Exhibit 99.1
[LETTERHEAD OF TRUMP HOTELS & CASINO RESORTS]
NEWS RELEASE
FOR: Trump Hotels & Casino Resorts, Inc.
CONTACT: John P. Burke, Corporate Treasurer
(212) 891-1500
FOR RELEASE: July 23, 2002 - 8 A.M.
TRUMP HOTELS & CASINO RESORTS, INC. REPORTS
RECORD SECOND QUARTER AND SIX MONTH RESULTS
EBITDA INCREASED $40.3 MILLION (35%) THROUGH SIX MONTHS
NEW YORK, NY - Trump Hotels & Casino Resorts, Inc. ("THCR" or the
"Company") (NYSE:DJT) today reported record earnings and EBITDA -- the best
second quarter in its history following its previously announced record fourth
quarter 2001, and first quarter 2002.
THCR's EBITDA (defined as earnings before interest, taxes,
depreciation, amortization, CRDA, debt renegotiation expenses, corporate
expenses, and non-operating (income) expense) for the quarter ended June 30,
2002 increased to $81.4 million, $17.0 million higher than the $64.4 million
reported for the quarter ended June 30, 2001, or a 26.3% increase. Consolidated
net revenues (defined as gross revenues less promotional allowances) for the
quarter ended June 30, 2002 increased to $313.4 million from $301.4 million
reported for the quarter ended June 30, 2001. For the six months ended June 30,
2002, EBITDA increased to $155.5 million, $40.3 million higher than the $115.2
million reported for the six months ended June 30, 2001, or a 35.0% increase.
Consolidated net revenues for the six months ended June 30, 2002 increased to
$614.6 million from $582.8 million reported for the six months ended June 30,
2001.
The net income for the 2002 second quarter was $0.2 million, or $.01 per share,
compared to a $7.8 million loss, or $.35 per share, in the second quarter of
2001. Consolidated net loss for the six-month period ended June 30, 2002 was
$4.3 million ($.20 per share), compared to a $24.6 million loss ($1.12 per
share) for the six-month period ended June 30, 2001.
Donald J. Trump, Chairman, President and Chief Executive Officer said,
"We have now posted three consecutive record quarters. Our trailing twelve
months' EBITDA exceeds $310 million. All of our properties have improved their
operating margins. This bodes well for our ongoing refinancing efforts, which,
if successful, should reduce our interest costs. Mark Brown and his team
continue to focus on improving operating results by increasing net revenues
while controlling costs."
Trump Taj Mahal Associates reported net revenues of $130.8 million and
an increase in EBITDA to $36.5 million for the quarter ended June 30, 2002,
compared to net revenues of $130.4 million and EBITDA of $34.4 million for the
quarter ended June 30, 2001. For the six-month period ended June 30, 2002, net
revenues increased to $258.1 million and EBITDA increased to $70.3 million,
compared to $247.1 million and $57.2 million respectively, for the six months
ended June 30, 2001. Mark A. Brown, President and Chief Operating Officer
commented, "The Taj Mahal's operating results reflect the quality of our
facility and management's attention to the quality of our customers gaming
experience. Having so many entertainment and dining options, the Taj remains the
`must see' attraction in Atlantic City. By continually updating the slot product
and by giving our slot players the same recognition as our table players, the
property has been able to achieve slot volume and win records. With targeted
marketing programs run with tight cost controls, the property has increased its
EBITDA margin to 27.9% for the quarter ended June 2002, and to 27.2% for the six
months ended 2002, from 26.4% for the quarter ended June 30, 2001, and 23.1% for
the six months ended June 30, 2001."
Trump Plaza Associates reported an increase in net revenues to $82.2
million and an increase in EBITDA to $19.5 million for the quarter ended June
30, 2002, compared to net revenues of $78.3 million and EBITDA of $12.6 million
for the quarter ended June 30, 2001. For the six-month period ended June 30,
2002, Trump Plaza reported an increase in net revenues to $160.5 million and an
increase in EBITDA to $37.0 million, compared to net revenues of $154.5 million
and EBITDA of $24.6 million for the six-month period ended June 30, 2001. Mr.
