Trump Hotels & Casino Resorts Announces Banking Relationship with Morgan Stanley; Investment Bank Selected to Joint Lead Company's $500 Million Financing

NEW YORK--()--Oct. 26, 2004--Trump Hotels & Casino Resorts, Inc. ("THCR" or the "Company") (OTCBB: DJTC.OB) announced today that the Company has selected Morgan Stanley & Co. Incorporated ("Morgan Stanley") as joint lead arranger for the Company's $500 million financing (the "Financing") that is expected to be consummated as part of the Company's plan announced on October 21, 2004 (the "Plan"). Proceeds from the Financing, which will be secured on a first priority lien on substantially all of the Company's assets, are expected to fund immediate capital improvements, as well as certain expansion projects, at the Company's current properties. The Financing would also provide financial resources for the Company to potentially invest in additional jurisdictions. UBS Investment Bank, the Company's exclusive financial advisor in connection with the Plan, is expected to joint lead the Financing.

Donald J. Trump, the Company's Chairman and Chief Executive Officer, commented on the new banking relationship, "Morgan Stanley is one of the finest investment banking names on Wall Street. We are excited about the opportunity to work with Mitch Petrick and his team, given their proven track record working with companies with world-class brands and significant growth prospects. Combining their broad financial capabilities with the power of the Trump brand will create a strong platform for the expansion of our business." Michael ("Mitch") J. Petrick, Managing Director, Head of Morgan Stanley's Leveraged Finance and Co-Head of Morgan Stanley's Corporate Credit Group, commented, "We look forward to working with Trump Hotels & Casino Resorts on this important assignment. This financing clearly positions the Company for growth, and provides it with the opportunity to capitalize on an exceptional brand by reinvesting into, and expanding its, existing portfolio of assets." Scott C. Butera, the Company's Executive Vice President of Corporate and Strategic Development, added, "It was important for us to establish a long term relationship with another strong institutional partner. Morgan Stanley will greatly enhance our ability to achieve our strategic and financing objectives."

David R. Hilty, Managing Director in the Financial Restructuring Group of Houlihan Lokey Howard & Zukin which is serving as the financial advisor to certain noteholders of Trump Atlantic City Associates' First Mortgage Notes involved in the discussions, commented, "Completing the financing is one of the key steps to insure a timely exit from the recapitalization process. We are pleased with the selection of Morgan Stanley as a joint lead arranger of the Company's financing."

About the Company:

Through its subsidiaries, THCR owns and operates four properties and manages one property under the Trump brand name. THCR's owned 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. In addition, the Company manages Trump 29 Casino, a Native American owned facility located near Palms Springs, California. Together, the properties comprise approximately 451,280 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. THCR is separate and distinct from Mr. Trump's real estate and other holdings.

Cautionary Statement Regarding 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 and other information contained in this release relating to the proposed restructuring, or THCR's or its subsidiaries' plans, expectations, estimates, beliefs, performance, trends, operations or financial results, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "would," "could," "may" 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 THCR, 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 (including those pertaining to the currently proposed restructuring), all of which are difficult or impossible to predict and many of which are beyond the control of THCR.

Important factors that could cause actual events or results of the Company to be materially different from the forward-looking statements include the ability of the Company to develop, prosecute, confirm and consummate the Plan (or any significant delay with respect thereto); the negotiation and performance of definitive transaction documents in connection with the Plan, including those relating to the Financing; the Company's ability to obtain the required consents of noteholders and other constituencies to carry out the proposed recapitalization; the proposed investment by Donald J. Trump and Mr. Trump's role in the recapitalized Company; the negotiation of the potential arrangements with Donald J. Trump in connection with the Plan; court approval of the Company's first day papers and other motions prosecuted by it from time to time; the risk that certain parties may challenge the enforceability of the restructuring support agreement entered into among THCR and certain of its subsidiaries, Donald J. Trump and certain holders of the Company's public debt obligations in connection with the chapter 11 proceedings; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, or for the appointment of a chapter 11 trustee or to convert the case to a chapter 7 case; the ability of the Company to continue as a going concern; the ability of the Company to obtain trade credit, and shipments and terms with vendors and service providers for current orders; the Company's ability to maintain contracts that are critical to its operations; potential adverse developments with respect to the Company's liquidity or results of operations; the ability to fund and execute its business plan; the ability to attract, retain and compensate key executives and associates; and the ability of the Company to attract and retain customers; licenses and approvals under applicable laws and regulations, including gaming laws and regulations; adverse outcomes of pending litigation or the possibility of new litigation; the Company's preparation and submission of an application to have its common stock listed on the New York Stock Exchange or other national securities exchange if the Company is successful in its efforts to consummate a recapitalization, and the Company's ability to obtain such a listing; changes in the competitive climate in which the Company operates; or a broad downturn in the economy as a whole. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not differ significantly from the terms expressed in this release.

The forward-looking statements in this release reflect the opinion of the Company's management as of the date of this release. This Company does not intend, however, to update the statements 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. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by THCR 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.trump.com.

Contacts

FOR: Trump Hotels & Casino Resorts, Inc.
Scott C. Butera, 212-891-1500

Contacts

FOR: Trump Hotels & Casino Resorts, Inc.
Scott C. Butera, 212-891-1500