Casino operator Trump Entertainment Resorts has filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.

This had been expected since the organization missed their December bond payment of $53.1 million. Donald Trump and daughter Ivanka handed in their resignations from the Board several days before the filing of Chapter 11.

Trump Entertainment Resorts owns several properties in Atlantic City including the Taj Mahal, Trump Plaza and Trump Marina. Casinos in Atlantic City have been doing it tough in recent times due to the economic downturn coupled with the increase in competition from Pennsylvania. This year will see four projects to be opened in Pennsylvania including the Sands Bethlehem Casino. There are already a number of slot parlors that have already opened.

Gambling revenue has dropped 7.8% in Atlantic City since 2008. As December’s revenue has been down 19%, many casino operators have put a halt to major construction projects including the MGM Mirage. Many other casinos in Atlantic City are going through tough times with The Tropicana about to be sold through the courts and the Atlantic City Hilton and Resorts in the process of restructuring their debt agreements.

Despite all this, gamblers at Trump properties will see no change. Trump Chief Executive stated: "This filing will result in no immediate change in our daily operations, and we expect to make no changes regarding our operating structure or philosophy."