Slowly, but surely, the myth that Donald Trump is a great businessman is slowly crumbling as it has been revealed that the hotels that Trump managed lost $1.7 billion over 15 years.
Trump served as chairman and sometimes CEO of publicly traded Trump Hotels, later renamed Trump Entertainment Resorts, from mid-1995 to its second bankruptcy, in early 2009. Over that period he leveraged his gaming properties to such heights that he gravely impaired their prospects.
From its IPO in 1995 through two separate bankruptcies in 2004 and 2009, Trump Hotels—and its successor, Trump Entertainment—never made money. Year after year its operating profits were decimated by gigantic interest costs. Over the almost 15 years that Trump served as chairman, the casino company posted net losses, excluding extraordinary items, totaling nearly $1.7 billion.