| Schedule of selected statement of operations data |
The following tables reflect selected operating information for our reporting segments for the three and six months ended June 30, 2015 and 2014 and include a reconciliation of Adjusted Property EBITDA to operating income (loss) and net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
For the three months ended June 30, 2015 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
|
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
4,610 |
|
|
$ |
11,766 |
|
|
$ |
14,350 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
679 |
|
|
$ |
592 |
|
|
$ |
2,665 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
194 |
|
|
673 |
|
|
1,159 |
|
|
— |
|
|
4 |
|
|
2,030 |
|
Impairment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Write-offs, recoveries and asset disposals |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(450 |
) |
|
(450 |
) |
Preopening |
— |
|
|
— |
|
|
75 |
|
|
— |
|
|
— |
|
|
75 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
995 |
|
|
995 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
48 |
|
|
— |
|
|
48 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
191 |
|
|
191 |
|
Operating income (loss) |
485 |
|
|
(81 |
) |
|
1,431 |
|
|
(48 |
) |
|
(740 |
) |
|
1,047 |
|
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
— |
|
|
42 |
|
|
4 |
|
|
— |
|
|
1,477 |
|
|
1,523 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Non-operating expense |
— |
|
|
42 |
|
|
4 |
|
|
— |
|
|
1,477 |
|
|
1,523 |
|
Income (loss) before income taxes |
485 |
|
|
(123 |
) |
|
1,427 |
|
|
(48 |
) |
|
(2,217 |
) |
|
(476 |
) |
Provision (benefit) for income taxes |
— |
|
|
— |
|
|
(49 |
) |
|
— |
|
|
— |
|
|
(49 |
) |
Net income (loss) |
$ |
485 |
|
|
$ |
(123 |
) |
|
$ |
1,476 |
|
|
$ |
(48 |
) |
|
$ |
(2,217 |
) |
|
$ |
(427 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2014 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
|
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
5,022 |
|
|
$ |
13,541 |
|
|
$ |
12,447 |
|
|
$ |
300 |
|
|
$ |
— |
|
|
$ |
31,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
1,019 |
|
|
$ |
248 |
|
|
$ |
2,130 |
|
|
$ |
300 |
|
|
$ |
— |
|
|
$ |
3,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
214 |
|
|
692 |
|
|
1,402 |
|
|
— |
|
|
4 |
|
|
2,312 |
|
Impairment |
— |
|
|
11,547 |
|
|
— |
|
|
— |
|
|
— |
|
|
11,547 |
|
Write-offs, recoveries and asset disposals |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
30 |
|
|
37 |
|
Preopening |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,062 |
|
|
1,062 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
280 |
|
|
— |
|
|
280 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
81 |
|
|
81 |
|
Operating income (loss) |
805 |
|
|
(11,991 |
) |
|
721 |
|
|
20 |
|
|
(1,177 |
) |
|
(11,622 |
) |
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
— |
|
|
46 |
|
|
3 |
|
|
— |
|
|
1,522 |
|
|
1,571 |
|
Other |
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
|
6 |
|
Non-operating expense |
— |
|
|
46 |
|
|
9 |
|
|
— |
|
|
1,522 |
|
|
1,577 |
|
Income (loss) before income taxes |
805 |
|
|
(12,037 |
) |
|
712 |
|
|
20 |
|
|
(2,699 |
) |
|
(13,199 |
) |
Provision (benefit) for income taxes |
273 |
|
|
(4,241 |
) |
|
242 |
|
|
(65 |
) |
|
(917 |
) |
|
(4,708 |
) |
Net income (loss) |
$ |
532 |
|
|
$ |
(7,796 |
) |
|
$ |
470 |
|
|
$ |
85 |
|
|
$ |
(1,782 |
) |
|
$ |
(8,491 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2015 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
|
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
8,855 |
|
|
$ |
22,881 |
|
|
$ |
28,074 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
1,042 |
|
|
$ |
797 |
|
|
$ |
5,362 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
394 |
|
|
1,361 |
|
|
