<PAGE>

<TABLE>
<S>                                      <C>
=============================================================================================================================

                                         SECURITIES AND EXCHANGE COMMISSION
                                               Washington, D.C. 20549

                                           --------------------------------

(Mark One)                                           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 March 31, 2002


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

                                        For the transition period from       to
                                             Commission File No.: 1-9029


                                         TRUMP'S CASTLE HOTEL & CASINO, INC.
                                         -----------------------------------
                               (Exact Name of Registrant as Specified in its Charter)

                      New Jersey                                                  11-2735914
                      ----------                                                  ----------
            (State or Other Jurisdiction of                                    (I.R.S. Employer
            Incorporation or Organization)                                   Identification No.)

                                        Huron Avenue and Brigantine Boulevard
                                           Atlantic City, New Jersey 08401
                                                   (609) 449-6515
                            (Address, Including Zip Code and Telephone Number, Including
                               Area Code, of Registrant's Principal Executive Offices)

                                            TRUMP'S CASTLE FUNDING, INC.
                                            ----------------------------
                               (Exact Name of Registrant as Specified in its Charter)

                      New Jersey                                                 11-2739203
                      ----------                                                 ----------
           (State or Other Jurisdiction of                                    (I.R.S. Employer
            Incorporation or Organization)                                   Identification No.)

                                        Huron Avenue and Brigantine Boulevard
                                           Atlantic City, New Jersey 08401
                                                   (609) 449-6515
                            (Address, Including Zip Code and Telephone Number, Including
                               Area Code, of Registrant's Principal Executive Offices)

                                           TRUMP'S CASTLE ASSOCIATES, L.P.
                                           -------------------------------
                               (Exact Name of Registrant as Specified in its Charter)

                      New Jersey                                                 22-2608426
                      ----------                                                 ----------
           (State or Other Jurisdiction of                                    (I.R.S. Employer
            Incorporation or Organization)                                   Identification No.)

                                        Huron Avenue and Brigantine Boulevard
                                           Atlantic City, New Jersey 08401
                                                   (609) 449-6515
                            (Address, Including Zip Code and Telephone Number, Including
                               Area Code, of Registrant's Principal Executive Offices)

                             Securities registered pursuant to Section 12(b) of the Act:
                  Title of Each Class                             Name of Each Exchange on Which Registered
                  -------------------                             -----------------------------------------
             11-3/4% Mortgage Notes due 2003                               American Stock Exchange, Inc
             Increasing Rate Subordinated                               American Stock Exchange, Inc.
              Pay-In-Kind Notes due 2005

                                 -----------------------------------------------------
                          Securities registered pursuant to Section 12(g) of the Act: None
                                 -----------------------------------------------------

     Indicate by check mark whether the Registrants (1) have filed all Reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes |X| No. |_|

     As of May 15, 2002, there were 100 shares of Trump's Castle Hotel & Casino, Inc.'s Common Stock, no par value,
outstanding. Trump's Castle Hotel & Casino, Inc. meets the conditions set forth in General Instructions H(1)(a) and (b) of
Form 10-Q and is therefore filing this form with the reduced disclosure format.

     As of May 15, 2002, there were 200 shares of Trump's Castle Funding, Inc.'s Common Stock, par value $.01 per share,
outstanding. Trump's Castle Funding, Inc. meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q
and is therefore filing this form with the reduced disclosure format.


=============================================================================================================================
</TABLE>

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY

                               INDEX TO FORM 10-Q

<TABLE>
<CAPTION>
                                                                                                                Page No.
                                                                                                                --------
<S>                                                                                                             <C>

     PART I - FINANCIAL INFORMATION

       ITEM 1 - Financial Statements

       Condensed Consolidated Balance Sheets as of December 31, 2001 and March 31, 2002
             (unaudited) .....................................................................................      1

       Condensed Consolidated Statements of Operations for the three months ended
             March 31, 2001 and 2002 (unaudited) .............................................................      2

       Condensed Consolidated Statement of Partners' Capital for the three months ended
             March 31, 2002 (unaudited) ......................................................................      3

       Condensed Consolidated Statements of Cash Flows for the three months ended
             March 31, 2001 and 2002 (unaudited) .............................................................      4

       Notes to Condensed Consolidated Financial Statements (unaudited) ......................................      5

       ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations ........      8

       ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk ...................................     14


     PART II - OTHER INFORMATION

       ITEM 1 - Legal Proceedings ............................................................................     15

       ITEM 2 - Changes in Securities and Use of Proceeds ....................................................     15

       ITEM 3 - Defaults Upon Senior Securities ..............................................................     15

       ITEM 4 - Submission of Matters to a Vote of Security Holders ..........................................     15

       ITEM 5 - Other Information ............................................................................     15

       ITEM 6 - Exhibits and Reports on Form 8-K .............................................................     16


