SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 333-8163
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Riviera Black Hawk, Inc.
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(Exact name of Registrant as specified in its charter)
Colorado 86-0886265
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2901 Las Vegas Boulevard South, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (702) 794-9527
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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 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 ------No -------
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE LAST FIVE YEARS
Indicate by check mark whether the Registrant has filed all
documentation and reports required to be filed by Section 12, 13, or 15(d) of
the Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court.
Yes No
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APPLICABLE ONLY TO CORPORATE REGISTRANTS
Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date.
The Registrant's Common Stock is owned 100% indirectly by its ultimate
parent Riviera Holdings Corporation, a reporting company. As of April 30, 2001,
the number of outstanding shares of the Registrant's Common Stock was 1,000.
Riviera Black Hawk, Inc.
INDEX
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Independent Accountants' Report 2
Condensed Balance Sheets at March 31, 2001 (Unaudited) and
December 31, 2000 3
Condensed Statements of Operations (Unaudited) for the
Three Months ended March 31, 2001 and 2000 4
Condensed Statements of Cash Flows (Unaudited) for the
Three Months ended March 31, 2001 and 2000 5
Notes to Condensed Financial Statements (Unaudited) 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 9
Item 3. Quantitative and Qualitative Disclosure About Market Risk 12
PART II. OTHER INFORMATION
Signature Page 14
1
INDEPENDENT ACCOUNTANTS' REPORT
To the Board of Directors
Riviera Black Hawk, Inc.
We have reviewed the accompanying condensed balance sheet of Riviera Black Hawk,
Inc., (the "Company") as of March 31, 2001, and the related condensed statements
of operations and of cash flows for the three months ended March 31, 2001 and
2000. These financial statements are the responsibility of the Company's
management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States of America, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to such condensed financial statements for them to be in conformity with
accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with generally accepted auditing
standards in the United States of America, the balance sheet of Riviera Black
Hawk, Inc. as of December 31, 2000, and the related statements of operations,
stockholders equity, and cash flows for the year then ended (not presented
herein); and in our report dated February 14, 2001, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set forth
in the accompanying condensed balance sheet as of December 31, 2000, is fairly
stated, in all material respects, in relation to the balance sheet from which it
has been derived.
DELOITTE & TOUCHE LLP
April 23, 2001
Las Vegas, Nevada
2
RIVIERA BLACK HAWK, INC.
BALANCE SHEETS
(In Thousands, except share amounts)
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March 31, December 31,
2001 2000
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $9,144 $7,744
Accounts receivable, net 190 165
Inventories 350 270
Prepaid expenses and other assets 408 565
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Total current assets 10,092 8,744
PROPERTY AND EQUIPMENT, NET 68,194 68,505
OTHER ASSETS, NET 1,685 2,085
DEFERRED INCOME TAXES 2,247 2,125
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TOTAL $82,218 $81,459
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $1,815 $1,770
Accounts payable 3,244 4,213
Accrued interest 2,393 1,162
Accrued other expenses 1,306 1,180
Payable to Parent 1,590 1,064
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Total current liabilities 10,348 9,389
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LONG-TERM DEBT, NET OF CURRENT PORTION 42,800 45,777
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COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock ($.001 par value; 10,000 shares
authorized; 1,000 shares issued and outstanding
Additional paid-in capital 32,758 29,713
Accumulated deficit (3,688) (3,420)
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Total stockholders' equity 29,070 26,293
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TOTAL $82,218 $81,459
====================== ====================
See notes to condensed financial statements
3
RIVIERA BLACK HAWK, INC.
