"Although EBITDA increased significantly at both the Trump Marina and Trump Plaza resorts, overall earnings and per share amounts were held back by a combination of a lower table win or `hold' percentage at the Taj Mahal and a reduced number of outstanding shares for the period due to the Company's stock repurchase program," said Nicholas L. Ribis, President and Chief Executive Officer. As part of the buyback program, the Company reduced the average of outstanding shares from 23.5 million during the comparable period in 1997 to 22.2 million in 1998. The net result contributed $0.04 per share of the overall loss, according to Mr. Ribis.

Mr. Ribis said the reduced EBITDA at the Taj Mahal was anticipated because February 1997 revenues at the casino were extraordinarily high, marked by high-end foreign play and a "hold" of 22.7 percent According to Mr. Ribis, the Taj Mahal "hold" percentage was 15.1 percent for the quarter compared with 18.0 percent for the same period in 1997, reducing the Taj Mahal EBITDA by $7.3 million to $24.1 million for the quarter. Given a comparable "hold" percentage with 1997, the Taj Mahal EBITDA would have grown to $31.4 million in 1998, Mr. Ribis said.

Mr Ribis said EBITDA margins at each of the Trump Atlantic City casinos have improved in the quarter. The comparisons are as follows:
 
 

"Luck plays a role in the gaming business, and the `hold' is something that only luck controls," Mr. Ribis said. "But our efforts with the factors which we do control are paying off." Mr. Ribis stated the Company was continuing its efforts to refinance DJT debt to reduce both costs and leverage. In April the Company refinanced $60 million in Trump Marina bank debt to more favorable terms resulting in $5 million in new working capital and a reduction of $6 million in annual interest payments. "We've reviewed the entire debt structure of the Company and will continue this process as market conditions allow," Mr. Ribis said.

"With over $200 million in cash on hand at March 31, 1998," Mr. Ribis said, "the Company is poised to further its focus on profitability." Mr. Ribis noted that DJT management was also continuing its efforts to reduce operating costs. Management cut costs by 15 percent in 1997. "Our goal is to substantially reduce operating costs again in 1998," Mr. Ribis said. "Despite the significant growth the company has experienced during the past two years, we have instilled a new operating culture of cost control and a bottom-line thinking at DJT."

Mr. Ribis noted "People forget, however, that DJT has grown from $195 million revenues in 1995 to $1.4 billion today. That's a tremendous amount of growth for any company to absorb in less than three years. We believe that the Company has done an excellent job absorbing such an explosive growth pattern."

For the first quarter ended March 31, 1998, the Company reported that consolidated net revenues were $316.5 million compared with $342.2 million reported for the same period in 1997. EBITDA (earnings before interest, taxes, depreciation, amortization and CRDA) for the period was $48.7 million versus $60.0 million reported in the prior year. The net loss was $17.7 million, or $0.79 per share, compared with a loss of $13.9 million, or $0.59 per share, for the comparable period in 1997. Mr. Ribis noted that a normalized "hold" percentage at the Taj Mahal for this quarter on a year-to-year basis would have, in fact, reflected a growth in EBITDA of $2.1 million in the first quarter 1998.

Mr. Ribis said that he is pleased with the operating results at each of the properties in Atlantic City, and that continuing diligent efforts on the cost side of the business as well as increased marketing activities will assist the company in meeting its 1998 operating profit targets or in exceeding those projections.

Mr. Ribis noted that the first quarter comparisons at its Indiana property were difficult in 1998 due to the new facilities and capacity added in the Indiana marketplace over the past year and certain weather-related problems during the quarter. However, he noted that the Indiana market stabilized during March 1998, Trump Indiana continued to grow its revenues and profits in April, and the company fully expects to meet its operating budgets in 1998.

Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the 1998 first quarter of $221.6 million versus $235.2 million for the first quarter of 1997. EBITDA was $40.0 million with a net loss of $13.3 million, compared with EBITDA of $44.2 million and a net loss of $12.9 million for the same period of 1997.

Trump Taj Mahal Associates reported net revenue of $125.6 million for the 1998 first quarter versus $138.4 million reported in 1997. EBITDA was $24.1 million for the first three months of 1998 compared with $30.2 million reported for last year's first quarter.

