EXHIBIT 99.1
NEWS RELEASE
FOR: TRUMP ENTERTAINMENT RESORTS, INC. (NASDAQ NMS: TRMP)
CONTACT: John P. Burke, EVP, Corporate Treasurer, (212) 891-1503
FOR RELEASE: Monday, November 14, 2005
TRUMP ENTERTAINMENT RESORTS REPORTS
2005 THIRD QUARTER AND NINE MONTH RESULTS
ATLANTIC CITY, NJ - Trump Entertainment Resorts, Inc. (the "Company") (NASDAQ
NMS: TRMP) today reported its operating results for the third quarter and nine
months ended September 30, 2005. Consolidated net revenues for the quarter ended
September 30, 2005 were $277.3 million, compared to $273.6 million for the
quarter ended September 30, 2004. The Company has treated Trump Indiana's
results as discontinued operations, given the previously announced pending sale
of Trump Indiana. Consolidated income from operations for the quarter ended
September 30, 2005 was $32.7 million, compared to $28.3 million for the quarter
ended September 30, 2004. During the 2005 third quarter, in connection with its
reorganization proceedings commenced on November 21, 2004, the Company recorded
reorganization expenses and related costs of $5.7 million as a result of
continued professional fees incurred with respect to the reorganization.
Consolidated net income for the quarter ended September 30, 2005 was $3.2
million ($0.12 per basic and diluted share), compared to a net loss of $25.1
million ($0.84 per basic and diluted share) for the quarter ended September 30,
2004. EBITDA (defined by the Company as income from operations before
depreciation, amortization and reorganization income/expenses and related costs)
for the quarter ended September 30, 2005 was $54.7 million, compared to EBITDA
of $56.4 million reported for the quarter ended September 30, 2004. Readers are
advised that the term "EBITDA" is not a measure of financial performance under
generally accepted accounting principles. The Company supplementally provides
EBITDA because it believes that it is commonly used by investors in measuring an
entity's operating performance in the gaming industry. A reconciliation of
EBITDA to income from operations is included in the attached schedules.
Both the operating results prior to the effective date of the Company's
reorganization on May 20, 2005 ("Effective Date") and for the period commencing
on the Effective Date through September 30, 2005 are reflected in the schedules
below. To facilitate analysis and comparison with the prior year, the results of
the Company's operating entities have been combined both prior to and following
the Effective Date for the quarter and the nine months ended September 30, 2005.
Readers are encouraged to refer to the Company's quarterly report on Form 10-Q
for the period ended September 30, 2005 filed with the Securities and Exchange
Commission earlier today. The report, as well as the Company's other periodic
and annual reports, may be viewed free of charge either on the SEC's website,
www.sec.gov, or on the Company's website, www.trumpcasinos.com.
James B. Perry, the Company's Chief Executive Officer and President, commented,
"Our third quarter financials continue to reflect matters associated with the
Company's reorganization. Additionally, the results reflect the initial changes
made to increase the profitability of some marketing programs. While these
changes negatively impact revenue in the short term, they are designed to enable
us to realize margin improvements going forward."
Perry commented further, "We are on target to complete a master plan for our
Atlantic City properties that is anticipated to lever the strength of the Trump
brand through targeted renovations and strategic expansions. We believe the
changes we intend to make to the physical plants represent solid and predictable
growth opportunities for the organization for the next seven years, and we
believe we are on target to present the plan to our Board of Directors for its
approval by year end. First and foremost among these opportunities is the
construction of a new tower at the Taj Mahal, which should enable us to maximize
operating results by taking advantage of existing capacity on the gaming floor
and in our restaurant and convention facilities. Upon approval of the Board of
Directors, we plan on commencing construction in June 2006."
"We are also developing a thematic positioning statement for each of the three
Atlantic City properties based upon market research conducted with gaming
customers in New Jersey and the surrounding states," Perry said. "We intend to
coordinate our capital spending initiatives with our operating strategies at
each property based on customer feedback, and begin the process of repositioning
the properties in the second quarter of 2006. To accomplish this, we continue to
strengthen our senior management team with talented gaming professionals who are
committed to improving results through enhanced operations, heightened customer
service, and increased entertainment value for our customers. These are seasoned
leaders with proven experience who have a history of creating value for
shareholders," he continued.
