- Published: 31 October 2008
- Written by Editor
MTR Gaming Group Announces Third Quarter Results: Net Revenues up 13% in Third Quarter and 16% Year-to-Date
MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the third quarter and nine months ended September 30, 2008, and achieves its credit facility coverage ratio requirements. Current and prior year results reflect the reclassification of the Ramada Inn and Speedway Casino and Binion’s Gambling Hall & Hotel as discontinued operations. See attached tables (including Reconciliation of Non-GAAP Measures to GAAP).
For the third quarter, net revenues increased to $131.4 million, up 13% from $116 million in the same period of 2007. EBITDA from continuing operations was $22.4 million, up 31% compared to $17.1 million in the third quarter of 2007. The increase in revenues was primarily due to the addition of table gaming at Mountaineer and increased slot revenues from Presque Isle Downs. The increase in EBITDA from continuing operations is directly attributable to the improved operating performance of Mountaineer and Presque Isle Downs.
Net revenues at the Mountaineer Casino, Racetrack & Resort increased 15% to $77.3 million, compared to $67.0 million in the third quarter of 2007. Table gaming at Mountaineer generated $13.2 million of revenues during the third quarter of 2008, while revenues from slots decreased by $4.2 million in third quarter of 2008 compared to the same quarter in 2007. This decrease is primarily attributable to competitive pressures from Pennsylvania’s gaming operations. The property generated EBITDA of $15.5 million, versus $12.7 million in the comparable quarter of 2007.
For the third quarter of 2008, Presque Isle Downs’ net revenues increased to $51.5 million, up 10% compared to $46.7 million in the same period 2007 due to increased slot play. For the third quarter, Presque Isle Downs’ slot win per day per machine was $256 compared to $237 for the same period in 2007. EBITDA was $10.8 million for the third quarter of 2008, up 36% from $7.9 million in the same period last year.
Additionally, during the third quarter MTR incurred non-cash charges aggregating $11.2 million associated with its non-strategic assets. The Company recorded a $2.6 million asset impairment loss related to Jackson Harness Raceway and an $8.6 million impairment loss on its 50% joint venture investment in Running Aces Harness Park, which was in addition to a $1.1 million equity loss from the third quarter operations of Running Aces.
The Company reported a net loss of $8.2 million or $0.30 per diluted share, which included a $32,000 loss from discontinued operations and $11.2 million ($10.5 million net of tax) in non-cash charges or $0.38 per diluted share. In the third quarter of 2007, the net loss was $2.8 million or $0.10 per diluted share of which $3.6 million or $0.13 per diluted share was attributable to discontinued operations. Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group, pointed out, “We are pleased with our revenue and EBITDA growth at our two largest properties, which had enabled us to continue to pay down long-term debt by about $13 million in the third quarter and achieve our credit facility coverage ratio requirements.”
For the first nine months of 2008, MTR’s total net revenues increased 16% to $371.8 million from $319.5 million in the first nine months of 2007. EBITDA from continuing operations increased 22% to $56.5 million from $46.2 million in the same period last year. The 2008 year-to-date net loss was $13.2 million or $0.48 per diluted share, which included $169,000 of income from discontinued operations and $11.2 million ($10.5 million net of tax) in non-cash charges or $0.38 per diluted share. In the prior year period, the net loss was $2.8 million or $0.10 per diluted share, which included a loss from discontinued operations of $4.3 million or $0.15 per diluted share.
2008 Guidance Adjusted for Asset Impairments; EBITDA Guidance Confirmed
The Company expects its 2008 revenues from continuing operations to be at least $485 million and reaffirms its 2008 EBITDA guidance from continuing operations of $72 million. However, due to the $11.2 million of impairment losses on its non-strategic assets, it has modified its net loss to be no more than $14.6 million or $0.52 per diluted share, which includes $200,000 of income from discontinued operations.
Reconciliation of Non-GAAP Measures to GAAP
EBITDA represents earnings (losses) before interest, income taxes, depreciation and amortization, equity in loss of unconsolidated joint venture, loss on asset impairment and gain (loss) on disposal of property. EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), is unaudited and should not be considered as an alternative to, or more meaningful than, net income or income from operations as an indicator of our operating performance, or cash flows from operating activities, as a measure of liquidity. EBITDA has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry. Uses of cash flows that are not reflected in EBITDA include capital expenditures (which are significant given our expansion), interest payments, income taxes, and debt principal repayments. Moreover, other companies that provide EBITDA information may calculate EBITDA differently than we do. A reconciliation of GAAP net income (loss) to EBITDA is included in the financial tables accompanying this release.
