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SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
20549

FORM 10-Q

|x                                                 | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|------------------------------------------------- | ----------------------------------------------------------------------------------------
|                                                 
|For the quarterly period ended:     June 30, 2003
|                                                  |                                                                                         
|OR                                               
|                                                  |                                                                                         
|o                                                 | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|                                                 
|For the transition period from _____ to _____    
|                                                 
|Commission file number:  1-13794                 

TRUMP HOTELS & CASINO
RESORTS, INC. (Exact name of registrant as specified in its charter)

|DELAWARE                                                                           |  | 13-3818402                           
|---------------------------------------------------------------------------------- |  | -------------------------------------
|(State or other jurisdiction of incorporation or organization)                     |  | (I.R.S. Employer  Identification No.)
|                                                                                   |  |                                      
|1000 Boardwalk Atlantic City, New Jersey                                           |  | 08401                                
|(Address of principal executive offices)                                           |  | (Zip Code)                           
|                                                                                  
|(609) 449-6515                                                                    
|(Registrants telephone number, including area code)                              
|                                                                                  
|Not Applicable                                                                    
|(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has 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) has been subject to such filing requirements for the past 90 days.

|Yes x | No o
|----- | ----

Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).

|Yes o | No x
|----- | ----

The number of outstanding shares of Common Stock, par value $.01 per share, of Trump Hotels & Casino Resorts, Inc. as of August 14, 2003 was 29,904,764.

The number of outstanding shares of Class B Common Stock, par value $.01 per share, of Trump Hotels & Casino Resorts, Inc. as of August 14, 2003 was 1,000.

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TRUMP HOTELS & CASINO RESORTS, INC.,

INDEX TO FORM 10-Q

|                                                                                                                                                             | Page No.
|------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------
|                                                                                                                                                             |         
|PART IFINANCIAL INFORMATION                                                                                                                                 |         
|                                                                                                                                                             |         
|ITEM 1Financial Statements                                                                                                                                  |         
|                                                                                                                                                             |         
|Condensed Consolidated Balance Sheets of Trump Hotels & Casino Resorts, Inc. as of December 31, 2002 and June 30, 2003 (unaudited)                           | 1       
|                                                                                                                                                             |         
|Condensed Consolidated Statements of Operations of Trump Hotels & Casino Resorts, Inc. for the Three and Six Months Ended June 30, 2002 and 2003 (unaudited) | 2       
|                                                                                                                                                             |         
|Condensed Consolidated Statement of Stockholders Equity of Trump Hotels & Casino Resorts, Inc.  for the Six Months Ended June 30, 2003 (unaudited)          | 3       
|                                                                                                                                                             |         
|Condensed Consolidated Statements of Cash Flows of Trump Hotels & Casino Resorts, Inc. for the Six Months Ended June 30, 2002 and 2003 (unaudited)           | 4       
|                                                                                                                                                             |         
|Notes to Condensed Consolidated Financial Statements of Trump Hotels & Casino Resorts Inc.                                                                   | 5       
|                                                                                                                                                             |         
|ITEM 2  Managements Discussion and Analysis of Financial Condition and Results of Operations                                                               | 10      
|                                                                                                                                                             |         
|ITEM 3  Quantitative and Qualitative Disclosures About Market Risk                                                                                          | 23      
|                                                                                                                                                             |         
|ITEM 4  Controls and Procedures                                                                                                                             | 23      
|                                                                                                                                                             |         
|PART II  OTHER INFORMATION                                                                                                                                  |         
|                                                                                                                                                             |         
|ITEM 1  Legal Proceedings                                                                                                                                   | 24      
|                                                                                                                                                             |         
|ITEM 2  Changes in Securities and Use of Proceeds                                                                                                           | 24      
|                                                                                                                                                             |         
|ITEM 3  Defaults Upon Senior Securities                                                                                                                     | 24      
|                                                                                                                                                             |         
|ITEM 4  Submission of Matters to a Vote of Security Holders                                                                                                 | 25      
|                                                                                                                                                             |         
|ITEM 5  Other Information                                                                                                                                   | 26      
|                                                                                                                                                             |         
|ITEM 6  Exhibits and Reports on Form 8-K                                                                                                                    | 26      
|                                                                                                                                                             |         
|SIGNATURE                                                                                                                                                    |         
|                                                                                                                                                             |         
|Signature Trump Hotels & Casino Resorts, Inc.                                                                                                               | 27      
|                                                                                                                                                             |         
|EXHIBIT INDEX                                                                                                                                                | 28      



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PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

TRUMP HOTELS & CASINO RESORTS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)

|                                                                                                                        |  | December 31, 2002 |           | June 30, 2003 |            
|----------------------------------------------------------------------------------------------------------------------- |  | ----------------- | --------- | ------------- | -----------
|                                                                                                                        |  |                   |           |               |            
|                                                                                                                        |  |                   |           |               | (unaudited)
|ASSETS                                                                                                                  |  |                   |           |               |            
|CURRENT ASSETS:                                                                                                         |  |                   |           |               |            
|Cash and cash equivalents                                                                                               |  | $                 | 116,072   |               | $          
|Receivables, net                                                                                                        |  |                   | 37,795    |               |            
|Inventories                                                                                                             |  |                   | 11,922    |               |            
|Advances to affiliates, net                                                                                             |  |                   | 337       |               |            
|Prepaid expenses and other current assets                                                                               |  |                   | 11,748    |               |            
|                                                                                                                        |  |                   |           |               |            
|Total Current Assets                                                                                                    |  |                   | 177,874   |               |            
|INVESTMENT IN BUFFINGTON HARBOR, L.L.C.                                                                                 |  |                   | 31,842    |               |            
|INVESTMENT IN TRUMPS CASTLE PIK NOTES                                                                                  |  |                   | 124,053   |               |            
|PROPERTY AND EQUIPMENT, NET                                                                                             |  |                   | 1,786,056 |               |            
|DEFERRED BOND AND LOAN ISSUANCE COSTS, NET                                                                              |  |                   | 15,105    |               |            
|OTHER ASSETS                                                                                                            |  |                   | 61,199    |               |            
|                                                                                                                        |  |                   |           |               |            
|Total Assets                                                                                                            |  | $                 | 2,196,129 |               | $          
|                                                                                                                        |  |                   |           |               |            
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                    |  |                   |           |               |            
|CURRENT LIABILITIES:                                                                                                    |  |                   |           |               |            
|Current maturities of long-term debt                                                                                    |  | $                 | 19,911    |               | $          
|Accounts payable and accrued expenses                                                                                   |  |                   | 132,195   |               |            
|Accrued interest payable                                                                                                |  |                   | 28,860    |               |            
|                                                                                                                        |  |                   |           |               |            
|Total Current Liabilities                                                                                               |  |                   | 180,966   |               |            
|LONG-TERM DEBT, net of current maturities                                                                               |  |                   | 1,913,026 |               |            
|OTHER LONG-TERM LIABILITIES                                                                                             |  |                   | 19,803    |               |            
|                                                                                                                        |  |                   |           |               |            
|Total Liabilities                                                                                                       |  |                   | 2,113,795 |               |            
|                                                                                                                        |  |                   |           |               |            
|MINORITY INTEREST                                                                                                       |  |                   | 5,061     |               |            
|STOCKHOLDERS EQUITY:                                                                                                   |  |                   |           |               |            
|Preferred Stock - Series A, $1.00 par value, 1,500 shares authorized and outstanding, liquidation preference of $15,000 |  |                   |          |               |            
|Common Stock, $.01 par value, 75,000,000 shares authorized, 24,206,756 issued; 22,010,027 outstanding                   |  |                   | 242       |               |            
|Class B Common Stock, $.01 par value, 1,000 shares authorized, issued and outstanding                                   |  |                   |          |               |            
|Additional Paid in Capital                                                                                              |  |                   | 455,645   |               |            
|Accumulated Deficit                                                                                                     |  |                   | (357,819  | )             |            
|Accumulated Other Comprehensive Loss                                                                                    |  |                   | (595      | )             |            
|Less treasury stock at cost, 2,196,729 shares                                                                           |  |                   | (20,200   | )             |            
|                                                                                                                        |  |                   |           |               |            
|Total Stockholders Equity                                                                                              |  |                   | 77,273    |               |            
|                                                                                                                        |  |                   |           |               |            
|Total Liabilities and Stockholders Equity                                                                              |  | $                 | 2,196,129 |               | $          
|                                                                                                                        |  |                   |           |               |            

See accompanying notes.

