EX-99
2
mv12-22ex99_1.txt
Exhibit 99.1
NEWS RELEASE
==================================== ===========================================
For Release: Contact:
Wednesday, December 21, 2005 Dale Black EVP and Chief Financial Officer
(609) 449-5556
==================================== ===========================================
TRUMP ENTERTAINMENT RESORTS COMPLETES SALE OF
TRUMP INDIANA RIVERBOAT TO MAJESTIC STAR
ATLANTIC CITY, NEW JERSEY - Trump Entertainment Resorts, Inc. (NASDAQ
NMS: TRMP) (the "Company") announced today that the Company has consummated the
previously announced sale of Trump Indiana, Inc., a subsidiary of the Company
that owns and operates the Company's riverboat casino and hotel at Buffington
Harbor in Gary, Indiana ("Trump Indiana"), to The Majestic Star Casino, LLC
("Majestic").
Under the terms of the sale, Majestic acquired all of the issued and
outstanding equity of Trump Indiana for a purchase price of $253 million,
subject to certain adjustments. Majestic also owns a riverboat casino adjacent
to Trump Indiana, and prior to the sale, Majestic and Trump Indiana owned,
developed and operated all common land-based and waterside operations through a
joint venture in support of their riverboat casinos at Buffington Harbor. Also,
through another joint venture, Trump Indiana and an affiliate of Majestic
operated a parking garage at Buffington Harbor. As part of the transaction,
Majestic Star assumed Trump Indiana's interest in the joint ventures.
James B. Perry, the Company's President and Chief Executive Officer,
commented on the consummated sale, "We are very happy with this transaction and
wish Majestic continued success in their operation of both boats at the site".
The Company also announced today that Scott C. Butera resigned from
his position as an Executive Vice President and the Chief Strategic Officer of
the Company, effective December 20, 2005, to pursue other endeavors. Mr. Butera
has agreed to be retained as a consultant to the Company with respect to certain
matters on which he worked prior to his resignation. Donald J. Trump, the
Chairman of the Company's Board of Directors, commented, "We are very thankful
for Scott's contributions to the Company and wish him every success in the
future." Jim Perry commented further, "Now with the sale of Trump Indiana
completed, and the capital plans for our Atlantic City properties approved by
the Board, I can now focus my attention on, among other matters, the creation of
a new business development team to explore other venues".
About Our Company:
------------------
Trump Entertainment Resorts, Inc. is a leading gaming company that
owns and operates four properties. The Company's assets include Trump Taj Mahal
Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in
Atlantic City, New Jersey, Trump Marina Hotel Casino, located in Atlantic City's
Marina District, and the Trump Casino Hotel, a riverboat casino located in Gary,
Indiana. Together, the properties comprise approximately 371,300 square feet of
gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle
through which Donald J. Trump, the Company's Chairman and largest stockholder,
conducts gaming activities and strives to provide customers with outstanding
casino resort and entertainment experiences consistent with the Donald J. Trump
standard of excellence. Trump Entertainment Resorts, Inc. 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, trend analysis and other information contained in
this release relative to the Company's or its subsidiaries' performance, trends
in the Company's or its subsidiaries' operations or financial results, plans,
expectations, estimates and beliefs, as well as other statements including words
such as "anticipate", "believe", "plan", "estimate", "expect", "intend", "will,"
"could" 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 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 Company. Accordingly, there can be no assurance that the forward-looking
statements contained in this release will be realized or that actual results
will not be significantly higher or lower. The forward-looking statements in
this release reflect the opinion of the Company's management as of the date of
this release. 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
addition, the business and operations of the Company are subject to substantial
risks, including, but not limited to risks relating to liquidity and cash flows,
which increase the uncertainty inherent in the forward-looking statements
contained in this release. The inclusion of the forward-looking statements
contained in this release should not be regarded as a representation by the
2
Company or any other person that the forward-looking statements contained in the
release will be achieved. 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.
