![]() In 1985, he acquired the Atlantic City Hilton Hotel, which became Trump's Castle Hotel Casino before being renamed the Trump Marina. Trump's Atlantic City casino business had begun in the 1980s. Meanwhile, his network of casinos in Atlantic City increasingly looked like an enormous disaster zone. On the home front, he was engaged in a divorce battle with Ivana. ![]() Visit Business Insider's homepage for more stories.īack in 1990, darkening clouds were gathering over Donald Trump, who was beset by personal and business problems.Following the casino bankruptcy, Trump was given 5% of shares in the new company, conflicting with tax rules around abandonment that insist that business owners get nothing of value from the company they're leaving behind.Using a provision known as "abandonment" in the US tax code, Trump was able to leverage the severing of his relationship to the Atlantic City casinos in 2009 and their losses to claim a tax refund of $72.9 million, as reported by the NYT last Sunday.In the 1990s it was reported that his Atlantic City, NJ, businesses were facing financial collapse, but Trump managed to benefit from the losses.Trump's casino business begun in the 1980s and included properties such as the Trump Marina, the Trump Plaza Hotel and Casino, and the Taj Mahal.Account icon An icon in the shape of a person's head and shoulders.
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