Perry concluded, "In addition to capitalizing on growth opportunities at the
existing properties, we have started the process of looking for growth
opportunities beyond Atlantic City that should enable us to lever the 'magic' of
the Trump brand. We have started discussions with developers in significant
markets, including Philadelphia, to discuss scope and size of potential
projects, and have begun looking at financing options. To be successful, we will
also begin the process of building a team of experienced development executives
who will identify and deliver quality opportunities for the company."
Conference Call:
- ----------------
The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on
Tuesday, November 15, 2005 during which management will discuss the results and
other matters addressed in the earnings release. Members of the financial
community and interested investors are welcome to participate in the conference
call by calling toll free (800) 289-0496, or (913) 981-5519 for callers outside
the United States and Canada, not earlier than 15 minutes before the call is
scheduled to begin.
A replay of the conference call will be available until midnight on Friday,
November 18, 2005. The replay number is toll free (888) 203-1112, or (719)
457-0820 for callers outside the United States and Canada. The replay passcode
is 4964466.
About Our Company:
- ------------------
Trump Entertainment Resorts, Inc. is a leading gaming company that owns and
operates four properties. The Company'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. Together, the properties comprise approximately 371,300 square feet of
gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle
through which Donald J. Trump, the Company's Chairman and largest stockholder,
conducts gaming activities and strives to provide customers with outstanding
casino resort and entertainment experiences consistent with the Donald J. Trump
standard of excellence. Trump Entertainment Resorts, Inc. is separate and
distinct from Mr. Trump's real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements
and Additional Available Information
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 the Company's or its subsidiaries' performance, trends in the
Company'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," "can" 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 Trump Entertainment
Resorts, Inc., the Company notes that there are various factors that could cause
actual results to differ materially from those set forth in any such
forward-looking statements, including but not limited to: the ability to fund
and execute the Company's master plan for the Company's Atlantic City
properties; the ability to obtain slot licenses in Philadelphia or other
locations or develop such sites; the effects of our recently completed
bankruptcy cases; the ability to attract, retain and compensate key executives
and associates; the ability of the Company to attract and retain customers; the
effects of environmental and structural building conditions relating to the
Company's properties; access to available and feasible financing and insurance;
changes in laws, regulations or accounting standards, insurance premiums and
relations with third parties; approvals and decisions of courts, regulators and
governmental bodies and the results of any litigation; judicial decisions,
legislative referenda and regulatory actions, including gaming and tax-related
actions; the ability of the Company's customer-tracking programs and marketing
to continue to increase or sustain customer loyalty; the Company's ability to
recoup costs of capital investments through higher revenues; the ability to use
the "Trump" name; acts of war or terrorist incidents; high energy and gasoline
prices and adverse winter weather conditions; abnormal gaming hold percentages;
the effects of competition, including locations of competitors and operating and
market competition; and the effect of economic, credit and capital market
conditions on the economy in general, and on gaming and hotel companies in
particular.
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 Company. 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. The forward-looking statements in
this release reflect the opinion of the Company's management as of the date of
this release. Readers are hereby advised that developments subsequent to this
release are likely to cause these statements to become outdated with the passage
of time or other factors beyond the control of the Company. The Company does not
intend, however, to update the guidance provided herein prior to its next
release or unless otherwise required to do so. Readers of this release should
consider these facts in evaluating the information contained herein. In
addition, the business and operations of the Company are subject to substantial
risks, including, but not limited to risks relating to liquidity and cash flows,
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 the
Company 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.
Additional information concerning the potential risk factors that could affect
the Company's future performance are described from time to time in the
Company's periodic reports filed with the SEC, including, but not limited to,
the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
These reports may be viewed free of charge on the SEC's website, www.sec.gov, or
on the Company's website, www.trumpcasinos.com.
###
TRUMP ENTERTAINMENT RESORTS, INC.