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TRUMP HOTELS & CASINO RESORTS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2003 (unaudited) (dollars in thousands, except share data)

|                                                                                                                     |  | Three Months Ended June 30, |            | Six Months Ended June 30, |  
|-------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | ---------- | ------------------------- | -
|                                                                                                                     |  |                             |            |                           |  
|                                                                                                                     |  | 2002                        |            | 2003                      |  
|                                                                                                                     |  |                             |            |                           |  
|REVENUES:                                                                                                            |  |                             |            |                           |  
|Gaming                                                                                                               |  | $                           | 318,948    |                           | $
|Rooms                                                                                                                |  |                             | 20,931     |                           |  
|Food and Beverage                                                                                                    |  |                             | 32,198     |                           |  
|Management Fees                                                                                                      |  |                             | 1,114      |                           |  
|Other                                                                                                                |  |                             | 9,729      |                           |  
|                                                                                                                     |  |                             |            |                           |  
|Gross Revenues                                                                                                       |  |                             | 382,920    |                           |  
|Less  Promotional allowances                                                                                        |  |                             | 75,349     |                           |  
|                                                                                                                     |  |                             |            |                           |  
|Net Revenues                                                                                                         |  |                             | 307,571    |                           |  
|                                                                                                                     |  |                             |            |                           |  
|COSTS AND EXPENSES:                                                                                                  |  |                             |            |                           |  
|Gaming                                                                                                               |  |                             | 144,669    |                           |  
|Rooms                                                                                                                |  |                             | 8,426      |                           |  
|Food and Beverage                                                                                                    |  |                             | 12,044     |                           |  
|General and Administrative                                                                                           |  |                             | 65,514     |                           |  
|Depreciation and Amortization                                                                                        |  |                             | 20,399     |                           |  
|Debt Renegotiation Costs                                                                                             |  |                             | 949        |                           |  
|                                                                                                                     |  |                             |            |                           |  
|                                                                                                                     |  |                             | 252,001    |                           |  
|                                                                                                                     |  |                             |            |                           |  
|Income from operations                                                                                               |  |                             | 55,570     |                           |  
|                                                                                                                     |  |                             |            |                           |  
|NON-OPERATING INCOME AND (EXPENSE):                                                                                  |  |                             |            |                           |  
|Interest income                                                                                                      |  |                             | 612        |                           |  
|Interest expense                                                                                                     |  |                             | (55,239    | )                         |  
|Gain on debt refinancing, net                                                                                        |  |                             |           |                           |  
|Other non-operating income (expense), net                                                                            |  |                             | 39         |                           |  
|                                                                                                                     |  |                             |            |                           |  
|                                                                                                                     |  |                             | (54,588    | )                         |  
|                                                                                                                     |  |                             |            |                           |  
|Income (loss) before equity in loss from Buffington Harbor, L.L.C., provision for income taxes and minority interest |  |                             | 982        |                           |  
|Equity in loss from Buffington Harbor, L.L.C.                                                                        |  |                             | (598       | )                         |  
|                                                                                                                     |  |                             |            |                           |  
|Income (loss) before income taxes and minority interest                                                              |  |                             | 384        |                           |  
|Provision for income taxes                                                                                           |  |                             |          |                           |  
|                                                                                                                     |  |                             |            |                           |  
|Income (loss) before minority interest                                                                               |  |                             | 384        |                           |  
|Minority Interest                                                                                                    |  |                             | (140       | )                         |  
|                                                                                                                     |  |                             |            |                           |  
|NET INCOME (LOSS)                                                                                                    |  | $                           | 244        |                           | $
|                                                                                                                     |  |                             |            |                           |  
|Basic and diluted earnings (loss) per share                                                                          |  | $                           | 0.01       |                           | $
|                                                                                                                     |  |                             |            |                           |  
|Weighted average number of shares outstanding :                                                                      |  |                             |            |                           |  
|Basic                                                                                                                |  |                             | 22,010,027 |                           |  
|                                                                                                                     |  |                             |            |                           |  
|Diluted                                                                                                              |  |                             | 22,061,762 |                           |  
|                                                                                                                     |  |                             |            |                           |  

See accompanying notes.

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TRUMP HOTELS & CASINO RESORTS, INC.CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2003 (unaudited) (dollars in thousands)

|                                                                      |  | Issuance of Series A Preferred Stock |        | Common Stock Amount |   | Addl Paid In Capital |  | Accum Deficit |         | Accum Other Comp Loss |   | Treasury Stock |   | Total Stockholders Equity |     
|--------------------------------------------------------------------- |  | ------------------------------------ | ------ | ------------------- | - | --------------------- |  | ------------- | ------- | --------------------- | - | -------------- | - | -------------------------- | ----
|                                                                      |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|Balance, December 31, 2002                                            |  | $                                    |      |                     | $ | 242                   |  | $             | 455,645 |                       | $ | (357,819       | ) | $                          | (595
|Net Loss                                                              |  |                                      |        |                     |   |                       |  |               |         |                       |   | (34,013        | ) |                            |     
|Termination of interest rate swap in connection with debt refinancing |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            | 595 
|                                                                      |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|Total comprehensive loss                                              |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|                                                                      |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|Preferred Stock                                                       |  |                                      | 15,000 |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|                                                                      |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     
|Balance, June 30, 2003                                                |  | $                                    | 15,000 |                     | $ | 242                   |  | $             | 455,645 |                       | $ | (391,832       | ) | $                          |   
|                                                                      |  |                                      |        |                     |   |                       |  |               |         |                       |   |                |   |                            |     

At December 31, 2002 and June 30, 2003, there were 22,010,027 shares of Common Stock outstanding and 1,000
shares of Class B Common Stock outstanding.  At June 30, 2003, 1,500 shares of Series A Preferred Stock were issued and outstanding. On July 11, 2003, the 1,500 shares of Series A Preferred Stock were exchanged for 7,894,737 shares of Common
Stock.

See accompanying notes.

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TRUMP HOTELS & CASINO RESORTS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2003 (unaudited) (dollars in thousands)

