UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1994
Commission File No. 1-9029
TRUMP'S CASTLE FUNDING, INC.
TRUMP'S CASTLE ASSOCIATES
______________________________________________________
(Exact name of registrant as specified in its charter)
NEW JERSEY 11-2739203
NEW JERSEY 22-2608486
_______________________________ ____________________________________
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
HURON AVENUE & BRIGANTINE BOULEVARD
ATLANTIC CITY, NEW JERSEY 08401
______________________________________________________ __________
(Address of principal executive offices) (Zip Code)
609-441-8679
__________________________________________________
Registrant's telephone number, including area code
Indicate by checkmark 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 registrant was required to file such reports),
and (2) have been subject to such filing requirements for the past 90
days.
Yes X No
_____ _____
Indicate by checkmark whether the Registrants have filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court. Yes X No
_____ _____
Trump's Castle Funding, Inc. meets the conditions set forth in General
Instructions H(1) (a) and (b) of Form 10-Q and is therefore filing
this form with the reduced disclosure format.
As of November 15, 1994, there were 200 shares of Trump's Castle
Funding, Inc.'s common stock outstanding.
<PAGE> 2
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
INDEX TO FORM 10-Q
Page
Number
PART I -- FINANCIAL INFORMATION
Item 1 -- Financial Statements
Consolidated Balance Sheets of Trump's Castle
Associates and Subsidiary as of September 30,
1994 (unaudited) and December 31, 1993 3
Consolidated Statements of Operations of Trump's
Castle Associates and Subsidiary for the three
and nine months periods ended September 30, 1994
and 1993 (unaudited) 4
Consolidated Statement of Changes in Capital
of Trump's Castle Associates and Subsidiary for
the nine months ended September 30, 1994
(unaudited) 5
Consolidated Statements of Cash Flows for Trump's
Castle Associates and Subsidiary for the nine
months ended September 30, 1994 and 1993
(unaudited) 6
Notes to Consolidated Financial Statements 7-8
Item 2 -- Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-13
PART II -- OTHER INFORMATION
Item 1 -- Legal Proceedings 14
Item 2 -- Changes in Securities 14
Item 3 -- Defaults Upon Senior Securities 14
Item 4 -- Submission of Matters to Vote of Security Holders 14
Item 5 -- Other Information 14
Item 6 -- Exhibits and Reports on Form 8-K 14
Signatures 15
<PAGE> 3
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
1994 December 31,
ASSETS (unaudited) 1993
______ _____________ _____________
CURRENT ASSETS:
Cash and temporary investments $23,686 $20,439
Receivables, net 10,009 9,654
Due from affiliates, net 757 615
Inventories 1,918 2,315
Other current assets 7,584 3,515
________ ________
Total current assets 43,954 $36,538
PROPERTY AND EQUIPMENT, NET 329,895 334,354
OTHER ASSETS 1,979 5,043
________ ________
Total assets $375,828 $375,935
======== ========
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Accounts payable and accrued expenses $24,485 $34,229
Accrued interest payable 11,908 234
________ ________
Total current liabilities 36,393 34,463
MORTGAGE NOTES, due 2003 net
of unamortized discount of
$38,220 and $39,589 203,921 202,552
PIK NOTES, due 2005, net of
unamortized discount of
$7,986 and $8,256 43,858 42,242
OTHER LONG TERM LIABILITIES 3,710 0
OTHER BORROWINGS 65,000 65,000
________ ________
Total liabilities 352,882 344,257
CAPITAL 22,946 31,678
________ ________
Total liabilities and capital $375,828 $375,935
======== ========
The accompanying notes to consolidated financial statements are
an integral part of these consolidated balance sheets.
