UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
Commission file number: 1-13794
TRUMP HOTELS & CASINO RESORTS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3818402
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Huron Ave. & Brigantine Blvd.
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-8406
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Commission file number: 33-90786
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3818407
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Huron Ave. & Brigantine Blvd.
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-8406
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Commission file number: 33-90786
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3818405
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Huron Ave. & Brigantine Blvd.
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-8406
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrants (1) have filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrants were required to file such reports), and (2)
have been subject to such filing requirements for the past 90 days.
Yes X No
----- -----
The number of outstanding shares of Common Stock, par value $.01
per share, of Trump Hotels & Casino Resorts, Inc. as of May 15, 2001 was
22,010,027.
The number of outstanding shares of Class B Common Stock, par value
$.01 per share, of Trump Hotels & Casino Resorts, Inc. as of May 15,
2001 was 1,000.
The number of outstanding shares of Common Stock, par value $.01
per share, of Trump Hotels & Casino Resorts Funding, Inc. as of May 15,
2001 was 100.
TRUMP HOTELS & CASINO RESORTS, INC.,
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
AND
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
INDEX TO FORM 10-Q
PART I--FINANCIAL INFORMATION
ITEM 1 -- Financial Statements Page No.
--------
Condensed Consolidated Balance Sheets of Trump Hotels & Casino Resorts, Inc.
as of December 31, 2000 and March 31, 2001 (unaudited) ............................................. 1
Condensed Consolidated Statements of Operations of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 2000 and 2001 (unaudited) ..................................... 2
Condensed Consolidated Statement of Stockholders' Equity of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 2001 (unaudited) ............................................. 3
Condensed Consolidated Statements of Cash Flows of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 2000 and 2001 (unaudited) ..................................... 4
Condensed Consolidated Balance Sheets of Trump Hotels & Casino Resorts Holdings, L.P.
as of December 31, 2000 and March 31, 2001 (unaudited) ............................................. 5
Condensed Consolidated Statements of Operations of Trump Hotels & Casino Resorts Holdings, L.P.
for the Three Months Ended March 31, 2000 and 2001 (unaudited) ..................................... 6
Condensed Consolidated Statement of Partners' Capital of Trump Hotels & Casino Resorts
Holdings, L.P. for the Three Months Ended March 31, 2001 (unaudited) .............................. 7
Condensed Consolidated Statements of Cash Flows of Trump Hotels & Casino Resorts Holdings, L.P.
for the Three Months Ended March 31, 2000 and 2001 (unaudited) .................................... 8
Notes to Condensed Consolidated Financial Statements of Trump Hotels & Casino Resorts, Inc.,
Trump Hotels & Casino Resorts Holdings, L.P. and Trump Hotels & Casino Resorts
Funding, Inc. (unaudited) .......................................................................... 9
ITEM 2 -- Management's Discussion and Analysis of Financial Condition and Results
of Operations .................................................................................... 11
ITEM 3 -- Quantitative and Qualitative Disclosures About Market Risk ....................................... 14
TRUMP HOTELS & CASINO RESORTS, INC.
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
AND
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
INDEX TO FORM 10-Q CONT'D
Page No.
--------
PART II -- OTHER INFORMATION
ITEM 1 -- Legal Proceedings ................................................................................ 15
ITEM 2 -- Changes in Securities and Use of Proceeds ........................................................ 15
ITEM 3 -- Defaults Upon Senior Securities .................................................................. 15
ITEM 4 -- Submission of Matters to a Vote of Security Holders .............................................. 15
ITEM 5 -- Other Information ................................................................................ 15
ITEM 6 -- Exhibits and Reports on Form 8-K ................................................................. 15
SIGNATURES
Signature -- Trump Hotels & Casino Resorts, Inc. ........................................................... 16
Signature -- Trump Hotels & Casino Resorts Holdings, L.P. .................................................. 17
Signature -- Trump Hotels & Casino Resorts Funding, Inc. ................................................... 18
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
ASSETS
December 31, March 31,
2000 2001
---------------- ----------------
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents ................................................ $ 95,429 $ 140,525
Receivables, net ........................................................ 52,715 55,728
Inventories .............................................................. 12,324 11,999
Due from affiliates, net ................................................. 2,525 1,792
Prepaid expenses and other current assets ................................ 9,941 8,118
---------------- ----------------
Total Current Assets ............................................... 172,934 218,162
INVESTMENT IN BUFFINGTON HARBOR, L.L.C. ..................................... 36,585 37,086
INVESTMENT IN TRUMP'S CASTLE PIK NOTES ...................................... 90,101 93,863
PROPERTY AND EQUIPMENT, NET ................................................. 1,815,068 1,801,552
DEFERRED BOND AND LOAN ISSUANCE COSTS, NET .................................. 23,273 22,495
OTHER ASSETS (Note 3) ....................................................... 61,190 64,241
---------------- ----------------
Total Assets ................................................................ $ 2,199,151 $ 2,237,399
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt ..................................... $ 27,021 $ 26,063
Accounts payable and accrued expenses .................................... 147,639 156,347
Accrued interest payable ................................................. 29,967 79,585
---------------- ----------------
Total Current Liabilities .......................................... 204,627 261,995
