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Trump Entertainment Resorts Reports Third Quarter 2008 Results

* The Chairman Tower at Trump Taj Mahal open
* The Trump Marina transaction amended
* Weak economy continues to impact results

ATLANTIC CITY, N.J., Nov. 7, 2008 (GLOBE NEWSWIRE) -- Trump Entertainment Resorts, Inc. (Nasdaq:TRMP) (the "Company") today reported its results for the three months ended September 30, 2008 and other related news.

In making the announcement, Mark Juliano, Chief Executive Officer of the Company, said, "The negative effects of the slow down in the U.S. economy, especially consumer spending, had a significant adverse impact on our results during the quarter. The continued competitive environment, predominantly from Pennsylvania, and the ongoing effects of the smoking ban continue to take their toll. The quarter also marked the debut of The Chairman Tower at Trump Taj Mahal, which has received overwhelming positive reviews from our customers."

Mr. Juliano continued, "We have been successful at keeping our customer volumes relatively stable during the past several months in the face of new competition and economic uncertainty, and we have done so while managing our marketing and labor costs. Nonetheless, as has been the case in a variety of industries dependent on discretionary consumer spending, our average spend per patron has fallen significantly during the fluctuations of the financial market and gas prices. As we navigate through these more difficult times, though, we are focused on preserving capital to fund necessary operating and other expenditures. Controlling both marketing and other operating costs is paramount. We will continue to review expenditures to weather this downturn. In connection with this effort, our 21 highest compensated employees have agreed to a voluntary 5% salary reduction effective December 1st."

CONSOLIDATED RESULTS

The results of Trump Marina have been classified as discontinued operations throughout this discussion. The following table outlines the financial results (dollars in millions, except per share data - unaudited):



                                Three Months Ended   Nine Months Ended
                                   September 30,       September 30,
                                ------------------  ------------------
                                  2008      2007      2008      2007
                                --------  --------  --------  --------

 Net revenues                   $  198.3  $  216.6  $  553.5  $  583.3
 (Loss) income from operations    (102.2)     34.4     (84.9)     59.2
 Adjusted EBITDA(1)                 41.7      47.8      86.5      96.5
 (Loss) income from continuing
  operations                      (110.8)      2.1    (145.3)    (25.6)
 (Loss) income from discontinued
  operations                       (28.3)      4.5     (42.3)     10.6
 Net (loss) income                (139.1)      6.6    (187.6)    (15.0)

 Basic and diluted share data:
  Continuing operations         $  (3.49) $   0.07  $  (4.59) $  (0.82)
  Discontinued operations          (0.90)     0.14     (1.34)     0.34
                                --------  --------  --------  --------
 Basic and diluted net (loss)
  income per share              $  (4.39) $   0.21  $  (5.93) $  (0.48)
                                ========  ========  ========  ========

 (1) Adjusted  EBITDA  presented in this table is (loss) income from
     operations excluding depreciation and amortization and goodwill
     and other intangible asset impairment charges. EBITDA and
     Adjusted EBITDA are not Generally Accepted Accounting Principles
     ("GAAP") measurements, but are commonly used in the gaming
     industry as measures of performance and as a basis for the
     valuation of gaming companies. Refer to the selected financial
     information within and accompanying this press release for a
     reconciliation of (loss) income from operations to Adjusted
     EBITDA.

The $102.2 million loss from operations for the three months ended September 30, 2008 includes a $129.8 million non-cash charge recorded in connection with interim goodwill and other intangible asset impairment testing performed in accordance with Statement of Financial Accounting Standards No. 142. The weakened economy and regional competition contributed to the impairment of goodwill and trademarks.

In addition, the Company recorded in its discontinued operations an estimated loss on disposal totaling $45.0 million related to long-lived assets of Trump Marina to reflect the fair market value of the property based on the pending sale price of $270 million.

Excluding non-cash intangible asset impairment charges, the majority of the Company's loss from continuing operations was attributable to a decrease in net revenues. Net revenues for the quarter ended September 30, 2008 decreased $18.3 million, or 8.5%, due to a $23.3 million, or 10.4% decrease in gaming revenue from third quarter 2007 levels, partially offset by a $7.0 million, or 11% decrease in promotional allowances. Before consideration of the non-cash intangible asset impairment charges, income from continuing operations for the quarter ended September 30, 2008 decreased $6.8 million to $27.6 million. Adjusted EBITDA decreased $6.1 million to $41.7 million from third quarter 2007 levels.

