Exhibit 99.1
FOR IMMEDIATE RELEASE |
| CONTACTS: | |
|
| Glenn Schaeffer | 702-632-6710 |
|
| Les Martin | 702-632-6820 |
MANDALAY RESORT GROUP
REPORTS SECOND QUARTER RESULTS
LAS VEGAS, NV — September 2, 2004 — Mandalay Resort Group (NYSE: MBG) today announced results for its second quarter ended July 31, 2004. For the quarter, the company reported net income of $58.2 million, or $.85 per diluted share, compared with $42.3 million, or $.67 per diluted share, in the prior year. “Despite the absence of a strong convention component this quarter, Mandalay still performed impressively, delivering all-time record results for its second quarter by a distance,” noted Glenn Schaeffer, the company's President and Chief Financial Officer.
Results in the current year quarter were hampered by a 20% increase in health care costs ($7.3 million, or $.07 per diluted share), a below normal hold percentage at Mandalay Bay (which cost the company $3.2 million, or $.03 per diluted share), and a higher effective tax rate (36.8% versus 35.4% a year ago). Results in the current quarter also include a gain of $1.0 million ($.01 per diluted share) representing the quarterly noncash adjustment of the carrying value of investments associated with the company's executive retirement plan.
Results for the prior year second quarter include: (1) a loss on early retirement of debt of $6.3 million ($.07 per diluted share) related to the company’s call of its $275 million 9-1/4% Senior Subordinated Notes due 2005; (2) a gain of $4.0 million ($.04 per diluted share) representing the quarterly adjustment to the carrying value of the company’s executive retirement
plan investments; and (3) the reversal of previously accrued management fee income related to MotorCity Casino which resulted in a charge of $1.8 million ($.02 per diluted share).
Average diluted shares outstanding in the quarter were 68.1 million versus 63.0 million in the prior year. This reflects the issuance of shares pursuant to the exercise of employee stock options over the course of the past year, as well as grants of restricted stock in March and April of this fiscal year. Total shares outstanding (excluding any dilutive effect from outstanding stock options) were 67.5 million at July 31, 2004, compared with 61.5 million at July 31, 2003.
Mandalay's operating cash flow (which is not a defined term under Generally Accepted Accounting Principles — see Note 1 below) was $188.7 million for the quarter ended July 31, 2004, compared with $172.1 million in the prior year quarter. The financial schedules accompanying this release provide a reconciliation of operating cash flow to net income as required by the Securities and Exchange Commission's Regulation G.
LAS VEGAS STRIP
Operating cash flow at the company's Las Vegas Strip properties (including the 50%-owned Monte Carlo) increased $17.6 million, or 14%, in the second quarter, driven by a 12% increase in revenue per available room ("REVPAR"), and an 8% increase in casino revenues. Mandalay Bay, Luxor and Excalibur all reported record second quarter results.
Mandalay Bay generated operating cash flow of $52.6 million in the second quarter, up 10% from $47.9 million last year. REVPAR was flat in the quarter, reflecting the impact of the additional 1,117 suites in THEhotel (which opened December 2003) combined with the absence
this year of a major convention that fell in last year’s second quarter. The average room rate was $201 with 85% occupancy, compared with $181 and 94% occupancy in the prior year quarter. The average room rate in THEhotel was $224 with 84% occupancy. Meanwhile casino revenues at Mandalay Bay rose 10% during the second quarter despite the low hold percentage on its table games.
Luxor produced operating cash flow of $34.2 million compared with $29.7 million a year ago. Casino revenues at this property rose 14%, while REVPAR increased 9%. Meanwhile, operating cash flow at Excalibur rose 19% to $29.3 million. REVPAR at this property was up 13%. At Circus-Circus, operating cash flow was $21.7 million in the second quarter, up 20% from the prior year, as REVPAR increased 15%. For its part, Monte Carlo (50%-owned by Mandalay) reported operating cash flow of $22.5 million, up slightly from the prior year quarter.
