section_path: Business career/Real estate/Atlantic City casinos
section_name: Atlantic City casinos
paragraph_text: Atlantic City casinos
  
  In 1984, Trump opened Harrah's at Trump Plaza, a hotel and casino, with financing and management help from the Holiday Corporation. It was unprofitable, and he paid Holiday $70 million in May 1986 to take sole control. In 1985, he bought the unopened Atlantic City Hilton Hotel and renamed it Trump Castle. Both casinos filed for Chapter 11 bankruptcy protection in 1992. Trump bought a third Atlantic City venue in 1988, the Trump Taj Mahal. It was financed with $675 million in junk bonds and completed for $1.1 billion, opening in April 1990. He filed for Chapter 11 bankruptcy protection in 1991. Under the provisions of the restructuring agreement, he gave up half his initial stake and personally guaranteed future performance. To reduce his $900 million of personal debt, he sold the Trump Shuttle airline; his megayacht, the Trump Princess, which had been leased to his casinos and kept docked; and other businesses. In 1995, Trump founded Trump Hotels & Casino Resorts (THCR), which assumed ownership of the Trump Plaza. THCR purchased the Taj Mahal and the Trump Castle in 1996 and went bankrupt in 2004 and 2009, leaving him with 10 percent ownership. He remained chairman until 2009.