Press Release
February 19, 2001
NEW YORK, NY -- Trump Hotels & Casino Resorts, Inc. (THCR) (NYSE:DJT) Friday reported earnings and EBITDA for
the fourth quarter and year ended December 31, 2000. All references to net revenues and EBITDA for 1999 exclude
All Star Cafe lease termination income and Trump World's Fair closing costs.
THCR's EBITDA (earnings before interest, taxes, depreciation, amortization, CRDA and corporate expenses) for the
year ended December 31, 2000 increased to $250.1 million versus $240.4 million reported for the prior year and
consolidated net revenues were $1,351.4 million, compared to $1,394.0 million reported for 1999.
THCR's EBITDA for the 2000 fourth quarter was $41.3 million versus $27.8 million reported in the prior year's fourth
quarter. Consolidated net revenues for the 2000 fourth quarter were $306.2 million, compared to $331.0 million
reported for the same period in 1999.
THCR's net loss for the year was $37.3 million or $1.69 per share which includes a $9.5 million ($.43 per share)
extraordinary gain, net of minority interest, resulting from the repurchase of debt and $.5 million ($.02 per share)
for Trump World's Fair closing costs compared to a net loss of $133.8 million or $6.03 per share in 1999, which
includes All Star Cafe lease termination income ($.49 per share), Trump World's Fair closing costs ($3.54 per share)
and the charge for the cumulative effect of an accounting principle change ($.16 per share). THCR's 2000 net loss
before the extraordinary gain and Trump World's Fair closing costs was $46.2 million ($2.10 per share) compared
to a net loss of $62.5 million ($2.82 per share) for 1999 before the aforementioned items.
THCR's net loss for the 2000 fourth quarter was $24.9 million or $1.13 per share compared to a net loss of $34.5
million or $1.56 per share in 1999. Net loss for the 1999 fourth quarter included a $2.8 million reduction, net
of minority interest, in estimated Trump World's Fair closing costs charged in the previous quarter.
Trump Taj Mahal Associates reported net revenues for the 2000 fourth quarter of $136.8 million and EBITDA of $27.0
million, compared to net revenues for the 1999 fourth quarter of $145.1 million and EBITDA of $8.2 million. For
the year ended December 31, 2000, Trump Taj Mahal reported net revenues of $588.3 million and EBITDA of $137.0
million, compared to net revenues for 1999 of $563.8 million and EBITDA of $97.3 million.
Donald J. Trump, Chairman and Chief Executive Officer said, ``The Taj Mahal's results are outstanding. The new
management team has focused on maximizing the profitability of the property. New marketing programs along with
a renewed commitment to provide the best in customer service on the gaming floor and throughout the facility caused
the current year's rise in operating cash flow. The success of these efforts is evidenced by the fact that the
year 2000 produced the top 20 slot volume days since the property opened as well as the property's best operating
performance ever.''
Trump Plaza Associates reported net revenues of $76.7 million for the fourth quarter of 2000, compared with $80.4
million for the same period in 1999 and EBITDA of $2.8 million for the 2000 fourth quarter versus $7.9 million
reported for the 1999 fourth quarter. For the year ended December 31, 2000, Trump Plaza reported net revenues of
$345.5 million compared to $392.5 million for all of 1999. EBITDA for the year ended December 31, 2000, was $43.0
million compared to $73.0 million for 1999.
``While I'm proud of the Taj's turnaround I'm equally disappointed by the Plaza's 2000 performance.'' Trump said.
``We continue to correct the issues at Trump Plaza'', stated Mark A. Brown, President of Trump Hotels. ``The good
news here is with new management in place, proven marketing programs implemented and new slot product being installed
on the gaming floor, Plaza 2001 results will be back on track. As experienced by the entire city, the December
storms exacerbated the poor results at Trump Plaza as did the table hold percentages for both the fourth quarter
(2000 13.0% vs. 1999 13.5%) and full year (2000 14.4% vs. 1999 15.4%).''
