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Trump Hotels & Casino Resorts Reports Q1 2000 Results

Net loss for the first quarter of 2000 was $18.5 million or $.84 per share. Net loss, including one-time charges reflecting the adoption of SOP 98-5 (reporting of the cost of start-up activities) and a litigation settlement, was $25.3 million or $1.14 per share, in the 1999 first quarter.

Trump Taj Mahal reported net revenues for the first quarter of 2000 of $134.7 million and EBITDA of $28.7 million, compared to net revenues for the 1999 first quarter of $123.5 million and EBITDA of $22.2 million. "We believe that the Taj Mahal's operating results for this quarter bode well for the year. The new management team is taking a fresh look at a multitude of revenue enhancements while continually tightening cost controls," stated Donald J. Trump, Chairman of the Board.

Trump Plaza Associates reported net revenues of $83.5 million for the first quarter of 2000, compared with $90.8 million for the same period in 1999 and EBITDA of $12.0 million for the first quarter of 2000, versus $14.l million reported for the 1999 first quarter. "Trump Plaza's first quarter felt the impact of casino floor construction. The new Asian pit completed in this period will provide positive comparisons during the remainder of the year. With the repositioning of Trump Plaza's main casino floor and the expanded slot capacity in the East Tower, Trump Plaza should maintain a significant portion of the World's Fair's revenues without the attendant costs during our seasonally strong second and third quarters. By closing the World's Fair, the Company has created a great site for future development," Trump added.

For the first quarter of 2000, Trump Marina posted net revenues of $64.0 million, compared to $64.5 million for the first quarter of 1999. EBITDA was $9.5 million for the 2000 quarter, compared to $8.9 million for the quarter ended March 31, 1999. "Trump Marina's consistent adherence to its new image shows itself in the operating results. We expect that with additional gaming space coming on board, the steady growth of the last three years should continue," Trump said.

Trump Indiana reported first quarter net revenues of $34.3 million and EBITDA of $3.7 million for the quarter ended March 31, 2000, versus $36.9 million and $5.0 million, respectively, for the first quarter of 1999. "Trump Indiana has the difficult task of facing Illinois boats with their competitive advantage of dockside gaming. Again with a strong focus on cost controls, well thought- out marketing programs, and the garage being built by joint-venture, Trump Indiana expects upward momentum going forward," Trump said.

Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the first quarter of 2000 of $218.2 million versus $214.3 million for the first quarter of 1999. EBITDA was $40.7 million for the first quarter of 2000 compared to EBITDA of $36.3 million for the 1999 first quarter. Net loss for the 2000 first quarter was $11.8 million versus a loss of $17.2 million for the same period in 1999.

Mr. Trump repaid, prior to maturity, all outstanding loans of $24,516,233 including interest.

On April 27, 2000, THCR through its subsidiaries, signed definitive agreements with the Twenty-Nine Palms Band of Mission Indians for the development and management of a Native American casino on Twenty-Nine Palms tribal land in Southern California near Palm Springs. This development is scheduled to open in late 2001 and is subject to certain approvals.

In May 2000, THCR Enterprises, L.L.C. repurchased at a discount $28.5 million face value of the Trump Hotels & Casino Resorts Holdings, L.P. Senior Secured Notes due 2005.

Trump Hotels & Casino Resorts, Inc. owns and operates Trump Plaza Hotel & Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino in Atlantic City, NJ, as well as Trump Indiana, the riverboat casino at Buffington Harbor, IN, on Lake Michigan. It is the exclusive vehicle through which Trump will engage in new gaming activities in both emerging and established gaming jurisdictions in both the United States and abroad.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.

All statements, trend analysis and other information contained in this release relative to THCR's performance, trends in THCR's operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of THCR, THCR notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the THCR. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of THCR are subject to substantial risks which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by THCR or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.

TRUMP HOTELS & CASINO RESORTS, INC.

Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share data)

THREE MONTHS ENDED March 31, 2000 March 31, 1999

REVENUES

CASINO $295,021 $291,783

ROOMS 17,995 19,572

FOOD & BEVERAGE 30,833 32,241

OTHER 8,058 9,248

PROMOTIONAL ALLOWANCES (35,417) (37,129)

NET REVENUES $316,490 $315,715

COSTS & EXPENSES

GAMING $184,887 $185,000

ROOMS 7,432 7,803

FOOD & BEVERAGE 10,134 11,211

GENERAL & ADMIN 60,086 61,486

TOTAL EXPENSES $262,539 $265,500

EBITDA $53,951 $50,215 C

RDA/INDIANA STATE & MUNIC

OBLIG. $2,068 $2,088

DEPRECIATION & AMORTIZATION 20,442 22,121

INTEREST INCOME (1,763) (1,642)