<PAGE> 4
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands)
For the Three Months For the Nine Months
Ended September 30 Ended September 30
1994 1993 1994 1993
REVENUES:
Gaming $72,594 $70,061 $200,244 $186,773
Rooms 6,218 6,694 15,284 15,268
Food and beverage 8,360 8,693 22,349 23,548
Other 3,012 2,709 7,073 6,652
_______ _______ ________ ________
Gross Revenues 90,184 88,157 244,950 232,241
Less - Promotional
allowances 9,585 9,796 25,277 24,492
_______ _______ ________ ________
Net Revenues 80,599 78,361 219,673 207,749
_______ _______ ________ ________
COSTS AND EXPENSES:
Gaming 40,362 39,051 118,591 111,945
Rooms 814 876 2,234 2,578
Food and beverage 4,149 4,261 10,574 12,624
General and
administrative 18,177 16,278 53,484 45,737
Depreciation and
amortization 3,564 3,450 10,898 12,866
_______ _______ ________ ________
67,066 63,916 195,781 185,750
_______ _______ ________ ________
Income from operations 13,533 14,445 23,892 21,999
INTEREST INCOME 126 151 421 485
INTEREST EXPENSE (11,097) (12,732) (33,045) (35,266)
________ ________ ________ ________
Net Income (Loss) $2,562 $1,864 ($8,732) ($12,782)
======== ======== ======== =========
The accompanying notes to consolidated financial statements are
an integral part of these consolidated balance sheets.
<PAGE> 5
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1994
(unaudited)
(in thousands)
Partners' Partners'
Capital Deficit Total
_________ _________ _____
Balance at December 31, 1993 73,395 (41,717) 31,678
Net loss - (8,732) (8,732)
_______ _________ ________
Balance at September 30, 1994 $73,395 ($50,449) $22,946
======= ========= ========
The accompanying notes to consolidated financial statements are
an integral part of these consolidated statements.
<PAGE> 6
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
For The Nine Months
Ended September 30
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($8,732) ($12,782)
Adjustments to reconcile net profit (loss)
to net cash flows provided by (used in)
operating activities
Noncash charges-
Depreciation and amortization 10,898 12,866
Accretion of bond discount 1,640 7,625
Provision for losses on receivables 4,083 670
Valuation adjustment of CRDA investments 825 819
________ ________
8,714 9,198
Increase in receivables, net (4,580) (389)
Decrease in inventories 397 318
Increase in other current assets (4,418) (1,154)
Decrease (increase) in other assets 4,264 (33)
Increase in current liabilities 3,371 2,664
Increase in other liabilities 3,710 0
_______ ________
Net cash flows provided by
operating activities $11,458 $10,604
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment, net ($6,439) ($10,217)
Purchase of CRDA investments (1,772) (2,237)
________ _________
Net cash flows used in investing activities (8,211) (12,454)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Distributions to TC/GP, INC. 0 (510)
_______ ________
Net increase (decrease) in cash and
cash equivalents 3,247 (2,360)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 20,439 23,610
_______ _______
CASH AND CASH EQUIVALENTS
AT SEPTEMBER 30 $23,686 $21,250
======= =======
SUPPLEMENTAL INFORMATION:
Cash paid for interest $14,625 $25,448
======= =======
The accompanying notes to consolidated financial statements
are an integral part of these consolidated statements.
<PAGE> 7
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(1) Organization and Operations
The accompanying consolidated financial statements include
those of Trump's Castle Associates, a New Jersey general
partnership (the "Partnership") and its wholly owned subsidiary,
Trump's Castle Funding, Inc., a New Jersey corporation (the
"Company"). All significant intercompany balances and
transactions have been eliminated in the consolidated financial
statements.
The accompanying consolidated financial statements have been
prepared by the Partnership without audit. In the opinion of the
Partnership, all adjustments, consisting of only normal recurring
adjustments, necessary to present fairly the financial position,
results of operations and cash flows for the periods presented
have been made.
The accompanying consolidated financial statements have
been prepared by the Partnership pursuant to the rules and
regulations of the Securities and Exchange Commission.
Accordingly, certain information and note disclosures normally
included in the financial statements prepared in conformity with
generally accepted accounting principles have been omitted.
