Trump Hotels & Casino Resorts, Inc. (THCR) (NYSE:DJT) announced today that for the first quarter ended March 31, 2001, consolidated net revenues and EBITDA (earnings before interest, taxes, depreciation, amortization and corporate expenses) were $314.1 million and $50.8 million, respectively, compared to $316.5 million and $54.0 million, respectively, for the quarter ended March 31, 2000. The net loss for the first quarter of 2001 was $16.9 million or $0.77 per share, compared to a net loss of $18.5 million, or $0.84 per share in the 2000 first quarter.
Trump Taj Mahal reported net revenues for the first quarter of 2001 of $129.7 million and EBITDA of $22.8 million, compared to net revenues for the 2000 first quarter of $134.7 million and EBITDA of $28.7 million. Donald J. Trump, Chairman, President and CEO commented, “The decrease in both net revenues and EBITDA belie the strength of the first quarter operations. A point drop of 2.2 (16.7% in 2000 to 14.5% in 2001) in the table games hold percentage reduced revenues by $5.3 million and the much more severe winter weather in 2001 adversely impacted results which we estimated cost the Taj in excess of $2.6 million in revenue. Irrespective of the weather condition and a less favorable calendar, the Taj still posted an increase in slot revenues. The fact that three out of the top ten slot win days since the property opened occurred in this past quarter show that the Taj continues the positive trends we noted last year.”
Trump Plaza Associates reported net revenues of $85.8 million for the first quarter of 2001, compared with $83.5 million for the same period in 2000 and EBITDA of $12.0 million for the first quarter of 2001, versus $12.0 million reported for the 2000 first quarter. “By attending to service levels and adding new slot product, Trump Plaza has rebounded nicely. The property had two out of its top ten slot win days during this first quarter of 2001. A higher table games hold percentage also helped offset the effects of the more severe weather this quarter which we estimated had a negative effect of approximately $2.2 million in revenues. I`m pleased with the overall improvement at the Plaza and believe we shall see an increase in year to year results,” said Mark Brown, President and Chief Executive Officer.
For the first quarter of 2001, Trump Marina reported net revenues of $66.1 million, compared to $64.0 million for the first quarter of 2000. EBITDA was $9.1 million for the 2001 first quarter, compared to $9.5 million for the quarter ended March 31, 2000. “A stronger table games hold percentage and improved volumes measured in both table drop and slot handle resulted in increased net revenues at the Marina. Three out of the top ten slot win days occurred this quarter. However, the weather once again effected overall results for the quarter which we estimated had a negative $2.0 million impact on revenues. The opening of the tunnel off ramp from the Atlantic City Expressway into the Marina District this summer should increase the number of patrons who visit our facility. This will result in an improved access to our property,” said Mr. Brown.
Trump Indiana reported first quarter net revenues of $32.6 million and EBITDA of $6.9 million for the quarter ended March 31, 2001, versus $34.3 million and $3.7 million, respectively, for the first quarter of 2000. “By focusing on profitability, management achieved a 38% increase in EBITDA excluding a one-time $0.9 million expense reduction due to the elimination of a harbor lease liability and a one time gaming tax credit of $0.8 million. Dockside gaming is still not assured this year so management will continue to fine tune its marketing programs to maintain its upward momentum,” Mr. Brown said.
Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the first quarter of 2001 of $215.5 million versus $218.2 million for the first quarter of 2000. EBITDA was $34.8 million for the first quarter of 2001 compared to EBITDA of $40.7 million for the 2000 first quarter. Net loss for the 2001 first quarter was $16.5 million versus a loss of $11.8 million for the same period in 2000.
Mr. Trump said, “I am generally pleased with this quarter`s results from all properties since irrespective of the lower EBITDA for the operating subsidiaries the Company`s overall loss was reduced this quarter compared to last year`s first quarter. Last year`s bond repurchases reduced interest expense by $1.4 million this quarter and corporate and development expenses have been reduced by $3.3 million compared to last year`s first quarter reflecting lower legal expenses and reduced corporate overhead. We are excited about The Trump Spotlight 29 Casino being developed near Palm Springs with the Twenty Nine Palms Band of Mission Indians. With construction started we anticipate an early 2002 opening.”
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, Indiana 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.