For the 2000 fourth quarter, Trump Marina reported net revenues of $64.7 million, compared to $70.1 million for
the 1999 fourth quarter. EBITDA decreased to $8.4 million for the 2000 quarter, compared to $10.3 million for the
1999 fourth quarter. For the full year 2000, Trump Marina reported net revenues of $292.6 million, compared to
$293.8 million for the year ended December 31, 1999. EBITDA increased to $53.1 million for the year ended December
31, 2000, compared to $52.6 million for the year ended December 31, 1999. Brown continued, ``The Marina has a winning
formula. By putting together two $50 million plus EBITDA years in a row it has demonstrated its appeal to its expanding
customer base. The slight decrease in the fourth quarter was due to the effects of poor weather and lower table
hold percentage (16.0% vs. 18.1%).'' ``We feel that the opening of the roadway from the Expressway to the Marina
District in 2001 will increase patrons attracted to the property in the coming year,'' Trump added.
Trump Indiana reported 2000 fourth quarter net revenues of $28.1 million and EBITDA of $3.1 million, versus $35.4
million and $1.4 million, respectively, for the 1999 fourth quarter. For the full year ended December 31, 2000,
Trump Indiana posted net revenues of $124.9 million and EBITDA of $17.0 million, compared to net revenues of $144.0
million and EBITDA of $17.5 million for 1999.
Brown commented, ``I am extremely pleased with the progress made by our new management at Buffington Harbor. Their
improved fourth quarter operating results reflect their sound marketing programs and knowledge of the local gaming
market.'' Trump continued, ``The current session of the Indiana Legislature is considering allowing dockside gaming.
However, certain proposals include significant increases in the tax rates on gaming revenue. Dockside gaming should
not be shackled with onerous taxes which could eliminate the projected benefits of not having to cruise.'' Trump
added, ``We anticipate the opening of the 2,000 space parking garage which will greatly improve our customers access
to our gaming vessel by the end of this year.''
Fourth quarter 2000 corporate expenses were $1.9 million compared to $7.9 million in fourth quarter 1999. 2000
full year corporate expenses were reduced to $9.9 million compared to $21.0 million in 1999. Both periods reflect
the streamlining of the corporate office and a reduction in litigation expenses. The fourth quarter CRDA charge
increase reflects the write-off of certain prior year CRDA deposits, which were donated for social projects throughout
New Jersey.
The California development with the 29 Palms Band of Mission Indians is progressing and is scheduled for a late
2001 opening.
Trump Atlantic City Associates reported combined 2000 fourth quarter net revenues for Trump Plaza and Trump Taj
Mahal, of $213.5 million versus $225.4 million for the 1999 fourth quarter. 2000 fourth quarter EBITDA was $29.8
million compared to 1999 fourth quarter EBITDA of $16.1 million. For the year ended December 31, 2000, Trump Atlantic
City Associates reported net revenues of $933.8 million and EBITDA of $180.0 million compared to net revenues of
$956.2 million and EBITDA of $170.3 million for the year ended December 31,1999.
Trump Hotels & Casino Resorts, Inc. owns and operates Trump Plaza Hotel & Casino, Trump Taj Mahal 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.
