Industry Update
Press Release 3 May 2006

Trump Entertainment Resorts Reports First Quarter Results

Decreased Promotional Spending Leads to Higher Net Revenues; Retheming Projects Underway

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Logo 'Trump Hotels & Casino Resorts'

ATLANTIC CITY, N.J. -- Trump Entertainment Resorts, Inc. (the "Company") (NASDAQ NMS: TRMP) today reported its operating results for the first quarter ended March 31, 2006. The Company's loss from continuing operations was ($9.7) million or ($0.32) per share for the quarter compared to the ($46.9) million loss or ($1.57) per share of our Predecessor Company for the quarter ended March 31, 2005. Net loss, including the results of our discontinued operations, was ($45.4) million or ($1.52) in the first quarter of 2005. The Company completed its reorganization on May 20, 2005. As a result of fresh-start accounting adjustments associated with the reorganization, results for the quarter ended March 31, 2006 are not comparable to the results of our Predecessor Company last year.


A summary of results follows:

                                          Reorganized    Predecessor
                                            Company        Company
                                         -------------- --------------
                                         Three months ended March 31,
 (in millions except per share data)          2006           2005
                                          -------------  -------------
 Net revenues                                    237.6          234.2
 Income from operations                           18.3            8.9
 Adjusted EBITDA                                  37.2           37.9
 (Loss) from continuing operations                (9.7)         (46.9)
 Discontinued operations                             -            1.5
 Net (loss)                                       (9.7)         (45.4)
 Basic and diluted share data
  Continuing operations                  $       (0.32) $       (1.57)
  Discontinued operations                            -           0.05
                                          -------------  -------------
                                         $       (0.32) $       (1.52)
                                          =============  =============

The Company reported Adjusted EBITDA of $37.2 million on net revenues of $237.6 million in the first quarter of 2006 compared to Adjusted EBITDA of $37.9 million in 2005 on net revenues of $234.2 million.

Adjusted EBITDA is EBITDA excluding reorganization expenses and related costs, development costs and stock compensation. The Company is presenting Adjusted EBITDA in 2006 to highlight differences that exist between the Company and its predecessor due to the reorganization of the Company and new accounting pronouncements. EBITDA and Adjusted EBITDA are not Generally Accepted Accounting Principles ("GAAP") measurements, but are commonly used in the gaming industry as measures of performance and as a basis for valuation of gaming companies. Refer to the selected financial information accompanying this press release for a reconciliation of income from operations to Adjusted EBITDA.

Mark Juliano, the Company's Chief Operating Officer commented, "The operating plan that we are implementing across the enterprise continues to show affirmative signs of positive change that will lead to improved financial results. Through focused marketing campaigns that have cut promotional allowances by $12.7 million, we were able to offset first quarter casino revenue declines and produce an increase in net revenues of $3.4 million. Further, these changes and other operating initiatives we have implemented produced increased property level Adjusted EBITDA of $1.3 million to $42.9 million. Going forward, we plan to reinvest these promotional savings into different customer segments and expect to see increasing revenues and operating profit."

The Company reported that corporate costs, ignoring the impact of reorganization costs in 2005, increased $4.0 million to $8.0 million in 2006 as a result of expense related to stock based compensation, increased legal expenses and development costs associated with their growth efforts.

In addition to the above mentioned items, as a result of our reorganization effective in May 2005, the comparability of our operating results from continuing operations for the first quarter of 2006 verses the first quarter of 2005 were impacted by the following items:

  1. Overall interest expense decreased by $22.5 million from $55.0 million for the period ended March 31, 2005 to $32.5 million in 2006 due to the decrease in debt levels and interest rates.
  2. Depreciation and amortization decreased by $6.4 million to $16.6 million for the three months ended March 31, 2006 as a result of the revaluation of our assets on May 20, 2005.
  3. Our first quarter 2006 loss from continuing operations includes a minority interest benefit of $3.0 million.

James B. Perry, Chief Executive Officer and President added, "In the year since the completion of our reorganization and during the nine months since I arrived at the Company, I believe we have made significant strides and are ahead of the timeframe I envisioned in changing our culture and implementing targeted technology changes that will streamline our business. Our plans for the aggressive implementation of physical changes to our properties also continue to move forward, although we are approximately 6 weeks behind the schedule I envisioned due to the time necessary for the for planning, design and permitting processes.

As we head into the rest of the year we will continue to focus on our plan to improve operations, our culture and our physical plant.

