Exhibit 99.1
FOR IMMEDIATE RELEASE | | CONTACTS: |
| | Glenn Schaeffer 702-632-6710 |
| | Les Martin 702-632-6820 |
MANDALAY RESORT GROUP
REPORTS FOURTH QUARTER
AND YEAR-END RESULTS
LAS VEGAS, NV — March 3, 2005 — Mandalay Resort Group (NYSE: MBG) today announced results for its fourth quarter and fiscal year ended January 31, 2005. For the quarter, the company reported net income of $16.4 million, or $.23 per diluted share, compared with $22.8 million, or $.35 per diluted share, in the prior year. For the fiscal year, the company reported net income of $229.1 million, or $3.31 per diluted share, compared with $149.8 million, or $2.31 per diluted share in the prior year.
Results in the current year fourth quarter include: (1) merger related costs (which are not deductible for tax purposes) of $4.3 million ($.06 per diluted share) included in corporate expense; (2) an increase in the reserve related to worker’s compensation claims of $3.1 million ($.03 per diluted share) based upon a year-end actuarial review; (3) a revision to the change in accounting estimate for base jackpot reserves (previously recorded in the third quarter) which resulted in a decrease of $2.8 million ($.03 per diluted share) in casino revenue; (4) the write-off of approximately $1.2 million ($.01 per diluted share) in development costs related to projects that are being discontinued; and (5) a gain of $3.8 million ($.04 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 fourth quarter were hampered by record rainfall in Southern California and Nevada, which contributed to lower than expected profits in January. Furthermore, for the second consecutive year, fourth quarter results were affected by a low hold percentage on table games at Mandalay Bay, which cost the company approximately $6.5 million in the fourth quarter this year. Results for the current fourth quarter also reflect the impact of an increase in the gaming tax rate in Michigan which took effect September 1, 2004, and increased gaming taxes at the company’s 53.5%-owned MotorCity Casino by approximately $6.3 million during the quarter. Current year results were also affected by health care costs, which rose $2.8 million, or 7%, in the fourth quarter and $17.8 million, or 12%, in the fiscal year due
to rising medical costs in general, a surge in “catastrophic” claims and an increase in the number of covered employees.
Results for the prior-year fourth quarter include: (1) preopening expenses of $3.9 million ($.04 per diluted share) related primarily to THEhotel; and (2) a gain of $3.8 million ($.04 per diluted share) representing the quarterly adjustment to the carrying value of the company’s executive retirement plan investments.
Average diluted shares outstanding in the fourth quarter were 70.7 million versus 66.1 million in the prior year period. This reflects the issuance of shares pursuant to the exercise of employee stock options, as well as grants of restricted stock in March and April 2004. It also includes the dilutive effect of the company’s Floating-Rate Convertible Senior Debentures due 2033, which amounted to approximately 2.3 million shares in the fourth quarter. Total shares outstanding (excluding any dilutive effect from outstanding stock options or the convertible debentures) were 67.5 million at January 31, 2005, compared with 65.4 million at January 31, 2004.
Mandalay’s operating cash flow (which is not a defined term under Generally Accepted Accounting Principles-see Note 1 below) was $129.2 million for the quarter ended January 31, 2005, compared with $136.7 million in the prior year quarter. For the fiscal year, operating cash flow was $753.7 million versus $648.1 million in the previous year. 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 $8.0 million, or 7%, in the fourth quarter. Revenue per available room (“REVPAR”) for these properties rose 10%, the seventh consecutive quarter with a double-digit increase. (On a calendar quarter basis, that is October through December 2004, REVPAR for these Strip properties was up 20%.) For the fiscal year, REVPAR for the company’s Las Vegas Strip properties increased 17%. Operating cash flow at each of these properties was negatively affected by the previously discussed adjustments for worker’s compensation and base jackpots.
Mandalay Bay generated operating cash flow of $45.5 million in the fourth quarter, an increase of 24% from the prior year. REVPAR rose 5%, as room rates at Mandalay Bay averaged $205 with 75% occupancy during the quarter, including the additional 1,117 suites in THEhotel (which opened December 2003). Casino revenues at Mandalay Bay rose 3% during the fourth quarter, despite the subpar hold percentage discussed earlier.