INTEREST EXPENSE 56,031 55,531

CORPORATE EXPENSES 4,008 4,368

DEVELOPMENT COSTS 1,336 702

TRUMP WORLD'S FAIR CLOSING 482 -

OTHER NON OPER EXPENSE, NET 470 1,290

TOTAL NON-OPERATING EXPENSE,

NET $83,074 $84,458

LOSS BEFORE MINORITY INTEREST & CUMULATIVE EFFECT OF ACCTG

PRIN CHANGE ($29,123) ($34,243)

MINORITY INTEREST 10,650 12,523

CUMULATIVE EFFECT OF ACCTG

PRIN CHANGE - (3,565)

NET LOSS ($18,473) ($25,285)

WEIGHTED AVERAGE NO. SHARES 22,079,256 22,195,256

BASIC AND DILUTED LOSS PER SHARE ($0.84) ($1.14)

Note: Certain prior year reclassifications have been made to conform to current year presentation.

TRUMP ATLANTIC CITY ASSOCIATES

Condensed Consolidated Statements of Operations (Unaudited) (In thousands)

THREE MONTHS ENDED March 31, 2000 March 31, 1999

REVENUES

CASINO $202,668 $195,166

ROOMS 13,439 15,716

FOOD & BEVERAGE 22,797 24,230

OTHER 6,051 7,295

PROMOTIONAL ALLOWANCES (26,737) (28,110)

NET REVENUES $218,218 $214,297

COSTS & EXPENSES

GAMING $126,690 $122,398

ROOMS 5,865 6,718

FOOD & BEVERAGE 6,819 8,208

GENERAL & ADMIN 38,137 40,648

TOTAL EXPENSES $177,511 $177,972

EBITDA $40,707 $36,325

CRDA $862 $814

DEPREC & AMORT 13,485 15,325

INTEREST INCOME (822) (707)

INTEREST EXPENSE 38,500 38,397

TRUMP WORLD'S FAIR CLOSING 482 -

OTHER NON OPER INCOME (2) (318)

TOTAL NON-OPERATING EXPENSE,

NET $52,505 $53,511

NET LOSS ($11,798) ($17,186)

Note: Certain prior year reclassifications have been made to conform to current year presentation.

TRUMP TAJ MAHAL ASSOCIATES

Condensed Statements of Operations

(Unaudited) (In thousands, except statistical information)

THREE MONTHS ENDED

March 31, 2000 March 31, 1999

REVENUES

CASINO $125,065 $112,844

No. of Slots 4,521 4,175

Win per Slot/Day $189 $184

Slot Win $77,762 $69,071

No. of Tables 143 147

Win per Table/Day $3,234 $2,926

Table Win $42,087 $38,715

Table Drop $252,161 $234,539

Hold % 16.7% 16.5%

Poker, Keno, Race Win $5,216 $5,058

ROOMS $7,940 $7,965

No. of Rooms Sold 102,392 105,253

Avg Room Rates $77.55 $75.67

Occupancy % 90.0% 93.6%

FOOD & BEVERAGE $12,742 $12,257

OTHER 3,851 4,556

PROMOTIONAL ALLOWANCES (14,891) (14,121)

NET REVENUES $134,707 $123,501

COSTS & EXPENSES

GAMING $75,582 $72,165

ROOMS 3,539 3,648

FOOD & BEVERAGE 4,458 4,084

GENERAL & ADMIN 22,432 21,364

TOTAL EXPENSES $106,011 $101,261

EBITDA (1) $28,696 $22,240

(1) EBITDA reflects earnings before depreciation, interest, taxes and CRDA write-down. Certain prior year reclassifications have been made to conform to current year presentation.

TRUMP PLAZA ASSOCIATES

Condensed Statements of Operations

(Unaudited) (In thousands, except statistical information)

THREE MONTHS ENDED

March 31, 2000 March 31, 1999

REVENUES

CASINO $77,603 $82,322

No. of Slots 2,774 4,204

Win per Slot/Day $215 $160

Slot Win $54,282 $60,654

No. of Tables 95 103

Win per Table/Day $2,698 $2,337

Table Win $23,321 $21,668

Table Drop $152,246 $140,082

Hold % 15.3% 15.5%

ROOMS $5,499 $7,751

No. of Rooms Sold 71,236 102,946

Room Rates $77.19 $75.29

Occupancy % 86.6% 81.6%

FOOD & BEVERAGE $10,055 $11,973

OTHER 2,200 2,739

PROMOTIONAL ALLOWANCES (11,846) (13,989)

NET REVENUES $83,511 $90,796

COSTS & EXPENSES

GAMING $51,108 $50,233

ROOMS 2,326 3,070

FOOD & BEVERAGE 2,361 4,124

GENERAL & ADMIN 15,705 19,284

TOTAL EXPENSES $71,500 $76,711

EBITDA (1) $12,011 $14,085

(1) EBITDA reflects earnings before depreciation, interest, taxes and CRDA writedown.

