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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended September 30, 2001
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File No.: 333-643
TRUMP ATLANTIC CITY ASSOCIATES
(Exact Name of Registrant as specified in its charter)
New Jersey 22-3213714
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
Huron Avenue and Brigantine Boulevard
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 441-8406
Former name, former address and formal fiscal year, if changed since last report:
TRUMP ATLANTIC CITY FUNDING, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 22-3418939
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
Huron Avenue and Brigantine Boulevard
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 441-8406
Former name, former address and formal fiscal year, if changed since last report:
TRUMP ATLANTIC CITY FUNDING II, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 22-3550202
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
Huron Avenue and Brigantine Boulevard
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 441-8406
Former name, former address and formal fiscal year, if changed since last report:
TRUMP ATLANTIC CITY FUNDING III, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 22-3550203
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
Huron Avenue and Brigantine Boulevard
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 441-8406
Former name, former address and formal fiscal year, if changed since last report:
Indicate by check mark whether the Registrants (1) have filed all Reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrants were required to file such reports), and
(2) have been subject to such filing requirements for the past 90 days.
Yes [X] No [_]
As of November 14, 2001, there were 100 shares of Trump Atlantic City
Funding, Inc.'s Common Stock outstanding.
As of November 14, 2001, there were 100 shares of Trump Atlantic City
Funding II, Inc.'s Common Stock outstanding.
As of November 14, 2001, there were 100 shares of Trump Atlantic City
Funding III, Inc.'s Common Stock outstanding.
Each of Trump Atlantic City Associates, Trump Atlantic City Funding, Inc.,
Trump Atlantic City Funding II, Inc. and Trump Atlantic City Funding III, Inc.
meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form
10-Q and is therefore filing this form with the reduced disclosure format.
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TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
INDEX TO FORM 10-Q
Page No.
--------
PART I -- FINANCIAL INFORMATION
ITEM 1 -- Financial Statements
Condensed Consolidated Balance Sheets as of December 31, 2000 and September 30, 2001 (unaudited) ............. 1
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30,
2000 and 2001 (unaudited)................................................................................... 2
Condensed Consolidated Statement of Capital for the Nine Months Ended September 30, 2001 (unaudited).......... 3
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2000
and 2001 (unaudited)........................................................................................ 4
Notes to Condensed Consolidated Financial Statements (unaudited).............................................. 5-7
ITEM 2 -- Management's Discussion and Analysis of Financial Condition and Results of Operations.................. 8-12
ITEM 3 -- Quantitative and Qualitative Disclosures About Market Risk............................................. 12
PART II -- OTHER INFORMATION
ITEM 1 -- Legal Proceedings...................................................................................... 13
ITEM 2 -- Changes in Securities and Use of Proceeds.............................................................. 14
ITEM 3 -- Defaults Upon Senior Securities........................................................................ 14
ITEM 4 -- Submission of Matters to a Vote of Security Holders.................................................... 14
ITEM 5 -- Other Information...................................................................................... 14
ITEM 6 -- Exhibits and Reports on Form 8-K....................................................................... 14
SIGNATURES
Signature -- Trump Atlantic City Associates...................................................................... 15
Signature -- Trump Atlantic City Funding, Inc.................................................................... 16
Signature -- Trump Atlantic City Funding II, Inc................................................................. 17
Signature -- Trump Atlantic City Funding III, Inc................................................................ 18
i
PART I -- FINANCIAL INFORMATION
ITEM 1 -- FINANCIAL STATEMENTS
TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
December 31, September 30,
2000 2001
---------------- -----------------
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents......................................................... $ 67,205 $ 116,777
Receivables, net.................................................................. 34,317 33,411
Inventories....................................................................... 8,928 8,879
Due from affiliates, net.......................................................... 80,013 81,987
Other current assets.............................................................. 6,969 8,444
--------------- ----------------
Total Current Assets............................................................ 197,432 249,498
PROPERTY AND EQUIPMENT, NET......................................................... 1,290,638 1,286,151
DEFERRED LOAN COSTS, NET............................................................ 19,509 15,957
OTHER ASSETS (Note 2) .............................................................. 34,847 41,045
--------------- ----------------
Total Assets.................................................................... $ 1,542,426 $ 1,592,651
=============== ================
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Current maturities of long-term debt ............................................. $ 4,553 $ 7,339
Accounts payable and accrued expenses............................................. 110,684 108,458
Accrued interest payable.......................................................... 24,375 60,938
--------------- ----------------
Total Current Liabilities....................................................... 139,612 176,735
LONG-TERM DEBT, net of current maturities (Note 6).................................. 1,303,019 1,308,902
OTHER LONG-TERM LIABILITIES......................................................... 5,557 17,441
--------------- ----------------
Total Liabilities............................................................... 1,448,188 1,503,078
--------------- ----------------
CAPITAL:
Partners' Capital................................................................. 329,691 329,691
Accumulated Deficit............................................................... (235,453) (240,118)
--------------- ----------------
Total Capital................................................................... 94,238 89,573
--------------- ----------------
Total Liabilities and Capital................................................... $ 1,542,426 $ 1,592,651
=============== ================
The accompanying notes are an integral part of these condensed consolidated
balance sheets.