       SIGNATURES
         Trump's Castle Hotel & Casino, Inc. .................................................................     17
         Trump's Castle Funding, Inc. ........................................................................     17
         Trump's Castle Associates, L.P. .....................................................................     17
</TABLE>

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                               December 31,          March 31,
                                                                                   2001                2002
                                                                               ------------        ------------
                                                                                                    (unaudited)
<S>                                                                             <C>                 <C>
                                         ASSETS
                                         ------

     CURRENT ASSETS
        Cash and cash equivalents .........................................     $  22,074           $   35,209
        Receivables, net ..................................................        12,964               10,652
        Inventories .......................................................         2,801                2,768
        Prepaid expenses and other current assets .........................         1,856                1,826
                                                                                ---------           ----------
              Total current assets ........................................        39,695               50,455
     PROPERTY AND EQUIPMENT, NET ..........................................       468,812              464,797
     OTHER ASSETS .........................................................        11,503               12,036
                                                                                ---------           ----------
              Total assets ................................................     $ 520,010           $  527,288
                                                                                =========           ==========


                            LIABILITIES AND PARTNERS' CAPITAL
                            ---------------------------------

     CURRENT LIABILITIES
        Current maturities-long term debt .................................     $   4,385           $    4,481
        Accounts payable and accrued expenses .............................        29,348               29,311
        Due to affiliates .................................................         8,184                7,881
        Accrued interest payable ..........................................         4,701               13,531
                                                                                ---------           ----------
       Total current liabilities ..........................................        46,618               55,204
     LONG TERM DEBT, LESS CURRENT MATURITIES ..............................       433,176              434,348
     OTHER LONG TERM LIABILITIES ..........................................         6,353               10,985
                                                                                ---------           ----------
       Total liabilities ..................................................       486,147              500,537
     COMMITMENTS AND CONTINGENCIES
     PARTNERS' CAPITAL ....................................................        33,863               26,751
                                                                                ---------           ----------
              Total liabilities and partners' capital .....................     $ 520,010           $  527,288
                                                                                =========           ==========
</TABLE>







  The accompanying notes are an integral part of these condensed consolidated
                                balance sheets.

                                       1

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)
                                 (in thousands)

                                                             For the Three
                                                         Months Ended March 31,
                                                            2001         2002
                                                       ------------ -----------
REVENUES
   Gaming .........................................    $    62,093  $    67,290
   Rooms ..........................................          3,963        4,199
   Food and beverage ..............................          7,057        7,075
   Other ..........................................          1,610        1,510
                                                       -----------  -----------
    Gross revenues ................................         74,723       80,074
   Less-promotional allowances ....................         16,375       16,272
                                                       -----------  -----------
    Net revenues ..................................         58,348       63,802
                                                       -----------  -----------

COSTS AND EXPENSES
   Gaming .........................................         31,123       30,967
   Rooms ..........................................            690        1,070
   Food and beverage ..............................          1,892        2,008
   General and administrative .....................         16,546       15,921
   Debt renegotiation costs .......................            --           471
   Depreciation and amortization ..................          4,299        4,901
                                                       -----------  -----------
                                                            54,550       55,338
                                                       -----------  -----------
      Income from operations ......................          3,798        8,464
INTEREST INCOME ...................................            233           33
INTEREST EXPENSE ..................................        (14,625)     (15,609)
                                                       -----------  -----------
      Net (loss) ..................................    $   (10,594) $    (7,112)
                                                       ===========  ===========













  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       2

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
              CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
                    FOR THE THREE MONTHS ENDED MARCH 31, 2002
                                   (unaudited)
                                 (in thousands)

                                  Contributed      Accumulated
                                    Capital          Deficit           Total
                                  -----------      -----------        -------

Balance at December 31, 2001 ..  $   175,395       $   (141,532)   $     33,863
Net loss ......................         -                (7,112)         (7,112)
                                 -----------       -------------   -------------
Balance at March 31, 2002 .....  $   175,395       $   (148,644)   $     26,751
                                 ===========       =============   ============

































   The accompanying notes are an integral part of this condensed consolidated
                              financial statement.

                                       3

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                            For the Three Months Ended March 31,
                                                                                2001                    2002
                                                                          ----------------        ----------------
<S>                                                                       <C>                     <C>
     CASH FLOWS FROM OPERATING ACTIVITIES
        Net loss .......................................................    $  (10,594)             $   (7,112)
        Adjustments to reconcile net loss to net cash flows provided by
               operating activities -
               Depreciation and amortization ...........................         4,299                   4,901
               Accretion of bond discount ..............................         1,409                   1,646
               Provision for losses on receivables .....................           299                     277
               Valuation allowance - CRDA investments ..................           551                     246
               Decrease in receivables .................................           511                   2,035
               (Increase) decrease in inventories ......................            (8)                     33
               Decrease in prepaid expenses and other current assets ...           544                      30
               Increase in other assets ................................           (66)                    (20)
               Increase in current liabilities .........................         9,757                   8,730
               Decrease in amounts due to affiliates ...................        (3,483)                   (347)
               Increase in other liabilities ...........................         4,301                   4,745
                                                                            ----------              ----------
                    Net cash flows provided by operating activities ....         7,520                  15,164
                                                                            ----------              ----------

