Letter to Shareholders

Our Company - Trump Indiana Casino faced many challenges in 2003, which impacted our operating results. A very stormy and cold winter with many major snowstorms made it difficult for our patrons to get to Atlantic City. A blizzard during the Presidents Day holiday weekend, historically one of the best performing periods, basically crippled the market. In the early spring, the market was affected by the Iraqi war. The second half of 2003 saw the opening of the Borgata, which initially drew many patrons away from the existing casinos. Our Marina property was further impacted by the fact that the return ramp necessary to get from the Borgata to the Trump Marina was not completed by the State until October 2003.

In the face of these challenges, the Company continued to control its costs and to fine-tune its marketing programs. We remain committed to providing our patrons with a superior gaming experience by updating our gaming floors with the latest in cashless slot technology, which our customers prefer and are also cost effective.

As I reported last year, the financing of Trump Marina's debt was completed in early 2003. We have also recently announced our intentions to refinance all our public debt in conjunction with a $400 million dollar investment by Donaldson, Lufkin, Jenrette Merchant Banking Partners. This is a very exciting proposal for the Company, which could lead to a reduction in interest expense and provide capital for both our current properties and expansion into new markets.

My commitment to improving stockholder value and capitalizing on the Trump brand is as strong as ever and I thank you for your continued support.

Donald J. Trump Chairman of the Board
President and Chief Executive Officer