These financial statements should be read in conjunction with
the consolidated financial statements and notes thereto included
in the Company's annual report on Form 10-K for the year ended
December 31, 1993 filed with the Securities and Exchange
Commission.
The results of operations for the three month and nine month
periods ended September 30, 1994 are not necessarily indicative of
the operating results to be attained for any other period.
(2) PIK Notes
On May 15, 1994, the first interest payment on the Increasing
Rate Subordinated Pay-In-Kind Notes due 2005 (the "PIK Notes")
came due. The amount of interest due totaled approximately
$1,345,000, and in accordance with the terms of the indenture
pursuant to which the PIK Notes were issued (the "PIK Note
Indenture"), the Partnership issued additional PIK Notes in lieu
of a cash payment. The Partnership anticipates that approximately
$2,250,000 principal amount of additional PIK Notes will be issued
in lieu of cash interest on November 15, 1994. Pursuant to the
terms of the PIK Note Indenture, the interest on the PIK Notes
increased from the rate of 7% per annum, which was effective
through September 30, 1994, to 13-7/8% per annum.
<PAGE> 8
(3) Fred Trump Gaming Chip Liability
In December 1990, Fred Trump, the father of Donald J. Trump,
placed $3,500,000 in cash on deposit with the Partnership's casino
cage, which was recorded by the Partnership as a gaming patron
deposit. Counter checks totaling $3,500,000 were issued against
the deposit, for which Fred Trump received gaming chips valued at
$3,500,000. On October 8, 1992, in accordance with the terms of
the company's outstanding indebtedness, Fred Trump redeemed
$1,000,000 in gaming chips for cash. In December 1993, Fred Trump
redeemed $1,000,000 in gaming chips and placed the same amount on
deposit in the casino cage. This amount was included in Patrons
Deposits as of December 31, 1993 and was subsequently redeemed on
January 6, 1994. On May 19, 1994 in accordance with the
indentures, Fred Trump redeemed $1,475,000 in gaming chips for
cash. The remaining gaming chip liability of Fred Trump of
$25,000 is included in the unredeemed chip liability as of
September 30, 1994.
(4) Financial Information of the Company
Financial information relating to the Company is as
follows (in thousands):
September 30, December 31,
1994 1993
_____________ ____________
Total assets (including Mortgage
Notes Receivable of $242,141 at
September 30, 1994 and December
31, 1993, PIK Notes Receivable of
$51,844 and $50,498 at September
30, 1994 and December 31, 1993,
respectively and Senior Notes
Receivable of $27,000 at September
30, 1994 and December 31, 1993.) $336,603 $319,876
======== ========
Total Liabilities and Capital
(including Mortgage Notes
Payable of $242,141 at September
30, 1994 and December 31, 1993,
PIK Notes Payable of $51,844 and
$50,498 at September 30, 1994 and
December 31, 1993 respectively
and Senior Notes Payable of
$27,000 at September 30, 1994
and December 31, 1993.) $336,603 $319,876
======== ========
Interest Income and Interest Expense for the nine month periods
ending September 30, 1994 and September 30, 1993 was $28,079 and
$31,206.
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION.
The financial information presented below reflects the
financial condition and results of operations of Trump's Castle
Associates (the "Partnership"). Trump's Castle Funding, Inc.
("Funding") is a wholly owned subsidiary of the Partnership and
conducts no business other than collecting amounts due under
certain intercompany notes from the Partnership for the purpose
of paying principal of, premium, if any, and interest on its
indebtedness, which Funding issued as a nominee for the
Partnership.
Results of Operations for the Three Month Period
Ended September 30, 1994 and September 30, 1993.
The Partnership's net revenues (gross revenues less
promotional expenses) for the three months ended September 30,
1994 and 1993 totaled approximately $80.6 million and $78.4
million, respectively, representing a $2.2 million (2.9%)
increase. Gaming revenues were approximately $72.6 million for
the three months ended September 30, 1994 and $70.1 million for
the comparable period in 1993.
