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for the Year Ended December 31, 2001 of $1.15 per Share; Reiterates Need to Restructure Terms of $1.7 billion in Public Debt |
NEW YORK - Feb. 15, 2002 - Trump Hotels & Casino Resorts, Inc.
(``THCR'' or the ``Company'') (NYSE: DJT) today reported earnings and EBITDA
for the quarter and the year ended December 31, 2001.
THCR's EBITDA (earnings before interest, taxes, depreciation, amortization,
CRDA and corporate expenses) for the year ended December 31, 2001 increased
to $270.3 million from $250.8 million for the year ended December 31, 2000.
Consolidated net revenues (gross revenues less promotional
THCR's net loss for the year ended December 31, 2001 decreased to $25.3 million, or $1.15 per share, net of minority interest of $14.6 million, from a net loss for the year ended December 31, 2000 of $37.3 million, or $1.69 per share, net of minority interest of $26.7 million. Net loss for the year ended December 31, 2000 includes a $9.5 million ($0.43 per share) extraordinary gain, net of minority interest of $5.5 million, resulting from the repurchase of debt and $0.5 million ($0.02 per share) for Trump World's Fair closing costs in 2000. THCR's net loss for the year ended December 31, 2000, before the extraordinary gain and Trump World's Fair closing costs, was $46.2 million ($2.10 per share). THCR's net loss for the quarter ended December 31, 2001 decreased to $10.2 million, or $0.46 per share, net of minority interest of $5.9 million, from a net loss of $24.9 million, or $1.13 per share, net of minority interest of $14.4 million, for the quarter ended December 31, 2000. Donald J. Trump, Chairman and Chief Executive Officer, said, ``Considering
the magnitude of the September 11 tragedy and the overall poor economy
throughout 2001, the consolidated fourth quarter and year end results are
outstanding. The Company has produced its highest full year and fourth
Trump Taj Mahal Associates reported decreased net revenues of $122.3 million for the quarter ended December 31, 2001 and increased EBITDA of $30.3 million, compared to net revenues for the quarter ended December 31, 2000 of $123.6 million and EBITDA of $27.0 million. For the year ended December 31, 2001, Trump Taj Mahal reported decreased net revenues of $515.0 million and decreased EBITDA of $132.0 million, compared to net revenues for the year ended December 31, 2000 of $532.2 million and EBITDA of $137.0 million. Mark A. Brown, President and Chief Operating Officer commented, ``The Taj Mahal produced its best fourth quarter EBITDA since the Company has gone public. The power of the Trump name which is synonymous with quality and elegant upscale design, coupled with our staff's dedication to customer service helped drive this last quarter's success.'' Trump Plaza Associates reported increased net revenues of $71.5 million for the quarter ended December 31, 2001, compared to $69.6 million for the quarter ended December 31, 2000 and increased EBITDA of $12.9 million for the quarter ended December 31, 2001, versus $3.0 million reported for the quarter ended December 31, 2000. For the year ended December 31, 2001, Trump Plaza reported increased net revenues of $311.7 million, compared to $309.0 million for the year ended December 31, 2000. EBITDA for the year ended December 31, 2001 increased to $60.0 million from $43.8 million for the year ended December 31, 2000. ``I'm proud of the Plaza's turnaround,'' Mr. Brown commented. ``The Plaza's improved marketing efforts and attention to providing superior customer service, newer slot product and a favorable table game hold percentage helped drive this improved performance.'' Trump Marina reported increased net revenues of $62.8 million for the fourth quarter ended December 31, 2001, compared to $59.5 million for the quarter ended December 31, 2000. EBITDA increased to $13.3 million for the quarter ended December 31, 2001 from $8.4 million for the quarter ended December 31, 2000. For the year ended December 31, 2001, Trump Marina reported decreased net revenues of $255.7 million, compared to $263.7 million for the year ended December 31, 2000. EBITDA decreased to $52.1 million for the year ended December 31, 2001 from $53.1 million for the year ended December 31, 2000. Mr. Brown said, ``The Marina had a record-breaking fourth quarter in slot volume. The results attest to the strength of the property's marketing programs and combined with the control of expenses, the Marina has experienced an improving EBITDA trend.'' Trump Indiana reported increased net revenues of $29.4 million and increased EBITDA of $6.4 million for the quarter ended December 31, 2001 versus net revenues of $25.3 million and EBITDA of $3.1 million for the quarter ended December 31, 2000. For the year ended December 31, 2001, Trump Indiana posted increased net revenues of $120.9 million and increased EBITDA of $26.2 million, compared to net revenues of $108.9 million and EBITDA of $17.0 million for the year ended December 31, 2000. Mr. Brown commented, "Trump Indiana's management team, like its Atlantic City counterparts, has focused on updating and improving its slot product and marketing that product more effectively. The milder Midwest weather in the 2001 fourth quarter has aided the construction time line for the new garage with its expected opening in Spring 2002 which should improve our patrons' gaming experience.'' Corporate expenses for the quarter ended December 31, 2001 decreased
to $2.0 million from $2.1 million for the quarter ended December 31, 2000.
For the year ended December 31, 2001, corporate expenses were reduced to
$7.0 million from $11.3 million for the year ended December 31, 2000. Both
periods reflect the streamlining of the corporate office and a reduction
in litigation
The California development with the 29 Palms Band of Mission Indians is progressing with its expected Spring 2002 opening. For the quarter ended December 31, 2001, Trump Atlantic City Associates reported combined increased net revenues for Trump Plaza and Trump Taj Mahal of $193.8 million versus $193.3 million for the quarter ended December 31, 2000. For the quarter ended December 31, 2001, EBITDA increased to $43.1 million from EBITDA of $30.0 million for the quarter ended December 31, 2000. For the year ended December 31, 2001, Trump Atlantic City Associates reported decreased net revenues of $826.7 million and increased EBITDA of $192.0 million, compared to net revenues of $841.2 million and EBITDA of $180.8 million for the year ended December 31, 2000. Mr. Trump reiterated his concern with respect to New York State's approval
of the largest legislative gaming package in its history passed in the
wake of the September 11th terrorist attacks. ``This package, which permits
three casinos in the Catskills, just ninety minutes from Manhattan, together
with video slot machines at numerous racetracks, including Aqueduct in
New York City and
THCR 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. 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. |
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Trump Hotels & Casino Resorts, Inc. John P. Burke, 212/891-1500 |
Also See | Government Says Trump's Hotel, Casino Overstated Profits in 1999 / Jan 2002 |
Donald Trump Licensing Name to Miami Hotel Projects / Feb 2002 | |
Trump Hotels & Casino Resorts, Inc. Reports 2000 Net Loss of $37,312 million; Casino Development with the 29 Palms Band of Mission Indians is Progressing / Feb 2001 | |
2002 National Lodging Forecast / Trends, Outlook, Market Segment Reports / Ernst & Young LLP / Feb 2002 | |
2002 California Lodging Forecast / Ernst & Young LLP / Feb 2002 |