The 782-room Chairman Tower at Trump Taj Mahal debuted on schedule during Labor Day weekend, and remains on the projected $255 million budget. As of the end of October, approximately 450 of the 782 hotel rooms were completed, with the remainder planned for completion by the conclusion of 2008. Additionally, the renowned New York Italian restaurant Il Mulino opened adjacent to the casino floor in September.

The sale of Trump Marina to Coastal Development, LLC remains on track following the Company's announcement on October 28, 2008 that the parties had entered into an amendment to the Asset Purchase Agreement. Per the amendment, the October 28, 2008 deadline for financing commitment letters to be provided to the Company was waived, a definitive purchase price of $270 million was established with no provision for a decrease based on performance and Coastal Development, LLC has until May 28, 2009 to complete the transaction. The deposit made towards the purchase price was increased to $17 million, of which $15 million became immediately available to the Company.

The Company also announced that John P. Burke has been named Chief Financial Officer, effective immediately. Mr. Burke, 61, joined the Company in 1990 and has served as Interim Chief Financial Officer since December 2007. He has previously served as Executive Vice President and Treasurer of the Company and certain of its subsidiaries.

Corporate & Other Expenses

Corporate expenses for the quarter, excluding a goodwill impairment charge of $46.1 million, decreased $1.1 million to $5.1 million principally due to decreases in legal fees, stock-based compensation expense and payroll and related costs. Stock based compensation expense during the quarter decreased $ 0.2 million to $0.7 million.

Capital Structure

The Company reported that as of September 30, 2008 it had cash and cash equivalents of $88.8 million. Its cash and cash equivalents do not include $6.3 million in cash included in Trump Marina's assets held for sale and $2.8 million in restricted cash representing amounts used to secure outstanding letters of credit.

The Company's total debt increased by $76.4 million since December 31, 2007 to $1,720.2 million at September 30, 2008. The remaining $25.0 million available under the Beal Bank Credit Agreement will be drawn down during the fourth quarter. Capital expenditures for the nine months ended September 30, 2008 were approximately $153.0 million, consisting of $26.0 million maintenance capital, $13.0 million renovation capital and $114.0 million for the Chairman Tower at Trump Taj Mahal. Capital expenditures related to the Chairman Tower since the inception of construction total approximately $220 million Capitalized interest during the nine months ended September 30, 2008 and 2007 was $7.2 million and $2.6 million, respectively.

Conference Call Information

The Company will conduct a conference call at 11:00 a.m. Eastern Time (ET) on November 7, 2008, during which management will discuss the results and other matters addressed in the earnings release, which will be available live on the investor relations page of Company's website, www.trumpcasinos.com. Members of the financial community and interested investors who wish to participate in the conference call may do so via telephone by calling toll free (866) 770-7120 or, for callers outside the United States, (617) 213-8065, not earlier than 15 minutes before the call is scheduled to begin. The passcode for the call is 79129875.

A replay of the conference call will be available on the Company's website, as well as via telephone from 1:00 p.m. ET on November 7, 2008 until midnight ET on November 21, 2008. The replay number is toll free (888) 286-8010 or, for callers outside the United States and Canada, (617) 801-6888. The replay passcode is 71645318.

About Trump Entertainment Resorts, Inc.

Trump Entertainment Resorts, Inc. owns and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. The Company is the sole vehicle through which Donald J. Trump, the Company's non-executive Chairman and largest stockholder, conducts gaming activities and is separate and distinct from Mr. Trump's real estate and other holdings.

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

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could," "optimistic," "can" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of Trump Entertainment Resorts, Inc., the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements.

The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company. Accordingly, there can be no assurance that the forward-looking statements contained in this release, including with respect to the sale of Trump Marina will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company. The Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.