Brown noted, "Trump Plaza continues its growth. The gaming floor is under
constant revision, bringing the latest more popular games to our patrons. With
our continued emphasis on customer service and innovative marketing programs,
our customer base continues to grow and our operating results reflect this
success, which has resulted in improved margins. The EBITDA margin increased to
23.7% for the quarter ended June 30, 2002, from 16.0% for the quarter ended June
30, 2001. For the six months ended June 30, 2002, the margin increased to 23.1%
from 15.9% for the six months ended June 30, 2001."
Trump Marina reported an increase in net revenues to $69.1 million and
an increase in EBITDA to $17.2 million for the quarter ended June 30, 2002,
compared to net revenue of $61.8 million and EBITDA of $11.0 million for the
quarter ended June 30, 2001. For the six-month period ended June 30, 2002, Trump
Marina reported an increase in net revenues to $132.9 million and an increase in
EBITDA to $31.9 million, compared to net revenues of $120.1 million and EBITDA
of $20.1 million for the six-month period ended June 30, 2001. "There is more
interest in the marina district than ever before", commented Mr. Brown. "The
improved access from the Atlantic City Expressway and the elimination of the
prior year construction obstacles, coupled with the popularity of the `Wild
Side' youth oriented entertainment, have helped us achieve these record results.
Having the only marina in the marina district complementing our attractive
entertainment and dining venues, combined with our well received marketing
programs, has allowed the property to operate at its current record breaking
rate." Mr. Brown added, "A higher table hold percentage of 18.5% and 18.6% for
the quarter and six months ended June 30, 2002, respectively, versus 15.2% and
15.8% for the quarter and six months ended June 30, 2001, contributed to our
favorable results. And again,
as with our other properties, Trump Marina's EBITDA margins have improved to
24.9% and 24.0% for the quarter ended and six months ended June 30, 2002,
respectively, compared to 17.7% and 16.7% for the quarter ended and six months
ended June 30, 2001, respectively."
Trump Indiana reported net revenues of $30.2 million and an increase in
EBITDA to $7.2 million for the second quarter ended June 30, 2002, compared to
net revenues of $30.9 million and EBITDA of $6.5 million for the quarter ended
June 30, 2001. For the six-month period ended June 30, 2002, Trump Indiana
reported an increase in net revenues to $62.0 million and an increase in EBITDA
to $15.3 million, compared to net revenues of $61.1 million and EBITDA of $13.4
million for the six-month period ended June 30, 2001. EBITDA margins improved to
23.9% and 24.6% for the quarter and six months ended June 30, 2002,
respectively, from 21.2% and 21.9% for the quarter and six months ended June 30,
2001, respectively. Mr. Brown remarked, "As encouraging as the Trump Indiana
results are to date, further improvements should be forthcoming. In May, we
expanded the gaming area on the boat to the fourth floor, and in June, opened
the 2,000 car garage. We have opted for dockside gaming, which should be
implemented shortly. Dockside gaming eliminates the requirement to cruise and
will provide our patrons with continual access to the vessel, as well as adding
an additional hour to our gaming day. This should drive an increase in gaming
revenue, which should offset higher tax rates enacted in connection with the
legislation that enables dockside gaming."
As previously reported, THCR Management Services, LLC, an indirect,
wholly-owned subsidiary of the Company ("THCR Management"), received approval
from the National Indian Gaming Commission of its five-year management agreement
with the Twenty-Nine Palms Band of Luiseno Mission Indians of California during
the quarter. Under the management agreement, THCR Management manages the
day-to-day operations of the Tribe's recently renovated and expanded casino
renamed Trump 29 Casino, which opened on April 2, 2002. An additional expansion
adding dining entertainment and more gaming space is scheduled for completion in
September of this
year. During the quarter and the six months ended June 30, 2002, THCR Management
earned $1.1 million in management fees (included in other revenues) and incurred
$0.1 million associated general administrative costs and $0.4 million in
pre-opening costs (included in corporate expenses) pursuant to the management
agreement.
