| NEW YORK - Feb. 16, 2001--Trump Hotels & Casino Resorts, Inc. (THCR)
(NYSE:DJT) today reported earnings and EBITDA for the fourth quarter and
year ended December 31, 2000. All references to net revenues and EBITDA
for 1999 exclude All Star Cafe lease termination income and Trump World�s
Fair closing costs.
THCR�s EBITDA (earnings before interest, taxes, depreciation, amortization,
CRDA and corporate expenses) for the year ended December 31, 2000 increased
to $250.1 million versus $240.4 million reported for the prior year and
consolidated net revenues were $1,351.4 million, compared to $1,394.0 million
reported for 1999.
THCR�s EBITDA for the 2000 fourth quarter was $41.3 million versus $27.8
million reported in the prior year�s fourth quarter. Consolidated net revenues
for the 2000 fourth quarter were $306.2 million, compared to $331.0 million
reported for the same period in 1999.
THCR�s net loss for the year was $37.3 million or $1.69 per share which
includes a $9.5 million ($.43 per share) extraordinary gain, net of minority
interest, resulting from the repurchase of debt and $.5 million ($.02 per
share) for Trump World�s Fair closing costs compared to a net loss of $133.8
million or $6.03 per share in 1999, which includes All Star Cafe lease
termination income ($.49 per share), Trump World�s Fair closing costs ($3.54
per share) and the charge for the cumulative effect of an accounting principle
change ($.16 per share). THCR�s 2000 net loss before the extraordinary
gain and Trump World�s Fair closing costs was $46.2 million ($2.10 per
share) compared to a net loss of $62.5 million ($2.82 per share) for 1999
before the aforementioned items.
THCR�s net loss for the 2000 fourth quarter was $24.9 million or $1.13
per share compared to a net loss of $34.5 million or $1.56 per share in
1999. Net loss for the 1999 fourth quarter included a $2.8 million reduction,
net of minority interest, in estimated Trump World�s Fair closing costs
charged in the previous quarter.
Trump Taj Mahal Associates reported net revenues for the 2000 fourth
quarter of $136.8 million and EBITDA of $27.0 million, compared to net
revenues for the 1999 fourth quarter of $145.1 million and EBITDA of $8.2
million. For the year ended December 31, 2000, Trump Taj Mahal reported
net revenues of $588.3 million and EBITDA of $137.0 million, compared to
net revenues for 1999 of $563.8 million and EBITDA of $97.3 million.
Donald J. Trump, Chairman and Chief Executive Officer said, �The Taj
Mahal�s results are outstanding. The new management team has focused
on maximizing the profitability of the property. New marketing programs
along with a renewed commitment to provide the best in customer service
on the gaming floor and throughout the facility caused the current year�s
rise in operating cash flow. The success of these efforts is evidenced
by the fact that the year 2000 produced the top 20 slot volume days since
the property opened as well as the property�s best operating performance
ever.�
Trump Plaza Associates reported net revenues of $76.7 million for the
fourth quarter of 2000, compared with $80.4 million for the same period
in 1999 and EBITDA of $2.8 million for the 2000 fourth quarter versus $7.9
million reported for the 1999 fourth quarter. For the year ended December
31, 2000, Trump Plaza reported net revenues of $345.5 million compared
to $392.5 million for all of 1999. EBITDA for the year ended December 31,
2000, was $43.0 million compared to $73.0 million for 1999.
�While I�m proud of the Taj�s turnaround I�m equally disappointed by
the Plaza�s 2000 performance.� Trump said. �We continue to correct the
issues at Trump Plaza�, stated Mark A. Brown, President of Trump Hotels.
�The good news here is with new management in place, proven marketing programs
implemented and new slot product being installed on the gaming floor, Plaza
2001 results will be back on track. As experienced by the entire city,
the December storms exacerbated the poor results at Trump Plaza as did
the table hold percentages for both the fourth quarter (2000 13.0% vs.