Luxor produced operating cash flow of $26.4 million, a 6% decrease compared with $28.1 million last year, as a portion of its rooms were out of service for remodeling during the quarter. At Excalibur, operating cash flow increased slightly compared to a year ago, driven by an 8% increase in REVPAR. At Circus-Circus, operating cash flow declined $0.9 million, or 7%, from the prior year to $11.8 million. Higher expenses related to the previously discussed adjustments offset a 7% increase in REVPAR at this property. For its part, Monte Carlo (50%-owned by Mandalay) reported operating cash flow of $24.5 million, up 21% from the prior year quarter. REVPAR at Monte Carlo increased 8%, as did casino revenues.
OTHER NEVADA MARKETS
Combined operating cash flow at the company’s other Nevada properties (in Reno, Laughlin, Jean and Henderson) decreased slightly from the prior year fourth quarter. Please refer to the financial schedules accompanying this release for additional details by market.
OTHER MARKETS
In Detroit, Michigan, the 53.5%-owned MotorCity generated operating cash flow of $30.7 million compared with $34.2 million last year, with the decrease due to the higher gaming tax rate, as discussed previously. In Elgin, Illinois, operating cash flow at the 50%-owned Grand Victoria was $18.1 million in the fourth quarter, up 24% from $14.6 million in the prior year quarter. Meanwhile, in Tunica County, Mississippi, operating cash flow at the company’s Gold Strike Resort was $5.2 million compared with $7.5 million a year ago.
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 January 31, | | Twelve Months Ended January 31, | |
| | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Revenues | | $ | 645,612 | | $ | 604,134 | | $ | 2,809,143 | | $ | 2,491,099 | |
| | | | | | | | | |
Costs and expenses | | (572,091 | ) | (522,285 | ) | (2,278,980 | ) | (2,073,611 | ) |
| | | | | | | | | |
| | 73,521 | | 81,849 | | 530,163 | | 417,488 | |
| | | | | | | | | |
Preopening expense | | — | | (3,858 | ) | — | | (8,230 | ) |
| | | | | | | | | |
Earnings of unconsolidated affiliates | | 17,645 | | 15,590 | | 83,269 | | 81,183 | |
| | | | | | | | | |
Income from operations | | 91,166 | | 93,581 | | 613,432 | | 490,441 | |
| | | | | | | | | |
Interest expense | | (50,359 | ) | (46,837 | ) | (196,687 | ) | (201,325 | ) |
| | | | | | | | | |
Loss on early extinguishment of debt, net of related gain on swap termination | | — | | — | | — | | (6,327 | ) |
| | | | | | | | | |
Other income (expense) | | 2,049 | | 3,492 | | 3,991 | | 6,882 | |
| | | | | | | | | |
Minority interest | | (12,848 | ) | (14,587 | ) | (61,220 | ) | (57,353 | ) |
| | | | | | | | | |
Income before income tax | | 30,008 | | 35,649 | | 359,516 | | 232,318 | |
| | | | | | | | | |
Income tax expense | | (13,595 | ) | (12,826 | ) | (130,454 | ) | (82,471 | ) |
| | | | | | | | | |
Net income | | $ | 16,413 | | $ | 22,823 | | $ | 229,062 | | $ | 149,847 | |
| | | | | | | | | |
Basic earnings per share | | $ | 0.24 | | $ | 0.35 | | $ | 3.41 | | $ | 2.40 | |
| | | | | | | | | |
Diluted earnings per share | | $ | 0.23 | | $ | 0.35 | | $ | 3.31 | | $ | 2.31 | |
| | | | | | | | | |
Average shares outstanding (basic) | | 67,539,636 | | 65,021,467 | | 67,197,027 | | 62,316,945 | |
