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Tropicana Casino and Resort Quarterly Report

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Tropicana Casino and Resort Quarterly Report TROPICANA CASINO AND RESORT QUARTERLY REPORT FOR THE QUARTER ENDED JUNE 30, 2009 SUBMITTED TO THE CASINO CONTROL COMMISSION OF THE STATE OF NEW JERSEY DIVISION OF FINANCIAL EVALUATION REPORTING MANUAL Amended 11/20/2009 TROPICANA CASINO AND RESORT BALANCE SHEETS AS OF JUNE 30, 2009 AND 2008 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2009 2008 (a) (b) (c) (d) ASSETS: Current Assets: 1 Cash and Cash Equivalents................................................. $54,145 $39,378 2 Short-Term Investments..................................................... 00 Receivables and Patrons' Checks (Net of Allowance for 3 Doubtful Accounts - 2009, $7,983 ; 2008, $7,199)........... 6 14,885 15,702 4 Inventories ......................................................................... 2,032 2,306 * 5 Other Current Assets........................................................... 17,072 14,896 6 Total Current Assets....................................................... 88,134 72,282 7 Investments, Advances, and Receivables.............................. 4,5 30,209 28,166 8 Property and Equipment - Gross............................................ 2 694,855 687,746 9 Less: Accumulated Depreciation and Amortization.......... 2 (94,952) (53,170) 10 Property and Equipment - Net.........................................…… 2 599,903 634,576 11 Other Assets........................................................................... 736,128 755,795 * 12 Total Assets........................................................................... $1,454,374 $1,490,819 LIABILITIES AND EQUITY: Current Liabilities: 13 Accounts Payable................................................................ $12,880 $16,769 14 Notes Payable..................................................................... 00 Current Portion of Long-Term Debt: 15 Due to Affiliates.............................................................. 3,5 956,100 956,100 16 External............................................................................ 3 785 33 17 Income Taxes Payable and Accrued................................... 00 18 Other Accrued Expenses..................................................... 30,161 30,336 19 Other Current Liabilities..................................................... 4,872 4,948 20 Total Current Liabilities.................................................. 1,004,798 1,008,186 Long-Term Debt: 21 Due to Affiliates................................................................. 00 22 External............................................................................... 193 224 23 Deferred Credits .................................................................... 00 24 Other Liabilities..................................................................... 5 415,025 339,401 25 Commitments and Contingencies…………………………… 4 00 26 Total Liabilities...................................................................... 1,420,016 1,347,811 27 Stockholders', Partners', or Proprietor's Equity.................... 34,358 143,008 28 Total Liabilities and Equity................................................... $1,454,374 $1,490,819 * Certain 2008 amounts have been reclassified to conform with 2009 presentation The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 4/09 CCC-205 Amended 11/20/2009 TROPICANA CASINO AND RESORT STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2009 2008 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $149,371 $180,704 2 Rooms..................................................................................... 31,086 33,903 3 Food and Beverage................................................................. 22,506 26,050 4 Other....................................................................................... 8,597 8,617 5 Total Revenue....................................................................... 211,560 249,274 6 Less: Promotional Allowances.............................................. 54,413 63,372 7 Net Revenue......................................................................... 157,147 185,902 Costs and Expenses: 8 Cost of Goods and Services.................................................... 5 112,737 123,495 9 Selling, General, and Administrative..................................... 5 28,862 33,921 10 Provision for Doubtful Accounts............................................ 1,521 659 11 Total Costs and Expenses.................................................... 143,120 158,075 12 Gross Operating Profit............................................................... 14,027 27,827 13 Depreciation and Amortization.............................................. 33,380 33,190 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 5 00 15 Other......................................................................………… 00 16 Income (Loss) from Operations................................................. (19,353) (5,363) Other Income (Expenses): 17 Interest Expense - Affiliates................................................... 3 (28,555) (42,858) 18 Interest Expense - External..................................................... 3 (148) (10) 19 CRDA Related Income (Expense) - Net................................ 4 (891) (617) 20 Nonoperating Income (Expense) - Net................................... 6,7 (5,264) (3,781) 21 Total Other Income (Expenses)........................................... (34,858) (47,266) 22 Income (Loss) Before Taxes and Extraordinary Items.............. (54,211) (52,629) 23 Provision (Credit) for Income Taxes...................................... 02 24 Income (Loss) Before Extraordinary Items............................... (54,211) (52,631) Extraordinary Items (Net of Income Taxes - 25 2009, $0; 2008, $0)............................................................... 26 Net Income (Loss)..................................................................... ($54,211) ($52,631) ** Interest Expense - Affiliates - post petition interest expense due to parent has been eliminated ** The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 4/09 CCC-210 Amended 11/20/2009 TROPICANA CASINO AND RESORT STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2009 AND 2008 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2009 2008 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $75,964 $92,964 2 Rooms..................................................................................... 16,598 18,038 3 Food and Beverage................................................................. 11,872 13,570 4 Other....................................................................................... 3,744 4,465 5 Total Revenue....................................................................... 108,178 129,037 6 Less: Promotional Allowances.............................................. 27,051 32,793 7 Net Revenue......................................................................... 81,127 96,244 Costs and Expenses: 8 Cost of Goods and Services.................................................... 57,089 63,295 9 Selling, General, and Administrative..................................... 13,865 16,565 10 Provision for Doubtful Accounts............................................ 903 328 11 Total Costs and Expenses.................................................... 71,857 80,188 12 Gross Operating Profit............................................................... 9,270 16,056 13 Depreciation and Amortization.............................................. 16,547 16,562 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 00 15 Other......................................................................………… 00 16 Income (Loss) from Operations................................................. (7,277) (506) Other Income (Expenses): 17 Interest Expense - Affiliates................................................... (7,139) (19,388) 18 Interest Expense - External..................................................... (33) (5) 19 CRDA Related Income (Expense) - Net................................ (422) (199) 20 Nonoperating Income (Expense) - Net................................... (2,385) (2,482) 21 Total Other Income (Expenses)........................................... (9,979) (22,074) 22 Income (Loss) Before Taxes and Extraordinary Items.............. (17,256) (22,580) 23 Provision (Credit) for Income Taxes...................................... 00 24 Income (Loss) Before Extraordinary Items............................... (17,256) (22,580) Extraordinary Items (Net of Income Taxes - 25 2009, $0; 2008, $0)............................................................... 00 26 Net Income (Loss)..................................................................... ($17,256) ($22,580) ** Interest Expense - Affiliates - post petition interest expense due to parent has been eliminated ** The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 4/09 CCC-215 Amended 11/20/2009 TROPICANA
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