<PAGE>
================================================================================
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, 2000
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.)
1000 Boardwalk
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-6060
(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.)
1000 Boardwalk
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-6060
(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.)
1000 Boardwalk
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 441-6060
(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, 2000 was
22,079,256.
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, 2000
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, 2000
was 100.
<PAGE>
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
<TABLE>
<CAPTION>
<S> <C>
Page No.
--------
Condensed Consolidated Balance Sheets of Trump Hotels & Casino Resorts, Inc.
as of December 31, 1999 and March 31, 2000 (unaudited).................................................. 1
Condensed Consolidated Statements of Operations of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 1999 and 2000 (unaudited).......................................... 2
Condensed Consolidated Statement of Stockholders' Equity of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 2000 (unaudited).................................................. 3
Condensed Consolidated Statements of Cash Flows of Trump Hotels & Casino Resorts, Inc.
for the Three Months Ended March 31, 1999 and 2000 (unaudited).......................................... 4
Condensed Consolidated Balance Sheets of Trump Hotels & Casino Resorts Holdings, L.P.
as of December 31, 1999 and March 31, 2000 (unaudited) ................................................. 5
Condensed Consolidated Statements of Operations of Trump Hotels & Casino Resorts Holdings, L.P.
for the Three Months Ended March 31, 1999 and 2000 (unaudited).......................................... 6
Condensed Consolidated Statement of Partners Capital of Trump Hotels & Casino Resorts
Holdings, L.P. for the Three Months Ended March 31, 2000 (unaudited)................................... 7
Condensed Consolidated Statements of Cash Flows of Trump Hotels & Casino Resorts Holdings, L.P.
for the Three Months Ended March 31, 1999 and 2000 (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........................................................................................... 12
ITEM 3 -- Quantitative and Qualitative Disclosures About Market Risk.............................................. 15
PART II -- OTHER INFORMATION
ITEM 1 -- Legal Proceedings......................................................................................... 15
ITEM 2 -- Changes in Securities and Use of Proceeds................................................................. 16
ITEM 3 -- Defaults Upon Senior Securities........................................................................... 16
ITEM 4 -- Submission of Matters to a Vote of Security Holders....................................................... 16
ITEM 5 -- Other Information......................................................................................... 16
ITEM 6 -- Exhibits and Reports on Form 8-K.......................................................................... 16
SIGNATURES
Signature -- Trump Hotels & Casino Resorts, Inc..................................................................... 17
Signature -- Trump Hotels & Casino Resorts Holdings, L.P............................................................ 18
Signature -- Trump Hotels & Casino Resorts Funding, Inc............................................................. 19
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1999 2000
---------- ----------
(unaudited)
CURRENT ASSETS:
<S> <C> <C>
Cash and cash equivalents ................................. $ 104,026 $ 150,167
Receivables, net .......................................... 47,781 41,871
Inventories ............................................... 13,060 12,691
Due from affiliates, net .................................. 27,368 27,316
Prepaid expenses and other current assets ................. 8,618 6,530
----------- -----------
Total Current Assets .................................. 200,853 238,575
INVESTMENT IN BUFFINGTON HARBOR, L.L.C ..................... 38,185 37,615
INVESTMENT IN TRUMP'S CASTLE PIK NOTES ..................... 76,250 79,540
PROPERTY AND EQUIPMENT, NET ................................ 1,860,596 1,846,950
DEFERRED BOND AND LOAN ISSUANCE COSTS, NET ................. 30,838 29,165
OTHER ASSETS (Note 3) ...................................... 60,298 61,654
----------- -----------
Total Assets ............................................... $ 2,267,020 $ 2,293,499
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt ...................... $ 12,411 $ 11,824