Along with our efforts to consistently improve the key elements of quality, service, cleanliness and overall entertainment value across the enterprise, we will kick-off a campaign in the second quarter specifically designed to maximize our unique ability to utilize the strength and recognition of the Trump brand. In order to maximize profitability, the branding campaign will incorporate both the unified marketing of the Company as well as strategic marketplace positioning and the identification of target customers for each of our properties. This branding campaign will spotlight the rebuilding of the Trump Atlantic City properties as we design and implement changes to both the physical plants and operations."

Perry, further commented, "We have started our $110 million capital plan including projects at all three of our properties, consisting of improved restaurant and retail venues, more exciting casino floors, improved meeting and convention space and rethemed entertainment areas, as well as completing the renovation of all our rooms and suites. We recently completed the new 24 Central Cafe at Trump Plaza. Construction also is underway on our new Asian gaming area, noodle bar and casino lounge at Trump Taj Mahal and we expect to start the $25 million promenade renovation project imminently. Additionally, subject to obtaining the necessary permits our plan is to commence construction of a new tower at the Taj Mahal in June 2006, which should enable us to maximize operating results by taking advantage of existing capacity on the gaming floor and in our restaurant and convention facilities."

Perry concluded, "In addition, we continue to look for growth opportunities beyond Atlantic City, both domestic and internationally, that would enable us to lever the Trump brand. The process we used in developing the positioning statements for our Atlantic City properties will serve as the foundation as we consider future investment opportunities. Our recent presentation to the Pennsylvania Gaming Board went very well and we continue to be excited about the prospects of our proposed casino in Philadelphia. We are also actively pursuing a potential venture in Johnston, Rhode Island, near Providence. We plan to testify tomorrow before the Rhode Island House Finance Committee in an effort to persuade them to put a gaming initiative before the voters which allows for an open process. I look forward to completion of our search for a Senior Development Professional who will coordinate our existing and future plans in order to allow us to introduce the Trump brand to other gaming markets and diversify our cash flows."

The Company reported that as of March 31, 2006 it had cash of $223.0 million excluding $45.5 million of cash restricted in use by the agreement governing the sale of Trump Indiana. The Company indicated that debt had decreased by $9.0 million since December 31, 2005 to $1,428.9 million at March 31, 2006. In the first quarter our capital expenditures were approximately $17.6 million."

Warrant Update:

The Company would like to remind holders of the Class A Warrants, issued last May, that these warrants will expire on May 22, 2006. Holders of the warrants should coordinate with their brokers to determine the date they need to give notice of their intent to exercise in order for the transaction to occur before the expiration date. If holders of the warrants do not exercise their warrants at the stipulated price of $14.60 per share, then the shares attributable to any warrants not exercised will be issued to holders of the First Mortgage Notes of the Predecessor Company and the warrants will be void.

Conference Call:

The Company will conduct a conference call at 2:00 p.m. (Eastern Time) on Wednesday, May 3, 2006, during which management will discuss the results and other matters addressed in the earnings release. Members of the financial community and interested investors are welcome to participate in the conference call by calling toll free (800) 811-8824, or (913) 981-4903 for callers outside the United States and Canada, not earlier than 15 minutes before the call is scheduled to begin.

A replay of the conference call will be available from 5:00 p.m. on Wednesday, May 3, 2006 until midnight on Friday, May 12, 2006. The replay number is toll free (888) 203-1112, or (719) 457-0820 for callers outside the United States and Canada. The replay passcode is 5415627.

About Our Company

Trump Entertainment Resorts, Inc. is a leading gaming company that owns and operates three properties. The Company's properties include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. The Company is the sole vehicle through which Donald J. Trump, the Company's Chairman and largest stockholder, conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. Trump Entertainment Resorts, Inc. is separate and distinct from Mr. Trump's real estate and other holdings.

PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information - 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.

All statements, trend analysis and other information contained in this release relative to the Company's or its subsidiaries' performance, trends in the Company's or its subsidiaries' operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could," "can" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of Trump Entertainment Resorts, Inc., the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements, including but not limited to: the ability to fund and execute the Company's master plan for the Company's Atlantic City properties; the ability to obtain slot licenses in Philadelphia or other locations or develop such sites; the effects of our recently completed bankruptcy cases; the ability to attract, retain and compensate key executives and associates; the ability of the Company to attract and retain customers; the effects of environmental and structural building conditions relating to the Company's properties; access to available and feasible financing and insurance; changes in laws, regulations or accounting standards, insurance premiums and relations with third parties; approvals and decisions of courts, regulators and governmental bodies and the results of any litigation; judicial decisions, legislative referenda and regulatory actions, including gaming and tax-related actions; the ability of the Company's customer-tracking programs and marketing to continue to increase or sustain customer loyalty; the Company's ability to recoup costs of capital investments through higher revenues; the ability to use the "Trump" name; acts of war or terrorist incidents; high energy and gasoline prices and adverse winter weather conditions; abnormal gaming hold percentages; the effects of competition, including locations of competitors and operating and market competition; and the effect of economic, credit and capital market conditions on the economy in general, and on gaming and hotel companies in particular.