1
TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001
(unaudited)
(in thousands)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2000 2001 2000 2001
---- ---- ---- ----
REVENUES:
Gaming............................................... $ 246,040 $ 237,323 $ 664,396 $ 650,294
Rooms................................................ 16,866 16,649 45,251 44,896
Food and Beverage.................................... 28,656 26,027 75,290 72,949
Other................................................ 8,833 7,968 22,040 19,765
------------ ------------- ------------ ------------
Gross Revenues..................................... 300,395 287,967 806,977 787,904
Less--Promotional allowances......................... 40,194 34,750 102,620 94,266
------------ ------------- ------------ ------------
Net Revenues....................................... 260,201 253,217 704,357 693,638
------------ ------------- ------------ ------------
COSTS AND EXPENSES:
Gaming............................................... 137,512 132,167 387,153 382,909
Rooms................................................ 6,453 6,218 18,829 18,848
Food and Beverage.................................... 8,422 8,216 23,101 22,734
General and Administrative........................... 43,211 41,095 128,599 124,041
Depreciation and Amortization........................ 13,174 11,452 39,122 36,621
Trump World's Fair Closing (Note 3) ................. 29 -- 765 --
------------ ------------- ------------ ------------
208,801 199,148 597,569 585,153
------------ ------------- ------------ ------------
Income from operations............................. 51,400 54,069 106,788 108,485
------------ ------------- ------------ ------------
NON-OPERATING INCOME AND (EXPENSES):
Interest and Other non-operating income.............. 880 463 2,521 2,144
Interest expense..................................... (38,494) (38,529) (115,290) (115,294)
------------ ------------- ------------ ------------
Non-Operating expense, net.......................... (37,614) (38,066) (112,769) (113,150)
------------ ------------- ------------ ------------
NET INCOME/(LOSS)...................................... $ 13,786 $ 16,003 $ (5,981) $ (4,665)
============ ============= ============ ============
The accompanying notes are an integral part of these condensed consolidated
financial statements.
2
TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001
(unaudited)
(in thousands)
Partners' Accumulated Total
Capital Deficit Capital
-------------- ----------------- ---------------
Balance, December 31, 2000......................................... $ 329,691 $ (235,453) $ 94,238
Net Loss........................................................... -- (4,665) (4,665)
-------------- ----------------- ---------------
Balance, September 30, 2001........................................ $ 329,691 $ (240,118) $ 89,573
============== ================= ===============
The accompanying notes are an integral part of this condensed consolidated
financial statement.
3
TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001
(unaudited)
(dollars in thousands)
Nine Months Ended
September 30,
---------------------------
2000 2001
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ................................................................................... $ (5,981) $ (4,665)
Adjustments to reconcile net loss to net cash flows from operating activities --
Noncash charges--
Depreciation and amortization .......................................................... 39,122 36,621
Accretion of discounts on indebtedness ................................................. 462 411
Provisions for losses on receivables ................................................... 3,400 4,657
Amortization of deferred loan offering costs ........................................... 3,986 3,552
Valuation allowance of CRDA investments ................................................ 3,537 3,119
Gain on disposition of property ........................................................ (36) (320)
Increase in receivables ................................................................. (8,303) (3,751)
Decrease in inventories ................................................................. 744 49
Increase in advances to affiliates ...................................................... (9,524) (1,934)
Increase in other current assets ........................................................ (3,817) (905)
Increase in other assets ................................................................ (2,083) (1,175)
Increase in accounts payable, accrued expenses and other liabilities .................... 45,965 31,503
----------- ------------
Net cash provided by operating activities .............................................. 67,472 67,162
----------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment ...................................................... (12,802) (5,588)
Purchase of CRDA investments............................................................. (7,729) (7,664)
----------- ------------
Net cash used in investing activities................................................... (20,531) (13,252)
----------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Additional Borrowings .................................................................. 2,978 --
Payments and current maturities of long-term debt ...................................... (5,404) (4,338)
----------- ------------
Net cash used in financing activities ................................................. (2,426) (4,338)
----------- ------------
NET INCREASE IN CASH & CASH EQUIVALENTS ...................................................... 44,515 49,572
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ............................................. 75,061 67,205
----------- ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ................................................... $ 119,576 $ 116,777
=========== ============
CASH INTEREST PAID ........................................................................... $ 74,509 $ 74,953
=========== ============
Supplemental Disclosure of noncash activities:
Purchase of property and equipment under capitalized lease obligations ....................... $ 7,060 $ 12,596
=========== ============
The accompanying notes are an integral part of these condensed consolidated
financial statements.
4
TRUMP ATLANTIC CITY ASSOCIATES AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(1) Organization and Operations
The accompanying condensed consolidated financial statements include
those of Trump Atlantic City Associates ("Trump AC"), a New Jersey general
partnership and its subsidiaries, Trump Plaza Associates, a New Jersey general
partnership ("Plaza Associates"), which owns and operates the Trump Plaza Hotel
and Casino located in Atlantic City, New Jersey ("Trump Plaza"), Trump Taj Mahal
Associates, a New Jersey general partnership ("Taj Associates"), which owns and
operates the Trump Taj Mahal Casino Resort located in Atlantic City, New Jersey
(the "Taj Mahal"), Trump Atlantic City Funding, Inc., a Delaware corporation
("Trump AC Funding"), Trump Atlantic City Funding II, Inc., a Delaware
corporation ("Trump AC Funding II"), Trump Atlantic City Funding III, Inc., a
Delaware corporation ("Trump AC Funding III"), Trump Atlantic City Corporation,
a Delaware corporation ("TACC"), and Trump Casino Services, L.L.C., a New Jersey
limited liability company ("TCS"). Effective December 31, 2000, TCS was merged
into Taj Associates, and the obligations and administrative duties and
responsibilities of TCS were assumed by Trump Administration, a separate
division of Taj Associates ("Trump Administration"). Trump AC's sole sources of
liquidity are distributions in respect of its interests in Plaza Associates and
Taj Associates. Trump AC is 100% beneficially owned by Trump Hotels & Casino
Resorts Holdings, L.P., a Delaware limited partnership ("THCR Holdings"), of
which Trump Hotels & Casino Resorts, Inc., a Delaware corporation ("THCR"), is
the sole general partner. Trump AC, Trump AC Funding, Trump AC Funding II and
Trump AC Funding III have no independent operations and, therefore, their
ability to service debt is dependent upon the successful operations of Plaza
Associates and Taj Associates. There are no restrictions on the ability of the
guarantors (the "Subsidiary Guarantors") of the 11 1/4% First Mortgage Notes due
2006 of Trump AC and Trump AC Funding, of Trump AC and Trump AC Funding II and
of Trump AC and Trump AC Funding III (the "Trump AC Mortgage Notes") to
distribute funds to Trump AC.
