Trump Hotels & Casino Resorts, Inc. Announces Fourth Quarter and Year End Results

Consolidated loss from operations for the quarter ended December 31, 2004 was $46.9 million, compared to income from operations of $18.6 million for the quarter ended December 31, 2003.

During the fourth quarter, in connection with its reorganization proceedings as commenced on November 21, 2004 and described below, the Company recorded reorganization expenses of $61.4 million (approximately $39.5 million in the write-off of deferred financing costs and unamortized discounts of the public debt issues being restructured as part of the reorganization proceedings and $21.9 million in professional fees expensed in connection with the process). The net loss for the 2004 fourth quarter was $99.8 million, or $3.34 per share, compared to a net loss of $40.9 million, or $1.37 per share in the fourth quarter of 2003. Also, in the fourth quarter of 2004, the Company announced the transfer of the management of Trump 29 Casino in Coachella, California back to the casino's owner, the Twenty-Nine Palms Band of Luiseno Mission Indians, a federally recognized Native American tribe (the "Tribe"). As such, the quarterly and year-to-date results from THCR Management Services, LLC, the holder of the management contract, are reflected in the statement of operations as discontinued operations. The $6.0 million gain from the transfer of the management contract is also reflected in discontinued operations. EBITDA (defined as income from operations before depreciation, amortization, non-cash CRDA write-downs, reorganization expenses, debt renegotiation costs and corporate expenses) for the quarter ended December 31, 2004 was $43.5 million, compared to $48.4 million reported for the quarter ended December 31, 2003. Readers are advised that the term "EBITDA" is not a measure of financial performance under generally accepted accounting principles. The Company uses EBITDA because it believes that it is used by certain investors in measuring an entity's operating performance. A reconciliation of EBITDA to income from operations and net loss is included in the attached schedules.


THCR's consolidated net revenues for the year ended December 31, 2004 were $1,141 million, compared to $1,158 million for the year ended December 31, 2003. Consolidated income from operations for the year ended December 31, 2004 was $51.0 million, compared to $135.9 million for the year ended December 31, 2003. Consolidated net loss for the year ended December 31, 2004 was $191.3 million, or $6.40 per share, compared to a net loss of $87.3 million, or $3.39 per share, net of minority interest of $5.1 million, for the year ended December 31, 2003. EBITDA for the year ended December 31, 2004 was $232.3 million, compared to $251.4 million reported for the year ended December 31, 2003.

On November 21, 2004, the Company commenced its reorganization proceedings. For information on the process, including the detailed disclosure statement and plan of reorganization, interested parties are encouraged to visit the Company's website at www.thcrrecap.com. The disclosure statement and plan have been mailed to the relevant parties, and the hearings to confirm the Company's proposed plan of reorganization are scheduled to commence April 5, 2005, in Camden, New Jersey.

The Company's recapitalization efforts, including the aforementioned $61.4 million in reorganization charges, have impacted the results for both the 2004 fourth quarter and full year. The Company also has previously disclosed a $19.1 million charge to income taxes for the first quarter ended March 31, 2004, resulting from the non-deductibility of wagering taxes in computing Indiana State income taxes. Also included in general and administrative expenses for the fourth quarter and year ended December 31, 2004, is an $8.0 million charge setting up a reserve by the Company's subsidiary, Trump Plaza Associates, against a receivable from the city of Atlantic City for a real estate taxes claim that originated in 1997. Discontinued operations include a $6.0 million gain for the previously disclosed transfer of the management contract of Trump 29 Casino in Coachella, California back to the Tribe.

Trump Taj Mahal Associates ("Taj Associates") reported net revenues of $110.3 million for the 2004 fourth quarter, compared to $110.8 million for the same quarter in 2003. Income from operations for the quarter ended December 31, 2004 was $6.5 million, compared to $13.0 million for the quarter ended December 31, 2003. EBITDA was $22.4 million for the quarter ended December 31, 2004, compared to $25.2 million, for the quarter ended December 31, 2003. Taj Associates reported net revenues of $470.0 million for the year ended December 31, 2004, compared to $487.3 million for 2003. Income from operations for the year ended December 31, 2004 was $54.4 million, compared to $72.4 million for the year ended December 31, 2003. EBITDA decreased to $108.5 million in 2004, compared to $120.2 million in 2003.