Accounts payable and accrued expenses ..................... 146,170 147,483
Accrued interest payable .................................. 30,301 81,400
----------- -----------
Total Current Liabilities ............................. 188,882 240,707
LONG-TERM DEBT, net of current maturities .................. 1,855,327 1,854,569
OTHER LONG-TERM LIABILITIES ................................ 21,738 26,273
----------- -----------
Total Liabilities .......................................... 2,065,947 2,121,549
----------- -----------
MINORITY INTEREST .......................................... 48,409 37,759
STOCKHOLDERS' EQUITY:
Common Stock, $.01 par value, 75,000,000 shares authorized,
24,206,756 issued; 22,079,256 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 ....................................... (283,226) (301,699)
Less treasury stock at cost, 2,127,500 shares ............. (19,997) (19,997)
----------- -----------
Total Stockholders' Equity ................................. 152,664 134,191
----------- -----------
Total Liabilities and Stockholders' Equity ................. $ 2,267,020 $ 2,293,499
=========== ===========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
balance sheets
1
<PAGE>
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
(unaudited)
(dollars in thousands, except share data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1999 2000
---- ----
REVENUES:
<S> <C> <C>
Gaming ............................................. $ 291,783 $ 295,021
Rooms .............................................. 19,572 17,995
Food and Beverage .................................. 32,241 30,833
Other .............................................. 9,248 8,058
------------ ------------
Gross Revenues ..................................... 352,844 351,907
Less -- Promotional allowances ..................... 37,129 35,417
------------ ------------
Net Revenues ....................................... 315,715 316,490
------------ ------------
COSTS AND EXPENSES:
Gaming ............................................. 185,000 184,887
Rooms .............................................. 7,803 7,432
Food and Beverage .................................. 11,211 10,134
General and Administrative ......................... 68,644 67,498
Depreciation and Amortization ...................... 21,355 19,722
Trump World's Fair Closing (Note 5) ................ -- 482
------------ ------------
294,013 290,155
------------ ------------
Income from operations ............................. 21,702 26,335
------------ ------------
NON-OPERATING INCOME AND (EXPENSES):
Interest income .................................... 1,642 1,763
Interest expense ................................... (55,531) (56,031)
Other non-operating expense ........................ (1,290) (470)
------------ ------------
(55,179) (54,738)
------------ ------------
Loss before equity in loss of Buffington
Harbor, L.L.C., minority interest, and cumulative
effect of change in accounting principle ........... (33,477) (28,403)
Equity in loss of Buffington Harbor, L.L.C ............ (766) (720)
------------ ------------
Loss before minority interest and cumulative effect
of change in accounting principle .................. (34,243) (29,123)
Minority Interest ..................................... 12,523 10,650
------------ ------------
Loss before cumulative effect of change in accounting
principle .......................................... (21,720) (18,473)
Cumulative effect of change in accounting principle
($5,620), net of minority interest ($2,055) (Note 4) (3,565) --
------------ ------------
NET LOSS .............................................. $ (25,285) $ (18,473)
============ ============
Basic and diluted loss per share:
before cumulative effect of change in accounting
principle .......................................... $ (.98) $ (.84)
Cumulative effect of change in accounting principle ... (.16) --
------------ ------------
Basic and diluted loss per share ...................... $ (1.14) $ (.84)
========== ==========
Average number of shares outstanding .................. 22,195,256 22,079,256
========== ==========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
2
<PAGE>
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Number of Shares
----------------
Common Additional
Class B Stock Paid in Accumulated Treasury
Common Common Amount Capital Deficit Stock Total
------ ------ ------ ------- ------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1999.. 24,206,756 1,000 $242 $455,645 $(283,226) $(19,997) $152,664
Net Loss.................... - - - - (18,473) - (18,473)
---------- ------ ------ -------- --------- -------- --------
Balance, March 31, 2000..... 24,206,756 1,000 $242 $455,645 $(301,699) $(19,997) $134,191
========== ====== ====== ======== ========= ======== ========
</TABLE>
The accompanying notes are an integral part of this condensed consolidated
financial statement.