1999 13.5%) and full year (2000 14.4% vs. 1999 15.4%).�
For the 2000 fourth quarter, Trump Marina reported net revenues of $64.7
million, compared to $70.1 million for the 1999 fourth quarter. EBITDA
decreased to $8.4 million for the 2000 quarter, compared to $10.3 million
for the 1999 fourth quarter. For the full year 2000, Trump Marina reported
net revenues of $292.6 million, compared to $293.8 million for the year
ended December 31, 1999. EBITDA increased to $53.1 million for the year
ended December 31, 2000, compared to $52.6 million for the year ended December
31, 1999. Brown continued, �The Marina has a winning formula. By putting
together two $50 million plus EBITDA years in a row it has demonstrated
its appeal to its expanding customer base. The slight decrease in the fourth
quarter was due to the effects of poor weather and lower table hold percentage
(16.0% vs. 18.1%).� �We feel that the opening of the roadway from the Expressway
to the Marina District in 2001 will increase patrons attracted to the property
in the coming year,� Trump added.
Trump Indiana reported 2000 fourth quarter net revenues of $28.1 million
and EBITDA of $3.1 million, versus $35.4 million and $1.4 million, respectively,
for the 1999 fourth quarter. For the full year ended December 31, 2000,
Trump Indiana posted net revenues of $124.9 million and EBITDA of $17.0
million, compared to net revenues of $144.0 million and EBITDA of $17.5
million for 1999.
Brown commented, �I am extremely pleased with the progress made by our
new management at Buffington Harbor. Their improved fourth quarter operating
results reflect their sound marketing programs and knowledge of the local
gaming market.� Trump continued, �The current session of the Indiana Legislature
is considering allowing dockside gaming. However, certain proposals include
significant increases in the tax rates on gaming revenue. Dockside gaming
should not be shackled with onerous taxes which could eliminate the projected
benefits of not having to cruise.� Trump added, �We anticipate the opening
of the 2,000 space parking garage which will greatly improve our customers
access to our gaming vessel by the end of this year.�
Fourth quarter 2000 corporate expenses were $1.9 million compared to
$7.9 million in fourth quarter 1999. 2000 full year corporate expenses
were reduced to $9.9 million compared to $21.0 million in 1999. Both
periods reflect the streamlining of the corporate office and a reduction
in litigation expenses. The fourth quarter CRDA charge increase reflects
the write-off of certain prior year CRDA deposits, which were donated for
social projects throughout New Jersey.
The California development with the 29 Palms Band of Mission Indians
is progressing and is scheduled for a late 2001 opening.
Trump Atlantic City Associates reported combined 2000 fourth quarter
net revenues for Trump Plaza and Trump Taj Mahal, of $213.5 million versus
$225.4 million for the 1999 fourth quarter. 2000 fourth quarter EBITDA
was $29.8 million compared to 1999 fourth quarter EBITDA of $16.1 million.
For the year ended December 31, 2000, Trump Atlantic City Associates reported
net revenues of $933.8 million and EBITDA of $180.0 million compared to
net revenues of $956.2 million and EBITDA of $170.3 million for the year
ended December 31,1999.
TRUMP HOTELS & CASINO
RESORTS, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share data)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO
$279,696 $303,300 $1,245,014 $1,275,829
ROOMS
19,609 21,229
81,411 93,491
FOOD & BEVERAGE
32,636 34,580
136,492 144,103
OTHER (A)
9,807 11,018
40,756 45,260
PROMOTIONAL ALLOWANCES (35,516)
(39,168) (152,301) (164,690)
NET REVENUES
$306,232 $330,959 $1,351,372 $1,393,993
COSTS & EXPENSES
GAMING
$182,082 $213,122 $770,011
$808,585
ROOMS
8,347 8,739
31,843 34,916
FOOD & BEVERAGE
11,520 13,165
46,329 53,340
GENERAL & ADMIN
62,947 68,138
253,076 256,705
TOTAL EXPENSES
$264,896 $303,164 $1,101,259 $1,153,546
