| Schedule of selected statement of operations data |
The following tables reflect selected operating information for our reporting segments for the three and nine months ended September 30, 2016 and 2015 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 September 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 |
$ |
14,987 |
|
|
$ |
12,553 |
|
|
$ |
7,565 |
|
|
$ |
6,651 |
|
|
$ |
— |
|
|
$ |
41,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
2,304 |
|
|
$ |
751 |
|
|
$ |
1,610 |
|
|
$ |
1,864 |
|
|
$ |
— |
|
|
$ |
6,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
818 |
|
|
660 |
|
|
504 |
|
|
219 |
|
|
2 |
|
|
2,203 |
|
Loss on asset disposals, net |
6 |
|
|
8 |
|
|
— |
|
|
295 |
|
|
— |
|
|
309 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
889 |
|
|
889 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
130 |
|
|
130 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
95 |
|
|
95 |
|
Operating income (loss) |
1,480 |
|
|
83 |
|
|
1,106 |
|
|
1,350 |
|
|
(1,116 |
) |
|
2,903 |
|
Non-operating expense (income): |
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|
|
|
|
|
|
|
|
|
|
|
Interest expense |
5 |
|
|
51 |
|
|
— |
|
|
— |
|
|
2,692 |
|
|
2,748 |
|
Debt modification costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
24 |
|
Adjustment to fair value of warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(181 |
) |
|
(181 |
) |
Non-operating expense |
5 |
|
|
51 |
|
|
— |
|
|
— |
|
|
2,535 |
|
|
2,591 |
|
Income (loss) before income taxes |
1,475 |
|
|
32 |
|
|
1,106 |
|
|
1,350 |
|
|
(3,651 |
) |
|
312 |
|
Provision (benefit) for income taxes |
85 |
|
|
(1 |
) |
|
88 |
|
|
— |
|
|
5 |
|
|
177 |
|
Net income (loss) |
$ |
1,390 |
|
|
$ |
33 |
|
|
$ |
1,018 |
|
|
$ |
1,350 |
|
|
$ |
(3,656 |
) |
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 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 |
$ |
14,894 |
|
|
$ |
12,563 |
|
|
$ |
— |
|
|
$ |
6,809 |
|
|
$ |
— |
|
|
$ |
34,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
2,413 |
|
|
$ |
2,455 |
|
|
$ |
— |
|
|
$ |
2,227 |
|
|
$ |
— |
|
|
$ |
7,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
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|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,322 |
|
|
678 |
|
|
— |
|
|
199 |
|
|
4 |
|
|
2,203 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
844 |
|
|
844 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
709 |
|
|
709 |
|
Pre-opening |
21 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
57 |
|
|
57 |
|
Operating income (loss) |
1,070 |
|
|
1,777 |
|
|
— |
|
|
2,028 |
|
|
(1,614 |
) |
|
3,261 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
4 |
|
|
40 |
|
|
— |
|
|
— |
|
|
1,785 |
|
|
1,829 |
|
Non-operating expense |
4 |
|
|
40 |
|
|
— |
|
|
— |
|
|
1,785 |
|
|
1,829 |
|
Income (loss) before income taxes |
1,066 |
|
|
1,737 |
|
|
— |
|
|
2,028 |
|
|
(3,399 |
) |
|
1,432 |
|
Provision (benefit) for income taxes |
3 |
|
|
(61 |
) |
|
— |
|
|
— |
|
|
(545 |
) |
|
(603 |
) |
Net income (loss) |
$ |
1,063 |
|
|
$ |
1,798 |
|
|
$ |
— |
|
|
$ |
2,028 |
|
|
$ |
(2,854 |
) |
|
$ |
2,035 |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 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 |
$ |
44,326 |
|
|
$ |
36,851 |
|
|
$ |
11,149 |
|
|
$ |
16,284 |
|
|
$ |
— |
|
|
$ |
108,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
7,335 |
|
|
$ |