LONG-TERM DEBT, net of current maturities ................................... 1,827,023 1,829,749
OTHER LONG-TERM LIABILITIES ................................................. 25,455 30,177
---------------- ----------------
Total Liabilities ........................................................... 2,057,105 2,121,921
---------------- ----------------
MINORITY INTEREST 26,897 17,181
STOCKHOLDERS' EQUITY:
Common Stock, $.01 par value, 75,000,000 shares authorized,
24,206,756 issued; 22,010,027 outstanding ............................... 242 242
Class B Common Stock, $.01 par value, 1,000 shares
authorized, issued and outstanding ..................................... - -
Additional Paid in Capital ............................................... 455,645 455,645
Accumulated Deficit ...................................................... (320,538) (337,390)
Less treasury stock at cost, 2,196,729 shares ............................ (20,200) (20,200)
---------------- ----------------
Total Stockholders' Equity .................................................. 115,149 98,297
---------------- ----------------
Total Liabilities and Stockholders' Equity .................................. $ 2,199,151 $ 2,237,399
================ ================
The accompanying notes are an integral part of these condensed consolidated balance sheets
1
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 2001
(unaudited)
(dollars in thousands, except share data)
Three Months Ended
March 31,
------------------
2000 2001
------------- ------------
REVENUES:
Gaming ...................................................... $ 295,021 $292,978
Rooms ....................................................... 17,995 18,066
Food and Beverage ........................................... 30,833 30,984
Other ....................................................... 8,058 7,592
------------- ------------
Gross Revenues .............................................. 351,907 349,620
Less -- Promotional allowances (Note 5) ..................... 38,460 38,766
------------- ------------
Net Revenues ................................................ 313,447 310,854
------------- ------------
COSTS AND EXPENSES:
Gaming (Note 5) ............................................. 181,844 181,613
Rooms ....................................................... 7,432 7,342
Food and Beverage ........................................... 10,134 9,876
General and Administrative .................................. 67,498 65,776
Depreciation and Amortization ............................... 19,722 18,875
Trump World's Fair Closing (Note 4) ......................... 482 -
------------- ------------
287,112 283,482
------------- ------------
Income from operations ...................................... 26,335 27,372
------------- ------------
NON-OPERATING INCOME AND (EXPENSES):
Interest income ............................................. 1,763 1,081
Interest expense ............................................ (56,031) (54,353)
Other non-operating income (expense) ........................ (470) 130
------------- ------------
(54,738) (53,142)
------------- ------------
Loss before equity in loss of Buffington
Harbor, L.L.C., and minority interest ....................... (28,403) (25,770)
Equity in loss of Buffington Harbor, L.L.C (720) (798)
Minority Interest ........................................... 10,650 9,716
------------- ------------
NET LOSS ....................................................... $ (18,473) $(16,852)
============= ============
Basic and diluted loss per share ............................... $ (.84) $ (.77)
============= ============
Average number of shares outstanding ........................... 22,079,256 22,010,027
============= ============
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2001
(unaudited)
(dollars in thousands)
Number of Shares
---------------------
Common Additional
Class B Stock Paid in Accumulated Treasury
Common Common Amount Capital Deficit Stock Total
---------- ------- ------ --------- ----------- -------- --------
Balance, December 31, 2000 ...... 24,206,756 1,000 $ 242 $ 455,645 $ (320,538) $(20,200) $115,149
Net Loss ........................ - - - - (16,852) - (16,852)
---------- ------- ------ --------- ----------- -------- --------
Balance, March 31, 2001 ......... 24,206,756 1,000 $ 242 $ 455,645 $ (337,390) $(20,200) $ 98,297
========== ======= ====== ========= =========== ======== ========
The accompanying notes are an integral part of this condensed consolidated financial statement.
3
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 2001
(unaudited)
(dollars in thousands)
2000 2001
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ........................................................................ $(18,473) $(16,852)
Adjustments to reconcile net loss to net cash flows from operating activities:
Issuance of debt in exchange for accrued interest ............................. 3,622 4,143
Equity in loss of Buffington Harbor, L.L.C. ................................... 720 798
Depreciation and amortization ................................................. 19,722 18,875
Non-cash increase in Trump's Castle PIK Notes ................................. (3,290) (3,762)
Minority interest in net loss ................................................. (10,650) (9,716)
Accretion of discounts on mortgage notes ...................................... 1,365 1,550
Amortization of deferred loan costs ........................................... 1,674 1,514
Provision for losses on receivables ........................................... 1,435 1,912
Valuation allowance of CRDA investments and amortization of Indiana
gaming costs ................................................................ 2,068 2,210
Loss (gain) on disposition of property ........................................ 468 (128)
Decrease (increase) in receivables ............................................ 4,475 (4,883)
Decrease in inventories ....................................................... 369 325
Decrease in other current assets .............................................. 2,230 2,112
Decrease in due from affiliates ............................................... 52 753
Decrease (increase) in other assets ........................................... 555 (521)
Increase in accounts payable and accrued expenses ............................. 1,171 8,385
Increase in accrued interest payable .......................................... 51,099 45,474
(Decrease) increase in other long-term liabilities ............................ (12) 4,301
-------- --------
Net cash flows provided by operating activities ............................. 58,600 56,490
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net ....................................... (5,604) (4,265)
Proceeds from disposition of property ......................................... 27 -
