| 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, 2016 and 2015 and include a reconciliation of Adjusted Property EBITDA to operating income (loss) and net income (loss):
|
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|
|
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|
|
|
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|
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|
|
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For the three months ended June 30, 2016 |
(In thousands, unaudited) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Casino & Hotel |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
14,494 |
|
|
$ |
12,053 |
|
|
$ |
3,584 |
|
|
$ |
4,716 |
|
|
$ |
— |
|
|
$ |
34,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
2,369 |
|
|
$ |
432 |
|
|
$ |
1,088 |
|
|
$ |
624 |
|
|
$ |
— |
|
|
$ |
4,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
835 |
|
|
664 |
|
|
219 |
|
|
178 |
|
|
3 |
|
|
1,899 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,113 |
|
|
1,113 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
485 |
|
|
485 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
164 |
|
|
164 |
|
Operating income (loss) |
1,534 |
|
|
(232 |
) |
|
869 |
|
|
446 |
|
|
(1,765 |
) |
|
852 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
4 |
|
|
52 |
|
|
— |
|
|
— |
|
|
2,174 |
|
|
2,230 |
|
Debt modification costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
601 |
|
|
601 |
|
Adjustment to fair value of warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
241 |
|
|
241 |
|
Non-operating expense |
4 |
|
|
52 |
|
|
— |
|
|
— |
|
|
3,016 |
|
|
3,072 |
|
Income (loss) before income taxes |
1,530 |
|
|
(284 |
) |
|
869 |
|
|
446 |
|
|
(4,781 |
) |
|
(2,220 |
) |
Provision for income taxes |
143 |
|
|
— |
|
|
31 |
|
|
— |
|
|
6 |
|
|
180 |
|
Net income (loss) |
$ |
1,387 |
|
|
$ |
(284 |
) |
|
$ |
838 |
|
|
$ |
446 |
|
|
$ |
(4,787 |
) |
|
$ |
(2,400 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2015 |
(In thousands, unaudited) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Hotel & Casino |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
14,350 |
|
|
$ |
11,766 |
|
|
$ |
— |
|
|
$ |
4,610 |
|
|
$ |
— |
|
|
$ |
30,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
2,665 |
|
|
$ |
592 |
|
|
$ |
— |
|
|
$ |
679 |
|
|
$ |
— |
|
|
$ |
3,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,159 |
|
|
673 |
|
|
— |
|
|
194 |
|
|
4 |
|
|
2,030 |
|
Other losses (recoveries) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(450 |
) |
|
(450 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
995 |
|
|
995 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
|
48 |
|
Pre-opening |
75 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
75 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
191 |
|
|
191 |
|
Operating income (loss) |
1,431 |
|
|
(81 |
) |
|
— |
|
|
485 |
|
|
(788 |
) |
|
1,047 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
4 |
|
|
42 |
|
|
— |
|
|
— |
|
|
1,477 |
|
|
1,523 |
|
Non-operating expense |
4 |
|
|
42 |
|
|
— |
|
|
— |
|
|
1,477 |
|
|
1,523 |
|
Income (loss) before income taxes |
1,427 |
|
|
(123 |
) |
|
— |
|
|
485 |
|
|
(2,265 |
) |
|
(476 |
) |
Provision (benefit) for income taxes |
(49 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(49 |
) |
Net income (loss) |
$ |
1,476 |
|
|
$ |
(123 |
) |
|
$ |
— |
|
|
$ |
485 |
|
|
$ |
(2,265 |
) |
|
$ |
(427 |
) |
|
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|
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|
|
|
|
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|
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|
|
|
|
|
|
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|
|
For the six months ended June 30, 2016 |
(In thousands, unaudited) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Hotel & Casino |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
29,339 |
|
|
$ |
24,299 |
|
|
$ |
3,584 |
|
|
$ |
9,632 |
|
|
$ |
— |
|
|
$ |
66,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