|                                                                                      |  | 2002 |         | 2003 |  
|------------------------------------------------------------------------------------- |  | ---- | ------- | ---- | -
|                                                                                      |  |      |         |      |  
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                 |  |      |         |      |  
|Net Loss                                                                              |  | $    | (4,342  | )    | $
|Adjustments to reconcile net loss to net cash flows provided by operating activities: |  |      |         |      |  
|Gain on debt refinancing, net                                                         |  |      |       |      |  
|Issuance of debt in satisfaction of accrued interest                                  |  |      | 8,604   |      |  
|Non-cash increase in Trumps Castle PIK Notes                                         |  |      | (8,752  | )    |  
|Equity in loss of Buffington Harbor, L.L.C.                                           |  |      | 1,200   |      |  
|Depreciation and amortization                                                         |  |      | 39,817  |      |  
|Minority interest in net loss                                                         |  |      | (2,504  | )    |  
|Accretion of discounts on mortgage notes                                              |  |      | 3,605   |      |  
|Amortization of deferred loan costs                                                   |  |      | 3,227   |      |  
|Provision for losses on receivables                                                   |  |      | 4,293   |      |  
|Write-down of CRDA investments                                                        |  |      | 2,774   |      |  
|Changes in operating assets and liabilities:                                          |  |      |         |      |  
|Increase in receivables                                                               |  |      | (2,155  | )    |  
|Decrease in inventories                                                               |  |      | 129     |      |  
|Increase in other current assets                                                      |  |      | (6,549  | )    |  
|Decrease (increase) in advances to affiliates, net                                    |  |      | 227     |      |  
|Decrease (increase) in other assets                                                   |  |      | 4,020   |      |  
|Increase in accounts payable, accrued expenses, and other current liabilities         |  |      | 5,518   |      |  
|(Decrease) increase in accrued interest payable                                       |  |      | (8,568  | )    |  
|Decrease in other long-term liabilities                                               |  |      | (4,769  | )    |  
|                                                                                      |  |      |         |      |  
|Net cash flows provided by operating activities                                       |  |      | 35,775  |      |  
|                                                                                      |  |      |         |      |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                 |  |      |         |      |  
|Purchase of property and equipment, net                                               |  |      | (15,725 | )    |  
|Purchase of CRDA investments, net                                                     |  |      | (6,831  | )    |  
|Advances to Tribe                                                                     |  |      | (2,908  | )    |  
|Other.                                                                                |  |      | (23     | )    |  
|                                                                                      |  |      |         |      |  
|Net cash flows used in investing activities                                           |  |      | (25,487 | )    |  
|                                                                                      |  |      |         |      |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                 |  |      |         |      |  
|Proceeds from additional borrowings, net of discount                                  |  |      | 2,898   |      |  
|Issuance of Preferred Stock                                                           |  |      |       |      |  
|Loan costs on additional borrowings                                                   |  |      |       |      |  
|Payment of long-term debt                                                             |  |      | (12,392 | )    |  
|                                                                                      |  |      |         |      |  
|Net cash flows used in financing activities                                           |  |      | (9,494  | )    |  
|                                                                                      |  |      |         |      |  
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                  |  |      | 794     |      |  
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                      |  |      | 119,173 |      |  
|                                                                                      |  |      |         |      |  
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                            |  | $    | 119,967 |      | $
|                                                                                      |  |      |         |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                     |  |      |         |      |  
|Cash paid during the year for interest                                                |  | $    | 112,649 |      | $
|                                                                                      |  |      |         |      |  
|Purchase of property and equipment under capital lease obligations & financing        |  |      | 10,248  |      |  
|                                                                                      |  |      |         |      |  

See accompanying notes.

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TRUMP HOTELS & CASINO RESORTS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(1) Organization and Operations

The accompanying condensed consolidated financial statements include those of Trump Hotels & Casino Resorts, Inc., a Delaware corporation (THCR),
Trump Hotels & Casino Resorts Holdings, L.P., a Delaware limited partnership (THCR Holdings), and Subsidiaries (as defined below).  THCR Holdings is currently owned approximately 63.4% by THCR, as both a general and limited
partner, and approximately 36.6% by Donald J. Trump (Trump), as a limited partner. Trumps limited partnership interest in THCR Holdings represents his economic interests in the assets and operations of THCR Holdings.  Such
limited partnership interest is convertible at Trumps option into 13,918,723 shares of THCRs common stock, par value $.01 per share (the THCR Common Stock) (subject to certain adjustments), and if converted, would give Trump
ownership of approximately 54.5% of the THCR Common Stock (including his current personal share ownership) or approximately 56.2% (assuming currently exercisable options held by Trump were exercised). Accordingly, the accompanying condensed
consolidated financial statements include those of THCR and its 63.4% owned subsidiary, THCR Holdings and its wholly-owned subsidiaries.  The minority interest liability in the consolidated balance sheet is adjusted with the proportionate share
of the earnings (losses) of THCR.  During the quarter ended March 31, 2003, the minority interest liability was completely eliminated through past losses. Consequently, losses will no longer be allocated to minority interest.

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 Registrants Annual Report on Form 10-K for the year ended December 31, 2002 filed with the SEC.

The casino
industry in Atlantic City is seasonal in nature.  Accordingly, results of operations for the period ended June 30, 2003 are not necessarily indicative of the operating results for a full year.

THCR has no operations and its ability to service its debt is dependent on the successful operations of the following subsidiaries of THCR Holdings (the
Subsidiaries): (i) Trump Atlantic City Associates, a New Jersey general partnership  (Trump AC), which is comprised of Trump Taj Mahal Associates, a New Jersey general partnership (Taj Associates), and Trump
Plaza Associates, a New Jersey general partnership (Plaza Associates); and (ii) Trump Casino Holdings, LLC, a Delaware single member limited liability company (TCH), which is comprised of: Trump Indiana, Inc., a Delaware
corporation  (Trump Indiana); Trump Marina Associates, L.P., a New Jersey limited partnership (Marina Associates), and THCR Management Services, LLC, a Delaware limited liability company (THCR Management),
which manages Trump 29 Casino located near Palm Springs, California pursuant to a five-year management agreement (the Trump 29 Management Agreement) with the 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).  TCH was capitalized in March 2003 and Trump Indiana, Marina Associates, Trump Marina,
Inc., THCR Management, THCR Management Holdings, LLC (the sole member of THCR Management) and Trump Indiana Realty, LLC became wholly-owned subsidiaries of TCH on March 25, 2003 pursuant to a corporate reorganization approved by the Board of
Directors of THCR.

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TRUMP HOTELS & CASINO RESORTS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Basic and Diluted Loss Per Share

Basic loss
per share is based on the weighted average number of shares of THCR Common Stock outstanding.  Diluted loss per share includes the impact of the conversion of Series A Preferred Stock and common stock options using the treasury stock method
unless the impact of such securities is anti-dilutive.  The shares of THCRs Class B common stock, par value $.01 per share (the THCR Class B Common Stock), owned by Trump have no economic interest and therefore are not
considered in the calculation of weighted average shares outstanding. There were no dividends on the Series A Preferred Stock for the period ended June 30, 2003.

Stock-based Compensation Plans

THCR has
stock-based employee compensation plans.  The Company applies the recognition and measurement principles of APB Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations in accounting for those
plans.  For stock options, no compensation expense is reflected in net loss as all stock options granted had an exercise price equal to or greater than the market value of the underlying common stock on the date of grant.  Pro forma
information regarding net income (loss) and earnings (loss) per share is required by Statement of Financial Accounting Standards (SFAS) No. 123, Accounting for Stock-Based Compensation, and has been determined as if the
Company had accounted for its stock plans under the fair value method of SFAS No. 123.  Pro forma results are not necessarily indicative of the pro forma results for any future period.  For purposes of the pro forma disclosures, the
estimated fair value of the options is amortized to expense over the options vesting period.   The following table illustrates the effect on net loss and loss per share if the Company had applied the fair value recognition provisions
of SFAS No. 123:

|                                                                                                           |  | Three Months EndedJune 30, |          | Six Months EndedJune 30, |  
|---------------------------------------------------------------------------------------------------------- |  | -------------------------- | -------- | ------------------------ | -
|                                                                                                           |  |                            |          |                          |  
|                                                                                                           |  | 2002                       |          | 2003                     |  
|                                                                                                           |  |                            |          |                          |  
|Net income(loss) as reported                                                                               |  | $                          | 244,000  |                          | $
|Deduct total stock-based compensation expense determined under fair value method of all awards, net of tax |  |                            | (125,000 | )                        |  
|                                                                                                           |  |                            |          |                          |  
|Pro forma income (loss)                                                                                    |  | $                          | 119,000  |                          | $
|                                                                                                           |  |                            |          |                          |  
|Basic and diluted earnings(loss) per-share as reported                                                     |  | $                          | 0.01     |                          | $
|                                                                                                           |  |                            |          |                          |  
|Basic and diluted earnings (loss) per-share pro forma                                                      |  | $                          | 0.01     |                          | $
|                                                                                                           |  |                            |          |                          |  

Reclassifications

During September 2002, the Company reclassified certain costs (primarily bus coin) from costs and expenses to promotional allowances to be consistent with prevailing
industry practice. The amounts of $5,826,000 and $11,211,000 for the three and six months ended June 30, 2002, respectively, have been reclassified to conform to the current period presentation.