3
<PAGE>
TRUMP HOTELS & CASINO RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR
THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
(unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
1999 2000
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net Loss........................................................................ $(25,285) $(18,473)
Adjustments to reconcile net loss to net cash flows from operating activities:
Cumulative effect of change in accounting principle............................ 3,565 -
Issuance of debt in exchange for accrued interest.............................. 3,167 3,622
Equity in loss of Buffington Harbor, L.L.C..................................... 766 720
Depreciation and amortization.................................................. 21,355 19,722
Non-cash increase in Trump's Castle PIK Notes.................................. (2,877) (3,290)
Minority interest in net loss.................................................. (12,523) (10,650)
Accretion of discounts on mortgage notes....................................... 1,211 1,365
Amortization of deferred loan costs............................................ 1,851 1,674
Provision for losses on receivables............................................ 2,569 1,435
Valuation allowance of CRDA investments and amortization of Indiana
gaming costs.................................................................. 2,088 2,068
(Gain) loss on disposition of property........................................ (335) 468
Decrease in receivables........................................................ 5,648 4,475
Decrease in inventories........................................................ 228 369
Decrease in other current assets............................................... 2,218 2,230
(Increase) decrease in due from affiliates..................................... (697) 52
(Increase) decrease in other assets............................................ (1,680) 555
(Decrease) increase in accounts payable and accrued expenses................... (4,620) 1,171
Increase in accrued interest payable........................................... 50,946 51,099
Decrease in other long-term liabilities........................................ (12) (12)
-------- --------
Net cash flows provided by operating activities............................... 47,583 58,600
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net........................................ (6,915) (5,604)
Proceeds from disposition of property.......................................... 1,045 27
Investment in Buffington Harbor, L.L.C......................................... (11) (150)
CRDA Investments............................................................... (3,427) (3,222)
Restricted cash................................................................ 2,523 -
-------- --------
Net cash flows used in investing activities................................... (6,785) (8,949)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long-term debt...................................................... (3,353) (3,510)
-------- --------
Net cash flows used in financing activities................................... (3,353) (3,510)
-------- --------
Net increase in cash and cash equivalents..................................... 37,445 46,141
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD................................. 114,757 104,026
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD....................................... $152,202 $150,167
======== ========
CASH INTEREST PAID............................................................... $ 1,172 $ 1,359
======== ========
Supplemental Disclosure of Non-Cash Activities:
Purchase of property and equipment under capital lease obligations............... $ 992 $ 800
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
4
<PAGE>
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS
<TABLE>
<CAPTION>
December 31, March 31,
1999 2000
---------- ----------
(unaudited)
CURRENT ASSETS:
<S> <C> <C>
Cash and cash equivalents.................. $ 104,022 $ 150,163
Receivables, net........................... 47,781 41,871
Inventories................................ 13,060 12,691
Due from affiliates, net................... 27,368 27,316
Prepaid expenses and other current assets.. 8,618 6,530
---------- ----------
Total Current Assets................... 200,849 238,571
INVESTMENT IN BUFFINGTON HARBOR, L.L.C...... 38,185 37,615
INVESTMENT IN TRUMP'S CASTLE PIK NOTES...... 76,250 79,540
PROPERTY AND EQUIPMENT, NET................. 1,860,596 1,846,950
DEFERRED BOND AND LOAN ISSUANCE COSTS, NET.. 30,838 29,165
OTHER ASSETS (Note 3)....................... 60,298 61,654
---------- ----------
Total Assets................................ $2,267,016 $2,293,495
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
<CAPTION>
CURRENT LIABILITIES:
<S> <C> <C>
Current maturities of long-term debt...... $ 12,411 $ 11,824
Accounts payable and accrued expenses..... 146,170 147,483
Accrued interest payable.................. 30,301 81,400
---------- ----------
Total Current Liabilities............. 188,882 240,707
LONG-TERM DEBT, net of current maturities.. 1,855,327 1,854,569
OTHER LONG-TERM LIABILITIES................ 21,738 26,273
---------- ----------
Total Liabilities.......................... 2,065,947 2,121,549
---------- ----------
PARTNERS' CAPITAL:
Partners' capital.......................... 652,503 652,503
Accumulated deficit........................ (431,437) (460,560)
Less stock of THCR......................... (19,997) (19,997)
---------- ----------
Total Partners' Capital.................... 201,069 171,946
---------- ----------
Total Liabilities and Partners' Capital.... $2,267,016 $2,293,495
========== ==========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
balance sheets.