Trump Atlantic City Associates' combined net revenues of Trump Plaza
and Trump Taj Mahal for the quarter ended June 30, 2002 increased to $213.0
million, compared to $208.7 million for the quarter ended June 30, 2001. EBITDA
for the quarter ended June 30, 2002 increased to $56.0 million, compared to
EBITDA of $46.9 million for the same period in 2001. For the six-month period
ended June 30, 2002, Trump Atlantic City Associates reported an increase in net
revenues to $418.5 million and an increase in EBITDA to $107.3 million, compared
to net revenues of $401.6 million and EBITDA of $81.8 million for the six-month
period ended June 30, 2001.
THCR, through its wholly-owned subsidiaries, owns and operates Trump
Plaza Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel
Casino in Atlantic City, New Jersey, as well as Trump Indiana, a hotel and
riverboat casino at Buffington Harbor, Indiana on Lake Michigan. Also, THCR,
through a wholly-owned subsidiary, manages Trump 29 Casino located in the Palm
Springs, California area. It is the exclusive vehicle through which Donald J.
Trump will engage in new gaming activities in both emerging and established
gaming jurisdictions in both the United States and abroad.
THCR is a public company which is approximately 46.4% beneficially
owned by Donald J. Trump. The Company is separate and distinct from all of Mr.
Trump's 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 THCR's or its subsidiaries' performance, trends in THCR'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 THCR, THCR notes that there are various factors
that could cause actual results to differ materially from those set forth in any
such forward-looking statements. The forward-looking statements contained in
this release were prepared by management and are qualified by, and subject to,
significant business, economic, competitive, regulatory and other uncertainties
and contingencies, all of which are difficult or impossible to predict and many
of which are beyond the control of THCR. Accordingly, there can be no assurance
that the forward-looking statements contained in this release will be realized
or that actual results will not be significantly higher or lower. 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. This 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 THCR
are subject to substantial risks, which increase the uncertainty inherent in the
forward-looking statements contained in this release. The inclusion of the
forward-looking statements
contained in this release should not be regarded as a representation by THCR or
any other person that the forward-looking statements contained in the release
will be achieved. In light of the foregoing, readers of this release are
cautioned not to place undue reliance on the forward-looking statements
contained herein.
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 periodical reports filed with the Securities and Exchange Commission
(the "Commission"), 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 Commission's website, www.sec.gov, or on the Company's
website, www.trump.com.
# # #
TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
--------------------------- -----------------------------
REVENUES
CASINO $ 318,948 $ 309,168 $ 630,386 $ 602,146
ROOMS 20,931 20,871 39,766 38,937
FOOD & BEVERAGE 32,198 32,404 62,532 63,388
OTHER 10,843 9,399 19,559 16,991
PROMOTIONAL ALLOWANCES (a) (69,523) (70,489) (137,671) (138,615)
--------------------------- -----------------------------
NET REVENUES $ 313,397 $ 301,353 $ 614,572 $ 582,847
--------------------------- -----------------------------
COSTS & EXPENSES
GAMING (a) $ 150,495 $ 155,198 $ 299,043 $ 307,451
ROOMS 8,426 8,017 16,088 15,359
FOOD & BEVERAGE 12,044 11,289 22,684 21,165
GENERAL & ADMIN 61,057 62,428 121,271 123,668
--------------------------- -----------------------------
TOTAL EXPENSES $ 232,022 $ 236,932 $ 459,086 $ 467,643
--------------------------- -----------------------------
EBITDA $ 81,375 $ 64,421 $ 155,486 $ 115,204
--------------------------- -----------------------------
CRDA/INDIANA STATE & MUNIC OBLIG. $ 1,410 $ 1,127 $ 2,774 $ 3,587
DEPRECIATION & AMORTIZATION 20,997 19,445 41,017 39,118
INTEREST INCOME (612) (1,017) (1,093) (2,099)
INTEREST EXPENSE 55,239 54,934 110,454 109,287
CORPORATE EXPENSES & DJT INCENTIVE FEE 3,047 2,465 6,062 4,542
DEBT RENEGOTIATION COSTS 949 - 3,064 -
OTHER NON-OPER (INCOME)EXPENSE, NET (39) (296) 54 (426)
--------------------------- -----------------------------
TOTAL NON-OPERATING EXPENSE, NET $ 80,991 $ 76,658 $ 162,332 $ 154,009
--------------------------- -----------------------------
INCOME (LOSS) BEFORE MINORITY INTEREST $ 384 ($12,237) ($6,846) ($38,805)
MINORITY INTEREST (140) 4,475 2,504 14,191
--------------------------- -----------------------------
NET INCOME (LOSS) $ 244 ($7,762) ($4,342) ($24,614)
=========================== =============================
WEIGHTED AVERAGE # SHARES -BASIC 22,010,027 22,010,027 22,010,027 22,010,027
=========================== =============================
WEIGHTED AVERAGE # SHARES -DILUTED 22,061,762 22,010,027 22,010,027 22,010,027
=========================== =============================
BASIC & DILUTED EARNINGS (LOSS) PER SHARE $ 0.01 ($0.35) ($0.20) ($1.12)
=========================== =============================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) Prior period amounts have been reclassed from gaming expense to promotional
allownces per the Emerging Issues Task Force (EITF) of the Financial Accounting
Standards Board (FASB). Reclassifications have been made in accordance with EITF
00-22 "Accounting for 'Points' and Certain Other Time-Based or Sales Incentive
Offers, and Offers for Free Products or Services to Be Delivered in the Future"
and EITF 01-09 "Accounting for Consideration given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)".
