<PAGE>


                                                                 Exhibit 10.46.3
                                                                 ---------------

                     SECOND AMENDMENT TO EXECUTIVE AGREEMENT
                     ---------------------------------------

         THIS AMENDMENT TO EXECUTIVE AGREEMENT (the "Amendment") entered into as
of October ___, 2000, by and among DONALD J. TRUMP (the "Executive"), TRUMP
HOTELS & CASINO RESORTS, INC., a Delaware corporation (the "Company"), and TRUMP
HOTELS & CASINO RESORTS HOLDINGS, L.P., a Delaware limited partnership ("Trump
Holdings").

                                   WITNESSETH:

         WHEREAS, the Executive, the Company and Trump Holdings are parties to
that certain Executive Agreement dated as of June 12, 1995, as amended by that
certain Amendment to Executive Agreement dated as of May 16, 1996 (as so
amended, the "Executive Agreement");

         WHEREAS, the term of the employment agreement of the Company's former
president and chief executive officer has expired;

         WHEREAS, the Company desires the Executive to assume the
responsibilities of president and chief executive officer of the Company, and
the Executive is willing to assume such position;

         WHEREAS, the Executive, the Company and Trump Holdings wish to amend
the Executive Agreement to reflect the additional responsibilities being assumed
by the Executive; and

         WHEREAS, the Company's Board of Directors, Special Committee of the
Board of Directors and Compensation Committee of the Board of Directors have
approved this Amendment.

         NOW THEREFORE, in consideration of the promises and mutual covenants
contained herein and in the Executive Agreement, the parties hereto agree to
amend the Executive Agreement in accordance with Section 4.13 thereof, as
follows:

         1.       Definitions.  Capitalized  terms not otherwise defined herein
                  ------------
                  shall have the same meanings as ascribed to them in the
                  Executive Agreement.

         2.       Amendments.
                  -----------

                  (a)      The first sentence of Section 1.1 of the Executive
                           Agreement is hereby amended by adding a comma and
                           inserting the phrase "President and Chief Executive
                           Officer" immediately after the work "Board."

                  (b)      Section 2.1 of the Executive Agreement is hereby
                           amended by deleting the word "three" on each of the
                           third, fifth and eighth lines thereof and
                           substituting in its place and stead the word "five."

                  (c)      Section 3.1 of the Executive Agreement is hereby
                           amended and restated in its entirety to read as
                           follows:

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                           3.1      Annual Fees. In consideration of the
                                    ------------
                                    Services rendered by the Executive
                                    hereunder, Trump Holdings shall pay to the
                                    Executive for each twelve (12) month period
                                    during the term of this Agreement
                                    compensation equal to the sum of One Million
                                    Five Hundred Thousand Dollars ($1,500,000)
                                    (the "Annual Compensation"). The Annual
                                    Compensation shall be payable in equal
                                    monthly installments, commencing as of the
                                    date hereof and, thereafter on the first day
                                    of each month during the term of this
                                    Agreement.

         3.       Counterparts.  Except as modified herein, the Executive
                  -------------
                  Agreement shall remain unmodified and in full force and
                  effect. This Amendment may be signed in any number of
                  counterparts, each of which shall be an original, with the
                  same effect as of the signatures thereto and hereto were
                  upon the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.



                                            /s/ Donald J. Trump
                                 -----------------------------------------------
                                            Donald J. Trump



                                 TRUMP HOTELS & CASINO RESORTS, INC.



                                 By:        /s/ Robert M. Pickus
                                    --------------------------------------------
                                    Name:   Robert M. Pickus
                                    Title:  Executive Vice President
                                            and Secretary



                                 TRUMP HOTELS & CASINO RESORTS
                                     HOLDINGS, L.P.



                                 By:   Trump Hotels & Casino Resorts, Inc.,
                                       its general partner



                                 By:        /s/ Robert M. Pickus
                                    --------------------------------------------
                                    Name:   Robert M. Pickus
                                    Title:  Executive Vice President
                                            and Secretary