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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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FORM 10-Q



(Mark One)

|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



| | For the Quarterly Period ended September 30, 2003
| | -------------------------------------------------



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------



| | For the transition period fromto
| | --------------------------------



Commission File No.: 333-104916



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TRUMP CASINO HOLDINGS, LLC

(Exact Name of Registrant as Specified in its Charter)



|Delaware                                                       |  | 45-0475879                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)



c/o Trump Hotels
& Casino Resorts Holdings, L.P.

1000 Boardwalk at Virginia Avenue

Atlantic City, New Jersey 08401

(609) 449-6515



(Address, Including Zip Code and Telephone Number, Including

Area Code, of Registrants Principal Executive Offices)



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TRUMP CASINO FUNDING, INC.

(Exact Name of Registrant as Specified in its Charter)



|Delaware                                                       |  | 45-0475877                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)



c/o Trump Hotels
& Casino Resorts Holdings, L.P.

1000 Boardwalk at Virginia Avenue

Atlantic City, New Jersey 08401

(609) 449-6515



(Address, Including Zip Code and Telephone Number, Including

Area Code, of Registrants Principal Executive Offices)



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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 Registrant was
required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes  x   No ̈.



Indicate by check mark whether either one of the registrants is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).  Yes ̈No  x.



As of November 14, 2003, there were 100 shares of Trump Casino Funding, Inc.s Common Stock, par value $.01 per share, outstanding. Trump Casino
Funding, Inc. meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.



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TRUMP CASINO HOLDINGS, LLC



INDEX TO FORM 10-Q



|                                                                                                                            | 
|--------------------------------------------------------------------------------------------------------------------------- | 
|                                                                                                                            | 
|                                                                                                                            | 
|PART I  FINANCIAL INFORMATION                                                                                              | 
|                                                                                                                            | 
|ITEM 1 Financial Statements                                                                                                | 
|                                                                                                                            | 
|Condensed Consolidated Balance Sheets as of December 31, 2002 and September 30, 2003 (unaudited)                            | 
|                                                                                                                            | 
|Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2002 and 2003 (unaudited) | 
|                                                                                                                            | 
|Condensed Consolidated Statement of Capital for the nine months ended September 30, 2003 (unaudited)                        | 
|                                                                                                                            | 
|Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2002 and 2003 (unaudited)           | 
|                                                                                                                            | 
|Notes to Condensed Consolidated Financial Statements (unaudited)                                                            | 
|                                                                                                                            | 
|ITEM 2 Managements Discussion and Analysis of Financial Condition and Results of Operations                               | 
|                                                                                                                            | 
|ITEM 3 Quantitative and Qualitative Disclosures About Market Risk                                                          | 
|                                                                                                                            | 
|ITEM 4  Controls and Procedures                                                                                            | 
|                                                                                                                            | 
|PART II  OTHER INFORMATION                                                                                                 | 
|                                                                                                                            | 
|ITEM 1  Legal Proceedings                                                                                                  | 
|                                                                                                                            | 
|ITEM 2  Changes in Securities and Use of Proceeds                                                                          | 
|                                                                                                                            | 
|ITEM 3  Defaults Upon Senior Securities                                                                                    | 
|                                                                                                                            | 
|ITEM 4 Submission of Matters to a Vote of Security Holders                                                                 | 
|                                                                                                                            | 
|ITEM 5  Other Information                                                                                                  | 
|                                                                                                                            | 
|ITEM 6  Exhibits and Reports on Form 8-K                                                                                   | 
|                                                                                                                            | 
|SIGNATURES                                                                                                                  | 
|                                                                                                                            | 
|Trump Casino Holdings, LLC                                                                                                  | 
|                                                                                                                            | 
|Trump Casino Funding, Inc.                                                                                                  | 



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PART IFINANCIAL INFORMATION



ITEM 1  FINANCIAL STATEMENTS



TRUMP CASINO HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)



|                                                |  | December 31, 2002 |          |   | September 30, 2003 |  
|----------------------------------------------- |  | ----------------- | -------- | - | ------------------ | -
|                                                |  |                   |          |   | (unaudited)        |  
|ASSETS                                          |  |                   |          |   |                    |  
|CURRENT ASSETS                                  |  |                   |          |   |                    |  
|Cash and cash equivalents                       |  | $                 | 33,917   |   |                    | $
|Receivables, net                                |  |                   | 12,756   |   |                    |  
|Inventories                                     |  |                   | 3,182    |   |                    |  
|Prepaid expenses and other current assets       |  |                   | 3,797    |   |                    |  
|Due from affiliates                             |  |                   | 378      |   |                    |  
|                                                |  |                   |          |   |                    |  
|Total current assets                            |  |                   | 54,030   |   |                    |  
|PROPERTY AND EQUIPMENT, NET                     |  |                   | 517,854  |   |                    |  
|INVESTMENT IN BUFFINGTON HARBOR RIVERBOATS, LLC |  |                   | 31,842   |   |                    |  
|DEFERRED BOND AND LOAN ISSUANCE COSTS, NET      |  |                   | 2,575    |   |                    |  
|OTHER ASSETS                                    |  |                   | 21,763   |   |                    |  
|                                                |  |                   |          |   |                    |  
|Total assets                                    |  | $                 | 628,064  |   |                    | $
|                                                |  |                   |          |   |                    |  
|LIABILITIES AND EQUITY                          |  |                   |          |   |                    |  
|CURRENT LIABILITIES                             |  |                   |          |   |                    |  
|Current maturities of long-term debt            |  | $                 | 7,712    |   |                    | $
|Accounts payable and accrued expenses           |  |                   | 40,558   |   |                    |  
|Due to affiliates                               |  |                   | 4,381    |   |                    |  
|Accrued interest payable                        |  |                   | 3,778    |   |                    |  
|                                                |  |                   |          |   |                    |  
|Total current liabilities                       |  |                   | 56,429   |   |                    |  
|DUE TO AFFILIATES-THCR HOLDINGS                 |  |                   | 32,566   |   |                    |  
|LONG-TERM DEBT, LESS CURRENT MATURITIES         |  |                   | 487,242  |   |                    |  
|OTHER LONG-TERM LIABILITIES                     |  |                   | 5,974    |   |                    |  
|                                                |  |                   |          |   |                    |  
|Total liabilities                               |  |                   | 582,211  |   |                    |  
|                                                |  |                   |          |   |                    |  
|CAPITAL                                         |  |                   |          |   |                    |  
|Contributed capital                             |  |                   | 238,273  |   |                    |  
|Accumulated deficit                             |  |                   | (191,482 | ) |                    |  
|Accumulated other comprehensive loss            |  |                   | (938     | ) |                    |  
|                                                |  |                   |          |   |                    |  
|Total capital                                   |  |                   | 45,853   |   |                    |  
|                                                |  |                   |          |   |                    |  
|Total liabilities and capital                   |  | $                 | 628,064  |   |                    | $
|                                                |  |                   |          |   |                    |  



See accompanying notes.



1



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TRUMP CASINO HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands)



|                                                                        |  | For the Three Months Ended September 30, |         |   |      |   | For the Nine Months Ended September 30, |  
|----------------------------------------------------------------------- |  | ---------------------------------------- | ------- | - | ---- | - | --------------------------------------- | -
|                                                                        |  | 2002                                     |         |   | 2003 |   |                                         |  
|REVENUES                                                                |  |                                          |         |   |      |   |                                         |  
|Gaming                                                                  |  | $                                        | 113,364 |   |      | $ | 103,026                                 |  
|Rooms                                                                   |  |                                          | 6,056   |   |      |   | 5,967                                   |  
|Food and beverage                                                       |  |                                          | 10,803  |   |      |   | 10,302                                  |  
|Management fees                                                         |  |                                          | 693     |   |      |   | 839                                     |  
|Other                                                                   |  |                                          | 4,319   |   |      |   | 4,640                                   |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Gross revenues                                                          |  |                                          | 135,235 |   |      |   | 124,774                                 |  
|Less-promotional allowances                                             |  |                                          | 25,397  |   |      |   | 22,553                                  |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Net revenues                                                            |  |                                          | 109,838 |   |      |   | 102,221                                 |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|COSTS AND EXPENSES                                                      |  |                                          |         |   |      |   |                                         |  
|Gaming                                                                  |  |                                          | 50,904  |   |      |   | 50,025                                  |  
|Rooms                                                                   |  |                                          | 1,548   |   |      |   | 1,639                                   |  
|Food and beverage                                                       |  |                                          | 4,344   |   |      |   | 4,542                                   |  
|General and administrative                                              |  |                                          | 22,430  |   |      |   | 22,744                                  |  
|General and administrativerelated party                                |  |                                          | 3,375   |   |      |   | 1,020                                   |  
|Debt renegotiation costs                                                |  |                                          | 6       |   |      |   |                                        |  
|Depreciation and amortization                                           |  |                                          | 7,030   |   |      |   | 7,737                                   |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|                                                                        |  |                                          | 89,637  |   |      |   | 87,707                                  |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Income from operations                                                  |  |                                          | 20,201  |   |      |   | 14,514                                  |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|NON-OPERATING INCOME (EXPENSE)                                          |  |                                          |         |   |      |   |                                         |  
|Interest income                                                         |  |                                          | 174     |   |      |   | 43                                      |  
|Interest expense                                                        |  |                                          | (14,191 | ) |      |   | (16,658                                 | )
|Interest expenserelated party                                          |  |                                          | (4,891  | ) |      |   | (664                                    | )
|Gain on debt retirement, net                                            |  |                                          |        |   |      |   |                                        |  
|Other non-operating income (expense)                                    |  |                                          | 33      |   |      |   |                                        |  
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Non-operating expense, net                                              |  |                                          | (18,875 | ) |      |   | (17,279                                 | )
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Loss before income taxes and equity in loss from Buffington Harbor, LLC |  |                                          | 1,326   |   |      |   | (2,765                                  | )
|Equity in loss from Buffington Harbor, LLC                              |  |                                          | (604    | ) |      |   | (625                                    | )
|Provision for income taxes                                              |  |                                          | (950    | ) |      |   | (388                                    | )
|                                                                        |  |                                          |         |   |      |   |                                         |  
|Net loss                                                                |  | $                                        | (228    | ) |      | $ | (3,778                                  | )
|                                                                        |  |                                          |         |   |      |   |                                         |  



See accompanying notes.