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
--------------------------- ----------------------------
REVENUES
CASINO $ 216,836 $ 213,191 $ 428,262 $412,971
ROOMS 15,447 15,250 29,162 28,247
FOOD & BEVERAGE 23,321 23,812 45,733 46,922
OTHER 6,564 6,191 13,400 11,797
PROMOTIONAL ALLOWANCES (a) (49,168) (49,776) (98,040) (98,314)
--------------------------- ----------------------------
NET REVENUES $ 213,000 $ 208,668 $ 418,517 $401,623
--------------------------- ----------------------------
COSTS & EXPENSES
GAMING (a) $ 101,676 $ 106,680 $ 202,603 $211,944
ROOMS 6,876 6,552 13,057 12,630
FOOD & BEVERAGE 8,111 7,608 15,593 14,518
GENERAL & ADMIN 40,379 40,897 79,981 80,781
--------------------------- ----------------------------
TOTAL EXPENSES $ 157,042 $ 161,737 $ 311,234 $319,873
--------------------------- ----------------------------
EBITDA $ 55,958 $ 46,931 $ 107,283 $ 81,750
--------------------------- ----------------------------
CRDA $ 1,128 $ 854 $ 2,246 $ 2,095
DEPRECIATION & AMORTIZATION 13,678 12,544 26,803 25,169
INTEREST INCOME (310) (685) (558) (1,386)
INTEREST EXPENSE 38,232 38,585 76,451 76,765
OTHER NON-OPERATING (INCOME) EXPENSE 206 (241) 400 (225)
DEBT RENEGOTIATION COSTS - - 1,570 -
--------------------------- ----------------------------
TOTAL NON-OPERATING EXPENSE, NET $ 52,934 $ 51,057 $ 106,912 $102,418
--------------------------- ----------------------------
NET INCOME (LOSS) $ 3,024 ($4,126) $ 371 ($20,668)
=========================== ============================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) Prior period amounts have been reclassed from gaming expense to promotional
allownces per the Emerging Issues Task Force (EITF) of the Financial Accounting
Standards Board (FASB). Reclassifications have been made in accordance with EITF
00-22 "Accounting for 'Points' and Certain Other Time-Based or Sales Incentive
Offers, and Offers for Free Products or Services to Be Delivered in the Future"
and EITF 01-09 "Accounting for Consideration given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)".
