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November 15, 2009

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Trump reports ‘dismal’ financial results

Friday, Feb. 18, 2000 | 10:42 a.m.

THE ASSOCIATED PRESS

ATLANTIC CITY -- Trump Hotels & Casino Resorts Inc. said it lost $34.5 million or $1.56 per share in the fourth quarter vs. a loss of $16.4 million or 74 cents in the year-ago period.

Trump cited bad luck at the gaming tables as well as expenses for severance, a legal settlement and for covering bad debt from gamblers.

"The numbers were surprisingly lousy, dismal," Bank of America analyst Andrew Susser told the Press of Atlantic City newspaper. "The business trends in Atlantic City have been stable. There has been no indication of any huge dropoffs, the revenue numbers have been fine, no indication of costs being out of control, so it's surprising to see such a bad quarter."

Susser said Trump may have lumped a number of one-time charges into an already poor quarter in order to get them out of the way.

Chief Executive Nicholas Ribis said he was disappointed with the results but said changes have been made to improve the company's performance.

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