Certain other reclassifications and disclosures have been made to prior year financial statements to conform to the current year presentation.

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TRUMP HOTELS & CASINO RESORTS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(2) Other Assets

Plaza Associates is appealing a real estate tax assessment by the City of Atlantic
City.  At December 31, 2002 and June 30, 2003, other assets include $8,014,000, which Plaza Associates believes will be recoverable on the settlement of the appeal.

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.  The Company
made this payment in 2002 in order to avoid incurring interest and penalties while this matter is under appeal.  Trump Indianas appeal is 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 susceptible to a use tax.  Management believes that the amount will be fully recoverable upon settlement of the appeal.

(3)
Debt Refinancing

As previously reported, on March 25, 2003, TCH and Trump Casino Funding, Inc. (TCF), consummated a
private placement, (the TCH Notes Offering), of two new issues of mortgage notes: (i) $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 (ii) $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).

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. (Castle Funding) 11.75% Mortgage Notes due
2003;                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                   
| |  | 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 due 2005 and $35.5 million principal amount of THCR Holdings
Senior Notes held by THCR Holdings and its subsidiaries were cancelled without payment.

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TRUMP HOTELS & CASINO RESORTS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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 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, 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 stockholders meeting on June 12, 2003, were exchanged by Mr. Trump on July
11, 2003 for an aggregate of 7,894,737 shares of THCR Common Stock.

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, THCR incurred a net gain of $2,892,000 which consists of a net gain of $10,451,000 on the retirement of Castle Fundings 11.75% Mortgage Notes due 2003 and the Castle PIK Notes, a $2,828,000 call premium on the retirement of THCR
Holdings Senior Notes, the settlement of Trump Indianas interest rate swap for $851,000 and the write-off of unamortized loan costs of approximately $3,880,000.

Pursuant to the indentures governing the TCH Notes, TCH and TCF filed a registration statement on Form S-4 (File No: 333-104916) with the SEC 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 may
exchange their TCH Notes for Exchange Notes until 5 p.m. (Eastern Standard Time) on August 13, 2003, unless otherwise extended.

Also,
TCH and TCF filed a registration statement on Form S-1 (File No.: 333-105760) with the SEC to register for potential resale the Second Priority 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 the Company that he does not currently have any intentions of selling his Second Priority Notes.

(4) Debt
Renegotiation Costs

THCR previously announced its intention to refinance or modify the terms of THCRs and its
subsidiaries public debt issues.  During the six months ended June 30, 2002 and 2003, debt renegotiation costs of $3,064,000 and $2,951,000, respectively, were expensed in the accompanying Statements of Operations.  Debt
renegotiation costs include the costs associated with 2002 debt refinancing no longer pursued and transactional fees earned upon the consummation of the TCH Notes Offering on March 25, 2003.

(5)
THCR Management Services

Under the Trump 29 Management Agreement, THCR Management manages the day-to-day operations of Trump 29
Casino.  During the six months ended June 30, 2002 and 2003, THCR Management earned $1,114,000 and $2,149,000, respectively, in management fees and incurred $488,000 (which includes $366,000 of pre-opening costs) and $303,000, respectively, of
general and administrative costs pursuant to the Trump 29 Management Agreement.

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TRUMP HOTELS & CASINO RESORTS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(6) New Jersey Corporate Business Tax

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 the New Jersey net operating loss carryforwards for two years and the introduction of a new alternative minimum assessment under
the New Jersey corporate business tax based on gross receipts or gross profits, as defined.   As a result of the change in tax law, THCR has recorded a charge to income tax expense of $2,409,000 for the six months ended June 30, 2003.
There was no comparable expense in 2002 since this charge was recorded beginning in the period in which the tax law was passed (third quarter of 2002) pursuant to the accounting literature in Financial Accounting Standards Board Statement Number
109, Accounting for Income Taxes.

(7) 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 beginning after June 15, 2003.  The Company is still evaluating whether it has any variable interest
entities, which will be subject to consolidation pursuant to FIN No. 46.

(8) Subsequent Events

On July 1, 2003, the New Jersey legislature passed a law that increases the taxation of New Jersey casinos.  The new law imposes a 4.25% tax on complimentaries
(i.e., free rooms, food, beverages and entertainment given to patrons).  Complimentary rooms are deemed to initially be valued at $67 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 at least $350,000 per casino.  Finally, the revised law imposes an additional $3.00
fee per day on each occupied room, increases the parking fee from $2.00 to $3.00 per car per day and eliminates the casinos ability to retain $0.50 to offset administrative costs.

On July 11, 2003, Mr. Trump exchanged his 1,500 shares of Series A Preferred Stock of THCR for 7,894,737 shares of THCR Common Stock.  Stockholders approved of
the exchange at the annual stockholders meeting held on June 12, 2003.  See Note (3).

Effective July 11, 2003, Indiana
riverboat casinos, including Trump Indiana, are permitted to operate 24 hours a day pursuant to legislation enacted by the Indiana state legislature in May 2003. Trump Indiana has been operating 24 hours a day since such date.

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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
Hotels & Casino Resorts, Inc. (THCR), Trump Hotels & Casino Resorts Holdings, L.P. (THCR Holdings) and its subsidiaries, unless otherwise noted. We, through one or more subsidiaries of THCR Holdings, own and operate
four casinos.  Three of the four casinos are located in Atlantic City, New Jersey: (i) Trump Plaza Hotel and Casino (Trump Plaza), (ii) Trump Taj Mahal Casino Resort (the Trump Taj Mahal) and (iii) the Trump Marina Hotel
Casino (Trump Marina, and together with the Trump Plaza and the Trump Taj Mahal, the Trump Atlantic City Properties).  The fourth is a riverboat casino docked in Buffington Harbor on Lake Michigan in Indiana (Trump
Indiana, and together with the Trump Atlantic City Properties, the Trump Casino Properties).  We also manage, through THCR Management, Trump 29 Casino located near Palm Springs, California pursuant to a management agreement
with an entity wholly-owned by the Twenty-Nine Palms Band of Luiseno Mission Indians.  Terms not defined in this section shall have the meanings ascribed to them elsewhere in this Quarterly Report on 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.

The Company has substantial indebtedness and interest expense.  Interest expense as a percentage of net revenues was 19.4% and 18.3% for the six months
ended June 30, 2003 and 2002, respectively.

In March 2003, we refinanced an aggregate principal amount of approximately $441.4 million
of debt with the net proceeds of the TCH Notes Offering.  See Note 3 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.  In addition, construction of additional rooms at one or more of our Atlantic City properties could be desirable in the future.  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.  We have substantial indebtedness maturing in 2006, and we may seek to refinance this indebtedness on more favorable terms when and
if market conditions are suitable.  We cannot assure you, however, that we will be successful in reducing our interest expense in any refinancing.  Management believes that, based upon THCRs current cash flow forecasts for 2003, THCR
and its subsidiaries will have sufficient cash flows to meet their respective debt service and operating expense requirements throughout 2003.

The ability of Trump Atlantic City Associates, which through one or more of its subsidiaries owns and operates Trump Plaza and the Trump Taj Mahal (Trump
AC), to pay interest on its $1.3 billion principal amount of 11-1/4% First Mortgage Notes due 2006 (the TAC Notes) and the ability of TCH and TCF to pay interest on the TCH Notes ($490.0 million principal amount) depends primarily
on the ability of the Trump Casino Properties to generate cash from operations 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 the Trump Casino Properties is subject to general economic conditions, industry conditions, including competition and regulatory

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matters, and numerous other factors, many of which are unforeseeable or are beyond the control of the Trump Casino Properties.  There can be no assurance that the future
operating performance of the Trump Casino Properties will be sufficient to generate the cash flows required to meet the debt service obligations of the Trump Casino Properties.  The ability of the Trump Casino Properties to pay the principal
amount of their public debt at maturity (whether scheduled or by acceleration thereof) is primarily dependent upon their 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 THCR and its subsidiaries will be conducive to refinancing debt at any given time or on more favorable terms.