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
--------------------------- ----------------------------
REVENUES
CASINO $ 132,453 $ 132,466 $ 262,378 $ 251,901
# of Slots 4,847 4,597 4,852 4,631
Win per Slot/Day $ 208 $ 202 $ 201 $ 195
Slot Win $ 91,887 $ 84,328 $ 176,933 $ 163,421
# of Tables 139 143 139 143
Win per Table/Day $ 2,780 $ 3,278 $ 2,962 $ 2,995
Table Win $ 35,161 $ 42,657 $ 74,517 $ 77,507
Table Drop $ 217,835 $ 245,342 $ 443,547 $ 485,173
Hold % 16.1% 17.4% 16.8% 16.0%
Poker, Keno, Race Win $ 5,405 $ 5,481 $ 10,928 $ 10,973
ROOMS $ 8,946 $ 8,879 $ 16,863 $ 16,404
# of Rooms Sold 108,431 109,452 214,589 213,279
Avg Room Rates $ 82.50 $ 81.12 $ 78.58 $ 76.91
Occupancy % 95.3% 96.2% 94.8% 94.3%
FOOD & BEVERAGE $ 14,064 $ 13,727 $ 27,484 $ 26,882
OTHER 4,567 4,397 9,571 7,976
PROMOTIONAL ALLOWANCES (a) (29,257) (29,079) (58,230) (56,052)
--------------------------- ----------------------------
NET REVENUES $ 130,773 $ 130,390 $ 258,066 $ 247,111
--------------------------- ----------------------------
COSTS & EXPENSES
GAMING (a) $ 59,325 $ 62,650 $ 119,873 $ 124,224
ROOMS 4,276 4,138 8,005 7,961
FOOD & BEVERAGE 5,240 5,102 9,976 9,743
GENERAL & ADMIN 25,439 24,123 49,933 48,023
--------------------------- ----------------------------
TOTAL EXPENSES $ 94,280 $ 96,013 $ 187,787 $ 189,951
--------------------------- ----------------------------
EBITDA (1) $ 36,493 $ 34,377 $ 70,279 $ 57,160
=========================== ============================
(1)EBITDA reflects earnings before depreciation, interest, taxes and CRDA
write-down.
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) Prior period amounts have been reclassed from gaming expense to promotional
allownces per the Emerging Issues Task Force (EITF) of the Financial Accounting
Standards Board (FASB). Reclassifications have been made in accordance with EITF
00-22 "Accounting for 'Points' and Certain Other Time-Based or Sales Incentive
Offers, and Offers for Free Products or Services to Be Delivered in the Future"
and EITF 01-09 "Accounting for Consideration given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)".
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
--------------------------- ----------------------------
REVENUES
CASINO $ 84,383 $ 80,725 $ 165,884 $ 161,070
# of Slots 2,908 2,839 2,877 2,842
Win per Slot/Day $ 227 $ 227 $ 223 $ 219
Slot Win $ 60,050 $ 58,552 $ 115,891 $ 112,702
# of Tables 88 99 88 96
Win per Table/Day $ 3,039 $ 2,461 $ 3,139 $ 2,684
Table Win $ 24,333 $ 22,173 $ 49,993 $ 48,368
Table Drop $ 146,944 $ 147,347 $ 290,010 $ 282,231
Hold % 16.6% 15.7% 17.2% 17.1%
ROOMS $ 6,501 $ 6,371 $ 12,299 $ 11,843
# of Rooms Sold 77,327 77,575 151,836 149,113
Room Rates $ 84.07 $ 82.13 $ 81.00 $ 79.42
Occupancy % 94.0% 94.3% 92.8% 91.1%
FOOD & BEVERAGE $ 9,257 $ 10,085 $ 18,249 $ 20,040
OTHER 1,997 1,794 3,829 3,821
PROMOTIONAL ALLOWANCES (a) (19,911) (20,697) (39,810) (42,262)
--------------------------- ----------------------------
NET REVENUES $ 82,227 $ 78,278 $ 160,451 $ 154,512
--------------------------- ----------------------------
COSTS & EXPENSES
GAMING (a) $ 42,351 $ 44,030 $ 82,730 $ 87,720
ROOMS 2,600 2,414 5,052 4,669
FOOD & BEVERAGE 2,871 2,506 5,617 4,775
GENERAL & ADMIN 14,940 16,774 30,048 32,758
--------------------------- ----------------------------
TOTAL EXPENSES $ 62,762 $ 65,724 $ 123,447 $ 129,922
--------------------------- ----------------------------
EBITDA (1) $ 19,465 $ 12,554 $ 37,004 $ 24,590
=========================== ============================
(1) EBITDA reflects earnings before depreciation, interest, taxes, CRDA
writedown and other non-operating expense.
Note: Certain prior year reclassifications have been made to conform to current
year presentation.