Conference Call
Management will conduct a conference call focusing on the financial results and corporate developments at 10:00 a.m. EDT on Friday, October 31, 2008. Interested parties may participate in the call by dialing (706) 679-0882. Please call in 10 minutes before the call is scheduled to begin and ask for the MTR Gaming call (conference ID # 66117129).
The conference call will be webcast live via the Investor Relations section of the Company’s website at www.mtrgaming.com. To listen to the live webcast please go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, conference call will be archived on the Investor Relations section of the Company’s web site.
About MTR Gaming Group
MTR Gaming Group, Inc., through subsidiaries, owns and operates Mountaineer Casino, Racetrack & Resort in Chester, WV; Presque Isle Downs & Casino in Erie, PA; and Scioto Downs in Columbus, OH. The Company also owns a 90% interest in Jackson Trotting Association, LLC, which operates Jackson Harness Raceway in Jackson, MI, and a 50% interest in the North Metro Harness Initiative, LLC, which operates Running Aces Harness Park in Minneapolis, MN. For more information, please visit www.mtrgaming.com.
Except for historical information, this press release contains forward-looking statements concerning, among other things, financial performance for 2008, and the prospects for improving the results of our operations at Mountaineer and Presque Isle Downs. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and/or for actual results to differ materially. Those risks and uncertainties include, but are not limited to, the absence of any new competition for Mountaineer and Presque Isle Downs in 2008, no increase in the gaming tax rates that the Company currently pays in its various jurisdictions, general economic conditions, disruption (occasioned by weather conditions or work stoppages) of our operations, the success of the table gaming at Mountaineer (including the anticipated continued positive impact of table gaming on slot operations and resort operations), our ability to improve our operating margins, our continued suitability to hold and obtain renewals of our gaming and racing licenses, our compliance with environmental laws and potential exposure to environmental liabilities, and other factors described in the Company’s periodic reports filed with the Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements, except as may be required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.
| MTR GAMING GROUP, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Revenues: | ||||||||||||||||
| Gaming | $ | 114,135 | $ | 101,513 | $ | 327,737 | $ | 282,675 | ||||||||
| Parimutuel commissions | 5,674 | 4,864 | 13,862 | 12,318 | ||||||||||||
| Food, beverage and lodging | 10,715 | 8,974 | 28,888 | 22,787 | ||||||||||||
| Other | 3,017 | 2,369 | 7,430 | 6,001 | ||||||||||||
| Total revenues | 133,541 | 117,720 | 377,917 | 323,781 | ||||||||||||
| Less promotional allowances | (2,145 | ) | (1,733 | ) | (6,076 | ) | (4,306 | ) | ||||||||
| Net revenues | 131,396 | 115,987 | 371,841 | 319,475 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Expenses of operating departments: | ||||||||||||||||
| Gaming | 71,427 | 62,693 | 207,717 | 176,307 | ||||||||||||
| Parimutuel commissions | 5,201 | 4,570 | 13,281 | 10,608 | ||||||||||||
| Food, beverage and lodging | 7,998 | 7,388 | 22,913 | 19,084 | ||||||||||||
| Other revenue | 2,632 | 2,043 | 6,951 | 5,375 | ||||||||||||