We Do Not Know How the Borgata will Affect Us in the Long Term.

In July 2003, the Borgata Casino Hotel and Spa, a joint development of Boyd Gaming and MGM Mirage, 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 recent opening, the Borgata has adversely affected the results of the Trump Atlantic
City Properties, 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 has not
been completed, making travel between the two properties inconvenient.  The connector project is anticipated to be completed in the Fall of 2003, and when completed, is expected to improve traffic flow from the Borgata to Trump Marina.  It
is too early to determine, however, whether or not the Borgata will adversely affect the Trump Atlantic City Properties 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, it is possible that the Borgata could have an adverse effect on the long-term business and operations of the Trump Atlantic City Properties. 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, New Jersey passed the New Jersey Business Tax Reform Act, which, among other things, suspended the use of the net operating loss carryforwards for two years and introduced a new alternative minimum assessment under the
New Jersey corporate business tax based on gross receipts or gross profits.

On July 1, 2003, the New Jersey legislature passed a law
that increases the taxation of New Jersey casinos.  The new law imposes a 4.25% tax on complimentaries (i.e., free rooms, food, beverages and entertainment given to patrons).  Complimentary rooms are deemed to initially be valued at $67
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 at least $350,000 per casino.  Finally, the revised law imposes an additional $3.00 fee per day on each occupied room, increases the parking fee from $2.00 to $3.00 per car per day and eliminates the casinos ability to
retain $0.50 to offset administrative costs.  Although the recent tax changes reduce our overall profitability, we do not believe the recent tax increases affect our ability to pay debt service on the TAC Notes and TCH Notes.

From time to time, and 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 revenues levels. 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.

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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 beyond our control, such as (i) capital market
conditions which could affect our ability to raise capital for refinancing debt or pursuing other alternatives, (ii) future acts of terrorism 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 and other markets, which is likely to increase over the next five years, (iv) regulatory changes, and (v) adverse or unfavorable weather conditions.

Critical Accounting Policies

The preparation of our financial statements
in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts 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.  The Trump Casino Properties operate in a highly regulated industry 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 on a discretionary basis to certain qualified patrons.  Credit play as a percentage of total dollars wagered has been approximately 20% for the past three years.  The Trump Casino
Properties establish credit limits based upon a particular patrons creditworthiness, as determined by an examination of various factors including a credit check of the patron, checking the patrons personal checking account balance, and
checking the patrons credit limits and indebtedness at other casinos.  The Company maintains an allowance for doubtful accounts for 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 is reasonable; however, these estimates could change in the near term based
on 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 numbers.

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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 beginning after June 15, 2003.  The Company is still evaluating whether it has any variable interest entities, which will be subject to consolidation pursuant to FIN No. 46.

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Financial Condition -

Liquidity and Capital Resources

Cash flows from operating activities of the Companys owned and managed casino properties are the Companys primary source of liquidity and capital
resources. The Company relies on capital leases for its capital resource needs.  The Companys ability to borrow funds for its liquidity and capital resources needs is severely restricted by covenants in the various indentures governing
its public debt issues and by its already high levels of indebtedness.  Sources of the Companys short-term and long-term liquidity include casino gaming revenues and room, food and beverage sales.  Although we expect the Company to
have sufficient liquidity from the operating activities of the Trump Casino Properties to meet its short-term obligations, 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.  See General above.

The Trump Atlantic City
Properties compete with other Atlantic City casino/hotels 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.

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.  The
long-term impact of the Borgata on Atlantic Citys casinos and, in particular, the Trump Atlantic City Properties, cannot be ascertained at this time.  See General; We Do Not Know How the Borgata Will Affect Us in the Long
Term.

Because the Company has substantial indebtedness and related interest expenses, we have not been able to pursue various
capital expansion plans, such as the addition of more hotel rooms.  Capital expenditures for the Trump Casino Properties for the six months ended June 30, 2002 and 2003 are as follows:

TRUMP HOTELS AND CASINO RESORTS CONSOLIDATING CAPITAL EXPENDITURES

(IN THOUSANDS)

|                                       |  | TRUMP TAJ MAHAL |        | TRUMP PLAZA |   | TRUMP AC CONSOL |  | TRUMP MARINA |        | TRUMP INDIANA |   | TCH CONSOL |  | THCR HOLDINGS |       | THCR CONSOL |  
|-------------------------------------- |  | --------------- | ------ | ----------- | - | --------------- |  | ------------ | ------ | ------------- | - | ---------- |  | ------------- | ----- | ----------- | -
|                                       |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|FOR THE SIX MONTHS ENDED JUNE 30, 2002 |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|Purchase of Property & Equipment       |  | $               | 5,045  |             | $ | 2,337           |  | $            | 7,382  |               | $ | 1,868      |  | $             | 6,431 |             | $
|Capital Lease Additions (A)            |  |                 | 5,131  |             |   | 2,096           |  |              | 7,227  |               |   | 3,011      |  |               | 10    |             |  
|                                       |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|Total Capital Expenditures             |  | $               | 10,176 |             | $ | 4,433           |  | $            | 14,609 |               | $ | 4,879      |  | $             | 6,441 |             | $
|                                       |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|FOR THE SIX MONTHS ENDED JUNE 30, 2003 |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|Purchase of Property & Equipment       |  | $               | 9,877  |             | $ | 2,000           |  | $            | 11,877 |               | $ | 2,408      |  | $             | 1,684 |             | $
|Capital Lease Additions (A)            |  |                 | 10,609 |             |   | 4,547           |  |              | 15,156 |               |   | 5,831      |  |               | 4,710 |             |  
|                                       |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  
|Total Capital Expenditures             |  | $               | 20,486 |             | $ | 6,547           |  | $            | 27,033 |               | $ | 8,239      |  | $             | 6,394 |             | $
|                                       |  |                 |        |             |   |                 |  |              |        |               |   |            |  |               |       |             |  

(A)  Capital lease additions for Trump Casino Properties were principally slot
machines.

14



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##### Table of Contents

Results of Operations: Operating Revenues and Expenses

All business activities of THCR and THCR Holdings are conducted primarily by Trump Plaza, Trump Taj Mahal, Trump Indiana and Trump Marina.

Comparison of Three-Month Periods Ended June 30, 2002 and 2003. The following tables include selected data of Trump Plaza, Trump Taj Mahal, Trump
Indiana and Trump Marina.

|                                       |  | Three Months Ended June 30, 2002
|-------------------------------------- |  | --------------------------------
|                                       |  |                                 
|                                       |  | Trump Plaza                     
|                                       |  |                                 
|                                       |  | (dollars in thousands)          
|Revenues:                              |  |                                 
|Gaming                                 |  | $                               
|Management Fees                        |  |                                 
|Other                                  |  |                                 
|                                       |  |                                 
|Gross Revenues                         |  |                                 
|Less: Promotional Allowances           |  |                                 
|                                       |  |                                 
|Net Revenues                           |  |                                 
|                                       |  |                                 
|Costs and Expenses:                    |  |                                 
|Gaming                                 |  |                                 
|Other                                  |  |                                 
|General & Administrative               |  |                                 
|Depreciation & Amortization            |  |                                 
|Debt Renegotiation Costs               |  |                                 
|                                       |  |                                 
|Total Costs and Expenses               |  |                                 
|                                       |  |                                 
|Income from Operations                 |  |                                 
|                                       |  |                                 
|Non-operating Income                   |  |                                 
|Interest Expense                       |  |                                 
|                                       |  |                                 
|Total Non-operating Expense, Net       |  |                                 
|                                       |  |                                 
|Loss in Joint Venture                  |  |                                 
|                                       |  |                                 
|Income (Loss) before Minority Interest |  | $                               
|                                       |  |                                 
|Minority Interest                      |  |                                 
|                                       |  |                                 
|Net Income                             |  |                                 
|                                       |  |                                 

*Intercompany eliminations and expenses of THCR, THCR Holdings, Trump AC and
THCR Management are not separately shown.