     CASH FLOWS FROM INVESTING ACTIVITIES
               Purchases of property and equipment .....................        (1,140)                   (803)
               Purchase of CRDA investments ............................          (794)                   (849)
                                                                            -----------             -----------
                    Net cash flows used in investing activities ........        (1,934)                 (1,652)
                                                                            -----------             -----------

     CASH FLOWS FROM FINANCING ACTIVITIES
               Repayment of other borrowings ...........................          (136)                   (377)
                                                                            -----------             -----------
                    Net cash flows used in financing activities ........          (136)                   (377)
                                                                            -----------             -----------

                    Net increase in cash and cash equivalents ..........         5,450                  13,135
     CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ..................        21,236                  22,074
                                                                            ----------              ----------
     CASH AND CASH EQUIVALENTS AT END OF PERIOD ........................    $   26,686              $   35,209
                                                                            ==========              ==========

     SUPPLEMENTAL INFORMATION
                    Cash paid for interest .............................    $      178              $      331
                                                                            ==========              ==========
</TABLE>








  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.


                                       4

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

(1) Organization and Operations

         The accompanying condensed consolidated financial statements include
those of Trump's Castle Associates, L.P., a New Jersey limited partnership (the
"Partnership"), and its wholly-owned subsidiary, Trump's Castle Funding, Inc., a
New Jersey corporation ("Funding"). The Partnership is 99% owned by Trump Hotels
& Casino Resorts Holdings, L.P., a Delaware limited partnership ("THCR
Holdings"), and 1% by Trump's Castle Hotel & Casino, Inc., a New Jersey
corporation ("TCHI"). TCHI is wholly-owned by THCR Holdings, and THCR Holdings
is currently a 63.4% owned subsidiary of Trump Hotels & Casino Resorts, Inc., a
Delaware corporation ("THCR"). THCR and THCR Holdings are reporting companies
under the Securities Exchange Act of 1934, as amended, and have filed all the
material required to be filed pursuant to Sections 13, 14 or 15(d) thereof, as
applicable.

         All significant intercompany balances and transactions have been
eliminated in these condensed consolidated financial statements.

         The Partnership operates the Trump Marina Hotel Casino ("Trump
Marina"), a casino hotel located in the marina district of Atlantic City, New
Jersey (the "Marina District"). The majority of Trump Marina's revenues are
derived from its gaming operations.

         Since Funding has no business operations, its ability to repay the
principal and interest on the $62,000,000 10 1/4% Senior Secured Notes due 2003
(the "Senior Notes"), the 11 3/4% Mortgage Notes due 2003 (the "Mortgage Notes")
and its Increasing Rate Subordinated Pay-in-Kind Notes due 2005 (the "PIK
Notes") is completely dependent upon the operations of the Partnership.

         Since TCHI has no business operations, its ability to repay the
principal and interest on the $5,000,000 10 1/4% Senior Secured Notes due 2003
(the "Working Capital Loan") is completely dependent upon the operations of the
Partnership.

         Repayment of the Senior Notes is due on April 30, 2003, repayment of
the Working Capital Loan is due on April 30, 2003 and repayment of the Mortgage
Notes is due on November 15, 2003. The Partnership and Funding are seeking to
refinance or modify the debt which matures in 2003. The Partnership has
consistently generated sufficient cash for debt service and operating
requirements. Management believes that, based upon its cash flow projections for
2002, the Partnership will have sufficient cash flows to meet their debt service
and operating expense requirements throughout 2002.

         The accompanying condensed consolidated financial statements have been
prepared by the Partnership without audit. In the opinion of the Partnership,
all adjustments, consisting of only normal recurring adjustments necessary to
present fairly the financial position, results of operations and cash flows for
the periods presented have been made. Prior period amounts have been
reclassified to conform with the current presentation.

         The accompanying condensed consolidated financial statements have been
prepared by the Partnership pursuant to the rules and regulations of the
Securities and Exchange Commission (the "SEC"). Accordingly, certain information
and note disclosures normally included in the financial statements prepared in
conformity with generally accepted accounting principles have been omitted.

         These condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the annual report on Form 10-K for the year ended December 31, 2001
filed with the SEC by the Partnership, Funding and TCHI.

         The casino industry in Atlantic City is seasonal in nature.
Accordingly, the results of operations for the three month period ending March
31, 2002 are not necessarily indicative of the operating results for a full
year.

