“No one knows investment better than me.”
For “Knowing the King” Trump, the “slap” from reality is very loud. At the end of August this year, Trump Hotel in Canada announced that it had filed for bankruptcy protection. This 3-year-old hotel may face permanent closure.
Of course, this is not the first bankruptcy of an industry under Trump’s name, and I am afraid it will not be the last. Compared with its world-famous credit bankruptcy, Trump’s industrial bankruptcy history is also prominent.
Trump Hotel, which spent hundreds of millions of dollars, shuts down local residents: no regrets
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The Canadian Broadcasting Corporation reported that the Trump International Hotel in Vancouver, Canada will face permanent closure. On August 26, local time, the management company of Trump Hotel “TA Hotel” has filed for bankruptcy locally.
According to the bankruptcy application provided by the hotel, the total assets of the Trump Hotel management company are only $1 million. But the debt is as high as $4.8 million. The creditors’ meeting is scheduled to be held on September 16.
It is reported that this Trump hotel cost a total of 360 million U.S. dollars and has 147 rooms. The design of the hotel is as luxurious as Trump’s other industries. This hotel was designed by the famous designer Arthur Erickson. With 63 floors, it is also the second tallest building in the area after Shangri-La Hotel.
The Trump Hotel is naturally inseparable from Trump. In 2013, businessman Trump visited Canada and finalized the deal. Since then, Trump’s daughter Ivanka even participated in the construction of the hotel. Ivanka is responsible for the spa facilities and services of the hotel.
In February 2017, Trump, who had just assumed the presidency of the United States for only one month, brought his family to Vancouver to cut the ribbon for the Trump Hotel. Trump had expected this building to become a landmark in Vancouver. It is a pity that the life of the landmark only lasted 3 years.\
At present, the hotel has been vacant, and corporate telephones cannot be reached. In April of this year, when the local new crown pneumonia outbreak broke out, the hotel laid off more than 200 employees. Today, the remaining employees don’t even know about the company’s bankruptcy.
However, local residents do not seem to be cold about the bankruptcy of this “landmark”. According to Canada’s “Globe and Mail” report, the vast majority of Vancouver residents interviewed said that they “do not regret” the bankruptcy of Trump Hotel. Residents and politicians even welcomed the permanent closure of the building. Todrien, the former director of urban planning in Vancouver, was even more blunt in the interview —
“The Trump brand is an insult to this city known for its diversity and tolerance.”
As Trump Group’s ace business, hotels have always been Trump’s “fist products”. In addition to this Trump hotel, which is about to close permanently, Trump once owned three other “Trump Hotels” in New York, Chicago, and Washington.
The closure of the Trump Hotel is obviously not a special case.
Before becoming the President of the United States, Trump was already a world-famous businessman. 16 years ago, in his “mentor” reality TV show “The Apprentice”, Trump had “great appreciation” for his investment history.
But “Understanding King” seems to have selectively forgotten many things. Before the permanent closure of the Trump Hotel in Vancouver, similar stories were repeated many times.
In 1988, Trump bought the Plaza Hotel in New York. Four years later, the hotel declared bankruptcy. Trump owed 250 million usd in debt.
In 1990, Trump was burdened with more than $4 billion in debt due to financial problems. His casino “Trump Taj Mahal” declared bankruptcy. One year later, two other casinos named “Trump Castle” also declared bankruptcy. Trump also sold his yachts and airlines for this.
In 2004, “The Apprentice” was broadcast in the United States, and the above three casinos went bankrupt again.
But Trump’s bankruptcy story is not over yet. In 2009, Trump, who won the Golden Raspberry Award for worst supporting actor, overturned his passion in the entertainment industry. Its subsidiary “Trump Entertainment” declared bankruptcy that year.
Also, in 2009, his casino went bankrupt unexpectedly…
Trump’s bankruptcy capacity seems to be obvious to all in the United States. When former US President Clinton talked about Trump, he once described him as “a unique bankruptcy ability.” In August of this year, Bloomberg, the former mayor of New York, who is also a billionaire, even mocked Trump, “Trump always said that he boosted the US economy, but this person who bankrupted his company six times, It seems that I don’t know how to do business.”
Of course, Trump’s investment ability may not be as bad as the Democrats’ attack. But certainly not as superb as he boasted.
At the end of August this year, Trump repeatedly criticized the National Basketball Association (NBA) for becoming a “political organization.” But he may have forgotten that he had a lot of “misunderstandings” about American sports leagues before.
In 1984, Trump spent $10 million to buy the New Jersey generals of the USFL (National Football League) team at the time. At the same time, he missed another NFL (National Football League) team, the Dallas Cowboys.
Later, the New Jersey generals ceased to exist, and Trump’s investment was “flooded.” But the Dallas Cowboys have continued to this day and have become one of the most valuable sports clubs in the world, with a total market value of $5.5 billion.
What’s interesting is that Trump does not admit that he has “taken a blind eye” back then. In 2014, he publicly mocked Jerry Jones, who bought the Dallas Cowboys, on Twitter, “I feel sorry for him.” In August of this year, Forbes announced the world’s most valuable sports club in 2020. The “sad” Jones owns the world’s number one club.
Of course, this is not the end of the story. Back then, in order to add value to his own industry, Trump worked hard to promote the merger of the NFL and the USFL. To this end, Trump came up with a way to bring the NFL to court.
In the end, with Trump’s efforts, the USFL did win this lawsuit. The court announced that the NFL compensated USFL for a symbolic loss of $1. According to the anti-monopoly law, this number will be tripled again to $3.
But the USFL, which won the lawsuit, has since become strangers to the NFL. In the same year, the NFL and the USFL completed the “cut”, and the USFL, in which Trump participated in the investment, was suspended. In 1990, four years after the USFL ceased operations, it received a compensation check for a total of $3.76 including 76 cents of interest.
Then, there is no more. Because the USFL has gone off the stage of history, the $3.76 check cannot be cashed.
36 years later, Trump, who has experienced at least six bankruptcies, may not care too much about this “tens of millions” business. If he were to use Trump’s quotations to make a sentence, he might proudly say, “No one understands the President of the United States better than I do.”