| | | | | | | | | |
Average shares outstanding (diluted) | | 70,700,512 | | 66,149,135 | | 69,157,904 | | 64,881,844 | |
###
Mandalay Resort Group
Reconciliation of Net Income to Operating Cash Flow and Other Information
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
MANDALAY BAY | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 15,579 | | $ | 7,553 | | $ | 105,758 | | $ | 54,569 | |
Income Tax Expense | | 8,316 | | 2,057 | | 56,564 | | 29,007 | |
Interest Expense | | 6 | | 6 | | 23 | | 23 | |
Other Expense (Income) | | 869 | | (6 | ) | 1,013 | | 49 | |
Income From Operations | | 24,770 | | 9,610 | | 163,358 | | 83,648 | |
Preopening | | — | | 3,858 | | — | | 8,230 | |
Operating Lease Rent | | — | | — | | — | | 11,517 | |
Depreciation/Amortization | | 20,768 | | 23,196 | | 78,351 | | 72,349 | |
Operating Cash Flow | | $ | 45,538 | | $ | 36,664 | | $ | 241,709 | | $ | 175,744 | |
| | | | | | | | | |
Net Revenues | | $ | 193,075 | | $ | 159,763 | | $ | 829,278 | | $ | 650,746 | |
Casino Revenues | | $ | 50,787 | | $ | 49,114 | | $ | 216,691 | | $ | 191,688 | |
ADR | | $ | 205.36 | | $ | 192.26 | | $ | 206.70 | | $ | 186.39 | |
Occupancy | | 74.7 | % | 76.2 | % | 84.5 | % | 86.3 | % |
REVPAR | | $ | 153.48 | | $ | 146.46 | | $ | 174.74 | | $ | 160.79 | |
| | | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
LUXOR | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 11,895 | | $ | 13,920 | | $ | 73,372 | | $ | 60,184 | |
Income Tax Expense | | 6,346 | | 6,876 | | 39,210 | | 32,073 | |
Interest Expense | | 3 | | 3 | | 12 | | 14 | |
Other Expense (Income) | | 658 | | 4 | | 593 | | 185 | |
Income From Operations | | 18,902 | | 20,803 | | 113,187 | | 92,456 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | 3,754 | |
Depreciation/Amortization | | 7,473 | | 7,251 | | 30,055 | | 25,472 | |
Operating Cash Flow | | $ | 26,375 | | $ | 28,054 | | $ | 143,242 | | $ | 121,682 | |
| | | | | | | | | |
Net Revenues | | $ | 98,283 | | $ | 95,337 | | $ | 431,119 | | $ | 393,994 | |
Casino Revenues | | $ | 26,909 | | $ | 26,225 | | $ | 118,253 | | $ | 102,630 | |
ADR | | $ | 114.96 | | $ | 111.33 | | $ | 113.62 | | $ | 105.01 | |
Occupancy | | 85.7 | % | 78.3 | % | 90.4 | % | 85.2 | % |
REVPAR | | $ | 98.47 | | $ | 87.14 | | $ | 102.72 | | $ | 89.51 | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
EXCALIBUR | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 11,314 | | $ | 11,611 | | $ | 63,541 | | $ | 51,641 | |
Income Tax Expense | | 6,029 | | 4,991 | | 34,016 | | 27,606 | |
Interest Expense | | 8 | | 18 | | 17 | | 21 | |
Other Expense (Income) | | 2 | | 129 | | 87 | | 167 | |
Income From Operations | | 17,353 | | 16,749 | | 97,661 | | 79,435 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | 3,279 | |
Depreciation/Amortization | | 3,866 | | 4,181 | | 16,341 | | 14,056 | |
Operating Cash Flow | | $ | 21,219 | | $ | 20,930 | | $ | 114,002 | | $ | 96,770 | |
| | | | | | | | | |
Net Revenues | | $ | 75,668 | | $ | 73,112 | | $ | 335,559 | | $ | 308,717 | |
Casino Revenues | | $ | 28,275 | | $ | 28,304 | | $ | 121,495 | | $ | 114,726 | |
ADR | | $ | 84.09 | | $ | 78.57 | | $ | 84.57 | | $ | 75.56 | |
Occupancy | | 85.7 | % | 85.0 | % | 93.7 | % | 90.9 | % |
