The Trump Entertainment Resorts bankruptcy, owned by billionaire Donald Trump, could end up shuttering Trump Plaza and Trump Taj Mahal, as filing could signal more trouble for Atlantic City.

In a report by The Guardian, the Trump Entertainment Resorts bankruptcy filing was recorded on Tuesday and that means the Trump Plaza will be closing down in a week. The publication said that it's the fifth casino to be closing down this year alone.

The Trump Taj Majal, which has been bleeding cash, will be closing down on November 13.

Donald Trump's company has filed bankruptcy in a US court in Wilmington, Delaware claiming that it owes between $100 million to $500 million, while its assets have dwindled to less than $50,000. Last month, it wasn't able to pay its tax payments for the quarter, while it doesn't have the money for the interest payment to its lenders.

The Trump Entertainment Resorts bankrupty filing was a result of a slew of factors such as the economic downturn, cutthroat competition and the "lingering effects of Superstorm Sandy."

"These factors, coupled with the seasonal and capital-intensive nature of the debtors' businesses, high debt load, significant labor costs and double-digit real estate tax increases, hindered the debtors' ability to operate successfully and negatively impacted the debtors' liquidity position," the company statement published on The Guardian said.

Meanwhile, Bloomberg said that the Trump Entertainment Resorts bankruptcy filing is just a symptom of a much larger disease, which could spell disaster for Atlantic City.

"What happened to Atlantic City, there's a lot of competition from a lot of other locations. It's happening all over," Donald Trump told Bloomberg in an interview.

According to the financial magazine, operators are now flocking to New York, Pennsylvania and Maryland after they expanded legalized gambling. The high cost of labor as well as expensive property taxes in Atlantic City also contributed to the decline in revenues.