5,030 |
|
|
$ |
1,733 |
|
|
$ |
1,088 |
|
|
$ |
1,390 |
|
|
$ |
— |
|
|
$ |
9,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,664 |
|
|
1,333 |
|
|
219 |
|
|
368 |
|
|
7 |
|
|
3,591 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,275 |
|
|
2,275 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
772 |
|
|
772 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
220 |
|
|
220 |
|
Operating income (loss) |
3,366 |
|
|
400 |
|
|
869 |
|
|
1,022 |
|
|
(3,274 |
) |
|
2,383 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
9 |
|
|
106 |
|
|
— |
|
|
— |
|
|
3,877 |
|
|
3,992 |
|
Debt modification costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
601 |
|
|
601 |
|
Adjustment to fair value of warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
241 |
|
|
241 |
|
Non-operating expense |
9 |
|
|
106 |
|
|
— |
|
|
— |
|
|
4,719 |
|
|
4,834 |
|
Income (loss) before income taxes |
3,357 |
|
|
294 |
|
|
869 |
|
|
1,022 |
|
|
(7,993 |
) |
|
(2,451 |
) |
Provision for income taxes |
241 |
|
|
1 |
|
|
31 |
|
|
1 |
|
|
6 |
|
|
280 |
|
Net income (loss) |
$ |
3,116 |
|
|
$ |
293 |
|
|
$ |
838 |
|
|
$ |
1,021 |
|
|
$ |
(7,999 |
) |
|
$ |
(2,731 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2015 |
(In thousands, unaudited) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Hotel & Casino |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Revenues, net |
$ |
28,074 |
|
|
$ |
22,881 |
|
|
$ |
— |
|
|
$ |
8,855 |
|
|
$ |
— |
|
|
$ |
59,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
5,362 |
|
|
$ |
797 |
|
|
$ |
— |
|
|
$ |
1,042 |
|
|
$ |
— |
|
|
$ |
7,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
2,260 |
|
|
1,361 |
|
|
— |
|
|
394 |
|
|
7 |
|
|
4,022 |
|
Impairments |
— |
|
|
— |
|
|
— |
|
|
80 |
|
|
4 |
|
|
84 |
|
Other losses (recoveries) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(450 |
) |
|
(450 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,121 |
|
|
2,121 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
51 |
|
|
51 |
|
Pre-opening |
113 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
113 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
228 |
|
|
228 |
|
Operating income (loss) |
2,989 |
|
|
(564 |
) |
|
— |
|
|
568 |
|
|
(1,961 |
) |
|
1,032 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
9 |
|
|
84 |
|
|
— |
|
|
|
|
2,954 |
|
|
3,047 |
|
Other |
— |
|
|
(11 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
(12 |
) |
Non-operating expense |
9 |
|
|
73 |
|
|
— |
|
|
— |
|
|
2,953 |
|
|
3,035 |
|
Income (loss) before income taxes |
2,980 |
|
|
(637 |
) |
|
— |
|
|
568 |
|
|
(4,914 |
) |
|
(2,003 |
) |
Provision for income taxes |
178 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
179 |
|
Net income (loss) |
$ |
2,802 |
|
|
$ |
(638 |
) |
|
$ |
— |
|
|
$ |
568 |
|
|
$ |
(4,914 |
) |
|
$ |
(2,182 |
) |
Selected balance sheet data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2016 |
(In thousands, unaudited) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Hotel & Casino |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Total assets |
$ |
80,494 |
|
|
$ |
36,301 |
|
|
$ |
35,868 |
|
|
$ |
12,437 |
|
|
$ |
8,311 |
|
|
$ |
173,411 |
|
Property and equipment, net |
59,727 |
|
|
30,119 |
|
|
16,128 |
|
|
5,799 |
|
|
116 |
|
|
111,889 |
|
Goodwill |
14,671 |
|
|
— |
|
|
4,649 |
|
|
1,809 |
|
|
— |
|
|
21,129 |
|
Liabilities |
3,382 |
|
|
9,962 |
|
|
3,155 |
|
|
2,218 |
|
|
100,682 |
|
|
119,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
(In thousands) |
|
Casino/Resort Operations |
|
|
|
|
|
Silver Slipper
Casino & Hotel
|
|
Rising Star
Casino Resort
|
|
Bronco Billy's Hotel & Casino |
|
Northern Nevada |
|
Corporate |
|
Consolidated |
Total assets |
$ |
82,621 |
|
|
$ |
37,141 |
|
|
$ |
— |
|
|
$ |
12,105 |
|
|
$ |
9,600 |
|
|
$ |
141,467 |
|
Property and equipment, net |
61,150 |
|
|
31,391 |
|
|
— |
|
|
6,098 |
|
|
343 |
|
|
98,982 |
|
Goodwill |
14,671 |
|
|
— |
|
|
— |
|
|
1,809 |
|
|
— |
|
|
16,480 |
|
Liabilities |
3,389 |
|
|
10,034 |
|
|
— |
|
|
1,834 |
|
|
69,687 |
|
|
84,944 |
|
|