OTHER NEVADA MARKETS
Combined operating cash flow at the company's other Nevada properties (in Reno, Laughlin, Jean and Henderson) increased 12% from the prior year second quarter. While expanded Native American gaming in California continues to impact our operations, the rebound in the economy has contributed to improved results at these properties. Please refer to the financial schedules accompanying this release for additional details by market.
OTHER MARKETS
In Elgin, Illinois, operating cash flow at the 50%-owned Grand Victoria was $16.0 million in the second quarter, down 22% from $20.6 million in the prior year quarter. The decrease was attributable to higher gaming taxes which took effect July 1, 2003 and raised the
top-end rate to 70% on gaming revenues exceeding $250 million. This tax increase impacted Mandalay's earnings by approximately $.04 per diluted share in the quarter.
In Detroit, Michigan, MotorCity generated operating cash flow of $37.5 million compared with $36.0 million last year, while in Tunica County, Mississippi, operating cash flow at the company's Gold Strike Resort was $8.6 million compared with $7.6 million a year ago.
RECENT DEVELOPMENTS
On August 2, 2004, the company paid a quarterly dividend of $.27 per share to shareholders of record July 15, 2004. Pursuant to the terms of the merger agreement with MGM MIRAGE, Mandalay may not declare additional dividends pending the outcome of the merger.
This press release contains "forward-looking statements" within the meaning of the federal securities law. The forward-looking statements in this press release involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could affect the company's future financial results is included under the caption "Factors that May Affect Our Future Results" in Item 1 of the company's annual report on Form 10-K for the year ended January 31, 2004.
Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino in Tunica County, Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and owns a 50%
interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns a 53.5% interest in and operates MotorCity in Detroit, Michigan.
NOTE 1: As used in this release, operating cash flow represents net income adjusted to exclude income taxes, net interest expense, minority interest, noncash expenses (principally depreciation and amortization) and certain other expenses that are not considered directly related to ongoing operations, such as operating lease rent and preopening expenses. Operating cash flow is presented as supplemental disclosure because it is widely viewed by investors as a key measure of operating performance in the gaming industry and it is also used as a principal basis for valuing gaming companies. Management utilizes operating cash flow in a similar manner to monitor and evaluate the relative performance of its various operating resorts, including the evaluation of management personnel at both the property and corporate levels. Operating cash flow is not an accepted measure under Generally Accepted Accounting Principles ("GAAP") and should not be considered an alternative to GAAP measures of performance, such as net income or income from operations, or as an alternative to GAAP measures of liquidity, such as net cash provided by operating activities. A reconciliation of net income to operating cash flow is provided, on a consolidated basis as well as by property, in the financial schedules accompanying this release. Operating cash flow is sometimes referred to as earnings before interest, taxes, depreciation and amortization ("EBITDA"). Other gaming companies that report operating cash flow or EBITDA may calculate their results in a different manner than the company.
