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 Trump Hotels & Casino Resorts Inc. Reports 3rd Qtr Loss Doubled to $25.1 million Compared with a
Net Loss of $12.4 million a Year Earlier; 
Executive Vice President Scott Butera 
Promoted to President and COO

.

NEW YORK - --Oct. 28, 2004--Trump Hotels & Casino Resorts, Inc. ("THCR" or the "Company") (OTCBB: DJTC.OB) today reported its operating results for the third quarter and nine months ended September 30, 2004. 

THCR reported consolidated net revenues (defined as gross revenues less promotional allowances) for the quarter ended September 30, 2004 of $309.3 million, compared to $309.0 million for the quarter ended September 30, 2003. Consolidated income from operations for the quarter ended September 30, 2004 was $36.2 million, compared to $45.4 million for the quarter ended September 30, 2003. Consolidated net loss for the quarter ended September 30, 2004 was $25.1 million, or $0.84 per share, compared to a net loss of $12.4 million, or $0.43 per share, for the quarter ended September 30, 2003. EBITDA (defined as income from operations before depreciation, amortization, non-cash New Jersey Casino Reinvestment Development Authority ("CRDA") write-downs, non-recurring debt renegotiation costs and corporate expenses) for the quarter ended September 30, 2004 was $70.1 million, compared to EBITDA of $73.4 million reported for the quarter ended September 30, 2003. Readers are advised that the term "EBITDA" is not a measure of financial performance under generally accepted accounting principles. The Company uses EBITDA because it believes that it is used by certain investors in measuring an entity's operating performance. A reconciliation of EBITDA to income from operations is included in the attached schedules.

THCR reported consolidated net revenues (defined as gross revenues less promotional allowances) for the nine months ended September 30, 2004 of $878.8 million, compared to $894.7 million for the nine months ended September 30, 2003. Consolidated income from operations for the nine months ended September 30, 2004 was $103.8 million, compared to $120.0 million for the nine months ended September 30, 2003. EBITDA for the nine months ended September 30, 2004 was $194.7 million, compared to EBITDA of $205.6 million for the nine months ended September 30, 2003. Consolidated net loss for the nine months ended September 30, 2004 was $91.5 million, or $3.06 per share, compared to a net loss of $46.4 million, or $1.90 per share, net of minority interest of $5.1 million, for the nine months ended September 30, 2003.

Donald J. Trump, Chairman and Chief Executive Officer of the Company, commented, "We believe that our recently announced plan will be a turning point for the Company. Although the third quarter results are soft, we are focused on our Company's future and positioning ourselves to take advantage of evolving gaming technologies with the power of the Trump brand."
 

Oct. 28, 2004
  • Scott Butera to Serve as the Company's President and Chief Operating Officer
  • Mark Brown to Continue as President and Chief Executive Officer of Casino Group 
Trump Hotels & Casino Resorts, Inc. ("THCR" or the "Company") (OTCBB: DJTC.OB - News) announced today that Donald J. Trump, the Company's Chairman and Chief Executive Officer, has appointed Scott C. Butera as the Company's President and Chief Operating Officer. Mark A. Brown will continue to serve as the President and Chief Executive Officer of the Company's casino operations group. These actions, which will be effective upon receiving the required regulatory approval, were unanimously approved by the Company's Board of Directors.

Mr. Trump stated, "Scott is not only one of my finest executives, he is also one of the hardest working. We literally worked together around the clock putting our plan together. I'm confident that with his direction, our Company and the Trump brand will flourish. His investment banking experience, coupled with his tremendous work ethic and uncanny ability to bring groups together, will serve our Company well. We are in good hands."

Scott Butera, who joined the Company in September 2003, after a fifteen year career as an investment banker in the lodging, gaming and leisure industry, was largely instrumental in the development of the Company's recapitalization plan announced on October 21, 2004. Scott commented, "As President and Chief Operating Officer, I look forward to working with Mr. Trump, Mark Brown and the rest of our management team in leading our Company toward great economic and strategic heights. The strength of the Trump brand, coupled with the strong financial platform which will be created by our recapitalization plan, will create many exciting growth opportunities. In addition, we have developed numerous relationships with large institutional investors. I will ensure that these relationships are maintained and that we continue to access the many financial resources available to our Company."

Mark Brown added, "My focus of providing our Trump customers a great gaming experience and giving our employees a thriving operating environment that recognizes their contributions to the success of the Trump brand remains paramount to me. With the resources now available to the Company, we should be able to rise to a whole new level."

Scott C. Butera, the Company's recently named President and Chief Operating Officer, added, "Atlantic City has been a growing yet competitive environment for all operators. We believe our recapitalization plan will give us the financial resources to increase our presence in this market by refurbishing and expanding our current properties, in addition to diversifying into new markets."