Investment in Buffington Harbor, L.L.C. ....................................... (150) (1,299)
CRDA Investments .............................................................. (3,222) (3,205)
-------- --------
Net cash flows used in investing activities ................................. (8,949) (8,769)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long-term debt ..................................................... (3,510) (2,274)
Loan costs from additional borrowing .......................................... - (351)
-------- --------
Net cash flows used in financing activities ................................. (3,510) (2,625)
-------- --------
Net increase in cash and cash equivalents ................................... 46,141 45,096
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ................................... 104,026 95,429
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ......................................... $150,167 $140,525
======== ========
CASH INTEREST PAID ................................................................. $ 1,359 $ 1,907
======== ========
Supplemental Disclosure of Non-Cash Activities:
Purchase of property and equipment under capital lease obligations ................. $ 800 $ 2,491
======== ========
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS
December 31, March 31,
2000 2001
---------------- ----------------
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents ................................................. $ 95,425 $ 140,521
Receivables, net .......................................................... 52,715 55,728
Inventories ............................................................... 12,324 11,999
Due from affiliates, net .................................................. 2,525 1,792
Prepaid expenses and other current assets ................................. 9,941 8,118
---------------- ----------------
Total Current Assets ................................................ 172,930 218,158
INVESTMENT IN BUFFINGTON HARBOR, L.L.C. ...................................... 36,585 37,086
INVESTMENT IN TRUMP'S CASTLE PIK NOTES ....................................... 90,101 93,863
PROPERTY AND EQUIPMENT, NET .................................................. 1,815,068 1,801,552
DEFERRED BOND AND LOAN ISSUANCE COSTS, NET ................................... 23,273 22,495
OTHER ASSETS (Note 3) ........................................................ 61,190 64,241
---------------- ----------------
Total Assets ................................................................. $ 2,199,147 $ 2,237,395
================ ================
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Current maturities of long-term debt ...................................... $ 27,021 $ 26,063
Accounts payable and accrued expenses ..................................... 147,639 156,347
Accrued interest payable .................................................. 29,967 79,585
---------------- ----------------
Total Current Liabilities ........................................... 204,627 261,995
LONG-TERM DEBT, net of current maturities .................................... 1,827,023 1,829,749
OTHER LONG-TERM LIABILITIES .................................................. 25,455 30,177
---------------- ----------------
Total Liabilities ............................................................ 2,057,105 2,121,921
---------------- ----------------
PARTNERS' CAPITAL:
Partners' capital ............................................................ 652,503 652,503
Accumulated deficit .......................................................... (490,261) (516,829)
Less stock of THCR ........................................................... (20,200) (20,200)
---------------- ----------------
Total Partners' Capital ...................................................... 142,042 115,474
---------------- ----------------
Total Liabilities and Partners' Capital ...................................... $ 2,199,147 $ 2,237,395
================ ================
The accompanying notes are an integral part of these condensed consolidated balance sheets.
5
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 2001
(unaudited)
(dollars in thousands)
Three Months Ended
March 31,
------------------
2000 2001
------------ -----------
REVENUES:
Gaming ....................................................... $ 295,021 $ 292,978
Rooms ........................................................ 17,995 18,066
Food and Beverage ............................................ 30,833 30,984
Other ........................................................ 8,058 7,592
------------ -----------
Gross Revenues ............................................... 351,907 349,620
Less -- Promotional allowances (Note 5) ...................... 38,460 38,766
------------ -----------
Net Revenues ................................................. 313,447 310,854
------------ -----------
COSTS AND EXPENSES:
Gaming (Note 5) ............................................... 181,844 181,613
Rooms ........................................................ 7,432 7,342
Food and Beverage ............................................ 10,134 9,876
General and Administrative ................................... 67,498 65,776
Depreciation and Amortization ................................ 19,722 18,875
Trump World's Fair Closing (Note 4) .......................... 482 -
------------ -----------
287,112 283,482
------------ -----------
Income from operations ....................................... 26,335 27,372
----------- ----------
NON-OPERATING INCOME AND (EXPENSES):
Interest income .............................................. 1,763 1,081
Interest expense ............................................. (56,031) (54,353)
Other non-operating income (expense) ......................... (470) 130
------------ -----------
(54,738) (53,142)
------------ -----------
Loss before equity in loss of Buffington Harbor, L.L.C. ......... (28,403) (25,770)
Equity in loss of Buffington Harbor, L.L.C. ..................... (720) (798)
------------ -----------
NET LOSS ........................................................ $ (29,123) $ (26,568)
============ ===========
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2001
(unaudited)
(dollars in thousands)
Partners' Accumulated THCR
Capital Deficit Common Stock Total
------------- ------------- ------------ -----------
Balance, December 31, 2000 ........................ $ 652,503 $ (490,261) $ (20,200) $ 142,042
Net Loss .......................................... - (26,568) - (26,568)
------------- ------------- ------------ -----------
Balance, March 31, 2001 ........................... $ 652,503 $ (516,829) $ (20,200) $ 115,474
============= ============= ============ ===========
The accompanying notes are an integral part of this condensed consolidated financial statement.
