It was an easy day for Trump’s Atlantic City casino.
He had won the election, he had the support of the casino industry, and the company that owned the property, GSN, had a $1 billion loan guarantee.
But after he won, Trump lost nearly $200 million.
The Trump Organization was in the process of selling the property to another casino company.
He needed to find a way to make it work.
That’s when the casino came to him.
Trump wanted to buy the casino outright.
He would have to pay GSN a guaranteed $1.5 billion for it.
And the Trump Organization would have access to the assets of GSN without paying the company’s creditors, which include the state of New Jersey.
He asked for the money.
He received it.
Trump had a big problem.
The deal was a bit of a mess, and GSN had been trying to sell the property for years.
At the time, it wasn’t clear if the casino would be worth much, much less than the $1-billion that GSN was asking.
Trump’s initial bid was $8 billion.
He was still trying to figure out how to make the deal work.
But the Trump Administration’s top financial official, Gary Cohn, had told him that he needed to pay $10 billion in capital.
The money Trump was asking for wasn’t just to get the casino out of bankruptcy.
Cohn wanted it to be a way for Trump to be able to sell off the GSN assets without paying his creditors.
So Trump decided to buy GSN.
Cohn was willing to pay more than $10 million to buy out the gambling assets and give Trump control of the Atlantic City property, the source told POLITICO.
Cohn had no idea what Trump wanted with GSN’s assets.
He just knew it had to be profitable, the insider said.
So he agreed to the deal.
The first thing that Trump did with Gsn was to hire former New York Gov.
Michael Bloomberg as his chief of staff, the person said.
Bloomberg was Trump’s longtime financial adviser and confidant.
And Bloomberg helped the Trump administration figure out exactly what kind of casino it wanted.
GSN wasn’t the only company with which Trump wanted access.
He also wanted access to a portion of the Gannett Group’s real estate assets.
The Gannets are the parent company of WME-IMG, a media conglomerate that owns The New York Times and The Wall Street Journal.
Trump also wanted a stake in GSN if he could get his hands on the company.
The company didn’t want to give up its real estate holdings.
And it wasn’t clear how Trump was going to sell his Gannetts real estate.
The person said Trump had no plans to sell a majority stake in the company, even if it meant taking the company public.
But Trump’s plan would put his companies assets into a trust, which he could transfer to the trust.
In the meantime, Gannet had a deal with the Trump family for their entire real estate portfolio.
The trust was set up by the Trump Foundation and is overseen by the billionaire’s adult children, Donald Jr. and Eric.
Trump told Bloomberg he wanted to have a 50/50 ownership interest in the trust as long as his children’s trusts had 50 percent ownership.
Gannette and Trump’s adult sons have a controlling stake in Trump’s real properties.
They also own the golf courses and hotels.
The foundation was supposed to be overseen by Trump’s sons, Donald Trump Jr. (L) and Eric Trump (R).
The Trump family trusts that are overseen by their adult children.
Trump did not have a financial stake in either the GANNET group or GSN Properties.
He and his family also had no stake in his casinos or his golf course business.
The family had a trust set up in Delaware in the name of Trump’s three adult children: Donald Trump, Donald J. Trump, and Eric J. Trumps.
GANNETS’ SINGLE-LEVEL CONTROL The GSN Property was sold to Trump’s family trust.
The two other real estate trusts in Trumps name are the GNN Property Trust and the Trump Global Resorts Trust.
These are not controlled companies and are overseen and managed by the three Trumps.
GNN Properties is the real estate holding company that has a $3 billion loan from GSN and has an agreement to pay the company $8.5 million per year for the next 35 years.
The agreement is meant to help GSN get into the casino business and pay down debt from the failed casino, sources told POLITICO, citing people familiar with the matter.
The loans are supposed to keep the Gsn property afloat through the end of the deal and the end.
The loan agreement was signed in May 2017.
The second trust is the Trump International Hotel & Casino Resorts.
It’s owned by Trump and his children.
It has $1 million