ATLANTIC CITY, N.J. — While Donald Trump basks in the popularity of his hit reality-TV show, "The Apprentice," auditors for his Atlantic City casino property are raising alarms over the financier's real-life debt load.

Barring a bailout, Trump Hotels & Casino Resorts may not be able to continue as a "going concern," auditors for Ernst & Young warned in a letter to the company's board of directors.

The debt-laden company, which runs three casinos, is struggling with stiff competition, recurring operating losses and a working capital deficit as of Dec. 31, the auditors said.

"The company is working on various alternatives to improve the company's financial resources. ... Absent the successful completion of one of these alternatives, the company's operating results will increasingly become uncertain.

These conditions raise substantial doubt about the company's ability to continue as a going concern," the auditors said.

Trump Hotels, which carries $1.8 billion in debt, has been unable to finance major capital improvements at its Atlantic City properties at a time when competitors — including the new Borgata Hotel Spa & Casino — have been luring away gamblers.

The company owns three casinos in Atlantic City and a riverboat casino in Gary, Ind., and manages an Indian casino in California.

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Trump has been losing 10s of millions a year with the casino properties, while paying himself 1.4 million a year as CEO. He is also reported to be removing himself. As one reporter said, He doesn't want his name to be part of a failure.

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