Happier Times
This is a photo of Donald Trump, Fred Trump, and Mayor Ed Koch. Take in July 1982, they might have seemed very happy. However, Trump was about to be in for financial losses in a matter of years because his New Jersey casino business could not turn a profit. He bought Atlantic City properties, which caused such terrible financial performances that Trump had to sell off Trump Shuttle, his declining airline, and Trump Princess, his mega-yacht. On top of that, he needed to restructure his debt. In 1995, he finished consolidating his casinos under Trump Hotels & Casino Resorts. The company had to go bankruptcy restructuring twice: in 2004 and in 2009.
Happier Times
Football Fan
The Atlantic City casino properties were not his only failed attempt at business in New Jersey. He also hired Walt Michaels to be the Head Coach of the New Jersey Generals, his team in the United States Football League. He acquired the team in 1983 and hoped to turn USFL into a serious contender of the more famous National Football League. Sadly, it proved to be the wrong move for him. Many teams were already losing money when he tried to move the schedule of the league from spring/summer to fall/winter in order to compete with the NFL. Even though the USFL filed and won an antitrust suit against the NFL, this was a “victory in name only” and only received $1 for it. By then, many teams were unable to keep up with the costs of running the teams, which was the reason the league just disbanded.
Football Fan