Mark A. Brown, the President and Chief Executive Officer of the Company's casino group, commented, "Consolidated gross casino revenues, as well as all other revenue items before promotional allowances, increased $5.7 million in the 2004 third quarter, compared to 2003. However, these increases were offset by higher promotional allowances and operating expenses, leading to a decrease in consolidated operating results. The recapitalization, with its lower projected capital costs, will allow us to invest in our properties, which we believe will lead to improved operating performance." Mr. Brown added, "The Company is developing plans for all three of its Atlantic City properties to improve their operating performance when we emerge from the process."

Trump Taj Mahal Associates ("Taj Associates") reported net revenues of $126.6 million for the quarter ended September 30, 2004, compared to $130.0 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $17.8 million, compared to $22.0 million for the quarter ended September 30, 2003. EBITDA was $30.3 million for the quarter ended September 30, 2004, compared to $33.9 million for the quarter ended September 30, 2003. Taj Associates reported net revenues of $359.7 million for the nine months ended September 30, 2004, compared to $376.4 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $47.9 million, compared to $59.4 million for the nine months ended September 30, 2003. EBITDA was $86.1 million for the nine months ended September 30, 2004, compared to $95.0 million for the nine months ended September 30, 2003.

Trump Plaza Associates reported ("Plaza Associates") net revenues of $77.0 million for the quarter ended September 30, 2004, compared to $76.8 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $4.5 million, compared to $10.5 million for the quarter ended September 30, 2003. EBITDA was $13.0 million for the quarter ended September 30, 2004, compared to $16.5 million for the quarter ended September 30, 2003. Plaza Associates reported net revenues of $216.0 million for the nine months ended September 30, 2004, compared to $225.6 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $17.5 million, compared to $31.4 million for the nine months ended September 30, 2003. EBITDA was $38.0 million for the nine months ended September 30, 2004, compared to $48.4 million for the nine months ended September 30, 2003.

Trump Marina Associates ("Marina Associates") reported net revenues of $70.0 million for the quarter ended September 30, 2004, compared to $68.3 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $11.0 million, compared to $8.1 million for the quarter ended September 30, 2003. EBITDA was $16.6 million for the quarter ended September 30, 2004, compared to $14.4 million for the quarter ended September 30, 2003. Marina Associates reported net revenues of $190.5 million for the nine months ended September 30, 2004, compared to $195.1 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $22.0 million, compared to $20.3 million for the nine months ended September 30, 2003. EBITDA was $39.2 million for the nine months ended September 30, 2004, compared to $38.5 million for the nine months ended September 30, 2003.

Trump Indiana, Inc. ("Trump Indiana") reported net revenues of $34.0 million for the quarter ended September 30, 2004, compared to $33.1 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $4.7 million, compared to $4.6 million for the quarter ended September 30, 2003. EBITDA was $8.5 million for the quarter ended September 30, 2004, compared to $7.7 million for the quarter ended September 30, 2003. Trump Indiana reported net revenues of $106.4 million for the nine months ended September 30, 2004, compared to $94.6 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $14.9 million, compared to $11.0 million for the nine months ended September 30, 2003. EBITDA was $25.5 million for the nine months ended September 30, 2004, compared to $21.0 million for the nine months ended September 30, 2003.

THCR Management Services, LLC earned $1.7 million in management fees during the quarter ended September 30, 2004, compared to $0.8 million for the quarter ended September 30, 2003, and incurred $0.1 million in associated general and administrative costs for the quarter ended September 30, 2004. For the nine months ended September 30, 2004, management fees totaled $6.2 million, compared to $3.0 million for the nine months ended September 30, 2003, and incurred $0.3 million in associated general and administrative costs for the nine months ended September 30, 2004 and September 30, 2003.

Trump Atlantic City Associates ("TACA") reported combined net revenues of Trump Plaza and Trump Taj Mahal of $203.6 million for the quarter ended September 30, 2004, compared to net revenues of $206.8 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $20.3 million, compared to $32.5 million for the quarter ended September 30, 2003. EBITDA was $43.4 million for the quarter ended September 30, 2004, compared to $50.4 million for the quarter ended September 30, 2003. TACA reported combined net revenues of Trump Plaza and Trump Taj Mahal of $575.7 million for the nine months ended September 30, 2004, compared to net revenues of $602.0 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $63.4 million, compared to $90.3 million for the nine months ended September 30, 2003. EBITDA was $124.2 million for the nine months ended September 30, 2004, compared to $143.4 million for the nine months ended September 30, 2003.

Trump Casino Holdings, LLC ("TCH") reported combined net revenues of Trump Marina and Trump Indiana and management fees from Trump 29 of $105.7 million for the quarter ended September 30, 2004, compared to net revenues of $102.2 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $17.7million, compared to $14.5 million for the quarter ended September 30, 2003. EBITDA was $26.7 million for the quarter ended September 30, 2004, compared to $22.9 million for the quarter ended September 30, 2003. TCH reported combined net revenues of Trump Marina and Trump Indiana and management fees from Trump 29 of $303.1million for the nine months ended September 30, 2004, compared to net revenues of $292.7 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $45.7 million, compared to $35.8 million for the nine months ended September 30, 2003. EBITDA was $70.5 million for the nine months ended September 30, 2004, compared to $62.2 million for the nine months ended September 30, 2003.
 

TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)

                                3 MONTHS               9 MONTHS
                          30-Sep-04  30-Sep-03   30-Sep-04  30-Sep-03
                        ---------------------- ----------------------
REVENUES
CASINO                    $325,100   $324,339    $921,661   $938,471
ROOMS                       22,253     21,905      59,756     60,254
FOOD & BEVERAGE             37,457     35,897      99,431     97,194
MANAGEMENT FEE               1,672        839       6,161      2,988
OTHER                       14,541     12,383      34,483     29,624
PROMOTIONAL ALLOWANCES     (91,692)   (86,334)   (242,740)  (233,839)
                        ---------------------- ----------------------
NET REVENUES              $309,331   $309,029    $878,752   $894,692
                        ---------------------- ----------------------

COSTS & EXPENSES
GAMING                    $152,700   $150,777    $432,252   $437,292
ROOMS                        7,354      7,460      21,794     23,060
FOOD & BEVERAGE             12,852     13,064      35,392     35,479
GENERAL & ADMIN             66,348     64,363     194,632    193,258
                        ---------------------- ----------------------
   TOTAL EXPENSES         $239,254   $235,664    $684,070   $689,089
                        ---------------------- ----------------------

EBITDA (a)                 $70,077    $73,365    $194,682   $205,603
Less:
CRDA                         1,238      1,227       3,507      5,862
DEPRECIATION &
 AMORTIZATION               27,489     24,515      77,603     69,952
CORPORATE EXPENSES           2,328      2,183       6,911      6,858
DEBT RENEGOTIATION
 COSTS (b)                   2,857          -       2,857      2,951
                        ---------------------- ----------------------
INCOME FROM OPERATIONS     $36,165    $45,440    $103,804   $119,980
                        ---------------------- ----------------------

INTEREST INCOME               (204)      (139)       (560)    (1,207)
INTEREST EXPENSE            57,625     55,850     171,250    169,758
GAIN ON DEBT
 RETIREMENT, NET (c)             -          -           -     (2,892)
OTHER NON-OPERATING
 (INCOME)EXPENSE, NET          702         (7)     (2,089)        20
                        ---------------------- ----------------------
  TOTAL NON-OPERATING
   EXPENSE, NET            $58,123    $55,704    $168,601   $165,679
                        ---------------------- ----------------------

LOSS BEFORE LOSS IN
 JOINT VENTURE,           ($21,958)  ($10,264)   ($64,797)  ($45,699)
   INCOME TAXES &
    MINORITY INTEREST
LOSS IN JOINT VENTURE         (204)      (625)     (1,430)    (1,855)
PROVISION FOR INCOME
 TAXES (d)                  (2,983)    (1,526)    (25,272)    (3,935)
                        ---------------------- ----------------------
LOSS BEFORE MINORITY
 INTEREST                 ($25,145)  ($12,415)   ($91,499)  ($51,489)
MINORITY INTEREST (e)            -          -           -      5,061
                        ---------------------- ----------------------
NET LOSS                  ($25,145)  ($12,415)   ($91,499)  ($46,428)
                        ====================== ======================

WEIGHTED AVERAGE #
 SHARES-BASIC           29,904,764 29,046,640  29,904,764 24,381,340
                        ====================== ======================
WEIGHTED AVERAGE #
 SHARES-DILUTED         29,904,764 29,046,640  29,904,764 24,381,340
                        ====================== ======================

BASIC AND  DILUTED LOSS
 PER SHARE                  ($0.84)    ($0.43)     ($3.06)    ($1.90)
                        ====================== ======================

(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
Corporate expenses include administrative expenses associated with the
operation of THCR Holdings and lobbying and developmental costs in
other gaming jurisdictions.
(b) Debt renegotiation costs in 2004 represent costs incurred in
connection with the proposed recapitalization of the Company by the
DLJ Merchant Banking Partners proposed investment which was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include the costs expensed with debt
refinancing and transactional fees earned upon the successful
completion of debt refinancing in 2003.
(c) Includes a net gain of $10.4 million of theTrump Marina PIK Notes
and First Mortgage Notes, which is offset by the $2.8 million call
premium on the retirement of THCR Holdings 15.5% Senior Notes, Trump
Indiana's interest rate swap of approximately $0.9 million and
unamortized loan costs of approximately $3.8 million. All of these
transactions occurred on March 25, 2003 in connection with the
Company's issuance of Priority Mortgage Notes and the related use of
proceeds.
(d) Represents Indiana state income taxes and New Jersey state income
taxes due under the Business Tax Reform Act passed in July 2002 and
the New Jersey Profits Tax passed in July 2003. Nine months ended
September 2004 includes $19.1 million due to Indiana state waging tax
add back adjustment, as a result of a ruling in the Indiana tax court
for the period from commencement of operations in June 1996 through
the quarter ended March 31, 2004.
(e) Minority interest credit is limited to the Balance Sheet amount at
December 31, 2002.
 