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended
March 31,
2001 2000
REVENUES:
Casino $10,523 $7,298
Food and beverage 1,142 711
Entertainment 22 0
Other 109 62
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Total revenues 11,796 8,071
Less promotional allowances 826 468
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Net revenues 10,970 7,603
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COSTS AND EXPENSES:
Direct costs and expenses of operating departments:
Casino 5,327 2,352
Food and beverage 320 355
Entertainment 15 0
Other 2 2
Other operating expenses:
General and administrative 2,763 1,718
Preopening expenses 0 1,221
Management fees to parent 324 334
Depreciation and amortization 883 469
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Total costs and expenses 9,634 6,451
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INCOME FROM OPERATIONS 1,336 1,152
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OTHER (EXPENSE) INCOME
Interest expense (1,758) (1,675)
Interest income 32 100
Interest capitalized 0 577
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Total other expense (1,726) (998)
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INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (390) 154
PROVISION (BENEFIT) FOR INCOME TAXES INCLUDING (122) 78
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COLORADO STATE INCOME TAX
NET INCOME (LOSS) ($268) $76
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See notes to condensed financial statements
4
RIVIERA BLACK HAWK, INC.
STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands) Three Months Ended Three Months Ended
March 31, 2001 March 31, 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss) ($268) $76
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization 883 469
Provision for bad debts 5 10
Interest expense 1,758 1,608
Interest paid (265) (19)
Capitalized interest on construction projects (577)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable (30) (698)
Decrease (increase) in inventories (66) (206)
Decrease (increase) in prepaid expenses
and other assets 405 332
Increase (decrease) in accounts payable (485) 1,743
Increase (decrease) in management fees payable 324 334
Increase (decrease) in accrued liabilities (280) 1,472
Increase (decrease) in current income taxes payable 54
Increase (decrease) in deferred income taxes (122)
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Net cash provided by operating activities 1,860 4,598
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - Black Hawk, Colorado (572) (12,677)
Capitalized interest on construction projects 577
Decrease (increase) Black Hawk, Colorado restricted funds 4,415
Purchase of short-term investments (34)
Decrease (increase) in other assets 2
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Net cash used in investing activities (572) (7,717)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings 8,719
Payments on long-term borrowings (433) (23)
Purchases of 1st Mortgage Notes - Black Hawk (2,500)
Additional paid in capital 3,045 39
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Net cash provided by financing activities 112 8,735
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INCREASE IN CASH AND CASH EQUIVALENTS $1,400 $5,616
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 7,744 1,810
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CASH AND CASH EQUIVALENTS, END OF PERIOD $9,144 $7,426
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid for Colorado State Income Tax $0 $100
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Property acquired with debt and acccounts payable $4 $2,864
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See notes to condensed financial statements
5
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
On August 18, 1997, Riviera Black Hawk, Inc. (the "Company" or "RBH") was
formed. The Company is a wholly owned indirect subsidiary of Riviera Holdings
Corporation. Riviera Black Hawk, Inc. was in the development stage during the
first quarter of 2000 until February 4, 2000 when it opened the casino.
Accordingly the results of operations for the fiscal 2001 and 2000 periods may
not be comparable.
Nature of Operations
The primary line of business of the Company is the operation of the Riviera
Black Hawk Casino in Black Hawk, Colorado,
Casino operations are subject to extensive regulation in the State of Colorado
by the Colorado Limited Gaming Control Commission and various other state and
local regulatory agencies.
Principles of Presentation
The financial information at March 31, 2001, and for each of the three months
ended March 31, 2000 is unaudited. However, such information reflects all
adjustments (consisting solely of normal recurring adjustments) that are, in the
opinion of management, necessary for a fair presentation of the financial
position, results of operations, and cash flows for the interim periods. The
results of operations for the three months ended March 31, 2001 are not
necessarily indicative of the results that will be achieved for the entire year.
These financial statements should be read in conjunction with the audited
condensed financial statements and notes thereto for the year ended December 31,
2000, included in the Company's Annual Report on Form 10K.
Earnings Per Share
The Company is a wholly owned subsidiary of Riviera Holdings Corporation. There
are no publicly traded shares of the Company's stock. In accordance with
Financial Accounting Standards No. 128 "Earnings Per Share", no earnings per
share data is presented herein.