15



---

##### Table of Contents

|                                 |  | Three Months Ended June 30, 2003 |        
|-------------------------------- |  | -------------------------------- | -------
|                                 |  |                                  |        
|                                 |  | Trump Plaza                      |        
|                                 |  |                                  |        
|                                 |  | (dollars in thousands)           |        
|Revenues:                        |  |                                  |        
|Gaming                           |  | $                                | 84,432 
|Management Fees                  |  |                                  |       
|Other                            |  |                                  | 17,533 
|                                 |  |                                  |        
|Gross Revenues                   |  |                                  | 101,965
|Less: Promotional Allowances     |  |                                  | 23,208 
|                                 |  |                                  |        
|Net Revenues                     |  |                                  | 78,757 
|                                 |  |                                  |        
|Costs and Expenses:              |  |                                  |        
|Gaming                           |  |                                  | 37,659 
|Other                            |  |                                  | 5,630  
|General & Administrative         |  |                                  | 17,283 
|Depreciation & Amortization      |  |                                  | 4,633  
|Debt Renegotiation Costs         |  |                                  |       
|                                 |  |                                  |        
|Total Costs and Expenses         |  |                                  | 65,205 
|                                 |  |                                  |        
|Income from Operations           |  |                                  | 13,552 
|                                 |  |                                  |        
|Non-operating Income             |  |                                  | 96     
|Interest Expense                 |  |                                  | (14,208
|                                 |  |                                  |        
|Total Non-operating Expense, Net |  |                                  | (14,112
|                                 |  |                                  |        
|Loss in Joint Venture            |  |                                  |       
|Provision for Income Taxes       |  |                                  | (367   
|                                 |  |                                  |        
|Net Loss                         |  | $                                | (927   
|                                 |  |                                  |        

*  Intercompany eliminations, revenues and expenses of THCR, THCR
Holdings, Trump AC, TCH, and THCR Management are not separately shown.

16



---

##### Table of Contents

|                        |  | Three Months Ended June 30, 2002 |        
|----------------------- |  | -------------------------------- | -------
|                        |  |                                  |        
|                        |  | Trump Plaza                      |        
|                        |  |                                  |        
|                        |  | (dollars in thousands)           |        
|Table Game Revenues     |  | $                                | 24,333 
|Table Game Drop         |  | $                                | 146,944
|Table Win Percentage    |  |                                  | 16.6   
|Number of Table Games   |  |                                  | 88     
|Slot Revenues           |  | $                                | 60,050 
|Slot Handle             |  | $                                | 738,220
|Slot Win Percentage     |  |                                  | 8.1    
|Number of Slot Machines |  |                                  | 2,908  
|Other Gaming Revenues   |  | $                                | N/A    
|Total Gaming Revenues   |  | $                                | 84,383 

|                              |  | Three Months Ended June 30, 2003 |        
|----------------------------- |  | -------------------------------- | -------
|                              |  |                                  |        
|                              |  | Trump Plaza                      |        
|                              |  |                                  |        
|                              |  | (dollars in thousands)           |        
|Table Game Revenues           |  | $                                | 24,498 
|Incr (Decr) over prior period |  | $                                | 165    
|Table Game Drop               |  | $                                | 141,275
|Incr (Decr) over prior period |  | $                                | (5,669 
|Table Win Percentage          |  |                                  | 17.3   
|Incr (Decr) over prior period |  |                                  | 0.7    
|Number of Table Games         |  |                                  | 89     
|Incr (Decr) over prior period |  |                                  | 1      
|Slot Revenues                 |  | $                                | 59,934 
|Incr (Decr) over prior period |  | $                                | (116   
|Slot Handle                   |  | $                                | 746,112
|Incr (Decr) over prior period |  | $                                | 7,892  
|Slot Win Percentage           |  |                                  | 8.0    
|Incr (Decr) over prior period |  |                                  | (0.1   
|Number of Slot Machines       |  |                                  | 2,950  
|Incr (Decr) over prior period |  |                                  | 42     
|Other Gaming Revenues         |  | $                                | N/A    
|Incr (Decr) over prior period |  | $                                | N/A    
|Total Gaming Revenues         |  | $                                | 84,432 
|Incr (Decr) over prior period |  | $                                | 49     

Gaming revenues are the primary source of
THCRs revenues.  Table game revenues represent the amount retained by THCR from amounts wagered at table games.  The table win percentage tends to be fairly constant over the long term, but may vary significantly in the short term,
due to large wagers by high rollers. The Atlantic City industry table game win percentages were 15.8% and 16.3% for the three months ended June 30, 2002 and 2003, respectively.  THCRs table game win percentage was 16.8% and
17.2% for the three months ended June 30, 2002 and 2003, respectively.

Table game revenues increased $2,583,000, or 3.1%, to $84,831,000
for the three months ended June 30, 2003 compared to $82,248,000 for the three months ended June 30, 2002, primarily due to the 0.7 point increase in table win percentage at both the Trump Taj Mahal and Trump Plaza.  Trump Taj Mahals
increase in table game revenue was also attributed to a $10,015,000 or 4.6% increase in table game drop.  Trump Marinas $4,459,000 increase in table game drop offsets a 0.6 point decrease in table win percentage.  Trump
Indianas $1,038,000 decrease in table games revenue was attributed to a $4,649,000 decrease in table game drop, due to a decision to eliminate high end table player marketing efforts, combined with a 0.9 point decrease in table win
percentage.

17



---

##### Table of Contents

Slot revenues decreased $1,339,000, or 0.6%, to $229,749,000 for the three months ended June 30, 2003 compared to
$231,088,000 for the three months ended June 30, 2002.  Decreases in slot handle of $27,093,000 at Trump Taj Mahal and $29,254,000 at Trump Marina primarily contributed to their respective decreases in slot revenues.  Trump Indianas
slot revenues increased $1,091,000 primarily due to an $8,078,000 increase in slot handle.   Trump Plazas $7,892,000 increase in slot handle partially offset the 0.1 point decrease in slot win percentage.

Overall, slot revenues during the second quarter of 2003 were negatively impacted by unseasonable winter weather in April 2003 in the Atlantic City market as
well as adverse economic conditions and the war in Iraq.

For the three months ended June 30, 2003 a $1,186,000 management fee was earned
from the Trump 29 Casino compared to $1,114,000 for the three months ended June 30, 2002.

Promotional allowances increased by
$2,077,000, or 2.8%, from the comparable period in 2002 primarily as a result of increases in coin and complimentary hotel services.

Gaming costs and expenses increased $1,129,000 for the three months ended June 30, 2003 to $145,798,000, compared to $144,669,000 for the three months ended June 30,
2002. This increase was attributed to higher gaming revenues.  As a result of a legislative bill passed by the State of Indiana during the second quarter of 2003, Trump Indiana recorded a $1,942,000 retroactive recalculation of wagering tax due
to the State of Indiana.

General and administrative expenses were  $70,428,000 for the three months ended June 30, 2003, a 
$4,914,000, or 7.5%, increase from $65,514,000 for the three months ended June 30, 2002.  This increase was primarily attributed to higher insurance costs, utilities, and real estate taxes.  Additionally, the Trump Atlantic City Properties
recorded a donation of casino reinvestment obligations.

During the three months ended June 30, 2002 and 2003, THCR incurred debt
renegotiation costs of $949,000 and $323,000, respectively.   Debt renegotiation costs include the costs associated with 2002 debt refinancing no longer pursued and transactional fees earned upon the consummation of the TCH Notes Offering
on March 25, 2003.

In accordance with the New Jersey Business Tax Reform Act, a provision for current income tax expense of $1,250,000
has been recorded for the three months ended June 30, 2003.  There was no comparable expense in the three months ended June 30, 2002 since this change was recorded beginning in the period in which the tax law was passed (third quarter 2002)
pursuant to the accounting literature in Financial Accounting Standards Board Statement Number 109, Accounting for Income Taxes.

