Donald Trump: 'Atlantic City Has Always Cannibalized Itself'
PHILADELPHIA (CBS) – Dick Morris and Gary R'Nel spoke with Donald Trump on 1210 WPHT about his lawsuit to get his name removed from the Trump Plaza and Trump Taj Majal in Atlantic City.
Trump said he is not connected with either property, and no longer wants them associated with his name.
"I haven't been there in years. I sold it and got out. I haven't been there for many years actually and other people are running it, they're managing it. We gave them a license and unfortunately, they're violating the license because it has to be operated in a certain fashion. Atlantic City has a lot of problems."
He indicated that the town's golden era has been over for a while and does not see a bright future there for gaming.
"Seventy-five percent of the casinos in Atlantic City have gone bankrupt or will be bankrupt and probably, it's going to go much higher than that. The world changed. I have great fond memories of Atlantic City because I was there at the beginning and did great with Atlantic City."
Trump explained that the difference between Atlantic City and Las Vegas is new casinos Las Vegas bring in more revenue for the entire industry, but that is not the case for Atlantic City.
"Las Vegas has survived because it's a different model. Atlantic City has always cannibalized itself. It's always taken from other casinos. If they built a casino the market would stay the same and every casino would do less, whereas in Las Vegas, when you built a casino, the market would expand. I have a great building, a very, very successful hotel in Las Vegas."