Estimates and Assumptions
The preparation of condensed financial statements in conformity with accounting
principles generally accepted in the United States of America requires
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management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Significant estimates used by the Company
include accrued liabilities. Actual results may differ from estimates.
Cash and cash equivalents and short term investments
Amounts related to the Riviera Black Hawk casino project in Black Hawk, Colorado
were restricted in use to that project or for the related 13% First Mortgage
Notes interest payments. The restrictions were removed in August 2000.
Revenue Recognition
Casino Revenue - The Company recognizes, as gross revenue, the net win from
gaming activities, which is the difference between gaming wins after deducting
losses and loyalty club points paid in cash.
Reclassifications
Certain amounts have been reclassified in the accompanying financial statements
to conform with the current year presentation.
Recently Adopted Accounting Standards
Recently Issued Accounting Standards - The Financial Accounting Standards Board
issued SFAS No. 133, "Accounting for Derivatives," which is effective for fiscal
years beginning after June 15, 2000. This statement defines derivatives and
requires qualitative disclosure of certain financial and descriptive information
about a company's derivatives. The Company adopted SFAS No. 133 in the quarter
ending March 31, 2001. The adoption of this SFAS 133 had no impact on the
Company or the Company's consolidated financial statements.
The Emerging Issues Task Force of the American Institute of Certified Public
Accountants ("EITF") issued EITF No. 00-22 Titled "Accounting for "Points" and
Certain Other Timed-Based Sales Incentive Offers, and Offers for Free Products
or Services to Be Delivered in the Future" on January 18, 2001. The EITF
concluded that when a company or vendor offers to a customer (a) free or
discounted products or services that will be delivered (either by the vendor or
by another unrelated entity) at a future date (1) as a result of a single
revenue transaction with the customer or (2) only if the customer completes a
specified cumulative level of revenue transactions with the vendor or remains a
customer of the vendor for a specified time period and (b) a rebate or refund of
a determinable cash amount only if the customer completes a specified cumulative
level of revenue transactions with the vendor or remains a customer of the
vendor for a specified time period, such rebates should be reported as a
reduction of revenues. This EITF was required to be adopted by the Company
during the first quarter of 2001. As a result of adopting EITF 00-22, the
Company reclassified approximately $78,000 of such sales incentive offers from
Casino operating expense to net against Casino revenues for the first quarter of
2000.
The Emerging Issues Task Force of the American Institute of Certified Public
Accountants ("EITF") issued EITF No. 00-14 titled "Accounting for Certain Sales
Incentives" on April 18,2001. The EITF concluded that when a company or vendor
7
offers its customers sales incentives including discounts, coupons, rebates and
free products or services, such sales incentives should be reported as reduction
of revenues. The EITF concluded that when a company or vendor offers its
customers sales incentives including discounts, coupons, rebates, and free
products or services, such sales incentives should be reported as a reduction of
revenues. This EITF was required to be adopted by the Company during the fourth
quarter of 2001. Early adoption is permitted. The Company chose to adopt this
EITF in the first quarter of 2001. As a result of adopting EITF 00-14, the
Company reclassified approximately $203,000 of such sales incentive offers from
Casino operating expense to net against Casino revenues for the first quarter of
2000.
2. LONG TERM DEBT AND COMMITMENTS
On June 3, 1999, the Company closed a $45 million private placement of 13% First
Mortgage Notes. The net proceeds of the placement were used to fund the
completion of RBH's casino project in Black Hawk, Colorado. The parent of RBH,
Riviera Holdings Corporation, has not guaranteed the $45 million RBH Notes, but
has agreed to a "Keep Well" of $5 million per year (or an aggregate limited to
$10 million) for the first 3 years of RBH operations to cover if (i) the $5.85
million interest on such Notes is not paid by RBH and (ii) the amount by which
RBH cash flow is less than $9.0 million as follows:
Operating Period #1 April 1, 2000-December 31, 2000 $6.75 Million
Operating Period #2 January 1, 2001-December 31, 2001 $9.0 Million
Operating Period #3 January 1, 2002-December 31, 2002 $9.0 Million
Operating Period #4 January 1, 2003-March 31, 2003 $2.25 Million
On February 14, 2001, the Company contributed approximately $3.1 million to RBH
under this agreement for the Operating Period No. 1. The amount has been shown
as Additional Paid in Capital. First quarter 2001 results indicate there will
be no Keep Well amounts due on an annualized basis.