The separate financial statements of the Subsidiary Guarantors have not
been included because (i) the Subsidiary Guarantors constitute all of Trump AC's
direct and indirect subsidiaries; (ii) the Subsidiary Guarantors have fully and
unconditionally guaranteed the Trump AC Mortgage Notes on a joint and several
basis; (iii) the aggregate assets, liabilities, earnings and equity of the
Subsidiary Guarantors are substantially equivalent to the assets, liabilities,
earnings and equity of Trump AC on a consolidated basis; and (iv) the separate
financial and other disclosures concerning the Subsidiary Guarantors are not
deemed material to investors. The assets and operations of the nonguarantor
subsidiaries are not significant.
All significant intercompany balances and transactions have been
eliminated in the accompanying condensed consolidated financial statements.
The accompanying condensed consolidated financial statements have been
prepared without audit. In the opinion of management, all adjustments,
consisting of only normal recurring adjustments necessary to present fairly the
financial position, the results of operations and cash flows for the periods
presented, have been made.
The accompanying condensed consolidated financial statements have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission ("SEC"). Accordingly, certain information and note disclosures
normally included in financial statements prepared in conformity with accounting
principles generally accepted in the United States have been condensed or
omitted.
These condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the annual report on Form 10-K for the year ended December 31, 2000
filed with the SEC.
The casino industry in Atlantic City is seasonal in nature; therefore,
results of operations for the three and nine months ended September 30, 2001 are
not necessarily indicative of the operating results for a full year.
The economic consequences of the September 11, 2001 terrorist attacks
on the World Trade Center and New York State's subsequent approval of the
largest gambling package in its history are still unknown at this time. Although
management anticipates such events to negatively affect Trump AC's operations,
management cannot predict with any certainty the full impact of such events.
Reclassifications
Certain reclassifications have been made to prior year financial
statements to conform to the current year presentation.
5
(2) Other Assets
Plaza Associates is appealing a real estate tax assessment by the City
of Atlantic City. Included in other assets at September 30, 2001 and December
31, 2000 is $8,014,000 which Plaza Associates believes will be recoverable on
settlement of the appeal.
(3) Trump World's Fair Closing
On October 4, 1999, Trump AC closed Trump World's Fair. In addition to
closing costs recorded at December 31, 1999, additional costs of $765,000 were
recorded during the nine months ended September 30, 2000.
(4) Combined Financial Information--Trump AC Funding, Trump AC Funding II, and
Trump AC Funding III.
Combined financial information relating to Trump AC Funding, Trump AC
Funding II and Trump AC Funding III is as follows:
December 31, September 30,
2000 2001
-------------------- ------------------
(unaudited)
Total Assets (including notes receivable of $1,297,726,000 at
December 31, 2000 and $1,298,117,000 at September 30,
2001 and related interest receivable)........................ $ 1,322,101,000 $ 1,359,075,000
================= =================
Total Liabilities and Capital (including notes payable of
$1,297,726,000 at December 31, 2000 and $1,298,117,000
at September 30, 2001 and related interest payable).......... $ 1,322,101,000 $ 1,359,075,000
================= =================
Nine Months Ended September 30,
2000 2001
------------------- -------------------
Interest Income................................................. $ 109,687,000 $ 109,687,000
================= ==================
Interest Expense................................................ $ 109,687,000 $ 109,687,000
================= ==================
Net Income...................................................... $ -- $ --
================= ==================
(5) Recent Accounting Pronouncement
In January 2001, the Emerging Issues Task Force ("EITF") reached a
consensus on certain issues within Issue No. 00-22, "Accounting for 'Points' and
Certain Other Time-Based or Volume-Based Sales Incentive Offers, and Offers for
Free Products or Services to Be Delivered in the Future," ("EITF 00-22").
Application of EITF 00-22 is required for interim and annual periods ending
after February 15, 2001. EITF 00-22 requires volume-based cash rebates to be
classified as a reduction of revenue. Accordingly, such rebates have been
classified as promotional allowances. Trump AC previously classified these
expenditures as a gaming expense. Prior period amounts have been reclassified to
conform with the current presentation.
In July 2001, the FASB issued Statement No. 141 "Business Combinations"
("SFAS 141") and Statement No. 142 "Goodwill and Other Intangible Assets" ("SFAS
142"). SFAS 141 is effective as follows: a) use of the pooling-of-interest
method is prohibited for business combinations initiated after June 30, 2001;
and b) the provisions of SFAS 141 also apply to all business combinations
accounted for by the purchase method that are completed after June 30, 2001.
There are also transition provisions that apply to business combinations
completed before July 1, 2001, that were accounted for by the purchase method.
SFAS 142 is effective for fiscal years beginning after December 15, 2001 and
applies to all goodwill and other intangible assets recognized in an entity's
statement of financial position at that date, regardless of when those assets
were initially recognized. The Company does not believe that the provisions of
SFAS 141 and SFAS 142 will have a material effect on its financial position or
results of operations.
6
(6) Subsequent Events
On October 31, 2001, Trump AC, Trump AC Funding, Trump AC Funding II
and Trump AC Funding III announced that THCR is seeking to negotiate the terms
of the public debt and is withholding interest payments thereon until such time
as discussions between THCR and the bondholders have been finalized. Each of the
Trump AC Mortgage Notes, having an aggregate semi-annual interest payment of
approximately $73,125,000 which was due on November 1, 2001, is affected. These
interest amounts have been included in current liabilities at September 30,
2001. THCR is seeking to negotiate the terms of the public debt in light of the
economic consequences of the September 11th terrorist attacks on the World Trade
Center which have led New York State to approve the largest gambling package in
its history, which includes six casinos, three of which will be ninety minutes
away from Manhattan in the Catskills, and video slot machines at numerous
racetracks, including Aqueduct in New York City and Yonkers. THCR intends to pay
interest upon the completion of a successful negotiation.