2



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TRUMP CASINO HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

(unaudited)

(in thousands)



|                                                                      |  | ContributedCapital |         | AccumulatedDeficit |   |          | AccumulatedOtherComprehensiveGain/(Loss) |  |   | Total |  
|--------------------------------------------------------------------- |  | ------------------ | ------- | ------------------ | - | -------- | ---------------------------------------- |  | - | ----- | -
|Balance at December 31, 2002                                          |  | $                  | 238,273 |                    | $ | (191,482 | )                                        |  | $ | (938  | )
|Net capital contribution in connection with debt refinancing          |  |                    | 60,426  |                    |   |         |                                          |  |   |      |  
|Capital contributionTHCR Holdings                                    |  |                    | 223     |                    |   |         |                                          |  |   |      |  
|Comprehensive loss:                                                   |  |                    |         |                    |   |          |                                          |  |   |       |  
|Net loss                                                              |  |                    |        |                    |   | (13,969  | )                                        |  |   |      |  
|Termination of interest rate swap in connection with debt refinancing |  |                    |        |                    |   |         |                                          |  |   | 938   |  
|                                                                      |  |                    |         |                    |   |          |                                          |  |   |       |  
|Total comprehensive loss                                              |  |                    |        |                    |   |         |                                          |  |   |      |  
|                                                                      |  |                    |         |                    |   |          |                                          |  |   |       |  
|Balance at September 30, 2003                                         |  | $                  | 298,922 |                    | $ | (205,451 | )                                        |  | $ |      |  
|                                                                      |  |                    |         |                    |   |          |                                          |  |   |       |  



See accompanying notes.





3



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TRUMP CASINO HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)



|                                                                                       |  | For the Nine Months EndedSeptember 30, |        
|-------------------------------------------------------------------------------------- |  | -------------------------------------- | -------
|                                                                                       |  | 2002                                   |        
|CASH FLOWS FROM OPERATING ACTIVITIES                                                   |  |                                        |        
|Net loss                                                                               |  | $                                      | (6,456 
|Adjustments to reconcile net loss to net cash flows provided by operating activities  |  |                                        |        
|Depreciation and amortization                                                          |  |                                        | 20,033 
|Non cash gain on debt refinancing, net                                                 |  |                                        |       
|Issuance of PIK debt in satisfaction of accrued interest                               |  |                                        | 8,604  
|Equity in loss from Buffington Harbor, LLC                                             |  |                                        | 1,804  
|Accretion of bond discount                                                             |  |                                        | 5,136  
|Amortization of loan costs                                                             |  |                                        | 3,206  
|Provision for losses on receivables                                                    |  |                                        | 1,809  
|Valuation allowanceCRDA investments                                                   |  |                                        | 856    
|Decrease (increase) in receivables                                                     |  |                                        | 1,563  
|(Increase) decrease in inventories                                                     |  |                                        | (28    
|(Increase) decrease in prepaid expenses and other current assets                       |  |                                        | (1,807 
|Decrease (increase) in other assets                                                    |  |                                        | 9,982  
|Decrease in due to affiliates                                                          |  |                                        | (7,073 
|Increase in current liabilities                                                        |  |                                        | 6,968  
|Increase (decrease) in other long-term liabilities                                     |  |                                        | 263    
|                                                                                       |  |                                        |        
|Net cash flows provided by operating activities                                        |  |                                        | 44,860 
|                                                                                       |  |                                        |        
|CASH FLOWS FROM INVESTING ACTIVITIES                                                   |  |                                        |        
|Purchases of property and equipment, net                                               |  |                                        | (11,942
|Advances to Tribe                                                                      |  |                                        | (3,962 
|Other                                                                                  |  |                                        | (23    
|Purchases of CRDA investments, net                                                     |  |                                        | (2,681 
|                                                                                       |  |                                        |        
|Net cash flows used in investing activities                                            |  |                                        | (18,608
|                                                                                       |  |                                        |        
|CASH FLOWS FROM FINANCING ACTIVITIES                                                   |  |                                        |        
|Contribution from (distribution to) parent company                                     |  |                                        | 847    
|Payment of long-term debt                                                              |  |                                        | (87,805
|Proceeds from additional borrowings, net                                               |  |                                        | 75,098 
|Loan costs on additional borrowings                                                    |  |                                        | (2,072 
|                                                                                       |  |                                        |        
|Net cash flows used in financing activities                                            |  |                                        | (13,932
|                                                                                       |  |                                        |        
|Net increase (decrease) in cash and cash equivalents                                   |  |                                        | 12,320 
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       |  |                                        | 39,091 
|                                                                                       |  |                                        |        
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                             |  | $                                      | 51,411 
|                                                                                       |  |                                        |        
|SUPPLEMENTAL INFORMATION:                                                              |  |                                        |        
|Cash paid for interest                                                                 |  | $                                      | 24,174 
|                                                                                       |  |                                        |        
|Purchase of property and equipment under capital lease obligations and other financing |  | $                                      | 3,021  
|                                                                                       |  |                                        |        



See accompanying notes.



4



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TRUMP CASINO HOLDINGS, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)



(1) Organization and Operations



The accompanying condensed consolidated financial statements include those
of Trump Casino Holdings, LLC, a Delaware single member limited liability company (TCH), and its subsidiary, Trump Casino Funding, Inc., a New Jersey corporation (TCF). TCHs wholly-owned subsidiaries include: (i) TCF,
(ii) Trump Marina Associates, L.P. (Marina Associates), (iii) Trump Marina, Inc., (iv) Trump Indiana, Inc. (Trump Indiana), (v) Trump Indiana Realty, LLC (Trump Indiana Realty) and (vi) THCR Management Holdings,
LLC (THCR Management) and its subsidiary, THCR Management Services, LLC (Trump 29 Services).



The sole member of TCH is Trump Hotels & Casino Resorts Holdings, L.P., a Delaware limited partnership (THCR Holdings). THCR Holdings is
owned approximately 63.4% by Trump Hotels & Casino Resorts, Inc., a Delaware corporation (THCR), as both a general and limited partner, and approximately 36.6% by Donald J. Trump as a limited partner. THCR is a publicly held company
whose common stock, par value $.01 per share (the THCR Common Stock), is traded on The New York Stock Exchange under the symbol DJT.



On March 25, 2003, TCH was capitalized. Simultaneously, Marina Associates, Trump Marina, Inc., Trump Indiana, Trump Indiana Realty, THCR Management and
Trump 29 Services became wholly-owned subsidiaries of TCH. As a result of this reorganization, the accompanying condensed consolidated financial statements present the condensed consolidated financial statements of TCH and subsidiaries as of
December 31, 2002 and September 30, 2003 and for each of the three and nine months in the period ended September 30, 2002 and 2003.



Marina Associates owns and operates the Trump Marina Hotel Casino (Trump Marina), a casino hotel located in the marina district of Atlantic
City, New Jersey (the Marina District). Trump Indiana owns and operates Trump Casino and Hotel, a riverboat gaming facility operating in Buffington Harbor, on Lake Michigan, Indiana (the Trump Indiana Riverboat). THCR
Management is the sole member of Trump 29 Services. Trump 29 Services manages the day-to-day operations of Trump 29 Casino located in Coachella Valley, California (near Palm Springs) pursuant to a five year management agreement (the Trump 29
Management Agreement) commencing on April 16, 2002, between Trump 29 Services and Twenty-Nine Palms Enterprises Corporation, a corporation wholly-owned by the Twenty Nine Palms Band of Luiseno Mission Indians, a federally recognized Native
American Tribe and the owner of Trump 29 Casino (the Tribe). Trump Marina, Inc. is the general partner of Marina Associates. Trump Indiana Realty, LLC has no material assets or operations. At September 30, 2003, THCR Management has no
assets or operations.



TCH and TCF have no operations and their
ability to service their debt is dependent upon the successful operations of Trump Marina and the Trump Indiana Riverboat, and the management fees generated pursuant to the Trump 29 Management Agreement.



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 accounting principles generally accepted in the United States 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 Registrants Registration Statements on Form S-4 and Form S-1 filed with the SEC and available on the SECs website, www.sec.gov.



Our business is seasonal in nature; therefore, results of operations for the three and nine months ended September 30, 2003
are not necessarily indicative of the operating results for a full year.



5



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TRUMP CASINO HOLDINGS, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)



Reclassifications



Certain other reclassifications and disclosures have been made to prior year
financial statements for them to be in conformity with the current year presentation.