The notes were issued at a cost in the amount of $3.5 million. The deferred
financing costs, included in other assets, are being amortized over the life of
the notes on a straight-line basis which approximates, the effective interest
method.
The 13% First Mortgage Note Indenture provides that the Company must offer to
repurchase the 13% Notes upon the occurrence of a change of control or certain
other events. In the event of such mandatory redemption or repurchase prior to
maturity, the Company would be unable to pay the principal amount of the 13%
Notes without a refinancing. The Board of Directors has authorized management
to repurchase a portion of the 13% Notes on the open market or in negotiated
transactions from time to time under the Permitted Investments provisions of the
indenture.
The 13% First Mortgage Note Indenture contains certain covenants, which limit
the ability of the Company and its restricted subsidiaries, subject to certain
exceptions, to: (1) incur additional indebtedness; (ii) pay dividends or other
distributions, repurchase capital stock or other equity interests or
subordinated indebtedness, (iii) enter into certain transactions with
affiliates; (iv) create certain liens; sell certain assets; and (v) enter into
certain mergers and consolidations. As a result of these restrictions, the
ability of the Company to incur additional indebtedness to fund operations or to
make capital expenditures is limited. In the event that cash flow from
operations is insufficient to cover cash requirements, the Company would be
required to curtail or defer certain of their capital expenditure programs under
these circumstances, which could have an adverse effect on the Company's
operations. At March 31, 2001, the Company believes that it is in compliance
with the covenants.
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SEGMENT REPORTING
The Company is one of the reportable geographic segments of tis parent, Riviera
Holdings Corporation, and markets directly to residents of metropolitan Denver,
Colorado. Accordingly, it operates in a single segment. Management believes that
substantially all revenues are derived from patrons visiting the Company from
the Denver metropolitan area. Revenues from a foreign country or region may
exceed 10 percent of all reported segment revenues; however, the Company cannot
identify such information, based upon the nature of gaming operations.
MANAGEMENT AGREEMENTS
RBH has entered into a management agreement (the RBH Management Agreement)
with Riviera Gaming Management of Colorado, Inc. (the Manager), a wholly owned
subsidiary of Riviera Holdings Corporation, which, in exchange for a fee,
manages RBH. The management fee consists of a revenue fee and a preformance fee.
The revenue fee is based on 1 percent of net revenues (gross revenue less
complimentaries) and is paid quarterly in arrears. The performance fee is based
on the following percentages of EBITDA, whose components are based on generally
accepted accounting principles: (1) 10 percent of EBITDA from $5 million to $10
million, (2) 15 percent of EBITDA from $10 million to $15 million, and (3) 20
percent of EBITDA in excess of $15 million. The performance fee is based on the
preceding quarterly installments subject to year-end adjustment. The management
fee began of February 4, 2000, the date of the opening of the Riviera Black Hawk
Casino. If there is any default under the RBH Management Agreement, the Manager
will not be entitled to receive management fees but will still be entitled to
inter-company service fees. At March 31, 2001, RBH had accrued but not paid, and
the Manager had recognized management fees of $882,000 of which $324,000 are for
the three months ended March 31, 2001and $334,000 are for the three months ended
March 31, 2000. These management fees are eliminated in consolidation.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Three Months Ended March 31, 2001 Compared to Three Months Ended March 31, 2000
including results of operations which commenced on February 4, 2000
Special Factors Affecting Comparability
Riviera Black Hawk, Inc. was in the development stage during the first
quarter of 2000 until February 4, 2000 when it opened the casino. Accordingly,
the results of operations for the fiscal 2001 and fiscal 2000 results may not be
comparable.