###
MANDALAY RESORT GROUP
Condensed Consolidated Statements of Income
(Dollars in thousands, except share data)
(UNAUDITED)
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues |
| $ | 713,840 |
| $ | 644,835 |
| $ | 1,443,208 |
| $ | 1,261,345 |
|
|
|
|
|
|
|
|
|
|
| ||||
Costs and expenses |
| (578,949 | ) | (531,769 | ) | (1,130,293 | ) | (1,033,884 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 134,891 |
| 113,066 |
| 312,915 |
| 227,461 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Preopening expense |
| — |
| (269 | ) | — |
| (357 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Earnings of unconsolidated affiliates |
| 20,655 |
| 23,007 |
| 42,317 |
| 45,747 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income from operations |
| 155,546 |
| 135,804 |
| 355,232 |
| 272,851 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Interest expense |
| (48,483 | ) | (52,542 | ) | (97,327 | ) | (105,704 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss on early extinguishment of debt, net of related gain on swap termination |
| — |
| (6,327 | ) | — |
| (6,327 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Other income (expense) |
| 961 |
| 3,910 |
| 2,308 |
| 2,704 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Minority interest |
| (15,890 | ) | (15,358 | ) | (33,541 | ) | (29,214 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income before income tax |
| 92,134 |
| 65,487 |
| 226,672 |
| 134,310 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income tax expense |
| (33,920 | ) | (23,151 | ) | (81,130 | ) | (47,928 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income |
| $ | 58,214 |
| $ | 42,336 |
| $ | 145,542 |
| $ | 86,382 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
| $ | 0.86 |
| $ | 0.71 |
| $ | 2.18 |
| $ | 1.42 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per share |
| $ | 0.85 |
| $ | 0.67 |
| $ | 2.16 |
| $ | 1.36 |
|
|
|
|
|
|
|
|
|
|
| ||||
Average shares outstanding (basic) |
| 67,483,319 |
| 59,964,927 |
| 66,861,530 |
| 60,768,050 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Average shares outstanding (diluted) |
| 68,126,064 |
| 63,028,375 |
| 67,529,745 |
| 63,662,019 |
| ||||
###
Mandalay Resort Group
Reconciliation of Net Income to Operating Cash Flow and Other Information
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
MANDALAY BAY |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 22,624 |
| $ | 17,638 |
| $ | 58,901 |
| $ | 34,911 |
|
Income Tax Expense |
| 12,027 |
| 10,351 |
| 31,572 |
| 20,223 |
| ||||
Interest Expense |
| 5 |
| 5 |
| 11 |
| 11 |
| ||||
Other Expense (Income) |
| 4 |
| 71 |
| 150 |
| 58 |
| ||||
Income From Operations |
| 34,660 |
| 28,065 |
| 90,634 |
| 55,203 |
| ||||
Preopening |
| — |
| 269 |
| — |
| 357 |
| ||||
Operating Lease Rent |
| — |
| 4,604 |
| — |
| 11,517 |
| ||||
Depreciation/Amortization |
| 17,940 |
| 14,924 |
| 39,341 |
| 27,170 |
| ||||
Operating Cash Flow |
| $ | 52,600 |
| $ | 47,862 |
| $ | 129,975 |
| $ | 94,247 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 205,077 |
| $ | 169,059 |