f/k/a TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
REORGANIZED PREDECESSOR
COMPANY COMPANY
------------ ------------
THREE MONTHS THREE MONTHS
ENDED ENDED
30-SEP-2005 30-SEP-2004
------------ ------------
REVENUES
CASINO $ 290,104 $ 290,447
ROOMS 21,278 21,371
FOOD & BEVERAGE 34,992 36,691
OTHER 13,802 14,023
PROMOTIONAL ALLOWANCES (82,909) (88,908)
------------ ------------
NET REVENUES $ 277,267 $ 273,624
------------ ------------
COSTS & EXPENSES
GAMING $ 129,747 $ 134,542
ROOMS 7,141 6,849
FOOD & BEVERAGE 11,913 11,680
GENERAL & ADMINISTRATIVE 73,815 64,191
------------ ------------
TOTAL INCOME (EXPENSES) $ 222,616 $ 217,262
------------ ------------
EBITDA (a) $ 54,651 $ 56,362
Less:
DEPRECIATION & AMORTIZATION 16,244 25,226
REORGANIZATION EXPENSES and RELATED COSTS (b) 5,741 2,857
------------ ------------
INCOME FROM OPERATIONS $ 32,666 $ 28,279
------------ ------------
INTEREST INCOME 696 191
INTEREST EXPENSE (32,735) (57,507)
OTHER NON-OPERATING INCOME, NET - (686)
------------ ------------
TOTAL NON-OPERATING EXPENSE, NET ($32,039) ($58,002)
------------ ------------
INCOME (LOSS) BEFORE INCOME TAXES,
DISCONTINUED OPERATIONS, EXTRAORDINARY GAIN ON DEBT
EXTINGUISHMENT AND MINORITY INTEREST $ 627 ($29,723)
PROVISION FOR INCOME TAXES (c) (2,335) (2,068)
------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS ($1,708) ($31,791)
DISCONTINUED OPERATIONS OF TRUMP INDIANA (d) 5,935 5,036
DISCONTINUED OPERATIONS OF TRUMP 29 (e) - 1,610
------------ ------------
INCOME (LOSS) BEFORE MINORITY INTEREST $ 4,227 ($25,145)
MINORITY INTEREST (993) -
------------ ------------
NET INCOME (LOSS) $ 3,234 ($25,145)
============ ============
BASIC AND DILUTED PER SHARE DATA
INCOME (LOSS) FROM CONTINUING OPERATIONS ($0.06) ($1.06)
DISCONTINUED OPERATIONS OF TRUMP INDIANA 0.22 0.17
DISCONTINUED OPERATIONS OF TRUMP 29 - 0.05
MINORITY INTEREST (0.04) -
------------ ------------
NET INCOME (LOSS) $ 0.12 ($0.84)
============ ============
WEIGHTED AVERAGE No. SHARES-BASIC AND DILUTED 27,064,819 29,904,764
============ ============
See accompanying notes.
TRUMP ENTERTAINMENT RESORTS, INC.
f/k/a TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
PREDECESSOR REORGANIZED PREDECESSOR
COMPANY COMPANY COMPANY
------- ------- -------
NINE MONTHS
1-JAN-05 20-MAY-05 ENDED
19-MAY-05 30-SEP-05 30-SEP-04
------------------------ ------------
REVENUES
CASINO $ 398,409 $ 414,380 $ 812,838
ROOMS 26,360 30,006 57,305
FOOD & BEVERAGE 44,198 50,232 97,007
OTHER 12,809 18,870 32,960
PROMOTIONAL ALLOWANCES (117,337) (120,366) (233,897)
------------------------ ------------
NET REVENUES $ 364,439 $ 393,122 $ 766,213
------------------------ ------------
COSTS & EXPENSES
GAMING $ 186,545 $ 188,623 $ 377,005
ROOMS 9,805 10,319 20,261
FOOD & BEVERAGE 13,767 17,116 31,819
GENERAL & ADMINISTRATIVE 93,732 111,088 184,227
------------------------ ------------
TOTAL EXPENSES $ 303,849 $ 327,146 $ 613,312
------------------------ ------------
EBITDA (a) $ 60,590 $ 65,976 $ 152,901
Less:
DEPRECIATION & AMORTIZATION 35,753 22,259 71,801
REORGANIZATION (INCOME) EXPENSES and RELATED COSTS (b ) (25,967) 7,671 2,857
------------------------ ------------
INCOME FROM OPERATIONS $ 50,804 $ 36,046 $ 78,243
------------------------ ------------
INTEREST INCOME 836 918 590
INTEREST EXPENSE (86,862) (47,357) (170,851)
OTHER NON-OPERATING INCOME, NET - 65 1,480
------------------------ ------------
TOTAL NON-OPERATING EXPENSE, NET ($86,026) ($46,374) ($168,781)
------------------------ ------------
INCOME(LOSS) BEFORE INCOME TAXES,
DISCONTINUED OPERATIONS, EXTRAORDINARY GAIN ON DEBT
EXTINGUISHMENT AND MINORITY INTEREST ($35,222) ($10,328) ($90,538)
PROVISION FOR INCOME TAXES (c) (2,074) (3,046) (4,314)