5
<PAGE>
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
(unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1999 2000
---- ----
REVENUES:
<S> <C> <C>
Gaming ................................. $ 291,783 $ 295,021
Rooms .................................. 19,572 17,995
Food and Beverage ...................... 32,241 30,833
Other .................................. 9,248 8,058
--------- ---------
Gross Revenues ......................... 352,844 351,907
Less -- Promotional allowances ......... 37,129 35,417
--------- ---------
Net Revenues ........................... 315,715 316,490
--------- ---------
COSTS AND EXPENSES:
Gaming ................................. 185,000 184,887
Rooms .................................. 7,803 7,432
Food and Beverage ...................... 11,211 10,134
General and Administrative ............. 68,644 67,498
Depreciation and Amortization .......... 21,355 19,722
Trump World's Fair Closing (Note 5) .... -- 482
--------- ---------
294,013 290,155
--------- ---------
Income from operations ................. 21,702 26,335
--------- ---------
NON-OPERATING INCOME AND (EXPENSES):
Interest income ........................ 1,642 1,763
Interest expense ....................... (55,531) (56,031)
Other non-operating expense ............ (1,290) (470)
--------- ---------
(55,179) (54,738)
--------- ---------
Loss before equity in loss of Buffington
Harbor, L.L.C., and cumulative effect of
change in accounting principle ........ (33,477) (28,403)
Equity in loss of Buffington Harbor, L.L.C (766) (720)
--------- ---------
Loss before cumulative effect of change in
accounting principle ................... (34,243) (29,123)
Cumulative effect of change in accounting
principle (Note 4) ..................... (5,620) --
--------- ---------
NET LOSS .................................. $ (39,863) $ (29,123)
========= =========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
6
<PAGE>
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Partners' Accumulated THCR
Capital Deficit Common Stock Total
------- ------- ------------ -----
<S> <C> <C> <C> <C>
Balance, December 31, 1999 ...................... $ 652,503 $(431,437) $ (19,997) $ 201,069
Net Loss ........................................ - (29,123) - (29,123)
--------- --------- --------- ---------
Balance, March 31, 2000 ......................... $ 652,503 $(460,560) $ (19,997) $ 171,946
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of this condensed consolidated
financial statement.
7
<PAGE>
TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR
THE THREE MONTHS ENDED MARCH 31, 1999 AND 2000
(unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
1999 2000
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net Loss........................................................................ $(39,863) $(29,123)
Adjustments to reconcile net loss to net cash flows from operating activities:
Cumulative effect of change in accounting principle............................ 5,620 -
Issuance of debt in exchange for accrued interest.............................. 3,167 3,622
Equity in loss of Buffington Harbor, L.L.C..................................... 766 720
Depreciation and amortization.................................................. 21,355 19,722
Non-cash increase in Trump's Castle PIK Notes.................................. (2,877) (3,290)
Accretion of discounts on mortgage notes....................................... 1,211 1,365
Amortization of deferred loan costs............................................ 1,851 1,674
Provision for losses on receivables............................................ 2,569 1,435
Valuation allowance of CRDA investments and amortization of Indiana
gaming costs.................................................................. 2,088 2,068
(Gain) loss on disposition of property......................................... (335) 468
Decrease in receivables........................................................ 5,648 4,475
Decrease in inventories........................................................ 228 369
Decrease in other current assets............................................... 2,218 2,230
(Increase) decrease in due from affiliates..................................... (697) 52
(Increase) decrease in other assets............................................ (1,680) 555
(Decrease) increase in accounts payable and accrued expenses................... (4,620) 1,171
Increase in accrued interest payable........................................... 50,946 51,099
Decrease in other long-term liabilities........................................ (12) (12)
-------- --------
Net cash flows provided by operating activities............................... 47,583 58,600
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net........................................ (6,915) (5,604)
Proceeds from disposition of property.......................................... 1,045 27
Investment in Buffington Harbor, L.L.C......................................... (11) (150)
CRDA Investments............................................................... (3,427) (3,222)
Restricted cash................................................................ 2,523 -
-------- --------
Net cash flows used in investing activities................................... (6,785) (8,949)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long-term debt...................................................... (3,353) (3,510)
-------- --------
Net cash flows used in financing activities................................... (3,353) (3,510)
-------- --------
Net increase in cash and cash equivalents..................................... 37,445 46,141
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD................................. 114,753 104,022
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD....................................... $152,198 $150,163
======== ========
CASH INTEREST PAID............................................................... $ 1,172 $ 1,359
======== ========
Supplemental Disclosure of Non-Cash Activities:
Purchase of property and equipment under capital lease obligations............... $ 992 $ 800
======== ========
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
8
<PAGE>
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 (the "THCR Common Stock") (subject to certain adjustments),
representing approximately 38.5% of the outstanding shares of THCR Common Stock.
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, 1999
filed with the SEC.
