EXHIBIT 99.1
FOR IMMEDIATE RELEASE
May 9, 2003
CONTACT: Jacobs Entertainment, Inc.
Stephen R. Roark, President of Casino Operations and
Chief Financial Officer
303-582-1117 ext. 7249
Jacobs Entertainment, Inc. Reports First Quarter Results
BLACK HAWK, Colorado - Jacobs Entertainment, Inc., an owner and operator of
multiple gaming properties, today announced unaudited financial results for its
first quarter ended March 31, 2003.
Net Revenues for the first quarter of 2003 were $41.7 million compared to $25.7
million in the first quarter in the previous year. Net income for the first
quarter of 2003 was $1.4 million compared to a net loss of $443,000 in the same
quarter in the previous year.
Due to the significance of the acquisitions occurring on February 22, 2002,
whereby Jacobs Entertainment became a geographically diversified gaming and
pari-mutuel wagering company with properties in several states, the overall
composition of our financial position and the results of our operations have
significantly changed for the three month period ended March 31, 2003 as
compared to the three month period ended March 31, 2002. As a result of the
combination of the different entities and periods covered by the various
transactions, a comparison between these two periods on a historical basis is
not meaningful. Additional pro forma information is available in the Company's
Form 10-Q filed with the Securities and Exchange Commission on May 9, 2003.
Jacobs Entertainment, Inc., will host a conference call to discuss its first
quarter 2003 operating results. The conference call will be held at 11:00 a.m.
Eastern Time on Monday, May 12, 2003, and will be hosted by Stephen R. Roark,
President of Casino Operations and CFO for Jacobs Entertainment, Inc. (JEI) and
Ian M. Stewart President of Pari-Mutuel and Video Poker Operations, along with
other members of the management team of various subsidiary companies of JEI.
To participate in the JEI conference call on Monday, May 12, 2003, at 11:00 a.m.
Eastern Time, please dial 1.800.289.0730 and give confirmation code #771490.
Please call 5-7 minutes before the call is to begin.
If you are unable to join the JEI conference call, you may access a replay of
the call starting Monday, May 12, 2003, at 2:00 p.m. Eastern Time. To access the
replay, please dial 1.800.203.1112 or 1.719.457.0820 and reference the
confirmation code #771490. The replay will run until Midnight Eastern Time,
Monday, May 19, 2003.
Based in Black Hawk, Colo., Jacobs Entertainment is the owner and operator of
the Lodge Casino at Black Hawk, the Gilpin Hotel Casino in Black Hawk, The Gold
Dust West Casino in Reno, Nevada (the casino properties), Colonial Downs
Racetrack, four related off-track wagering facilities and seven truck plaza
video gaming facilities located in Louisiana.
Our business and financial performance are subject to a number of risks and
uncertainties that might adversely affect our operating results in the future in
a material way: intensity of competition, our ability to meet debt obligations,
regulatory compliance, taxation levels, effects of national and regional
economic and market conditions, labor and marketing costs, success of our
diversification plan and the successful integration of our operations.
JACOBS ENTERTAINMENT, INC.
FINANCIAL HIGHLIGHTS (unaudited)
(dollars in thousands)
SELECTED INCOME STATEMENT DATA
Three Months Ended
March 31
2003 2002
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Revenues:
Casinos $23,069 $9,841
Truck stop 6,578 5,042
Pari-mutuel 6,689 6,390
Food, beverage, fuel & other 10,158 5,992
Promotional allowances (4,833) (1,579)
------- -------
Net revenues $41,661 $25,686
Cost and Expenses
Operational $24,285 $15,148
Marketing, General and administrative
and other costs 8,864 4,671
Depreciation and amortization 2,151 1,403
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Total costs and expenses 35,300 21,122
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OPERATING INCOME $6,361 $4,564
NET INCOME (LOSS) $1,451 $(443)
SELECTED BALANCE SHEET DATA
March 31 December 31
2003 2002
-------- -----------
Total Assets $235,464 $236,226
Total Liabilities $169,251 $171,464
Stockholders' Equity $66,213 $64,762
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