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| NEW YORK - July 12, 1999--Trump Hotels Casino Resorts, Inc.
(NYSE: DJT) announced today that for the second quarter ended June 30,
1999, consolidated net revenues were $361.5 million, compared to $344.3
million reported for the same period in 1998 (+5%). THCR�s EBITDA (earnings
before interest, taxes, depreciation, amortization and corporate expenses)
for the quarter was $73.2 million versus $64.6 million reported in the
prior year�s second quarter (+13.4%). The net loss was reduced to $6.5
million or $0.29 per share, compared to a net loss of $11.0 million, or
$0.49 per share in the 1998 quarter.
Commented Chairman Donald J. Trump: �The company not only improved all of its operating results and its operating margins, but its cash position improved dramatically. The company will continue to accumulate additional cash reserves for the reduction of its outstanding debt over the next 12 to 18 months.� �I am extremely pleased with the operating results at all of our properties for the quarter,� continued Nicholas L. Ribis, President and Chief Executive Officer. �Our increase in EBITDA and related operating margins reflect the strength of the company and the success of our stringent cost control efforts coupled with management initiatives, which continue to focus on attracting new patrons while maintaining existing customer relationships.� In the second quarter operating margins improved at all properties:
corporate initiatives currently underway which we anticipate will positively impact the company�s profitability,� Ribis continued. Trump Taj Mahal Associates reported net revenues of $144.7 million and EBITDA of $33.0 million for the 1999 second quarter ended June 30. Net revenues for the 1998 second quarter were $139.1 million and EBITDA was $30.0 million. Trump Plaza Associates reported net revenues of $104.3 million and EBITDA of $20.1 million for the 1999 second quarter ended June 30. Net revenues for the 1998 second quarter were $102.4 million and EBITDA was $18.7 million. Trump Marina reported net revenues of $75.7 million and EBITDA of $13.8 million for the 1999 second quarter ended June 30. Net revenues for the 1998 second quarter were $67.0 million and EBITDA was $11.3 million. Trump Indiana reported net revenues of $36.7 million and EBITDA of $6.1 million for the 1999 second quarter ended June 30. Net revenues for the 1998 second quarter were $35.9 million and EBITDA was $4.5 million. �A new 1,500-car garage will be under construction shortly which will add to the property�s first-class accommodations already found in our 300 room hotel and which will continue to draw guests to the property and continue its dynamic growth,� added Ribis. Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the 1999 second quarter of $249.0 million versus $241.4 million for the 1998 second quarter. EBITDA was $53.3 million compared to EBITDA of $48.8 million for the same period of 1998. �Atlantic City has again proved itself to be a premier entertainment destination�with positive year-over-year total win comparisons highlighted most recently by the largest month of June and June year-to-date casino win in the history of the City�yet the city still has not achieved its full potential. As Atlantic City�s leading operator, we naturally benefit from the success of this market and Atlantic City�s even brighter future certainly bodes well for our company,� said Ribis. THCR�s Atlantic City properties were recently granted four-year license renewals (the maximum allowable) by unanimous vote of the Casino Control Commission. �We are pleased that the Commission recently granted our four-year relicensure,� said Ribis. �We certainly appreciate the faith that the regulators have expressed in the financial stability of the company, both today and going forward.� �The operating results for this quarter continue to validate what I have been saying all along�that this Company is much stronger and achieving much greater operating results in 1999 than it did when the stock was trading at $35 in 1996,� concluded Trump. 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, Indiana 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. |
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