7
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 2001
(unaudited)
(dollars in thousands)
2000 2001
------------ -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ..................................................................... $ (29,123) $ (26,568)
Adjustments to reconcile net loss to net cash flows from operating activities:
Issuance of debt in exchange for accrued interest .......................... 3,622 4,143
Equity in loss of Buffington Harbor, L.L.C. ................................ 720 798
Depreciation and amortization .............................................. 19,722 18,875
Non-cash increase in Trump's Castle PIK Notes .............................. (3,290) (3,762)
Accretion of discounts on mortgage notes ................................... 1,365 1,550
Amortization of deferred loan costs ........................................ 1,674 1,514
Provision for losses on receivables ........................................ 1,435 1,912
Valuation allowance of CRDA investments and amortization of Indiana
gaming costs ............................................................. 2,068 2,210
Loss(gain) on disposition of property ...................................... 468 (128)
Decrease (increase) in receivables ......................................... 4,475 (4,883)
Decrease in inventories .................................................... 369 325
Decrease in other current assets ........................................... 2,230 2,112
Decrease in due from affiliates ............................................ 52 753
Decrease (increase) in other assets ........................................ 555 (521)
Increase in accounts payable and accrued expenses .......................... 1,171 8,385
Increase in accrued interest payable ....................................... 51,099 45,474
(Decrease) increase in other long-term liabilities (12) 4,301
------------ -------------
Net cash flows provided by operating activities .......................... 58,600 56,490
------------ -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net .................................... (5,604) (4,265)
Proceeds from disposition of property ...................................... 27 -
Investment in Buffington Harbor, L.L.C. .................................... (150) (1,299)
CRDA Investments ........................................................... (3,222) (3,205)
------------ -------------
Net cash flows used in investing activities .............................. (8,949) (8,769)
------------ -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long-term debt .................................................. (3,510) (2,274)
Loan costs from additional borrowing ....................................... - (351)
------------ -------------
Net cash flows used in financing activities ............................. (3,510) (2,625)
------------ -------------
Net increase in cash and cash equivalents ....................................... 46,141 45,096
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ................................ 104,022 95,425
------------ -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ...................................... $ 150,163 $ 140,521
============ =============
CASH INTEREST PAID .............................................................. $ 1,359 $ 1,907
============ =============
Supplemental Disclosure of Non-Cash Activities:
Purchase of property and equipment under capital lease obligations .............. $ 800 $ 2,491
============ =============
The accompanying notes are an integral part of these condensed consolidated
financial statements.
8
TRUMP HOTELS & CASINO RESORTS, INC.,
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
AND
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(1) Organization and Operations
The accompanying condensed consolidated financial statements include those of
Trump Hotels & Casino Resorts, Inc., a Delaware corporation ("THCR"), Trump
Hotels & Casino Resorts Holdings, L.P., a Delaware limited partnership ("THCR
Holdings"), and Subsidiaries (as defined). THCR Holdings is currently owned
approximately 63.4% by THCR, as both a general and limited partner, and
approximately 36.6% by Donald J. Trump ("Trump"), as a limited partner. Trump's
limited partnership interest in THCR Holdings represents his economic interests
in the assets and operations of THCR Holdings. Such limited partnership interest
is convertible at Trump's option into 13,918,723 shares of THCR's common stock,
par value $.01 per share (the "THCR Common Stock") (subject to certain
adjustments), and if converted, would give Trump ownership of 41.0% of the THCR
Common Stock (including his current share ownership) or 42.1% (assuming
currently exercisable options held by Trump were exercised). Accordingly, the
accompanying condensed consolidated financial statements include those of (i)
THCR and its 63.4% owned subsidiary, THCR Holdings, and (ii) THCR Holdings and
its wholly owned subsidiaries.
All significant intercompany balances and transactions have been eliminated
in the accompanying condensed consolidated financial statements.
The accompanying condensed consolidated financial statements have been
prepared without audit. In the opinion of management, all adjustments,
consisting of only normal recurring adjustments necessary to present fairly the
financial position, the results of operations and cash flows for the periods
presented, have been made.
The accompanying condensed consolidated financial statements have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission ("SEC"). Accordingly, certain information and note disclosures
normally included in financial statements prepared in conformity with generally
accepted accounting principles have been condensed or omitted.
These condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the annual report on Form 10-K for the year ended December 31, 2000
filed with the SEC.
The casino industry in Atlantic City and Indiana is seasonal in nature.
Accordingly, results of operations for the period ended March 31, 2001 are not
necessarily indicative of the operating results for a full year.
THCR, THCR Holdings and Trump Hotels & Casino Resorts Funding, Inc., a
Delaware corporation ("THCR Funding"), have no operations and their ability to
service their debt is dependent on the successful operations of the following
subsidiaries of THCR Holdings (the "Subsidiaries"): (i) Trump Atlantic City
Associates, a New Jersey general partnership ("Trump AC"), which is comprised of
Trump Taj Mahal Associates ("Taj Associates") and Trump Plaza Associates ("Plaza
Associates"); (ii) Trump Indiana, Inc., a Delaware corporation ("Trump
Indiana"); and (iii) Trump's Castle Associates, L.P. , a New Jersey limited
partnership ("Castle Associates") d/b/a Trump Marina Hotel Casino ("Trump
Marina"). THCR, through THCR Holdings and its subsidiaries, is the exclusive
vehicle through which Trump engages in new gaming activities in emerging and
established gaming jurisdictions.
Basic and Diluted Loss Per Share
Basic loss per share is based on the weighted average number of shares of
THCR Common Stock outstanding. Diluted earnings per share are the same as basic
earnings per share as common stock equivalents have not been included as they
would be anti-dilutive. The shares of THCR's Class B common stock, par value
$.01 per share (the "THCR Class B Common Stock"), owned by Trump have no
economic interest and therefore are not considered in the calculation of
weighted average shares outstanding.
Reclassifications
Certain reclassifications have been made to prior year financial statements
to conform to the current year presentation.
