Stipulation of Settlement Between Trump Taj Mahal Associates, Trump Plaza Associates, Trump Marina Associates, and City of Atlantic City

Exhibit 10.1

LEVINE, STALLER, SKLAR, CHAN, BROWN & DONNELLY, P.A.

Counselors at Law

3030 Atlantic Avenue

Atlantic City, New Jersey 08401

(609) 348-1300

Attorneys for Plaintiffs

1. It is hereby stipulated and agreed that all demands for relief with regard to the various blocks and lots encompassed within the Complaints and Counterclaims in the above captioned matters are hereby withdrawn except that the assessments of the properties set forth in Schedule A (“Properties”) shall be adjusted and judgments shall be entered in accordance therewith and, it is further

2. Stipulated and agreed that the statutory interest pursuant to N.J.S.A. 54:3-27.2, having been waived by Trump Taj Mahal Associates, LLC (“Taj”), Trump Plaza Associates, LLC and Trump Marina Associates, LLC (hereafter individually “Taxpayer” and collectively, “Taxpayers”), shall not be paid and that Taxpayers also waive interest due on any judgment entered on the Properties above so long as the terms of this Stipulation of Settlement are not breached by the City of Atlantic City (hereafter “City” or “taxing district”) and, it is further

3. Stipulated and agreed that the provisions of N.J.S.A. 54:51A-8 (“Freeze Act”) shall not apply to the disposition of this matter and, it is further

4. Stipulated and agreed that the undersigned have made such examination of the value and proper assessment of the properties and have obtained such appraisals, analysis and information with respect to the valuation and assessment of the properties as they deem necessary and appropriate for the purpose of enabling them to enter into this Stipulation of

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Settlement and that the assessor of the taxing district has been consulted by the attorney for the taxing district with respect to this Stipulation of Settlement and has concurred with the same and, it is further

5. Stipulated and agreed that it is the intent of the parties that the reductions in assessments shown in Schedule A shall result in a collective refund/credit to the Taxpayers of taxes previously paid in the exact aggregate amount of thirty-four million ($34,000,000) dollars (“Refund/Credit”) and that the Refund/Credit obligation of the City to the Taxpayers shall be equal to the aforesaid exact amount. To effectuate this Refund/Credit, the taxing district shall refund and deliver, within 30 days, time being of the essence, of the execution of this Stipulation of Settlement, the sum of Twelve Million ($12,000,000) Dollars in immediately available U.S. funds, payable to the order of “Trump Entertainment Resorts Holdings, L.P.” (“TERH”) which shall be delivered within said 30 days, time being of the essence, to Trump Entertainment Resorts Holdings, L.P., Attn: Robert M. Pickus, Esquire, 15 South Pennsylvania Avenue, Atlantic City, New Jersey 08401 as a partial refund due on account of the aforesaid reductions in assessed values as set forth in Schedule A and in partial satisfaction of the Refund/Credit. The balance of the Refund/Credit, Twenty-Two Million ($22,000,000) Dollars, shall be applied as credits against future tax payments due on the subject properties in such amounts as set forth on Schedule B attached hereto and as directed by TERH provided (1) the amounts and dates of the application of such credits shall remain unchanged and (2) any such credits must be applied on account of real property taxes due from any of the Taxpayers.

6. Based upon the foregoing, the undersigned represent to the Court that the above settlement will result in assessments at the fair assessable value of the Properties consistent with assessing practices generally applicable in the taxing district as required by law.

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7. Each of the parties represents to the other that all requisite action has been duly taken by such party to authorize the execution, delivery and performance of the foregoing settlement.

8. The parties hereto further stipulate and agree that The Tax Court of New Jersey may immediately enter judgment incorporating the terms of this Stipulation of Settlement and, to the extent necessary, impose the terms herein.

City of Atlantic City

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TRUMP TAX APPEALS SETTLEMENT

SCHEDULE A

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TRUMP TAX APPEALS SETTLEMENT

SCHEDULE A

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TRUMP TAX APPEALS SETTLEMENT

SCHEDULE A

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TRUMP TAX APPEALS SETTLEMENT

SCHEDULE A

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TRUMP TAX APPEALS SETTLEMENT

SCHEDULE A

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SCHEDULE B

Such credits shall be applied in each year beginning with the first quarter tax installment until such credit is exhausted for such year.

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