Keystone Redevelopment Partners Buys Land for Casino

Trump Entertainment Resorts, Inc. ("Trump") (NASDAQ NMS: TRMP) announced today that Keystone Redevelopment Partners, LLC ("Keystone"), which has applied to the Pennsylvania Gaming Control Board for one of two Category 2 Gaming Licenses slotted for Philadelphia, has signed an option agreement for the purchase of 12 acres of land in Philadelphia with Tasty Baking Company ("Tasty Baking"). Trump is the majority partner in Keystone.

If successful in obtaining a gaming license, TrumpStreet would be planned for the former Budd Co. factory site located at the intersection of Interstate 76 and Pennsylvania Route 1. As previously announced, Keystone currently has a five-year option to either lease or buy an 18-acre site adjacent to the Tasty Baking site from Preferred Real Estate Investments, Inc. The land option agreement announced today for the additional 12-acre Tasty Baking site brings the total acreage potentially available for TrumpStreet Casino and Entertainment Complex to 30 acres.

The increased total land available for TrumpStreet would also create the option to construct, staff and operate a temporary gaming facility on the property that would hold at least 1,500 slot machines if Keystone gains a gaming license.

The agreement applies only to the land currently occupied by Tasty Baking's distribution operation and corporate offices on Fox Street, and does not include any portion of the land occupied by Tasty Baking's manufacturing operation on Hunting Park Avenue. Negotiations for the agreement between Keystone and Tasty Baking began following the announcement by Tasty Baking that the company would begin evaluating strategic manufacturing options. "Last month, when we announced that we were evaluating our strategic options, we made it clear that it will be our preference to maintain operations in the City of Philadelphia, and that remains our position today," said Charles P. Pizzi, the President and Chief Executive Officer of Tasty Baking. "This agreement with Keystone Redevelopment Partners presented an excellent opportunity for Tasty Baking as we continue to develop our strategic plan for the future." Keystone Redevelopment Partners is a partnership between Trump Entertainment Resorts and a group of dedicated local Philadelphia-area investors led by former Philadelphia 76ers president Pat Croce. Each Category 2 Gaming License, anticipated to be issued by the Pennsylvania Gaming Control Board by the end of 2006, will initially allow the operation of up to 3,000 slot machines with the ability to apply for an additional 2,000 slot machines. Keystone has maintained a commitment to the community throughout the application process, as representatives of TrumpStreet have attended community meetings in Philadelphia and have solicited public input into the proposed facility for more than one year. If Keystone is successful in obtaining a Category 2 gaming license, TrumpStreet is projected to create more than 1,000 jobs. In discussions with the community, Keystone has set a goal of filing seventy-five percent of those jobs with residents from the surrounding neighborhoods, and has also committed to annual community grants in excess of $600,000.00. "We have always maintained that building and operating a successful entertainment complex in Philadelphia will require working closely with the surrounding neighborhoods to serve the needs of the community," said James B. Perry, President and Chief Executive Officer of Trump Entertainment Resorts. "With 30 acres of developable land, we will have greater flexibility to help drive economic development and to maximize the value created by the design and operation of our facility if we

2006-07-11