The casino industry in Atlantic City is seasonal in nature; accordingly,
results of operations for the period ended March 31, 2000 are not necessarily
indicative of the operating results for a full year.
THCR and THCR Holdings commenced operations on June 12, 1995. THCR, THCR
Holdings and Trump Hotels & Casino Resorts Funding, Inc. ("THCR Funding") have
no operations and their ability to service their debt is dependent on the
successful operations of Trump Atlantic City Associates ("Trump AC"), which is
comprised of Trump Taj Mahal Associates ("Taj Associates") and Trump Plaza
Associates ("Plaza Associates"); Trump Indiana, Inc. ("Trump Indiana") and
Trump's Castle Associates, L.P. ("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 or 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 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
<PAGE>
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:
<TABLE>
<CAPTION>
December 31, March 31,
1999 2000
------------ ------------
(unaudited)
<S> <C> <C>
Total Assets (including THCR Holdings 15 1/2% Senior Secured
Notes due 2005 ("the Senior Notes")receivable of
$145,000,000 at December 31, 1999 and
March 31, 2000).......................................... $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,
1999 2000
------------ ------------
Interest Income from THCR Holdings............................ $ 5,619,000 $ 5,619,000
Interest Expense.............................................. $ 5,619.000 $ 5,619,000
------------ ------------
Net Income.................................................... $ - $ -
============ ============
</TABLE>
(3) Other Assets
Plaza Associates is appealing a real estate tax assessment by the City of
Atlantic City. Included in other assets is $8,014,000 which Plaza Associates
estimates will be recoverable on the settlement of the appeal.
(4) Change in Accounting Policy
On April 9, 1998, the American Institute of Certified Public Accountants
("AICPA") issued Statement of Position ("SOP") 98-5 "Reporting on the Costs of
Start-Up Activities". The new standard amended previous guidance from the AICPA
that permitted capitalization of start-up costs in certain industries and
requires that all nongovernmental entities expense the costs of start-up
activities as those costs are incurred. Under the SOP, the term "start-up" has
been broadly defined to include pre-operating, pre-opening and organization
activities. Companies must adopt the new standard in fiscal years beginning
after December 15, 1998. At adoption, a company must record a cumulative effect
of a change in accounting principle to write off any unamortized start-up costs
that existed as of the beginning of the fiscal year in which the SOP is adopted
and an operating expense for those costs which were incurred and capitalized
since the beginning of the fiscal year and adoption of the SOP.
THCR adopted the new standard in the first quarter of 1999 and wrote off
development costs of $5,620,000 as a change in accounting policy. The
cumulative effect after minority interest of $2,055,000 was $3,565,000.
(5) 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.
10
<PAGE>
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)
(6) Subsequent Events
On April 27, 2000, prior to maturity, Trump repaid all outstanding loans of
$24,516,233 including interest.
On April 27, 2000, THCR through its subsidiary, Trump Hotels & Casino
Resorts Development Company, L.L.C., signed a definitive agreement with the
Twenty-Nine Palm Band of Mission Indians for the development and management of a
Native American casino on Twenty-Nine Palms tribal land in Southern California
near Palm Springs. This development is scheduled to open in late 2001 and is
subject to certain approvals.
In May 2000, THCR Enterprises, L.L.C. ("THCR Enterprises") repurchased
$28,500,000 of THCR Holdings' Senior Notes for $14,910,000 plus accrued
interest.
11
<PAGE>
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 expect to have sufficient liquidity to
meet their obligations during 2000. 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 $6,915,000 and $5,604,000 for the three
months ended March 31, 1999 and 2000, respectively.
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 and
other future operations, the permitted distributions from Trump AC and Castle
Associates and the repayment of officers' notes.
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 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.
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 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 Indiana
Gaming Commission.
On April 27, 2000, prior to maturity, Trump repaid all outstanding loans of
$24,516,233 including interest. In May 2000, THCR Enterprises repurchased
$28,500,000 of THCR Holdings' Senior Notes for $14,910,000 plus accrued
interest.
12
<PAGE>
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, 1999 and 2000. The
following tables include selected data of Plaza Associates, Taj Associates,
Trump Indiana and Trump Marina.
