2009 Annual Report

Total Page:16

File Type:pdf, Size:1020Kb

2009 Annual Report 2009 Annual Report Directors and Officers for Churchill Downs Incorporated Directors for Officers for Churchill Downs Incorporated Churchill Downs Incorporated Terms Expiring in 2012 Terms Expiring in 2010 Executive Officers Leonard S. Coleman Jr. Richard L. Duchossois Robert L. Evans Former President, National League Chairman, The Duchossois Group, Inc. President and Chief Executive Officer of Professional Baseball Clubs J. David Grissom William C. Carstanjen Craig J. Duchossois Chairman, Mayfair Capital Inc.; Chairman, Chief Operating Officer Chief Executive Officer and Director, The Glenview Trust Company The Duchossois Group, Inc. William E. Mudd James F. McDonald Executive Vice President and Robert L. Evans Senior Vice President, Cisco Systems, Inc. Chief Financial Officer President and Chief Executive Officer, Churchill Downs Incorporated Susan Elizabeth Packard Steven P. Sexton President, Brand Outreach, Executive Vice President and G. Watts Humphrey Jr. Scripps Networks Inc. President, Churchill Downs Entertainment Group President, GWH Holdings Inc.; Chief Executive Officer, IPEG and Centria; R. Alex Rankin Owner, Shawnee Farm President, Sterling G. Thompson Co.; Rohit Thukral Executive Vice President, President, Upson Downs Farm, Inc. Technology Initiatives and President, TwinSpires.com Terms Expiring in 2011 Directors Emeriti Robert L. Fealy Charles W. Bidwill Jr. President and Chief Operating Officer, The Duchossois Group, Inc. Catesby W. Clay Daniel P. Harrington Frank B. Hower Jr. President and Chief Executive Officer, HTV Industries Inc. Thomas H. Meeker Carl F. Pollard Owner, Hermitage Farm Arthur B. Modell Darrell R. Wells General Partner, Security Management Company 2009 Annual Report: Shareholders’ Letter Dear Shareholder, We began diversifying our business in 2007, launching our online wagering platform, TwinSpires.com, and opening a temporary slots operation at Fair Grounds Race Course. 2008 saw the first full-year’s operation of TwinSpires.com and we opened the permanent slots facility at Fair Grounds Race Course. The importance of these initiatives on our 2009 business results can be seen below: % of 2009 Revenue % of 2009 EBITDA 69% 53% 28% 21% 16% 14% 1% -2% Racing Online Gaming Other Racing Online Gaming Other Racing Operations in 2009 contributed about 69% of our revenues from external customers and about 53% of our profits, measured in EBITDA (earnings before interest, taxes, depreciation and amortization). Our new businesses, Online and Gaming, combined, contributed about 30% of revenue and about 49% of EBITDA. Let’s take a look at each business. Racing We outperformed the industry in 2009. According to The Jockey Club, U.S. Thoroughbred handle was down 10% last year but handle at CDI’s four tracks did better, down 8%. Racing Operations revenue did better still, down 6%. Racing Operations EBITDA was down 39%, which was largely attributable to the $17.2 million in hurricane insurance recoveries we recorded in our 2008 Racing Operations EBITDA results. Early 2010 industry results are not encouraging. According to The Jockey Club, U.S. Thoroughbred industry handle is off 10.4%, through March 2010. We are making small investments to improve our Racing Operations performance, such as the track lighting at Churchill Downs Racetrack, converting all of our live race video to high-definition format and continuing to build our signature Kentucky Oaks and Kentucky Derby events. We also continue to focus on cost reduction, following the $7 million in costs we eliminated in 2009, but it is tough to offset the industry handle trends. Online Business Despite last year’s 10% decline in U.S. Thoroughbred handle, we estimate handle wagered online increased about 11% in 2009. There is a very simple reason why online wagering is growing while total wagering on U.S. Thoroughbred racing declines: customers like wagering online. Online wagering will never replace the on-track experience of watching and wagering on live racing, but for the approximately 90% of all wagering that’s done at locations other than where the live race takes place, online wagering is becoming the customers’ preferred choice. It is a much more convenient and a much less expensive way to wager, than the alternatives. TwinSpires.com realized a 41% increase in handle in 2009, to $330 million. Online Business revenue was up 32% and EBITDA was up 121%. In the highly competitive online wagering channel, the data suggests that TwinSpires.com is outperforming its online competitors. Late in 2009 we announced our intent to acquire Youbet.com, Inc. We believe the combined TwinSpires. com / Youbet.com entity, which would have processed $810 million in handle based on 2009’s results, will enable us to continue to invest in the new features and services that customers want, to further grow our Online Business. Gaming Gaming revenues were up 23% in 2009, due to the effect of the first full-year operation of our permanent slots business at Fair Grounds Race Course, which opened in November, 2008. Fair Grounds slots generated $10.7 million in EBITDA in 2009, from our $34 million investment made between late 2007 and 2009. Gaming EBITDA declined 3% in 2009, but this includes the effect of $3.1 million in costs related to the January, 2010 opening of our new Calder Casino. Horsemen benefitted from our investment in Gaming as we generated $14.6 million in purses from our slot operations at Fair Grounds Race Course and our Louisiana video poker operations. With the opening of the new Calder Casino on January 22, 