                                       5

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
                                   (unaudited)

(2) Financial Information of Funding

       Financial information relating to Funding is as follows:


<TABLE>
<CAPTION>
                                                                          December 31,            March 31,
                                                                              2001                  2002
                                                                          ------------           -----------
<S>                                                                    <C>                   <C>
Total Assets (including Mortgage Notes Receivable of
$242,141,000, net of unamortized discount of $13,137,000 at
December 31, 2001 and $11,700,000 at March 31, 2002, PIK Notes
Receivable of $138,347,000, net of unamortized discount of
$4,991,000 at December 31, 2001 and $4,782,000 at March 31, 2002,
Senior Notes Receivable of $62,000,000 at December 31, 2001 and
March 31, 2002) .................................................      $    424,360,000      $    426,006,000
                                                                        ===============       ===============



Total Liabilities and Capital (including Mortgage Notes Payable
of $242,141,000, net of unamortized discount of $13,137,000 at
December 31, 2001 and $11,700,000 at March 31, 2002, PIK Notes
Payable of $138,347,000, net of unamortized discount of
$4,991,000 at December 31, 2001 and $4,782,000 at March 31, 2002,
Senior Notes Payable of $62,000,000 at December 31, 2001 and
March 31, 2002) ................................................       $    424,360,000      $    426,006,000
                                                                        ===============       ===============
</TABLE>




<TABLE>
<CAPTION>
                                                                            Three Months Ended March 31,
                                                                              2001                 2002
                                                                           ----------           ----------
<S>                                                                     <C>                   <C>
 Interest Income ...............................................        $  14,254,000         $  15,085,000
 Interest Expense ..............................................           14,254,000            15,085,000
                                                                        -------------         -------------
 Net Income ....................................................        $        -            $        -
                                                                        =============         =============
</TABLE>








                                        6

<PAGE>

                 TRUMP'S CASTLE ASSOCIATES, L.P. AND SUBSIDIARY
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
                                   (unaudited)

(3) Financial Information of TCHI

       Financial information relating to TCHI is as follows:

<TABLE>
<CAPTION>
                                                                                   December 31,         March 31,
                                                                                       2001               2002
                                                                                   ------------      ------------
<S>                                                                                <C>               <C>
 Total Assets (including Working Capital Loan Receivable of
        $5,000,000 at December 31, 2001 and  March 31, 2002) ...................   $  5,000,000      $  5,000,000
                                                                                   ============      ============

 Total Liabilities and Capital (including Working Capital Loan
        Payable of $5,000,000 at December 31, 2001 and March 31, 2002) .........   $  5,000,000      $  5,000,000
                                                                                   ============      ============
</TABLE>



<TABLE>
<CAPTION>
                                                                                      Three Months Ended March 31,
                                                                                        2001               2002
                                                                                       ------             ------

<S>                                                                                <C>              <C>
 Interest Income ........................................................          $   128,000      $   128,000
 Interest Expense .......................................................              128,000          128,000
                                                                                   -----------      -----------
 Net Income .............................................................          $      -         $      -
                                                                                   ===========      ===========
</TABLE>



(4)  Recent Accounting Pronouncements

         In January 2001, the Emerging Issues Task Force ("EITF") reached a
consensus on certain issues within Issue No. 00-22, "Accounting for `Points' and
Certain Other Time-Based or Volume-Based Sales Incentive Offers, and Offers for
Free Products or Services to Be Delivered in the Future" ("EITF 00-22").
Application of EITF 00-22 is required for interim and annual periods ending
after February 15, 2001. EITF 00-22 requires volume-based cash rebates to be
classified as a reduction of revenue. Accordingly, such additional rebates of
$7,408,000 for the three months ended March 31, 2001 have been reclassified as
promotional allowances. The Partnership previously classified these expenditures
as a gaming expense. Prior period amounts have been reclassified to conform with
the current presentation.

                                       7

<PAGE>

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" or "continue" 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's Castle Associates (the "Partnership") and its wholly-owned
subsidiary, Trump's Castle Funding, Inc. ("Funding"), unless otherwise noted.
The Partnership owns and operates the Trump Marina Hotel Casino ("Trump
Marina"). The term "Registrants" refers to the Partnership, Funding, and Trump's
Castle Hotel & Casino, Inc. ("TCHI"). Terms not defined in this section shall
have the meanings ascribed to them elsewhere in this Quarterly Report on Form
10-Q.

         General

         The Registrants Have Substantial Indebtedness.

         The Registrants have substantial indebtedness. The Registrants' debt
consists primarily of the (i) Mortgage Notes, (ii) PIK Notes, (iii) Senior Notes
and (iv) the Working Capital Loan.