<TABLE>
<CAPTION>
Three Months Ended March 31, 1999
----------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------ -------------
Revenues: (dollars in millions)
<S> <C> <C> <C> <C> <C>
Gaming .......................................... $ 82.3 $ 112.8 $ 35.7 $ 60.9 $ 291.8
Other ........................................... 22.5 24.8 1.7 12.2 61.0
------ ------ ----- ----- ------
Gross Revenues ................................. 104.8 137.6 37.4 73.1 352.8
Less: Promotional Allowances ..................... 14.0 14.1 .5 8.6 37.1
------ ------ ----- ----- ------
Net Revenues ................................... 90.8 123.5 36.9 64.5 315.7
------ ------ ----- ----- ------
Costs and Expenses:
Gaming .......................................... 50.2 72.2 23.8 38.8 185.0
General & Administrative ........................ 19.6 21.8 8.6 14.7 68.6
Depreciation & Amortization ..................... 6.0 9.4 1.7 4.3 21.4
Other ........................................... 7.2 7.7 1.6 2.4 19.0
------ ------ ----- ----- ------
Total Costs and Expenses ....................... 83.0 111.1 35.7 60.2 294.0
------ ------ ----- ----- ------
Income from Operations ........................... 7.8 12.4 1.2 4.3 21.7
------ ------ ----- ----- ------
Non-operating Income (Expense) ................... .1 .5 (1.5) .2 .4
Interest Expense ................................. (11.8) (23.4) (1.8) (13.4) (55.5)
------ ------ ----- ----- ------
Total Non-operating Expense, Net ............... (11.7) (22.9) (3.3) (13.2) (55.1)
------ ------ ----- ----- ------
Loss in Joint Venture ............................ -- -- (.8) -- (.8)
------ ------ ----- ----- ------
Net Loss Before Minority Interest &
Cumulative Effect of Change in
Accounting Principle ....................... $ (3.9) $ (10.5) $ (2.9) $ (8.9) (34.2)
======== ======== ======= =======
Minority Interest ................................ 12.5
Cumulative Effect of Acctg. Change .............. (3.6)
------
Net Loss ......................................... $ (25.3)
========
* Intercompany eliminations and expenses of THCR and THCR Holdings are not
separately shown.
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended March 31, 2000
---------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated*
---------- ---------- ------- ------ -------------
Revenues: (dollars in millions)
<S> <C> <C> <C> <C> <C>
Gaming .......................................... $ 77.6 $ 125.1 $ 33.0 $ 59.3 $ 295.0
Other ........................................... 17.8 24.5 2.2 12.5 56.9
----- ------ ----- ----- ------
Gross Revenues ................................. 95.4 149.6 35.2 71.8 351.9
Less: Promotional Allowances ..................... 11.9 14.9 .9 7.8 35.4
----- ------ ----- ----- ------
Net Revenues ................................... 83.5 134.7 34.3 64.0 316.5
----- ------ ----- ----- ------
Costs and Expenses:
Gaming .......................................... 51.1 75.6 22.5 35.7 184.9
General & Administrative ........................ 16.0 23.0 8.5 16.4 67.5
Depreciation & Amortization ..................... 4.4 9.0 1.8 4.3 19.7
Other ........................................... 5.2 8.0 1.7 3.2 18.1
----- ------ ----- ----- ------
Total Costs and Expenses ....................... 76.7 115.6 34.5 59.6 290.2
----- ------ ----- ----- ------
Income (loss) from Operations .................... 6.8 19.1 (.2) 4.4 26.3
----- ------ ----- ----- ------
Non-operating Income (Expense) ................... .1 .2 -- .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 ............................ -- -- (.7) -- (.7)
----- ------ ----- ----- ------
Net Loss Before Minority Interest ................ $ (5.0) $ (4.1) $ (2.4) $ (9.4) (29.1)
======= ======== ======= =======
Minority Interest ................................ 10.6
------
Net Loss ......................................... $ (18.5)
=======
</TABLE>
* Intercompany eliminations and expenses of THCR and THCR Holdings are not
separately shown.