(2) Debt Refinancing and Exchange Offer



On
March 25, 2003, TCH and TCF consummated a private placement (the TCH Notes Offering), of $475.0 million aggregate principal amount of two new issues of mortgage notes, consisting of $425.0 million principal amount of first priority
mortgage notes due March 15, 2010, bearing interest at a rate of 11.625% per year payable in cash, sold at a price of 94.832% of their face amount for an effective yield of 12.75% (the First Priority Mortgage Notes), and $50.0 million
principal amount of second priority mortgage notes due September 15, 2010, bearing interest at a rate of 11.625% per year payable in cash, plus 6.0% through the issuance of payable-in-kind notes (the Second Priority Mortgage Notes, and
together with the First Priority Mortgage Notes, the TCH Notes). The indentures governing the TCH Notes contain various restrictions including restrictions on the ability of TCH to incur additional debt, pay dividends, issue or
repurchase stock, make capital expenditures, or merge with another entity. The TCH Notes are guaranteed by each of the subsidiaries of TCH, other than TCF which is a co-issuer of the TCH Notes, fully and unconditionally and on a senior secured
basis. Substantially all assets of TCH and its subsidiaries are pledged as security on the TCH Notes.



In connection with the TCH Notes Offering, Donald J. Trump purchased in a concurrent private offering, $15.0 million aggregate principal amount of
additional Second Priority Mortgage Notes at the same purchase price at which the initial purchasers purchased the Second Priority Mortgage Notes.



The net proceeds of the TCH Notes Offering and the concurrent private offering of Second Priority Mortgage Notes to Donald J. Trump were used on the
consummation date of the TCH Notes Offering or the applicable redemption date to:



| |  |  | redeem at the applicable redemption prices $242.1 million aggregate principal amount of Trumps Castle Funding, Inc.s (Castle Fundings), 11.75% Mortgage
Notes due 2003 (the Castle Mortgage Notes);
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | repay $70.0 million aggregate principal amount of Marina Associates bank debt due 2003;
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | redeem at the applicable redemption prices $14.3 million principal amount of Castle Fundings 13.875% Pay-In-Kind Notes due 2005, (the Castle PIK Notes);
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | repay $20.3 million aggregate principal amount of Trump Indianas bank debt due 2006;
| | - |  | -------------------------------------------------------------------------------------



| |  |  | acquire and redeem at the applicable redemption prices $96.9 million aggregate principal amount (including the call premium) of THCR Holdings 15.5% Senior Notes due 2005, (the
THCR Holdings Senior Notes); and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | repay $0.2 million aggregate principal amount of THCR Managements bank debt due 2003.
| | - |  | --------------------------------------------------------------------------------------



Also, in connection with the TCH Notes Offering, $141.9 million principal amount of the Castle PIK Notes and $35.5 million
principal amount of THCR Holdings Senior Notes held by THCR Holdings and its subsidiaries were cancelled without payment.



Included in the $96.9 million principal amount (including call premium) of THCR Holdings Senior Notes purchased with the net proceeds of the TCH Notes
Offering, $1.7 million principal amount of THCR Holdings Senior Notes were held by Mr. Trump. THCR Holdings also acquired an additional $15.0 million principal amount of THCR Holdings Senior Notes





6



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TRUMP CASINO HOLDINGS, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)



on the closing date of the TCH Notes Offering in a private transaction with
Donald J. Trump. The purchase price of the aggregate $16.7 million principal amount of THCR Holdings Senior Notes acquired from Mr. Trump consisted of the proceeds from the issuance of 1,500 shares of Series A Preferred Stock, par value $1.00 per
share (the Series A Preferred Stock), of THCR valued at $15.0 million, plus a cash amount equal to $1.7 million, plus the applicable redemption premium of 2.583% (approximately $430,000) and accrued interest of approximately $0.7 million
on the entire $16.7 million principal amount of THCR Holdings Senior Notes sold by Mr. Trump. The Series A Preferred Stock of THCR, upon stockholder approval obtained at the annual THCR stockholders meeting in June 2003, was exchanged by Mr.
Trump on July 11, 2003 for an aggregate of 7,894,737 shares of THCR Common Stock.



Amounts due to THCR Holdings on the accompanying combined balance sheet were due from Trump Indiana (Indiana Loan) and had borne interest at an annual rate of 15.0%. On March 25, 2003, this note was
assigned from THCR Holdings to TCH.



Trump Indiana was charged
management fees by THCR Holdings pursuant to a management services agreement between Trump Indiana, Inc. and THCR Holdings. On March 25, 2003, this management services agreement was assigned from THCR Holdings to TCH.



Financing costs, including underwriters discounts of 2.5% to the
purchasers of the First Priority Mortgage Notes and 10% to the purchasers of the Second Priority Mortgage Notes and direct transactional fees (including accounting, legal and printing), have been capitalized as deferred bond and loan issuance costs
in the accompanying balance sheet and are being amortized to interest expense over the term of the debt.



In connection with the refinancing, TCH recognized a net gain of $7,931,000 which consists of a net gain of $10,451,000 on the retirement of the Castle
Mortgage Notes and Castle PIK Notes, the settlement of Trump Indianas interest rate swap for $851,000 and the write-off of unamortized loan costs of approximately $1,669,000.



Under the indentures governing the TCH Notes, TCH and TCF filed a registration statement on Form S-4 (File No.: 333-104916)
with the SEC on May 1, 2003 to register notes having substantially identical terms as the TCH Notes, or the Exchange Notes, as part of an offer to exchange freely tradable Exchange Notes for the TCH Notes. The SEC declared the registration statement
effective on July 10, 2003, and holders exchanged their TCH Notes for Exchange Notes on August 13, 2003.



Also, TCH and TCF filed a registration statement on Form S-1 (File No.: 333-105760) with the SEC on June 2, 2003 to register for potential resale the
Second Priority Mortgage Notes purchased by Mr. Trump concurrently with the TCH Notes Offering. The SEC declared the registration statement effective on August 6, 2003. Mr. Trump has advised TCH that he does not currently have any intentions of
selling his Second Priority Mortgage Notes.



(3) Debt Renegotiation Costs



Marina Associates and Trump Indiana were seeking to
refinance or modify the terms of their long-term debt in 2002. During the nine months ended September 30, 2002 and 2003, debt renegotiation costs of $1,417,000 and $401,000, respectively, were expensed in the accompanying Statements of Operations.
Debt renegotiation costs include the costs associated with 2002 debt refinancing efforts no longer pursued and transactional fees earned upon the successful consummation of the TCH Notes Offering on March 25, 2003.



(4) Recent Accounting Pronouncements



In July 2001, the FASB issued SFAS No. 143, Accounting for Asset
Retirement Obligations. This standard addresses the financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets



7



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TRUMP CASINO HOLDINGS, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)



and the associated asset retirement costs. The standard is effective for
fiscal years beginning after June 15, 2002. The effect of adoption was not material to TCHs financial results.



In November 2002, the FASB issued Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, an Interpretation of FASB Statements No. 5, 57, and 107 and Rescission of FASB Interpretation No. 34 (FIN No. 45). The interpretation requires that upon issuance of a guarantee, the entity must
recognize a liability for the fair value of the obligation it assumes under that obligation. This interpretation is intended to improve the comparability of financial reporting by requiring identical accounting for guarantees issued with separately
identified consideration and guarantees issued without separately identified consideration. For TCH, the initial recognition, measurement provision and disclosure requirements of FIN No. 45 are applicable to guarantees issued or modified after
December 31, 2002. The effect of adoption was not material to TCHs financial results.



In January 2003, the FASB issued Interpretation No.46, Consolidation of Variable Interest Entities (FIN No. 46). This interpretation clarifies the application of Accounting Research Bulletin
No. 51,Combined Financial Statements, to certain entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient subordinated financial support from other parties. FIN No.
46 applies immediately to variable interest entities created after January 31, 2003, and to variable interest entities in which an enterprise obtains an interest after that date. For existing variable interest entities, the consolidated requirement
is effective for interim or annual financial statements ending after December 15, 2003. TCH is currently evaluating whether it has any variable interest entities which will be subject to consolidation pursuant to FIN No. 46.



(5) New Jersey State Income Taxes



On July 3, 2002, the State of New Jersey passed the New Jersey
Business Tax Reform Act (the Act). This Act, among other things, requires the suspension of the use of New Jersey net operating loss carryforwards for two years and imposes a new Alternative Minimum Assessment amount under the New Jersey
corporate business tax based on either gross receipts or gross profits, as defined. The tax is retroactive to January 1, 2002. In addition, on July 1, 2003, the New Jersey legislature passed a law (New Jersey Profits Tax) which imposes a
7.5% tax on each casinos 2002 adjusted net income, defined as net income plus management fees, subject to a minimum tax of $350,000 per casino. In accordance with the Act and the New Jersey Profits Tax, TCH has recorded a provision for current
income tax expense of $950,000 and $988,000 (including $88,000 related to the New Jersey Profits Tax) for the nine months ended September 30, 2002 and 2003, respectively.



(6) New Jersey Casino Taxes



On July 1, 2003, the New Jersey legislature passed a law that increased the taxation of New Jersey casinos. The new law imposes, among other taxes,
a 4.25% tax on complimentaries (i.e. free rooms, food, beverages and entertainment given to patrons), an increase in the hotel tax of $3.00 per day on each occupied room, and increases the parking fee tax from $1.50 to $3.00 per car per day. In
addition, each casino is charged a profits tax based on 7.5% of each casinos 2002 adjusted net income (defined as net income plus management fees) subject to a minimum annual tax of $350,000. The tax is assessed during the period from July 1
to June 30, to be consistent with the fiscal year of the State of New Jersey. For the three and nine months ended September 30, 2003, the Company recorded a charge to income tax expense on the statement of operations for $88,000 related to the New
Jersey Profits Tax.