| $ | 422,520 |
| $ | 328,185 |
|
Casino Revenues |
| $ | 51,460 |
| $ | 46,694 |
| $ | 111,056 |
| $ | 94,101 |
|
ADR |
| $ | 200.71 |
| $ | 180.71 |
| $ | 205.63 |
| $ | 183.85 |
|
Occupancy |
| 84.6 | % | 93.8 | % | 86.8 | % | 90.1 | % | ||||
REVPAR |
| $ | 169.78 |
| $ | 169.52 |
| $ | 178.56 |
| $ | 165.57 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
LUXOR |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 17,567 |
| $ | 13,978 |
| $ | 39,917 |
| $ | 30,687 |
|
Income Tax Expense |
| 9,281 |
| 7,970 |
| 21,360 |
| 16,550 |
| ||||
Interest Expense |
| 3 |
| 4 |
| 6 |
| 8 |
| ||||
Other Expense (Income) |
| 5 |
| (6 | ) | (73 | ) | 129 |
| ||||
Income From Operations |
| 26,856 |
| 21,946 |
| 61,210 |
| 47,374 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| 1,887 |
| — |
| 3,754 |
| ||||
Depreciation/Amortization |
| 7,389 |
| 5,855 |
| 15,382 |
| 11,027 |
| ||||
Operating Cash Flow |
| $ | 34,245 |
| $ | 29,688 |
| $ | 76,592 |
| $ | 62,155 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 107,440 |
| $ | 100,828 |
| $ | 220,316 |
| $ | 198,469 |
|
Casino Revenues |
| $ | 28,750 |
| $ | 25,242 |
| $ | 58,492 |
| $ | 49,875 |
|
ADR |
| $ | 105.80 |
| $ | 97.56 |
| $ | 113.23 |
| $ | 101.42 |
|
Occupancy |
| 90.3 | % | 89.6 | % | 92.2 | % | 88.3 | % | ||||
REVPAR |
| $ | 95.57 |
| $ | 87.39 |
| $ | 104.40 |
| $ | 89.52 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
EXCALIBUR |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 16,510 |
| $ | 12,684 |
| $ | 34,390 |
| $ | 26,061 |
|
Income Tax Expense |
| 8,612 |
| 7,256 |
| 18,428 |
| 14,863 |
| ||||
Interest Expense |
| 9 |
| (1 | ) | 9 |
| 3 |
| ||||
Other Expense (Income) |
| 76 |
| (12 | ) | 77 |
| (13 | ) | ||||
Income From Operations |
| 25,207 |
| 19,927 |
| 52,904 |
| 40,914 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| 1,648 |
| — |
| 3,279 |
| ||||
Depreciation/Amortization |
| 4,126 |
| 3,133 |
| 8,279 |
| 5,657 |
| ||||
Operating Cash Flow |
| $ | 29,333 |
| $ | 24,708 |
| $ | 61,183 |
| $ | 49,850 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 85,559 |
| $ | 79,623 |
| $ | 171,899 |
| $ | 156,230 |
|
Casino Revenues |
| $ | 30,121 |
| $ | 29,096 |
| $ | 60,368 |
| $ | 57,104 |
|
ADR |
| $ | 79.36 |
| $ | 71.10 |
| $ | 85.08 |
| $ | 73.34 |
|
Occupancy |
| 95.2 | % | 93.7 | % | 95.6 | % | 93.6 | % | ||||
REVPAR |
| $ | 75.57 |
| $ | 66.60 |
| $ | 81.36 |
| $ | 68.63 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
CIRCUS CIRCUS - LAS VEGAS |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 11,153 |
| $ | 8,123 |
| $ | 21,711 |
| $ | 14,900 |
|
Income Tax Expense |
| 5,771 |
| 4,629 |
| 11,616 |
| 8,483 |
| ||||
Interest Expense |
| 3 |
| 2 |
| 3 |
| 2 |
| ||||
Other Expense (Income) |
| (52 | ) | (8 | ) | (56 | ) | (10 | ) | ||||
Income From Operations |
| 16,875 |
| 12,746 |
| 33,274 |
| 23,375 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| 816 |
| — |
| 1,622 |
| ||||
Depreciation/Amortization |
| 4,874 |
| 4,627 |
| 9,757 |
| 8,979 |
| ||||
Operating Cash Flow |
| $ | 21,749 |
| $ | 18,189 |
| $ | 43,031 |