13
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended March 31, 1999
-----------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated
----------- ----------- --------- ------------- -------------
(dollars in millions)
<S> <C> <C> <C> <C> <C>
Table Game Revenues................ $ 21.7 $ 38.7 $ 8.5 $ 15.4 $ 84.3
Table Game Drop.................... $ 140.1 $ 234.5 $ 51.4 $101.3 $ 527.3
Table Win Percentage............... 15.5% 16.5% 16.5% 15.2% 16.0%
Number of Table Games.............. 103 147 52 91 393
Slot Revenues...................... $ 60.6 $ 69.1 $ 27.2 $ 45.3 $ 202.3
Slot Handle........................ $ 770.6 $ 885.1 $441.5 $552.6 $2,649.8
Slot Win Percentage................ 7.9% 7.8% 6.2% 8.2% 7.6%
Number of Slot Machines............ 4,204 4,175 1,310 2,178 11,867
Other Gaming Revenues.............. N/A $ 5.0 N/A $ 0.2 $ 5.2
Total Gaming Revenues.............. $ 82.3 $ 112.8 $ 35.7 $ 60.9 $ 291.8
Three Months Ended March 31, 2000
-----------------------------------------------------------------
Plaza Taj Trump Trump THCR
Associates Associates Indiana Marina Consolidated
---------- ---------- ------- ------ ------------
(dollars in millions)
Table Game Revenues................ $ 23.3 $ 42.1 $ 7.4 $ 13.6 $ 86.4
Incr (Decr) over prior period..... $ 1.6 $ 3.4 $ (1.1) $ (1.8) $ 2.1
Table Game Drop.................... $ 152.2 $ 252.2 $ 43.2 $ 88.4 $ 536.0
Incr (Decr) over prior period..... $ 12.1 $ 17.7 $ (8.2) $(12.9) $ 8.7
Table Win Percentage............... 15.3% 16.7% 17.1% 15.3% 16.1%
Incr (Decr) over prior period..... (0.2)pts. 0.2pts. 0.6pts. 0.1pts. 0.1pts.
Number of Table Games.............. 95 143 50 76 364
Incr (Decr) over prior period..... (8) (4) (2) (15) (29)
Slot Revenues...................... $ 54.3 $ 77.8 $ 25.6 $ 45.6 $ 203.3
Incr (Decr) over prior period..... $ (6.3) $ 8.7 $ (1.6) $ 0.3 $ 1.0
Slot Handle........................ $ 695.3 $1,009.1 $400.1 $582.5 $2,687.0
Incr (Decr) over prior period..... $ (75.3) $ 124.0 $(41.4) $ 29.9 $ 37.2
Slot Win Percentage................ 7.8% 7.7% 6.4% 7.8% 7.6%
Incr (Decr) over prior period..... (0.1)pts. (0.1)pts. 0.2pts. (0.4)pts. 0.0pts.
Number of Slot Machines............ 2,774 4,521 1,236 2,265 10,796
Incr (Decr) over prior period..... (1,430) 346 (74) 87 (1,071)
Other Gaming Revenues.............. N/A $ 5.2 N/A $ 0.1 $ 5.3
Incr (Decr) over prior period..... N/A $ 0.2 N/A $ (0.1) $ 0.1
Total Gaming Revenues.............. $ 77.6 $ 125.1 $ 33.0 $ 59.3 $ 295.0
Incr (Decr) over prior period..... $ (4.7) $ 12.3 $ (2.7) $ (1.6) $ 3.2
</TABLE>
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. 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 15.9% and 15.4%
for the quarters ended March 31, 1999 and March 31, 2000, respectively.
Slot revenues at Plaza Associates declined due to the closing of Trump World's
Fair in October 1999.
Gaming costs and expenses were $184.9 million for the three months ended March
31, 2000, a decrease of $.1 million from $185.0 million for the comparable
period in 1999. Gaming expenses at the Trump Atlantic City properties, Trump
Plaza Hotel and Casino ("Trump Plaza") and the Trump Taj Mahal Casino Resort
(the "Taj Mahal") increased $4.3 million due to increases in marketing and
promotion costs. These increases were offset by a $3.1 million decrease at
Trump Marina as a result of a decrease in promotional and complimentary expenses
achieved by the strategic reductions or elimination of less profitable
programs. Also, Trump Indiana's gaming costs decreased $1.3 million
proportionately to the decrease in gaming revenues, as a result of the
legalization of dockside gaming competition in Illinois.
