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, 1995
Commission File No. 1-9029
______________________________
TRUMP'S CASTLE FUNDING, INC.
(Exact name of Registrant as Specified in its Charter)
NEW JERSEY 11-2739203
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Castle Boulevard
Atlantic City, New Jersey 08401
(609) 340-5191
(Address, Including Zip Code and Telephone Number, Including Area
Code, of Registrant's Principal Executive Offices)
______________________________
TRUMP'S CASTLE ASSOCIATES
(Exact name of Registrant as Specified in its Charter)
NEW JERSEY 22-2608486
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Castle Boulevard
Atlantic City, New Jersey 08401
(609) 340-5191
(Address, Including Zip Code and Telephone Number, Including Area
Code, of Registrant's Principal Executive Offices)
______________________________
(Continued on next page)
<PAGE>
(Continued from previous page)
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 13, 1995, there were 200 shares of Trump's Castle
Funding, Inc.'s common stock outstanding.
-2-
<PAGE>
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,
1995 (unaudited) and December 31, 1994 4
Consolidated Statements of Operations of Trump's
Castle Associates and Subsidiary for the three
and nine month periods ended September 30, 1995
and 1994 (unaudited) 5
Consolidated Statement of Capital of Trump's
Castle Associates and Subsidiary for the nine
months ended September 30, 1995 (unaudited) 6
Consolidated Statements of Cash Flows for Trump's
Castle Associates and Subsidiary for the nine
months Ended September 30, 1995 and 1994
(unaudited) 7
Notes to Consolidated Financial Statements 8-10
Item 2 -- Management's Discussion and Analysis of Financial
Condition and Results of Operations 11-14
PART II -- OTHER INFORMATION
Item 1 -- Legal Proceedings 15
Item 2 -- Changes in Securities 15
Item 3 -- Defaults Upon Senior Securities 15
Item 4 -- Submission of Matters to Vote of Security Holders 15
Item 5 -- Other Information 15
Item 6 -- Exhibits and Reports on Form 8-K 15
Signatures 16
-3-
<PAGE>
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
1995 December 31,
ASSETS (unaudited) 1994
_____________ ____________
CURRENT ASSETS:
Cash and temporary investments $28,388 $19,122
Receivables, net 8,202 8,858
Due from affiliates, net 872 434
Inventories 1,442 1,790
Other current assets 8,397 4,830
________ ________
Total Current Assets 47,301 35,034
PROPERTY AND EQUIPMENT, NET 323,710 328,174
OTHER ASSETS 6,667 5,589
________ ________
Total Assets $377,678 $368,797
======== ========
LIABILITIES AND CAPITAL
CURRENT LIABILITIES:
Current maturities - other borrowings $2,721 $1,108
Accounts payable and accrued expenses 27,073 28,982
Accrued interest payable 12,253 3,994
________ ________
Total Current Liabilities 42,047 34,084
MORTGAGE NOTES, due 2003 net of 205,999 204,412
unamortized discount of $36,142
(at September 30, 1995) and
$37,729 (at December 31, 1994)
PIK NOTES, due 2005 net of 50,044 46,129
unamortized discount of $7,802
(at September 30, 1995) and
$7,965 (at December 31, 1994)
OTHER BORROWINGS 63,191 63,892
OTHER LONG TERM LIABILITIES 5,277 3,315
________ ________
Total Liabilities 366,558 351,832
________ ________
CAPITAL 11,120 16,965
________ ________
Total Liabilities and Capital $377,678 $368,797
======== ========
The accompanying notes to consolidated financial statements are
an integral part of these consolidated balance sheets.