The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. The forward-looking statements in this release reflect the opinion of the Company's management as of the date of this release. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company. The Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of the Company are subject to substantial risks, including, but not limited to risks relating to liquidity and cash flows, which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by the Company or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.

Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website,, or on the Company's website, .

               (dollars in thousands, except share data)

                                          Reorganized     Predecessor
                                            Company        Company
                                         -------------- --------------
                                          Three Months   Three Months
                                             Ended          Ended
                                         March 31, 2006 March 31, 2005
                                         -------------- --------------
                                          (unaudited)    (unaudited)

 Gaming                                  $     247,944  $     256,544
 Rooms                                          17,088         16,452
 Food and beverage                              26,606         27,551
 Other                                           7,753          8,203
                                          -------------  -------------
                                               299,391        308,750
 Less promotional allowances                   (61,793)       (74,513)
                                          -------------  -------------
Net revenues                                   237,598        234,237

Costs and expenses:
 Gaming                                        116,459        120,438
 Rooms                                           7,556          6,083
 Food and beverage                               9,170          8,179
 General and administrative                     68,829         61,385
 General and administrative - related
  party                                            662            540
 Depreciation and amortization                  16,610         23,009
 Reorganization expense and related
  costs                                              -          5,670
                                          -------------  -------------
                                               219,286        225,304
                                          -------------  -------------
Income from operations                          18,312          8,933

Non-operating income (expense):
 Interest income                                 2,949            444
 Interest expense                              (32,479)       (54,984)
 Other non-operating income, net                     -             65
                                          -------------  -------------
                                               (29,530)       (54,475)
                                          -------------  -------------
Loss before income taxes, minority
 interest, and discontinued operations         (11,218)       (45,542)
Provision for income taxes                      (1,492)        (1,363)
Minority interest                                2,987              -
                                          -------------  -------------
Loss from continuing operations                 (9,723)       (46,905)
                                          -------------  -------------
Income from discontinued operations:
 Trump Indiana                                       -          4,912
 Provision for income taxes                          -         (3,400)
                                          -------------  -------------
Income from discontinued operations                  -          1,512
                                          -------------  -------------
Net (loss)                               $      (9,723) $     (45,393)
                                          =============  =============

Continuing operations                    $       (0.32) $       (1.57)
Discontinued operations                              -           0.05
                                          -------------  -------------
Basic net (loss) per share               $       (0.32) $       (1.52)
                                          =============  =============
Continuing operations                    $       (0.32) $       (1.57)
Discontinued operations                              -           0.05
                                          -------------  -------------
Diluted net (loss) per share             $       (0.32) $       (1.52)
                                          =============  =============
Weighted average shares outstanding:
 Basic and diluted                          30,726,258     29,904,764

        (dollars in thousands except share and per share data)

                                                Reorganized Company
                                              March 31,   December 31,
                                                 2006         2005
                                              -----------  -----------
Current assets:
 Cash and cash equivalents                   $   223,023  $   228,554
 Restricted cash                                  45,485       45,005
 Accounts receivable, net                         34,168       36,024
 Accounts receivable, other                        8,877        9,716
 Inventories                                      11,146       10,716
 Deferred income taxes                             2,289        2,289
 Prepaid expenses and other current assets        11,062       12,178
                                              -----------  -----------
  Total current assets                           336,050      344,482
                                              -----------  -----------

Net property and equipment                     1,464,961    1,463,142

Other assets:
 Intangible assets, net                          205,869      206,345
 Goodwill                                        237,620      238,045
 Deferred financing costs,  net                   19,279       20,725
 Other assets, net                                58,829       57,024
                                              -----------  -----------
  Total other assets                             521,597      522,139
                                              -----------  -----------
Total assets                                 $ 2,322,608  $ 2,329,763
                                              ===========  ===========
Current liabilities:
 Accounts payable                            $    25,006  $    38,739
 Accrued payroll and related expenses             29,321       26,553
 Income taxes payable                             37,570       36,765
 Partnership distribution payable                  2,430        3,041
 Accrued interest payable                         38,603       11,517
 Self-insurance reserves                          12,147       12,398
 Other current liabilities                        39,678       43,145
 Current maturities of long-term debt             24,929       30,007
                                              -----------  -----------
  Total current liabilities                      209,684      202,165
                                              -----------  -----------

