SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from - to -
---- --------- -
Commission file number 0-20712
CASINO MAGIC CORP.
------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 64-0817483
--------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
711 CASINO MAGIC DRIVE, BAY ST. LOUIS, MS 39520
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(Address of principal executive offices) (Zip Code)
(228) 467-9257
--------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
--------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
---------- --
Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date. 35,722,124 shares common stock
outstanding as of May 12, 1998.
CASINO MAGIC CORP. AND SUBSIDIARIES
INDEX
PART I FINANCIAL INFORMATION PAGE NO.
Item 1. Financial Statements.
Condensed Consolidated Statements of Operations -
For the three months ended March 31, 1998 and 1997 1
Condensed Consolidated Balance Sheets -
March 31, 1998 and December 31, 1997 2
Condensed Consolidated Statements of Cash Flows -
For the three months ended March 31, 1998 and 1997 3
Notes to Condensed Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 5
PART II OTHER INFORMATION
Item 1. Legal Proceedings 8
Item 2. Changes in Securities 8
Item 3. Default Upon Senior Securities 8
Item 4. Submission of Matters to a Vote of Security Holders 8
Item 5. Other Information 8
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES 10
PART I - FINANCIAL INFORMATION
CASINO MAGIC CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED MARCH 31,
1998 1997
----------- ------------
REVENUES:
Casino. . . . . . . . . . . . . . . . . . . . . . $68,172,040 $61,673,683
Food, beverage and rooms. . . . . . . . . . . . . 2,412,843 2,507,043
Royalty and management fees . . . . . . . . . . . 369,039 547,431
Other Operating revenues. . . . . . . . . . . . . 1,231,979 1,052,721
----------- ------------
72,185,901 65,780,878
----------- ------------
COSTS AND EXPENSES:
Casino. . . . . . . . . . . . . . . . . . . . . . 32,153,839 26,535,455
Food and beverage . . . . . . . . . . . . . . . . 2,643,148 4,889,882
Rooms . . . . . . . . . . . . . . . . . . . . . . 151,544 426,247
Other operating costs and expenses. . . . . . . . 1,008,678 1,173,317
Advertising and marketing . . . . . . . . . . . . 8,751,330 13,154,697
General and administrative. . . . . . . . . . . . 6,657,455 7,317,546
Property operation, maintenance and
energy cost . . . . . . . . . . . . . . . . . . 2,702,809 3,010,008
Rents, property taxes and insurance . . . . . . . 2,089,354 1,954,642
Development expenses. . . . . . . . . . . . . . . 78,241 282,289
Depreciation and amortization . . . . . . . . . . 4,994,990 5,039,654
----------- ------------
61,231,388 63,783,737
INCOME FROM OPERATIONS . . . . . . . . . . . . . . . 10,954,513 1,997,141
OTHER (INCOME) EXPENSE:
Interest expense, net . . . . . . . . . . . . . . 7,495,208 7,505,465
Other . . . . . . . . . . . . . . . . . . . . . . 562,057 98,387
----------- ------------
8,057,265 7,603,852
----------- ------------
INCOME (LOSS) BEFORE INCOME TAXES AND
MINORITY INTEREST IN INCOME FROM SUBSIDIARY:. 2,897,248 (5,606,711)
INCOME TAX BENEFIT . . . . . . . . . . . . . . . . . - (1,935,000)
MINORITY INTEREST. . . . . . . . . . . . . . . . . . 418,820 -
----------- ------------
NET INCOME (LOSS). . . . . . . . . . . . . . . . . . $ 2,478,428 $(3,671,711)
=========== ============
NET INCOME (LOSS) PER COMMON SHARE
BASIC . . . . . . . . . . . . . . . . . . . . . $ 0.07 $ (0.10)
=========== ============
DILUTED . . . . . . . . . . . . . . . . . . . . $ 0.07 $ (0.10)
=========== ============
AVERAGE SHARES AND EQUIVALENTS OUTSTANDING:
BASIC . . . . . . . . . . . . . . . . . . . . . 35,722,124 35,637,083
=========== ============
DILUTED . . . . . . . . . . . . . . . . . . . . 35,822,997 35,637,083
=========== ============
<FN>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
1
CASINO MAGIC CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
MARCH 31, DECEMBER 31,
1998 1997 (*)
------------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . $ 22,064,678 $ 20,986,510
Other current assets including restricted marketable
securities of $10,435,816 and $10,629,405 respectively. . . 18,377,824 18,754,277
------------- -------------
Total current assets. . . . . . . . . . . . . . . . . . . 40,442,502 39,740,787
------------- -------------
Property and equipment, net . . . . . . . . . . . . . . . 269,754,860 263,993,452
------------- -------------
Other long-term assets. . . . . . . . . . . . . . . . . . 67,076,031 68,970,578
------------- -------------
$377,273,393 $372,704,817
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities . . . . . . . . . . . . . . . . . . . . . $ 49,288,007 $ 51,031,097
------------- -------------