18



---

##### Table of Contents

Comparison of Six-Month Periods Ended June 30, 2002 and 2003. The following tables include selected data of Trump Plaza, Trump Taj Mahal, Trump Indiana and Trump
Marina.

|                                       |  | Six Months Ended June 30, 2002
|-------------------------------------- |  | ------------------------------
|                                       |  |                               
|                                       |  | Trump Plaza                   
|                                       |  |                               
|                                       |  | (dollars in thousands)        
|Revenues:                              |  |                               
|Gaming                                 |  | $                             
|Management Fees                        |  |                               
|Other                                  |  |                               
|                                       |  |                               
|Gross Revenues                         |  |                               
|Less: Promotional Allowances           |  |                               
|                                       |  |                               
|Net Revenues                           |  |                               
|                                       |  |                               
|Costs and Expenses:                    |  |                               
|Gaming                                 |  |                               
|Other                                  |  |                               
|General & Administrative               |  |                               
|Depreciation & Amortization            |  |                               
|Debt Renegotiation Costs               |  |                               
|                                       |  |                               
|Total Costs and Expenses               |  |                               
|                                       |  |                               
|Income from Operations                 |  |                               
|                                       |  |                               
|Non-operating Income                   |  |                               
|Interest Expense                       |  |                               
|                                       |  |                               
|Total Non-operating Expense, Net       |  |                               
|                                       |  |                               
|Loss in Joint Venture                  |  |                               
|                                       |  |                               
|Income (Loss) before Minority Interest |  | $                             
|                                       |  |                               
|Minority Interest                      |  |                               
|                                       |  |                               
|Net Loss                               |  |                               
|                                       |  |                               

* Intercompany eliminations and expenses of THCR, THCR Holdings, Trump AC and THCR Management are
not separately shown.

19



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##### Table of Contents

|                                      |  | Six Months Ended June 30, 2003 |        
|------------------------------------- |  | ------------------------------ | -------
|                                      |  |                                |        
|                                      |  | Trump Plaza                    |        
|                                      |  |                                |        
|                                      |  | (dollars in thousands)         |        
|Revenues:                             |  |                                |        
|Gaming                                |  | $                              | 159,863
|Management Fees                       |  |                                |       
|Other                                 |  |                                | 33,146 
|                                      |  |                                |        
|Gross Revenues                        |  |                                | 193,009
|Less: Promotional Allowances          |  |                                | 44,286 
|                                      |  |                                |        
|Net Revenues                          |  |                                | 148,723
|                                      |  |                                |        
|Costs and Expenses:                   |  |                                |        
|Gaming                                |  |                                | 74,390 
|Other                                 |  |                                | 10,424 
|General & Administrative              |  |                                | 33,350 
|Depreciation & Amortization           |  |                                | 9,721  
|Debt Renegotiation Costs              |  |                                |       
|                                      |  |                                |        
|Total Costs and Expenses              |  |                                | 127,885
|                                      |  |                                |        
|Income from Operations                |  |                                | 20,838 
|                                      |  |                                |        
|Non-operating Income                  |  |                                | 175    
|Interest Expense                      |  |                                | (28,297
|Gain (Loss) on Bond Redemption        |  |                                |       
|                                      |  |                                |        
|Total Non-operating Expense, Net      |  |                                | (28,122
|                                      |  |                                |        
|Loss in Joint Venture                 |  |                                |       
|Provision for Income Taxes            |  |                                | (692   
|                                      |  |                                |        
|Income(Loss) before Minority Interest |  | $                              | (7,976 
|                                      |  |                                |        
|Minority Interest                     |  |                                |        
|                                      |  |                                |        
|Net Loss                              |  |                                |        
|                                      |  |                                |        

*  Intercompany eliminations, revenues and expenses of THCR, THCR Holdings, Trump AC, TCH, and
THCR Management are not separately shown.

20



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##### Table of Contents

|                        |  | Six Months Ended June 30, 2002 |          
|----------------------- |  | ------------------------------ | ---------
|                        |  |                                |          
|                        |  | Trump Plaza                    |          
|                        |  |                                |          
|                        |  | (dollars in thousands)         |          
|Table Game Revenues     |  | $                              | 49,993   
|Table Game Drop         |  | $                              | 290,010  
|Table Win Percentage    |  |                                | 17.2     
|Number of Table Games   |  |                                | 88       
|Slot Revenues           |  | $                              | 115,891  
|Slot Handle             |  | $                              | 1,441,163
|Slot Win Percentage     |  |                                | 8.0      
|Number of Slot Machines |  |                                | 2,877    
|Other Gaming Revenues   |  | $                              | N/A      
|Total Gaming Revenues   |  | $                              | 165,884  

|                              |  | Six Months Ended June 30, 2003 |          
|----------------------------- |  | ------------------------------ | ---------
|                              |  |                                |          
|                              |  | Trump Plaza                    |          
|                              |  |                                |          
|                              |  | (dollars in thousands)         |          
|Table Game Revenues           |  | $                              | 47,110   
|Incr (Decr) over prior period |  | $                              | (2,883   
|Table Game Drop               |  | $                              | 285,199  
|Incr (Decr) over prior period |  | $                              | (4,811   
|Table Win Percentage          |  |                                | 16.5     
|Incr (Decr) over prior period |  |                                | (0.7     
|Number of Table Games         |  |                                | 90       
|Incr (Decr) over prior period |  |                                | 2        
|Slot Revenues                 |  | $                              | 112,753  
|Incr (Decr) over prior period |  | $                              | (3,138   
|Slot Handle                   |  | $                              | 1,422,101
|Incr (Decr) over prior period |  | $                              | (19,062  
|Slot Win Percentage           |  |                                | 7.9      
|Incr (Decr) over prior period |  |                                | (0.1     
|Number of Slot Machines       |  |                                | 2,956    
|Incr (Decr) over prior period |  |                                | 79       
|Other Gaming Revenues         |  | $                              | N/A      
|Incr (Decr) over prior period |  | $                              | N/A      
|Total Gaming Revenues         |  | $                              | 159,863  
|Incr (Decr) over prior period |  | $                              | (6,021   

Gaming revenues are the primary source of
THCRs revenues.  Table game revenues represent the amount retained by THCR from amounts wagered at table games.  The table win percentage tends to be fairly constant over the long term, but may vary significantly in the short term,
due to large wagers by high rollers. The Atlantic City industry table game win percentages were 16.0% and 16.4% for the six months ended June 30, 2002 and 2003, respectively.  THCRs table game win percentage was 17.3% and
17.1% for the six months ended June 30, 2002 and 2003, respectively.

21



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##### Table of Contents

Table game revenues decreased $3,139,000, or 1.9%, to $166,359,000 for the six months ended June 30, 2003 from
$169,498,000 for the six months ended June 30, 2002, primarily due to decreases in table win percentages of 0.7 points at Trump Plaza and 1.2 points at both Trump Marina and Trump Indiana.  Trump Taj Mahals increase in table game revenue
of $3,723,000 was attributed to increases in both table game drop and table win percentage which partially offset table games revenue decreases at the other properties.  Trump Marinas $4,709,000 increase in table game drop also partially
offset its 1.2 points decrease in table win percentage.  Trump Indianas  $11,454,000 decrease in table game drop, due to a decision to eliminate high end table player marketing efforts, also contributed to its decrease in
table game revenue.

Slot revenues decreased $12,954,000, or 2.9%, to $436,667,000 for the six months ended June 30, 2003 compared to
$449,621,000 for the six months ended June 30, 2002.  Decreases in slot handle of $151,807,000 at Trump Taj Mahal and $87,359,000 at Trump Marina primarily contributed to their respective decreases in slot revenues.  Trump Indianas
slot revenues increased $2,860,000 primarily due to a $6,693,000 increase in slot handle.   Trump Plazas decrease of $3,138,000 in slot revenue is due to the $19,062,000 decrease in slot handle in addition to a 0.1 point decrease in
slot win percentage.

Overall, slot revenues during the six months ended June 30, 2003 were negatively impacted by unseasonable winter
weather  in the Atlantic City market as well as adverse economic conditions and the war in Iraq.