Pursuant to each of the indentures governing the Trump AC Mortgage
Notes, a default in the payment of interest when due and payable and which
continues for 30 calendar days (the "Cure Period") constitutes an "Event of
Default" under which the trustee or the holders of 25% of the aggregate
principal amount of the respective debt issue then outstanding, by notice in
writing to the respective issuers, may, and the trustee at the request of such
holders shall, declare all principal and accrued interest of such debt issue to
be due and payable immediately. Notwithstanding, the issuers may prevent the
aforementioned Event of Default by paying the defaulted interest before the
expiration of the Cure Period.
The ability of the Registrants to repay their current and long-term
indebtedness when due will depend on the ability of Trump AC to either generate
cash from operations sufficient for such purposes or to refinance such
indebtedness on or before the date on which it becomes due. Cash flow from
operations may not be sufficient to repay a substantial portion of the principal
amount of the debt at maturity, especially in light of New York State's recent
approval of the largest gambling package in the State's history as a consequence
of the September 11, 2001 terrorist attacks on the World Trade Center and the
subsequent effects on New York's then already softening economy. The future
operating performance of Trump AC and its ability to refinance its debt will be
subject to the then prevailing economic conditions, industry conditions and
numerous other financial, business and other factors, many of which are beyond
the control of Trump AC. There can be no assurance that the future operating
performance of Trump AC will be sufficient to meet these repayment obligations
or that the general state of the economy, the status of the capital markets or
the receptiveness of the capital markets to the gaming industry will be
conducive to refinancing this debt or other attempts to raise capital.
7
Item 2 -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Capital Resources and Liquidity
Cash flows from operating activities are Trump AC's principal source of
liquidity. Although Trump AC expects to have sufficient liquidity to meet its
obligations during 2001, management cannot make any assurances regarding Trump
AC's ability to make future payments in light of the economic consequences of
the September 11th terrorist attacks on the World Trade Center which have led
New York State to approve the largest gambling package in its history, which
includes six casinos, three of which will be ninety minutes away from Manhattan
in the Catskills, and video slot machines at numerous racetracks, including
Aqueduct in New York City and Yonkers. Cash flow is managed based upon the
seasonality of the operations. Any excess cash flow achieved from operations
during peak periods is utilized to subsidize non-peak periods when necessary.
On October 31, 2001, Trump AC, Trump AC Funding, Trump AC Funding II
and Trump AC Funding III announced that THCR is seeking to negotiate the terms
of the public debt and is withholding interest payments thereon until such time
as discussions between THCR and the bondholders have been finalized. Each of the
Trump AC Mortgage Notes, having an aggregate semi-annual interest payment of
approximately $73,125,000 which was due on November 1, 2001, is affected. These
interest amounts have been included in current liabilities at September 30,
2001. THCR is seeking to negotiate the terms of the public debt in light of the
economic consequences of the September 11th terrorist attacks on the World Trade
Center which have led New York State to approve the largest gambling package in
its history. THCR intends to pay interest upon the completion of a successful
negotiation.
Pursuant to each of the indentures governing the Trump AC Mortgage
Notes, a default in the payment of interest when due and payable and which
continues for 30 calendar days (the "Cure Period") constitutes an "Event of
Default" under which the trustee or the holders of 25% of the aggregate
principal amount of the respective debt issue then outstanding, by notice in
writing to the respective issuers, may, and the trustee at the request of such
holders shall, declare all principal and accrued interest of such debt issue to
be due and payable immediately. Notwithstanding, the issuers may prevent the
aforementioned Event of Default by paying the defaulted interest before the
expiration of the Cure Period.
The indentures under which the notes of Trump AC were issued restrict
the ability of Trump AC and its subsidiaries to make distributions or pay
dividends, as the case may be, unless certain financial ratios are achieved. In
addition, the ability of Plaza Associates and Taj Associates to make payments of
dividends or distributions (except for payment of interest) through Trump AC to
THCR Holdings may be restricted by the New Jersey Casino Control Commission.
Capital expenditures for Trump AC were $12,802,000 and $5,588,000 for
the nine months ended September 30, 2000 and 2001, respectively. Capital
expenditures for Trump Plaza were $3,961,000 and $1,626,000 and for the Taj
Mahal were $8,166,000 and $4,004,000 for the nine months ended September 30,
2000 and 2001, respectively.
The ability of the Registrants to repay their current and long-term
indebtedness when due will depend on the ability of Trump AC to either generate
cash from operations sufficient for such purposes or to refinance such
indebtedness on or before the date on which it becomes due. Cash flow from
operations may not be sufficient to repay a substantial portion of the principal
amount of the debt at maturity, especially in light of New York State's recent
approval of the largest gambling package in the State's history as a consequence
of the September 11, 2001 terrorist attacks on the World Trade Center and the
subsequent effects on New York's then already softening economy. The future
operating performance of Trump AC and its ability to refinance its debt will be
subject to the then prevailing economic conditions, industry conditions and
numerous other financial, business and other factors, many of which are beyond
the control of Trump AC. There can be no assurance that the future operating
performance of Trump AC will be sufficient to meet these repayment obligations
or that the general state of the economy, the status of the capital markets or
the receptiveness of the capital markets to the gaming industry will be
conducive to refinancing this debt or other attempts to raise capital.
Results of Operations: Operating Revenues and Expenses
The financial information presented below reflects the results of
operations of Plaza Associates and Taj Associates. Because Trump AC has no
business operations other than its interests in Plaza Associates and Taj
Associates, its results of operations are not discussed below.
Comparison of Three-Month Periods Ended September 30, 2000 and 2001.
The following tables include selected data of Plaza Associates and Taj
Associates for the three months ended September 30, 2000 and 2001 (Trump AC also
includes TCS and Trump Administration; which are not separately disclosed).