14
<PAGE>
General and administrative expenses were $67.5 million for the three months
ended March 31, 2000, a decrease of $1.1 million or 1.7% from $68.6 million for
the comparable period in 1999. The closing of Trump World's Fair primarily
contributed to this decrease, which was partially offset by increases at Taj
Associates and Trump Marina.
Non-operating expense includes the $1.3 million jury settlement awarded on
March 3, 1999 to residents of Indiana who had asserted claims to ownership of
7.5% of the value of Trump Indiana. Non-operating expense for the three months
ended March 31, 2000 primarily consists of a loss incurred upon termination of a
lease at THCR Holdings.
During the first quarter of 1999, THCR wrote off $5.6 million of new
development costs which had been classified as prepaid expense at December 31,
1998. The cumulative effect (after minority interest) of this accounting change
was $3.6 million.
Seasonality
The casino industry in Atlantic City and Indiana is seasonal in nature;
accordingly, the results of operations for the period ending March 31, 2000 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.
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.
Other Litigation. On or about March 20, 2000, Mark Metelman, a stockholder
of THCR, filed a proposed class action on behalf of all THCR stockholders in the
Superior Court of New Jersey, Chancery Division, Atlantic County (Civil Action
No. Atl-C-43.00) against THCR and each member of the Board of Directors of
THCR. The plaintiff claims that a third party made an offer to purchase THCR
and that one or more members of the Board of Directors wrongly failed to
consider the supposed offer. The plaintiff seeks, among other things, an order
requiring the defendants "to fully and fairly consider offers to purchase
[THCR]," as well as money damages. The defendants believe the complaint is
based on erroneous factual allegations and is legally without merit, and intend
to seek its dismissal.
15
<PAGE>
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, 1999, 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 Riverboat Gambling 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
None.
ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits:
Exhibit No. Description of Exhibit
----------- ----------------------
27.1(1) Financial Data Schedule of Trump Hotels & Casino Resorts,
Inc.
27.2(2) Financial Data Schedule of Trump Hotels & Casino Resorts
Holdings, L.P.
27.3(2) Financial Data Schedule of Trump Hotels & Casino Funding,
Inc.
(1) Filed only with the Quarterly Report on Form 10-Q of THCR for the
quarter ended March 31, 2000.
(2) Filed only with the Quarterly Report on Form 10-Q of THCR Holdings and
THCR Funding for the quarter ended March 31, 2000.
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, 2000 ending March 31, 2000.
16
<PAGE>
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, 2000
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
<PAGE>
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, 2000 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)
18
<PAGE>
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, 2000
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)
19
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000943322
<NAME> TRUMP HOTELS & CASINO RESORTS HOLDINGS L.P.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 150,163
<SECURITIES> 0
<RECEIVABLES> 54,215
<ALLOWANCES> 12,344
<INVENTORY> 12,691
<CURRENT-ASSETS> 238,571
<PP&E> 2,296,535
<DEPRECIATION> 449,585
<TOTAL-ASSETS> 2,293,495
<CURRENT-LIABILITIES> 240,707
<BONDS> 1,762,186
0
0
<COMMON> 0
<OTHER-SE> 171,946
<TOTAL-LIABILITY-AND-EQUITY> 2,293,495
<SALES> 316,490
<TOTAL-REVENUES> 351,907
<CGS> 0
<TOTAL-COSTS> 202,453 <F1>
<OTHER-EXPENSES> 87,702 <F2>
<LOSS-PROVISION> 1,435
<INTEREST-EXPENSE> 56,031
<INCOME-PRETAX> (29,123)
<INCOME-TAX> 0
<INCOME-CONTINUING> (29,123)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (29,123)
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1>Includes gaming,lodging,food & beverage and other
<F2>Includes general & administration, depreciation & amortization, and
Trump World's Fair closing costs.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000943323
<NAME> TRUMP HOTELS & CASINO RESORTS FUNDING INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 6,555
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,555
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 151,555
<CURRENT-LIABILITIES> 6,555
<BONDS> 145,000
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 151,555
<SALES> 0
<TOTAL-REVENUES> 5,619
<CGS> 0
<TOTAL-COSTS> 0 <F1>
<OTHER-EXPENSES> 0 <F2>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,619
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
<FN>
<F1>Includes gaming,lodging,food & beverage and other
<F2>Includes general & administration and depreciation & amortization
</FN>
</TABLE>