| $ | 33,976 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 75,820 |
| $ | 70,455 |
| $ | 146,399 |
| $ | 133,954 |
|
Casino Revenues |
| $ | 29,099 |
| $ | 28,068 |
| $ | 57,440 |
| $ | 53,442 |
|
ADR |
| $ | 60.01 |
| $ | 53.27 |
| $ | 62.28 |
| $ | 54.77 |
|
Occupancy |
| 92.8 | % | 91.1 | % | 93.3 | % | 91.3 | % | ||||
REVPAR |
| $ | 55.71 |
| $ | 48.55 |
| $ | 58.13 |
| $ | 49.98 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
GOLD STRIKE-TUNICA |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 4,233 |
| $ | 3,458 |
| $ | 8,249 |
| $ | 6,690 |
|
Income Tax Expense |
| 2,059 |
| 2,061 |
| 4,567 |
| 3,992 |
| ||||
Interest Expense |
| — |
| — |
| — |
| — |
| ||||
Other Expense (Income) |
| (4 | ) | (4 | ) | (7 | ) | (8 | ) | ||||
Income From Operations |
| 6,288 |
| 5,515 |
| 12,809 |
| 10,674 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 2,309 |
| 2,126 |
| 4,515 |
| 4,299 |
| ||||
Operating Cash Flow |
| $ | 8,597 |
| $ | 7,641 |
| $ | 17,324 |
| $ | 14,973 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 37,204 |
| $ | 34,042 |
| $ | 72,358 |
| $ | 66,892 |
|
Casino Revenues |
| $ | 32,195 |
| $ | 29,293 |
| $ | 63,177 |
| $ | 57,656 |
|
ADR |
| $ | 50.31 |
| $ | 47.94 |
| $ | 50.10 |
| $ | 48.67 |
|
Occupancy |
| 87.9 | % | 87.8 | % | 84.8 | % | 83.1 | % | ||||
REVPAR |
| $ | 44.22 |
| $ | 42.09 |
| $ | 42.49 |
| $ | 40.43 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
LAUGHLIN PROPERTIES |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 1,188 |
| $ | 516 |
| $ | 5,064 |
| $ | 3,054 |
|
Income Tax Expense |
| 539 |
| 293 |
| 2,625 |
| 1,737 |
| ||||
Interest Expense |
| — |
| — |
| — |
| — |
| ||||
Other Expense (Income) |
| 9 |
| (27 | ) | 9 |
| (27 | ) | ||||
Income From Operations |
| 1,736 |
| 782 |
| 7,698 |
| 4,764 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 2,293 |
| 2,412 |
| 4,685 |
| 4,797 |
| ||||
Operating Cash Flow |
| $ | 4,029 |
| $ | 3,194 |
| $ | 12,383 |
| $ | 9,561 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 39,028 |
| $ | 36,738 |
| $ | 82,945 |
| $ | 75,912 |
|
Casino Revenues |
| $ | 25,681 |
| $ | 23,744 |
| $ | 55,905 |
| $ | 49,944 |
|
ADR |
| $ | 32.67 |
| $ | 28.97 |
| $ | 32.56 |
| $ | 29.82 |
|
Occupancy |
| 78.4 | % | 81.1 | % | 85.1 | % | 81.3 | % | ||||
REVPAR |
| $ | 25.61 |
| $ | 23.49 |
| $ | 27.71 |
| $ | 24.25 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
CIRCUS CIRCUS - RENO |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 2,508 |
| $ | 2,396 |
| $ | 4,179 |
| $ | 2,620 |
|
Income Tax Expense |
| 1,267 |
| 1,363 |
| 2,241 |
| 1,490 |
| ||||
Interest Expense |
| 30 |
| — |
| 110 |
| — |
| ||||
Other Expense (Income) |
| (7 | ) | (7 | ) | (12 | ) | 4 |
| ||||
Income From Operations |
| 3,798 |
| 3,752 |
| 6,518 |
| 4,114 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 1,527 |
| 1,459 |
| 2,992 |
| 2,930 |
| ||||
Operating Cash Flow |
| $ | 5,325 |
| $ | 5,211 |
| $ | 9,510 |
| $ | 7,044 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 30,476 |
| $ | 31,020 |
| $ | 57,463 |
| $ | 55,713 |
|
Casino Revenues |
| $ | 14,401 |
