Blaming Pennsylvania’s slots operations, anti-smoking laws and high fuel prices, Trump Entertainment Resorts yesterday reported a first quarter loss that more than doubled to US$18.6 million. Despite this, the company declared that it leads Atlantic City operators in gaming revenue trends during the quarter and is currently implementing a plan to cut costs and drive profitability in 2008.

Trump Entertainment Resorts reported unaudited net revenues of US$227.6 million to 31 March 2008, a 2.9% decrease compared to US$234.3 million for the same quarter in 2007. Income from operations decreased by US$12.1 million to US$7.5 million, impacted by lower table game hold at the Taj Mahal, and increased promotional allowances of US$6.7 million.

Mark Juliano, Chief Executive Officer of the Company, said, "Our operating results for the first quarter of 2008 show signs of progress being made through our operating plan, while also pointing to the remaining areas where we must improve our business. While our results are difficult to compare to 2007 due to the changing competitive landscape in Pennsylvania last year, I believe that we are well on our way towards implementing most of the necessary changes to our business as we prepare to open the new Chairman Tower at the Taj Mahal in September.”

Mr. Juliano continued, "We once again led the market in gaming revenue trends during the quarter, and the Plaza was the only property in Atlantic City to post a year-over-year revenue increase. Our revenue and EBITDA results were impacted by a number of factors in addition to table hold percentage, primarily decreased slot handle at Trump Marina. In addition, our TrumpONE program and revenue management initiatives have continued to show signs of both success and customer acceptance, and we are focused now on taking steps to decrease initial introduction costs, which impacted our results in the first quarter.”
(E-05.09.08)

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