How did Trump lose $916 million in a year that was very good for Atlantic City casinos?

[4lbs]

This article from 1996 showed that year 1995 was very good for Atlantic City, with an increase of 8.2% in casino revenue and a 15% increase in operating profit. The economy in the country was very good, and that was reflected in the increased tourism and visitation of all US casinos, including Atlantic City.

Yes, the following article is the Las Vegas Sun, but it talks about Atlantic City.

"Casino Win up 8.2% in 1995"
Saturday, March 30, 1996

http://lasvegassun.com/news/1996/mar/30/casino-win-up-82-percent-in-1995/

<snip>
The gaming halls together reported revenue of $4.08 billion, up from $3.77 billion in 1994.

Nicholas R. Amato, executive director of the Casino Association of New Jersey, said Friday that several reasons contributed to the casinos' strong 1995.

"Expansions and renovations of existing casino facilities (allowed) the Atlantic City casinos to provide more slot machines and new games," Amato said. "This when combined with management's ability to contain costs were major contributing factors for the successful 1995."

...

Trump Taj Mahal led the 12 gambling halls with 1995 revenues of $553.7 million, followed by Caesars Atlantic City Hotel Casino with $395.2 million.

The 12 casinos also reported 1995 gross operating profits of $1 billion, a 15.3 percent increase over the $869.8 million reported in 1994.

...

Listed below are the casinos, their revenue for 1995, revenue for the same period in 1994 (negative revenue in parentheses), percentage change:

...

-Trump's Castle: $305.5 million, $283.9 million, 7 percent.

-Trump Plaza Hotel and Casino: $329.7 million, $293.9 million, 10.8 percent.

-Trump Taj Mahal Casino Resort: $553.7 million, $517.2 million, 6.6 percent.
<snip>


So, Trump's three Atlantic City casinos took in over $1.1 BILLION in revenue in 1995, an increase of more than 8% from the previous year.

Yet, somehow, he managed to lose $916 million. From the revenue of $1.1. BILLION from 3 casinos.

"smart" ?

"genius" ?

[TreasonousBastard]

1. Here's the guy who teaches tax law explaining it...

http://www.thedailybeast.com/articles/2016/10/03/art-of-the-steal-this-is-how-trump-lost-916m-and-avoided-tax.html

Basically, he was overleveraged in junk bonds and not a very good manager.

[4lbs]

2. That makes it even worse. Junk bonds. The same stuff that Milken was doing and eventually

jailed for in 1989 when he engaged in insider trading to pump his junk bonds.

Pretty much Gordon Gekko stuff.

Trump was played for a sucker like millions of "regular" people.

Not very "smart" or "genius".

[TreasonousBastard]

6. If you read the article-- it gets worse. He's an idiot. An arrogant idiot.

[jehop61]

7. I read the prospectus

for some of those bonds back in the day. They matured 100 years from the date of issue.

[world wide wally]

3. Do the world a favor and lock him up.

Don't even pad the walls

[imanamerican63]

4. He's a genius!?!?!?!?

Well maybe not?

[Nye Bevan]

5. Come on. We all know how hard it is to make money when you own a casino.

The complimentary buffets don't pay for themselves, you know.