EXHIBIT 99.1
NEWS RELEASE
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FOR RELEASE: CONTACTS:
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8:00 A.M. (Eastern); Wednesday; Virginia McDowell, Exec VP, CIO
December 28, 2005 (609) 441-7711
Larry Ceisler, Ceisler Jubelirer
(215) 735-6760
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TRUMP ENTERTAINMENT RESORTS DELIVERS APPLICATION FOR
TRUMPSTREET CASINO AND ENTERTAINMENT COMPLEX
TO THE PENNSYLVANIA GAMING CONTROL BOARD
ATLANTIC CITY, N.J.: Officials from Trump Entertainment Resorts, Inc. (NASDAQ
NMS: TRMP) and the newly created Keystone Redevelopment Partners, LLC personally
delivered to the Pennsylvania Gaming Control Board this morning the full
application for TrumpStreet Casino and Entertainment Complex ("TrumpStreet").
Together, Trump Entertainment Resort officials, Pat Croce, and other members of
Keystone Redevelopment Partners boarded a bus fully-wrapped with renderings of
the $350 million proposed development in North Philadelphia and delivered the
applications to Harrisburg.
"Trump Entertainment Resorts and its partners in TrumpStreet have formed
Keystone Redevelopment Partners for this exciting venture because we believe we
have the right proposal to attract patrons, produce revenue for the City and
State, and drive the area's economic development through the financial strength
of TrumpStreet," said James B. Perry, President and Chief Executive Officer of
Trump. "This is a team that is dedicated to the City and to the community and,
together, we hope to become Philadelphia and Pennsylvania's newest and one of
the best corporate citizens in Philadelphia and Pennsylvania."
The gaming floor will be at the center of the action at TrumpStreet, featuring
3,000 of the most popular slot machines in a vibrant casino. The complex will
also showcase a variety of food and beverage outlets, theaters, retail and other
entertainment amenities that will highlight the best in Philadelphia cuisine,
music and entertainment.
Specifically, TrumpStreet will feature an attached 3-theater movieplex, a
steakhouse, a buffet, a sports bar, a food court, two casual dining restaurants,
an oyster bar, several casino bars, and other dining venues that will seek to
ensure the highest levels of tourism activity and customer satisfaction.
Keystone Redevelopment Partners, a joint venture between Trump Entertainment
Resorts and a group of dedicated local investors led by Pat Croce, is pursuing
one of two Philadelphia Category 2 Gaming Licenses anticipated to be issued by
the Pennsylvania Gaming Control Board by the end of 2006. Each license will
initially allow the operation of up to 3,000 slot machines with the ability to
apply for an additional 2,000 slot machines. If successful in obtaining one of
the two slot licenses, TrumpStreet would be planned for the former Budd Co.
factory site located at the intersection of Interstate 76 and Pennsylvania Route
1 in the Nicetown section of the City. As previously announced, Trump has a
five-year option to either lease or buy the site for the potential development
of a gaming facility.
Keystone Redevelopment Partners represents a "dream team" alliance for a casino
venture in Pennsylvania - the combination of the strength of the Trump brand
coupled with several prominent Philadelphia partners. Trump Entertainment
Resorts, Inc. will be the majority partner and will act as the developer and
manager for the project. The dynamic partners represent some of the best known
names in Philadelphia sports, food, business and entertainment.
"TrumpStreet is designed to be an entertainment destination that is a tribute to
the rich culture of the City of Philadelphia," Pat Croce said today. "The design
will honor the past of the Budd site while enhancing the community. It's
exciting to be part of a project that could serve as the economic catalyst to
revitalize an entire neighborhood."
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James B. Perry commented that the Philadelphia application is part of the
strategic plan for Trump Entertainment Resorts to diversify outside of the
Atlantic City market. "We are currently investigating numerous options to grow
the company and build on the strength of the Trump brand, and TrumpStreet
represents a tremendous opportunity for us to participate in a significant
project to create value for our shareholders," Perry said.
About Our Company:
Trump Entertainment Resorts, Inc. is a leading gaming company that owns and
operates three 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, and Trump Marina Hotel Casino, located in Atlantic City's
Marina District. 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 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" 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.
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
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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.
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