| Marketing and promotions | 4,345 | 5,772 | 12,490 | 13,002 | ||||||||||||
| General and administrative | 17,383 | 15,867 | 52,020 | 44,955 | ||||||||||||
| Depreciation | 7,406 | 7,220 | 22,421 | 19,905 | ||||||||||||
| Loss on disposal of property | 1 | 41 | 160 | 106 | ||||||||||||
| Loss on impaired investment | 2,586 | - | 2,586 | - | ||||||||||||
| Project opening costs | - | 619 | - | 4,098 | ||||||||||||
| Total operating expenses | 118,979 | 106,213 | 340,539 | 293,440 | ||||||||||||
| Operating income | 12,417 | 9,774 | 31,302 | 26,035 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Equity in loss of unconsolidated joint venture | (9,682 | ) | (96 | ) | (12,107 | ) | (110 | ) | ||||||||
| Interest income | 52 | 65 | 197 | 335 | ||||||||||||
| Interest expense | (10,223 | ) | (9,330 | ) | (30,904 | ) | (24,331 | ) | ||||||||
| Loss on debt modification | - | - | (3,356 | ) | - | |||||||||||
| (Loss) income from continuing operations before income taxes | ||||||||||||||||
| and minority interest | (7,436 | ) | 413 | (14,868 | ) | 1,929 | ||||||||||
| (Provision) benefit for income taxes | (787 | ) | 346 | 1,495 | (558 | ) | ||||||||||
| (Loss) income from continuing operations before minority interest | (8,223 | ) | 759 | (13,373 | ) | 1,371 | ||||||||||
| Minority interest | 15 | 24 | 30 | 137 | ||||||||||||
| (Loss) income from continuing operations | (8,208 | ) | 783 | (13,343 | ) | 1,508 | ||||||||||
| Discontinued operations: | ||||||||||||||||
| (Loss) income from discontinued operations before income taxes | (39 | ) | (4,340 | ) | 299 | (5,650 | ) | |||||||||
| Benefit (provision) for income taxes | 7 | 714 | (130 | ) | 1,356 | |||||||||||
| (Loss) income from discontinued operations | (32 | ) | (3,626 | ) | 169 | (4,294 | ) | |||||||||
| Net loss | $ | (8,240 | ) | $ | (2,843 | ) | $ | (13,174 | ) | $ | (2,786 | ) | ||||
| Net loss per share - basic: | ||||||||||||||||
| (Loss) income from continuing operations | $ | (0.30 | ) | $ | 0.03 | $ | (0.49 | ) | $ | 0.05 | ||||||
| (Loss) income from discontinued operations | (0.00 | ) | (0.13 | ) | 0.01 | (0.15 | ) | |||||||||
| Net loss | $ | (0.30 | ) | $ | (0.10 | ) | $ | (0.48 | ) | $ | (0.10 | ) | ||||
| Net loss per share - diluted: | ||||||||||||||||
| (Loss) income from continuing operations | $ | (0.30 | ) | $ | 0.03 | $ | (0.49 | ) | $ | 0.05 | ||||||
| (Loss) income from discontinued operations | (0.00 | ) | (0.13 | ) | 0.01 | (0.15 | ) | |||||||||
| Net loss | $ | (0.30 | ) | $ | (0.10 | ) | $ | (0.48 | ) | $ | (0.10 | ) | ||||
| Weighted average number of shares outstanding: | ||||||||||||||||
| Basic | 27,475,260 | 27,559,076 | 27,475,260 | 27,542,645 | ||||||||||||
| Diluted | 27,475,260 | 27,867,281 | 27,648,827 | 27,897,143 | ||||||||||||
| MTR GAMING GROUP, INC. | ||||||||||||||||
| SELECTED FINANCIAL INFORMATION | ||||||||||||||||
|
(dollars in thousands) |
||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Net revenues from continuing operations: | ||||||||||||||||
| Mountaineer | $ | 77,255 | $ | 66,963 | $ | 226,663 | $ | 201,482 | ||||||||
| Presque Isle Downs | 51,497 | 46,746 | 139,237 | 111,709 | ||||||||||||
| Scioto Downs | 2,029 | 1,662 | 3,605 | 3,742 | ||||||||||||
| Jackson Racing | 612 | 613 | 2,327 | 2,505 | ||||||||||||
| MTR-Harness / Running Aces | - | - | - | 28 | ||||||||||||
| Corporate | 3 | 3 | 9 | 9 | ||||||||||||
| Consolidated net revenues from continuing operations | $ | 131,396 | $ | 115,987 | $ | 371,841 | $ | 319,475 | ||||||||
| EBITDA from continuing operations: | ||||||||||||||||