 

                    TRUMP ATLANTIC CITY ASSOCIATES
            Condensed Consolidated Statements of Operations
                              (Unaudited)
                            (In thousands)

                                  3 MONTHS              9 MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                           --------------------- ---------------------
REVENUES
CASINO                       $218,686  $221,313    $613,848  $638,541
ROOMS                          16,085    15,938      43,250    43,860
FOOD & BEVERAGE                26,803    25,595      72,002    70,178
OTHER                          10,188     7,743      23,806    19,259
PROMOTIONAL ALLOWANCES        (68,174)  (63,781)   (177,230) (169,829)
                           --------------------- ---------------------
NET REVENUES                 $203,588  $206,808    $575,676  $602,009
                           --------------------- ---------------------

COSTS & EXPENSES
GAMING                       $102,186  $100,752    $284,944  $291,171
ROOMS                           5,634     5,821      16,929    18,238
FOOD & BEVERAGE                 8,404     8,522      24,214    24,026
GENERAL & ADMIN                43,998    41,275     125,437   125,175
                           --------------------- ---------------------
  TOTAL EXPENSES             $160,222  $156,370    $451,524  $458,610
                           --------------------- ---------------------

EBITDA (a)                    $43,366   $50,438    $124,152  $143,399
Less:
CRDA                             $936      $940      $2,670    $4,222
DEPRECIATION &
 AMORTIZATION                  19,936    16,772      55,449    47,845
CORPORATE EXPENSES                232       275         681       697
DEBT RENEGOTIATION COSTS
 (b)                            2,000         -       2,000       300
                           --------------------- ---------------------
INCOME FROM OPERATIONS        $20,262   $32,451     $63,352   $90,335
                           --------------------- ---------------------

INTEREST INCOME                  (111)      (91)       (401)     (532)
INTEREST EXPENSE               38,952    38,528     116,940   115,921
OTHER NON-OPERATING
 (INCOME)EXPENSE, NET             686        (7)     (1,480)        -
                           --------------------- ---------------------
  TOTAL NON-OPERATING
   EXPENSE,  NET              $39,527   $38,430    $115,059  $115,389
                           --------------------- ---------------------

LOSS BEFORE INCOME TAXES      (19,265)   (5,979)    (51,707)  (25,054)

PROVISION FOR INCOME TAXES
 (c)                           (1,128)   (1,138)     (3,199)   (2,947)
                           --------------------- ---------------------

NET LOSS                     ($20,393)  ($7,117)   ($54,906) ($28,001)
                           ===================== =====================

(a)EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
(b) Debt renegotiation costs in 2004 represent costs incurred in
connection with the proposed recapitalization of the Company by the
DLJ Merchant Banking Partners proposed investment which was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include the costs expensed with debt
refinancing.
(c) Represents New Jersey state income taxes due under the Business
Tax Reform Act passed in July 2002 and the New Jersey Profits Tax
passed in July 2003.
 
 

                      TRUMP CASINO HOLDINGS, LLC
            Condensed Consolidated Statements of Operations
                              (Unaudited)
                            (In thousands)

                                   3 MONTHS              9 MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                          ---------------------- ---------------------
REVENUES
CASINO                        $106,414 $103,026     $307,813 $299,930
ROOMS                            6,168    5,967       16,506   16,394
FOOD & BEVERAGE                 10,654   10,302       27,429   27,016
MANAGEMENT FEE                   1,672      839        6,161    2,988
OTHER                            4,353    4,640       10,677   10,365
PROMOTIONAL ALLOWANCES         (23,518) (22,553)     (65,510) (64,010)
                          ---------------------- ---------------------
NET REVENUES                  $105,743 $102,221     $303,076 $292,683
                          ---------------------- ---------------------

COSTS & EXPENSES
GAMING                         $50,514  $50,025     $147,308 $146,121
ROOMS                            1,720    1,639        4,865    4,822
FOOD & BEVERAGE                  4,448    4,542       11,178   11,453
GENERAL & ADMIN                 22,350   23,088       69,195   68,083
                          ---------------------- ---------------------
  TOTAL EXPENSES               $79,032  $79,294     $232,546 $230,479
                          ---------------------- ---------------------

EBITDA (a)                     $26,711  $22,927      $70,530  $62,204
Less:
CRDA                               302      287          837    1,640
DEPRECIATION &
 AMORTIZATION                    7,528    7,737       22,108   22,086
CORPORATE EXPENSES                 355      389        1,014    2,241
DEBT RENEGOTIATION COSTS
 (b)                               857        -          857      401
                          ---------------------- ---------------------
INCOME FROM OPERATIONS         $17,669  $14,514      $45,714  $35,836
                          ---------------------- ---------------------