2,483 |
|
|
$ |
2,698 |
|
|
$ |
3,256 |
|
|
$ |
— |
|
|
$ |
15,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
2,482 |
|
|
1,993 |
|
|
723 |
|
|
589 |
|
|
8 |
|
|
5,795 |
|
Loss on asset disposals, net |
6 |
|
|
8 |
|
|
— |
|
|
295 |
|
|
— |
|
|
309 |
|
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,165 |
|
|
3,165 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
902 |
|
|
902 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
315 |
|
|
315 |
|
Operating income (loss) |
4,847 |
|
|
482 |
|
|
1,975 |
|
|
2,372 |
|
|
(4,390 |
) |
|
5,286 |
|
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
13 |
|
|
157 |
|
|
— |
|
|
— |
|
|
6,570 |
|
|
6,740 |
|
Debt modification costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
624 |
|
|
624 |
|
Adjustment to fair value of warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
60 |
|
|
60 |
|
Non-operating expense |
13 |
|
|
157 |
|
|
— |
|
|
— |
|
|
7,254 |
|
|
7,424 |
|
Income (loss) before income taxes |
4,834 |
|
|
325 |
|
|
1,975 |
|
|
2,372 |
|
|
(11,644 |
) |
|
(2,138 |
) |
Provision for income taxes |
326 |
|
|
1 |
|
|
119 |
|
|
1 |
|
|
11 |
|
|
458 |
|
Net income (loss) |
$ |
4,508 |
|
|
$ |
324 |
|
|
$ |
1,856 |
|
|
$ |
2,371 |
|
|
$ |
(11,655 |
) |
|
$ |
(2,596 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 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 |
$ |
42,967 |
|
|
$ |
35,444 |
|
|
$ |
— |
|
|
$ |
15,665 |
|
|
$ |
— |
|
|
$ |
94,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDA |
$ |
7,774 |
|
|
$ |
3,251 |
|
|
$ |
— |
|
|
$ |
3,269 |
|
|
$ |
— |
|
|
$ |
14,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
3,582 |
|
|
2,039 |
|
|
— |
|
|
593 |
|
|
11 |
|
|
6,225 |
|
Other losses (recoveries) |
— |
|
|
— |
|
|
— |
|
|
80 |
|
|
(446 |
) |
|
(366 |
) |
Corporate expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,964 |
|
|
2,964 |
|
Project development and acquisition costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
760 |
|
|
760 |
|
Pre-opening |
134 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
134 |
|
Stock compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
285 |
|
|
285 |
|
Operating income (loss) |
4,058 |
|
|
1,212 |
|
|
— |
|
|
2,596 |
|
|
(3,574 |
) |
|
4,292 |
|
Non-operating expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
13 |
|
|
124 |
|
|
— |
|
|
|
|
4,739 |
|
|
4,876 |
|
Other |
— |
|
|
(11 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
(12 |
) |
Non-operating expense |
13 |
|
|
113 |
|
|
— |
|
|
— |
|
|
4,738 |
|
|
4,864 |
|
Income (loss) before income taxes |
4,045 |
|
|
1,099 |
|
|
— |
|
|
2,596 |
|
|
(8,312 |
) |
|
(572 |
) |
Provision (benefit) for income taxes |
8 |
|
|
(61 |
) |
|
— |
|
|
— |
|
|
(372 |
) |
|
(425 |
) |
Net income (loss) |
$ |
4,037 |
|
|
$ |
1,160 |
|
|
$ |
— |
|
|
$ |
2,596 |
|
|
$ |
(7,940 |
) |
|
$ |
(147 |
) |
Selected balance sheet data is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 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 |
$ |
80,603 |
|
|
$ |
36,099 |
|
|
$ |
37,589 |
|
|
$ |
11,500 |
|
|
$ |
8,502 |
|
|
$ |
174,293 |
|
Property and equipment, net |
59,452 |
|
|
29,583 |
|
|
16,280 |
|
|
5,782 |
|
|
132 |
|
|
111,229 |
|
Goodwill |
14,671 |
|
|
— |
|
|
4,799 |
|
|
1,809 |
|
|
— |
|
|
21,279 |
|
Liabilities |
4,157 |
|
|
10,363 |
|
|
3,459 |
|
|
2,480 |
|
|
99,592 |
|
|
120,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|