Other long-term liabilities and minority interest. . . . . . 8,649,362 8,748,212
------------- -------------
Long-term debt, net of current maturities. . . . . . . . . . 257,346,153 253,471,219
------------- -------------
SHAREHOLDERS' EQUITY:
Common stock, $0.01 par, 50,000,000 shares authorized,
35,722,124 issued and outstanding at March 31, 1998
and outstanding at December 31, 1997. . . . . . . . . . . . 357,221 357,221
Undesignated stock, 2,500,000 shares authorized, none issued - -
Additional paid-in capital. . . . . . . . . . . . . . . . . . 67,122,856 67,122,852
Retained deficit. . . . . . . . . . . . . . . . . . . . . . . (5,283,848) (7,762,270)
Less unearned compensation. . . . . . . . . . . . . . . . . . (206,358) (263,514)
------------- -------------
Total shareholders' equity. . . . . . . . . . . . . . . . 61,989,871 59,454,289
------------- -------------
$377,273,393 $372,704,817
============= =============
<FN>
*DERIVED FROM AUDITED FINANCIAL STATEMENTS
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
2
CASINO MAGIC CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31,
---------------------------------
1997 1996
------------ -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,478,428 $ (3,671,711)
Adjustments for non-cash charges . . . . . . . . . . . . . . . . . . 5,671,232 7,984,066
Changes in assets and liabilities. . . . . . . . . . . . . . . . . . (3,306,287) (6,923,953)
------------ -------------
Net cash used in operating activities. . . . . . . . . . . . . . . . . 4,843,373 (2,611,598)
------------ -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment . . . . . . . . . . . . . (6,742,963) (15,537,976)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . 702,023 2,816,685
------------ -------------
Net cash provided by (used in) investing activities . . . . (6,040,940) (12,721,291)
------------ -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable and
long-term debt. . . . . . . . . . . . . . . . . . . . . . . . (1,457,535) (5,259,870)
Net procees from issuance of long-term debt . . . . . . . . . . . 3,733,270 6,350,000
Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . - (117,668)
------------ -------------
Net cash provided by (used in) financing activities. . . . . 2,275,735 972,462
------------ -------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . . 1,078,168 (14,360,427)
------------ -------------
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD . . . . . . . . . . . . 20,986,510 34,546,166
------------ -------------
CASH AND CASH EQUIVALENTS, END OF PERIOD . . . . . . . . . . . . . . . $22,064,678 $ 20,185,739
============ =============
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest (net of amount capitalized) . . . . . . . . . . . . . . . 8,007,497 7,032,156
Income taxes (net of refunds). . . . . . . . . . . . . . . . . . . - -
Supplemental schedule of non-cash investing and financing activities:
Property and equipment and other asset acquisitions included in
accounts and construction payable and accrued expenses . . . . . . . 3,372,006 3,959,982
<FN>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
3
CASINO MAGIC CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Information with respect to the Three Months Ended March 31, 1998 and 1997
is Unaudited)
1. Summary of significant accounting policies:
Organization and basis of presentation:
Casino Magic Corp. and Subsidiaries is an international gaming company with
operations in Bay Saint Louis, Mississippi ("Casino Magic-BSL"), Biloxi,
Mississippi ("Casino Magic-Biloxi"), Bossier City, Louisiana ("Casino
Magic-Bossier City"), and the Argentina Province of Neuqu n in the cities of
Neuqu n City and San Mart n de los Andes ("Casino Magic-Neuquen").
Unless the context requires otherwise, reference in this report to the
"Company" means Casino Magic Corp. and its relevant subsidiaries, and
reference to "Casino Magic" means Casino Magic Corp.
The consolidated financial statements include the accounts of Casino Magic
Corp. and its wholly-owned and majority-owned subsidiaries.
All significant intercompany accounts and transactions have been eliminated.
The accompanying unaudited consolidated financial statements contain all
adjustments which are, in the opinion of management, necessary for a fair
statement of the results of the interim periods. The results of operations
for the interim periods are not indicative of results of operations for an
entire year. It is suggested that these consolidated financial statements be
read in conjunction with the consolidated financial statements and the notes
thereto included in the Company's Annual Report on Form 10-K for the year
ended December 31, 1997.
Certain reclassifications have been made to 1997 amounts to conform with the
March 31, 1998 presentation.