8
Three Months Ended September 30,
----------------------------------------------------------------------------------
2000 2001 2000 2001 2000 2001
Plaza Plaza Taj Taj Total Total
Associates Associates Associates Associates Trump AC * Trump AC *
----------------------------------------------------------------------------------
(in thousands)
Revenues:
Gaming........................... $ 90,398 $ 88,545 $ 155,642 $ 148,778 $ 246,040 $ 237,323
Other............................ 21,427 19,507 32,928 31,137 54,355 50,644
------------ ----------- ------------ ----------- ----------- -----------
Gross Revenues................... 111,825 108,052 188,570 179,915 300,395 287,967
Less: Promotional Allowances..... 15,850 13,912 24,344 20,838 40,194 34,750
------------ ----------- ------------ ----------- ----------- -----------
Net Revenues..................... 95,975 94,140 164,226 159,077 260,201 253,217
------------ ----------- ------------ ----------- ----------- -----------
Costs & Expenses:
Gaming........................... 55,543 51,825 81,969 80,342 137,512 132,167
Other............................ 5,400 4,904 9,475 9,530 14,875 14,434
General & Administrative......... 17,711 15,854 25,492 25,232 43,211 41,095
Depreciation & Amortization...... 4,330 3,083 8,844 8,369 13,174 11,452
Trump World's Fair closing ...... 29 -- -- -- 29 --
------------ ----------- ------------ ----------- ----------- -----------
Total Costs and Expenses......... 83,013 75,666 125,780 123,473 208,801 199,148
------------ ----------- ------------ ----------- ----------- -----------
Income from Operations............... 12,962 18,474 38,446 35,604 51,400 54,069
------------ ----------- ------------ ----------- ----------- -----------
Interest and Other Income.......... 118 98 350 122 880 463
Interest Expense................... (12,069) (12,046) (23,304) (23,397) (38,494) (38,529)
------------ ----------- ------------ ----------- ----------- -----------
Total Non-Operating Expense........ (11,951) (11,948) (22,954) (23,275) (37,614) (38,066)
------------ ----------- ------------ ----------- ----------- -----------
Net Income .......................... $ 1,011 $ 6,526 $ 15,492 $ 12,329 $ 13,786 $ 16,003
============ =========== ============ =========== =========== ===========
* Intercompany eliminations and expenses of Trump AC, Trump AC Funding, Trump
AC Funding II and Trump AC Funding III are not separately shown.
Three Months Ended September 30,
-----------------------------------------------------------------------------------------
2000 2001 2000 2001 2000 2001
Plaza Plaza Taj Taj Total Total
Associates Associates Associates Associates Trump AC Trump AC
-----------------------------------------------------------------------------------------
(dollars in thousands)
Table Game Revenues.................. $ 26,004 $ 25,522 $ 53,697 $ 48,521 $ 79,701 $ 74,043
Incr (Decr) over Prior Period........ $ (482) $ (5,176) $ (5,658)
Table Game Drop...................... $ 185,079 $ 154,517 $ 301,864 $ 269,852 $ 486,943 $ 424,369
Incr (Decr) over Prior Period........ $ (30,562) $ (32,012) $ (62,574)
Table Win Percentage................. 14.1% 16.5% 17.8% 18.0% 16.4% 17.5%
Incr (Decr) over Prior Period........ 2.4 pts 0.2 pts 1.1 pts
Number of Table Games................ 97 100 143 139 240 239
Incr (Decr) over Prior Period........ 3 (4) (1)
Slot Revenues........................ $ 64,394 $ 63,023 $ 95,888 $ 94,199 $ 160,282 $ 157,222
Incr (Decr) over Prior Period........ $ (1,371) $ (1,689) $ (3,060)
Slot Handle.......................... $ 833,534 $ 794,048 $ 1,219,587 $1,235,099 $ 2,053,121 $ 2,029,147
Incr (Decr) over Prior Period........ $ (39,486) $ 15,512 $ (23,974)
Slot Win Percentage.................. 7.7% 7.9% 7.9% 7.6% 7.8% 7.7%
Incr (Decr) over Prior Period........ 0.2 pts (0.3) pts (0.1) pts
Number of Slot Machines.............. 2,867 2,868 4,552 4,827 7,419 7,695
Incr (Decr) over Prior Period........ 1 275 276
Poker Revenues....................... -- -- $ 5,388 $ 5,478 $ 5,388 $ 5,478
Incr (Decr) over Prior Period........ -- $ 90 $ 90
Number of Poker Tables............... -- -- 66 68 66 68
Incr (Decr) over Prior Period........ -- 2 2
Other Gaming Revenues................ -- -- $ 669 $ 580 $ 669 $ 580
Incr (Decr) over Prior Period........ -- $ (89) $ (89)
Total Gaming Revenues................ $ 90,398 $ 88,545 $ 155,642 $ 148,778 $ 246,040 $ 237,323
Incr (Decr) over Prior Period........ $ (1,853) $ (6,864) $ (8,717)
Number of Guest Rooms................ 904 904 1,250 1,250 2,154 2,154
Occupancy Rate....................... 96.6% 94.3% 98.8% 97.4% 97.9% 96.1%
Average Daily Rate (Room Revenue).... $ 82.13 $ 85.62 $ 90.34 $ 88.69 $ 86.94 $ 87.43
9
Gaming revenues are the primary source of Trump AC's revenues. The year
over year decrease in gaming revenues was caused by both table games and slot
activity. Table game revenues decreased by approximately $5,658,000 or 7.1% from
the comparable period in 2000 due to a decrease in table drop at both the Taj
Mahal and Trump Plaza. Table drop was negatively affected by decreased activity
from premium international table game customers, a weak domestic market as well
as the negative national economic impacts of the September 11, 2001 terrorist
attacks. Overall Trump AC's table win percentage increased to 17.5% from 16.4%
in the comparable period in 2000. Table game revenues represent the amount
retained by Trump AC from amounts wagered at table games. The table win
percentage tends to be fairly constant over the long term, but may vary
significantly in the short term, due to large wagers by "high rollers". The
Atlantic City industry table win percentages were 15.1% and 16.1% for the
quarters ended September 30, 2000 and 2001, respectively.