Trump Plaza Associates ("Plaza Associates") reported net revenues of $68.8 million for the 2004 fourth quarter, compared to $65.8 million for the same quarter in 2003. Loss from operations for the 2004 fourth quarter was $4.1 million, compared to income from operations of $4.0 million for the 2003 fourth quarter. EBITDA decreased to $3.2 million for the quarter ended December 31, 2004, compared to $11.7 million for the same quarter in 2003. Included in general and administrative expenses is an $8.0 million charge setting up a reserve against Plaza Associates against a receivable from the city of Atlantic City for a real estate taxes claim that originated in 1997. Plaza Associates reported net revenues of $284.8 million for the year ended December 31, 2004, compared to $291.4 million for 2003. Plaza Associates' income from operations for the year ended December 31, 2004 was $13.4 million, compared to $35.4 million for the year ended December 31, 2003. EBITDA was $41.3 million for the year ended December 31, 2004 (after the $8.0 million charge for the real estate tax reserve mentioned above), compared to $60.1 million for the year ended December 31, 2003.

Trump Marina Associates ("Marina Associates") reported net revenues of $57.6 million for the 2004 fourth quarter, compared to net revenues of $55.4 million for the 2003 fourth quarter. Loss from operations for the quarter ended December 31, 2004 was $6.6 million, compared to income from operations of $3.9 million for the quarter ended December 31, 2003. EBITDA was $10.4 million for the quarter ended December 31, 2004, compared to $10.0 million for the quarter ended December 31, 2003. For the year ended December 31, 2004, Marina Associates reported net revenues of $248.1 million, compared to net revenues of $250.4 million for the year ended December 31, 2003. Income from operations for the year ended December 31, 2004 was $15.5 million, compared to $24.2 million for the year ended December 31, 2003. Marina Associates' EBITDA for 2004 was $49.5 million, compared to $48.5 million for 2003.

Trump Indiana, Inc. ("Trump Indiana") reported net revenues of $31.3 million for the fourth quarter ended December 31, 2004, compared to net revenues of $33.8 million for the quarter ended December 31, 2003. Income from operations for the quarter ended December 31, 2004 was $2.3 million, compared to loss from operations of $1.2 million for the quarter ended December 31, 2003. Trump Indiana's EBITDA for the 2004 fourth quarter was $7.5 million, compared to EBITDA of $1.6 million for the 2003 fourth quarter. Included in EBITDA for the 2003 fourth quarter is the effect of an increase in accrued real estate taxes of $6.5 million at Trump Indiana due to a retroactive two-year reassessment of the property. For the year ended December 31, 2004, Trump Indiana reported net revenues of $137.7 million, compared to net revenues of $128.4 million for the year ended December 31, 2003. For the year ended December 31, 2004, Trump Indiana's income from operations was $17.2 million, compared to $9.7 million for the year ended December 31, 2003. Trump Indiana's 2004 EBITDA was $33.0 million, compared to $22.6 million for 2003.

Trump Atlantic City Associates' ("TACA") combined net revenues of Plaza Associates and Taj Associates for the quarter ended December 31, 2004 was $179.1 million, compared to $176.7 million for the quarter ended December 31, 2003. Loss from operations for the quarter ended December 31, 2004 was $12.7 million, compared to income from operations of $16.9 million for the quarter ended December 31, 2003. EBITDA for the 2004 fourth quarter was $25.6 million, compared to $36.9 million for the same period in 2003. For the year ended December 31, 2004, TACA reported net revenues of $754.8 million, compared to net revenues of $778.7 million for 2003. Income from operations for the year ended December 31, 2004 was $50.6 million, compared to $107.2 million for the year ended December 31, 2003. EBITDA was $149.8 million for the year ended December 31, 2004, compared to a 2003 EBITDA of $180.3 million.

Trump Casino Holdings, LLC's ("TCH") combined net revenues of Marina Associates and Trump Indiana for the quarter ended December 31, 2004 were $88.9 million, compared to $89.1 million for the quarter ended December 31, 2003. Loss from operations for the quarter ended December 31, 2004 was $32.6 million, compared to income from operations of $3.5 million for the quarter ended December 31, 2003. EBITDA for the quarter ended December 31, 2004 was $17.9 million, compared to EBITDA of $11.6 million for the same period in 2003. For the year ended December 31, 2004, TCH reported combined net revenues of $385.8 million, compared to net revenues of $378.8 million for 2003. Income from operations for the year ended December 31, 2004 was $7.2 million, compared to $36.7 million for the year ended December 31, 2003. TCH's 2004 EBITDA was $ 82.5 million, compared to $71.1 million for 2003. THCR Management Services results are reflected in discontinued operations.

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