| $ | 15,286 |
| $ | 27,772 |
| $ | 27,312 |
|
ADR |
| $ | 62.37 |
| $ | 53.80 |
| $ | 57.69 |
| $ | 52.22 |
|
Occupancy |
| 84.1 | % | 87.9 | % | 82.9 | % | 80.8 | % | ||||
REVPAR |
| $ | 52.46 |
| $ | 47.27 |
| $ | 47.81 |
| $ | 42.18 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
GOLD STRIKE PROPERTIES |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 742 |
| $ | 168 |
| $ | 2,595 |
| $ | 744 |
|
Income Tax Expense |
| 362 |
| 96 |
| 1,362 |
| 424 |
| ||||
Interest Expense |
| — |
| — |
| — |
| — |
| ||||
Other Expense (Income) |
| — |
| (7 | ) | — |
| 12 |
| ||||
Income From Operations |
| 1,104 |
| 257 |
| 3,957 |
| 1,180 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 836 |
| 876 |
| 1,689 |
| 1,743 |
| ||||
Operating Cash Flow |
| $ | 1,940 |
| $ | 1,133 |
| $ | 5,646 |
| $ | 2,923 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 19,547 |
| $ | 18,856 |
| $ | 40,176 |
| $ | 38,230 |
|
Casino Revenues |
| $ | 15,165 |
| $ | 14,676 |
| $ | 30,991 |
| $ | 29,849 |
|
ADR |
| $ | 35.13 |
| $ | 31.45 |
| $ | 34.67 |
| $ | 31.21 |
|
Occupancy |
| 61.6 | % | 60.4 | % | 65.8 | % | 62.6 | % | ||||
REVPAR |
| $ | 21.65 |
| $ | 19.01 |
| $ | 22.80 |
| $ | 19.53 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
MOTORCITY CASINO ** |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 34,195 |
| $ | 33,050 |
| $ | 72,179 |
| $ | 62,866 |
|
Income Tax Expense |
| — |
| — |
| — |
| — |
| ||||
Interest Expense |
| 197 |
| 561 |
| 793 |
| 1,285 |
| ||||
Other Expense (Income) |
| — |
| (26 | ) | (20 | ) | (55 | ) | ||||
Income From Operations |
| 34,392 |
| 33,585 |
| 72,952 |
| 64,096 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 3,065 |
| 2,423 |
| 5,935 |
| 4,750 |
| ||||
Operating Cash Flow |
| $ | 37,457 |
| $ | 36,008 |
| $ | 78,887 |
| $ | 68,846 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 109,992 |
| $ | 101,309 |
| $ | 222,400 |
| $ | 202,347 |
|
Casino Revenues |
| $ | 105,578 |
| $ | 96,649 |
| $ | 213,368 |
| $ | 192,879 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
CONSOLIDATED |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 58,214 |
| $ | 42,336 |
| $ | 145,542 |
| $ | 86,382 |
|
Income Tax Expense |
| 33,920 |
| 23,151 |
| 81,130 |
| 47,928 |
| ||||
Minority Interest |
| 15,890 |
| 15,358 |
| 33,541 |
| 29,214 |
| ||||
Interest Expense |
| 48,483 |
| 52,542 |
| 97,327 |
| 105,704 |
| ||||
Loss on Early Extinguishment of Debt, Net of Related Gain on Swap Termination |
| — |
| 6,327 |
| — |
| 6,327 |
| ||||
Other Expense (Income) |
| (961 | ) | (3,910 | ) | (2,308 | ) | (2,704 | ) | ||||
Income From Operations |
| 155,546 |
| 135,804 |
| 355,232 |
| 272,851 |
| ||||
Preopening |
| — |
| 269 |
| — |
| 357 |
| ||||
Operating Lease Rent |
| — |
| 8,955 |
| — |
| 20,172 |
| ||||
Depreciation/Amortization |
| 46,139 |
| 39,635 |
| 96,163 |
| 74,772 |
| ||||
Minority Interest in MotorCity Operating Cash Flow |
| (17,417 | ) | (16,743 | ) | (36,682 | ) | (32,013 | ) | ||||
Mandalay’s Share of Depreciation From Unconsolidated Affiliates |
| 4,450 |
| 4,173 |
| 8,669 |
| 8,309 |
| ||||
Operating Cash Flow |
