Trump Stiffed Numerous Contractors For Casino Work Performed Decades Ago
President Donald Trump has yet to pay back thousands in old bills to contractors who worked on his Taj Mahal casino in Atlantic City, according to Northjersey.com.
- The casino was bragged about by Trump who called it the “eighth wonder of the world.” However, the project was financed on junk bonds and Trump has yet to pay many of his contractors for their work on the casino.
- Scores of the contractors ultimately had to take out loans to finance their work. The self-described “King of Debt,” Trump ended up owing $70 million to 253 contractors who worked on the casino.
- Steve Jenkins, whose father’s company was never paid back by Trump, said:
“If it was just us, you could understand, but this has been a pattern over his entire career. He’s owned so many failed or fraudulent companies over the years. It’s staggering to me."
- Trump delayed payments so much that contractors had to turn to their own means to finance the project. Desperate to cover expenses, some contractors ended up accepting new offers from Trump. He said he would pay them immediately if they would accept lower amounts than they had initially billed.
- When the Taj Mahal sunk into bankruptcy in 1991, Trump offered to pay contractors only 33 cents on the dollar to what he owed, promising another 50 cents on the dollar later.
- The name Donald Trump is still a sore topic in Atlantic City, with many contractors forced out of business because of Trump’s dealings in the city.
- According to the report, "when Trump gave up the last of his Atlantic City casino holdings in 2009, it ended any chance that contractors would get paid."