| Mountaineer | $ | 15,452 | $ | 12,678 | $ | 41,279 | $ | 38,509 | ||||||||
| Presque Isle Downs | 10,755 | 7,924 | 26,809 | 18,756 | ||||||||||||
| Scioto Downs | (87 | ) | (409 | ) | (1,074 | ) | (1,427 | ) | ||||||||
| Jackson Racing | (213 | ) | (227 | ) | (457 | ) | (397 | ) | ||||||||
| MTR-Harness / Running Aces | (11 | ) | (2 | ) | (55 | ) | (180 | ) | ||||||||
| Corporate | (3,467 | ) | (2,904 | ) | (9,993 | ) | (9,013 | ) | ||||||||
| Consolidated EBITDA from continuing operations | $ | 22,429 | $ | 17,060 | $ | 56,509 | $ | 46,248 | ||||||||
| EBITDA from discontinued operations: | ||||||||||||||||
| Binion's Gambling Hall & Hotel | (32 | ) | (2,014 | ) | (1,543 | ) | (3,645 | ) | ||||||||
| Ramada Inn and Speedway Casino | (5 | ) | 223 | (755 | ) | 1,155 | ||||||||||
| Consolidated EBITDA | $ | 22,392 | $ | 15,269 | $ | 54,211 | $ | 43,758 | ||||||||
|
|
||||||||||||||||
| The following tables set forth a reconciliation of net income (loss), a GAAP financial measure, to EBITDA, a non-GAAP financial measure. | ||||||||||||||||
|
|
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| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| EBITDA FROM CONTINUING OPERATIONS: | ||||||||||||||||
| Mountaineer: | ||||||||||||||||
| Income from continuing operations | $ | 6,651 | $ | 8,505 | $ | 16,093 | $ | 15,342 | ||||||||
| Interest expense, net of interest income | 2,253 | 2,205 | 6,771 | 6,341 | ||||||||||||
| Provision (benefit) for income taxes | 2,902 | (1,724 | ) | 7,264 | 4,845 | |||||||||||
| Depreciation | 3,646 | 3,649 | 11,151 | 11,861 | ||||||||||||
| Loss on disposal of property | - | 43 | - | 120 | ||||||||||||
| EBITDA from continuing operations | $ | 15,452 | $ | 12,678 | $ | 41,279 | $ | 38,509 | ||||||||
| Presque Isle Downs: | ||||||||||||||||
| Income from continuing operations | $ | 4,833 | $ | 5,063 | $ | 10,524 | $ | 8,254 | ||||||||
| Interest expense | 361 | 100 | 1,221 | 756 | ||||||||||||
| Provision (benefit) for income taxes | 2,122 | (507 | ) | 4,751 | 2,606 | |||||||||||
| Depreciation | 3,439 | 3,268 | 10,313 | 7,140 | ||||||||||||
| EBITDA from continuing operations | $ | 10,755 | $ | 7,924 | $ | 26,809 | $ | 18,756 | ||||||||
|
MTR GAMING GROUP, INC. |
||||||||||||||||
| SELECTED FINANCIAL INFORMATION (continued) | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| EBITDA FROM CONTINUING OPERATIONS (continued): | ||||||||||||||||
| Scioto Downs: | ||||||||||||||||
| Loss from continuing operations | $ | (368 | ) | $ | (876 | ) | $ | (1,265 | ) | $ | (1,647 | ) | ||||
| Interest expense, net of interest income | 27 | 30 | 83 | 94 | ||||||||||||
| Provision (benefit) for income taxes | 27 | 221 | (571 | ) | (520 | ) | ||||||||||
| Depreciation | 227 | 216 | 679 | 646 | ||||||||||||
| EBITDA from continuing operations | $ | (87 | ) | $ | (409 | ) | $ | (1,074 | ) | $ | (1,427 | ) | ||||
| Jackson Racing: | ||||||||||||||||
| Loss from continuing operations | $ | (1,937 | ) | $ | (222 | ) | $ | (2,225 | ) | $ | (314 | ) | ||||
| Interest expense, net of interest income and minority interest | 1 | 2 | 3 | 5 | ||||||||||||
| Benefit for income taxes, net of minority interest | (872 | ) | (10 | ) | (1,005 | ) | (99 | ) | ||||||||
| Depreciation, net of minority interest | 9 | 5 | 25 | 15 | ||||||||||||
| (Gain) loss on disposal of property, net of minority interest | - | (2 | ) | 159 | (4 | ) | ||||||||||
| Loss on impaired investment in Jackson Trotting Association, LLC | 2,586 | - | 2,586 | - | ||||||||||||