Revenues
Net revenues increased by approximately $3.4 million, for the three months of
operations in 2001 versus two months in 2000. Casino revenues were $7.3 million
in 2000 and $10.5 million in 2001 as win per slot machine per day increased form
$130 in the first quarter of 2000 to $142 in 2001.
Food and beverage revenues were approximately $1.1 million in 2001, of which
$826,000 was complimentary (promotional allowance). The World's Fare Buffet
restaurant replaced the coffee shop in fourth quarter 2000 and has served as a
marketing tool increasing customer traffic and slot drop over the first quarter
2000 when the restaurant was a coffee shop with a high-end menu. Other revenues
were approximately $109,000 primarily from ATM transaction fees.
Direct Costs and Expenses of Operating Departments
Total direct costs and expenses of operating departments were approximately $5.3
million, in 2001. Casino expenses were approximately $5.3 million, 48.6% of
casino revenues in the first quarter of 2001 compared with $2.4 million of 30.9%
of casino revenues in 2000. In 2001 the marketing effort was strengthened to
target higher end players with additional VIP and direct mail marketing
resulting in increased membership in the slot club. Gaming taxes were only five
percent for the first quarter of 2000 and compared to seventeen percent for the
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first quarter of 2001. Consequently, gaming tax expense in first quarter 2000
was $900,000 less than 2001. Food and beverage costs of complimentary revenues
are recorded as promotional allowances under GAAP. From an operational
standpoint these expenses are recorded in the food and beverage department with
the total cash and complimentary revenues. Food and beverage costs were
approximately $320,000, or 28% of net food and beverage revenues compared to
$355,000 or 49.9% in 2000. In the first quarter of 2001 the food and beverage
departmental results increased approximately $100,000 from a loss to breakeven.
Other Operating Expenses
General and administrative expenses were approximately $2.8 million, or 25.2% of
net revenues for 2001 compared with 22.6% of net revenues in 2000 due to
increased property taxes and energy costs. Depreciation and amortization
increased from $469,000 in 2000 to $883,000 in 2001, due to the additional month
of operations.
Income from Operations
Income from operations in Black Hawk, Colorado increased approximately $184,000
or 16.0% due to slot revenue generated as a result of increased direct marketing
and promotional activity for the casino in the first quarter of 2001. In 2000,
these programs had not yet been instituted because business was generated
by the "newness factor" of the property.
EBITDA
Riviera Black Hawk EBITDA, as defined, was $2.5 million, or 23.2% of net
revenues in the first quarter of 2001 compared with $3.2 million or 41.8% of net
revenues in 2000. The 41.8% margin was unusually high in 2000 due to the
extraordinary grand opening volumes.
Liquidity and Capital Resources
At March 31, 2001, the RBH had cash and cash equivalents of $9.1 million. The
Company had net shareholders equity of $29.1 million.
The Company's net cash provided by operating activities was approximately $1.9
million for the period ending March 31, 2001. Management believes that the $9.1
million in cash and cash equivalents, and the "keep well" commitments from
Riviera Holdings Corporation will be sufficient to cover the Company's budgeted
capital expenditures of $2.4 million for 2001.
Cash flow from operations may not be sufficient to pay 100% of the principal of
the 13% Notes at maturity on May 1, 2005. Accordingly, the ability of the
Company to repay the 13% Notes at maturity will be dependent upon its ability to
refinance those notes. There can be no assurance that the Company will be able
to refinance the principal amount of the 13% Notes at maturity. At any time
prior to May 1, 2001, the Company may redeem up to 35% of the aggregate
principal amount of the 13% notes issued under the indenture at a redemption
price of 113% of the principal amount. On or after May 1, 2002, the Company may
redeem all or a part of the notes at premiums beginning at 106.5% and declining
each subsequent year to par in 2004.