9
TRUMP HOTELS & CASINO RESORTS, INC.,
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
AND
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(2) Financial Information
Financial information relating to THCR Funding is as follows:
December 31, March 31,
2000 2001
------------ -------------
(unaudited)
Total Assets (including THCR Holdings' 15 1/2% Senior Secured Notes
due 2005 ("the Senior Notes") receivable of $145,000,000 at
December 31, 2000 and March 31, 2001) (a) .................... $145,936,000 $151,555,000
============ ============
Total Liabilities and Capital (including $145,000,000 of
Senior Notes) ................................................ $145,936,000 $151,555,000
============ ============
Three Months Ended March 31,
2000 2001
---- ----
Interest Income from THCR Holdings .................................... $ 5,619,000 $ 5,619,000
Interest Expense ...................................................... $ 5,619,000 $ 5,619,000
------------ -------------
Net Income ............................................................ $ - $ -
============ =============
(a) THCR Enterprises, L.L.C., a New Jersey limited liability company
("THCR Enterprises") and wholly-owned subsidiary of THCR Holdings, purchased
$35,500,000 of these Senior Notes.
(3) Other Assets
Plaza Associates is appealing a real estate tax assessment by the City of
Atlantic City. At December 31, 2000 and March 31, 2001, other assets includes
$8,014,000, which Plaza Associates estimates will be recoverable on the
settlement of the appeal.
(4) Trump World's Fair Closing
On October 4, 1999, THCR closed Trump World's Fair. In addition to closing
costs recorded at December 31, 1999, costs of $482,000 were recorded during the
three months ended March 31, 2000.
(5) Recent Accounting Pronouncement
In January 2001, the Emerging Issues Task Force (EITF) reached a consensus
on certain issues within Issue No. 00-22, "Accounting for 'Points' and Certain
Other Time-Based or Volume-Based Sales Incentive Offers, and Offers for Free
Products or Services to Be Delivered in the Future," (EITF 00-22). Application
of EITF 00-22 is required for interim and annual periods ending after February
15, 2001. EITF 00-22 requires volume-based cash rebates to be classified as a
reduction of revenue. Accordingly, such rebates have been classified as
promotional allowances. THCR previously classified these expenditures as a
gaming expense. Prior period amounts have been reclassified to conform with the
current presentation.
(6) Subsequent Event
On April 27, 2001, Trump Indiana entered into a loan agreement with a bank
group for $27,500,000. Proceeds from the loan were used to pay off maturing debt
for the vessel, the hotel, the $5,000,000 bridge loan and provide working
capital. The new debt will bear a fixed rate of interest of 8.85% for the first
$10,000,000 of the loan, and a floating rate will apply to the balance of the
loan. The initial rate on the floating portion will be a blended 7.86%. The loan
will amortize over 84 months at a fixed amount per month and will mature with a
balloon payment payable at the end of 60 months.
10
ITEM 2--MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Capital Resources and Liquidity
Cash flows from operating activities are THCR's principal source of
liquidity. THCR and its subsidiaries anticipate having sufficient liquidity to
meet their obligations during 2001. Cash flow is managed based upon the
seasonality of the operations. Any excess cash flow achieved from operations
during peak periods is utilized to subsidize non-peak periods when necessary.
Capital expenditures for THCR were $5,604,000 and $4,265,000 for the three
months ended March 31, 2000 and 2001, respectively.
On April 27, 2001, Trump Indiana entered into a loan agreement with a bank
group for $27.5 million. Proceeds from the loan were used to pay off maturing
debt for the vessel, the hotel, the $5 million bridge loan and provide working
capital. The new debt will bear a fixed rate of interest of 8.85% for the first
$10 million of the loan, and a floating rate will apply to the balance of the
loan. The initial rate on the floating portion will be a blended 7.86%. The loan
will amortize over 84 months at a fixed amount per month and will mature at the
end of 60 months.
The indenture governing the Senior Notes (the "Senior Note Indenture")
restricts the ability of THCR Holdings and its subsidiaries to make
distributions to partners or pay dividends, as the case may be, unless certain
financial ratios are achieved. Further, given the rapidly changing competitive
environment, THCR's future operating results are conditional and could fluctuate
significantly.
The indentures of Trump AC and Castle Associates restrict their ability to
make distributions to THCR Holdings. Therefore, the ability of THCR Holdings to
service its debt is dependent on the successful operations of Trump Indiana,
other future operations and the permitted distributions from Trump AC and Castle
Associates.
The ability of THCR to repay its long-term debt when due will depend on the
ability of Plaza Associates, Taj Associates, Castle Associates and Trump Indiana
to generate cash from operations sufficient for such purposes or on the ability
of THCR to refinance such indebtedness. Cash flow from operations may not be
sufficient to repay a substantial portion of the principal amount of the
indebtedness upon maturity. The future operating performance and the ability to
refinance such indebtedness will be subject to the then prevailing economic
conditions, industry conditions and numerous other financial, business and other
factors, many of which are unforseeable and/or beyond the control of THCR. There
can be no assurance that the future operating performance of Plaza Associates,
Taj Associates, Castle Associates or Trump Indiana will be sufficient to meet
these repayment obligations or that the general state of the economy, the status
of the capital markets generally, or the receptiveness of the capital markets to
the gaming industry will be conducive to refinancing or other attempts to raise
capital on favorable terms, or at all.
In addition, the ability of (i) Plaza Associates and Taj Associates
(through Trump AC) and (ii) Castle Associates to make payments of dividends or
distributions to THCR Holdings may be restricted by the rules and regulations
promulgated by the New Jersey Casino Control Commission. Similarly, the ability
of Trump Indiana to make payments of dividends or distributions to THCR Holdings
may be restricted by the rules and regulations promulgated by the Indiana Gaming
Commission.