(7) Other Assets



Included in other assets is a $1,822,000 payment for sales and use tax
assessed on Trump Indianas riverboat vessel, which is being appealed. Trump Indiana made this payment in 2002 in order to avoid incurring interest and penalties while this matter is under appeal. Trump Indianas appeal was based on the
fact that it pays property taxes on the riverboat vessel, as the vessel was determined to be real property by the taxing authority, and therefore, not subject to a use tax. In June 2003, the Indiana Tax Court ruled in favor of Trump Indiana on the
matter of whether it is entitled to a refund of the use tax it paid on the 1996 purchase of the riverboat vessel. As of September 30, 2003, the Indiana Department of Revenue has appealed the Tax Courts decision to the Indiana Supreme Court.
Management believes that the amount will be fully recoverable upon settlement of the appeal.



8



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ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



This report includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other
than statements of historical facts included in this report regarding the prospects of our industry or our prospects, plans, financial position or business strategy, may constitute forward-looking statements. In addition, forward-looking statements
generally can be identified by the use of forward-looking words such as may, will, expect, intend, estimate, anticipate, believe, plans,
forecasts, continue or could or the negatives of these terms or variations of them or similar terms. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we
cannot assure you that these expectations will prove to be correct. Important factors that could cause actual results to differ materially from our expectations include business, competition, regulatory and other uncertainties and contingencies
discussed in this report that are difficult or impossible to predict and which are beyond our control. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements included in this document. These forward-looking statements speak only as of the date of this report. We do not intend to update these statements unless the securities laws require us to do so.



In this section, the words Company, we,
our, ours, and us refer to Trump Casino Holdings, LLC (TCH) and its wholly-owned subsidiaries, unless otherwise noted. Through its wholly-owned subsidiaries, TCH owns and operates the Trump Marina
Hotel Casino in Atlantic City, New Jersey (Trump Marina) and the Trump Casino and Hotel, a riverboat gaming facility in Buffington Harbor, on Lake Michigan, Indiana (the Trump Indiana Riverboat). Through another subsidiary,
TCH also manages the Trump 29 Casino near Palm Springs, California (Trump 29). Terms not defined in this section shall have the meanings ascribed to them elsewhere in this Form 10-Q.



General



Our business is subject to a variety of risks and uncertainties, some of which are discussed below.



We have substantial indebtedness and interest expense which could limit
capital expenditures and adversely affect our competitiveness.



In March 2003, we refinanced the majority of our long-term debt with the net proceeds of the TCH Notes Offering. See Note 2 to the Condensed Consolidated Financial Statements (unaudited). Upon consummation of the TCH
Notes Offering, our consolidated long-term debt was not reduced significantly and our consolidated interest expense remains high. Capital expenditures, such as room refurbishment, amenity upgrades and replacements and additions of new gaming
equipment, are necessary from time to time to preserve the competitiveness of our properties. The Atlantic City market is very competitive, especially since the opening of the Borgata by a joint venture of MGM Mirage and Boyd Gaming in the Marina
District in July 2003. Our high levels of interest expense, however, could limit our ability to make capital expenditures necessary to improve and upgrade our properties and preserve our competitive position. Management believes that, based upon
TCHs current cash flow forecasts for the remainder of 2003 and for 2004, TCH will have sufficient cash flows to meet its debt service and operating expense requirements throughout 2004.



The ability of TCH and TCF to pay interest on the TCH Notes ($490.0 million
principal amount issued) depends primarily on the ability of Trump Marina and the Trump Indiana Riverboat to generate cash from operations and the ability of Trump 29 Services to earn management fees sufficient for such purposes. In the case of
principal payments at maturity, the ability to refinance such indebtedness is also important. The future operating performance of TCHs properties is subject to general economic conditions, industry conditions, including competition and
regulatory matters, and numerous other factors, many of which are unforeseeable or are beyond the control of management. There can be no assurance that the future operating performance of our properties will be sufficient to generate the cash flows
required to meet the debt service obligations of the properties. The ability of our properties to pay the principal amount of their public debt at maturity (whether scheduled or by acceleration thereof) is primarily dependent upon our ability to
obtain refinancing. There is also no assurance 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 or to TCH and its subsidiaries will be conducive to
refinancing debt at any given time or on more favorable terms.



9



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS(Continued)



The interest rate on the First Priority Mortgage Notes will increase by 0.5% per annum if the Companys First Priority Leverage Ratio (as defined in
the indenture for such notes) for any fiscal year, commencing with the year ending December 31, 2003, exceeds 4.8 to 1.0; and by 1.0% per annum if the Companys First Priority Leverage Ratio exceeds 5.3 to 1.0. Similarly, the rate of interest
payable in cash on the Second Priority Mortgage Notes will increase by 0.5% per annum or 1.0% per annum if the Companys First Priority Leverage Ratio (as defined in the indenture for such notes) for any fiscal year, commencing with the year
ending December 31, 2003, exceeds 4.8 to 1.0 or 5.3 to 1.0, respectively. For these purposes, the term First Priority Leverage Ratio for any year is defined generally as the ratio of (a) the total outstanding principal amount of First
Priority Mortgage Notes (plus other indebtedness, if any, ranking pari passu with the First Priority Mortgage Notes) as of December 31 of such year to (b) the Consolidated EBITDA (as defined in the Indenture) of the Company for such year.
Consolidated EBITDA means, without duplication, the sum of consolidated net income, plus consolidated income tax expense, plus consolidated depreciation and amortization expense, plus consolidated fixed charges and non-cash charges related to
regulatory write-downs for the year.



The First Priority
Leverage Ratio for 2003 is required to be computed by February 28, 2004. Any interest rate increase required by reason of the First Priority Leverage Ratio computation would be effective from and after March 15, 2004 to March 14, 2005, at which
point the rates of interest payable on the TCH Notes would be restored to their original levels, unless the First Priority Leverage Ratio computation for fiscal 2004 results in an increase. The First Priority Leverage Ratio for the year ending
December 31, 2003 is projected to result in an increase in the interest rates on the TCH Notes of 0.5% or 1.0%. In such case, the estimated impact on annual interest expense (assuming the Companys First Priority Leverage Ratio exceeds the
above thresholds set forth in the Indentures) for the year ended December 31, 2003 would be approximately $2,500,000 or $5,000,000.



The Companys obligation to pay additional cash interest, if required to do so, will constrain its liquidity. See Financial Condition;
Liquidity and Capital Resources. We are continuously exploring ways to improve our capital structure and enhance our properties and their operating efficiencies. Some potential efforts contemplated include: (i) recapitalizing our company, (ii)
further reducing our overhead costs and interest expenses in order to pursue capital expansion plans, such as the addition of hotel rooms, (iii) selling one or more of our assets, (iv) optimizing our labor resources and (v) utilizing the latest
technology with proven economies of scale (e.g., coinless slot machines). There can be no assurances, however, that we will be successful in effecting any such efforts or doing so in a timely manner, or, if effected, in realizing significant cost
savings in order to maintain or enhance our competitiveness.



We Do Not Know Whether the Borgata will Continue to Adversely Affect Us in the Long Term.



In July 2003, the Borgata Casino Hotel and Spa opened in Atlantic Citys Marina District. The Borgata has approximately 2,000 rooms and suites, an
approximate 135,000 square-foot casino, restaurants, retail shops, a spa and pool and entertainment venues. Since its opening in July 2003, the Borgata has not grown the Atlantic City market as had been originally anticipated and, along with a
sluggish economy and adverse weather conditions, has adversely affected the results of Trump Marina, compared to the same period in the prior year. This effect may be temporary and attributable to the desire of gaming patrons to visit a new casino.
In addition, a connector road between the Borgata and Trump Marina was not completed at the time of the Borgata opening, making travel from the Borgata to Trump Marina inconvenient. The connector project was completed in the Fall of 2003 and is
expected to improve traffic flow from the Borgata to Trump Marina. The Borgata has not been opened long enough to determine, however, whether or not it will adversely affect Trump Marina and the Company in the long term. While we believe that the
opening of the Borgata will attract additional visitors to Atlantic City, especially to the Marina District where Trump Marina is situated, in the long-term it is possible that the Borgata could have an adverse effect on the business and operations
of Trump Marina. See Financial ConditionLiquidity and Capital Resources.



Taxation of the gaming industry, already significant, may increase in the future which would reduce our profitability.



The casino industry represents a significant source of tax revenues to the various jurisdictions in which casinos operate. We, as well as other gaming
companies, are currently subject to significant state and local taxes and fees in addition to normal federal and state corporate income taxes. New Jersey taxes annual gaming revenues at the rate of 8.0% and levies an annual investment alternative
tax of 2.5% on annual gaming revenue. This 2.5% obligation, however, can be satisfied by purchasing certain bonds or making certain investments in the amount of 1.25% of annual gaming revenues. In July 2002, the



10



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS(Continued)



State of New Jersey passed the New Jersey Business Tax Reform Act, which, among other things, requires the suspension of the use of net operating loss carryforwards for
two years and imposes a new Alternative Minimum Assessment amount under the New Jersey corporate business tax based on either gross receipts or gross profits, as defined.