| EBITDA from continuing operations | $ | (213 | ) | $ | (227 | ) | $ | (457 | ) | $ | (397 | ) | ||||
| MTR-Harness / Running Aces: | ||||||||||||||||
| Loss from continuing operations | $ | (6,695 | ) | $ | (83 | ) | $ | (8,385 | ) | $ | (204 | ) | ||||
| Interest expense, net of interest income and minority interest | 6 | - | 8 | 42 | ||||||||||||
| Benefit for income taxes, net of minority interest | (3,004 | ) | (15 | ) | (3,785 | ) | (131 | ) | ||||||||
| Depreciation, net of minority interest | - | - | - | 3 | ||||||||||||
| Equity in loss of North Metro Harness Initiative, LLC | 9,682 | 96 | 12,107 | 110 | ||||||||||||
| EBITDA from continuing operations | $ | (11 | ) | $ | (2 | ) | $ | (55 | ) | $ | (180 | ) | ||||
| Corporate: | ||||||||||||||||
| Loss from continuing operations | $ | (10,692 | ) | $ | (11,604 | ) | $ | (28,085 | ) | $ | (19,923 | ) | ||||
| Interest expense, net of interest income | 7,522 | 6,927 | 22,620 | 16,715 | ||||||||||||
| (Provision) benefit for income taxes | (382 | ) | 1,691 | (8,136 | ) | (6,033 | ) | |||||||||
| Depreciation | 84 | 82 | 251 | 238 | ||||||||||||
| (Loss) gain on disposal of property | 1 | - | 1 | (10 | ) | |||||||||||
| Loss on debt modification | - | - | 3,356 | - | ||||||||||||
| EBITDA from continuing operations | $ | (3,467 | ) | $ | (2,904 | ) | $ | (9,993 | ) | $ | (9,013 | ) | ||||
| Consolidated: | ||||||||||||||||
| (Loss) income from continuing operations | $ | (8,208 | ) | $ | 783 | $ | (13,343 | ) | $ | 1,508 | ||||||
| Interest expense, net of interest income and minority interest | 10,170 | 9,264 | 30,706 | 23,953 | ||||||||||||
| (Benefit) provision for income taxes, net of minority interest | 793 | (344 | ) | (1,482 | ) | 668 | ||||||||||
| Depreciation, net of minority interest | 7,405 | 7,220 | 22,419 | 19,903 | ||||||||||||
| Loss on disposal of property, net of minority interest | 1 | 41 | 160 | 106 | ||||||||||||
| Loss on debt modification | - | - | 3,356 | - | ||||||||||||
| Loss on impaired investment in Jackson Trotting Association, LLC | 2,586 | - | 2,586 | - | ||||||||||||
| Equity in loss of North Metro Harness Initiative, LLC | 9,682 | 96 | 12,107 | 110 | ||||||||||||
| EBITDA from continuing operations | $ | 22,429 | $ | 17,060 | $ | 56,509 | $ | 46,248 | ||||||||
| MTR GAMING GROUP, INC. | ||||||||||||||||
| SELECTED FINANCIAL INFORMATION (continued) | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| EBITDA from discontinued operations: | ||||||||||||||||
| Binion's Gambling Hall & Hotel: | ||||||||||||||||
| Loss from discontinued operations | $ | (21 | ) | $ | (3,645 | ) | $ | (1,308 | ) | $ | (4,476 | ) | ||||
| Interest income, net of interest expense | - | - | (29 | ) | (28 | ) | ||||||||||
| Benefit for income taxes | - | (614 | ) | (879 | ) | (1,413 | ) | |||||||||
| Depreciation | - | 745 | - | 2,045 | ||||||||||||
| Other income | - | 1,500 | - | 232 | ||||||||||||
| Loss (gain) on disposal of property | (11 | ) | - | 673 | (5 | ) | ||||||||||
| EBITDA from discontinued operations | $ | (32 | ) | $ | (2,014 | ) | $ | (1,543 | ) | $ | (3,645 | ) | ||||
| Ramada Inn and Speedway Casino: | ||||||||||||||||
| (Loss) income from discontinued operations | $ | (11 | ) | $ | 19 | $ | 1,477 | $ | 182 | |||||||
| Interest expense | - | 98 | 163 | 292 | ||||||||||||
| (Benefit) provision for income taxes | (7 | ) | (100 | ) | 1,009 | 57 | ||||||||||
| Depreciation | - | 206 | 199 | 624 | ||||||||||||
| Loss (gain) on disposal of property | 13 | - | (3,603 | ) | - | |||||||||||