11
Results of Operations: Operating Revenues and Expenses
All business activities of THCR and THCR Holdings are conducted by Plaza
Associates, Taj Associates, Castle Associates (d/b/a Trump Marina) and Trump
Indiana.
Comparison of Three-Month Periods Ended March 31, 2000 and 2001. The
following tables include selected data of Plaza Associates, Taj Associates,
Trump Indiana and Trump Marina.
Three Months Ended March 31, 2000
---------------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------- -------------
Revenues: (dollars in millions)
Gaming ................................... $ 77.6 $ 125.1 $ 33.0 $ 59.3 $ 295.0
Other .................................... 17.7 24.5 2.2 12.5 56.9
------ -------- ------- ------- -------
Gross Revenues .......................... 95.3 149.6 35.2 71.8 351.9
Less: Promotional Allowances .............. 12.5 16.8 1.1 8.0 38.5
------ -------- ------- ------- -------
Net Revenues ............................ 82.8 132.8 34.1 63.8 313.4
------ -------- ------- ------- -------
Costs and Expenses:
Gaming ................................... 50.4 73.6 22.3 35.5 181.8
General & Administrative ................. 16.0 23.0 8.5 16.4 67.5
Depreciation & Amortization .............. 4.4 9.1 1.8 4.3 19.7
Other .................................... 5.2 8.0 1.7 3.2 18.1
------ -------- ------- ------- -------
Total Costs and Expenses ................ 76.0 113.7 34.3 59.4 287.1
------ -------- ------- ------- -------
Income from Operations .................... 6.8 19.1 (0.2) 4.4 26.3
------ -------- -------- -------- -------
Non-operating Income ...................... 0.1 0.2 - 0.2 1.3
Interest Expense .......................... (11.9) (23.4) (1.5) (14.0) (56.0)
------ -------- ------- ------- -------
Total Non-operating Expense, Net ........ (11.8) (23.2) (1.5) (13.8) (54.7)
------ -------- ------- ------- -------
Loss in Joint Venture ..................... - - (0.7) - (0.7)
------ -------- -------- ------- -------
Loss Before Minority Interest ............. $ (5.0) $ (4.1) $ (2.4) $ (9.4) (29.1)
====== ======== ======= =======
Minority Interest ......................... 10.6
-------
Net Loss .................................. $ (18.5)
=======
* Intercompany eliminations and expenses of THCR and THCR Holdings are not separately shown.
Three Months Ended March 31, 2001
----------------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------- -------------
Revenues: (dollars in millions)
Gaming ................................... $ 80.3 $ 119.4 $ 31.1 $ 62.1 $ 293.0
Other .................................... 17.5 24.3 2.3 12.6 56.6
------ -------- ------- ------- -------
Gross Revenues .......................... 97.8 143.7 33.4 74.7 349.6
Less: Promotional Allowances .............. 13.1 15.8 0.8 9.0 38.8
------ -------- ------- ------- -------
Net Revenues ............................ 84.7 127.9 32.6 65.7 310.8
------ -------- ------- ------- -------
Costs and Expenses:
Gaming ................................... 52.2 72.7 18.2 38.5 181.6
General & Administrative ................. 16.6 24.5 7.6 16.5 65.8
Depreciation & Amortization .............. 4.1 8.5 1.9 4.3 18.9
Other .................................... 4.5 8.5 1.7 2.6 17.2
------ -------- ------- ------- -------
Total Costs and Expenses ................ 77.4 114.2 29.4 61.9 283.5
------ -------- ------- ------- -------
Income from Operations .................... 7.3 13.7 3.2 3.8 27.3
------ -------- ------- ------- -------
Non-operating Income ...................... 0.1 0.2 0.2 0.2 1.2
Interest Expense .......................... (11.8) (23.3) (1.2) (14.6) (54.3)
------ -------- ------- ------- -------
Total Non-operating Expense, Net ........ (11.7) (23.1) (1.0) (14.4) (53.1)
------ -------- ------- ------- -------
Loss in Joint Venture ..................... - - (0.8) - (0.8)
------ -------- ------- ------- -------
Income(Loss) Before Minority Int. ......... $ (4.4) $ (9.4) $ 1.4 $ (10.6) (26.6)
====== ======== ======= =======
Minority Interest ......................... 9.7
-------
Net Loss .................................. $ (16.9)
=======
* Intercompany eliminations and expenses of THCR and THCR Holdings are not separately shown.
