The Trump Organization is an international conglomerate that is privately owned and managed by Donald Trump and his three eldest children. Trump Organization serves as the principal holding company for its ventures into real estate development, investing, sales, and property management – which includes residential real estate, hotels, resorts, and golf courses. Other ventures of The Trump Organization include entertainment, publishing, financial services, food and beverages, education, airlines, and beauty pageants. The conglomerate also engages in retail, with its own brand of everything ranging from clothing to home furnishings to steaks.
The Trump Organization began as the real estate developer “Elizabeth Trump & Son” in 1923, which was then run by Donald Trump’s grandmother and father. Following its success, Donald Trump joined the company in 1968 and when given ownership in 1971, renamed the company to “The Trump Organization”.
The Trump Organization invested heavily in properties in Atlantic City during the 1980s to create “Trump Hotels and Casino Resorts”. This subsidiary went on to become a publicly traded company in 1995, selling a share at $14 – of which 56% was still owned by The Trump Organisation.
In 2000, The Trump Organization expanded from residential real estate development, to golf courses. Over the course of decade, The Trump Organization has opened 10 luxury golf clubs in the U.S and Scotland, with memberships costing about $300,000.
Following their casino business’s lack of success in Atlantic City coupled with the U.S. recession of 1990, The Trump Organization has filed for bankruptcy 4 times – in 1991, 1992, 2004, and 2009. After owing almost $1.2 billion in debts and filing for bankruptcy in 2004, the subsidiary Trump Hotels & Casino Resorts sold the Trump Taj Mahal, Trump Plaza and Trump Marina to Landry’s Restaurants, Inc. It has also dissolved several sub-businesses including Trump Airlines, Trump Vodka, and Trump University.