REVPAR | | $ | 72.07 | | $ | 66.75 | | $ | 79.26 | | $ | 68.70 | |
| | | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
CIRCUS CIRCUS - LAS VEGAS | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 4,397 | | $ | 5,448 | | $ | 36,060 | | $ | 27,470 | |
Income Tax Expense | | 2,331 | | 2,207 | | 19,267 | | 14,642 | |
Interest Expense | | (1 | ) | 3 | | 2 | | 6 | |
Other Expense (Income) | | 476 | | 182 | | 440 | | 172 | |
Income From Operations | | 7,203 | | 7,840 | | 55,769 | | 42,290 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | 1,622 | |
Depreciation/Amortization | | 4,630 | | 4,850 | | 18,959 | | 18,837 | |
Operating Cash Flow | | $ | 11,833 | | $ | 12,690 | | $ | 74,728 | | $ | 62,749 | |
| | | | | | | | | |
Net Revenues | | $ | 61,211 | | $ | 61,182 | | $ | 279,129 | | $ | 261,315 | |
Casino Revenues | | $ | 25,088 | | $ | 26,079 | | $ | 111,401 | | $ | 106,152 | |
ADR | | $ | 62.48 | | $ | 55.86 | | $ | 61.96 | | $ | 55.05 | |
Occupancy | | 79.0 | % | 82.9 | % | 90.2 | % | 89.2 | % |
REVPAR | | $ | 49.37 | | $ | 46.33 | | $ | 55.86 | | $ | 49.08 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
GOLD STRIKE-TUNICA | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 1,777 | | $ | 3,618 | | $ | 12,794 | | $ | 13,857 | |
Income Tax Expense | | 1,061 | | 1,684 | | 7,138 | | 7,736 | |
Interest Expense | | — | | — | | — | | — | |
Other Expense (Income) | | (20 | ) | (14 | ) | (15 | ) | (24 | ) |
Income From Operations | | 2,818 | | 5,288 | | 19,917 | | 21,569 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 2,351 | | 2,184 | | 9,189 | | 8,676 | |
Operating Cash Flow | | $ | 5,169 | | $ | 7,472 | | $ | 29,106 | | $ | 30,245 | |
| | | | | | | | | |
Net Revenues | | $ | 34,213 | | $ | 34,341 | | $ | 142,086 | | $ | 135,399 | |
Casino Revenues | | $ | 30,259 | | $ | 30,374 | | $ | 124,505 | | $ | 117,260 | |
ADR | | $ | 53.41 | | $ | 49.73 | | $ | 50.74 | | $ | 48.78 | |
Occupancy | | 75.5 | % | 74.4 | % | 82.8 | % | 81.9 | % |
REVPAR | | $ | 40.32 | | $ | 37.01 | | $ | 42.01 | | $ | 39.96 | |
| | | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
LAUGHLIN PROPERTIES | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | (614 | ) | $ | (346 | ) | $ | 5,258 | | $ | 3,010 | |
Income Tax Expense | | (365 | ) | (474 | ) | 2,626 | | 1,427 | |
Interest Expense | | — | | — | | — | | — | |
Other Expense (Income) | | — | | 2 | | 9 | | (25 | ) |
Income From Operations | | (979 | ) | (818 | ) | 7,893 | | 4,412 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 2,267 | | 2,476 | | 9,231 | | 9,751 | |
Operating Cash Flow | | $ | 1,288 | | $ | 1,658 | | $ | 17,124 | | $ | 14,163 | |
| | | | | | | | | |
Net Revenues | | $ | 34,420 | | $ | 34,663 | | $ | 155,832 | | $ | 146,463 | |
Casino Revenues | | $ | 25,288 | | $ | 25,395 | | $ | 108,079 | | $ | 99,079 | |
ADR | | $ | 28.07 | | $ | 26.67 | | $ | 31.24 | | $ | 28.82 | |
Occupancy | | 69.0 | % | 77.2 | % | 79.3 | % | 79.7 | % |
REVPAR | | $ | 19.37 | | $ | 20.60 | | $ | 24.76 | | $ | 22.96 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
CIRCUS CIRCUS - RENO | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | (1,264 | ) | $ | (625 | ) | $ | 5,658 | | $ | 3,642 | |
Income Tax Expense | | (694 | ) | (517 | ) | 3,028 | | 1,887 | |