         THCR recently announced that two of its recently formed wholly-owned
subsidiaries were offering for private placement to qualified institutional
buyers, pursuant to Rule 144A and Regulation S under the Securities Act of 1933,
as amended, $470 million aggregate principal amount of a new issue of first
mortgage notes due 2010. The proposed offering has been modified to consist of
two tranches: (i) $340 million first mortgage notes due 2010 and (ii) $130
million second mortgage notes due 2010. The interest rates of the first mortgage
notes and second mortgage notes, as well as other terms of the offering, are to
be determined. There can be assurances, however, that the offering will be
completed as proposed or otherwise.

         The net proceeds of the offering, if consummated, will be used to
redeem, repay or acquire substantially all of the outstanding public
indebtedness of the Partnership ($323.4 million aggregate principal amount),
THCR Holdings ($109.5 million aggregate principal amount) and the bank debt of
Trump Indiana ($24.2 million aggregate principal amount). The offering is
conditioned upon obtaining certain approvals, including those of the New Jersey
Casino Control Commission and the Indiana Gaming Commission. If the offering or
refinancing the public debt issues, or certain of them, cannot be consummated,
the Registrants will consider other options. There can be no assurances that any
such alternatives will be completed successfully.

         The ability of the Registrants to pay interest on and principal of the
public debt depends primarily on the ability of the Partnership to generate cash
from operations sufficient for such purposes. The future operating performance
of the Partnership is subject to general economic conditions, industry
conditions, including competition and regulatory matters, and numerous other
factors, many of which are unforeseeable or are beyond the control of the
Partnership. Management believes that, based upon the Partnership's current cash
flow forecasts for 2002, the Registrants will have sufficient cash flows to meet
their respective debt service and operating expense requirements throughout
2002. There can be no assurance, however that the future operating performance
of the Partnership will be sufficient to generate the cash flows required to
meet the debt service obligations of the Registrants. The ability of the
Registrants to pay the principal amount

                                       8

<PAGE>

ITEM 2 -  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS - (Continued)



of their public debt at maturity (whether at scheduled maturity 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 the Registrants will be conducive to
refinancing debt at any given time.

         We Do Not Know How the Borgata, When Opened, Will Affect Us.

         In September 2000, Boyd Gaming and MGM Mirage commenced their joint
development of a 25-acre site located in the Marina District of Atlantic City
for the construction of the "Borgata," a Tuscan-style casino expected to feature
a 40-story tower with 2,010 rooms and suites, as well as a 135,000 square-foot
casino, restaurants, retail shops, a spa and pool, and entertainment venues.
Construction of the Borgata is scheduled to be completed in the third quarter of
2003, and is estimated to cost approximately $1.0 billion. While we believe the
opening of the Borgata will attract additional visitors to Atlantic City,
especially to the Marina District which could benefit the Trump Marina, it is
also possible that the Borgata could have an adverse effect on the business and
operations of Trump Marina. This potential adverse effect could include a
reduction in net revenues caused by a loss of gaming patrons. Also, substantial
new expansion and development activity has recently been completed or has been
announced in Atlantic City which further intensifies competitive pressure in the
Atlantic City market and which could also have an adverse effect on our
patronage and revenues.

         New York Has Enacted Gaming Legislation Which May Harm Trump Marina
and Other States May Do So In The Future.

         In October 2001, the New York State legislature passed extensive
legislation that could adversely affect the Company. The legislation permits
three new casinos in western New York, one in Niagara Falls, one in Buffalo and
one on land owned by the Seneca Indian Nation, all of which would be owned by
the Seneca Indian Nation. It is possible that the Niagara Falls and Buffalo
casinos could be open within a year. The legislation also permits up to three
casinos in the Catskills in Ulster and Sullivan counties, also to be owned by
Native Americans, which could open as early as mid-2005. In addition, slot
machines would be allowed to be placed in Indian-owned casinos. Video lottery
terminals would be installed in five horse racing tracks across the state of
New York and, if local governments approve, at certain other tracks. Finally,
the law provides for New York joining the Powerball lottery that operates in 26
states with large jackpots. The net effect of these facilities and other items,
when operational, on Atlantic City cannot be predicted. The Company believes,
however, that a substantial amount of existing and potential new gaming
customers could patronize such facilities instead of Atlantic City, at least
occasionally. On January 29, 2002, a lawsuit was commenced contesting the above
legislation package on the grounds that certain of its provisions were adopted
in violation of the State's constitution. The likely outcome of this lawsuit
cannot be ascertained at this time.

         We also believe that Ohio, Pennsylvania, Virginia and Delaware are
among the other states currently contemplating some form of gaming legislation.
Since our market is primarily a drive-to market, legalized gambling in one or
more states neighboring or within close proximity to New Jersey could have an
adverse effect on the Atlantic City gaming industry overall, including THCR and
Trump Marina.