| EBITDA from discontinued operations | $ | (5 | ) | $ | 223 | $ | (755 | ) | $ | 1,155 | ||||||
|
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| 2008 FINANCIAL GUIDANCE | ||||||||||||||||
| Year Ending | ||||||||||||||||
| December 31, 2008 | ||||||||||||||||
| EBITDA from continuing operations: | ||||||||||||||||
| Net loss | $ | (14,800 | ) | |||||||||||||
| Interest expense, net of interest income and minority interest | 40,700 | |||||||||||||||
| Benefit for income taxes, net of minority interest | (1,700 | ) | ||||||||||||||
| Depreciation, net of minority interest | 29,900 | |||||||||||||||
| Gain on disposal of property | (200 | ) | ||||||||||||||
| Loss on debt modification | 3,400 | |||||||||||||||
| Loss on impaired investment | 2,600 | |||||||||||||||
| Equity in loss of unconsolidated joint venture | 12,100 | |||||||||||||||
| EBITDA from continuing operations | $ | 72,000 | ||||||||||||||
|
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| MTR GAMING GROUP, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (dollars in thousands) | ||||||||
| September 30 | December 31 | |||||||
| 2008 | 2007 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 33,847 | $ | 31,045 | ||||
| Restricted cash | 607 | 560 | ||||||
|
Accounts receivable, net of allowance for doubtful accounts of $105 in 2008 and $92 in 2007 |
8,421 | 10,062 | ||||||
| Inventories | 4,565 | 4,407 | ||||||
| Deferred financing costs | 4,373 | 3,203 | ||||||
| Prepaid income taxes | 2,111 | 851 | ||||||
| Deferred income taxes | 1,518 | 1,428 | ||||||
| Other current assets | 5,464 | 5,094 | ||||||
| Assets held for sale | - | 3,290 | ||||||
| Total current assets | 60,906 | 59,940 | ||||||
| Property and equipment, net | 376,885 | 388,950 | ||||||
| Goodwill | 1,985 | 2,145 | ||||||
| Other intangibles | 68,913 | 71,827 | ||||||
| Deferred financing costs, net of current portion | 3,635 | 8,123 | ||||||
| Equity method investment | - | 11,609 | ||||||
| Deposits and other | 26,781 | 26,078 | ||||||
| Assets held for sale | 1,078 | 42,290 | ||||||
| Total assets | $ | 540,183 | $ | 610,962 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,193 | $ | 9,064 | ||||
| Accounts payable - gaming taxes and assessments | 6,911 | 9,446 | ||||||
| Accrued payroll and payroll taxes | 5,182 | 4,728 | ||||||
| Accrued interest | 10,992 | 6,456 | ||||||
| Other accrued liabilities | 13,296 | 11,683 | ||||||
| Construction project liabilities | 1,283 | 4,225 | ||||||
| Current portion of long-term debt and capital lease obligations | 13,056 | 11,108 | ||||||
| Liabilities held for sale | - | 4,881 | ||||||
| Total current liabilities | 58,913 | 61,591 | ||||||
| Long-term debt and capital lease obligations, net of current portion | 369,262 | 420,520 | ||||||
| Long-term deferred compensation | 11,348 | 10,545 | ||||||
| Deferred income taxes | 210 | 940 | ||||||
| Liabilities held for sale | - | 4,914 | ||||||
| Total liabilities | 439,733 | 498,510 | ||||||
| Minority interest | 284 | 305 | ||||||
| Shareholders' equity: | ||||||||
| Common stock | - | - | ||||||
| Paid-in capital | 61,671 | 60,478 | ||||||
| Retained earnings | 38,550 | 51,724 | ||||||
| Accumulated other comprehensive loss | (55 | ) | (55 | ) | ||||
| Total shareholders' equity | 100,166 | 112,147 | ||||||
| Total liabilities and shareholders' equity | $ | 540,183 | $ | 610,962 | ||||
MTR Gaming Group, Inc.
David Hughes, 304-387-8114
Corporate Executive VP and CFO
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www.mtrgaming.com