Slot revenues decreased by approximately $3,060,000 or 1.9% from the
comparable period in 2000 primarily as a result of the negative national
economic impacts of the September 11, 2001 terrorist attacks.
Promotional allowances decreased by approximately $5,444,000 or 13.5%
from the comparable period in 2000 due primarily to decreased cash
complimentaries at the Taj Mahal associated with decreased table game revenues.
Gaming expenses decreased by approximately $5,345,000 or 3.9% from the
comparable period in 2000. Expense decreases at both the Taj Mahal and Trump
Plaza were primarily related to decreased gaming revenues.
General and Administrative expenses decreased by approximately
$2,116,000 or 4.9% from the comparable period in 2000. Expense decreases at the
Taj Mahal were primarily due to decreased entertainment and regulatory expenses.
Expense decreases at Trump Plaza were primarily due to decreased insurance and
advertising expenses.
Comparison of Nine-Month Periods Ended September 30, 2000 and 2001. The
following table includes selected data of Plaza Associates and Taj Associates
for the nine months ended September 30, 2000 and 2001 (Trump AC also includes
TCS and Trump Administration; which were not separately disclosed).
Nine Months Ended September 30,
-----------------------------------------------------------------------------------
2000 2001 2000 2001 2000 2001
Plaza Plaza Taj Taj Total Total
Associates Associates Associates Associates Trump AC * Trump AC *
-----------------------------------------------------------------------------------
(in thousands)
Revenues:
Gaming........................... $ 249,462 $ 249,615 $ 414,934 $ 400,679 $ 664,396 $ 650,294
Other............................ 57,518 55,211 85,063 82,399 142,581 137,610
------------ ----------- ------------ ----------- ----------- -----------
Gross Revenues................... 306,980 304,826 499,997 483,078 806,977 787,904
Less: Promotional Allowances..... 41,724 39,863 60,896 54,403 102,620 94,266
------------ ----------- ------------ ----------- ----------- -----------
Net Revenues..................... 265,256 264,963 439,101 428,675 704,357 693,638
------------ ----------- ------------ ----------- ----------- -----------
Costs & Expenses:
Gaming........................... 158,178 155,856 228,975 227,053 387,153 382,909
Other............................ 15,440 14,348 26,490 27,234 41,930 41,582
General & Administrative......... 52,873 49,540 75,681 74,422 128,599 124,041
Depreciation & Amortization...... 12,086 11,380 27,036 25,241 39,122 36,621
Trump World's Fair closing ...... 765 -- -- -- 765 --
------------ ----------- ------------ ----------- ----------- -----------
Total Costs and Expenses......... 239,342 231,124 358,182 353,950 597,569 585,153
------------ ----------- ------------ ----------- ----------- -----------
Income from Operations............... 25,914 33,839 80,919 74,725 106,788 108,485
------------ ----------- ------------ ----------- ----------- -----------
Interest and Other Income.......... 377 687 862 647 2,521 2,144
Interest Expense................... (35,796) (36,087) (70,106) (69,924) (115,290) (115,294)
------------ ----------- ------------ ----------- ----------- -----------
Total Non-Operating Expense........ (35,419) (35,400) (69,244) (69,277) (112,769) (113,150)
------------ ----------- ------------ ----------- ----------- -----------
Net Income/(Loss).................... $ (9,505) $ (1,561) $ 11,675 $ 5,448 $ (5,981) $ (4,665)
============ =========== ============ =========== =========== ===========
* Intercompany eliminations and expenses of Trump AC, Trump AC Funding, Trump
AC Funding II and Trump AC Funding III are not separately shown.
10
Nine Months Ended September 30,
------------------------------------------------------------------------------------------
2000 2001 2000 2001 2000 2001
Plaza Plaza Taj Taj Total Total
Associates Associates Associates Associates Trump AC Trump AC
------------------------------------------------------------------------------------------
(dollars in thousands)
Table Game Revenues.................. $ 73,636 $ 73,890 $ 142,012 $ 126,028 $ 215,648 $ 199,918
Incr (Decr) over Prior Period........ $ 254 $ (15,984) $ (15,730)
Table Game Drop...................... $ 498,442 $ 436,748 $ 823,293 $ 755,024 $ 1,321,735 $ 1,191,772
Incr (Decr) over Prior Period........ $ (61,694) $ (68,269) $ (129,963)
Table Win Percentage................. 14.8% 16.9% 17.2% 16.7% 16.3% 16.8%
Incr (Decr) over Prior Period........ 2.1 pts (0.5) pts 0.5 pts
Number of Table Games................ 96 99 143 141 239 240
Incr (Decr) over Prior Period........ 3 (2) 1
Slot Revenues........................ $ 175,826 $ 175,725 $ 256,366 $ 257,620 $ 432,192 $ 433,345
Incr (Decr) over Prior Period........ $ (101) $ 1,254 $ 1,153
Slot Handle.......................... $ 2,250,180 $ 2,269,911 $ 3,297,809 $ 3,373,170 $ 5,547,989 $ 5,643,081
Incr (Decr) over Prior Period........ $ 19,731 $ 75,361 $ 95,092
Slot Win Percentage.................. 7.8% 7.7% 7.8% 7.6% 7.8% 7.7%
Incr (Decr) over Prior Period........ (0.1) pts (0.2) pts (0.1) pts
Number of Slot Machines.............. 2,831 2,850 4,548 4,696 7,379 7,546
Incr (Decr) over Prior Period........ 19 148 167
Poker Revenues....................... -- -- $ 14,720 $ 15,353 $ 14,720 $ 15,353
Incr (Decr) over Prior Period........ -- $ 633 $ 633
Number of Poker Tables............... -- -- 65 67 65 67
Incr (Decr) over Prior Period........ -- 2 2
Other Gaming Revenues................ -- -- $ 1,836 $ 1,678 $ 1,836 $ 1,678
Incr (Decr) over Prior Period........ -- $ (158) $ (158)
Total Gaming Revenues................ $ 249,462 $ 249,615 $ 414,934 $ 400,679 $ 664,396 $ 650,294
Incr (Decr) over Prior Period........ $ 153 $ (14,255) $ (14,102)
Number of Guest Rooms................ 904 904 1,250 1,250 2,154 2,154
Occupancy Rate....................... 91.0% 92.2% 94.0% 95.3% 92.8% 94.0%
Average Daily Rate (Room Revenue).... $ 79.44 $ 81.56 $ 84.90 $ 80.97 $ 82.65 $ 81.22
Gaming revenues are the primary source of Trump AC's revenues. The year
over year decrease in gaming revenues was caused by table games activity. Table
game revenues decreased by approximately $15,730,000 or 7.3% from the comparable
period in 2000 due to a decrease in table drop at both the Taj Mahal and Trump
Plaza. Table drop was negatively affected by decreased activity from premium
international table game customers, a weak domestic market as well as the
negative national economic impacts of the September 11, 2001 terrorist attacks.