| $ | 188,718 |
| $ | 172,093 |
| $ | 423,382 |
| $ | 344,448 |
|
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
SILVER LEGACY (50% - owned) ** |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 5,093 |
| $ | 6,056 |
| $ | 8,785 |
| $ | 6,736 |
|
Income Tax Expense |
| — |
| — |
| — |
| — |
| ||||
Interest Expense |
| 4,243 |
| 3,332 |
| 8,501 |
| 7,626 |
| ||||
Other Expense (Income) |
| 32 |
| (75 | ) | 11 |
| 226 |
| ||||
Income From Operations |
| 9,368 |
| 9,313 |
| 17,297 |
| 14,588 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 2,647 |
| 2,705 |
| 5,295 |
| 5,333 |
| ||||
Operating Cash Flow |
| $ | 12,015 |
| $ | 12,018 |
| $ | 22,592 |
| $ | 19,921 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 42,552 |
| $ | 43,149 |
| $ | 81,850 |
| $ | 78,752 |
|
Casino Revenues |
| $ | 23,119 |
| $ | 25,323 |
| $ | 45,205 |
| $ | 45,969 |
|
ADR |
| $ | 72.67 |
| $ | 64.36 |
| $ | 68.15 |
| $ | 62.80 |
|
Occupancy |
| 90.6 | % | 92.1 | % | 89.1 | % | 84.9 | % | ||||
REVPAR |
| $ | 65.83 |
| $ | 59.28 |
| $ | 60.72 |
| $ | 53.30 |
|
|
|
|
|
|
| ||||||||
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
GRAND VICTORIA (50% - owned) ** |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $13,570 |
| $18,160 |
| $25,254 |
| $39,772 |
| ||||
Income Tax Expense |
| — |
| — |
| — |
| — |
| ||||
Interest Expense |
| — |
| — |
| — |
| — |
| ||||
Other Expense (Income) |
| (40 | ) | (29 | ) | (95 | ) | (150 | ) | ||||
Income From Operations |
| 13,530 |
| 18,131 |
| 25,159 |
| 39,622 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 2,473 |
| 2,424 |
| 4,876 |
| 4,759 |
| ||||
Operating Cash Flow |
| $16,003 |
| $20,555 |
| $30,035 |
| $44,381 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $100,593 |
| $95,425 |
| $197,472 |
| $187,945 |
| ||||
Casino Revenues |
| $98,197 |
| $93,264 |
| $192,684 |
| $183,541 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| Three Months Ended July 31, |
| Six Months Ended July 31, |
| ||||||||
MONTE CARLO (50% - owned) ** |
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 18,820 |
| $ | 19,112 |
| $ | 45,243 |
| $ | 38,297 |
|
Income Tax Expense |
| — |
| — |
| — |
| — |
| ||||
Interest Expense |
| 12 |
| — |
| 12 |
| 1 |
| ||||
Other Expense (Income) |
| (77 | ) | (15 | ) | (95 | ) | (87 | ) | ||||
Income From Operations |
| 18,755 |
| 19,097 |
| 45,160 |
| 38,211 |
| ||||
Preopening |
| — |
| — |
| — |
| — |
| ||||
Operating Lease Rent |
| — |
| — |
| — |
| — |
| ||||
Depreciation/Amortization |
| 3,782 |
| 3,216 |
| 7,169 |
| 6,523 |
| ||||
Operating Cash Flow |
| $ | 22,537 |
| $ | 22,313 |
| $ | 52,329 |
| $ | 44,734 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenues |
| $ | 68,348 |
| $ | 67,348 |
| $ | 142,812 |
| $ | 133,000 |
|
Casino Revenues |
| $ | 24,044 |
| $ | 24,076 |
| $ | 49,663 |
| $ | 47,536 |
|
ADR |
| $ | 111.79 |
| $ | 101.12 |
| $ | 118.34 |
| $ | 100.45 |
|
Occupancy |
| 95.7 | % | 92.7 | % | 95.8 | % | 94.7 | % | ||||
REVPAR |
| $ | 106.94 |
| $ | 93.69 |
| $ | 113.42 |
| $ | 95.13 |
|
** Amounts represent 100% of totals for the property.