(a) Prior period amounts have been reclassed from gaming expense to promotional
allownces per the Emerging Issues Task Force (EITF) of the Financial Accounting
Standards Board (FASB). Reclassifications have been made in accordance with EITF
00-22 "Accounting for 'Points' and Certain Other Time-Based or Sales Incentive
Offers, and Offers for Free Products or Services to Be Delivered in the Future"
and EITF 01-09 "Accounting for Consideration given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)".
TRUMP'S CASTLE ASSOCIATES
d/b/a TRUMP MARINA
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
-------------------------- --------------------------
REVENUES
CASINO $ 70,262 $ 64,437 $ 137,552 $ 126,530
# of Slots 2,528 2,524 2,526 2,527
Win per Slot/Day $ 230 $ 218 $ 228 $ 212
Slot Win $ 52,840 $ 50,109 $ 104,073 $ 97,110
# of Tables 79 79 79 78
Win per Table/Day $ 2,395 $ 1,966 $ 2,318 $ 2,061
Table Win $ 17,215 $ 14,137 $ 33,140 $ 29,102
Table Drop $ 92,961 $ 93,028 $ 178,377 $ 184,664
Hold % 18.5% 15.2% 18.6% 15.8%
Poker, Keno, Race Win $ 207 $ 191 $ 339 $ 318
ROOMS $ 4,691 $ 4,559 $ 8,890 $ 8,522
# of Rooms Sold 60,137 57,823 114,891 108,735
Avg Room Rates $ 78.01 $ 78.84 $ 77.38 $ 78.37
Occupancy % 90.8% 87.3% 87.2% 82.5%
FOOD & BEVERAGE $ 8,116 $ 7,760 $ 15,191 $ 14,817
OTHER 2,717 2,826 4,227 4,436
PROMOTIONAL ALLOWANCES (a) (16,690) (17,791) (32,962) (34,166)
------------------------- --------------------------
NET REVENUES $ 69,096 $ 61,791 $ 132,898 $ 120,139
------------------------- --------------------------
COSTS & EXPENSES
GAMING (a) $ 32,537 $ 31,561 $ 63,504 $ 62,684
ROOMS 1,180 913 2,250 1,603
FOOD & BEVERAGE 2,758 2,608 4,766 4,500
GENERAL & ADMIN 15,398 15,757 30,434 31,296
------------------------- --------------------------
TOTAL EXPENSES $ 51,873 $ 50,839 $ 100,954 $ 100,083
------------------------- --------------------------
EBITDA (1) $ 17,223 $ 10,952 $ 31,944 $ 20,056
========================= ==========================
(1) EBITDA reflects earnings before depreciation, interest, taxes, CRDA
writedown, debt renegotiation costs and DJT Incentive Fee.
Note: Certain prior year reclassifications have been made to conform to current
year presentation. (a) Prior period amounts have been reclassed from gaming
expense to promotional allownces per the Emerging Issues Task Force (EITF) of
the Financial Accounting Standards Board (FASB). Reclassifications have been
made in accordance with EITF 00-22 "Accounting for 'Points' and Certain Other
Time-Based or Sales Incentive Offers, and Offers for Free Products or Services
to Be Delivered in the Future" and EITF 01-09 "Accounting for Consideration
given by a Vendor to a Customer (Including a Reseller of the Vendor's
Products)".