2. Accounting for Start-Up Costs:
During April 1998, the Accounting Standards Executive Committee of the AICPA
issued Statement of Position 98-5 ("SOP"), "Reporting on the Costs of Start-Up
Activities." The SOP requires costs of start-up activities and organization
costs to be expensed as incurred. The SOP is effective for financial
statements for fiscal years beginning after December 15, 1998. The company did
not adopt the SOP in the first quarter of 1998.
4
CASINO MAGIC CORP. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial Condition and Results of
Operations
RESULTS OF OPERATIONS
The discussions regarding proposed Company developments and operations
included in "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS" contain forward looking statements that involve a
number of risks and uncertainties. These proposed developments and operations
include: (i) completion of a hotel in 1998, at Casino Magic-Bossier City and
(ii) the Company's ability to fund planned developments and debt service
obligations over the next twelve months with currently available cash and
marketable securities, and with cash flow from operations. In addition to the
risks and uncertainties discussed below, other factors that could cause actual
results to differ materially are detailed from time to time in the Company's
reports filed with the Securities and Exchange Commission, including without
limitation in Note 1 of Notes to the Consolidated Financial Statements filed
with the Annual Report on Form 10-K for Casino Magic Corp. for the year ended
December 31, 1997.
The following table sets forth for the periods indicated certain operating
information for the Company on a consolidated basis and for its existing
properties. The principal operating entities are Mardi Gras Casino Corp.
("Casino Magic-BSL") and Biloxi Casino Corp. ("Casino Magic-Biloxi") both
dockside casinos operating on the Gulf Coast of Mississippi (together referred
to collectively as the "Casino Magic-Gulf Coast"), Casino Magic of Louisiana,
Corp. ("Casino Magic-Bossier City") and Casino Magic-Neuquen SA, which
operates gaming facilities at two casino sites in Neuquen and San Martin de
los Andes, Argentina.
(in thousands) Quarter ended March 31,
Revenues: . . . . . . . . . . . 1998 1997
--------------- -------------------------
Casino Magic-BSL (1). . . . . . $ 23,219 $ 22,066
Casino Magic-Biloxi (2) . . . . 16,250 16,092
Casino Magic Bossier City (3) . 27,928 23,206
Casino Magic-Neuquen. . . . . . 4,784 4,415
Corporate and Other . . . . . . 5 --
--------------- -------------------------
Total revenues. . . . . . . . . 72,186 65,779
Costs and expenses:
Casino Magic-BSL. . . . . . . . 18,378 18,248
Casino Magic-Biloxi . . . . . . 15,335 14,711
Casino Magic Bossier City . . . 22,735 25,305
Casino Magic-Neuquen. . . . . . 3,313 3,083
Corporate and Other . . . . . . 1,470 2,435
--------------- -------------------------
Total costs and expenses. . . . 61,231 63,782
Income (loss) from operations:
Casino Magic-BSL. . . . . . . . 4,841 3,818
Casino Magic-Biloxi . . . . . . 915 1,381
Casino Magic Bossier City . . . 5,193 (2,099)
Casino Magic-Neuquen. . . . . . 1,471 1,332
Corporate and Other . . . . . . (1,465) (2,435)
--------------- -------------------------
Total income from operations. . $ 10,955 $ 1,997
=============== =========================
<FN>
(1) Began operations September 30, 1992; expanded casino capacity December 31,
1992.
(2) Began operations June 5, 1993; expanded casino capacity December 16, 1993.
(3) Began operations October 4, 1996; opened permanent facility on December
31, 1996.
5
CASINO MAGIC CORP. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial Condition and Results of
Operations (continued)
Three months ended March 31, 1998 compared to three months ended March 31,
1997.
Consolidated revenues increased $6.4 million, or 9.7%, to $72.2 in the first
quarter of 1998, compared to $65.8 million in the first quarter of 1997. The
increase in consolidated revenues is attributable to increased revenues at all
five casinos operated by the Company. The largest individual increase of $4.7
million, between the comparable periods, occurred at Casino Magic-Bossier
City. The increase at Casino Magic-Bossier City is attributable to improved
marketing efforts and an overall increase in the Bossier City/Shreveport,
Louisiana gaming market of $18.5 million, to $150.7 million or 14%, between
the comparable periods. In addition, Casino Magic-Bossier City's market share
for the first quarter of 1998 was 18.5% compared to 17% in the first quarter
of 1997. The increased revenues at the Company's other domestic locations are
due to improved amenities or increased hold percentages between 1998 and 1997.