12
Three Months Ended March 31, 2000
----------------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------- -------------
Revenues: (dollars in millions)
Table Game Revenues ...................... $ 23.3 $ 42.1 $ 7.4 $ 13.6 $ 86.4
Table Game Drop .......................... $ 152.2 $ 252.2 $ 43.2 $ 88.4 $ 536.0
Table Win Percentage ..................... 15.3% 16.7% 17.1% 15.3% 16.1%
Number of Table Games .................... 95 143 50 76 364
Slot Revenues ............................ $ 54.3 $ 77.8 $ 25.6 $ 45.6 $ 203.3
Slot Handle .............................. $ 695.3 $ 1,009.1 $ 400.1 $ 582.5 $2,687.0
Slot Win Percentage ...................... 7.8% 7.7% 6.4% 7.8% 7.6%
Number of Slot Machines .................. 2,774 4,521 1,236 2,265 10,796
Other Gaming Revenues .................... N/A $ 5.2 N/A $ 0.1 $ 5.3
Total Gaming Revenues .................... $ 77.6 $ 125.1 $ 33.0 $ 59.3 $ 295.0
Three Months Ended March 31, 2001
----------------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------- -------------
Revenues: (dollars in millions)
Table Game Revenues ...................... $ 26.2 $ 34.8 $ 6.5 $ 15.0 $ 82.6
Incr (Decr) over prior period ......... $ 2.9 $ (7.3) $ (0.9) $ 1.4 $ (3.8)
Table Game Drop .......................... $ 140.9 $ 239.8 $ 37.8 $ 91.6 $ 510.1
Incr (Decr) over prior period ......... $ (11.3) $ (12.4) $ (5.4) $ 3.2 $ (25.9)
Table Win Percentage ..................... 18.6% 14.5% 17.3% 16.3% 16.2%
Incr (Decr) over prior period ......... 3.3 pts. (2.2)pts. 0.2 pts. 1.0 pts. 0.1pts.
Number of Table Games .................... 98 143 52 76 369
Incr (Decr) over prior period ......... 3 - 2 - 5
Slot Revenues ............................ $ 54.1 $ 79.1 $ 24.6 $ 47.0 $ 204.8
Incr (Decr) over prior period ......... $ (0.2) $ 1.3 $ (1.0) $ 1.4 $ 1.5
Slot Handle .............................. $ 707.0 $ 1,037.1 $ 351.0 $ 612.9 $2,708.0
Incr (Decr) over prior period ......... $ 11.7 $ 28.0 $ (49.1) $ 30.4 $ 21.0
Slot Win Percentage ...................... 7.7% 7.6% 7.0% 7.7% 7.6%
Incr (Decr) over prior period ......... (0.1)pts. (0.1)pts. 0.6pts. (0.1)pts. 0.0pts.
Number of Slot Machines .................. 2,844 4,664 1,264 2,531 11,303
Incr (Decr) over prior period ......... 70 143 28 266 507
Other Gaming Revenues .................... N/A $ 5.5 N/A $ 0.1 $ 5.6
Incr (Decr) over prior period ......... N/A $ 0.3 N/A $ - $ 0.3
Total Gaming Revenues .................... $ 80.3 $ 119.4 $ 31.1 $ 62.1 $ 293.0
Incr (Decr) over prior period ......... $ 2.7 $ (5.7) $ (1.9) $ 2.8 $ (2.0)
Gaming revenues are the primary source of THCR's revenues. Table games revenues
represent the amount retained by THCR from amounts wagered at table games (table
game drop). The table win percentage tends to be fairly constant over the long
term, but may vary significantly in the short term, due to large wagers by "high
rollers". The Atlantic City industry table win percentages were 15.4% and 15.2%
for the quarters ended March 31, 2000 and March 31, 2001, respectively.
Table games revenue decreased $3.8 million or 4.4% to $82.6 million from the
comparable period in 2000. A $7.3 million decrease in table games revenue at the
Trump Taj Mahal Casino Resort (the "Taj Mahal"), primarily due to a lower table
win percentage (14.5% in 2001 compared to 16.7% in 2000), was primarily offset
by a $2.9 million increase at Trump Plaza Hotel and Casino ("Trump Plaza"), as a
result of a 3.3% increase to 18.6% in table win percentage in 2001, and a $1.4
million increase at Trump Marina due to a higher table drop and table win
percentage. Trump Indiana's table game revenues decreased $0.9 million due to a
lower table drop and table win percentage.
Slot revenues increased $2.5 million at the three Atlantic City casinos,
primarily due to increased slot handles which were offset with a slight decrease
in slot win percentage. This increase was partially offset by Trump Indiana's
slot revenue decrease of $1.0 million or 4.1% from the comparable period in 2000
due to a lower slot handle, partially offset by a 0.6% increase in slot win.
13
Gaming costs and expenses decreased $0.2 million to $181.6 million for the
quarter ended March 31, 2001. The Taj Mahal's gaming costs decreased $0.9
million while Trump Plaza's gaming costs increased $1.8 million from the
comparable period in 2000, due to changes in marketing and promotional expenses
proportionate to their respective changes in gaming revenues. Trump Marina's
gaming costs increased $3.0 million as a result of increased spending in
promotional and complimentary marketing programs, which were incurred to
stimulate gaming revenues. Trump Indiana's gaming costs decreased $4.1 million
or 18.3% primarily due to decreased coin promotional expenses.
General and Administrative expenses were $65.8 million for the quarter ended
March 31, 2001, a decrease of $1.7 million or 2.5% from $67.5 million for the
comparable period in 2000. This decrease is primarily due to the reduction in
corporate general and administrative expenses as a result of downsizing the New
York corporate office and an aircraft lease termination in 2000, as well as
decreased legal and lobbying costs in 2001.
During 2000, THCR Enterprises purchased an aggregate principal amount of $35.5
million of the Senior Notes, in consideration for an aggregate purchase
price of $19.0 million, plus accrued and unpaid interest. The decrease in
interest expense is primarily due to the elimination of interest expense
associated with these notes.
Seasonality
The casino industry in Atlantic City and Indiana is seasonal in nature.
Accordingly, the results of operations for the period ending March 31, 2001 are
not necessarily indicative of the operating results for a full year.