------------------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS ($37,296) ($13,374) ($94,852)
DISCONTINUED OPERATIONS OF TRUMP INDIANA (d) 118,748 7,645 (2,544)
DISCONTINUED OPERATIONS OF TRUMP 29 (e) - - 5,897
EXTRAORDINARY GAIN ON DEBT EXTINGUISHMENT(f) 196,932 - -
------------------------ ------------
INCOME (LOSS) BEFORE MINORITY INTEREST $ 278,384 ($5,729) ($91,499)
MINORITY INTEREST - 1,347 -
------------------------ ------------
NET INCOME (LOSS) $ 278,384 ($4,382) ($91,499)
======================== ============
BASIC PER SHARE DATA
INCOME (LOSS) FROM CONTINUING OPERATIONS ($1.25) ($0.49) ($3.17)
DISCONTINUED OPERATIONS OF TRUMP INDIANA 3.97 0.28 (0.09)
DISCONTINUED OPERATIONS OF TRUMP 29 - - 0.20
EXTRAORDINARY GAIN ON DEBT EXTINGUISHMENT 6.59 - -
MINORITY INTEREST - 0.05 -
------------------------ ------------
NET INCOME (LOSS) $ 9.31 ($0.16) ($3.06)
======================== ============
WEIGHTED AVERAGE No. SHARES-BASIC 29,904,764 27,052,393 29,904,764
======================== ============
DILUTED PER SHARE DATA
INCOME (LOSS) FROM CONTINUING OPERATIONS ($0.85) ($0.49) ($3.17)
DISCONTINUED OPERATIONS OF TRUMP INDIANA 2.71 0.28 (0.09)
DISCONTINUED OPERATIONS OF TRUMP 29 - - 0.20
EXTRAORDINARY GAIN ON DEBT EXTINGUISHMENT 4.50 - -
MINORITY INTEREST - 0.05 -
------------------------ ------------
NET INCOME (LOSS) $ 6.36 ($0.16) ($3.06)
======================== ============
WEIGHTED AVERAGE No. SHARES-DILUTED 43,823,487 27,052,393 29,904,764
======================== ============
See accompanying notes.
TRUMP ENTERTAINMENT RESORTS, INC.
fka/TRUMP HOTELS & CASINO RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) EBITDA (Income from operations before depreciation, amortization and
reorganization income/expenses and related 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 reported by other
companies.
(b) On November 21, 2004, the Company filed voluntary petitions in the United
States Bankruptcy Court for the District of New Jersey (the "Bankruptcy Court")
under Chapter 11 of the United States Bankruptcy Code. The Company has prepared
its financial information in accordance with AICPA Statement of Position 90-7,
"Financial Reporting by Entities under the Bankruptcy Code" ("SOP 90-7").
Reorganization expenses and related costs for the periods ended May 19 and
September 30, 2005 consist of professional fees associated with the
reorganization and bankruptcy proceedings and the revaluation of assets and
liabilities of the Company pursuant to SOP 90-7. For periods subsequent to May
19, 2005, reorganization expenses and related costs include professional fees
and severance costs related to the reorganization process.
(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.
(d) Trump Indiana discontinued operations includes federal and state income
taxes. Quarter ended March 31, 2004 included $19.1 million of Indiana state
income taxes due to the 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. In connection
with the settlement aggrement on March 25, 2005, Trump Indiana, Inc. recorded an
additional $2.5 million charge to income tax provision during the quarter ended
March 31, 2005. The period ended May 19, 2005 includes a charge of $20.0 million
for Trump Indiana, Inc.'s federal and state income taxes related to an IRS audit
for the tax years 1995 through 1997 and all subsequent years.
(e) Three and nine months ended September 30, 2004 discontinued operations
include operating results from the management contract with the Twenty-Nine
Palms Band of Luiseno Mission Indians of California, pursuant to which the
Company had managed the Trump 29 casino in Coachella, California, until December
31, 2004.