At the Company's operations in Argentina, slot machine revenues continue to
improve due to an increase in the number of slot machines and continued
popularity of slot machines and American style gaming. Management
anticipates that after the opening of the 378 room hotel at Casino
Magic-Biloxi, revenues at Casino Magic-Biloxi, both gaming and non-gaming,
will increase. The hotel opened May 1, 1998.
Operating costs and expenses decreased $2.6 million, or 4.0%, to $61.2 million
in the first quarter of 1998 as compared to $63.8 million in the first quarter
of 1997. Casino expenses increased by $5.6 million, or 21.1%, due to
increases in gaming taxes related to increased gaming revenues, increased
personnel costs related to the increased gaming volume and an increase in
slot point redemption values. Food and beverage costs declined $2.3 million
or 45.9%, to $2.6 million in the first quarter of 1998 due to a reduction in
the use of complimentaries as a promotional tool. Approximately half of this
reduction occurred at Casino Magic-Bossier City. Advertising and marketing
costs declined $4.4 million, or 33.5%, to $8.8 million in the first quarter of
1998, compared to $13.2 million in the first quarter of 1997. During the
first quarter of 1997 at Casino Magic-Bossier City the Company attempted to
increase market share and revenue with expensive promotions which were
significantly less successful than anticipated. In May 1997 the promotional
programs at Casino Magic-Bossier City were significantly reduced. Corporate
expenses declined by $0.9 million in the first quarter of 1998, as compared to
the first quarter of 1997. The decline is the result of a reduction in
corporate officer's salaries and development efforts.
Other (income) expense (non-operating income and expenses) increased to a net
expense of $8.1 million in the first quarter 1998 as compared to $7.6 million
in the first quarter of 1997. This increase in net expense is due $0.5
million in expenses related to the proposed merger between Casino Magic Corp
and Hollywood Park, Inc. There were no expenses in the first quarter of 1997
relating to merger costs.
There was no income tax expense recorded in the first quarter of 1998 due to
the use of net operating loss carryforwards and related reductions in
allowances against deferred tax assets.
Liquidity and Capital Resources
At March 31, 1998, the Company had unrestricted cash of $22.0 million compared
to unrestricted cash of $21.0 million at December 31, 1997. In addition, the
Company had $10.4 million and $10.7 million in cash and marketable securities
at March 31, 1998 and December 31, 1997, respectively, which is restricted as
to its use under the indenture relating to $115,000,000 of First Mortgage
Notes issued by Jefferson Casino Corp. The restricted cash and securities held
as of March 31, 1998 were received from the sale of the Crescent City
Riverboat for $11.7 million. For the quarter ended March 31, 1998, the
Company expended $4.8 million of cash flow from operating activities and
received $3.7 million of proceeds from the incurrence of long term debt. The
Company spent $6.7 million for the acquisitions of property, equipment and
other long-term assets, and reduced long term debt by $1.5 million, for a net
increase of $2.2 million.
The Company expended approximately $6.2 million for capital improvements at
its Gulf Coast properties and $5.0 million for capital improvements at Casino
Magic-Bossier City during the first quarter of 1998. The Company
6
CASINO MAGIC CORP. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial Condition and Results of
Operations (continued)
plans additional capital improvements in 1998 at its Gulf Coast properties
and at Casino Magic-Bossier City, much of which is subject to the cash flows
of the Company or the availability of financing. There are no assurances that
adequate funding will be available for these planned investments.
At Casino Magic-Bossier City , the Company plans to expand the land based
pavilion and construct a 188-room convention hotel, including restaurants,
and a swimming pool. The construction of the hotel is expected to be funded
primarily by $10.4 million of restricted cash obtained as a result of the sale
of the Crescent City Riverboat, current unrestricted cash on hand, future
operating cash flow of Casino Magic-Bossier City and lease financing for
furniture, fixtures and equipment. No assurances can be given that the cash
on hand and the cash flow from the operations of Casino Magic-Bossier City
will be sufficient to complete such hotel and related facilities or that these
improvements will ever be developed.
The Company has completed a hotel tower at Casino Magic-Biloxi above the
eight-story parking garage adjacent to the casino. The hotel consists of
378 rooms, including 86 suites, and includes a health spa, beauty salon,
swimming pool and conference space. The hotel opened on May 1, 1998, with
only 16 suites not available for use. These rooms should be available by the
end of May 1998. The hotel construction costs have been funded out of the
cash flow of Casino Magic-BSL and Casino Magic-Biloxi, and the $7.0 million in
proceeds from the sale of a 49% ownership interest in Casino Magic-Neuquen.
The Company has also obtained debt financing of the furniture, fixtures and
equipment for the Casino Magic-Biloxi hotel in the amount of $6.5 million.