2010, we hope to continue the growth in our Gaming business, which will drive purses even higher in 2010. Churchill Downs Entertainment Group (“CDE”) We launched CDE during 2009, so it did not have time to contribute to our overall results last year. However, we are looking forward to CDE’s first major event, the HullabaLOU Music Festival that will take place at Churchill Downs Racetrack on July 23-25, 2010. With 66 artists on 5 stages over 3 days, headlined by Bon Jovi, Kenny Chesney and Dave Matthews Band, we hope to grow HullabaLOU into a world-class entertainment event. Other CDE-produced events are in development. Recap The last two years have not been easy for any business. Yet, despite the economic recession and declines in the U.S. Thoroughbred industry, we have managed to grow our revenues in each of the last 3 years at a more than 5% compound annual rate of growth, after taking acquisitions into account. On an average-daily-price basis and excluding dividends, Churchill Downs Incorporated common stock outperformed the S&P 500 and Russell 2000 stock market indices in 2009, and has outperformed the S&P 500, Russell 2000 and NASDAQ indices since 2006, on a cumulative return basis. While we don’t particularly like making the argument that we are doing better because we are “down less”, it is better than being “down more”. Your board of directors and management team thank you for your investment in Churchill Downs Incorporated, and for your trust in our leadership. Carl Pollard Bob Evans Chairman of the Board President and Chief Executive Officer [THIS PAGE INTENTIONALLY LEFT BLANK] UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33998 (Exact name of registrant as specified in its charter) Kentucky 61-0156015 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 700 Central Avenue, Louisville, Kentucky 40208 (502) 636-4400 (Address of principal executive offices) (zip code) (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Common Stock, No Par Value The NASDAQ Stock Market LLC (Title of each class registered) (Name of each exchange on which registered) Securities registered pursuant to Section 12(g) of the Act: None (Title of class) Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ‘ No È Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ‘ No È Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ‘ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ‘ Accelerated filer È Non-accelerated filer ‘ Smaller reporting company ‘ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È As of February 17, 2010, 13,682,712 shares of the Registrant’s Common Stock were outstanding. As of June 30, 2009, (based upon the closing sale price for such date on the NASDAQ Global Market), the aggregate market value of the shares held by non-affiliates of the Registrant was $316,426,384.
Recommended publications
  • Penn National's Transformational Acquisition of Pinnacle Entertainment
    Penn National’s Transformational Acquisition of Pinnacle Entertainment December 18, 2017 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY CONFIDENTIAL DRAFT FOR DISCUSSION ONLY 65 114 173 154 28 32 This communication may contain certain forward-looking statements, including certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, Penn National’ and Pinnacle’ plans, objectives, expectations and intentions, the expected timing of 155 187 89 completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” “target,” 247 150 70 “goal,” or similar expressions, or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and 128 100 162 uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the
    [Show full text]
  • CHD-4417.Ver.4
    CDI employees starting at the top, from left to right: Sandi Ho, Tram Vo, Talice Berry, Irene Rodriguez, Patti Boggs, Erin Moen, Angela Manalansan, Mark Fritsche, Shelley Robinson, Princess Van Sickle; all of Hollywood Park’s accounting department – Mike Kohan, general manager at the Merrillville Sports Spectrum – Freddy Lee Smith, Calder security – Bruce Kincaid, backside maintenance at Churchill Downs – Yolanda Buford, human resources manager; Scott Graff, controller; Vicki Baumgardner, vice president, finance, and treasurer; all of Churchill Downs – Dannette Brennan-Smith, Hollywood Park human resources. 2 Churchill Downs Incorporated Letter to our Stockholders President and Chief Executive Thomas H. Meeker and Chairman William S. Farish 1999 Annual Report 3 1999 was the year in which our planning and our commitment to excellence resulted in outstanding progress for Churchill Downs Incorporated. Aided by strategic acquisitions, we achieved record financial results, we reinforced our leadership in the racing industry, and we continued our development of a comprehensive simulcast product. These accomplishments underscore the value of our four-prong business strategy, which continues to guide us as we embark on an era in our industry that will be defined by marketing innovations and technological advances. With progress comes change. Two years ago, our operations were centered in Indiana and Kentucky. We now have five racetracks in four states, including California and Florida. The acquisitions of Calder Race Course and Hollywood Park more than tripled the size of our Company’s assets. In 1997, we had a staff of 325 full-time employees; now we employ 1,000 people full time. To support this growth, the integration of our new properties and any future expansion plans, the Company has built a strong managerial infrastructure, and we are dedicating considerable energies to develop cohesiveness in our practices, which allows us to share resources effectively.