Trump Plaza Associates reported net revenues of $96.0 million for the three months ended March 31, 1998, compared with $96.8 million reported for the same period in 1997. EBITDA for the quarter was up 13% to $15.8 million versus $14.0 million reported in the comparable period of the prior year.

Trump Marina reported net revenues of $66.6 million for the three months ended March 31, 1998, compared with $68.4 million reported for the same period in 1997. EBITDA for the quarter increased to $9.5 million compared with $8.8 million reported in the corresponding quarter of 1997.

Trump Indiana at Buffington Harbor reported first quarter net revenues of $28.3 million for the first quarter of 1998, compared with $38.6 million for the same period in 1997. Although costs and expenses decreased over $4.0 million, EBITDA for the quarter was $3.1 million versus $9.4 million in the prior year, reflecting the increased operators in that market.

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, New Jersey, 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.
 
 

Condensed Statements of Operations (Unaudited) 
(in thousands, except statistical information)
 

	Trump Plaza Associates		Trump Castle Associates dba Trump Marina		Trump Taj Mahal Associates		Trump Indiana, Inc.
	3/31/98	3/31/97	3/31/98	3/31/97	3/31/98	3/31/97	3/31/98	3/31/97
Revenue
Casino	$ 87,294	$ 86,870	$ 62,613	$ 63,974	$ 114,471	$ 128,273	$ 27,836	$ 37,772
No. of Slots	4,076	4,086	2,155	2,332	4,145	3,798	1,327	1,444
Win per Slot/Day	170	176	229	215	186	181	162	203
Slot Win	$ 62,386	$ 64,889	$ 44,652	$ 45,143	$ 68,380	$ 66,392	$ 19,377	$ 26,536
No. of Tables	117	135	94	93	156	166	58	69
Win per Table/Day	$ 2,365	$ 1,809	$ 2,082	$ 2,216	$ 2,960	$ 3,837	$ 1,621	$ 1,809
Table Win	$ 24,908	$ 21,981	$ 17,678	$ 18,544	$ 41,556	$ 57,328	$ 8,459	$ 11,236
Hold %	16.4%	13.8%	15.8%	15.9%	15.1%	18.0%	16.5%	18.1%
Poker Keno Racebook			$ 283	$ 287	$ 4,535	$ 4,553
Rooms	7,550	8,014	3,557	3,937	9,369	9,674
No. of Rooms Sold	97,708	106,760	52,682	54,373	95,835	101,639
Room Rates	$ 77.53	$ 75.07	$ 65.97	$ 70.82	$ 97.76	$ 95.18
Occupancy %	77.3%	84.8%	80.4%	83.0%	85.2%	90.3%
Food Beverage	$ 12,680	$ 13,485	$ 7,494	$ 7,919	$ 13,064	$ 12,861	$ 434	$ 668
Other	$ 2,824	$ 3,011	$ 1,885	$ 2,206	$ 4,762	$ 4,128	$ 182	$ 372
Promotional Allowances	$ (14,323)	$ (14,561)	$ (8,946)	$ (9,612)	$ (16,094)	$ (16,540)	$ (197)	$ (209)
Net Revenue	$ 96,025	$ 96,818	$ 66,603	$ 68,424	$ 125,572	$ 138,396	$ 28,255	$ 38,603
Costs Expenses
Gaming	$ 54,019	$ 55,251	$ 40,007	$ 41,034	$ 72,633	$ 79,196	$ 18,579	$ 22,116
Rooms	$ 2,972	$ 3,129	$ 668	$ 608	$ 3,468	$ 3,364
Food Beverage	$ 3,610	$ 4,336	$ 1,832	$ 2,123	$ 4,557	$ 4,240	$ 777	$ 712
General Admin	$ 19,612	$ 20,094	$ 14,622	$ 15,884	$ 20,794	$ 21,443	$ 5,780	$ 6,405
Total Expenses	$ 80,213	$ 82,810	$ 57,129	$ 59,649	$ 101,452	$ 108,243	$ 25,136	$ 29,233
EBITDA (a)	$ 15,812	$ 14,009	$ 9,474	$ 8,775	$ 24,120	$ 30,153	$ 3,119	$ 9,370

(a)  EBITDA reflects earnings before depreciation, interest, management fee, taxes and Indiana regulatory costs.
NOTE: Certain prior year reclassifications have been made to conform to current year presentation.