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,''
``will'' 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 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)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $279,696 $303,300 $1,245,014 $1,275,829
ROOMS 19,609 21,229 81,411 93,491
FOOD & BEVERAGE 32,636 34,580 136,492 144,103
OTHER (A) 9,807 11,018 40,756 45,260
PROMOTIONAL ALLOWANCES (35,516) (39,168) (152,301) (164,690)
NET REVENUES $306,232 $330,959 $1,351,372 $1,393,993
COSTS & EXPENSES
GAMING $182,082 $213,122 $770,011 $808,585
ROOMS 8,347 8,739 31,843 34,916
FOOD & BEVERAGE 11,520 13,165 46,329 53,340
GENERAL & ADMIN 62,947 68,138 253,076 256,705
TOTAL EXPENSES $264,896 $303,164 $1,101,259 $1,153,546
EBITDA $41,336 $27,795 $250,113 $240,447
CRDA/INDIANA
STATE & MUNIC OBLIG. $6,578 $2,366 $14,276 $9,414
DEPRECIATION &
AMORTIZATION 20,096 20,718 80,365 86,331
INTEREST INCOME (2,617) (1,959) (7,327) (7,102)
INTEREST EXPENSE 54,332 55,887 220,217 222,668
CORPORATE EXPENSES &
DJT INCENTIVE FEE 1,887 7,897 9,938 21,000
DEVELOPMENT COSTS 242 1,900 4,904 5,169
OTHER NON OPER
(INCOME) EXPENSE, NET 59 (218) 653 1,501
TOTAL NON-OPERATING
EXPENSE, NET $80,577 $86,591 $323,026 $338,981
LOSS BEFORE MINORITY
INT, ALL STAR CAFE,
W/F CLOSING, CUM
EFFECT OF ACCTG PRIN
CHG & EXT GAIN ($39,241) ($58,796) ($72,913) ($98,534)
MINORITY INTEREST 14,350 21,502 26,664 36,034
LOSS BEFORE ALL STAR
CAFE, WF CLOSING, CUM
EFFECT OF ACCTG PRIN
CHANGE & EXT GAIN (24,891) (37,294) (46,249) (62,500)
ALL STAR CAFE TRANSACTION,
NET OF MINORITY INT (A) - - - 10,910
TRUMP WORLD'S FAIR
CLOSING, NET OF
MINORITY INT (31) 2,801 (516) (78,627)
CUMULATIVE EFFECT OF
ACCTG PRIN CHANGE - - - (3,565)
EXTRAORDINARY GAIN,
NET OF MINORITY INT - - 9,453 -
NET LOSS ($24,922) ($34,493) ($37,312) ($133,782)
WEIGHTED AVERAGE
# SHARES 22,010,027 22,130,278 22,041,048 22,178,878
BASIC AND DILUTED
LOSS PER SHARE ($1.13) ($1.56) ($1.69) ($6.03)
BASIC AND DILUTED
LOSS PER SHARE
BEFORE ALL STAR CAFE,
WF CLOSING COSTS, CUM
EFFECT OF ACCTG
PRINCIPLE CHANGE &
EXTRAORDINARY GAIN ($1.13) ($1.69) ($2.10) ($2.82)
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(A) For financial reporting purposes, the gain was reported as
other revenue.
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $194,077 $ 205,313 $858,473 $867,556
ROOMS 14,332 16,307 59,583 74,057
FOOD & BEVERAGE 24,231 25,571 99,521 106,111
OTHER (A) 7,268 8,103 29,308 33,238
PROMOTIONAL ALLOWANCES (26,446) (29,870) (113,070) (124,735)
NET REVENUES $213,462 $225,424 $933,815 $956,227
COSTS & EXPENSES
GAMING $126,849 $149,160 $529,998 $550,441
ROOMS 6,703 6,880 25,532 28,712
FOOD & BEVERAGE 7,980 9,149 31,081 37,519
GENERAL & ADMIN 42,145 44,154 167,161 169,231
TOTAL EXPENSES $183,677 $209,343 $753,772 $785,903
EBITDA $29,785 $16,081 $180,043 $170,324
CRDA $3,358 $1,096 $6,896 $4,270
DEPREC & AMORT 12,802 13,705 51,924 58,615
INTEREST INCOME (1,623) (1,027) (4,109) (3,396)
INTEREST EXPENSE 38,373 38,428 153,664 153,759
OTHER NON-OPERATING
(INCOME) EXPENSE 23 (19) 32 (340)
ALL STAR CAFE
TRANSACTION (A) - - - (17,200)
WORLD'S FAIR CLOSING COSTS 49 (4,416) 814 123,959
TOTAL NON-OPERATING
EXPENSE, NET $52,982 $47,767 $209,221 $319,667
NET LOSS ($23,197) ($31,686) ($29,178) ($149,343)
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(A) For financial reporting purposes, the gain was reported as other
revenue.