(f) Represents amounts settled in connection with the Company's plan of
reorganiztion consummated on May 20, 2005, including the discharge of
pre-petition liabilities comprised principally of the 11.25% First Mortgage
Notes due 2006 of Trump Atlantic City Associates and certain of its affiliates
(the "TAC Notes") and the 11.625% First Priority Mortgage Notes due 2010 and the
Second Priority Notes due 2010 of Trump Casino Holdings, LLC and Trump Casino
Funding, Inc. (the "TCH Notes").
TRUMP TAJ MAHAL ASSOCIATES
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT STATISTICAL INFORMATION)
3 MONTHS 9 MONTHS
30-Sep-05 30-Sep-04 30-Sep-05 30-Sep-04
------------------------ ------------------------
REVENUES
CASINO $ 139,709 $ 135,006 $ 386,138 $ 377,692
# of Slots 4,342 4,419 4,352 4,401
Win per Slot/Day $ 227 $226 $ 210 $ 209
Slot Win $ 90,513 $ 91,860 $ 249,384 $ 251,929
# of Tables 128 127 128 127
Win per Table/Day $ 3,583 $ 3,084 $ 3,369 $ 3,089
Table Win $ 42,193 $ 36,037 $ 117,740 $ 107,489
Table Drop $ 251,055 $ 237,644 $ 693,888 $ 653,300
Hold % 16.8% 15.2% 17.0% 16.5%
Poker, Keno, Race Win $ 7,003 $ 7,109 $ 19,014 $ 18,274
ROOMS $ 9,155 $ 9,319 $ 24,504 $ 24,904
# of Rooms Sold 110,435 113,545 315,923 324,332
Avg Room Rates $82.90 $ 82.07 $77.56 $76.79
Occupancy % 96.0% 98.7% 92.6% 94.7%
FOOD & BEVERAGE $ 15,166 $ 16,168 $ 41,468 $ 42,935
OTHER 6,484 6,750 14,193 15,819
PROMOTIONAL ALLOWANCES (38,611) (40,671) (107,336) (101,648)
------------------------ ------------------------
NET REVENUES $ 131,903 $ 126,572 $358,967 $ 359,702
------------------------ ------------------------
COSTS & EXPENSES
GAMING $ 58,450 $ 60,837 $ 170,425 $ 171,268
ROOMS 3,476 3,418 10,399 10,330
FOOD & BEVERAGE 4,862 4,782 14,218 14,337
GENERAL & ADMIN 29,566 26,827 81,017 76,237
------------------------ ------------------------
TOTAL EXPENSES $ 96,354 $ 95,864 $ 276,059 $ 272,172
------------------------ ------------------------
EBITDA (a) $ 35,549 $ 30,708 $ 82,908 $ 87,530
======================== ========================
A reconciliation of EBITDA to income from operations for each of the periods is
as follows:
EBITDA $ 35,549 $ 30,708 $ 82,908 $ 87,530
Reorganization income/expenses and related costs (281) - 104,487 -
Depreciation and amortization (7,935) (12,015) (30,233) (36,570)
------------------------ ------------------------
Income from operations $ 27,333 $ 18,693 $ 157,162 $ 50,960
======================== ========================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) EBITDA (Income from operations before depreciation, amortization and
reorganization income/ expenses and related 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) Prior year amounts have been restated to reflect the current year
presentation.
