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Odds in Trump's favor, despite AC's woes: Trump Jr.

The Trump brand is still in solid shape despite the bankruptcy situation unfolding at two casinos carrying the name in Atlantic City, New Jersey, according to The Trump Organization Executive Vice President Donald Trump, Jr.

The Trump family, which hasn't been involved in the Trump Taj Mahal Casino-Hotel and Trump Plaza for more than 10 years, recently filed a lawsuit to take its name off the properties.

"When something is not being run to the standard that we expect, it does create a problem for us," Trump said Tuesday on CNBC's "Fast Money."

"We haven't had a board seat in years. It's just there in name and name alone."

CNBC's Stephanie Landsman