Remember when Trump was trying to promote the narrative of himself as a self-made man? He performed all sorts of mental gymnastics to convey the one million dollar loan that his father gave him as “small,” and he was never willing to attribute the entirety of his limited success to that funding. Well, as it turns out, Daddy Trump gave The Donald significantly more than that.
As this 1991 article from the Press of Atlantic City reports, Trump’s father also bailed him out when Trump Castle Casino Resort in Atlantic City was about to fail. The article says that “Donald was about to go into default, finding himself unable to make a $16 million interest payment to bondholders.” That’s when Fred Trump waltzed into the casino, bought $3.5 million in chips, and then walked right back out without even playing.
Again, from the article: “Unfortunately, Donald had run the casino so far into the ground that even daddy’s millions couldn’t save it. Trump Castle Casino Resort opened in 1985. In 1997, he changed the name to Trump Marina. The casino was sold in 2011 during one of Trump Entertainment’s numerous bankruptcy filings.”
So next time a Republican tries to talk up Trump’s business acumen and self-sufficiency, this story might be worth a mention.