INTEREST INCOME                    (93)     (43)        (158)    (657)
INTEREST EXPENSE                18,673   17,322       54,310   55,530
GAIN  ON DEBT RETIREMENT,
 NET (c)                             -        -            -   (7,931)
OTHER NON-OPERATING
 (INCOME)EXP                        16        -         (609)      20
                          ---------------------- ---------------------
  TOTAL NON-OPERATING
   EXPENSE,  NET               $18,596  $17,279      $53,543  $46,962
                          ---------------------- ---------------------

LOSS BEFORE LOSS IN JOINT
 VENTURE
   & INCOME TAXES                 (927)  (2,765)      (7,829) (11,126)
LOSS IN JOINT VENTURE             (204)    (625)      (1,430)  (1,855)
PROVISION FOR INCOME
 TAXES (d)                      (1,855)    (388)     (22,073)    (988)
                          ---------------------- ---------------------

NET LOSS                       ($2,986) ($3,778)    ($31,332)($13,969)
                          ====================== =====================

(a)EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
(b) Debt renegotiation costs in 2004 represent costs incurred in
connection with the proposed recapitalization of the Company by the
DLJ Merchant Banking Partners proposed investment which was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include transactional fees earned
upon the successful completion of debt refinancing in 2003.
(c) Includes a net gain of $10.4 million of the Trump Marina PIK Notes
and First Mortgage Notes, which is offset by Trump Indiana's interest
rate swap of approximately $0.9 million and unamortized loan costs of
approximately $1.6 million.
All of these transactions occurred on March 25, 2003 in connection
with the Company's issuance of Priority Mortgage Notes and the related
use of proceeds.
(d) Represents Indiana state income taxes and New Jersey state income
taxes due under the Business Tax Reform Act passed in July 2002 and
the New Jersey Profits Tax passed in July 2003. Nine months ended
September 2004 includes $19.1 million due to Indiana state wagering
tax add back adjustment, as a result of a ruling in the Indiana tax
court for the period from commencement of operations in June 1996
through the quarter ended March 31, 2004.
 
 

                      TRUMP TAJ MAHAL ASSOCIATES
                  Condensed Statements of Operations
                              (Unaudited)
            (In thousands, except statistical information)

                                   3 MONTHS              9 MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                         ----------------------- ---------------------
REVENUES
CASINO                       $135,006  $137,858    $377,692  $395,223

   # of Slots                   4,419     4,670       4,401     4,703
   Win per Slot/Day              $226      $220        $209      $205
Slot Win                      $91,860   $94,643    $251,929  $262,985

   # of Tables                    127       127         127       127
   Win per Table/Day           $3,084    $3,183      $3,089    $3,329
Table Win                     $36,037   $37,189    $107,489  $115,430
Table Drop                   $237,644  $233,611    $653,300  $685,171
Hold %                           15.2%     15.9%       16.5%     16.8%

Poker, Keno, Race Win          $7,109    $6,026     $18,274   $16,808

ROOMS                          $9,319    $9,349     $24,904   $25,507
   # of Rooms Sold            113,545   113,270     324,332   324,750
   Avg Room Rates              $82.07    $82.54      $76.79    $78.54
   Occupancy %                   98.7%     98.5%       94.7%     95.2%

FOOD & BEVERAGE               $16,168   $15,351     $42,935   $42,515
OTHER                           6,750     5,390      15,819    12,943
PROMOTIONAL ALLOWANCES        (40,671)  (37,981)   (101,648)  (99,743)
                         ----------------------- ---------------------

    NET REVENUES             $126,572  $129,967    $359,702  $376,445
                         ----------------------- ---------------------

COSTS & EXPENSES
GAMING                        $60,837   $61,796    $171,268  $177,825
ROOMS                           3,418     3,627      10,330    11,350
FOOD & BEVERAGE                 4,782     4,962      14,337    14,736
GENERAL & ADMIN                27,189    25,655      77,654    77,526
                         ----------------------- ---------------------

  TOTAL EXPENSES              $96,226   $96,040    $273,589  $281,437
                         ----------------------- ---------------------

EBITDA (a)                    $30,346   $33,927     $86,113   $95,008
                         ======================= =====================

A reconciliation of EBITDA to income from operations for each of the
periods is as follows:

EBITDA                        $30,346   $33,927     $86,113   $95,008
Depreciation and
 amortization                 (12,015)  (11,349)    (36,570)  (32,701)
Non-cash write-downs and
 charges related to
 required regulatory
 obligations (CRDA)              (568)     (577)     (1,594)   (2,898)
                         ----------------------- ---------------------
Income from operations        $17,763   $22,001     $47,949   $59,409
                         ======================= =====================

(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
 
 

                        TRUMP PLAZA ASSOCIATES
                  Condensed Statements of Operations
                              (Unaudited)
            (In thousands, except statistical information)

                                  3 MONTHS               9 MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                           --------------------- ---------------------
REVENUES
CASINO                        $83,680   $83,455    $236,156  $243,318