Under the terms of the Indenture associated with the $135,000,000 First
Mortgage Notes, Casino Magic Corp., Mardi Gras Casino Corp., Biloxi Casino
Corp. and Casino Magic Finance Corp. have certain restrictions relative to
additional borrowings and guarantees. Jefferson Casino Corp and Casino Magic
of Louisiana, Corp. have certain restrictions relative to additional
borrowings and cash flow under the terms of the Louisiana Indenture associated
with the $115,000,000 First Mortgage Notes.
The Company's operations in Argentina subjects it to certain risks including
foreign currency exchange, repatriation of earnings and profits, and adverse
foreign tax treatment. In addition, the Company will incur the general
business risk associated with operating in a foreign county where culture and
business practices may vary significantly from that in the United States.
Such risks could have a material impact on the operating results and liquidity
of the Company.
The Company will have a significant need for cash in 1998 and beyond in order
to continue its planned development of its existing properties. The Company
believes that cash and restricted marketable securities at March 31, 1998, and
cash flows from operations will be sufficient to service its operating and
debt service requirements, through at least the next twelve months, including
planned improvements at Casino Magic-Biloxi and the commencement of the
construction of the Casino Magic-Bossier City hotel, but are not anticipated
to be sufficient to engage in any other development activities.
7
CASINO MAGIC CORP. AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to the Company's Annual Report on Form 10-K for the year
ended December 31, 1997 on file with the Securities and Exchange Commission.
During the quarter ended March 31, 1998, the Company was not a party to any
newly instituted legal proceedings and there have been no material
developments during such period to existing legal proceedings.
Item 2. Changes in Securities
None.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
On February 19, 1998, the Company entered into an Agreement and Plan of Merger
(the "Merger Agreement") with Hollywood Park, Inc. ("Hollywood"), a Delaware
corporation and HP Acquisition II, Inc. ("HP"), a Minnesota corporation and
the wholly owned subsidiary of Hollywood. Under the Merger Agreement, the
Company has agreed, subject to approval of the Company's shareholders, to
merge "(the "Merger") with HP. Upon such Merger, the Company shall be the
surviving entity and will become the wholly owned subsidiary of Hollywood. The
separate existence of HP will then cease. Upon the Merger, the shareholders
of the Company will be entitled to receive $2.27 for each share of the
Company's common stock held. All shareholders of the Company will be entitled
to dissent from the Merger in accordance with the provisions of Minnesota law.
The Merger is subject to the approval of the Company's shareholders prior to
October 31, 1998, and to the approval of the Mississippi Gaming Commission,
the Nevada Gaming Commission, and the Louisiana Gaming Control Board. The
Merger is also contingent upon other matters, including a requirement that
neither the Company nor Hollywood has materially breached any warranty,
representation or covenant contained in the Merger prior to the time of the
Merger. If the Merger Agreement is terminated for certain reasons, including a
voluntary termination by the Company should the Board of Directors of the
Company determine to accept a proposal of another party to merge with or
acquire the Company on terms which it believes to be superior to those
contained in the Merger Agreement, the Company will be required to pay
Hollywood $3,500,000.
The Proposed Merger was reported in, and the Merger Agreement was provided as
an exhibit to, the Company's Form 8K filed on March 4, 1998.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
10.1 Change in Control Severance Plan for Officers of Casino Magic,
amending and superceding the Change in Control Severance Plan filed as exhibit
10.113 to the Registrants Annual Report on Form 10k for the year ended
December 31, 1997.
10.2 1998 Executive Officer Bonus Plan
10.3 Executive Officer Salary/Bonus Agreement dated March 1, 1998, between
the Registrant and James E. Ernst.
10.4 Executive Officer Salary/Bonus Agreement dated March 1, 1998, between
the Registrant and Marlin F. Torguson.
8
CASINO MAGIC CORP. AND SUBSIDIARIES
10.5 Executive Officer Salary/Bonus Agreement dated April 15, 1998,
between the Registrant and Jay S. Osman
10.6 Executive Officer Salary/Bonus Agreement dated April 29, 1998,
between the Registrant and Robert A. Callaway
10.7 Executive Officer Salary/Bonus Agreement dated April 29, 1998,
between the Registrant and Kenneth N. Schultz
27 Financial data schedule (filed electronically only)
(b) Reports on Form 8-K:
None.
9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CASINO MAGIC CORP.
Date: May 14, 1998 /s/ James E. Ernst
---------------------
James E. Ernst, President and Chief Executive Officer
Date: May 14, 1998 /s/ Jay S. Osman
-------------------
Jay S. Osman, Chief Financial Officer and Treasurer (principal financial
and accounting officer)
10