On July 1, 2003, the New Jersey legislature passed a law that increases the taxation of New Jersey casinos. The new law
imposes, among other taxes a 4.25% tax on complimentaries (i.e., free rooms, food, beverages and entertainment given to patrons). Complimentary rooms are deemed to be valued at $92 per room. Other complimentaries are valued at retail value or cost.
In addition to the tax on complimentaries, a 7.5% tax is imposed on each casinos 2002 adjusted net income, defined as net income plus management fees, subject to a minimum tax of $350,000 per casino. Finally, the revised law imposes an
additional $3.00 fee per day on each occupied hotel room and increases the parking fee tax from $1.50 to $3.00 per car per day.



From time to time, as was the case in the second quarter of 2002 in Indiana, various state and federal legislators have proposed changes in tax laws that
affect the gaming industry. In connection with permitting dockside gaming which we believe is advantageous, the Indiana state legislature passed legislation effective July 1, 2002 that increased the gaming tax rates in Indiana. If a casino elects to
become a dockside operation, the gaming tax rate structure changes from a flat tax rate of 22.5% to a graduated scale with a maximum tax rate of 35.0%, depending on gaming revenue level. Trump Indiana became a dockside operation in August 2002. As a
result of a legislative bill passed by the State of Indiana during the second quarter of 2003, Trump Indiana recorded a $1.9 million retroactive recalculation of wagering tax due to the State of Indiana.



Future changes in state taxation of casino gaming companies in jurisdictions
in which we operate cannot be predicted and any such changes could adversely affect our profitability.



Our Business is Subject to a Variety of Other Risks and Uncertainties.



Our financial condition and results of operations could be affected by other events and uncertainties that are unforeseeable
and/or beyond our control, such as (i) capital market conditions which could diminish our ability to raise capital for refinancing debt or pursuing other alternatives, (ii) future acts of terrorism or terrorism threats and their impact on capital
markets, the economy, consumer behavior and operating expenses, including insurance premiums, (iii) competition from existing and potential new competitors in Atlantic City, Indiana and other nearby markets, which is expected to increase over the
next five years, (iv) regulatory changes, and (v) adverse or unfavorable weather forecasts and conditions.



Critical Accounting Policies



The preparation of our financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management periodically evaluates the Companys policies and the estimates
and assumptions related to such policies. Trump Marina and Trump Indiana operate in highly regulated industries and are subject to regulations that describe and regulate operating and internal control procedures. The Company believes its most
critical accounting policies and significant estimates are described below.



Revenue Recognition and Allowance for Doubtful Accounts



The majority of the Companys revenue is from gaming activities, and the majority of such revenue is derived from cash, which by nature does not
require complex estimations. The Company extends credit to certain qualified patrons on a discretionary basis. Credit play as a percentage of total dollars wagered on table games has recently been approximately 20%. Trump Marina and Trump Indiana
establish credit limits based upon the particular patrons creditworthiness, as determined by an examination of various factors including a credit check of the patron, a verification of the patrons personal checking account balance, and a
verification of the patrons credit limits and indebtedness at other casinos in the United States, as well as many island casinos. The Company maintains an allowance for doubtful accounts for a portion of those customers whose checks have been
unable to be deposited due to non-sufficient funds. This allowance is based on a specific review of customer accounts as well as a review of the history of write-offs of returned markers. Management believes that the reserve recorded



11



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS(Continued)



is reasonable; however, these estimates could change in the near term based on the actual collection experience with each returned marker.



Long-lived Assets



Management has determined that the Companys policy associated with its
long-lived assets and the related estimates is critical to the preparation of the consolidated financial statements. The Company has a significant investment in long-lived property and equipment. Management estimates that the undiscounted future
cash flows expected to result from the use of these assets exceed the current carrying value of these assets. Any adverse change to the estimate of these undiscounted cash flows could necessitate an impairment charge that would adversely affect
operating results. Management estimates the useful lives for the Companys assets based on historical experience and the estimates of assets commercial lives. Should the actual useful life of a class of assets differ from the estimated
useful life, an impairment charge would be recorded. Management reviews useful lives and obsolescence and assesses commercial viability of the Companys assets periodically.



Self- Insurance Reserves



Self-insurance reserves represent the estimated amounts of uninsured claims related to employee health medical costs, workers compensation, and
personal injury claims that have occurred in the normal course of business. These reserves are established by management based upon specific review of open claims, with consideration of incurred but not reported claims as of the balance sheet date.
The costs of the ultimate disposition of these claims may differ from these reserve estimates.



Recent Accounting Pronouncements



In July 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations. This standard addresses the financial accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated asset retirement costs. The standard is effective for fiscal years beginning after June 15, 2002. The effect of adoption was not material to the Companys financial results.



In November 2002, the FASB issued Interpretation No. 45,
Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, an Interpretation of FASB Statements No. 5, 57, and 107 and Rescission of FASB Interpretation No. 34
(FIN No. 45). The interpretation requires that upon issuance of a guarantee, the entity must recognize a liability for the fair value of the obligation it assumes under that obligation. This interpretation is intended to improve the
comparability of financial reporting by requiring identical accounting for guarantees issued with separately identified consideration and guarantees issued without separately identified consideration. For the Company, the initial recognition,
measurement provision and disclosure requirements of FIN No. 45 are applicable to guarantees issued or modified after December 31, 2002. The effect of adoption was not material to the Companys financial results.



In January 2003, the FASB issued Interpretation No. 46, Consolidation
of Variable Interest Entities (FIN No. 46). This interpretation clarifies the application of Accounting Research Bulletin No. 51, Consolidated Financial Statements, to certain entities in which equity investors do not
have the characteristics of a controlling financial interest or do not have sufficient subordinated financial support from other parties. FIN No. 46 applies immediately to variable interest entities created after January 31, 2003, and to variable
interest entities in which an enterprise obtains an interest after that date. For existing variable interest entities, the consolidated requirement is effective for interim or annual financial statements ending after December 15, 2003. The Company
is evaluating whether it has any variable interest entities, which will be subject to consolidation pursuant to FIN No. 46.



Financial ConditionLiquidity and Capital Resources



Historically, cash flows from operating activities have been the primary source of liquidity for Trump Marina and Trump Indiana. Trump Marina and Trump
Indiana have relied on borrowings or capital lease financing to satisfy a portion of their liquidity and/or capital resources.



12



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS(Continued)



We will continue to rely primarily on cash flows from operating activities for our liquidity and capital resources. Our ability to borrow funds for our
liquidity needs are severely restricted by covenants in the indentures governing the TCH Notes and by our high level of indebtedness. Sources of our short-term and long-term liquidity will include: (i) slot win, (ii) table win, (iii) room revenues,
(iv) food and beverage sales and (v) miscellaneous items, less promotional expenses. Although we expect to have sufficient liquidity from the operating activities of Trump Marina and Trump Indiana and the management fees received by Trump 29
Services to meet our obligations in 2004, there can be no assurances in this regard. A variety of factors, including a decrease or change in the demand for our services, could have a material adverse effect on our liquidity.



We are continuously exploring ways to improve our capital structure and
enhance our properties and their operating efficiencies. Some potential efforts contemplated include: (i) recapitalizing our company, (ii) further reducing our overhead costs and interest expenses in order to pursue capital expansion plans, such as
the addition of hotel rooms, (iii) selling one or more of our assets, (iv) optimizing our labor resources and (v) utilizing the latest technology with proven economies of scale (e.g., coinless slot machines). There can be no assurances, however,
that we will be successful in effecting any such efforts or doing so in a timely manner, or, if effected, in realizing significant cost savings in order to maintain or enhance our competitiveness.



Our combined cash and cash equivalents at September 30, 2003 were $30.7
million, compared to $33.9 million at December 31, 2002. A portion of the cash and cash equivalents balance is required for the day-to-day operations of Trump Marina and Trump Indiana, which includes approximately $13.0 million of currency and coin
on-hand for casino and hotel operations. This amount varies by days of the week, holidays, and seasons.



Trump Marina competes with other Atlantic City casino/hotels, especially the Borgata and Harrahs in the Marina District, on the basis of customer
service, the array of games offered, the attractiveness of a casino/hotel and on extent and quality of the facilities and amenities. Because of the high levels of interest expense relating to Trump Marina (including the TCH Notes and the prior debt
which was redeemed with the net proceeds of the TCH Notes Offering), capital expenditures in recent years at Trump Marina have been limited and have prevented management from pursuing various capital expansion plans, such as the addition of more
hotel rooms, which might improve Trump Marinas competitive position.



In July 2003, the Borgata, a casino hotel built through a joint venture of MGM Mirage and Boyd Gaming, opened in Atlantic Citys Marina District. Since its opening, the Borgata has adversely affected the revenues
of Trump Marina. The long term impact, however, of the Borgata on Atlantic Citys casinos and, in particular, Trump Marina, cannot be ascertained at this time. See General; We Do Not Know Whether the Borgata Will Continue to Adversely
Affect Us in the Long Term.



The cost of the new garage
at Trump Indiana, which we own with a joint venture partner that is an affiliate of Majestic Star, was financed with a $20.9 million loan which is secured by an assignment of two separate leases of the garage from the joint venture to each of: (i)
Trump Indiana, Inc. pursuant to a lease, dated June 19, 2001, and (ii) Majestic Star under a substantially identical lease. The term of the lease between the joint venture and Trump Indiana, Inc. expires on December 31, 2018. The initial rent
payment paid by Trump Indiana, Inc. was approximately $8.4 million. In addition, Trump Indiana, Inc. is obligated to pay the joint venture a monthly rent equal to 50% of the debt service on the $20.9 million loan and 50% of any construction costs
incurred by the joint venture in excess of the net proceeds of the financing. In the event either Trump Indiana, Inc. or Majestic Star defaults on its rental obligations under its respective garage lease with the joint venture, the other party will
be obligated to pay the defaulting partys rent in an amount sufficient to satisfy 100% of the joint ventures debt service obligations under the loan.