Interest Expense | | 30 | | 34 | | 168 | | 61 | |
Other Expense (Income) | | — | | (13 | ) | (30 | ) | (8 | ) |
Income From Operations | | (1,928 | ) | (1,121 | ) | 8,824 | | 5,582 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 1,440 | | 1,408 | | 5,919 | | 5,779 | |
Operating Cash Flow | | $ | (488 | ) | $ | 287 | | $ | 14,743 | | $ | 11,361 | |
| | | | | | | | | |
Net Revenues | | $ | 20,812 | | $ | 22,533 | | $ | 107,351 | | $ | 106,792 | |
Casino Revenues | | $ | 9,987 | | $ | 10,855 | | $ | 52,360 | | $ | 51,968 | |
ADR | | $ | 56.33 | | $ | 50.96 | | $ | 59.03 | | $ | 53.54 | |
Occupancy | | 54.7 | % | 62.7 | % | 75.0 | % | 77.1 | % |
REVPAR | | $ | 30.79 | | $ | 31.97 | | $ | 44.25 | | $ | 41.27 | |
| | | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
GOLD STRIKE PROPERTIES | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 517 | | $ | 72 | | $ | 3,790 | | $ | 1,071 | |
Income Tax Expense | | 245 | | (52 | ) | 1,994 | | 507 | |
Interest Expense | | — | | — | | — | | — | |
Other Expense (Income) | | (23 | ) | (8 | ) | (26 | ) | 88 | |
Income From Operations | | 739 | | 12 | | 5,758 | | 1,666 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 756 | | 843 | | 3,252 | | 3,437 | |
Operating Cash Flow | | $ | 1,495 | | $ | 855 | | $ | 9,010 | | $ | 5,103 | |
| | | | | | | | | |
Net Revenues | | $ | 18,026 | | $ | 17,659 | | $ | 77,655 | | $ | 74,827 | |
Casino Revenues | | $ | 13,351 | | $ | 13,531 | | $ | 59,446 | | $ | 58,098 | |
ADR | | $ | 38.20 | | $ | 34.36 | | $ | 35.87 | | $ | 32.08 | |
Occupancy | | 57.3 | % | 57.0 | % | 63.6 | % | 60.7 | % |
REVPAR | | $ | 21.88 | | $ | 19.59 | | $ | 22.81 | | $ | 19.49 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
MOTORCITY CASINO ** | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 27,647 | | $ | 31,390 | | $ | 131,741 | | $ | 123,419 | |
Income Tax Expense | | — | | — | | — | | — | |
Interest Expense | | 736 | | 169 | | 1,977 | | 2,167 | |
Other Expense (Income) | | 8 | | (37 | ) | (13 | ) | (127 | ) |
Income From Operations | | 28,391 | | 31,522 | | 133,705 | | 125,459 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 2,357 | | 2,716 | | 11,436 | | 10,087 | |
Operating Cash Flow | | $ | 30,748 | | $ | 34,238 | | $ | 145,141 | | $ | 135,546 | |
| | | | | | | | | |
Net Revenues | | $ | 106,580 | | $ | 103,010 | | $ | 437,049 | | $ | 402,183 | |
Casino Revenues | | $ | 102,181 | | $ | 98,404 | | $ | 418,778 | | $ | 383,650 | |
| | | | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
CONSOLIDATED | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 16,413 | | $ | 22,823 | | $ | 229,062 | | $ | 149,847 | |
Income Tax Expense | | 13,595 | | 12,826 | | 130,454 | | 82,471 | |
Minority Interest | | 12,848 | | 14,587 | | 61,220 | | 57,353 | |
Interest Expense | | 50,359 | | 46,837 | | 196,687 | | 201,325 | |
Loss on Early Extinguishment of Debt, Net of Related Gain on Swap Termination | | — | | — | | — | | 6,327 | |
Other Expense (Income) | | (2,049 | ) | (3,492 | ) | (3,991 | ) | (6,882 | ) |
Income From Operations | | 91,166 | | 93,581 | | 613,432 | | 490,441 | |
Preopening | | — | | 3,858 | | — | | 8,230 | |
Operating Lease Rent | | — | | — | | — | | 20,172 | |
Depreciation/Amortization | | 47,622 | | 50,938 | | 189,786 | | 175,531 | |
