Trump Hotels & Casino Resorts, Inc. (“THCR”) (NYSE:DJT) today reported earnings and EBITDA for the first quarter ended March 31, 2000. Consolidated net revenues for the first quarter were $316.5 million, compared to $315.7 million reported for the same period in 1999. THCR’s operating subsidiaries’ EBITDA (earnings before interest, taxes, depreciation, amortization, CRDA, Indiana regulatory costs and non-operating expenses) for the first quarter of 2000 was $54.0 million versus $50.2 million reported in the 1999 first quarter.
Net loss for the first quarter of 2000 was $18.5 million or $.84 per share. Net loss, including one-time charges reflecting the adoption of SOP 98-5 (reporting of the cost of start-up activities) and a litigation settlement, was $25.3 million or $1.14 per share, in the 1999 first quarter.
Trump Taj Mahal reported net revenues for the first quarter of 2000 of $134.7 million and EBITDA of $28.7 million, compared to net revenues for the 1999 first quarter of $123.5 million and EBITDA of $22.2 million. “We believe that the Taj Mahal’s operating results for this quarter bode well for the year. The new management team is taking a fresh look at a multitude of revenue enhancements while continually tightening cost controls.” stated Donald J. Trump, Chairman of the Board.
Trump Plaza Associates reported net revenues of $83.5 million for the first quarter of 2000, compared with $90.8 million for the same period in 1999 and EBITDA of $12.0 million for the first quarter of 2000, versus $14.l million reported for the 1999 first quarter. “Trump Plaza’s first quarter felt the impact of casino floor construction. The new Asian pit completed in this period will provide positive comparisons during the remainder of the year. With the repositioning of Trump Plaza’s main casino floor and the expanded slot capacity in the East Tower, Trump Plaza should maintain a significant portion of the World’s Fair’s revenues without the attendant costs during our seasonally strong second and third quarters. By closing the World’s Fair, the Company has created a great site for future development.” Trump added.
For the first quarter of 2000, Trump Marina posted net revenues of $64.0 million, compared to $64.5 million for the first quarter of 1999. EBITDA was $9.5 million for the 2000 quarter, compared to $8.9 million for the quarter ended March 31, 1999. “Trump Marina’s consistent adherence to its new image shows itself in the operating results. We expect that with additional gaming space coming on board, the steady growth of the last three years should continue.” Trump said.
Trump Indiana reported first quarter net revenues of $34.3 million and EBITDA of $3.7 million for the quarter ended March 31, 2000, versus $36.9 million and $5.0 million, respectively, for the first quarter of 1999. “Trump Indiana has the difficult task of facing Illinois boats with their competitive advantage of dockside gaming. Again with a strong focus on cost controls, well thought- out marketing programs, and the garage being built by joint-venture, Trump Indiana expects upward momentum going forward.” Trump said.
Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the first quarter of 2000 of $218.2 million versus $214.3 million for the first quarter of 1999. EBITDA was $40.7 million for the first quarter of 2000 compared to EBITDA of $36.3 million for the 1999 first quarter. Net loss for the 2000 first quarter was $11.8 million versus a loss of $17.2 million for the same period in 1999.
Mr. Trump repaid, prior to maturity, all outstanding loans of $24,516,233 including interest. On April 27, 2000, THCR through its subsidiaries, signed definitive agreements with the Twenty-Nine Palms Band of Mission Indians for the development and management of a Native American casino on Twenty-Nine Palms tribal land in Southern California near Palm Springs. This development is scheduled to open in late 2001 and is subject to certain approvals.
In May 2000, THCR Enterprises, L.L.C. repurchased $28.5 million face value of the Trump Hotels & Casino Resorts Holdings, L.P. Senior Secured Notes due 2005.
Trump Hotels & Casino Resorts, Inc. owns and operates Trump Plaza Hotel & Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino in Atlantic City, NJ, as well as Trump Indiana, the riverboat casino at Buffington Harbor, IN, on Lake Michigan. It is the exclusive vehicle through which Trump will engage in new gaming activities in both emerging and established gaming jurisdictions in both the United States and abroad.
All statements, trend analysis and other information contained in this release relative to THCR’s performance, trends in THCR’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.