Pursuant to the Trump 29 Management Agreement, Trump 29 Services manages and directs all business and affairs in connection
with the day-to-day operation, management and maintenance of Trump 29. In consideration for its management services, Trump 29 Services is entitled to an annual management fee equal to 30.0% of net revenues (as defined in the management agreement),
which is payable monthly in arrears. Payments of the management fee are subject to the payment of certain priority amounts under the Trump 29 Management Agreement. In addition, Trump 29 Services has agreed to subordinate its right to receive
management fees to the payment by the Tribe of the Tribes bank debt. As a result of such subordination, until the Tribes bank debt is paid in full, Trump 29 Services may not accept or receive any prepayment of its management fee or
accept or receive any payment from the Tribe in respect of the management fee if a default has occurred and is continuing under the Tribes bank debt or if such payment of the management fee would result in a default under the Tribes bank
debt. Trump 29 Services also agreed to guarantee repayment of up to $2.5 million of the Tribes bank debt.



13



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS(Continued)



Because the Company has substantial indebtedness and related interest expense, we have not been able to pursue various capital expansion plans, such as
the addition of more hotel rooms. The inability to finance and make capital improvements to our properties could result in a deterioration of our competitive position. Capital expenditures for TCH for the nine months ended September 30, 2002 and
2003 are as follows:



TRUMP CASINO HOLDINGS

CONSOLIDATING CAPITAL EXPENDITURES

(in thousands)



|                                             |  | Trump Marina |       | Trump Indiana |   | Total TCH
|-------------------------------------------- |  | ------------ | ----- | ------------- | - | ---------
|FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 |  |              |       |               |   |          
|Purchase of Property & Equipment             |  | $            | 3,913 |               | $ | 8,029    
|Capital Lease Additions                      |  |              | 3,011 |               |   | 10       
|                                             |  |              |       |               |   |          
|Total Capital Expenditures                   |  | $            | 6,924 |               | $ | 8,039    
|                                             |  |              |       |               |   |          
|FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 |  |              |       |               |   |          
|Purchase of Property & Equipment             |  | $            | 3,968 |               | $ | 1,808    
|Capital Lease Additions                      |  |              | 5,831 |               |   | 4,710    
|                                             |  |              |       |               |   |          
|Total Capital Expenditures                   |  | $            | 9,799 |               | $ | 6,518    
|                                             |  |              |       |               |   |          



Comparison of Results of
Operations for the Three Month Periods Ended September 30, 2002 and 2003



Overview



We own and operate two
casino gaming facilities, Trump Marina and the Trump Indiana Riverboat, and manage a third casino gaming facility, Trump 29. These businesses derive substantial benefit from the Trump name and its association with quality amenities and
first class service. A number of other factors, including proven executive and property level management, combined with our focus on slot revenue, well-targeted marketing programs, stringent cost controls, strong customer service and improved
customer access to our owned properties have positioned each property to capitalize on its strong competitive position. We believe that our business strategy discussed above at each property should enable us to capitalize on certain near-term growth
opportunities.



In connection with the TCH Notes Offering,
Marina Associates, Trump Indiana, Inc. and THCR Management became wholly-owned subsidiaries of TCH. There was no other entity, which had significant assets or operations, which became a wholly-owned subsidiary of TCH. Prior to the date of
consummation of the TCH Notes Offering, TCH had no significant assets or operations. Accordingly, we have included a discussion and analysis of the financial condition and results of operations of each of Marina Associates, Trump Indiana, and THCR
Management. Managements Discussion and Analysis of Financial Condition and Results of Operations of each of these entities should be read in connection with the respective financial statements and notes thereto included elsewhere in this Form
10-Q. See Note (1) to the Notes to Condensed Consolidated Financial Statements (unaudited).



14



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MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



The financial information presented below reflects the
financial condition and results of operations of Trump Marina and Trump Indiana. TCF is a wholly-owned subsidiary of TCH and has no business operations.



|                                                    |  | Three Months Ended September 30, |        
|--------------------------------------------------- |  | -------------------------------- | -------
|                                                    |  | 2002 Trump Marina                |        
|                                                    |  | (in thousands)                   |        
|Revenues:                                           |  |                                  |        
|Gaming                                              |  | $                                | 79,694 
|Other                                               |  |                                  | 19,079 
|                                                    |  |                                  |        
|Gross revenues                                      |  |                                  | 98,773 
|Less: promotional allowances                        |  |                                  | 21,915 
|                                                    |  |                                  |        
|Net revenues                                        |  |                                  | 76,858 
|                                                    |  |                                  |        
|Costs and expenses:                                 |  |                                  |        
|Gaming                                              |  |                                  | 34,548 
|Other                                               |  |                                  | 4,422  
|General and administrative                          |  |                                  | 16,630 
|General and administrativerelated party            |  |                                  | 2,200  
|Debt renegotiation costs                            |  |                                  | 6      
|Depreciation and amortization                       |  |                                  | 5,441  
|                                                    |  |                                  |        
|Total costs and expenses                            |  |                                  | 63,247 
|                                                    |  |                                  |        
|Income from operations                              |  |                                  | 13,611 
|                                                    |  |                                  |        
|Interest income                                     |  |                                  | 45     
|Interest expense                                    |  |                                  | (11,494
|Interest expenserelated party                      |  |                                  | (4,600 
|Other non-operating income (expense)                |  |                                  |       
|                                                    |  |                                  |        
|Total non-operating expense, net                    |  |                                  | (16,049
|                                                    |  |                                  |        
|Income (loss) before joint venture and income taxes |  |                                  | (2,438 
|Equity in loss from Buffington Harbor               |  |                                  |       
|Provision for income taxes                          |  |                                  | (950   
|                                                    |  |                                  |        
|Net income (loss)                                   |  | $                                | (3,388 
|                                                    |  |                                  |        



|* | Income and expenses of TCH and THCR Management are not separately shown.
|- | ------------------------------------------------------------------------



15



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



Gaming revenues are the primary source of TCHs
revenues and primarily consist of slot machine/table game win. The following chart details activity for the major components of gaming revenue:



|                                      |  | Three Months Ended September 30, |        
|------------------------------------- |  | -------------------------------- | -------
|                                      |  | 2002 Trump Marina                |        
|                                      |  | (in thousands)                   |        
|Table Game Revenues (1)               |  | $                                | 16,249 
|Increase (decrease) from Prior Period |  |                                  |        
|Table Game Drop (2)                   |  | $                                | 108,853
|Increase (decrease) from Prior Period |  |                                  |        
|Table Game Win Percentage (3)         |  |                                  | 14.9   
|Increase (decrease) from Prior Period |  |                                  |        
|Number of Table Games                 |  |                                  | 78     
|Increase (decrease) from Prior Period |  |                                  |        
|Slot Revenues (4)                     |  | $                                | 63,139 
|Increase (decrease) from Prior Period |  |                                  |        
|Slot Handle (5)                       |  | $                                | 780,214
|Increase (decrease) from Prior Period |  |                                  |        
|Slot Win Percentage (6)               |  |                                  | 8.1    
|Increase (decrease) from Prior Period |  |                                  |        
|Number of Slot Machines               |  |                                  | 2,528  
|Increase (decrease) from Prior Period |  |                                  |        
|Other Gaming Revenues                 |  | $                                | 306    
|Increase (decrease) from Prior Period |  |                                  |        
|Total Gaming Revenues                 |  | $                                | 79,694 
|Increase (decrease) from Prior Period |  |                                  |        
|Number of Guest Rooms Sold            |  |                                  | 66,384 
|Occupancy Rate                        |  |                                  | 99.1   
|Average Daily Rate (Room Revenue)     |  | $                                | 77.32  



|* | Income and expenses of TCH and THCR Management are not separately shown.
|- | ------------------------------------------------------------------------



|(1) | Table Game Revenues is defined as the total amount wagered by table game patrons (the Table Game Drop), less the amounts paid back to such patrons by the
casino for winning wagers.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Table Game Drop is defined as the total amount wagered by table game patrons.
|--- | -------------------------------------------------------------------------------

|(3) | Table Win Percentage is defined as the ratio, expressed as a percentage, of Table Games Revenues to Table Game Drop.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(4) | Slot Revenues is defined as the total amount wagered by slot patrons (the Slot Handle), less the amount paid back to slot patrons by the casino for winning
pulls.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Slot Handle is defined as the total amount wagered by slot patrons.
|--- | ---------------------------------------------------------------------

|(6) | Slot Win Percentage is defined as the ratio, expressed as a percentage, of Slot Revenues to Slot Handle.
|--- | ----------------------------------------------------------------------------------------------------------



16



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



Table games revenues decreased approximately $2,000,000,
or 9.2%, to $19,707,000 for the three months ended September 30, 2003 from $21,707,000 for the three months ended September 30, 2002. This decrease was due primarily to a $16,778,000, or 11.8%, reduction in table game drop from $141,931,000 for the
three months ended September 30, 2002 to $125,153,000 for the three months ended September 30, 2003. The decreased table game drop is due primarily to the impact of the Borgata opening in July 2003.