                  TRUMP ENTERTAINMENT RESORTS, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (unaudited)
       (dollars in thousands, except share and per share data)

                          Three Months Ended       Nine Months Ended
                             September 30,           September 30,
                        ----------------------  ----------------------
                           2008        2007        2008        2007
                        ----------  ----------  ----------  ----------

 Revenues:
  Gaming                $  201,365  $  224,680  $  564,278  $  601,022
  Rooms                     19,592      18,449      51,907      49,161
  Food and beverage         24,698      26,111      68,058      67,242
  Other                      9,652      11,352      25,566      23,398
                        ----------  ----------  ----------  ----------
                           255,307     280,592     709,809     740,823
  Less promotional
   allowances              (57,004)    (64,038)   (156,268)   (157,491)
                        ----------  ----------  ----------  ----------
   Net revenues            198,303     216,554     553,541     583,332

 Costs and expenses:
  Gaming                    86,804      93,514     254,889     265,952
  Rooms                      4,172       3,979      11,057      10,110
  Food and beverage         12,065      11,075      31,697      30,851
  General and
   administrative           48,735      54,185     152,168     156,221
  Corporate and other        4,205       5,417      15,281      21,891
  Corporate-related
   party                       641         612       1,946       1,827
  Goodwill and other
   intangible asset
   impairment charges      129,773          --     129,773          --
  Depreciation and
   amortization             14,069      13,397      41,585      37,300
                        ----------  ----------  ----------  ----------
                           300,464     182,179     638,396     524,152
                        ----------  ----------  ----------  ----------
 (Loss) income from
  operations              (102,161)     34,375     (84,855)     59,180

 Non-operating income
  (expense):
  Interest income              704       2,057       3,425       4,905
  Interest expense         (32,066)    (33,711)    (97,264)    (97,384)
                        ----------  ----------  ----------  ----------
                           (31,362)    (31,654)    (93,839)    (92,479)
                        ----------  ----------  ----------  ----------
 (Loss) income before
  income taxes, minority
  interests and
  discontinued
  operations              (133,523)      2,721    (178,694)    (33,299)
 Income tax benefit
  (provision)                2,295          --       2,295        (200)
 Minority interest          20,437        (637)     31,055       7,879
                        ----------  ----------  ----------  ----------
 (Loss) income from
  continuing operations   (110,791)      2,084    (145,344)    (25,620)
                        ----------  ----------  ----------  ----------
 (Loss) income from
  discontinued
  operations:
  Trump Marina             (38,782)      5,937     (63,884)     13,933
  Income tax benefit            --          --       6,221          --
  Minority interest          9,114      (1,395)     14,079      (3,274)
                        ----------  ----------  ----------  ----------
  Trump Marina, net of
   income taxes and
   minority interest       (29,668)      4,542     (43,584)     10,659
  Trump Indiana, net of
   income taxes and
   minority interest         1,316          --       1,316          --
                        ----------  ----------  ----------  ----------
 (Loss) income from
  discontinued
  operations               (28,352)      4,542     (42,268)     10,659
                        ----------  ----------  ----------  ----------
 Net (loss) income      $ (139,143) $    6,626  $ (187,612) $  (14,961)
                        ==========  ==========  ==========  ==========

 Basic and diluted net
  (loss) income per
  share:
 Continuing operations  $    (3.49) $     0.07  $    (4.59) $    (0.82)
 Discontinued operations     (0.90)       0.14       (1.34)       0.34
                        ----------  ----------  ----------  ----------
 Basic and diluted net
  (loss) income per
  share                 $    (4.39) $     0.21  $    (5.93) $    (0.48)
                        ==========  ==========  ==========  ==========

 Weighted average shares
  outstanding:
 Basic                  31,720,954  31,099,905  31,659,942  31,084,501
                        ==========  ==========  ==========  ==========
 Diluted                31,720,954  40,477,389  31,659,942  31,084,501
                        ==========  ==========  ==========  ==========


                  TRUMP ENTERTAINMENT RESORTS, INC.
                CONDENSED CONSOLIDATED BALANCE SHEETS
       (dollars in thousands, except share and per share data)

                                            September 30, December 31,
                                                2008          2007
                                            ------------  ------------
                                             (unaudited)

 Current assets:
  Cash and cash equivalents                 $     88,761  $    104,883
  Accounts receivable, net                        51,228        45,053
  Accounts receivable, other                       5,549         6,366
  Property taxes receivable                        3,935            --
  Inventories                                     12,312        11,235
  Deferred income taxes                           13,092         7,421
  Prepaid expenses and other current assets       19,085        13,382
  Assets held for sale                           235,268       295,035
                                            ------------  ------------
   Total current assets                          429,230       483,375
                                            ------------  ------------