TRUMP'S CASTLE ASSOCIATES d/b/a TRUMP MARINA

Condensed Statements of Operations

(Unaudited) (In thousands, except statistical information)

THREE MONTHS ENDED March 31, 2000 March 31, 1999

REVENUES

CASINO $59,325 $60,890

No. of Slots 2,265 2,178

Win per Slot/Day $221 $231

Slot Win $45,633 $45,270

No. of Tables 76 91

Win per Table/Day $1,961 $1,886

Table Win $13,562 $15,447

Table Drop $88,395 $101,296

Hold % 15.3% 15.2%

Poker, Keno, Race Win $130 $173

ROOMS $3,547 $3,286

No. of Rooms Sold 51,915 47,473

Avg Room Rates $68.32 $69.22

Occupancy % 78.4% 72.5%

FOOD & BEVERAGE $7,193 $7,269

OTHER 1,724 1,603

PROMOTIONAL ALLOWANCES (7,818) (8,562)

NET REVENUES $63,971 $64,486

COSTS & EXPENSES

GAMING $35,700 $38,782

ROOMS 1,018 692

FOOD & BEVERAGE 2,181 1,776

GENERAL & ADMIN 15,571 14,355

TOTAL EXPENSES $54,470 $55,605

EBITDA (1) $9,501 $8,881

(1) EBITDA reflects earnings before depreciation, interest, taxes and CRDA writedown.

TRUMP INDIANA, INC.

Condensed Statements of Operations

(Unaudited) (In thousands, except statistical information)

THREE MONTHS ENDED

March 31, 2000 March 31, 1999

REVENUES

CASINO $33,028 $35,727

No. of Slots 1,236 1,310

Win per Slot/Day $228 $233

Slot Win $25,635 $27,232

No. of Tables 50 52

Win per Table/Day $1,625 $1,815

Table Win $7,393 $8,495

Table Drop $43,180 $51,363

Hold % 17.1% 16.5%

ROOMS $1,009 $570

No. of Rooms Sold 18,314 9,099

Avg Room Rates $55 $59

Occupancy % 66.4% 36.6%

FOOD & BEVERAGE $843 $742

OTHER 283 350

PROMOTIONAL ALLOWANCES (862) (457)

NET REVENUES $34,301 $36,932

COSTS & EXPENSES

GAMING $22,497 $23,820

ROOMS 549 393

FOOD & BEVERAGE 1,134 1,227

GENERAL & ADMIN 6,378 6,483

TOTAL EXPENSES $30,558 $31,923

EBITDA (1) $3,743 $5,009

(1) EBITDA reflects earnings before depreciation, interest, taxes, Indiana regulatory costs and non-operating expenses.

TRUMP HOTELS & CASINO RESORTS, INC.

Supplemental Information

(Unaudited) (In thousands)

THREE MONTHS ENDED March 31, 2000 March 31, 1999

CRDA/INDIANA OBLIGATIONS

TAJ $533 $470

PLAZA 329 344

MARINA 281 349

INDIANA STATE & MUNICIPAL

OBLIG. 925 925

TOTAL CRDA/INDIANA OBLIG $2,068 $2,088

DEPRECIATION & AMORTIZATION

TAJ $9,036 $9,376

PLAZA 4,449 5,949

THCR HOLDINGS 68 71

MARINA 4,341 4,250

INDIANA (INCL JOINT VENTURE LOSS) 2,548 2,475

TOTAL DEPRECIATION/AMORT $20,442 $22,121

INTEREST EXPENSE

TAJ $23,457 $23,445

PLAZA 11,904 11,761

TRUMP ATLANTIC CITY 3,138 3,191

THCR HOLDINGS 6,052 6,061

MARINA 10,707 10,558

INDIANA 773 515

TOTAL INTEREST EXPENSE $56,031 $55,531

LOAN COST AMORT/BOND DISC INCL

IN INT EXP

TAJ $800 $897

PLAZA 400 448

TRUMP ATLANTIC CITY 326 379

THCR HOLDINGS 269 269

MARINA (BOND DISC ACCRETION) 1,207 1,033

INDIANA 36 36

TOTAL LOAN COST

AMORT/BOND DISC $3,038 $3,062

Note: Certain prior year reclassifications have been made to conform to current year presentation.

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