Trump Hotels & Casino Resorts, Inc. (NYSE:DJT) today reported strong earnings and EBITDA for the third quarter ended September 30, 1998. Consolidated net revenues were $397.3 million, compared to $375.6 million reported for the same period in 1997. THCR`s EBITDA (earnings before interest, taxes, depreciation, amortization and CRDA, state and municipal obligations) for the quarter was $86.6 million versus $80.0 million reported in the prior year`s third quarter. Net income was $5.3 million, or $0.24 per share, compared to a net income of $3.0 million, or $.13 per share in the 1997 quarter, and exceeded Wall Street consensus estimates for the quarter which anticipated net income of $0.16 per share.
These results demonstrate the effectiveness of our strong and seasoned management team, which is working within a disciplined budget environment. We also have implemented selective and targeted marketing campaigns, which are cost-effectively attracting new customers. The Company continued to increase its cash during the period and has a cash balance of approximately $200 million. As a part of its cost savings strategy, the Company will continue to focus on its overall debt and on reducing the related interest expense.
Further, our new corporate advertising campaign, which is running in the New York, New Jersey and Connecticut markets, has been highly successful in gaining increased exposure for the Company and is attracting new guests to our Atlantic City properties. We will continue to maximize worldwide recognition of the Trump name.
Trump Taj Mahal reported net revenues of $162.1 million and EBITDA of $46.0 million for the 1998 third quarter, compared to net revenues for the 1997 third quarter of $152.3 million and EBITDA of $40.0 million. The operating margin at Trump Taj Mahal increased from 26.3% for the same period in 1997 to 28.4% for the third quarter of 1998.
This is the third straight month with revenues of approximately $50 million at the Taj Mahal, which solidifies its premier position in Atlantic City as the must see casino resort. Further, this is the first time that any Atlantic City casino has achieved this revenue milestone for an entire quarter.
The increase in EBITDA at the Taj Mahal is attributable to strong hold percentage on table games wagered as well as continued diligence in controlling promotional expenses. On a year to date basis, the property`s hold percentage has strengthened to 16.5% yet is still below historical levels of 16.7%.
Trump Plaza reported net revenues of $114.8 million for the third quarter of 1998, compared with $113.2 million for the same period in 1997 and EBITDA of $24.4 million for the third quarter of 1998, versus $25.0 million reported for the 1997 third quarter. As expected, there was minimal to no effect on Plaza`s revenues for the quarter despite the recent expansion at Caesar`s. Trump Marina continued to post improved results for the third quarter. Net revenues increased to $81.7 million for the third quarter of 1998, compared to $79.7 million for the third quarter of 1997. EBITDA increased to $15.3 for the 1998 quarter, compared to $15.1 for the third quarter of 1997.
Trump Indiana reported a strong third quarter, with net revenues of $38.8 million and EBITDA of $4.8 million, versus $30.5 million and $4.2 million, respectively, for the third quarter of 1997.
We expect both customer visits and revenues will continue to increase and to be positively affected by the opening of the new Trump Hotel which opened last week alongside the Trump Indiana Riverboat Casino. Not only are we providing guests with first-class accommodations, but we now have the opportunity to market to customers who are anxious to visit Buffington Harbor, but for whom it is more than a day trip.
In addition to the 300 rooms and luxurious suites, other amenities at the hotel include a health spa, an indoor swimming pool, conference rooms, a restaurant and a a grand two-story lobby atrium along the lake. The hotel was opened on time and was constructed within budget. This hotel is just one way that we will continue to take advantage of the unique 88 lakefront acres Buffington Harbor offers. Trump Atlantic City Associates reported combined net revenues of Trump Plaza and Trump Taj Mahal for the 1998 third quarter of $276.9 million versus $265.4 million for the 1997 third quarter. EBITDA was $70.5 million, compared to EBITDA of $65.0 million and net income for the 1998 third quarter was $16.7 million versus $13.6 million for the same period in 1997.