EBITDA
$41,336 $27,795 $250,113
$240,447
CRDA/INDIANA
STATE & MUNIC OBLIG. $6,578
$2,366 $14,276 $9,414
DEPRECIATION &
AMORTIZATION
20,096 20,718
80,365 86,331
INTEREST INCOME
(2,617) (1,959)
(7,327) (7,102)
INTEREST EXPENSE
54,332 55,887
220,217 222,668
CORPORATE EXPENSES &
DJT INCENTIVE FEE
1,887 7,897
9,938 21,000
DEVELOPMENT COSTS
242 1,900
4,904 5,169
OTHER NON OPER
(INCOME) EXPENSE, NET
59 (218)
653 1,501
TOTAL NON-OPERATING
EXPENSE, NET
$80,577 $86,591 $323,026
$338,981
LOSS BEFORE MINORITY
INT, ALL STAR CAFE,
W/F CLOSING, CUM
EFFECT OF ACCTG PRIN
CHG & EXT GAIN
($39,241) ($58,796) ($72,913)
($98,534)
MINORITY INTEREST
14,350 21,502
26,664 36,034
LOSS BEFORE ALL STAR
CAFE, WF CLOSING, CUM
EFFECT OF ACCTG PRIN
CHANGE & EXT GAIN
(24,891) (37,294) (46,249)
(62,500)
ALL STAR CAFE TRANSACTION,
NET OF MINORITY INT (A)
- -
- 10,910
TRUMP WORLD�S FAIR
CLOSING, NET OF
MINORITY INT
(31) 2,801
(516) (78,627)
CUMULATIVE EFFECT OF
ACCTG PRIN CHANGE
- -
- (3,565)
EXTRAORDINARY GAIN,
NET OF MINORITY INT
- -
9,453 -
NET LOSS
($24,922) ($34,493) ($37,312) ($133,782)
WEIGHTED AVERAGE
# SHARES
22,010,027 22,130,278 22,041,048 22,178,878
BASIC AND DILUTED
LOSS PER SHARE
($1.13) ($1.56)
($1.69) ($6.03)
BASIC AND DILUTED
LOSS PER SHARE
BEFORE ALL STAR CAFE,
WF CLOSING COSTS, CUM
EFFECT OF ACCTG
PRINCIPLE CHANGE &
EXTRAORDINARY GAIN
($1.13) ($1.69)
($2.10) ($2.82)
Note: Certain prior year reclassifications have been made
to conform
to current year presentation.
(A) For financial reporting purposes, the gain was reported
as other revenue. |
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00
31-Dec-99
REVENUES
CASINO
$194,077 $ 205,313 $858,473
$867,556
ROOMS
14,332 16,307
59,583 74,057
FOOD & BEVERAGE
24,231 25,571
99,521 106,111
OTHER (A)
7,268 8,103
29,308 33,238
PROMOTIONAL ALLOWANCES (26,446)
(29,870) (113,070) (124,735)
NET REVENUES
$213,462 $225,424 $933,815
$956,227
COSTS & EXPENSES
GAMING
$126,849 $149,160 $529,998
$550,441
ROOMS
6,703 6,880
25,532 28,712
FOOD & BEVERAGE
7,980 9,149
31,081 37,519
GENERAL & ADMIN
42,145 44,154
167,161 169,231
TOTAL EXPENSES
$183,677 $209,343 $753,772
$785,903
EBITDA
$29,785 $16,081 $180,043
$170,324
CRDA
$3,358 $1,096
$6,896 $4,270
DEPREC & AMORT
12,802 13,705
51,924 58,615
INTEREST INCOME
(1,623) (1,027)
(4,109) (3,396)
INTEREST EXPENSE
38,373 38,428
153,664 153,759
OTHER NON-OPERATING
(INCOME) EXPENSE
23 (19)
32 (340)
ALL STAR CAFE
TRANSACTION (A)
- -
- (17,200)
WORLD�S FAIR CLOSING COSTS 49
(4,416) 814
123,959
TOTAL NON-OPERATING
EXPENSE, NET
$52,982 $47,767 $209,221
$319,667
NET LOSS
($23,197) ($31,686) ($29,178) ($149,343)
Note: Certain prior year reclassifications have
been made to conform to current year presentation.
(A) For financial reporting purposes, the gain was reported
as other revenue.
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO
$123,388 $131,993 $538,322
$513,116
# of Slots
4,585 4,430
4,557 4,316
Win per Slot/Day
$183 $189
$200 $201
Slot Win
$77,380 $76,894 $333,746
$317,116
# of Tables
143 145
143 147
Win per Table/Day
$3,054 $3,665
$3,481 $3,229
Table Win
$40,177 $48,891 $182,189
$173,270
Table Drop
$247,906 $292,035 $1,071,200 $1,079,412
Hold %
16.2% 16.7%
17.0% 16.1%
Poker, Keno, Race Win $5,831
$6,208 $22,387 $22,730
ROOMS
$8,710
$9,552 $36,045
$38,567
# of Rooms Sold
104,742 106,301
426,719 434,276
Avg Room Rates
$83.16 $89.86
$84.47 $88.81
Occupancy %
91.1% 92.4%
93.3% 95.2%
FOOD & BEVERAGE
$14,086 $14,807
$56,828 $55,769
OTHER
5,209 5,337
20,195 21,251
PROMOTIONAL ALLOWANCES (14,591)
(16,631) (63,043) (64,951)
NET REVENUES
$136,802 $145,058 $588,347
$563,752
COSTS & EXPENSES
GAMING
$75,864 $98,071 $317,283
$335,221
ROOMS
4,240 4,440
15,594 16,109
FOOD & BEVERAGE
5,399 5,718
20,535 20,091
GENERAL & ADMIN
24,343 28,598
97,912 95,030
TOTAL EXPENSES
$109,846 $136,827 $451,324
$466,451
EBITDA (1)
$26,956 $8,231
$137,023 $97,301
(1) EBITDA reflects earnings before depreciation, interest,
taxes, All
Star Cafe and CRDA write-down.
