Sure Thing
If there was a “sure thing” investment in the late ’70s, it had to be Atlantic City casinos. A.C. offered the only legal gambling east of Las Vegas. Casinos sprouted like weeds along the famous Boardwalk.
Ever on the lookout for “deals”, Donald J. Trump lent his name and luster to no fewer than four A.C. casino/hotels:
Trump Taj Mahal — Open 1990, Bankrupt 2016, 3,000 workers sued Trump unsuccessfully for health care benefits. Sold and renamed Hard Rock.
Trump Plaza — Open 1994, Bankrupt 2014, Demolished 2021
Trump Marina — Open 1985, Bankrupt 2011. Sold and renamed Golden Nugget
Trump World’s Fair- Open 1996, Demolished 1999
The “very stable genius” bankrupted four casino/hotels. The two he was able to sell became successful once he was no longer involved. This is certainly a guy whose investment acumen I would entrust with my life savings.
Donnie’s latest scam is Truth Social, his version of Twitter or X. When Truth Social became publicly traded earlier this month, James Dean McLain, a tree removal company owner in Oklahoma City, invested his entire $71 K “nest egg” in the stock. Within three days, the stock went from $66 per share to $22. James Dean was unconcerned, “I know good and well it’s in Trump’s hands and he’s got plans. I have no doubt it’s going to explode sometime.”
James Dean is not alone. Todd Schlanger, a Palm Beach interior designer, said that he has invested $20 K and is buying new shares every week. Todd posted the following (on Truth Social of course), “I urge everyone who supports Donald Trump to buy shares every day. Recent drops in share price are the result of Liberals trying to knock it down!”
NOTE TO JAMES DEAN AND TODD: Ask the investors who supported Donnie’s Atlantic City casinos whether those investments are going to explode sometime. Ask them whether it was those evil Liberals who “knocked down” Donnie’s A.C. adventure or whether Donnie is just a lousy businessman.
At least someone is making out on Truth Social. The company lost $58 million last year on $4 million in revenue. That’s less revenue than a typical Chick-fil-A franchise. Unlike your neighborhood Chick-fil-A, Truth Social was generous to its managers. CEO Devin Nunes hauled in a $1 million salary, a $600 K bonus, and $2.6 million in stock options (that are worth much less today)
Investing in a Trump venture is a “sure thing” — a sure failure.
By Ed Dufton
