Trump Entertainment Signs Lease for Philadelphia Site

Trump Entertainment Resorts, Inc. announced today that it has entered into a five-year option to lease an approximately 18-acre parcel of land popularly known as the former "Budd Site" located at the intersection of Interstate 76 and Pennsylvania Route 1 in Philadelphia, Pennsylvania for the potential development of a gaming facility. The option represents the Company's first step in applying for one of only two Class 2 Slot Licenses anticipated to be made available in the city of Philadelphia and one of five in the Commonwealth of Pennsylvania. The Class 2 Slot Licenses are anticipated to be issued by the Pennsylvania Gaming Control Board by the end of 2006 and will each initially allow the operation of up to 3,000 slot machines with the ability to apply for an additional 2,000 slot machines. If the Company acquires the gaming license, the Company will explore various development options, including developing a gaming and entertainment facility through a joint venture with a third party.

The option is with a subsidiary of Preferred Real Estate Investments, Inc., one of the largest privately-held commercial and industrial real estate developers in the U.S. Mid-Atlantic region specializing in the transformation of underutilized or obsolete facilities into cutting-edge commercial and industrial space. The Company and Preferred Real Estate Investments remain committed to the community surrounding the site and to the city of Philadelphia, as evidenced by town meetings held throughout the summer and which will be conducted throughout the Company's application and development process.