Note: Certain prior year reclassifications have been
made to conform
to current year presentation. |
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations (Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00
31-Dec-99
REVENUES
CASINO
$70,689 $73,320 $320,151
$354,440
# of Slots
2,884 3,060
2,839 3,807
Win per Slot/Day
$194 $184
$219 $185
Slot Win
$51,182 $51,787 $227,008
$256,872
# of Tables
97 96
96 98
Win per Table/Day
$2,193 $2,438
$2,658 $2,728
Table Win
$19,507 $21,533
$93,143 $97,568
Table Drop
$150,282 $159,851 $648,724
$631,530
Hold %
13.0% 13.5%
14.4% 15.4%
ROOMS
$5,622 $6,755
$23,538 $35,490
# of Rooms Sold
68,139 76,995
293,653 421,232
Room Rates
$82.72 $87.73
$80.29 $84.25
Occupancy %
81.9% 90.4%
88.8% 89.9%
FOOD & BEVERAGE
$10,145 $10,764
$42,693 $50,342
OTHER
2,059 2,766
9,113 11,987
PROMOTIONAL ALLOWANCES (11,855)
(13,239) (50,027) (59,784)
NET REVENUES
$76,660 $80,366 $345,468
$392,475
COSTS & EXPENSES
GAMING
$50,985 $51,089 $212,715
$215,220
ROOMS
2,463 2,440
9,938 12,603
FOOD & BEVERAGE
2,581 3,431
10,546 17,428
GENERAL & ADMIN
17,802 15,556
69,249 74,201
TOTAL EXPENSES
$73,831 $72,516 $302,448
$319,452
EBITDA (1)
$2,829 $7,850
$43,020 $73,023
(1) EBITDA reflects earnings before depreciation, interest,
taxes,CRDA
writedown and World�s Fair closing costs. |
TRUMP�S CASTLE ASSOCIATES
d/b/a TRUMP MARINA
Condensed Statements of Operations (Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00 31-Dec-99
REVENUES
CASINO
$58,848 $63,871 $267,377
$269,321
# of Slots
2,519 2,201
2,410 2,159
Win per Slot/Day
$184 $228
$219 $247
Slot Win
$42,628 $46,244 $192,951
$194,631
# of Tables
76 83
76 86
Win per Table/Day
$2,304 $2,293
$2,627 $2,323
Table Win
$16,111 $17,511
$73,067 $72,911
Table Drop
$100,961 $96,873
$440,805 $459,007
Hold %
16.0% 18.1%
16.6% 15.9%
Poker, Keno, Race Win
$109 $116
$1,359 $1,779
ROOMS
$4,391
$3,931 $17,640
$16,197
# of Rooms Sold
54,639 56,066
230,806 224,897
Avg Room Rates
$80.36 $70.11
$76.43 $72.02
Occupancy %
81.6% 83.7%
86.6% 84.6%
FOOD & BEVERAGE
$7,636 $7,981
$33,804 $34,376
OTHER
2,217 2,617
10,124 10,672
PROMOTIONAL ALLOWANCES (8,430)
(8,292) (36,303) (36,767)
NET REVENUES
$64,662 $70,108 $292,642
$293,799
COSTS & EXPENSES
GAMING
$37,399 $38,599 $161,810
$163,465
ROOMS
1,156 1,302
4,272 4,191
FOOD & BEVERAGE
2,460 2,702
10,927 10,846
GENERAL & ADMIN
15,237 17,195
62,571 62,718
TOTAL EXPENSES
$56,252 $59,798 $239,580
$241,220
EBITDA (1)
$8,410 $10,310
$53,062 $52,579
(1) EBITDA reflects earnings before depreciation, interest,
taxes, CRDA writedown and DJT Incentive Fee.
