EXHIBIT 23.1
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
    As independent public accountants, we hereby consent to the use of our
reports on Trump Atlantic City Associates for the year ended December 31, 1996
and Trump Atlantic City Funding III, Inc. as of December 31, 1997 and to all
references to our Firm included in or made a part of this registration
statement.
 
                                          ARTHUR ANDERSEN LLP
 
Roseland, New Jersey
 
January 9, 1998