Gaming revenue is comprised of table game win and slot
machine win. For the three months ended September 30, 1994 and
1993, table game win at Trump's Castle approximated $22.1 million
and $20.2 million, respectively. During these periods, dollars
wagered on table games totalled approximately $139.9 million with
a win percentage of 15.5% in 1994 and $134.3 million with a win
percentage of 14.3% in 1993. The table game win percentage is
outside the control of the Partnership, and although it is fairly
constant over the long term, it can vary significantly from
quarter to quarter, due in part to the play of certain gaming
patrons who tend to wager substantial dollar amounts on table
games.
For the three months ended September 30, 1994 and 1993, table
game credit extended to customers was approximately 32.8% and
28.8% of overall table play, respectively. The increase in credit
play reflects, in part, a shift in the gaming patron mix as a
result of increased play by individuals who wager relatively large
sums. These patrons tend to use a higher percentage of credit
when they wager.
For the three months ended September 30, 1994 and 1993, slot
win at Trump's Castle approximated $50.5 million and $49.9
million, respectively. Dollars wagered on slot machines totaled
approximately $561.1 million and $525.0 million for the three
months ended September 30, 1994 and 1993, respectively, with a win
percentage of 9.0% in 1994 and 9.5% in 1993, respectively. The
increase in slot revenue, which resulted from the increase in
dollars wagered, the Partnership believes, is attributable in part
<PAGE> 10
to the success of its marketing strategy and to general growth in
the industry. The increase in dollars wagered was offset by the
planned reduction in slot win percentage, which was designed to
stimulate play.
In the aggregate, nongaming revenues at Trump's Castle
decreased $.5 million for the three months ended September 30,
1994 when compared to the same period in 1993. This was the
result of a reduction in the number of patron visits during the
period.
Gaming costs and expenses for the three months ended
September 30, 1994 and September 30, 1993 varied in approximate
proportion to the increase in gaming revenue.
The decrease in rooms and food and beverage operating
expenses is primarily attributable to a variety of cost reduction
measures and an improvement in operational efficiency.
General and administrative expenses increased approximately
$1.9 million for the quarter ended September 30, 1994 as compared
to the prior year. The increase was primarily attributable to:
(1) Contributions of Casino Reinvestment Development
Authority deposits to certain public improvement
projects.
(2) Real estate tax rate increase.
(3) Increased spending for advertising and facilities
maintenance.
For the three months ended September 30, 1994, depreciation
and amortization did not vary significantly when compared to the
same period in 1993.
Interest expense decreased for the three month period ended
September 30, 1994 over the comparable period in 1993 by
approximately $1.6 million as a result of the recapitalization on
December 28, 1993.
Results of Operations for the Nine Month Period
Ended September 30, 1994 and September 30, 1993.
The Partnership's net revenues (gross revenues less
promotional expenses) for the nine months ended September 30, 1994
and 1993 totaled approximately $219.7 million and $207.7 million,
respectively, representing a $12.0 million (5.8%) increase.
Gaming revenues were approximately $200.2 million for the nine
months ended September 30, 1994 and $186.8 million for the
comparable period in 1993.
Gaming revenue is comprised of table game win and slot
machine win. For the nine months ended September 30, 1994 and
1993, table game win at Trump's Castle approximated $64.4 million
<PAGE> 11
and $54.7 million, respectively. During these periods, dollars
wagered on table games totalled approximately $365.2 million with
a win percentage of 17.2% in 1994 and $370.7 million with a win
percentage of 14.4% in 1993. The table game win percentage is
outside the control of the Partnership, and although it is fairly
constant over the long term, it can vary significantly from
quarter to quarter, due in part to the play of certain gaming
patrons who tend to wager substantial dollar amounts on table
games. In late 1993, Trump's Castle commenced a shift in
marketing strategy which included the attraction of international
table game patrons. On January 1, 1994 Trump's Castle won in
excess of $6.0 million from four such patrons. In the first
quarter of 1994, counter checks totaling $4.0 million were
returned as collection items. Subsequently, the Partnership
increased its provision for doubtful accounts by $3.0 million as a
result of the $4.0 million owed by the four international gaming
patrons.
