankruptcy can happen to companies large and small, for many reasons. Those who are having trouble making payments on their business accounts may wish to explore business bankruptcy.
Source: Kentucky.com" Fans of Trump Taj Mahal can take a piece of the casino home," Associated Press, July 5, 2017