TRUMP TAJ MAHAL
ASSOCIATES
Condensed Statements
of Operations
(Unaudited)
(In thousands, except
statistical information)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $123,388 $131,993 $538,322 $513,116
# of Slots 4,585 4,430 4,557 4,316
Win per Slot/Day $183 $189 $200 $201
Slot Win $77,380 $76,894 $333,746 $317,116
# of Tables 143 145 143 147
Win per Table/Day $3,054 $3,665 $3,481 $3,229
Table Win $40,177 $48,891 $182,189 $173,270
Table Drop $247,906 $292,035 $1,071,200 $1,079,412
Hold % 16.2% 16.7% 17.0% 16.1%
Poker, Keno, Race Win $5,831 $6,208 $22,387 $22,730
ROOMS $8,710 $9,552 $36,045 $38,567
# of Rooms Sold 104,742 106,301 426,719 434,276
Avg Room Rates $83.16 $89.86 $84.47 $88.81
Occupancy % 91.1% 92.4% 93.3% 95.2%
FOOD & BEVERAGE $14,086 $14,807 $56,828 $55,769
OTHER 5,209 5,337 20,195 21,251
PROMOTIONAL ALLOWANCES (14,591) (16,631) (63,043) (64,951)
NET REVENUES $136,802 $145,058 $588,347 $563,752
COSTS & EXPENSES
GAMING $75,864 $98,071 $317,283 $335,221
ROOMS 4,240 4,440 15,594 16,109
FOOD & BEVERAGE 5,399 5,718 20,535 20,091
GENERAL & ADMIN 24,343 28,598 97,912 95,030
TOTAL EXPENSES $109,846 $136,827 $451,324 $466,451
EBITDA (1) $26,956 $8,231 $137,023 $97,301
(1) EBITDA reflects earnings before depreciation, interest, taxes, All
Star Cafe and CRDA write-down.
Note: 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)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $70,689 $73,320 $320,151 $354,440
# of Slots 2,884 3,060 2,839 3,807
Win per Slot/Day $194 $184 $219 $185
Slot Win $51,182 $51,787 $227,008 $256,872
# of Tables 97 96 96 98
Win per Table/Day $2,193 $2,438 $2,658 $2,728
Table Win $19,507 $21,533 $93,143 $97,568
Table Drop $150,282 $159,851 $648,724 $631,530
Hold % 13.0% 13.5% 14.4% 15.4%
ROOMS $5,622 $6,755 $23,538 $35,490
# of Rooms Sold 68,139 76,995 293,653 421,232
Room Rates $82.72 $87.73 $80.29 $84.25
Occupancy % 81.9% 90.4% 88.8% 89.9%
FOOD & BEVERAGE $10,145 $10,764 $42,693 $50,342
OTHER 2,059 2,766 9,113 11,987
PROMOTIONAL ALLOWANCES (11,855) (13,239) (50,027) (59,784)
NET REVENUES $76,660 $80,366 $345,468 $392,475
COSTS & EXPENSES
GAMING $50,985 $51,089 $212,715 $215,220
ROOMS 2,463 2,440 9,938 12,603
FOOD & BEVERAGE 2,581 3,431 10,546 17,428
GENERAL & ADMIN 17,802 15,556 69,249 74,201
TOTAL EXPENSES $73,831 $72,516 $302,448 $319,452
EBITDA (1) $2,829 $7,850 $43,020 $73,023
(1) EBITDA reflects earnings before depreciation, interest, taxes,CRDA
writedown and World's Fair closing costs.
TRUMP'S CASTLE ASSOCIATES
d/b/a TRUMP MARINA
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $58,848 $63,871 $267,377 $269,321
# of Slots 2,519 2,201 2,410 2,159
Win per Slot/Day $184 $228 $219 $247
Slot Win $42,628 $46,244 $192,951 $194,631
# of Tables 76 83 76 86
Win per Table/Day $2,304 $2,293 $2,627 $2,323
Table Win $16,111 $17,511 $73,067 $72,911
Table Drop $100,961 $96,873 $440,805 $459,007
Hold % 16.0% 18.1% 16.6% 15.9%
Poker, Keno, Race Win $109 $116 $1,359 $1,779
ROOMS $4,391 $3,931 $17,640 $16,197
# of Rooms Sold 54,639 56,066 230,806 224,897
Avg Room Rates $80.36 $70.11 $76.43 $72.02
Occupancy % 81.6% 83.7% 86.6% 84.6%
FOOD & BEVERAGE $7,636 $7,981 $33,804 $34,376
OTHER 2,217 2,617 10,124 10,672
PROMOTIONAL ALLOWANCES (8,430) (8,292) (36,303) (36,767)
NET REVENUES $64,662 $70,108 $292,642 $293,799
COSTS & EXPENSES
GAMING $37,399 $38,599 $161,810 $163,465
ROOMS 1,156 1,302 4,272 4,191
FOOD & BEVERAGE 2,460 2,702 10,927 10,846
GENERAL & ADMIN 15,237 17,195 62,571 62,718
TOTAL EXPENSES $56,252 $59,798 $239,580 $241,220
EBITDA (1) $8,410 $10,310 $53,062 $52,579
(1) EBITDA reflects earnings before depreciation, interest, taxes,
CRDA writedown and DJT Incentive Fee.
