(Bloomberg) - Trump Entertainment Resorts Inc. filed for bankruptcy protection overnight before the casino operator’s bondholders could present an involuntary petition. The Chapter 11 petition, filed days after founder Donald Trump quit the board, listed assets of USD 2.06 billion and debt of USD 1.74 billion as of Dec. 31, according to the filing today in U.S. Bankruptcy Court in Camden, New Jersey. This is the third time Trump’s casinos have sought protection from creditors.

While Station Casinos plans to file for bankruptcy in March, a joint venture of the casino company plans to seek financing and break ground within weeks on a USD 200 million American Indian casino in Michigan. Station Casinos spokeswoman Lori Nelson said its tribal gaming contracts wouldn't be affected by the restructuring because contracts are held separately from the casino company's financing structure.

Greektown Casino may halt operations unless it gets bankruptcy court approval to borrow another USD 46 million to stay open and finish its new 400-room hotel, according to a court filing. Creditors are balking at the terms of the financing, which includes millions of dollars in additional fees, calling the terms astounding. The creditors and Greektown appear to be heading for a showdown in U.S. Bankruptcy Court in Detroit on Monday.

As millions of Americans are having problems paying their mortgages, so too are some Atlantic City casinos. Trump Entertainment Resorts became the second casino operator to say it would not make a scheduled loan payment while it tries to work out new terms with its lenders. Last month, Resorts Atlantic City did the same thing, and more could follow. It’s the latest proof that Atlantic City’s casinos, once thought to be recession-proof, are subject to the same financial pressures affecting the rest of America.

Faced with several foreclosure actions and no sources of fresh funding, the owners of the boarded-up Moulin Rouge hotel and a couple of adjacent properties turned to Chapter 11 bankruptcy protection on Nov. 17. Henderson-based CapSource scheduled a foreclosure sale just hours before the bankruptcy filing, representing investors who had loaned owner Moulin Rouge Properties USD 2.5 million.

Greektown Casino is expected to run out of cash in December, hampering its ability to continue operating or to finish building its new hotel, which is slated to open in February, according to documents filed by the Michigan Gaming Control Board. The board that oversees Detroit’s three casinos filed documents in U.S. Bankruptcy Court on Friday asking that a judge deny the casino’s request for a 60-day extension to file a plan to exit bankruptcy.

With banks tightening their belts and consumers tightening their wallets, it's a good time to be Frank Merola. As a bankruptcy attorney specializing in the casino business, Merola – who today joined the restructuring team at investment bank Jefferies & Co. – has been involved in just about every major Chapter 11 case in gaming for the last 15 years.

Las Vegas – The owners of Lake Las Vegas, a 3,592-acre residential and resort development in southern Nevada, have filed for Chapter 11 bankruptcy protection. The filing Thursday in U.S. Bankruptcy Court in Las Vegas came about six months after LLV Holdco LLC, a subsidiary of Las Vegas-based Atalon Group, took over ownership and management of the luxury community in Henderson from owners who defaulted on USD 540 million in loans.

If at first you don’t succeed, try, try again. That seems to be the motto of Tropicana Entertainment LLC, which against all odds is trying to regain ownership of the Tropicana Casino Hotel in Atlantic City. The holding company, a subsidiary of Columbia Sussex Corp., lost control of the property in December when the Casino Control Commission deemed it unfit to run a gaming operation in New Jersey.

Greektown Casino's largest lender asked it to file for bankruptcy protection as a condition of lending it more money, state regulators said Monday. "Merrill Lynch wasn't extending additional lending unless they filed Chapter 11," said Rick Kalm, executive director for the Michigan Gaming Control Board, which regulates Detroit's three casinos. The board has been aware for four years of Greektown Casino's financial troubles...

Detroit - Greektown Casino has filed for bankruptcy protection, but said Friday its gambling operations and ongoing expansion project that includes a permanent hotel won't be disrupted. Greektown Holdings LLC, Greektown Casino LLC and their affiliates filed for Chapter 11 bankruptcy protection Thursday in U.S. Bankruptcy Court in Detroit after failing to comply with terms of a credit line. "As we reorganize our business and complete our permanent casino construction...

New York (Reuters) - Privately held Casino operator Tropicana Entertainment LLC, which had its New Jersey casino license pulled last year, said it filed for bankruptcy protection on Monday. The Chapter 11 filing marks one of the largest bankruptcies so far this year and underscores a decline in the fortunes of casinos as the gambling boom of the past few years fades in the face of an economic slowdown.