For the six months ended June 30,
2003, a $2,149,000 management fee was earned from the Trump 29 Casino compared to $1,114,000 for the six months ended June 30, 2002.  THCR Management commenced its management of the Trump 29 Casino in April 2002.

Promotional allowances decreased by $1,377,000, or 0.9%, from the comparable period in 2002 primarily as a result of decreases in coin and complimentary hotel
services.

Gaming costs and expenses decreased $1,317,000 for the six months ended June 30, 2003 to $286,515,000, compared to
$287,832,000 for the six months ended June 30, 2002. This decrease was attributed to lower gaming revenues.  As a result of a legislative bill passed by the State of Indiana during the second quarter of 2003, Trump Indiana recorded a $1,942,000
retroactive recalculation of wagering tax due to the State of Indiana.

General and administrative expenses were  $138,206,000 for
the six months ended June 30, 2003, an  $8,099,000, or 6.2%, increase from $130,107,000 for the six months ended June 30, 2002.  This increase was primarily attributed to higher insurance costs, utilities, and real estate taxes. 
Additionally, the Trump Atlantic City Properties recorded a donation of casino reinvestment obligations.

During the six months
ended June 30, 2002 and 2003, THCR incurred debt renegotiation costs of $3,064,000 and $2,951,000, respectively.   Debt renegotiation costs include the costs associated with 2002 debt refinancing no longer pursued and transactional fees
earned upon the consummation of the TCH Notes Offering on March 25, 2003.

In connection with the TCH Notes Offering, THCR incurred
$2,892,000 which consists of a net gain of $10,451,000 on the retirement of Castle Fundings 11.75% Mortgage Notes due 2003 and the Castle PIK Notes, a $2,828,000 call premium on the retirement of THCR Holdings Senior Notes, the settlement of
Trump Indianas interest rate swap of $851,000 and the write off of unamortized loan costs of approximately $3,880,000.

In
accordance with the New Jersey Business Tax Reform Act, a provision for current income tax expense of $2,409,000 has been recorded for the six months ended June 30, 2003.  There was no comparable expense in the six months ended June 30, 2002
since this change was recorded beginning in the period in which the tax law was passed (third quarter 2002) pursuant to the accounting literature in Financial Accounting Standards Board Statement Number 109, Accounting for Income
Taxes.

22



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##### Table of Contents

Seasonality

Our cash flows from operating activities are seasonal in nature.  Spring and summer are traditionally the peak seasons for the Trump Atlantic City Properties,
with autumn and winter being non-peak seasons.  Trump 29s peak seasons are late winter and spring.  Trump Indiana generally is not seasonal.  Since the Trump Atlantic City Properties account 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

Not applicable.

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 Registrants principal executive officer and principal financial officer have concluded that the Registrants 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 Registrant in reports that it files or submits 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 Registrants internal controls over financial
reporting during the fiscal quarter covered by this Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.

23



---

##### Table of Contents

PART II  OTHER INFORMATION

ITEM 1  LEGAL PROCEEDINGS

General.  From time
to time, THCR and certain of its employees are involved in various legal proceedings.  In general, THCR has agreed to indemnify such persons, and its directors, 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.

ITEM 2  CHANGES IN SECURITIES AND USE OF PROCEEDS

As
previously disclosed, Mr. Trump accepted, in part, 1,500 shares of Series A Preferred Stock of THCR in lieu of cash for his $15.0 million principal amount of THCR Holdings Senior Notes being redeemed from other noteholders with the net proceeds of
the TCH Notes Offering.  Pursuant to the Note Purchase Agreement, dated March 19, 2003, between THCR, THCR Holdings and Mr. Trump, and after obtaining stockholders approval at the annual stockholders meeting in June 2003, Mr. Trump
exchanged his Series A Preferred Stock on July 11, 2003 for 7,894,737 shares of THCR Common Stock on the basis of $1.90 per share.  The THCR Common Stock was issued to Mr. Trump pursuant to the exemptions afforded by Sections 3(a)(9) and 4(2)
of the Securities Act of 1933, as amended.

ITEM 3  DEFAULTS UPON SENIOR SECURITIES

None.

24



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##### Table of Contents

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

THCR held its annual meeting of stockholders on June 12, 2003.  As of April 17, 2003, the record date for the meeting, stockholders representing a total of
35,928,750 shares (consisting of 22,010,027 shares of THCR Common Stock and 1,000 shares of THCR Class B Common Stock held by Mr. Trump having a voting equivalency of 13,918,723 shares of THCR Common Stock), were outstanding and entitled to vote at
the meeting.  At the meeting, 33,314,853 shares voted in person or by proxy to:

| | (1) | Elect a board of directors to hold office until the next annual meeting of stockholders and until their successors are elected and qualified.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------

|                  |  | For |            | Withheld | 
|----------------- |  | --- | ---------- | -------- | 
|                  |  |     |            |          | 
|Donald J. Trump   |  |     | 31,364,409 |          | 
|Wallace B. Askins |  |     | 31,400,607 |          | 
|Don M. Thomas     |  |     | 31,400,907 |          | 
|Peter M. Ryan     |  |     | 31,485,032 |          | 
|Robert J. McGuire |  |     | 31,482,487 |          | 

| | (2) | Authorize the issuance of 7,894,737 shares of THCR Common Stock to Donald J. Trump in exchange for Mr. Trumps 1,500 shares of Series A Preferred Stock:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------

|Votes Counted |  |  |           |  |  |         | 
|------------- |  |  | --------- |  |  | ------- | 
|              |  |  |           |  |  |         | 
|For           |  |  | Against   |  |  | Abstain | 
|              |  |  |           |  |  |         | 
|19,376,630    |  |  | 3,416,378 |  |  | 137,506 | 

| | (3) | Ratify Ernst & Young, LLP as the independent auditors of THCR for the 2003 fiscal year.
| | --- | ---------------------------------------------------------------------------------------

|Votes Counted |  |  |         | 
|------------- |  |  | ------- | 
|              |  |  |         | 
|For           |  |  | Against | 
|              |  |  |         | 
|32,986,050    |  |  | 225,706 | 

25



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##### Table of Contents

ITEM 5  OTHER INFORMATION

On June 25, 2003, the New Jersey
Casino Control Commission renewed each of Taj Associates, Plaza Associates and Marina Associates casino license to operate the Trump Taj Mahal, Trump Plaza and Trump Marina, respectively, through June 25, 2007.

ITEM 6  EXHIBITS AND REPORTS ON FORM 8-K

a.
Exhibits:

| | 31.1 | Certification by the Chief Executive Officer of the Registrant Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as Amended.               
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                         
| | 31.2 | Certification by the Chief Financial Officer of the Registrant Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as Amended.               
| |      |                                                                                                                                                                         
| | 32.1 | Certification of the Chief Executive Officer of the Registrant 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 Chief Financial Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

b. Current Reports on Form 8-K:

THCR filed a Current Report on Form 8-K with the SEC on April 30, 2003 regarding its earnings press release for the first quarter ended March 31, 2003.

Pursuant to the indentures governing the TCH Notes, THCR filed a Form 8-K with the SEC on May 23, 2003 containing certain financial information
relating to TCH for the period ended March 31, 2003.

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##### Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|.                     | TRUMP HOTELS & CASINO RESORTS, INC
|--------------------- | ----------------------------------
|                      | (Registrant)                      
|                      |                                   
|Date: August 14, 2003 | By:                               
|                      |                                   
|                      |                                   
|                      |                                   

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##### Table of Contents

EXHIBIT INDEX

|Exhibit No. |  | Description                                                                                                                                                              
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |  |                                                                                                                                                                          
|31.1        |  | Certification by the Chief Executive Officer of the Registrant Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as Amended.                
|            |  |                                                                                                                                                                          
|31.2        |  | Certification by the Chief Financial Officer of the Registrant Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as Amended.                
|            |  |                                                                                                                                                                          
|32.1        |  | Certification of the Chief Executive Officer of the Registrant 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 Chief Financial Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 

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