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

         As noted elsewhere, our financial condition and results of operations
could be affected by many events that are beyond our control, such as (i)
capital market conditions which could affect our ability to raise capital or
pursue other alternatives, (ii) future acts of terrorism and their impact on
capital markets, consumer behavior and operating expenses, (iii) competition
from existing and potential new competitors in Atlantic City and other nearby
markets, which is likely to increase over the next five years, (iv) possible
increases in gasoline prices which could discourage auto travel to Atlantic
City, and (v) adverse weather conditions. Good weather is important to the
performance of Trump

                                       9

<PAGE>

 ITEM 2 -  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS - (Continued)

Marina, especially in the winter months, and our improved performance in the
first quarter of 2002 is partially attributable to mild weather conditions in
the Northeast during such period. Also, the cost of obtaining insurance is
likely to increase significantly in the wake of September 11, 2001. If certain
coverages are not available or are not available at a reasonable cost, we will
be self-insured for such risks.



Critical Accounting Policies

         The preparation of our financial statements in conformity with
generally accepted accounting principles in the United States requires us to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Our estimates, judgments and assumptions are
continually evaluated based on available information and experience. Because of
the use of estimates inherent in the financial reporting process, actual results
could differ from those estimates.

         Certain of our accounting policies require higher degrees of judgment
than others in their application. These condensed consolidated financial
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the annual report on Form 10-K for the
year ended December 31, 2001 filed with the SEC.



Financial Condition -

         Capital Resources and Liquidity

         Cash flows from operating activities of Trump Marina are the
Partnership's primary source of liquidity. To a lesser extent, the Partnership
has relied on borrowings or capital lease financings for its liquidity and
capital resource needs. The Partnership's ability to borrow funds for its
liquidity needs is severely restricted by covenants in the various indentures
governing its public debt issues, and by its already high level of indebtedness.
Gaming revenues are the primary source of the Partnership's revenues and consist
primarily of slot machine and table game win. Although we expect the Partnership
to have sufficient liquidity from the operating activities of Trump Marina 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 the
Partnership's services, could have an adverse effect on the Partnership's
liquidity. For the three months ended March 31, 2002, the Partnership's net
cash flows provided by operating activities were $15,164,000.

         Trump Marina competes with other Atlantic City casino/hotels on the
basis of the quality of their guests' experience. The Atlantic City market and
the Marina District in particular is anticipated to become even more competitive
when the Borgata opens in the third quarter of 2003. We seek to provide high
quality service and amenities and a first class casino gaming experience. In a
competitive marketplace like Atlantic City, the ability to offer a high quality
casino gaming experience is largely dependent upon the quality of customer
service, the array of games offered, the attractiveness of a casino/hotel and
the extent and quality of the facilities and amenities.

         Because the Partnership has substantial indebtedness and related
interest expense, its capital expenditures have been limited in recent years.
Consequently, the Partnership is seeking to refinance its public debt which may
permit it to devote more funds to capital expenditures.

         Capital expenditures for the three months ended March 31, 2001 and 2002
were $1,140,000 and $803,000, respectively.

                                       10

<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS - (Continued)



         Summary of the Company's Public Indebtedness

         The Partnership's debt consists primarily of (i) the Mortgage Notes,
(ii) the PIK Notes, (iii) the Senior Notes and (iv) the Working Capital Loan.

         The Mortgage Notes have an outstanding principal amount of
approximately $242,141,000, bear interest at the rate of 11 3/4% per annum,
payable semiannually on May 15th and November 15th of each year, and mature on
November 15, 2003.

         The PIK Notes have an outstanding principal amount of approximately
$138,347,000 and mature on November 15, 2005. Interest is currently payable
semiannually at the rate of 13 7/8%. On or prior to November 15, 2003, interest
on the PIK Notes may be paid in cash or through the issuance of additional PIK
Notes. Approximately 90% of the PIK Notes are currently owned by THCR Holdings.

         The Senior Notes have an outstanding principal amount of $62,000,000
and bear interest at the rate of 10 1/4% per annum, payable semiannually each
April 30th and October 30th. The entire principal balance of the Senior Notes
matures on April 30, 2003.

         The Working Capital Loan has an outstanding principal amount of
$5,000,000 and bears interest at the rate of 10 1/4% per annum, payable
semiannually each April 30th and October 30th. The Working Capital Loan matures
on April 30, 2003. The Partnership has the authority to obtain a working capital
facility of up to $10,000,000 (of which approximately $5,000,000 is
outstanding), although there can be no assurance that such financing will be
available, or on terms acceptable to the Partnership.

                                       11

<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS - (Continued)



Results of Operations: Operating Revenues and Expenses

         The financial information presented below reflects the financial
condition and results of operations of the Partnership. Funding is a
wholly-owned subsidiary of the Partnership and conducts no business other than
collecting amounts due under certain intercompany notes from the Partnership for
the purpose of paying principal of, premium, if any, and interest on its
indebtedness, which Funding issued as a nominee for the Partnership.

Comparison of Results of Operations for the Three Month Periods Ended
March 31, 2001 and 2002.