Minority Interest in MotorCity Operating Cash Flow | | (14,298 | ) | (15,921 | ) | (67,491 | ) | (63,029 | ) |
Mandalay’s Share of Depreciation From Unconsolidated Affiliates | | 4,706 | | 4,249 | | 17,964 | | 16,769 | |
Operating Cash Flow | | $ | 129,196 | | $ | 136,705 | | $ | 753,691 | | $ | 648,114 | |
| | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
SILVER LEGACY (50% - owned) ** | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | (3,257 | ) | $ | (1,632 | ) | $ | 9,284 | | $ | 9,108 | |
Income Tax Expense | | — | | — | | — | | — | |
Interest Expense | | 4,243 | | 4,244 | | 16,988 | | 16,129 | |
Other Expense (Income) | | (199 | ) | (118 | ) | (108 | ) | 381 | |
Income From Operations | | 787 | | 2,494 | | 26,164 | | 25,618 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 2,632 | | 2,695 | | 10,590 | | 10,743 | |
Operating Cash Flow | | $ | 3,419 | | $ | 5,189 | | $ | 36,754 | | $ | 36,361 | |
| | | | | | | | | |
Net Revenues | | $ | 29,696 | | $ | 31,445 | | $ | 153,692 | | $ | 153,345 | |
Casino Revenues | | $ | 16,321 | | $ | 17,373 | | $ | 84,101 | | $ | 87,904 | |
ADR | | $ | 65.07 | | $ | 61.87 | | $ | 68.93 | | $ | 64.30 | |
Occupancy | | 61.5 | % | 67.7 | % | 81.3 | % | 81.4 | % |
REVPAR | | $ | 39.99 | | $ | 41.91 | | $ | 56.07 | | $ | 52.34 | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
GRAND VICTORIA (50% - owned) ** | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 15,631 | | $ | 12,046 | | $ | 53,829 | | $ | 62,818 | |
Income Tax Expense | | — | | — | | — | | — | |
Interest Expense | | — | | — | | — | | — | |
Other Expense (Income) | | (60 | ) | (40 | ) | (211 | ) | (221 | ) |
Income From Operations | | 15,571 | | 12,006 | | 53,618 | | 62,597 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 2,503 | | 2,563 | | 9,849 | | 9,835 | |
Operating Cash Flow | | $ | 18,074 | | $ | 14,569 | | $ | 63,467 | | $ | 72,432 | |
| | | | | | | | | |
Net Revenues | | $ | 100,740 | | $ | 95,680 | | $ | 397,771 | | $ | 379,336 | |
Casino Revenues | | $ | 98,152 | | $ | 93,280 | | $ | 387,993 | | $ | 370,303 | |
| | Three Months Ended January 31, | | Twelve Months Ended January 31, | |
MONTE CARLO (50% - owned) ** | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Net Income | | $ | 20,251 | | $ | 17,035 | | $ | 92,283 | | $ | 76,239 | |
Income Tax Expense | | — | | — | | — | | — | |
Interest Expense | | — | | — | | 12 | | 1 | |
Other Expense (Income) | | (48 | ) | (14 | ) | (224 | ) | (109 | ) |
Income From Operations | | 20,203 | | 17,021 | | 92,071 | | 76,131 | |
Preopening | | — | | — | | — | | — | |
Operating Lease Rent | | — | | — | | — | | — | |
Depreciation/Amortization | | 4,276 | | 3,241 | | 15,488 | | 12,962 | |
Operating Cash Flow | | $ | 24,479 | | $ | 20,262 | | $ | 107,559 | | $ | 89,093 | |
| | | | | | | | | |
Net Revenues | | $ | 69,492 | | $ | 61,833 | | $ | 289,863 | | $ | 262,388 | |
Casino Revenues | | $ | 24,849 | | $ | 22,966 | | $ | 103,493 | | $ | 95,505 | |
ADR | | $ | 113.16 | | $ | 116.25 | | $ | 116.65 | | $ | 106.56 | |
Occupancy | | 91.6 | % | 82.3 | % | 95.0 | % | 90.3 | % |
REVPAR | | $ | 103.65 | | $ | 95.69 | | $ | 110.83 | | $ | 96.17 | |
** Amounts represent 100% of totals for the property.