Overall Trump AC's table win percentage increased to 16.8% from 16.3% in the
comparable period in 2000. Table game revenues represent the amount retained by
Trump AC from amounts wagered at table games. The table win percentage tends to
be fairly constant over the long term, but may vary significantly in the short
term, due to large wagers by "high rollers". The Atlantic City industry table
win percentages were 15.6% and 15.6% for the nine months ended September 30,
2000 and 2001, respectively.
Slot revenues increased by approximately $1,153,000 or 0.3% from the
comparable period in 2000 as a result of innovative marketing initiatives and
managements efforts to improve the slot product on the casino floor which were
partially offset by the negative national economic impacts of the September 11,
2001 terrorist attacks.
Promotional allowances decreased by approximately $8,354,000 or 8.1% from
the comparable period in 2000 due primarily to decreased cash complimentaries at
the Taj Mahal associated with decreased table game revenues.
General and Administrative expenses decreased by approximately $4,558,000
or 3.5% from the comparable period in 2000. Expense decreases at the Taj Mahal
were primarily due to decreased insurance, litigation and entertainment
expenses. Expense decreases at the Trump Plaza were primarily due to decreased
entertainment, insurance and advertising expenses.
Seasonality
The casino industry in Atlantic City is seasonal in nature. Accordingly,
the results of operations for the period ended September 30, 2001 are not
necessarily indicative of the operating results for a full year.
11
Important Factors Relating to 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 Quarterly Report on Form 10-Q
relative to Trump AC's performance, trends in Trump AC'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" 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 Quarterly Report on Form
10-Q and those that may be made in the future by or on behalf of the
Registrants, the Registrants 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
Quarterly Report were prepared by management and are qualified by, and subject
to, significant business, economic, competitive, regulatory and other
uncertainties and contingencies, including the duration and severity of the
current economic turndown in the Unites States and the aftermath of the
September 11, 2001 terrorist attacks on New York, all of which are difficult or
impossible to predict and many of which are beyond the control of the
Registrants. Accordingly, there can be no assurance that the forward-looking
statements contained in this Quarterly Report will be realized or that actual
results will not be significantly higher or lower. Readers of this Quarterly
Report should consider these facts in evaluating the information contained
herein. In addition, the business and operations of the Registrants are subject
to substantial risks which increase the uncertainty inherent in the forward-
looking statements contained in this Quarterly Report. The inclusion of the
forward-looking statements contained in this Quarterly Report should not be
regarded as a representation by the Registrants or any other person that the
forward-looking statements contained in this Quarterly Report will be achieved.
In light of the foregoing, readers of this Quarterly Report are cautioned not to
place undue reliance on the forward-looking statements contained herein.
ITEM 3--QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable.
12
PART II -- OTHER INFORMATION
ITEM 1 -- LEGAL PROCEEDINGS
Metelman Action; Settlement Agreement Approved by Court. As previously
reported, on or about March 20, 2000, Mark Metelman, a stockholder of THCR,
filed a class action suit in the Superior Court of New Jersey, Chancery
Division, Atlantic County (Civil Action No. Atl-C43-00) against THCR and each
member of the Board of Directors of THCR, claiming that a third party made an
offer to purchase THCR, and that one or more members of the Board of Directors
wrongly failed to consider the supposed offer. On October 12, 2000, after the
Court dismissed the complaint upon a motion by the defendants, the plaintiff
refiled the complaint as a stockholder derivative action.
On August 17, 2001, the Court approved a settlement agreement between
the parties. No stockholders objected to the terms of the proposed offer.
Pursuant to the settlement agreement, THCR has agreed that any future offers to
purchase THCR will be initially reviewed by a Special Committee consisting of
independent directors not affiliated with Donald Trump. The Special Committee
may engage and/or consult with outside financial and legal advisors as it deems
necessary and will make recommendations to the THCR Board of Directors
concerning any such offers. Where either the Board of Directors or the Special
Committee deems an offer to be substantial, the settlement requires THCR to
advise THCR stockholders in a timely fashion. However, the Board of Directors
will have ultimate decision making authority as to the response of THCR to any
such offers.
Castle Acquisition; Proposed Settlement. As previously reported, on
October 16, 1996, stockholders of THCR filed derivative actions in the United
States District Court, Southern District of New York (96 Civ. 7820), which were
subsequently consolidated, against each member of the Board of Directors of
THCR; THCR Holdings; Trump's Castle Associates, L.P., a New Jersey limited
partnership of which THCR is a limited partner ("Trump's Castle"); Trump's
Castle Hotel & Casino, Inc., a New Jersey corporation and the general partner of
Trump's Castle ("TCHI"); Trump Casinos, Inc., a New Jersey corporation wholly-
owned by Donald J. Trump ("TCI"); Trump Casinos II, Inc., a Delaware corporation
wholly-owned by Donald J. Trump ("TCI- II"); and Salomon Brothers, Inc.