Slot revenues decreased approximately $8,175,000, or 8.9%, to $83,176,000 for
the three months ended September 30, 2003 from $91,351,000 for the three months ended September 30, 2002. This decrease was due primarily to a $72,031,000, or 6.3%, reduction in slot handle from $1,146,271,000 for the three months ended September
30, 2002 to $1,074,240,000 for the three months ended September 30, 2003. In addition, there was a decrease in the slot win percentage from 8.0% for the three months ended September 30, 2002 to 7.7% for the three months ended September 30, 2003.
These results were impacted by adverse weather conditions, including Hurricane Isabel in September, and the opening of the Borgata in July 2003. Since its opening, the Borgata has not grown the market as had been originally anticipated and, along
with a sluggish economy and adverse weather conditions, has adversely affected the results of Trump Marina, compared to the same period in the prior year. This effect may be temporary and attributable to the desire of gaming patrons to visit a new
casino. In addition, a connector road between the Borgata and Trump Marina was not completed at the time of the Borgata opening, making travel from the Borgata to Trump Marina inconvenient. The connector project was completed in the Fall of 2003 and
is expected to improve traffic flow from the Borgata to Trump Marina.



Promotional allowances decreased approximately $2,844,000, or 11.2%, to $22,553,000 for the three months ended September 30, 2003 from $25,397,000 for the three months ended September 30, 2002. This reduction was due primarily to decreased
coin expense at Trump Marina associated with reduced slot volumes.



Gaming costs and expenses decreased approximately $879,000, or 1.7%, to $50,025,000 for the three months ended September 30, 2003 from $50,904,000 for the three months ended September 30, 2002. This decrease was due primarily to reduced
gaming taxes at Trump Marina associated with lower gaming revenues.



General and administrative-related party costs and expenses decreased approximately $2,355,000, or 69.8%, to $1,020,000 for the three months ended September 30, 2003 from $3,375,000 for the three months ended September 30, 2002. This
decrease is due primarily to the termination, retroactive to January 1, 2003, of Trump Marinas services agreement with Mr. Trump and the assignment of Trump Indianas management services agreement from THCR Holdings to TCH in connection
with the debt refinancing discussed in Note (2) to the Condensed Consolidated Financial Statements (unaudited).



Depreciation and amortization increased approximately $707,000, or 10.1%, to $7,737,000 for the three months ended September 30, 2003 from $7,030,000 for
the three months ended September 30, 2002. This increase is primarily due to depreciation associated with increased levels of slot machine purchases.



Interest expense increased approximately $2,467,000, or 17.4%, to $16,658,000 for the three months ended September 30, 2003 from $14,191,000 for the three
months ended September 30, 2002 primarily due to interest expense related to the Second Priority Mortgage Notes payable through the issuance of payable-in-kind notes.



Interest expense-related party costs decreased by approximately $4,227,000, or 86.4%, to $664,000 for the three months ended
September 30, 2003 from $4,891,000 for the three months ended September 30, 2002 primarily due to the redemption of the Trumps Castle Fundings 13-7/8% PIK Notes on March 25, 2003.



In accordance with the New Jersey Business Tax Reform Act, Marina Associates
has recorded a provision for current income tax expense of $950,000 and $388,000 for the three months ended September 30, 2002 and 2003, respectively. The comparable expense in the three months ended September 30, 2002 was cumulative and retroactive
to January 1, 2002. This change was recorded beginning in the period in which this tax law was passed (third quarter 2002) pursuant to the accounting literature in Financial Accounting Standards Board Statement Number 109, Accounting for
Income Taxes.



17



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



The financial information presented below reflects the
financial condition and results of operations of Trump Marina and Trump Indiana. TCF is a wholly owned subsidiary of TCH and has no business operations.



|                                                    |  | Nine Months Ended September 30, |        
|--------------------------------------------------- |  | ------------------------------- | -------
|                                                    |  | 2002 Trump Marina               |        
|                                                    |  | (in thousands)                  |        
|Revenues:                                           |  |                                 |        
|Gaming                                              |  | $                               | 217,246
|Other                                               |  |                                 | 47,387 
|                                                    |  |                                 |        
|Gross revenues                                      |  |                                 | 264,633
|Less: promotional allowances                        |  |                                 | 56,073 
|                                                    |  |                                 |        
|Net revenues                                        |  |                                 | 208,560
|                                                    |  |                                 |        
|Costs and expenses:                                 |  |                                 |        
|Gaming                                              |  |                                 | 96,856 
|Other                                               |  |                                 | 11,438 
|General and administrative                          |  |                                 | 45,696 
|General and administrativerelated party            |  |                                 | 5,692  
|Debt renegotiation costs                            |  |                                 | 1,133  
|Depreciation and amortization                       |  |                                 | 15,640 
|                                                    |  |                                 |        
|Total costs and expenses                            |  |                                 | 176,455
|                                                    |  |                                 |        
|Income from operations                              |  |                                 | 32,105 
|                                                    |  |                                 |        
|Interest income                                     |  |                                 | 211    
|Interest expense                                    |  |                                 | (34,190
|Interest expenserelated party                      |  |                                 | (13,353
|Gain (loss) on debt retirement, net                 |  |                                 |       
|Other non-operating income (expense)                |  |                                 |       
|                                                    |  |                                 |        
|Total non-operating expense, net                    |  |                                 | (47,332
|                                                    |  |                                 |        
|Income (loss) before joint venture and income taxes |  |                                 | (15,227
|Equity in loss from Buffington Harbor               |  |                                 |       
|Provision for income taxes                          |  |                                 | (950   
|                                                    |  |                                 |        
|Net income (loss)                                   |  | $                               | (16,177
|                                                    |  |                                 |        



|* | Income and expenses of TCH and THCR Management are not separately shown.
|- | ------------------------------------------------------------------------



18



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



Gaming revenues are the primary source of TCHs
revenues and primarily consist of slot machine/table game win. The following chart details activity for the major components of gaming revenue:



|                                      |  | Nine Months Ended September 30, |          
|------------------------------------- |  | ------------------------------- | ---------
|                                      |  | 2002 Trump Marina               |          
|                                      |  | (in thousands)                  |          
|Table Game Revenues (1)               |  | $                               | 49,389   
|Increase (decrease) from Prior Period |  |                                 |          
|Table Game Drop (2)                   |  | $                               | 287,230  
|Increase (decrease) from Prior Period |  |                                 |          
|Table Game Win Percentage (3)         |  |                                 | 17.2     
|Increase (decrease) from Prior Period |  |                                 |          
|Number of Table Games                 |  |                                 | 79       
|Increase (decrease) from Prior Period |  |                                 |          
|Slot Revenues (4)                     |  | $                               | 167,212  
|Increase (decrease) from Prior Period |  |                                 |          
|Slot Handle (5)                       |  | $                               | 2,104,060
|Increase (decrease) from Prior Period |  |                                 |          
|Slot Win Percentage (6)               |  |                                 | 7.9      
|Increase (decrease) from Prior Period |  |                                 |          
|Number of Slot Machines               |  |                                 | 2,526    
|Increase (decrease) from Prior Period |  |                                 |          
|Other Gaming Revenues                 |  | $                               | 645      
|Increase (decrease) from Prior Period |  |                                 |          
|Total Gaming Revenues                 |  | $                               | 217,246  
|Increase (decrease) from Prior Period |  |                                 |          
|Number of Guest Rooms Sold            |  |                                 | 180,988  
|Occupancy Rate                        |  |                                 | 91.1     
|Average Daily Rate (Room Revenue)     |  | $                               | 77.48    



|* | Income and expenses of TCH and THCR Management are not separately shown.
|- | ------------------------------------------------------------------------



|(1) | Table Game Revenues is defined as the total amount wagered by table game patrons (the Table Game Drop), less the amounts paid back to such patrons by the
casino for winning wagers.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Table Game Drop is defined as the total amount wagered by table game patrons.
|--- | -------------------------------------------------------------------------------

|(3) | Table Win Percentage is defined as the ratio, expressed as a percentage, of Table Games Revenues to Table Game Drop.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(4) | Slot Revenues is defined as the total amount wagered by slot patrons (the Slot Handle), less the amount paid back to slot patrons by the casino for winning
pulls.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Slot Handle is defined as the total amount wagered by slot patrons.
|--- | ---------------------------------------------------------------------

|(6) | Slot Win Percentage is defined as the ratio, expressed as a percentage, of Slot Revenues to Slot Handle.
|--- | ----------------------------------------------------------------------------------------------------------



19



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



Table games revenues decreased approximately $5,980,000,
or 9.0%, to $60,716,000 for the nine months ended September 30, 2003 from $66,696,000 for the nine months ended September 30, 2002. This decrease was due primarily to a $23,523,000, or 6.1%, reduction in table game drop from $387,516,000 for the
nine months ended September 30, 2002 to $363,993,000 for the nine months ended September 30, 2003. This decrease was largely due to Trump Indianas decision to eliminate high end table player marketing efforts, a change in the Asian
bus program in the third quarter of 2002, and the general decrease in table game play experienced throughout the industry.



Slot revenues decreased approximately $9,401,000, or 3.8%, to $238,747,000 for the nine months ended September 30, 2003 from $248,148,000 for the nine
months ended September 30, 2002. This decrease was due primarily to a $152,697,000, or 4.8%, reduction in slot handle from $3,167,954,000 for the nine months ended September 30, 2002 to $3,015,257,000 for the nine months ended September 30, 2003.
These decreases were the result of severe winter weather conditions in the Atlantic City market, adverse economic conditions, the war in Iraq, and the impact of the Borgata opening.