   # of Slots                   2,863     2,946       2,851     2,953
   Win per Slot/Day              $237      $231        $224      $217
Slot Win                      $62,452   $62,552    $174,824  $175,305

   # of Tables                     90        90          91        90
   Win per Table/Day           $2,564    $2,525      $2,460    $2,768
Table Win                     $21,228   $20,903     $61,332   $68,013
Table Drop                   $148,155  $158,096    $420,888  $443,295
Hold %                           14.3%     13.2%       14.6%     15.3%

ROOMS                          $6,766    $6,589     $18,346   $18,353
   # of Rooms Sold             81,990    80,492     232,816   230,650
   Room Rates                  $82.52    $81.86      $78.80    $79.57
   Occupancy %                   98.6%     96.8%       94.0%     93.5%

FOOD & BEVERAGE               $10,635   $10,244     $29,067   $27,663
OTHER                           3,438     2,353       7,987     6,316
PROMOTIONAL ALLOWANCES        (27,503)  (25,800)    (75,582)  (70,086)
                           --------------------- ---------------------

    NET REVENUES              $77,016   $76,841    $215,974  $225,564
                           --------------------- ---------------------

COSTS & EXPENSES
GAMING                        $41,349   $38,956    $113,676  $113,346
ROOMS                           2,216     2,194       6,599     6,888
FOOD & BEVERAGE                 3,622     3,560       9,877     9,290
GENERAL & ADMIN                16,809    15,620      47,783    47,649
                           --------------------- ---------------------

  TOTAL EXPENSES              $63,996   $60,330    $177,935  $177,173
                           --------------------- ---------------------

EBITDA (a)                    $13,020   $16,511     $38,039   $48,391
                           ===================== =====================

A reconciliation of EBITDA to income from operations for each of the
periods is as follows:

EBITDA                        $13,020   $16,511     $38,039   $48,391
Depreciation and
 amortization                  (7,921)   (5,423)    (18,879)  (15,144)
Non-cash write-downs and
 charges related to
 required regulatory
 obligations(CRDA)               (368)     (363)     (1,076)   (1,324)
Corporate charges                (198)     (180)       (565)     (540)
                           --------------------- ---------------------
Income from operations         $4,533   $10,545     $17,519   $31,383
                           ===================== =====================
 

(a)EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
 
 

                        TRUMP MARINA ASSOCIATES
                  Condensed Statements of Operations
                              (Unaudited)
            (In thousands, except statistical information)

                                  3 MONTHS              9 MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                           --------------------- ---------------------
REVENUES
CASINO                        $71,761   $68,395    $198,990  $200,571

   # of Slots                   2,538     2,495       2,516     2,507
   Win per Slot/Day              $240      $231        $227      $224
Slot Win                      $56,137   $53,076    $156,488  $153,063

   # of Tables                     76        81          75        81
   Win per Table/Day           $2,212    $2,037      $2,048    $2,127
Table Win                     $15,467   $15,176     $42,093   $47,041
Table Drop                    $97,799   $95,470    $266,625  $278,556
Hold %                           15.8%     15.9%       15.8%     16.9%

Poker, Keno, Race Win            $157      $143        $409      $467

ROOMS                          $5,286    $5,041     $14,055   $13,908
   # of Rooms Sold             64,079    63,002     173,911   179,081
   Avg Room Rates              $82.49    $80.01      $80.82    $77.66
   Occupancy %                   95.7%     94.1%       87.2%     90.1%

FOOD & BEVERAGE                $9,888    $9,459     $25,005   $24,727
OTHER                           3,835     4,142       9,154     8,590
PROMOTIONAL ALLOWANCES        (20,734)  (18,711)    (56,667)  (52,737)
                           --------------------- ---------------------

    NET REVENUES              $70,036   $68,326    $190,537  $195,059
                           --------------------- ---------------------

COSTS & EXPENSES
GAMING                        $32,356   $32,953     $92,061   $95,077
ROOMS                           1,215     1,105       3,332     3,297
FOOD & BEVERAGE                 3,276     3,334       7,605     8,053
GENERAL & ADMIN                16,627    16,550      48,372    50,088
                           --------------------- ---------------------

  TOTAL EXPENSES              $53,474   $53,942    $151,370  $156,515
                           --------------------- ---------------------

EBITDA (a)                    $16,562   $14,384     $39,167   $38,544
                           ===================== =====================

A reconciliation of EBITDA to income from operations for each of the
periods is as follows:

EBITDA                        $16,562   $14,384     $39,167   $38,544
Depreciation and
 amortization                  (5,265)   (6,017)    (16,306)  (16,660)
Non-cash write-downs and
 charges related to
 required regulatory
 obligations                     (302)     (287)       (837)   (1,640)
Debt renegotiation costs            -         -           -        47
                           --------------------- ---------------------
Income from operations        $10,995    $8,080     $22,024   $20,291
                           ===================== =====================

Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry.
We provide EBITDA results to enhance an investor's understanding of
our operating results.
EBITDA is a non-GAAP financial statement measure and should not be
construed as an alternative to operating income as determined under
generally accepted accounting principles as an indicator of operating
performance.
All companies do not calculate EBITDA in the same manner; accordingly,
the EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
 

                          TRUMP INDIANA, INC.
                  Condensed Statements of Operations
                              (Unaudited)
            (In thousands, except statistical information)
 
 

                                  3 MONTHS             9  MONTHS
                             30-Sep-04 30-Sep-03   30-Sep-04 30-Sep-03
                            --------------------- --------------------
REVENUES
CASINO                      $   34,653  $ 34,631  $ 108,823  $ 99,359

   # of Slots                    1,714     1,732      1,700     1,726
   Win per Slot/Day         $      182  $    189  $     195  $    182
Slot Win                    $   28,622  $ 30,100  $  90,776  $ 85,684

   # of Tables                      39        45         40        45
   Win per Table/Day        $    1,234  $  1,095  $   1,280  $  1,106
Table Win                   $    4,428  $  4,531  $  14,027  $ 13,675
Table Drop                  $   28,047  $ 29,683  $  92,865  $ 85,437
Hold %                            15.8%     15.3%      15.1%     16.0%

Poker (Start 12/16/03)      $    1,603       N/A  $   4,020       N/A

ROOMS                       $      882  $    926  $   2,451  $  2,486
   # of Rooms Sold              15,633    16,592     43,201    44,694
   Avg Room Rates           $    56.42  $  55.81  $   56.73  $  55.62
   Occupancy %                    56.6%     60.1%      52.6%     54.6%

FOOD & BEVERAGE             $      766  $    843  $   2,424  $  2,289
OTHER                              518       498      1,523     1,775
PROMOTIONAL ALLOWANCES          (2,784)   (3,842)    (8,843)  (11,273)
                             ----------  --------  ---------  --------
    NET REVENUES            $   34,035  $ 33,056  $ 106,378  $ 94,636
                             ----------  --------  ---------  --------

COSTS & EXPENSES
GAMING                      $   18,158  $ 17,072  $  55,247  $ 51,044
ROOMS                              505       534      1,533     1,525
FOOD & BEVERAGE                  1,172     1,208      3,573     3,400
GENERAL & ADMIN                  5,661     6,496     20,559    17,650
                             ----------  --------  ---------  --------
   TOTAL EXPENSES           $   25,496  $ 25,310  $  80,912  $ 73,619
                             ----------  --------  ---------  --------

EBITDA (a)                  $    8,539  $  7,746  $  25,466  $ 21,017
                             ==========  ========  =========  ========
 

A reconciliation of EBITDA to income from operations for each of the
 periods is as follows:

EBITDA                      $    8,539  $  7,746  $  25,466  $ 21,017
Depreciation and
 amortization                   (2,263)   (1,720)    (5,802)   (5,426)
Management and services
 agreement                      (1,573)   (1,454)    (4,776)   (4,640)
                             ----------  --------  ---------  --------
Income from operations      $    4,703  $  4,572  $  14,888  $ 10,951
                             ==========  ========  =========  ========

(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment
obligations, corporate expenses and debt renegotiation costs) is a
measure of financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of our operating results. EBITDA is a non-GAAP financial statement
measure and should not be construed as an alternative to operating
income as determined under generally accepted accounting
principles as an indicator of operating performance. All companies
do not calculate EBITDA in the same manner; accordingly, the
EBITDA results presented above may not be comparable to EBITDA
results as reported by other companies.
 
 

                 TRUMP HOTELS & CASINO RESORTS, INC.
                       Supplemental Information
                             (Unaudited)
                            (In thousands)

                                    3 MONTHS            9  MONTHS
                               30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
                               ------------------- -------------------
CRDA  WRITE-DOWN
   TAJ                           $   568  $   577   $  1,594  $ 2,898
   PLAZA                             368      363      1,076    1,324
   MARINA                            302      287        837    1,640
                               ------------------- -------------------
    TOTAL CRDA WRITE-DOWN        $ 1,238  $ 1,227   $  3,507  $ 5,862
                               =================== ===================
 

DEPRECIATION & AMORTIZATION
  TAJ                            $12,015  $11,349   $ 36,570  $32,701
  PLAZA                            7,921    5,423     18,879   15,144
  THCR HOLDINGS                       25        6         46       21
  MARINA                           5,265    6,017     16,306   16,660
  INDIANA                          2,263    1,720      5,802    5,426
                               ------------------- -------------------
    TOTAL DEPRECIATION/AMORT     $27,489  $24,515   $ 77,603  $69,952
                               =================== ===================