2,260 |
|
|
— |
|
|
7 |
|
|
4,022 |
|
Impairment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Write-offs, recoveries and asset disposals |
80 |
|
|
— |
|
|
— |
|
|
— |
|
|
(446 |
) |
|
(366 |
) |
Preopening |
— |
|
|
— |
|
|
113 |
|
|
— |
|
|
— |
|
|
113 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,121 |
|
|
2,121 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
51 |
|
|
— |
|
|
51 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
228 |
|
|
228 |
|
Operating income (loss) |
568 |
|
|
(564 |
) |
|
2,989 |
|
|
(51 |
) |
|
(1,910 |
) |
|
1,032 |
|
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
— |
|
|
84 |
|
|
9 |
|
|
— |
|
|
2,954 |
|
|
3,047 |
|
Other |
— |
|
|
(11 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
(12 |
) |
Non-operating expense |
— |
|
|
73 |
|
|
9 |
|
|
— |
|
|
2,953 |
|
|
3,035 |
|
Income (loss) before income taxes |
568 |
|
|
(637 |
) |
|
2,980 |
|
|
(51 |
) |
|
(4,863 |
) |
|
(2,003 |
) |
Provision (benefit) for income taxes |
— |
|
|
1 |
|
|
178 |
|
|
— |
|
|
— |
|
|
179 |
|
Net income (loss) |
$ |
568 |
|
|
$ |
(638 |
) |
|
$ |
2,802 |
|
|
$ |
(51 |
) |
|
$ |
(4,863 |
) |
|
$ |
(2,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2014 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
|
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
9,409 |
|
|
$ |
26,789 |
|
|
$ |
24,768 |
|
|
$ |
793 |
|
|
$ |
— |
|
|
$ |
61,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
1,383 |
|
|
$ |
852 |
|
|
$ |
4,282 |
|
|
$ |
793 |
|
|
$ |
— |
|
|
$ |
7,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
430 |
|
|
1,539 |
|
|
2,789 |
|
|
— |
|
|
9 |
|
|
4,767 |
|
Impairment |
— |
|
|
11,547 |
|
|
— |
|
|
— |
|
|
— |
|
|
11,547 |
|
Write-offs, recoveries and asset disposals |
— |
|
|
7 |
|
|
21 |
|
|
— |
|
|
30 |
|
|
58 |
|
Pre-opening |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,155 |
|
|
2,155 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
335 |
|
|
— |
|
|
335 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
160 |
|
|
160 |
|
Operating income (loss) |
953 |
|
|
(12,241 |
) |
|
1,472 |
|
|
458 |
|
|
(2,354 |
) |
|
(11,712 |
) |
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
— |
|
|
94 |
|
|
3 |
|
|
— |
|
|
2,991 |
|
|
3,088 |
|
Other |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
|
Non-operating expense |
— |
|
|
94 |
|
|
10 |
|
|
— |
|
|
2,991 |
|
|
3,095 |
|
Income (loss) before income taxes |
953 |
|
|
(12,335 |
) |
|
1,462 |
|
|
458 |
|
|
(5,345 |
) |
|
(14,807 |
) |
Provision (benefit) for income taxes |
324 |
|
|
(4,291 |
) |
|
497 |
|
|
53 |
|
|
(1,817 |
) |
|
(5,234 |
) |
Net income (loss) |
$ |
629 |
|
|
$ |
(8,044 |
) |
|
$ |
965 |
|
|
$ |
405 |
|
|
$ |
(3,528 |
) |
|
$ |
(9,573 |
) |
Selected balance sheet data as of June 30, 2015 and December 31, 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Total assets |
$ |
11,800 |
|
|
$ |
39,362 |
|
|
$ |
82,804 |
|
|
$ |
242 |
|
|
$ |
9,638 |
|
|
$ |
143,846 |
|
Property, equipment and capital lease, net |
6,339 |
|
|
32,462 |
|
|
61,406 |
|
|
242 |
|
|
27 |
|
|
100,476 |
|
Goodwill |
1,809 |
|
|
— |
|
|
14,671 |
|
|
— |
|
|
— |
|
|
16,480 |
|
Liabilities |
1,918 |
|
|
10,750 |
|
|
4,192 |
|
|
— |
|
|
71,443 |
|
|
88,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
Northern
Nevada
|
|
Rising Star
Casino Resort
|
|
Silver Slipper
Casino & Hotel
|
|
Development/
Management
|
|
Corporate |
|
Consolidated |
Total assets |
$ |
12,471 |
|
|
$ |
39,101 |
|
|
$ |
76,898 |
|
|
$ |
— |
|
|
$ |
12,474 |
|
|
$ |
140,944 |
|
Property, equipment and capital lease, net |
6,656 |
|
|
33,801 |
|
|
54,548 |
|
|
— |
|
|
35 |
|
|
95,040 |
|
Goodwill |
1,809 |
|
|
— |
|
|
14,671 |
|
|
— |
|
|
— |
|
|
16,480 |
|
Liabilities |
1,970 |
|
|
11,543 |
|
|
4,182 |
|
|
— |
|
|
65,752 |
|
|
83,447 |
|
|