-4-
<PAGE>
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
____________________ ___________________
1995 1994 1995 1994
REVENUES: ____ ____ ____ ____
Gaming $81,050 $72,594 $205,561 $200,244
Rooms 6,281 6,218 15,475 15,284
Food & beverage 9,431 8,360 22,411 22,349
Other 3,219 3,012 7,053 7,073
_______ _______ _______ _______
Gross Revenues 99,981 90,184 250,500 244,950
Less-Promotional allowances 10,823 9,585 25,186 25,277
_______ _______ _______ _______
Net Revenues 89,158 80,599 225,314 219,673
_______ _______ _______ _______
COSTS AND EXPENSES:
Gaming 46,204 39,788 119,881 116,873
Rooms 657 501 1,984 1,447
Food & beverage 3,527 3,415 9,500 8,723
General and administrative 19,518 19,798 55,054 57,840
Depreciation and amortization 3,704 3,564 10,817 10,898
_______ _______ _______ _______
Total costs and expenses 73,610 67,066 197,236 195,781
_______ _______ _______ _______
Income From Operations 15,548 13,533 28,078 23,892
Interest income 82 126 306 421
Interest expense (11,640) (11,097) (34,229) (33,045)
________ ________ ________ ________
Net Income (Loss) $3,990 $2,562 ($5,845) ($8,732)
========= ======== ========= ========
The accompanying notes to consolidated financial statements are
an integral part of these consolidated statements.
-5-
<PAGE>
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(unaudited)
(in thousands)
Partners' Partners'
Capital Deficit Total
_________ _________ _______
Balance at December 31, 1994 $73,395 ($56,430) $16,965
Net Loss -- (5,845) (5,845)
________ _________ _______
Balance at September 30, 1995 $73,395 ($62,275) $11,120
======== ========= =======
The accompanying notes to consolidated financial statements are
an integral part of these consolidated statements.
-6-
<PAGE>
TRUMP'S CASTLE ASSOCIATES AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
For the Nine Months
Ended September 30,
_______________________
1995 1994
____ ____
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($5,845) ($8,732)
Adjustments to reconcile net loss to net cash
flows provided by operating activities
Noncash charges-
Depreciation and amortization 10,817 10,898
Accretion of bond discounts 1,750 1,640
Provision for losses on receivables 905 4,083
Valuation adjustment of CRDA investments 1,179 825
_______ ________
8,806 8,714
Increase in receivables, net (689) (4,580)
Decrease in inventories 348 397
Increase in other current assets (3,567) (4,418)
(Increase) decrease in other assets (209) 4,264
Increase in current liabilities 6,350 3,371
Increase in other liabilities 5,716 3,710
_______ _______
Net cash flows provided by operating
activities 16,755 11,458
_______ _______
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment, net (6,353) (6,439)
Purchase of CRDA investments (2,048) (1,772)
_______ _______
Net cash flows used in investing activities (8,401) (8,211)
_______ _______
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Principal payments on other borrowings (794) -
Other borrowings 1,706 -
Net cash flows provided by investing _______ _______
activities 912 -
_______ _______
Net increase in cash and cash equivalents 9,266 3,247
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 19,122 20,439
_______ _______
CASH AND CASH EQUIVALENTS
AT SEPTEMBER 30 $28,388 $23,686
======= =======
SUPPLEMENTAL INFORMATION:
Cash paid for interest $27,216 $14,625
======= =======
The accompanying notes to consolidated financial statements are
an integral part of these consolidated statements.
-7-
<PAGE>
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
("Funding").
The Partnership owns and operates Trump's Castle, a luxury
casino hotel located in the Marina District of Atlantic City, New
Jersey.
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 annual report on Form 10-K for the year ended December 31,
1994 filed with the Securities and Exchange Commission by the
Partnership and Funding. Certain reclassifications have been made
to conform prior year financial information with the current year
presentation.
The results of operations for the three month and nine month
periods ended September 30, 1995 are not necessarily indicative of
the operating results to be attained for any other period.
(2) PIK NOTES AND OTHER BORROWINGS
On May 15, 1995, the semi-annual interest payment
of $3,752,771 on the Increasing Rate Subordinated Pay-In-Kind
Notes due 2005 (the "PIK Notes") was paid by issuance of
additional PIK Notes. Pursuant to the terms of the PIK Note
-8-
<PAGE>
Indenture, the interest on the PIK Notes increased from the rate
of 7% per annum to 13-7/8% per annum effective October 1, 1994.
On June 23, 1995, the Partnership entered into an Option
Agreement with Hamilton Partners, L.P. ("Hamilton") which grants
the Partnership an option (the "Option") to acquire the PIK Notes
owned by Hamilton. Hamilton has represented to the Partnership
that it is the owner of at least 92% of the outstanding principal
amount of the PIK Notes. The Option was granted to the
Partnership in consideration of a one million dollar payment to
Hamilton.