For the nine months ended September 30, 1994 and 1993, table
game credit extended to customers was approximately 31.3% and
27.8% of overall table play, respectively. The increase in credit
play reflects, in part, a shift in the gaming patron mix as a
result of increased play by individuals who wager relatively large
sums. These patrons tend to use a higher percentage of credit
when they wager.
For the nine months ended September 30, 1994 and 1993, slot
win at Trump's Castle approximated $135.8 million and $132.1
million, respectively. Dollars wagered on slot machines totaled
approximately $1,497.2 million and $1,410.4 million for the nine
months ended September 30, 1994 and 1993, respectively, with a win
percentage of 9.1% in 1994 and 9.4% in 1993, respectively. The
increase in slot revenue, which resulted from the increase in
dollars wagered, the Partnership believes, is attributable in part
to the success of its marketing strategy and to general growth in
the industry. The increase in dollars wagered was offset by the
planned reduction in slot win percentage, which was designed to
stimulate play.
In the aggregate, nongaming revenues at Trump's Castle
declined $.8 million for the nine months ended September 30, 1994
when compared to the same period in 1993. This was the result of
a reduction in the number of patron visits during the period.
Gaming costs and expenses for the nine months ended September
30, 1994 and September 30, 1993 increased $6.6 million, or 5.9%,
while gaming revenues improved by $13.4 million, or 7.2%.
The decrease in rooms and food and beverage operating
expenses is primarily attributable to a variety of cost reduction
measures and improvements in operational efficiency.
General and administrative expenses increased approximately
$7.7 million for the nine months ended September 30, 1994 as
<PAGE> 12
compared to the prior year. The increase was primarily
attributable to:
(1) Significantly lower real estate tax expense incurred in
the first quarter of 1993 as a result of $1.8 million
real estate tax credit.
(2) The contribution of $2.5 million to a joint project with
Harrah's for the beautification of the marina district
of Atlantic City in which both casinos operate.
(3) Contributions of Casino Reinvestment Development
Authority deposits to certain public improvement
projects.
(4) Increased spending in connection with new business
development and facilities maintenance.
For the nine months ended September 30, 1994, depreciation
and amortization decreased $2.0 million over the comparable period
in 1993, primarily as a result of the impact of fully depreciated
assets.
Interest expense decreased for the nine month period ended
September 30, 1994 over the comparable period in 1993 by
approximately $2.2 million as a result of the recapitalization on
December 28, 1993.
Seasonality. The gaming industry in Atlantic City
traditionally has been seasonal, with its strongest performance
occurring from May through September, with December and January
showing substantial decreases in activity. Revenues have been
significantly higher on Fridays, Saturdays, Sundays and holidays
than on other days. Interim results are not necessarily
indicative of full year performance.
Inflation. There was no significant impact on the
Partnership's operations as a result of inflation during the nine
months ended September 30, 1994 and 1993.
Liquidity and Capital Resources
Cash flow from operating activities is the Partnership's
principal source of liquidity. For the nine months ended
September 30, 1994, the Partnership's net cash flow provided by
operating activities before cash debt service obligations was
$26.1 million and cash debt service was $14.6 million, resulting
in net cash provided by operating activities of $11.5 million.
Cash and cash equivalents of $23.7 million at September 30, 1994
reflects an increase of $3.3 million from $20.4 million at
December 31, 1993. The $3.3 million increase in cash was due to
the $11.5 million provided by operating activities, which was
offset by $6.4 million used to acquire capital assets and $1.8
million used to purchase CRDA investments.
<PAGE> 13
At September 30, 1994, the Partnership had a working capital
surplus of $7.6 million. The Partnership believes that this level
of working capital is adequate to sustain existing operations in
the foreseeable future.