Non-gaming revenues increased approximately $1,331,000, or 2.4%, to $56,763,000 for the nine months ended September 30, 2003
from $55,432,000 for the nine months ended September 30, 2002. This increase was due primarily to additional management fees earned by Trump 29 Services in 2003.



General and administrative costs and expenses increased by approximately $4,246,000, or 6.8%, to $66,966,000 for the nine
months ended September 30, 2003 from $62,720,000 for the nine months ended September 30, 2002. This increase is due primarily to cost incurred by Marina Associates related to increased real estate taxes, insurance costs, utilities and write-offs of
casino reinvestment deposits.



General and
administrative-related party costs and expenses decreased approximately $4,219,000, or 45.8%, to $4,998,000 for the nine months ended September 30, 2003 from $9,217,000 for the nine months ended September 30, 2002. This decrease is due primarily to
the termination, retroactive to January 1, 2003, of Trump Marinas services agreement with Mr. Trump and the assignment of Trump Indianas management services agreement from THCR Holdings to TCH in connection with the debt refinancing
discussed in Note (2) to the Condensed Consolidated Financial Statements (unaudited).



Debt renegotiation costs decreased approximately $1,016,000, or 71.7%, to $401,000 for the nine months ended September 30, 2003 from $1,417,000 for the
nine months ended September 30, 2002. The 2002 expenses were related to abandoned efforts to refinance the then existing long term debt of the Registrants subsidiaries. On May 17, 2002, those refinancing efforts were terminated.



Depreciation and amortization increased approximately $2,053,000, or 10.2%,
to $22,086,000 for the nine months ended September 30, 2003 from $20,033,000 for the nine months ended September 30, 2002. This increase is primarily due to depreciation associated with increased levels of slot machine purchases.



Interest expense increased approximately $8,990,000, or 23.1%, to $47,935,000
for the nine months end September 30, 2003 from $38,945,000 for the three months ended September 30, 2002 primarily due to three reasons: (i) an additional 30 days of interest associated with the call for redemption of the Castle Mortgage Notes and
the Castle PIK Notes, (ii) additional interest expense associated with the redemption of the THCR Holdings Senior Notes by TCH upon the consummation of the TCH Notes Offering and (iii) additional interest expense related to the Second Priority
Mortgage Notes payable through the issuance of payable-in-kind notes.



Interest expense-related party costs decreased by approximately $6,987,000, or 47.9%, to $7,595,000 for the nine months ended September 30, 2003 from $14,582,000 for the nine months ended September 30, 2002 primarily due to the redemption
of the Castle PIK Notes on March 25, 2003.



In connection with
the TCH Notes Offering, TCH recorded a net gain of $7,931,000 which consists of a net gain of $10,451,000 on the retirement of the Castle Mortgage Notes and the Castle PIK Notes, the settlement of Trump Indianas interest swap for $851,000 and
the write-off of unamortized loan costs of approximately $1,669,000.



20



---

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)



Seasonality



Our cash flows from operating activities are seasonal in nature. Spring and
summer are traditionally the peak seasons for Trump Marina, with autumn and winter being non-peak seasons. Trump 29s peak seasons are late winter and spring. Trump Indiana is not seasonal. Since Trump Marina accounts for the majority of our
business, our operating results for the two quarters ending in March and December are not historically as profitable as the two quarters ending in June and September. Any excess cash flow achieved from operations during peak seasons is used to
subsidize non-peak seasons. Performance in non-peak seasons is usually dependent on favorable weather and a long-weekend holiday calendar. In the event that we are unable to generate excess cash flows in one or more peak seasons, we may not be able
to subsidize non-peak seasons, if necessary.



ITEM 3
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



Market risk is the risk of loss arising from adverse changes in market rates and prices, including interest rates, foreign currency exchange rates and commodity rates. We have limited exposure to market risk due to
the fact that the interest rates on our long-term debt are fixed and we do not utilize these financial instruments for trading purposes.



The carrying amount of the following financial instruments approximates fair value as follows: (a) cash and cash equivalents, receivables and payables are
based on the short-term nature of these financial instruments and (b) CRDA bonds and deposits are based on the allowances to give effect to the below market interest rates.



The carrying amount and fair value of our fixed rate indebtedness is as set forth below:



|                               |  | September 30, 2003
|------------------------------ |  | ------------------
|                               |  | Carrying Amount   
|                               |  | (in thousands)    
|First Priority Mortgage Notes  |  | $                 
|Second Priority Mortgage Notes |  | $                 



ITEM 4
CONTROLS AND PROCEDURES



| | (a) | Evaluation of Disclosure Controls and Procedures. Based on their evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q, the principal executive
officer and principal financial officer of each of the Registrants have concluded that their disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act))
are effective to ensure that information required to be disclosed by the Registrants in reports that they file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and
Exchange Commission rules and forms.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Changes in Internal Controls. There were no specific changes in the Registrants internal controls over financial reporting during the fiscal quarter covered by this
Form 10-Q that has materially affected, or is reasonably likely to materially affect, the Registrants internal controls over financial reporting.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



21



---

PART IIOTHER INFORMATION



ITEM 1
LEGAL PROCEEDINGS



Currently and
from time to time, TCH, members of its former executive committee, and certain of its employees are involved in various legal proceedings. While any proceeding or litigation has an element of uncertainty, management believes that final outcomes of
these matters are not likely to have a material adverse effect on TCHs results of operations or financial condition. In general, TCH 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, absent a showing of such persons
gross negligence or malfeasance.



ITEM 2
CHANGES IN SECURITIES AND USE OF PROCEEDS



Under the indentures governing the TCH Notes, TCH and TCF filed a registration statement on Form S-4 (File No.: 333-104916) with the SEC on May 1, 2003 to register notes having substantially identical terms as the TCH Notes, or the Exchange
Notes, as part of an offer to exchange freely tradable Exchange Notes for the TCH Notes. The SEC declared the registration statement effective on July 10, 2003, and holders exchanged their TCH Notes for Exchange Note on August 13, 2003.



Also, TCH and TCF filed a registration statement on Form S-1 (File No.:
333-105760) with the SEC on June 2, 2003 to register for potential resale the Second Priority Mortgage Notes purchased by Mr. Trump concurrently with the TCH Notes Offering. The SEC declared the registration statement effective on August 6, 2003.
Mr. Trump has advised TCH that he does not currently have any intentions of selling his Second Priority Mortgage Notes.



ITEM 3
DEFAULTS UPON SENIOR SECURITIES



None.



ITEM 4
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



None.



ITEM 5
OTHER INFORMATION



On September
17, 2003, Trump Atlantic City Associates (Trump AC), an affiliate of the Registrants was added as a party to that certain Amended and Restated Executive Agreement, effective as of January 1, 2003, by and among Donald J. Trump, THCR and
THCR Holdings (the Amended Executive Agreement). As disclosed in THCRs 2003 proxy statement, Mr. Trump, THCR and THCR Holdings had entered into the Amended Executive Agreement on April 10, 2003 in consideration for Mr. Trump
terminating his Services Agreement, dated December 28, 1995, with Marina Associates in connection with the TCH Notes Offering. Other than adding Trump AC as a party to the Amended Executive Agreement, none of the terms of such agreement were
changed. A copy of the Amended Executive Agreement, as amended, is filed as an exhibit to this Form 10-Q.



Subsequent Event. On November 5, 2003, Standard & Poors Rating Services (S&P) revised its outlook for the TCH
Notes from stable to negative. At the same time, however, S&P affirmed its B- corporate and senior secured debt ratings for the TCH Notes.



ITEM 6
EXHIBITS AND REPORTS ON FORM 8-K



a. Exhibits:



10.1*

Amended and Restated Executive Agreement, effective as of January 1, 2003, by and among Donald J. Trump, Trump Hotels & Casino Resorts, Inc., Trump Hotels & Casino Resorts
Holdings, L.P. and Trump Atlantic City Associates.31.1

Certification of the Chief Executive Officer of the Registrants Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as Amended.31.2

Certification of the Principal Financial and Accounting Officer of the Registrants Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as
Amended.




22



---

PART IIOTHER INFORMATION(Continued)



|32.1 |  | Certification of the Chief Executive Officer of the Registrants Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.                   
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     | 
|32.2 |  | Certification of the Principal Financial and Accounting Officer of the Registrants Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.

---



|* | Management contract or compensatory plan or arrangement.
|- | --------------------------------------------------------



b. Current Reports on Form 8-K:



THCR filed a Current Report on Form 8-K with the SEC on July 23, 2003 regarding its earnings press release, including the results of TCH, for the second
quarter and six months ended June 30, 2003.



23



---

SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, each of the Registrants has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.



|                        |  |  |  | TRUMP CASINO HOLDINGS, LLC
|----------------------- |  |  |  | --------------------------
|                        |  |  | 
|Date: November 14, 2003 |  |  |  |                           
|                        |  |  |  |                           





|                        |  |  |  | TRUMP CASINO FUNDING, INC.
|----------------------- |  |  |  | --------------------------
|                        |  |  | 
|Date: November 14, 2003 |  |  |  |                           
|                        |  |  |  |                           



24



---

EXHIBIT INDEX



|            | 
|----------- | 
|Exhibit No. | 
|            | 
|10.1*       | 
|            | 
|31.1        | 
|            | 
|31.2        | 
|            | 
|32.1        | 
|            | 
|32.2        | 

---

|* | Management contract or compensatory plan or arrangement.
|- | --------------------------------------------------------