The Option, which is initially scheduled to expire on
December 12, 1995, may be extended until June 21, 1996, and is
exercisable at a price equal to 60% of the aggregate principal
amount and accrued interest of the PIK Notes delivered upon
exercise of the Option, plus an additional 40% of the principal
amount of PIK Notes issued after the date of the Option Agreement
and delivered upon exercise of the Option. Pursuant to the terms
of the Option Agreement, upon the occurrence of certain events
within 18 months of the time the Option is exercised, the
Partnership will make an additional payment to Hamilton of up to
40% of the principal amount of the PIK Notes.
The Partnership exercised its option to extend the Midlantic
Amended Term Loan (the "Midlantic Loan") on May 28, 1995. The
interest rate was revised to be a fluctuating rate of 3% above
Midlantic National Bank's prime rate, but in no event less than 9%
per annum. In addition, the outstanding principal amount of the
Midlantic Loan will be amortized over the five-year extension
period on a twenty year amortization schedule requiring principal
payments of $158,333 per month over the period.
(3) CASINO LICENSE
On June 22, 1995, the New Jersey Casino Control Commission
renewed the casino license of the Partnership through 1999,
subject to certain continuing reporting and compliance conditions.
-9-
<PAGE>
(4) FINANCIAL INFORMATION OF FUNDING
Financial information relating to Funding is as follows
(in thousands):
SEPTEMBER 30, DECEMBER 31,
1995 1994
_____________ ____________
Total Assets (including Mortgage $283,043 $277,541
Notes Receivable of $242,141, ======== ========
net of unamortized discount
of $36,142 and $37,729 at
September 30, 1995 and December
31, 1994, PIK Notes Receivable
of $57,846, net of unamortized
discount of $7,802 at September
30, 1995 and $54,094, net of
unamortized discount of $7,965 at
December 31, 1994, and Senior
Notes Receivable of $27,000 at
September 30, 1995 and December
31, 1994.)
Total Liabilities and Capital $283,043 $277,541
(including Mortgage Notes ======== ========
Payable of $242,141, net of
unamortized discount of $36,142
and $37,729 at September 30,
1995 and December 31, 1994,
PIK Notes Payable of $57,846,
net of unamortized discount of
$7,802 at September 30, 1995
and $54,094, net of unamortized
discount of 7,965 at December 31,
1994 and Senior Notes Payable of
$27,000 at September 30, 1995
and December 31, 1994.)
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
_________________________
1995 1994
________ ________
Interest Income $31,148 $28,079
Interest Expense 31,148 28,079
________ ________
Net Income $ - $ -
======== ========
-10-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
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, 1995 AND SEPTEMBER 30, 1994.
The Partnership's net income for the three months ended
September 30, 1995 and September 30, 1994 was $4.0 million and
$2.6 million respectively, reflecting an improvement of $1.4
million. Net revenues (gross revenues less promotional expenses)
for the three months ended September 30, 1995 and 1994 totaled
$89.2 million and $80.6 million, respectively, representing an
$8.6 million, 10.7% increase.
Gaming revenues, the primary component of gross revenue, were
approximately $81.1 million for the three months ended September
30, 1995 and $72.6 million for the comparable period in 1994.
Gaming revenue is comprised of table game win, slot machine, keno
and simulcasting win. For the three months ended September 30,
1995 and 1994, table game win at Trump's Castle approximated $23.9
million and $22.1 million, respectively. The increase in the
table game revenue was due to an increase in dollars wagered
coupled with a higher win percentage. Dollars wagered on table
games totaled approximately $143.3 million with a win percentage
of 16.7% in 1995 and $139.9 million with a win percentage of 15.8%
in 1994. The table game win percentage is outside the control of
the Partnership, and although fairly constant over the long term,
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, 1995 and 1994, slot
win at Trump's Castle approximated $56.6 million and $50.5
million, respectively. Dollars wagered on slot machines totaled
approximately $666.8 million and $561.1 million for the three
months ended September 30, 1995 and 1994, respectively, with a win
percentage of 8.5% in 1995 and 9.0% in 1994.
