EXHIBIT 12
                                                            ----------

                                                RATIO OF EARNINGS TO FIXED CHARGES
                                                          (In Thousands)


RATIO EARNINGS TO FIXED CHARGES CALCULATION:
                                                                                                                
                                     Trump AC and Plaza Associates                            The Company         The Company   
                             -----------------------------------------                     -----------------      (Pro Forma)   
                                                                             From            From Inception      ------------   
                                       Year Ended December 31,           January 1, 1995      (June 12, 1995)     Year Ended    
                             -----------------------------------------      through           to December 31,    December 31,   
EARNINGS:                      1991       1992       1993       1994     June 12, 1995             1995             1995        
                             --------   --------   --------   --------   ---------------   ------------------    -----------
                                                                                                        
INCOME (LOSS) before                                                                                            
income taxes and                                                                                                
extraordinary items           (32,094)     2,185      5,878     (9,735)           (1,944)             (1,921)            684       
                                                                                                                                   
PLUS:                                                                                                                              
FIXED CHARGES                  38,135     40,191     48,198     50,265            23,050              36,020         157,381
LESS:                                                                                                                              
CAPITALIZED INTEREST                0          0          0          0                 0                 (89)            (89)      
                             --------   --------   --------   --------          --------            --------        --------       
           EARNINGS             6,041     42,376     54,076     40,530            21,106              34,010         157,976       
                             --------   --------   --------   --------          --------            --------        --------        
FIXED CHARGES                                                                                                    
INTEREST EXPENSE               34,395     31,843     40,435     49,061            22,516             35,014          154,574
PLUS:                                                                                                                              
CAPITALIZED INTEREST                0          0          0          0                 0                 89               89       
PREFERRED PARTNERSHIP                                                                                                              
DIST.                               0      6,894      6,317          0                 0                  0         
INTEREST ELEMENT OF                                                                                                 
RENTAL EXPENSE                  3,740      1,454      1,446      1,204               534                917            2,718       
                             --------   --------   --------   --------          --------           --------         --------       
            FIXED CHARGES      38,135     40,191     48,198     50,265            23,050             36,020          157,381 
                             --------   --------   --------   --------          --------           --------         -------- 
RATIO OF EARNINGS TO FIXED                                                                                               
 CHARGES (DEFICIENCY)         (32,094)      1.1         1.1     (9,735)           (1,944)            (2,010)             1.0        
                             ========   ========   ========   ========          ========           ========         ========  
 

 
 
 
 
                                                            EXHIBIT 12
                                                            ----------

                                                RATIO OF EARNINGS TO FIXED CHARGES
                                                          (In Thousands)


RATIO EARNINGS TO FIXED CHARGES CALCULATION:
                                                                                          
                                                          Taj Associates
                                        ------------------------------------------------------------
                                                                                           
                                                         Year Ended December 31,           
                                        ------------------------------------------------------------
EARNINGS:                                 1991           1992         1993        1994        1995
                                        --------       --------     --------    --------    -------- 
                                                                                     
INCOME (LOSS) before income taxes                                                                      
and extraordinary items                  (71,105)       (35,099)     (22,539)    (36,658)    (26,623)   
PLUS:                                                                                                  
FIXED CHARGES                             86,111        107,521      111,619     119,158     123,504    
LESS:                                                                                                  
CAPITALIZED INTEREST                           0              0            0           0           0  
                                        --------       --------     --------    --------    --------    
           EARNINGS                       15,006         72,422       89,080      82,500      96,881   
                                        --------       --------     --------    --------    --------    
FIXED CHARGES                                                                                          
INTEREST EXPENSE                          84,918        104,049      108,379     115,311     120,435 
PLUS:                                                                                                  
CAPITALIZED INTEREST                           0              0            0           0           0   
PREFERRED PARTNERSHIP DIST                     0          1,825        1,733       2,171       1,554   
INTEREST ELEMENT OF RENTAL EXPENSE         1,193          1,647        1,507       1,676       1,515   
                                        --------       --------     --------    --------    --------   
            FIXED CHARGES                 86,111        107,521      111,619     119,158     123,504   
                                        --------       --------     --------    --------    --------   
RATIO OF EARNINGS TO FIXED                                                                             
 CHARGES (DEFICIENCY)                    (71,105)       (35,099)    (22,539)     (36,658)    (26,623)
                                        ========       ========     ========    ========    ========