10
The 13% Note Indenture provides that, in certain circumstances, the Company must
offer to repurchase the 13% Notes upon the occurrence of a change of control or
certain other events. In the event of such mandatory redemption or repurchase
prior to maturity, the Company would be unable to pay the principal amount of
the 13% Notes without a refinancing.
The 13% Note Indenture contains certain covenants, which limit the ability of
the Company and its restricted subsidiaries, subject to certain exceptions, to :
(i) incur additional indebtedness; (ii) pay dividends or other distributions,
repurchase capital stock or other equity interests or subordinated indebtedness;
(iii) enter into certain transactions with affiliates; (iv) create certain
liens; sell certain assets; and (v) enter into certain mergers and
consolidations. As a result of these restrictions, the ability of the Company to
incur additional indebtedness to fund operations or to make capital expenditures
is limited. In the event that cash flow from operations is insufficient to cover
cash requirements, the Company would be required to curtail or defer certain of
their capital expenditure programs under these circumstances, which could have
an adverse effect on the Company's operations. At March 31, 2001, the Company
believes that it is in compliance with the covenants.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Market risks relating to our operations result primarily from changes in
interest rates. We invest our cash and cash equivalents in U.S. Treasury Bills
with maturities of 60 days or less.
As of March 31, 2001, we had $44.6 million in borrowings. The borrowings
include $36 million remaining in bonds maturing in 2005. Interest under the
bonds is based on a rate of 13% excluding contingent interest. Also included is
$.6 million in a special improvement district bond offering with Black Hawk,
Colorado. The Company's share of the debt on the Special Improvement District
bonds is payable over ten years through December of 2009. The Special
Improvement District bonds bear interest at 5.5%. Other borrowings include a
vehicle loan of $20,000 maturing in 2004 with an interest rate of 9.0% and
capital leases in the amount of $8.1 million at a weighted average interest rate
of 10.8% payable over sixty months.
Interest Rate Sensitivity
Principal (in 000's) (Notational Amount by Expected Maturity)
Average Interest Rate
Fair Value
2001 2002 2003 2004 2005 Thereafter Total at 3/31/01
Long Term Debt Including Current Portion
Equipment loans
Black Hawk, Colorado $ 8 $ 8 $ 16 $ 16
Average interest rate 11.2% 11.2%
Capital leases
Black Hawk, Colorado $1,270 $1,848 $2,044 $2,263 $ 658 $8,083 $ 8,083
Average interest rate 10.8% 10.8% 10.8% 10.8% 10.8%
Special Improvement District Bonds
Black Hawk, Colorado $ 58 $ 68 $ 71 $ 76 $ 81 $ 221 $ 575 $ 575
Average interest rate 5.5% 5.5% 5.5% 5.5% 5.5% 5.5%
13% First Mortgage Note
Black Hawk, Colorado casino
project $35,941 $35,941 $ 35,941
Average interest rate 13.0%
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Forward Looking Statements
The Private Securities Litigation Reform Act of 1997 provides a "safe harbor"
for certain forward-looking statements. Certain matters discussed in this filing
could be characterized as forward-looking statements such as statements relating
to plans for future expansion, as well as other capital spending, financing
sources and effects of regulation and competition. Such forward-looking
statements involve important risks and uncertainties that could cause actual
results to differ materially from those expressed in such forward-looking
statements.
13
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.
RIVIERA BLACK HAWK, INC.
By: /s/ William L. Westerman
William L. Westerman
Chief Executive Officer and Director
By: /s/Ronald P. Johnson
Ronald P. Johnson
President and Director
By: /s/ Duane Krohn
Duane Krohn
Treasurer,
Chief Financial Officer
And Director
Date: May 10, 2001
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