TRUMP PLAZA ASSOCIATES
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT STATISTICAL INFORMATION)
3 MONTHS 9 MONTHS
30-Sep-05 30-Sep-04 30-Sep-05 30-Sep-04
------------------------ ------------------------
REVENUES
CASINO $ 83,528 $ 83,680 $ 231,361 $ 236,156
# of Slots 2,824 2,863 2,770 2,851
Win per Slot/Day $ 239 $ 237 $ 225 $ 224
Slot Win $ 61,996 $ 62,452 $ 170,320 $ 174,824
# of Tables 91 90 91 91
Win per Table/Day $ 2,524 $ 2,564 $ 2,457 $ 2,460
Table Win $ 21,532 $ 21,228 $ 61,041 $ 61,322
Table Drop $ 151,987 $ 148,155 $ 411,435 $ 420,888
Hold % 14.2% 14.3% 14.8% 14.6%
ROOMS $ 6,766 $ 6,766 $ 18,055 $ 18,346
# of Rooms Sold 80,050 81,990 227,289 232,816
Room Rates $ 84.52 $ 82.52 $ 79.44 $ 78.80
Occupancy % 96.3% 98.6% 92.1% 94.0%
FOOD & BEVERAGE $ 11,413 $ 10,635 $ 29,252 $ 29,067
OTHER 3,514 3,438 8,957 7,987
PROMOTIONAL ALLOWANCES (28,403) (27,503) (76,895) (75,582)
------------------------ ------------------------
NET REVENUES $ 76,818 $ 77,016 $ 210,730 $ 215,974
------------------------ ------------------------
COSTS & EXPENSES
GAMING $ 40,884 $ 41,349 $ 114,501 $ 113,676
ROOMS 2,218 2,216 6,408 6,599
FOOD & BEVERAGE 3,633 3,622 9,379 9,877
GENERAL & ADMIN 17,848 16,852 49,935 47,563
------------------------ ------------------------
TOTAL EXPENSES $ 64,583 $ 64,039 $ 180,223 $ 177,715
------------------------ ------------------------
EBITDA (a) $ 12,235 $ 12,977 $ 30,507 $ 38,259
======================== ========================
A reconciliation of EBITDA to income from operations for each of the periods is
as follows:
EBITDA $ 12,235 $ 12,977 $ 30,507 $ 38,259
Reorganization income/expenses and related costs (18) - 17,449 -
Depreciation and amortization (4,757) (7,921) (14,527) (18,879)
------------------------ ------------------------
Income from operations $ 7,460 $ 5,056 $ 33,429 $ 19,380
======================== ========================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) EBITDA (Income from operations before depreciation, amortization and
reorganization income/ expenses and related 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) Prior year amounts have been restated to reflect the current year
presentation.
TRUMP MARINA ASSOCIATES
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT STATISTICAL INFORMATION)
3 MONTHS 9 MONTHS
30-Sep-05 30-Sep-04 30-Sep-05 30-Sep-04
------------------------ ------------------------
REVENUES
CASINO $ 66,867 $ 71,761 $ 195,290 $ 198,990
# of Slots 2,477 2,538 2,515 2,516
Win per Slot/Day $ 228 $ 240 $ 225 $ 227
Slot Win $ 51,971 $ 56,137 $ 154,212 $ 156,488
# of Tables 84 76 79 75
Win per Table/Day $ 1,912 $ 2,212 $ 1,889 $ 2,048
Table Win $ 14,774 $ 15,467 $ 40,738 $ 42,093
Table Drop $ 90,210 $ 97,799 $ 247,058 $ 266,625
Hold % 16.4% 15.8% 16.5% 15.8%
Poker, Keno, Race Win $ 122 $ 157 $ 340 $ 409
ROOMS $ 5,357 $ 5,286 $ 13,807 $ 14,055
# of Rooms Sold 61,077 64,079 170,198 173,911
Avg Room Rates $ 87.71 $ 82.49 $ 81.12 $ 80.82
Occupancy % 91.2% 95.7% 85.6% 87.2%
FOOD & BEVERAGE $ 8,413 $ 9,888 $ 23,710 $ 25,005
OTHER 3,804 3,835 8,529 9,154
PROMOTIONAL ALLOWANCES (15,895) (20,734) (53,472) (56,667)
------------------------ ------------------------
NET REVENUES $ 68,546 $ 70,036 $ 187,864 $ 190,537
------------------------ ------------------------
COSTS & EXPENSES
GAMING $ 30,413 $ 32,356 $ 90,242 $ 92,061
ROOMS 1,447 1,215 3,317 3,332
FOOD & BEVERAGE 3,418 3,276 7,286 7,605
GENERAL & ADMIN 17,356 16,409 48,260 47,350
------------------------ ------------------------
TOTAL EXPENSES $ 52,634 $ 53,256 $ 149,105 $ 150,348
------------------------ ------------------------
EBITDA (a) $ 15,912 $ 16,780 $ 38,759 $ 40,189
======================== ========================
A reconciliation of EBITDA to income from operations for each of the periods is
as follows:
EBITDA $ 15,912 $ 16,780 $ 38,759 $ 40,189
Reorganization income/expenses and related costs (47) - ($42,096) -
Depreciation and amortization (3,509) (5,265) (13,124) (16,306)
------------------------ ------------------------
Income from operations $ 12,356 $ 11,515 ($16,461) $ 23,883
======================== ========================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) EBITDA (Income from operations before depreciation, amortization and
reorganization income/ expenses and related 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) Prior year amounts have been restated to reflect the current year
presentation.