NEW YORK, AUG. 15 -- The New Jersey Casino Control Commission today released previously confidential documents concerning Donald J. Trump's empire, showing that the developer could have a negative net worth of as much as $294 million.
The report lists Trump's debts as totaling $3.2 billion and estimates of his assets ranging in value from $2.9 billion to $4.6 billion. The document also shows that without a $65 million bank bailout and partial suspension of debt payments, Trump's operations were on a pace to have a negative cash flow of $106 million between May 1990 and April 1991.
Essentially, the report spells out just how leveraged Trump became in amassing the debts he fondly calls his "trophies" over the past decade. While the Plaza Hotel, Trump Shuttle and Taj Mahal contributed to building Trump's image as a purveyor of glitz, the document shows that their purchase contributed to his near ruin.
The report was released by the commission after New Jersey State Supreme Court Justice Alan B. Handler declined to hear an appeal by Trump's attorneys to obtain a stay of an earlier commission ruling to unseal financial reports relating to Trump's $65 million bank deal.
The commission, which must approve the loan for it to close, is scheduled to hold hearings Thursday and Friday.
The most sensitive document appears to be a review of Trump's assets by the accounting firm of Kenneth Leventhal & Co. dated June 14. That firm is working with the banks to put the Trump organization on sound financial footing.
The Leventhal report shows that, without the bank deal, Trump would have personal and household expenses of $6.2 million between May 1990 and April 1991. Under the bank arrangement, his personal spending is limited to $450,000 per month in 1990, $375,000 a month in 1991 and $300,000 a month thereafter.
The report also anticipates that the cost of maintaining Trump's yacht, the Trump Princess, would be $9.3 million per year. The Trump Regency Hotel is expected to lose $5.6 million, the Trump Castle Hotel & Casino is slated to lose $21.5 million, and keeping up a vacant 70-acre real estate parcel on Manhattan's West Side is expected to cost $18.7 million.
In fact, on a list of 22 assets owned by Trump, only three are expected to show a profit in the next 12 months.
The document anticipates that Trump's soon-to-be-released book, "Trump: Surviving at the Top," will net the developer $1.1 million. Royalties from his board game will amount to $261,000.