Long-term debt, net of current maturities      1,404,023    1,407,952
Deferred income taxes                            144,352      144,352
Other long-term liabilities                       18,112       18,428
Minority Interest                                127,729      129,708

Stockholders' equity:
                                                       -            -
 Preferred stock, $1 par value; 1,000,000
  shares authorized, 0 shares issued and
  Common stock, $.001 par value;
  75,000,000 shares authorized at March 31,
   2006 and December 31, 2005, 27,731,862
   issued and outstanding at March 31, 2006,
   and 27,177,696 issued and outstanding at
   December 31, 2005                                  28           27
  Class B Common stock, $0.001 par value;
   1,000 shares authorized, 900 shares
   issued and outstanding                              -            -
  Additional paid-in capital                     454,931      453,659
  Accumulated deficit                            (36,251)     (26,528)
                                              -----------  -----------
   Total stockholders' equity                    418,708      427,158
                                              -----------  -----------
Total liabilities and stockholders' equity   $ 2,322,608  $ 2,329,763
                                              ===========  ===========

                        SUMMARY OPERATING DATA
                             (in millions)

                                          Reorganized    Predecessor
                                             Company        Company
                                         -------------- --------------
                                          Three Months   Three Months
                                             Ended          Ended
                                         March 31, 2006 March 31, 2005
                                         -------------- --------------
Gaming revenues
     Trump Taj Mahal                     $       121.0  $       122.8
     Trump Plaza                                  67.4           70.7
     Trump Marina                                 59.5           63.0
                                          -------------  -------------
        Total                            $       247.9  $       256.5
                                          =============  =============

Net revenues
     Trump Taj Mahal                     $       117.3  $       112.6
     Trump Plaza                                  63.4           63.9
     Trump Marina                                 56.9           57.7
                                          -------------  -------------
        Total                            $       237.6  $       234.2
                                          =============  =============

Income (loss) from operations
     Trump Taj Mahal                     $        16.7  $        11.0
     Trump Plaza                                   3.0            2.5
     Trump Marina                                  6.6            5.1
     Corporate and other                          (8.0)          (9.7)
                                          -------------  -------------
        Total                            $        18.3  $         8.9
                                          =============  =============

Adjusted EBITDA
     Trump Taj Mahal                     $        25.1  $        23.3
     Trump Plaza                                   7.6            7.8
     Trump Marina                                 10.2           10.5
     Corporate and other                          (5.7)          (3.7)
                                          -------------  -------------
        Total                            $        37.2  $        37.9
                                          =============  =============

                             (in millions)

                                        Reorganized Company
                                   Three months ended March 31, 2006
                                           Depreciation  Stock Based
                               Income From      and       Compensation
                                Operations  Amortization    Expense
                               ----------- ------------- -------------
Trump Taj Mahal                $     16.7  $        8.4  $          -
Trump Plaza                           3.0           4.6             -
Trump Marina                          6.6           3.6             -
Corporate and other                  (8.0)            -           1.5
                                ----------  ------------  ------------
 Total                         $     18.3  $       16.6  $        1.5
                                ==========  ============  ============

                                   Expense and   Development Adjusted 
                                   Related Costs    Costs      EBITDA 
                                  -------------- ----------- ---------
Trump Taj Mahal                   $           -  $        -  $   25.1
Trump Plaza                                   -           -       7.6
Trump Marina                                  -           -      10.2
Corporate and other                           -         0.8      (5.7)
                                   -------------  ----------  --------
 Total                            $           -  $      0.8  $   37.2
                                   =============  ==========  ========

                                         Predecessor Company
                                  Three months ended March 31, 2005
                               Income From Depreciation  Stock Based
                                Operations      and       Compensation
                                            Amortization    Expense
                               ----------- ------------- -------------
Trump Taj Mahal                $     11.0  $       12.3  $          -
Trump Plaza                           2.5           5.3             -
Trump Marina                          5.1           5.4             -
Corporate and other                  (9.7)                          -
                                ---------- -------------  ------------
 Total                         $      8.9  $       23.0  $          -
                                ==========  ============  ============

                                    Expense and   Development Adjusted
                                    Related Costs    Costs     EBITDA 
                                   -------------- ----------- --------
Trump Taj Mahal                    $           -  $        -  $  23.3
Trump Plaza                                    -           -      7.8
Trump Marina                                   -           -     10.5
Corporate and other                          5.7         0.3     (3.7)
                                    -------------  ----------  -------
 Total                             $         5.7  $      0.3  $  37.9
                                    =============  ==========  =======
Dale Black
Phone: 609-449-5556
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