EXHIBIT 12.1
Empress Entertainment
Registration Statement
Ratio of Earnings of Fixed Charges
Three Months Ended
------------------------
March 31, Year Ended December 31,
-------- ---------------------------------------
1998 1997 1997 1996 1995
Fixed Charges
- -------------
Interest expense 5,300,715 5,658,554 21,153,957 18,274,497 16,351,561
Capitalized interest - - 144,313 1,644,000 602,900
Amortization of debt issue costs 54,499 30,316 139,313 80,842 -
Interest portion of rent expense (1) 76,207 83,630 263,249 261,020 152,893
---------- ---------- ---------- ---------- ----------
Total Fixed Charges 5,431,421 5,772,832 21,700,832 20,260,359 17,107,354
Income before state income taxes 16,591,799 17,007,037 46,818,146 45,367,604 51,385,595
Fixed charges per above 5,431,421 5,772,832 21,700,832 20,260,359 17,107,354
Less capitalized interest - - 144,313 1,644,000 602,900
Current period amortization of interest
capitalized in prior period 31,558 30,413 121,651 69,460 50,321
---------- ---------- ---------- ---------- ----------
22,054,778 22,809,950 68,496,316 64,053,423 97,940,370
Ratio of earnings to fixed charges 4.06 3.95 3.16 3.16 3.97
Pro Forma
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Three Months
Ended
March 31, Year Ended
------------ December 31,
1998(2) 1997(3)
------------------ ------- -------
1994 1993
Fixed Charges
- -------------
Interest expense 11,494,622 2,818,525 8,500,715 34,053,957
Capitalized interest 1,585,100 - - 144,313
Amortization of debt issue costs - - 54,499 139,313
Interest portion of rent expense (1) 110,248 292,193 76,207 263,249
---------- ---------- ---------- ----------
Total Fixed Charges 13,189,970 3,110,718 8,631,421 34,600,832
Income before state income taxes 58,334,466 75,633,424 15,691,799 43,118,146
Fixed charges per above 13,189,970 3,110,718 8,631,421 34,600,832
Less capitalized interest 1,585,100 - - 144,313
Current period amortization of interest
capitalized in prior period - - 31,558 121,651
---------- ---------- ---------- ----------
69,939,336 78,744,142 24,354,778 77,696,316
Ratio of earnings to fixed charges 5.30 25.31 2.82 2.25
(1) Interest portion of rent expense calculated at 25%.
(2) Pro forma includes an increase in interest income of $2.3 million and an
increase in interest expense of $3.2 million.
(3) Pro forma includes an increase in interest income of $9.2 million and an
increase in interest expense of $12.9 million.