INTEREST EXPENSE
  TAJ                            $24,653  $24,606   $ 74,392  $73,702
  PLAZA                           14,299   13,922     42,548   42,219
  THCR HOLDINGS                        -        -          -    4,533
  TRUMP CASINO HOLDINGS            4,655    4,063     13,418    8,340
  MARINA                          11,811   11,078     34,329   35,847
  INDIANA                          2,207    2,181      6,563    4,876
  THCR MGMT                            -        -          -      241
                               ------------------- -------------------
   TOTAL INTEREST EXPENSE        $57,625  $55,850   $171,250 $169,758
                               =================== ===================

LOAN COST AMORT/BOND DISC INCL
 INT EXP
  TAJ                            $   548  $   614   $  1,692  $ 1,898
  PLAZA                              361      404      1,114    1,249
  THCR HOLDINGS                        -        -          -      192
  TRUMP CASINO HOLDINGS              765      691      2,242    1,386
  MARINA                             500      708      1,500    3,529
  INDIANA                             93      140        287      371
  THCR MGMT                            -        -          -      223
                               ------------------- -------------------
  TOTAL LOAN COST AMORT/BOND
   DISC                          $ 2,267  $ 2,557   $  6,835  $ 8,848
                               =================== ===================
 
 

                 TRUMP HOTELS & CASINO RESORTS, INC.
                       Supplemental Information
                             (Unaudited)
 
 

Cash & Cash Equivalents
   (in millions)                                 30-Sep-04  30-Sep-03
Trump Atlantic City Consolidated                    $ 74.2     $109.0
Trump Casino Holdings Consolidated (a)                49.7       30.7
Trump Hotels & Casino Resorts Holdings, L.P.           0.1        2.2
                                                     ------     ------
    Total Cash & Cash Equivalents                   $124.0     $141.9
                                                     ======     ======

(a) On October 14, 2004, TCH made the September interest payment on
the TCH Notes. The interest payment (of approximately $17.9
million), which was due on September 15, 2004, was paid within the
30-day grace period provided under the indentures governing the
TCH Notes.
 

Capital Expenditures               Purchase     Capital
    (in thousands)                 of Property  Lease/
                                   Financed     Total     Capital
                                   & Equipment  Additions Expenditures

For the Three Months Ended September 30, 2004

  TAJ                                  $   340   $ 1,627      $ 1,967
  PLAZA                                    292     5,843        6,135
  MARINA                                 1,179         -        1,179
  INDIANA                                  358         -          358
  THCR HOLDINGS                             30         -           30
                                        -------   -------      -------
               TOTAL                   $ 2,199   $ 7,470      $ 9,669
                                        =======   =======      =======

For the Three Months Ended September 30, 2003

  TAJ                                  $ 4,577   $      -     $ 4,577
  PLAZA                                  1,185     2,576        3,761
  MARINA                                 1,560         -        1,560
  INDIANA                                  124         -          124
  THCR HOLDINGS                             13         -           13
                                        -------   -------      -------
               TOTAL                   $ 7,459   $ 2,576      $10,035
                                        =======   =======      =======

For the Nine Months Ended September 30, 2004

  TAJ                                  $ 5,641   $13,413      $19,054
  PLAZA                                  2,666    12,331       14,997
  MARINA                                 2,661     5,992        8,653
  INDIANA                                1,951        89        2,040
  THCR HOLDINGS                            361         -          361
                                        -------   -------      -------
               TOTAL                   $13,280   $31,825      $45,105
                                        =======   =======      =======

For the Nine Months Ended September 30, 2003

  TAJ                                  $14,454   $10,609      $25,063
  PLAZA                                  3,185     7,123       10,308
  MARINA                                 3,968     5,831        9,799
  INDIANA                                1,808     4,710        6,518
  THCR HOLDINGS                             35         -           35
                                        --------  --------     -------
               TOTAL                   $23,450   $28,273      $51,723
                                        =======   =======      =======

 

THCR, through its wholly owned subsidiaries, owns and operates four properties and manages one property under the Trump brand name. THCR's assets include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, Trump Marina Hotel Casino, located in Atlantic City's Marina District, and the Trump Casino Hotel, a riverboat casino located in Gary, Indiana. In addition, the Company manages Trump 29 Casino, a Native American owned facility located near Palms Springs, California. Together, the properties comprise approximately 451,280 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. THCR is separate and distinct from Mr. Trump's real estate and other holdings.

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 or its subsidiaries' performance, trends in THCR's or its subsidiaries' operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. 


 
Contact:

Trump Hotels & Casino Resorts, Inc.
Scott C. Butera
212-891-1500
www.trump.com

Also See: Scott Butera, the 37 Year Old EVP of Trump Hotels & Casino Resorts, Has Tall Order - Building Trust Between Bondholders and Donald Trump / April 2004
Donald Trump Downplays Auditor's Warning Letter, Believes Bondholders Will Approve Accepting Less than Face Value on $1.3 billion in Bonds / April 2004
Debt-heavy, Trump Hotels & Casino Resorts Seeks to Recapitalize; Reports 2003 Full Year Net Loss of $87.3 million Compared to a Net Loss of $12.0 million for Full Year 2002 / February 2004


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