TRUMP
ENTERTAINMENT RESORTS
FOR IMMEDIATE RELEASE: CONTACT: Tom Hickey
July 11, 2006; Director of Corporate Communications
8 AM EST (609) 441-7819
tom.hickey@trump.com
TRUMP ENTERTAINMENT RESORTS ANNOUNCES
OPTION AGREEMENT FOR 12 ADDITIONAL ACRES FOR
TRUMPSTREET CASINO AND ENTERTAINMENT COMPLEX
*** PRESS CONFERENCE AT 1:00 PM TODAY AT TASTY BAKING SITE ***
ATLANTIC CITY, NJ - Trump Entertainment Resorts, Inc. ("Trump") (NASDAQ NMS:
TRMP) announced today that Keystone Redevelopment Partners, LLC ("Keystone"),
which has applied to the Pennsylvania Gaming Control Board for one of two
Category 2 Gaming Licenses slotted for Philadelphia, has signed an option
agreement for the purchase of 12 acres of land in Philadelphia with Tasty Baking
Company ("Tasty Baking"). Trump is the majority partner in Keystone.
If successful in obtaining a gaming license, TrumpStreet would be
planned for the former Budd Co. factory site located at the intersection of
Interstate 76 and Pennsylvania Route 1. As previously announced, Keystone
currently has a five-year option to either lease or buy an 18-acre site adjacent
to the Tasty Baking site from Preferred Real Estate Investments, Inc. The land
option agreement announced today for the additional 12-acre Tasty Baking site
brings the total acreage potentially available for TrumpStreet Casino and
Entertainment Complex to 30 acres.
The increased total land available for TrumpStreet would also create
the option to construct, staff and operate a temporary gaming facility on the
property that would hold at least 1,500 slot machines if Keystone gains a gaming
license.
The agreement applies only to the land currently occupied by Tasty
Baking's distribution operation and corporate offices on Fox Street, and does
not include any portion of the land occupied by Tasty Baking's manufacturing
operation on Hunting Park Avenue. Negotiations for the agreement between
Keystone and Tasty Baking began following the announcement by Tasty Baking that
the company would begin evaluating strategic manufacturing options.
"Last month, when we announced that we were evaluating our strategic
options, we made it clear that it will be our preference to maintain operations
in the City of Philadelphia, and that remains our position today," said Charles
P. Pizzi, the President and Chief Executive Officer of Tasty Baking. "This
agreement with Keystone Redevelopment Partners presented an excellent
opportunity for Tasty Baking as we continue to develop our strategic plan for
the future."
Keystone Redevelopment Partners is a partnership between Trump
Entertainment Resorts and a group of dedicated local Philadelphia-area investors
led by former Philadelphia 76ers president Pat Croce. Each Category 2 Gaming
License, anticipated to be issued by the Pennsylvania Gaming Control Board by
the end of 2006, will initially allow the operation of up to 3,000 slot machines
with the ability to apply for an additional 2,000 slot machines.
Keystone has maintained a commitment to the community throughout the
application process, as representatives of TrumpStreet have attended community
meetings in Philadelphia and have solicited public input into the proposed
facility for more than one year. If Keystone is successful in obtaining a
Category 2 gaming license, TrumpStreet is projected to create more than 1,000
jobs. In discussions with the community, Keystone has set a goal of filing
seventy-five percent of those jobs with residents from the surrounding
neighborhoods, and has also committed to annual community grants in excess of
$600,000.00.
"We have always maintained that building and operating a successful
entertainment complex in Philadelphia will require working closely with the
surrounding neighborhoods to serve the needs of the community," said James B.
Perry, President and Chief Executive Officer of Trump Entertainment Resorts.
"With 30 acres of developable land, we will have greater flexibility to help
drive economic development and to maximize the value created by the design and
operation of our facility if we are successful in obtaining a gaming license."
ABOUT TRUMP ENTERTAINMENT RESORTS:
Trump Entertainment Resorts, Inc. (the "Company") is a leading gaming
company that owns and operates three properties. The Company's properties
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, 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.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS:
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 parties' performance, trends in the parties' operations
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"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 the parties, the parties note 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 parties. 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 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
parties. The parties do 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 TER 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 parties 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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