 Net property and equipment                    1,473,278     1,356,981

 Other assets:
  Restricted cash                                  2,807        52,702
  Goodwill                                            --       145,216
  Trademarks                                      65,183        91,357
  Intangible assets, net                           3,660         4,415
  Deferred financing costs, net                   15,608        17,725
  Property taxes receivable                       15,565        18,782
  Other assets, net                               70,949        60,396
                                            ------------  ------------
   Total other assets                            173,772       390,593
                                            ------------  ------------
 Total assets                               $  2,076,280  $  2,230,949
                                            ============  ============

 Current liabilities:
  Accounts payable                          $     58,462  $     59,741
  Accrued payroll and related expenses            22,082        22,668
  Income taxes payable                             8,248         8,195
  Partnership distribution payable                   340           250
  Accrued interest payable                        43,806        18,102
  Self-insurance reserves                         17,415        12,754
  Other current liabilities                       36,538        37,199
  Current maturities of long-term debt             4,939         5,481
  Liabilities related to assets held for
   sale                                            4,377         4,994
                                            ------------  ------------
   Total current liabilities                     196,207       169,384
                                            ------------  ------------

 Long-term debt, net of current maturities     1,715,247     1,638,293
 Deferred income taxes                            70,641       100,159
 Other long-term liabilities                      27,681        31,853
 Minority interest                                21,623        64,892

 Stockholders' equity:
  Preferred stock, $1 par value; 1,000,000
   shares authorized, no shares issued and
   outstanding                                        --            --
  Common stock, $.001 par value; 75,000,000
   shares authorized, 31,720,876 and
   31,071,021 shares issued and outstanding
   at September 30, 2008 and December 31,
   2007, respectively                                 32            31
  Class B Common stock, $0.001 par value;
   1,000 shares authorized, 900 shares
   issued and outstanding                             --            --
  Additional paid-in capital                     466,177       460,053
  Accumulated deficit                           (421,328)     (233,716)
                                            ------------  ------------
   Total stockholders' equity                     44,881       226,368
                                            ------------  ------------
 Total liabilities and stockholders'
  equity                                    $  2,076,280  $  2,230,949
                                            ============  ============

                   TRUMP ENTERTAINMENT RESORTS, INC.
                    SELECTED FINANCIAL INFORMATION
                        SUMMARY OPERATING DATA
                      (unaudited, in millions)


                               Three Months Ended  Nine Months Ended
                                  September 30,       September 30,
                               ------------------  ------------------
                                 2008      2007      2008      2007
                               --------  --------  --------  --------
 Gaming revenues
    Trump Taj Mahal            $  130.2  $  145.8  $  360.1  $  389.7
    Trump Plaza                    71.2      78.9     204.2     211.3
                               --------  --------  --------  --------
     Total                     $  201.4  $  224.7  $  564.3  $  601.0
                               ========  ========  ========  ========
 Net revenues
    Trump Taj Mahal            $  125.9  $  139.7  $  352.9  $  377.3
    Trump Plaza                    72.4      76.9     200.6     206.0
                               --------  --------  --------  --------
     Total                     $  198.3  $  216.6  $  553.5  $  583.3
                               ========  ========  ========  ========
 Income (loss) from operations
    Trump Taj Mahal            $  (61.8) $   28.8  $  (35.8) $   66.0
    Trump Plaza                    10.8      11.8      14.8      17.2
    Corporate and other           (51.2)     (6.2)    (63.9)    (24.0)
                               --------  --------  --------  --------
     Total                     $ (102.2) $   34.4  $  (84.9) $   59.2
                               ========  ========  ========  ========
 Adjusted EBITDA
    Trump Taj Mahal            $   31.1  $   37.0  $   74.5  $   88.3
    Trump Plaza                    15.5      16.9      29.3      31.8
    Corporate and other            (4.9)     (6.1)    (17.3)    (23.6)
                               --------  --------  --------  --------
     Total                     $   41.7  $   47.8  $   86.5  $   96.5
                               ========  ========  ========  ========
 Discontinued operations -
  Trump Marina
    Gaming revenues            $   52.9  $   65.6  $  160.2  $  182.6
    Net revenues                   53.8      64.5     157.8     176.3
    Depreciation and
     amortization                    --       4.3       6.4      12.0
    Goodwill and other asset
     impairment charges (1)        45.0        --      65.9        --
    (Loss) income from
     discontinued operations
     before income taxes and
     minority interest (2)        (38.8)      5.9     (63.9)     13.9