TRUMP INDIANA, INC.
Condensed Statements
of Operations
(Unaudited)
(In thousands, except
statistical information)
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO $26,771 $34,116 $119,164 $138,952
# of Slots 1,250 1,250 1,251 1,249
Win per Slot/Day $181 $231 $202 $237
Slot Win $20,771 $26,536 $92,465 $108,066
# of Tables 50 50 50 50
Win per Table/Day $1,304 $1,648 $1,459 $1,692
Table Win $6,000 $7,581 $26,699 $30,886
Table Drop $38,116 $42,312 $161,773 $183,036
Hold % 15.7% 17.9% 16.5% 16.9%
ROOMS $886 $991 $4,187 $3,237
# of Rooms Sold 14,995 18,439 70,402 60,552
Avg Room Rates $59 $54 $59 $53
Occupancy % 54.3% 66.8% 64.1% 55.3%
FOOD & BEVERAGE $769 $1,028 $3,168 $3,616
OTHER 322 298 1,324 1,350
PROMOTIONAL ALLOWANCES (640) (1,006) (2,928) (3,188)
NET REVENUES $28,108 $35,427 $124,915 $143,967
COSTS & EXPENSES
GAMING $17,834 $25,363 $78,203 $94,679
ROOMS 488 557 2,039 2,013
FOOD & BEVERAGE 1,080 1,314 4,321 4,975
GENERAL & ADMIN 5,565 6,789 23,344 24,756
TOTAL EXPENSES $24,967 $34,023 $107,907 $126,423
EBITDA (1) $3,141 $1,404 $17,008 $17,544
(1) EBITDA reflects earnings before depreciation, interest, taxes,
Indiana regulatory costs and non-operating expenses.
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
3 MONTHS 12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
CRDA /INDIANA OBLIGATIONS
TAJ $1,557 $517 $3,669 $2,119
PLAZA 1,801 579 3,227 2,151
MARINA 2,295 345 3,680 1,444
INDIANA STATE &
MUNICIPAL OBLIG. 925 925 3,700 3,700
TOTAL
CRDA/INDIANA OBLIG $6,578 $2,366 $14,276 $9,414
DEPRECIATION & AMORTIZATION
TAJ $8,549 $9,139 $35,585 $36,710
PLAZA 4,253 4,566 16,339 21,905
THCR HOLDINGS 36 80 158 301
MARINA 4,347 4,360 17,381 17,340
INDIANA (INCL JOINT
VENTURE LOSS) 2,911 2,573 10,902 10,075
TOTAL DEPRECIATION
/AMORT $20,096 $20,718 $80,365 $86,331
INTEREST EXPENSE
TAJ $23,278 $23,360 $93,384 $93,638
PLAZA 11,985 11,920 47,781 47,456
TRUMP ATLANTIC CITY 3,110 3,148 12,499 12,665
THCR HOLDINGS 4,441 6,063 20,720 24,217
MARINA 10,805 10,638 42,924 42,035
INDIANA 713 758 2,909 2,657
TOTAL INTEREST EXPENSE $54,332 $55,887 $220,217 $222,668
LOAN COST AMORT/BOND DISC
INCL IN INT EXP
TAJ $734 $824 $3,066 $3,440
PLAZA 367 412 1,533 1,720
TRUMP ATLANTIC CITY 299 336 1,249 1,415
THCR HOLDINGS 192 269 907 1,074
MARINA(BOND DISC
ACCRETION) 1,356 1,162 5,122 4,382
INDIANA 38 65 151 173
TOTAL LOAN COST
AMORT/BOND DISC $2,986 $3,068 $12,028 $12,204
--------------------------------------------------------------------------------
Contact:
Trump Hotels & Casino Resorts, Inc.
John P. Burke, Corporate Treasurer
(212) 891-1500