("Salomon"). As set forth more fully in the plaintiffs' Fourth Amended
Shareholders' Derivative Complaint, the plaintiffs claimed that certain of the
defendants breached their fiduciary duties (or aided or abetted such breaches)
and engaged in wasteful and ultra vires acts in connection with THCR's and THCR
Holdings' acquisition of Trump's Castle in October 1996 (the "Castle
Acquisition"), and that Salomon was negligent in the issuance of its fairness
opinion with respect to the Castle Acquisition. The plaintiffs also alleged that
various parties committed violations of the federal securities laws for alleged
omissions and misrepresentations in THCR's proxies, and that Trump, TCI-II and
TCHI breached the acquisition agreement by supplying THCR with untrue
information for inclusion in the proxy statement delivered to THCR's
stockholders in connection with the Castle Acquisition. The plaintiffs sought
removal of the directors of THCR, and an injunction, rescission and damages.
In September 2001, without admitting any wrongdoing or liability, the
parties entered into a stipulation of settlement (the "Stipulation"), subject to
the Court's approval. The Court has scheduled a hearing for December 10, 2001 to
determine the fairness and adequacy of the proposed settlement. Pursuant to the
Stipulation, THCR sent to its stockholders on or about October 29, 2001, a
notice of pendency therein outlining the terms of the proposed settlement,
including such stockholders' right to object in writing to the proposed
settlement and to appear at the settlement hearing.
General. Trump AC, its partners, certain members of its former
executive committee, and certain of its employees, have been involved in various
legal proceedings. Such persons and entities are vigorously defending the
allegations against them and intend to contest vigorously any future
proceedings. In general, Trump AC has agreed to indemnify such persons against
any and all losses, claims, damages, expenses (including reasonable costs,
disbursements and counsel fees) and liabilities (including amounts paid or
incurred in satisfaction of settlements, judgments, fines and penalties)
incurred by them in said legal proceedings.
Various legal proceedings are now pending against Trump AC. Trump AC
considers all such proceedings to be ordinary litigation incident to the
character of its business. Trump AC believes that the resolution of these
claims, to the extent not covered by insurance, will not, individually or in the
aggregate, have a material adverse effect on the financial condition or results
of operations of Trump AC.
From time to time, Plaza Associates and Taj Associates may be involved
in routine administrative proceedings involving alleged violations of certain
provisions of the New Jersey Casino Control Act. However, management believes
that the final outcome of these proceedings will not, either individually or in
the aggregate, have a material adverse effect on Plaza Associates or Taj
Associates or on the ability of Plaza Associates or Taj Associates to otherwise
retain or renew any casino or other licenses required under the New Jersey
Casino Control Act for the operation of Trump Plaza and the Taj Mahal.
13
ITEM 2 -- CHANGES IN SECURITIES AND USE OF PROCEEDS
Not Applicable.
ITEM 3 -- DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
ITEM 4 -- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 5 -- OTHER INFORMATION
Subsequent Events. On October 31, 2001, Trump AC, Trump AC Funding, Trump
AC Funding II and Trump AC Funding III jointly filed a Current Report on Form
8-K with the SEC, attaching a copy of a press release issued by THCR and THCR
Holdings as an exhibit thereto, announcing therein that THCR is seeking to
negotiate the terms of the public debt and is withholding interest payments
thereon until such time as discussions between THCR and the bondholders have
been finalized. Each of the Trump AC Mortgage Notes, having an aggregate
semi-annual interest payment of approximately $73,125,000 which was due on
November 1, 2001, is affected. These interest amounts have been included in
current liabilities at September 30, 2001. THCR is seeking to negotiate the
terms of the public debt in light of the economic consequences of the September
11th terrorist attacks on the World Trade Center which have led New York State
to approve the largest gambling package in its history, which includes six
casinos, three of which will be ninety minutes away from Manhattan in the
Catskills, and video slot machines at numerous racetracks, including Aqueduct in
New York City and Yonkers. THCR intends to pay interest upon the completion of a
successful negotiation.
Pursuant to each of the indentures governing the Trump AC Mortgage Notes, a
default in the payment of interest when due and payable and which continues for
30 calendar days (the "Cure Period") constitutes an "Event of Default" under
which the trustee or the holders of 25% of the aggregate principal amount of the
respective debt issue then outstanding, by notice in writing to the respective
issuers, may, and the trustee at the request of such holders shall, declare all
principal and accrued interest of such debt issue to be due and payable
immediately. Notwithstanding, the issuers may prevent the aforementioned Event
of Default by paying the defaulted interest before the expiration of the Cure
Period.
ITEM 6 --EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits:
None.
b. Current Reports on Form 8-K:
The Registrants did not file any Current Reports on Form 8-K during the
quarter ending September 30, 2001.
14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
TRUMP ATLANTIC CITY ASSOCIATES
(Registrant)
By: TRUMP ATLANTIC CITY HOLDING, INC.,
its Managing General Partner
Date: November 14, 2001 By: /S/ FRANCIS X. MCCARTHY, JR.
-----------------------------------------
Francis X. McCarthy, Jr.
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial and Accounting Officer)
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
TRUMP ATLANTIC CITY FUNDING, INC.
(Registrant)
Date: November 14, 2001 By: /S/ FRANCIS X. MCCARTHY, JR.
-----------------------------------------
Francis X. McCarthy, Jr.
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial and Accounting Officer)
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
TRUMP ATLANTIC CITY FUNDING II, INC.
(Registrant)
Date: November 14, 2001 By: /S/ FRANCIS X. MCCARTHY, JR.
-----------------------------------------
Francis X. McCarthy, Jr.
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial and Accounting Officer)
17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
TRUMP ATLANTIC CITY FUNDING III, INC.
(Registrant)
Date: November 14, 2001 By: /S/ FRANCIS X. MCCARTHY, JR.
-----------------------------------------
Francis X. McCarthy, Jr.
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial and Accounting Officer)
18