 (1) Goodwill and other asset impairment charges during the three and
     nine months ended September 30, 2008 includes a $45.0 million
     estimated loss on disposal of Trump Marina. In addition,
     included in the nine months ended September 30, 2008 is an
     intangible asset impairment charge of $18.6 million related to
     Trump Marina trademarks and a goodwill impairment charge of $2.3
     million.

 (2) Loss from discontinued operations before income taxes and
     minority interest during the three and nine months ended
     September 30, 2008 includes $5.4 million of costs incurred in
     connection with the Trump Marina transaction, principally fees
     associated with the Second Amendment to our Credit Agreement.

                  TRUMP ENTERTAINMENT RESORTS, INC.
                   SELECTED FINANCIAL INFORMATION
  RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO ADJUSTED EBITDA
                       (unaudited, in millions)


                          Three Months Ended September 30, 2008
                  ---------------------------------------------------
                                              Goodwill
                                              and Other
                                             Intangible
                     Income    Depreciation     Asset
                  (Loss) From      and       Impairment    Adjusted
                   Operations  Amortization    Charges      EBITDA
                  ------------ ------------ ------------ ------------
 Trump Taj Mahal  $     (61.8) $        9.2 $       83.7 $       31.1
 Trump Plaza             10.8           4.7           --         15.5
 Corporate and
  other                 (51.2)          0.2         46.1         (4.9)
                  ------------ ------------ ------------ ------------
  Total           $    (102.2) $       14.1 $      129.8 $       41.7
                  ============ ============ ============ ============

                          Three Months Ended September 30, 2007
                  ---------------------------------------------------
                                              Goodwill
                                              and Other
                                             Intangible
                     Income    Depreciation     Asset
                  (Loss) From      and       Impairment    Adjusted
                   Operations  Amortization    Charges      EBITDA
                  ------------ ------------ ------------ ------------
 Trump Taj Mahal  $       28.8 $        8.2 $         -- $       37.0
 Trump Plaza              11.8          5.1           --         16.9
 Corporate and
  other                   (6.2)         0.1           --         (6.1)
                  ------------ ------------ ------------ ------------
  Total           $       34.4 $       13.4 $         -- $       47.8
                  ============ ============ ============ ============

                          Nine Months Ended September 30, 2008
                  ---------------------------------------------------
                                              Goodwill
                                              and Other
                                             Intangible
                     Income    Depreciation     Asset
                  (Loss) From      and       Impairment    Adjusted
                   Operations  Amortization    Charges      EBITDA
                  ------------ ------------ ------------ ------------
 Trump Taj Mahal  $     (35.8) $       26.6 $       83.7 $       74.5
 Trump Plaza             14.8          14.5           --         29.3
 Corporate and
  other                 (63.9)          0.5         46.1        (17.3)
                  ------------ ------------ ------------ ------------
  Total           $     (84.9) $       41.6 $      129.8 $       86.5
                  ============ ============ ============ ============

                          Nine Months Ended September 30, 2007
                  ---------------------------------------------------
                                              Goodwill
                                              and Other
                                             Intangible
                     Income    Depreciation     Asset
                  (Loss) From      and       Impairment    Adjusted
                   Operations  Amortization    Charges      EBITDA
                  ------------ ------------ ------------ ------------
 Trump Taj Mahal  $       66.0 $       22.3 $         -- $       88.3
 Trump Plaza              17.2         14.6           --         31.8
 Corporate and
  other                  (24.0)         0.4           --        (23.6)
                  ------------ ------------ ------------ ------------
  Total           $       59.2 $       37.3 $         -- $       96.5
                  ============ ============ ============ ============

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Trump Entertainment Resorts Inc.

Trump Entertainment Resorts
Investor Contact:
John Burke, Chief Financial Officer
(609) 449-5534
Media Contact:
Tom Hickey
(609) 705-0275