###
3

EX - 99 2 mv12 - 22ex99 _ 1 . txt Exhibit 99 . 1 NEWS RELEASE = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = For Release : Contact : Wednesday , December 21 , 2005 Dale Black EVP and Chief Financial Officer ( 609 ) 449 - 5556 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = TRUMP ENTERTAINMENT RESORTS COMPLETES SALE OF TRUMP INDIANA RIVERBOAT TO MAJESTIC STAR ATLANTIC CITY , NEW JERSEY - Trump Entertainment Resorts , Inc . ( NASDAQ NMS : TRMP ) ( the " Company " ) announced today that the Company has consummated the previously announced sale of Trump Indiana , Inc . , a subsidiary of the Company that owns and operates the Company 's riverboat casino and hotel at Buffington Harbor in Gary , Indiana ( " Trump Indiana " ) , to The Majestic Star Casino , LLC ( " Majestic " ) . Under the terms of the sale , Majestic acquired all of the issued and outstanding equity of Trump Indiana for a purchase price of $ 253 million , subject to certain adjustments . Majestic also owns a riverboat casino adjacent to Trump Indiana , and prior to the sale , Majestic and Trump Indiana owned , developed and operated all common land - based and waterside operations through a joint venture in support of their riverboat casinos at Buffington Harbor . Also , through another joint venture , Trump Indiana and an affiliate of Majestic operated a parking garage at Buffington Harbor . As part of the transaction , Majestic Star assumed Trump Indiana 's interest in the joint ventures . James B. Perry , the Company 's President and Chief Executive Officer , commented on the consummated sale , " We are very happy with this transaction and wish Majestic continued success in their operation of both boats at the site " . The Company also announced today that Scott C . Butera resigned from his position as an Executive Vice President and the Chief Strategic Officer of the Company , effective December 20 , 2005 , to pursue other endeavors . Mr . Butera has agreed to be retained as a consultant to the Company with respect to certain matters on which he worked prior to his resignation . Donald J . Trump , the Chairman of the Company 's Board of Directors , commented , " We are very thankful for Scott 's contributions to the Company and wish him every success in the future . " Jim Perry commented further , " Now with the sale of Trump Indiana completed , and the capital plans for our Atlantic City properties approved by the Board , I can now focus my attention on , among other matters , the creation of a new business development team to explore other venues " . About Our Company : ------------------ Trump Entertainment Resorts , Inc . is a leading gaming company that owns and operates four properties . The Company 's assets include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino , located on the Boardwalk in Atlantic City , New Jersey , Trump Marina Hotel Casino , located in Atlantic City 's Marina District , and the Trump Casino Hotel , a riverboat casino located in Gary , Indiana . Together , the properties comprise approximately 371,300 square feet of gaming space and 3,180 hotel rooms and suites . The Company is the sole vehicle through which Donald J . Trump , the Company 's Chairman and largest stockholder , conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J . Trump standard of excellence . Trump Entertainment Resorts , Inc . 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 , trend analysis and other information contained in this release relative to the Company 's or its subsidiaries ' performance , trends in the Company 's or its subsidiaries ' operations or financial results , plans , expectations , estimates and beliefs , as well as other statements including words such as " anticipate " , " believe " , " plan " , " estimate " , " expect " , " intend " , " will , " " could " 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 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 Company . Accordingly , there can be no assurance that the forward - looking statements contained in this release will be realized or that actual results will not be significantly higher or lower . The forward - looking statements in this release reflect the opinion of the Company 's management as of the date of this release . 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 addition , the business and operations of the Company are subject to substantial risks , including , but not limited to risks relating to liquidity and cash flows , which increase the uncertainty inherent in the forward - looking statements contained in this release . The inclusion of the forward - looking statements contained in this release should not be regarded as a representation by the 2 Company or any other person that the forward - looking statements contained in the release will be achieved . 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 . # # # 3