TRUMP INDIANA, INC.
Condensed Statements of Operations (Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00
31-Dec-99
REVENUES
CASINO
$26,771 $34,116 $119,164
$138,952
# of Slots
1,250 1,250
1,251 1,249
Win per Slot/Day
$181 $231
$202 $237
Slot Win
$20,771 $26,536
$92,465 $108,066
# of Tables
50 50
50 50
Win per Table/Day
$1,304 $1,648
$1,459 $1,692
Table Win
$6,000 $7,581
$26,699 $30,886
Table Drop
$38,116 $42,312 $161,773
$183,036
Hold %
15.7% 17.9%
16.5% 16.9%
ROOMS
$886 $991
$4,187 $3,237
# of Rooms Sold
14,995 18,439
70,402 60,552
Avg Room Rates
$59 $54
$59 $53
Occupancy %
54.3% 66.8%
64.1% 55.3%
FOOD & BEVERAGE
$769 $1,028
$3,168 $3,616
OTHER
322 298
1,324 1,350
PROMOTIONAL ALLOWANCES (640)
(1,006) (2,928) (3,188)
NET REVENUES
$28,108 $35,427 $124,915
$143,967
COSTS & EXPENSES
GAMING
$17,834 $25,363
$78,203 $94,679
ROOMS
488 557
2,039 2,013
FOOD & BEVERAGE
1,080 1,314
4,321 4,975
GENERAL & ADMIN
5,565 6,789
23,344 24,756
TOTAL EXPENSES
$24,967 $34,023 $107,907
$126,423
EBITDA (1)
$3,141 $1,404
$17,008 $17,544
(1) EBITDA reflects earnings before depreciation, interest,
taxes, Indiana regulatory costs and non-operating expenses.
Note: Certain prior year reclassifications have been made
to conform
to current year presentation.
3 MONTHS
12 MONTHS
31-Dec-00 31-Dec-99 31-Dec-00
31-Dec-99
CRDA /INDIANA OBLIGATIONS
TAJ
$1,557 $517
$3,669 $2,119
PLAZA
1,801 579
3,227 2,151
MARINA
2,295 345
3,680 1,444
INDIANA STATE &
MUNICIPAL OBLIG.
925 925
3,700 3,700
TOTAL
CRDA/INDIANA OBLIG $6,578
$2,366 $14,276 $9,414
DEPRECIATION & AMORTIZATION
TAJ
$8,549 $9,139
$35,585 $36,710
PLAZA
4,253 4,566
16,339 21,905
THCR HOLDINGS
36 80
158 301
MARINA
4,347 4,360
17,381 17,340
INDIANA (INCL JOINT
VENTURE LOSS)
2,911 2,573
10,902 10,075
TOTAL DEPRECIATION
/AMORT
$20,096 $20,718
$80,365 $86,331
INTEREST EXPENSE
TAJ
$23,278 $23,360
$93,384 $93,638
PLAZA
11,985 11,920
47,781 47,456
TRUMP ATLANTIC CITY
3,110 3,148
12,499 12,665
THCR HOLDINGS
4,441 6,063
20,720 24,217
MARINA
10,805 10,638
42,924 42,035
INDIANA
713 758
2,909 2,657
TOTAL INTEREST EXPENSE $54,332
$55,887 $220,217 $222,668
LOAN COST AMORT/BOND DISC
INCL IN INT EXP
TAJ
$734 $824
$3,066 $3,440
PLAZA
367 412
1,533 1,720
TRUMP ATLANTIC CITY
299 336
1,249 1,415
THCR HOLDINGS
192 269
907 1,074
MARINA(BOND DISC
ACCRETION)
1,356 1,162
5,122 4,382
INDIANA
38 65
151 173
TOTAL LOAN COST
AMORT/BOND DISC
$2,986 $3,068
$12,028 $12,204
|
Trump Hotels & Casino Resorts, Inc. owns and operates Trump Plaza
Hotel & Casino, Trump Taj Mahal 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.
The Private Securities Litigation Reform Act of 1995 provides a �safe
harbor� for forward-looking statements so long as those statements are
identified as forward-looking and are accompanied by meaningful cautionary
statements identifying important factors that could cause actual results
to differ materially from those projected in such statements.
|