Food and beverage revenues increased to $9.4 million for the
three months ended September 30, 1995 from $8.4 million for the
comparable period ended September 30, 1994. This $1.0 million
increase is primarily the result of increases in complimentary
food and beverage. Promotional allowances, which include
-11-
<PAGE>
complimentary food and beverage, increased approximately $1.2
million in the aggregate.
Gaming costs and expenses were $46.2 million for the three
months ended September 30, 1995, as compared to $39.8 million for
the three months ended September 30, 1994. The $6.4 million
increase was due to higher marketing costs which resulted in
increased gaming revenues.
RESULTS OF OPERATIONS FOR THE NINE MONTH PERIOD
ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994.
The Partnership's net losses for the nine months ended
September 30, 1995 and September 30, 1994 were $5.8 million and
$8.7 million respectively, reflecting an improvement of $2.9
million. Net revenues (gross revenues less promotional expenses)
for the nine months ended September 30, 1995 and 1994 totaled
$225.3 million and $219.7 million, respectively, representing a
$5.6 million, 2.5% increase.
Gaming revenues, the primary component of gross revenue, were
approximately $205.6 million for the nine months ended September
30, 1995 and $200.2 million for the comparable period in 1994.
For the nine months ended September 30, 1995 and 1994, table game
win at Trump's Castle approximated $57.3 million and $64.4
million, respectively. The decline in table game revenue was due
to both a decline in the dollars wagered and the win percentage.
Dollars wagered on table games totaled approximately $354.8
million with a win percentage of 16.1% in 1995 and $365.2 million
with a win percentage of 17.6% in 1994. The table game win
percentage is outside the control of the Partnership, and although
fairly constant over the long term, 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. Approximately $6.0 million of the total $7.1 million
decline in table game win is attributable to a single day's win
from four international table game patrons on January 1, 1994.
(See gaming costs and expenses below.)
For the nine months ended September 30, 1995 and 1994, slot
win at Trump's Castle approximated $147.0 million and $135.8
million, respectively. Dollars wagered on slot machines totaled
approximately $1,689.1 million and $1,497.2 million for the nine
months ended September 30, 1995 and 1994, respectively, with a win
percentage of 8.7% in 1995 and 9.1% in 1994. Management believes
that the increase in slot revenue, which resulted from the
increase in dollars wagered, is attributable primarily to an
increase in promotions directed at slot patrons and industry-wide
growth in slot wagers.
Rooms, food and beverage, other revenues, and promotional
allowances activity did not vary significantly for the nine
months ended September 30, 1995 compared to the prior year
period.
-12-
<PAGE>
Gaming costs and expenses were $119.9 million for the nine
months ended September 30, 1995, as compared to $116.9 million for
the nine months ended September 30, 1994. The increase was
primarily the result of higher promotional expenses and marketing
costs which were offset by a variety of general cost reductions
and $3.0 million less of bad debt expense in the first nine months
of 1995. For the first nine months of 1994, there was a
$3.0 million bad debt reserve recorded against a $4.0 million
receivable relating to the January 1, 1994 gaming loss by four
international table game patrons. Approximately $1.4 million
remains outstanding, with approximately $1 million of this amount
reserved.
General and administrative expenses were $2.8 million greater
for the nine month period ended September 30, 1994 compared to the
1995 period. The 1994 charge was primarily due to expenses
recognized during that period in connection with the contribution
of Casino Reinvestment Development Authority deposits to certain
public improvement projects.
INFLATION. There was no significant impact on the
Partnership's operations as a result of inflation during the nine
months ended September 30, 1995 and 1994.
LIQUIDITY AND CAPITAL RESOURCES.
Cash flow from operating activities is the Partnership's
principal source of liquidity. For the nine months ended
September 30, 1995, the Partnership's net cash flow provided by
operating activities was $16.8 million. Cash and cash equivalents
totaled $28.4 million at September 30, 1995.
Total anticipated capital expenditures for 1995 are
approximately $8.6 million and include casino floor improvements,
renovation of hotel rooms and the purchase of slot machines.
Management believes that this level of capital expenditure will be
sufficient to maintain the attractiveness of Trump's Castle and
the aesthetics of its hotel rooms and other public areas. Capital
expenditures of $6.4 million for the nine months ended September
30, 1995 were primarily for the purchase of new slot machines and
hotel and casino renovations.