Important Factors Relating to Forward-Looking Statements
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 Quarterly Report on Form 10-Q
relative to THCR's performance, trends in THCR's operations or financial
results, plans, expectations, estimates and beliefs, as well as other statements
including words such as "anticipate," "believe," "plan," "estimate," "expect,"
"intend" 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 Quarterly Report on Form
10-Q and those that may be made in the future by or on behalf of the
Registrants, the Registrants note that there are various factors that could
cause actual results to differ materially from those set forth in any such
forward-looking statements. The forward-looking statements contained in this
Quarterly Report 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 Registrants.
Accordingly, there can be no assurance that the forward-looking statements
contained in this Quarterly Report will be realized or that actual results will
not be significantly higher or lower. Readers of this Quarterly Report should
consider these facts in evaluating the information contained herein. In
addition, the business and operations of the Registrants are subject to
substantial risks which increase the uncertainty inherent in the forward-looking
statements contained in this Quarterly Report. The inclusion of the
forward-looking statements contained in this Quarterly Report should not be
regarded as a representation by the Registrants or any other person that the
forward-looking statements contained in the Quarterly Report will be achieved.
In light of the foregoing, readers of this Quarterly Report are cautioned not to
place undue reliance on the forward-looking statements contained herein.
ITEM 3 -- QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Management has reviewed the disclosure requirements for Item 3 and, based
upon THCR, THCR Funding and THCR Holdings' current capital structure, scope of
operations and financial statement structure, management believes that such
disclosure is not warranted at this time. Since conditions may change, THCR,
THCR Holdings and THCR Funding will periodically review their compliance with
this disclosure requirement to the extent applicable.
14
PART II -- OTHER INFORMATION
ITEM 1 -- LEGAL PROCEEDINGS
General. THCR and certain of its employees have been involved in various
legal proceedings. Such persons are vigorously defending the allegations against
them and intend to contest vigorously any future proceedings. In general, THCR
has agreed to indemnify such persons against any and all losses, claims,
damages, expenses (including reasonable costs, disbursements and counsel fees)
and liabilities (including amounts paid or incurred in satisfaction of
settlements, judgments, fines and penalties) incurred by them in said legal
proceedings.
Various other legal proceedings are now pending against THCR. Except as set
forth herein and in THCR's Annual Report on Form 10-K for the year ended
December 31, 2000, THCR considers all such proceedings to be ordinary litigation
incident to the character of its business and not material to its business or
financial condition. THCR believes that the resolution of these claims, to the
extent not covered by insurance, will not, individually or in the aggregate,
have a material adverse effect on its financial condition or results of
operations of THCR.
From time to time, Plaza Associates, Taj Associates, Castle Associates and Trump
Indiana may be involved in routine administrative proceedings involving alleged
violations of certain provisions of the New Jersey Casino Control Act (the
"Casino Control Act") and the Indiana Riverboat Gambling Act (the "Indiana
Riverboat Act"), as the case may be. However, management believes that the final
outcome of these proceedings will not, either individually or in the aggregate,
have a material adverse effect on THCR or on the ability of Plaza Associates,
Taj Associates, Castle Associates or Trump Indiana to otherwise retain or renew
any casino or other licenses required under the Casino Control Act or the
Indiana Riverboat Act, as the case may be, for the operation of Trump Plaza, the
Taj Mahal, Trump Marina and the Trump Indiana Riverboat, respectively.
ITEM 2 -- CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3 -- DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 -- SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 -- OTHER INFORMATION
The annual meeting of stockholders of THCR will be held on Tuesday, June
12, 2001, commencing at 2:00 P.M. (E.S.T.) at the Taj Mahal, located at 1000
Boardwalk, Atlantic City, New Jersey (the "Annual Meeting"). Holders of record,
as of the close of business on April 13, 2001, of shares of THCR Common Stock
and THCR Class B Common Stock will be requested to vote in person or by proxy at
the Annual Meeting on the following proposals: (i) to elect four (4) directors
to the Board of Directors of THCR; (ii) to ratify the appointment by THCR's
Board of Directors of Arthur Andersen LLP as the independent auditors of THCR
for the fiscal year ending December 31, 2001; and (iii) to act upon such other
business as may properly come before the Annual Meeting or any adjournment or
postponement thereof. A copy of THCR's Annual Report for the fiscal year ended
December 31, 2000, proxy statement and proxy card for the Annual Meeting were
first mailed or given to stockholders entitled to notice of, and to vote at, the
Annual Meeting on or about April 30, 2001.
ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits: None.
b. Current Reports on Form 8-K:
The Registrants did not file any Current Reports on Form 8-K during the
period beginning January 1, 2001 ending March 31, 2001.
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRUMP HOTELS & CASINO RESORTS, INC.
(Registrant)
Date: May 15, 2001
By:/s/ FRANCIS X. MCCARTHY, JR.
----------------------------------------------
Francis X. McCarthy, Jr.
Executive Vice President of Finance and
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial Officer)
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
(Registrant)
Date: May 15, 2001 By: TRUMP HOTELS & CASINO RESORTS, INC.,
its general partner
By:/s/ FRANCIS X. MCCARTHY, JR.
----------------------------------------------
Francis X. McCarthy, Jr.
Executive Vice President of Finance and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRUMP HOTELS & CASINO RESORTS FUNDING, INC.
(Registrant)
Date: May 15, 2001
By:/s/ FRANCIS X. MCCARTHY, JR.
----------------------------------------------
Francis X. McCarthy, Jr.
Executive Vice President of Finance and
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial Officer)
18