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

<TABLE>
<CAPTION>
                                                                               Three Months Ended March 31,
                                                                                2001                   2002
                                                                                ----                   ----
                                                                                   (dollars in thousands)

<S>                                                                          <C>                   <C>
 Table Game Revenue .....................................................    $    14,965           $    15,925
 Increase from Prior Period .............................................                          $       960
 Table Game Drop ........................................................    $    91,636           $    85,416
 Decrease from Prior Period .............................................                          $    (6,220)
 Table Game Win Percentage ..............................................          16.3%                 18.6%
 Increase from Prior Period .............................................                              2.3 pts.
 Number of Table Games ..................................................             76                    80
 Increase from Prior Period .............................................                                    4

 Slot Revenue ...........................................................    $    47,001           $    51,233
 Increase from Prior Period .............................................                          $     4,232
 Slot Handle ............................................................    $   612,863           $   649,011
 Increase from Prior Period .............................................                          $    36,148
 Slot Win Percentage ....................................................           7.7%                  7.9%
 Increase from Prior Period .............................................                               .2 pts
 Number of Slot Machines ................................................          2,531                 2,523
 Decrease from Prior Period .............................................                                   (8)

 Other Gaming Revenue ...................................................    $       127           $       132
 Increase from Prior Period .............................................                          $         5

 Total Gaming Revenues ..................................................    $    62,093           $    67,290
 Increase from Prior Period .............................................                          $     5,197
</TABLE>




                                       12

<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS - (Continued)



         Table game revenues increased by approximately $960,000, or 6.4%, to
$15,925,000 for the three months ended March 31, 2002 from $14,965,000 for the
three months ended March 31, 2001. This increase is due primarily to a higher
table game win percentage of 18.6% for the three months ended March 31, 2002 as
compared to 16.3% for the three months ended March 31, 2001. Table game revenues
represent the amount retained by the Partnership from amounts wagered at table
games. The table game 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 16.2% and
15.2% for the three months ended March 31, 2002 and 2001, respectively.

         Slot revenues increased $4,232,000, or 9.0%, to $51,233,000 for the
three months ended March 31, 2002 from $47,001,000 for the three months ended
March 31, 2001. This increase is due to an increased slot handle as well as a
higher win percentage as compared to the previous year. The increased handle is
due primarily to sustained marketing programs and events designed specifically
for the slot customer.

         Gross revenues include the retail value of the complimentary food,
beverage and hotel services provided to patrons. The retail value of these
promotional allowances is deducted from gross revenues to arrive at net
revenues. The costs of providing such complimentaries have been classified as
gaming costs and expenses through interdepartmental allocations in the
accompanying consolidated statements of operations. The costs associated with
providing cash nongaming services are classified in food, beverage and room
costs and expenses in the accompanying consolidated statements of operations.

         Promotional allowances decreased approximately $103,000, or 0.6%, to
$16,272,000 for the three months ended March 31, 2002 from $16,375,000 for the
three months ended March 31, 2001. In addition, cash sales from nongaming
operations increased by approximately $674,000, or 16.8%, to $4,676,000 for the
three months ended March 31, 2002 from $4,002,000 for the three months ended
March 31, 2001. These results reflect the continued strategy designed to
efficiently utilize marketing costs and to increase cash sales from nongaming
operations.

         Gaming costs and expenses decreased approximately $156,000, or 0.5%, to
$30,967,000 for the three months ended March 31, 2002 from $31,123,000 for the
three months ended March 31, 2001. This was due primarily to the strategic
reduction or elimination of less profitable promotional and complimentary
expenses and marketing programs.

         Room costs increased by approximately $380,000, or 55.1%, to $1,070,000
for the three months ended March 31, 2002 from $690,000 for three months ended
March 31, 2001. This increase is due primarily to associated costs incurred
related to a 60.0% increase in the number of cash rooms sold for the three
months ended March 31, 2002 as compared to the three months ended March 31,
2001.

         Food and beverage costs increased approximately $116,000, or 6.1%, to
$2,008,000 for the three months ended March 31, 2002 from $1,892,000 for the
three months ended March 31, 2001. This increase is due primarily to costs
incurred related to a 9.1% increase in food and beverage cash revenues generated
in 2002 as compared to 2001.

         General and administrative costs and expenses decreased approximately
$625,000, or 3.8%, to $15,921,000 for the three months ended March 31, 2002 from
$16,546,000 for the three months ended March 31, 2001. This decrease is due
primarily to reduced energy costs.

         Interest expense increased approximately $984,000, or 6.7%, to
$15,609,000 for the three months ended March 31, 2002 from $14,625,000 for the
three months ended March 31, 2001, primarily due to an increase in the
outstanding principal of the PIK Notes.

                                       13

<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS - (Continued)



         Seasonality

         The casino industry in Atlantic City is seasonal in nature.
Accordingly, the results of operations for the three month period ending March
31, 2002 are not necessarily indicative of the operating results for a full
year.