The Partnership's debt consists primarily of (i) a loan with
Midlantic National Bank (the "Midlantic Loan"), (ii) the 11-1/2%
Senior Notes due 2000 (the "Senior Notes"), (iii) the 11-3/4%
Mortgage Notes due 2003 (the "Mortgage Notes"), and (iv) the
Increasing Rate Subordinated Pay-in Kind Notes due 2005 (the "PIK
Notes"). On May 28, 1995, the Partnership exercised its option to
extend the Midlantic Loan for an additional five year term. The
Amended Midlantic Loan bears interest at the prime rate plus 3%,
currently 11.75%, and requires amortized monthly principal
payments of $158,333 which commenced May 31, 1995. The Amended
Midlantic Loan matures on May 28, 2000.
-13-
<PAGE>
The Senior Notes have an outstanding principal amount of $27
million, and bear interest at the rate of 11-1/2% per annum (which
may be reduced to 11-1/4% upon the occurrence of certain events).
The Senior Notes mature on November 15, 2000, and are subject to a
sinking fund which requires the retirement of 15% of the Senior
Notes on November 15, 1998 and 1999. The Mortgage Notes have an
outstanding principal amount of approximately $242 million, bear
interest at the rate of 11-3/4% per annum (which may be reduced to
11-1/2% upon the occurrence of certain events), and mature on
November 15, 2003.
The PIK Notes have an outstanding principal amount of
approximately $57.8 million and mature on November 15, 2005. The
PIK Notes bore interest at the rate of 7% through September 30,
1994, when, pursuant to their terms, the interest rate increased
to 13-7/8%. On or prior to November 15, 2003, interest on the PIK
Notes may be paid in cash or through the issuance of additional
PIK Notes. On May 15, 1995 the semi-annual interest payment of
$3,752,771 due on the PIK Notes was satisfied by the issuance of
additional PIK Notes, in lieu of a cash payment.
On June 23, 1995, the Partnership entered into an Option
Agreement with Hamilton Partners, L.P. ("Hamilton") which grants
the Partnership an option (the "Option") to acquire the PIK Notes
owned by Hamilton, which they have represented to be at least 92%
of the outstanding principal amount of the PIK Notes.
The Option, which is initially scheduled to expire on
December 12, 1995, may be extended until June 21, 1996, and is
exercisable at a price equal to 60% of the aggregate principal
amount and accrued interest of the PIK Notes delivered upon
exercise of the Option, plus an additional 40% of the principal
amount of PIK Notes issued after the date of the Option Agreement
and delivered upon exercise of the Option. Pursuant to the terms
of the Option Agreement, upon the occurrence of certain events
within 18 months of the time the Option is exercised, the
Partnership will make an additional payment to Hamilton of up to
40% of the principal amount of the PIK Notes.
The Partnership's debt service obligations during the last
quarter of 1995 are approximately $18 million.
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.
-14-
<PAGE>
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 Partnership's Annual
Report on Form 10-K for the year ended December 31, 1994.
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.
None
-15-
<PAGE>
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.
By: /s/ Robert E. Schaffhauser
____________________________
Robert E. Schaffhauser
Assistant Treasurer
(Duly Authorized Officer and
Chief Accounting Officer)
Date: November 13, 1995
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 13, 1995
-16-
<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 CONSOLIDATED STATEMENTS OF
OPERATIONS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000770618
<NAME> TRUMP'S CASTLE FUNDING, INC. AND TRUMP'S CASTLE ASSOCIATES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 28,388
<SECURITIES> 0
<RECEIVABLES> 8,202<F1>
<ALLOWANCES> 0
<INVENTORY> 1,442
<CURRENT-ASSETS> 8,397
<PP&E> 507,655
<DEPRECIATION> (183,945)
<TOTAL-ASSETS> 377,678
<CURRENT-LIABILITIES> 42,047
<BONDS> 256,043
<COMMON> 200
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 377,678
<SALES> 0
<TOTAL-REVENUES> 225,314
<CGS> 0
<TOTAL-COSTS> 186,419
<OTHER-EXPENSES> 10,817
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (34,229)
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,845)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>ASSET VALUES REPRESENT NET AMOUNTS
</FN>
</TABLE>