TRUMP INDIANA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS 6 MONTHS
30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-01
-------------------------- --------------------------
REVENUES
CASINO $ 31,850 $ 31,540 $ 64,572 $ 62,645
# of Slots 1,558 1,281 1,509 1,273
Win per Slot/Day $ 186 $ 216 $ 193 $ 216
Slot Win $ 26,311 $ 25,235 $ 52,724 $ 49,792
# of Tables 47 52 48 52
Win per Table/Day $ 1,295 $ 1,334 $ 1,356 $ 1,366
Table Win $ 5,539 $ 6,305 $ 11,849 $ 12,853
Table Drop $ 32,546 $ 37,386 $ 67,208 $ 75,149
Hold % 17.0% 16.9% 17.6% 17.1%
ROOMS $ 793 $ 1,062 $ 1,714 $ 2,168
# of Rooms Sold 12,727 17,900 27,654 34,713
Avg Room Rates $ 62.00 $ 59.00 $ 62.00 $ 62.00
Occupancy % 46.6% 65.6% 50.9% 63.9%
FOOD & BEVERAGE $ 761 $ 832 $ 1,608 $ 1,649
OTHER 448 382 818 758
PROMOTIONAL ALLOWANCES (a) (3,665) (2,922) (6,669) (6,135)
------------------------- -------------------------
NET REVENUES $ 30,187 $ 30,894 $ 62,043 $ 61,085
------------------------- -------------------------
COSTS & EXPENSES
GAMING (a) $ 16,282 $ 16,957 $ 32,936 $ 32,823
ROOMS 370 552 781 1,126
FOOD & BEVERAGE 1,175 1,073 2,325 2,147
GENERAL & ADMIN 5,158 5,774 10,734 11,591
------------------------- -------------------------
TOTAL EXPENSES $ 22,985 $ 24,356 $ 46,776 $ 47,687
------------------------- -------------------------
EBITDA (1) $ 7,202 $ 6,538 $ 15,267 $ 13,398
========================= =========================
(1) EBITDA reflects earnings before depreciation, interest, taxes, Indiana
regulatory costs, management fees, debt renegotiation costs and
non-operating expenses.
Note: Certain prior year reclassifications have been made to conform to current
year presentation. (a) Prior period amounts have been reclassed from gaming
expense to promotional allownces per the Emerging Issues Task Force (EITF) of
the Financial Accounting Standards Board (FASB). Reclassifications have been
made in accordance with EITF 00-22 "Accounting for 'Points' and Certain Other
Time-Based or Sales Incentive Offers, and Offers for Free Products or Services
to Be Delivered in the Future" and EITF 01-09 "Accounting for Consideration
given by a Vendor to a Customer (Including a Reseller of the Vendor's
Products)".
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
3 MONTHS 6 MONTHS
CRDA /INDIANA OBLIGATIONS 30-Jun-02 30-Jun-01 30-Jun-02 30-Jun-02
---------------------------- ----------------------------
TAJ $ 723 $ 560 $ 1,440 $ 1,167
PLAZA 405 294 806 928
MARINA 282 273 528 824
INDIANA STATE & MUNICIPAL OBLIG - - - 668
--------------------------- ---------------------------
TOTAL CRDA/INDIANA OBLIG $ 1,410 $ 1,127 $ 2,774 $ 3,587
=========================== ===========================
DEPRECIATION & AMORTIZATION
TAJ $ 9,496 $ 8,347 $ 18,302 $ 16,872
PLAZA 4,182 4,197 8,501 8,297
THCR HOLDINGS 6 70 11 128
MARINA 5,298 4,176 10,199 8,475
INDIANA (INCL JOINT VENTURE LOSS) 2,015 2,655 4,004 5,346
--------------------------- ---------------------------
TOTAL DEPRECIATION/AMORT $ 20,997 $ 19,445 $ 41,017 $ 39,118
=========================== ===========================
INTEREST EXPENSE
TAJ $ 24,095 $ 23,265 $ 47,412 $ 46,527
PLAZA 13,115 12,226 24,946 24,041
TRUMP ATLANTIC CITY 1,022 3,094 4,093 6,197
THCR HOLDINGS 4,602 4,602 9,249 9,205
MARINA 11,389 10,946 22,696 21,809
INDIANA 607 801 1,231 1,508
THCR MANAGEMENT 409 - 827 -
--------------------------- ---------------------------
TOTAL INTEREST EXPENSE $ 55,239 $ 54,934 $110,454 $109,287
=========================== ===========================
LOAN COST AMORT/BOND DISC INCL IN INT EXP
TAJ $ 678 $ 693 1,314 1,406
PLAZA 414 347 732 703
TRUMP ATLANTIC CITY 84 282 343 572
THCR HOLDINGS 192 193 384 384
MARINA 1,776 1,529 3,487 3,005
INDIANA 125 119 242 157
THCR MANAGEMENT 162 - 330 -
--------------------------- ---------------------------
TOTAL LOAN COST AMORT/BOND DISC $ 3,431 $ 3,163 $ 6,832 $ 6,227
=========================== ===========================
Note: Certain prior year reclassifications have been made to conform to current
year presentation.