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.

                                       14

<PAGE>
                           PART II - OTHER INFORMATION




ITEM 1 - LEGAL PROCEEDINGS

         General. The Partnership, its partners, certain members of the former
Executive Committee of the Partnership, Funding, TCHI and certain of their
employees are involved in various legal proceedings. Such persons and entities
are vigorously defending the allegations against them and intend to contest
vigorously any future proceedings. The Partnership, Funding and TCHI have agreed
to indemnify such persons against any and all losses, claims, damages, expenses
(including reasonable costs, disbursements and counsel fees) and liabilities
(including amounts paid or incurred in satisfaction of settlements, judgments,
fines and penalties) incurred by them in said legal proceedings.

         Various other legal proceedings are now pending against the
Partnership. The Partnership considers all such proceedings to be ordinary
litigation incident to the character of its business. Management believes that
the resolution of these claims will not, individually or in the aggregate, have
a material adverse effect on the financial condition or results of operations of
the Partnership.

ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS

         Not applicable.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

         Not applicable.

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

         Not applicable.

ITEM 5 - OTHER INFORMATION

         Subsequent Events

         On April 24, 2002, THCR announced that two of its wholly-owned
subsidiaries, Trump Casino Holdings, LLC and Trump Casino Funding, Inc., were
offering for private placement to qualified institutional buyers pursuant to
Rule 144A and Regulation S under the Securities Act of 1933, as amended, $470
million aggregate principal amount of a new issue of first mortgage notes due
2010. The proposed offering has been modified to consist of two tranches:
(i) $340 million first mortgage notes due 2010 and (ii) $130 million second
mortgage notes due 2010. The interest rates of the first mortgage notes and
second mortgage notes, as well as other terms of the offering, are to be
determined. The issuers intend to use the net proceeds of the offering, if
consummated, to redeem, repay or acquire substantially all of the outstanding
public indebtedness of the Partnership, THCR Holdings and the bank debt of Trump
Indiana. The proposed offering is subject to the prior approval of the New
Jersey Casino Control Commission and the Indiana Gaming Commission.

         On April 26, 2002, THCR filed its definitive proxy statement (the
"Proxy Statement") with the SEC relating to THCR's 2002 stockholders' annual
meeting (the "Annual Meeting"). As explained in the Proxy Statement, due to
Arthur Andersen, LLP's federal indictment in March 2002 and the New Jersey
Casino Control Commission's (the "CCC") order requiring all New Jersey casino
licensees to terminate any ongoing business with Arthur Andersen by May 15, 2002
unless otherwise extended by the CCC, THCR's stockholders will not be asked at
the Annual Meeting to ratify the Board of Directors' appointment of independent
auditors in order to allow THCR's Audit Committee and Board of Directors to
carefully consider Arthur Andersen's replacement. Although THCR anticipates
completing its selection process of new independent auditors by mid-June 2002,
THCR has petitioned the CCC to grant it a time extension for Arthur Andersen's
termination in order to allow Arthur Andersen to complete ongoing matters for
THCR and its subsidiaries and in order to allow an efficient transition to
THCR's new independent auditors.

                                       15

<PAGE>

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

         a.  Exhibits:
             None.

         b.  Current Reports on Form 8-K:
             On January 17, 2002, the Registrants filed a current report on form
             8-K with the SEC therein announcing that THCR had settled a
             dispute, without admitting or denying any of the allegations, with
             the SEC pertaining to a press release issued by THCR in October
             1999.

                                       16

<PAGE>

                                   SIGNATURES

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




                                       TRUMP'S CASTLE HOTEL & CASINO, INC.
                                         (Registrant)

Date: May 15, 2002                     By: /s/ FRANCIS X. MCCARTHY, JR.
                                           ----------------------------
                                       Francis X. McCarthy, Jr.
                                       Executive Vice President of Finance
                                       and Chief Financial Officer
                                       (Duly Authorized Officer and
                                       Principal Financial Officer)




                                       TRUMP'S CASTLE FUNDING, INC.
                                         (Registrant)

Date: May 15, 2002                     By: /s/ FRANCIS X. MCCARTHY, JR.
                                           ----------------------------
                                       Francis X. McCarthy, Jr.
                                       Executive Vice President of Finance
                                       and Chief Financial Officer
                                       (Duly Authorized Officer and
                                       Principal Financial Officer)




                                       TRUMP'S CASTLE ASSOCIATES, L.P.
                                         (Registrant)
                                       By:   Trump's Castle Hotel & Casino, Inc.
                                             its general partner

Date: May 15, 2002                     By: /s/ FRANCIS X. MCCARTHY, JR.
                                           ----------------------------
                                       Francis X. McCarthy, Jr.
                                       Executive Vice President of Finance
                                       and Chief Financial Officer
                                       (Duly Authorized Officer and
                                       Principal Financial Officer)



                                       17