The Partnership's liquidity and capital resources continue to
reflect the effect of the December 1993 Recapitalization, which
increased the Partnership's weighted average cost of debt from
approximately 9.43% to approximately 11.74%. The increase in the
weighted average cost of debt capital will be offset, at least
initially, by an approximately $23 million decrease in the
principal amount of the Partnership's consolidated indebtedness,
which was reduced from $381 million to $358 million. The pay-in-
kind feature of the PIK Notes could, however, result in an
additional $130 million of indebtedness over the next ten years,
assuming all accrued interest on the PIK Notes is paid in
additional PIK Notes. The Partnership issued an additional $1.3
million principal amount of PIK Notes in payment of the May 15,
1995 interest payment and anticipates that approximately
$2,250,000 principal amount of additional PIK Notes will be issued
in lieu of cash interest on November 15, 1994. Pursuant to the
terms of the PIK Note Indenture, the interest on the PIK Notes
increased from the rate of 7% per annum, which was effective
through September 30, 1994, to 13-7/8% per annum.
Management believes, based upon its current level of
operations, that although the Partnership is highly leveraged, it
will continue to have the ability to pay interest on its
indebtedness and to pay other liabilities with funds from
operations for the foreseeable future. However, there can be no
assurance to that effect. In the event that circumstances change,
the Partnership may seek to obtain a working capital facility of
up to $10 million, although there can be no assurance that such
financing will be available on terms acceptable to the
Partnership.
<PAGE> 14
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership and certain affiliated entities are
involved in various legal proceedings. Reference is
made to the description contained in the Company's
Annual Report on Form 10-K for the year ended December
31, 1993, and in the Company's Quarterly Report on Form
10-Q for the fiscal quarters ended March 31, 1994
and June 30, 1994, which is supplemented as follows:
By order dated August 8, 1994, the Court in the
Bondholder Litigation approved the issuance of
the Litigation Warrants. The Warrants were
subsequently distributed by Trump's Castle Hotel
& Casino, Inc. on October 7, 1994. TCHI owns a 1%
interest in the Partnership. Donald J. Trump is
currently the beneficial owner of TCHI.
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to Vote of Security
Holders.
None
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
None
(b) The Company filed the following Current Reports on
Form 8-K:
None
<PAGE> 15
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrants have duly caused this Report
to be signed on their behalf by the undersigned thereunto duly
authorized.
TRUMP'S CASTLE FUNDING, INC.
(Registrant)
By: /s/ Robert E. Schaffhauser
_____________________________
Robert E. Schaffhauser
Assistant Treasurer
(Duly Authorized Officer and
Chief Accounting Officer)
Date: November 15, 1994
TRUMP'S CASTLE ASSOCIATES
By: TC/GP, Inc.
Its: General Partner
By: /s/ Robert E. Schaffhauser
_____________________________
Robert E. Schaffhauser
Assistant Treasurer
(Duly Authorized Officer and
Chief Accounting Officer)
Date: November 15, 1994
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM TRUMP'S
CASTLE FUNDING, INC. AND TRUMP'S CASTLE ASSOCIATES. THIS DATA HAS BEEN
EXTRACTED FROM THE CONSOLIDATED BALANCE SHEETS AND THE CONSOLIDATED
STATEMENTS OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 1994
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000770618
<NAME> TRUMP'S CASTLE FUNDING, INC. AND TRUMP CASTLE ASSOCIATES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 23,686
<SECURITIES> 0
<RECEIVABLES> 10,766
<ALLOWANCES> 0
<INVENTORY> 1,918
<CURRENT-ASSETS> 7,584
<PP&E> 499,879
<DEPRECIATION> (169,984)
<TOTAL-ASSETS> 375,828
<CURRENT-LIABILITIES> 36,393
<BONDS> 247,779
<COMMON> 200
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 375,828
<SALES> 0
<TOTAL-REVENUES> 219,673
<CGS> 0
<TOTAL-COSTS> 184,883
<OTHER-EXPENSES> 10,898
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (33,045)
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,732)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