    [Show full text]
  • Overview of Penn National Gaming's Acquisition of Pinnacle Entertainment
    Overview of Penn National Gaming’s Acquisition of Pinnacle Entertainment Pennsylvania Gaming Control Board | March 21, 2018 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY CONFIDENTIAL DRAFT FOR DISCUSSION ONLY . Penn National Gaming, Inc. John Finamore, Senior Vice President, Regional Operations . Daniel Ihm, Vice President, General Manager at Hollywood Casino at Penn National Race Course . Chris Rogers, Vice President, Deputy General Counsel . Frank Donaghue, Vice President Regulatory Affairs & Chief Compliance Officer . Pinnacle Entertainment, Inc. Elizabeth Tranchina, Vice President and Legal Counsel 2 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY . Transaction Overview . Strategic Rationale . Snapshot of New Combined Company . Detailed Transaction Summary . Proposed Financing . Limited Impact on Pennsylvania . Economic Concentration . Change of Control Fee 3 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY . Penn National Gaming, Inc. (“PENN”) to acquire Pinnacle Entertainment, Inc. (“PNK”) pursuant to a merger agreement dated December 17, 2017 . Total transaction value (inclusive of debt) is approximately $2.8 billion before divestitures and $1.9 billion net of divestitures and real estate sales . PNK shareholders to receive $20.00 per share in cash and 0.420 shares of PENN per PNK share; in each case such share conversion to be calculated on a shareholder by shareholder basis at closing 4 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY Enhances Penn National’s position as the leading US regional gaming operator Increases geographic diversification with highly complementary properties Best-in-class regional properties enhanced by the Company’s Las Vegas assets Accelerates innovative growth strategy and enhanced customer experience 5 CONFIDENTIAL DRAFT FOR DISCUSSION ONLY Jackpot, NV Council Bluffs, IA Black Hawk, CO Pittsburgh, PA 41 Properties 20 Jurisdictions Bossier City, LA Vicksburg, MS 53,500 Slots 1,300 Tables New Orleans, LA Penn National Baton Rouge, LA Pinnacle Entertainment Lake Charles, LA 8,300 Rooms New MSAs (Houston, TX) 30,000+ Employees Note: Excludes Divestiture Assets.
    [Show full text]
  • Penn National Gaming and Pinnacle Entertainment, in the Matter Of
    UNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION COMMISSIONERS: Joseph J. Simons, Chairman Noah Joshua Phillips Rohit Chopra Rebecca Kelly Slaughter Christine S. Wilson ) In the Matter of ) ) ) PENN NATIONAL GAMING, INC., ) a corporation; and, ) DECISION AND ORDER ) DOCKET NO. C- 4658 ) ) PINNACLE ENTERTAINMENT, INC., ) a corporation. ) ) ) DECISION The Federal Trade Commission (“Commission”) initiated an investigation into the proposed acquisition by Respondent Penn National Gaming, Inc. (“Penn National”) of Respondent Pinnacle Entertainment, Inc. (“Pinnacle”) (collectively, “Respondents”). The Commission’s Bureau of Competition prepared and furnished to Respondents the Draft Complaint, which it proposed to present to the Commission for its consideration. If issued by the Commission, the Draft Complaint would charge Respondents with violations of Section 7 of the Clayton Act, as amended, 15 U.S.C. § 18, and Section 5 of the Federal Trade Commission Act, as amended, 15 U.S.C. § 45. Respondents and the Bureau of Competition executed an agreement (“Agreement Containing Consent Orders” or “Consent Agreement”) containing (1) an admission by Respondents of all the jurisdictional facts set forth in the Draft Complaint, (2) a statement that the signing of said agreement is for settlement purposes only and does not constitute an admission by Respondents that the law has been violated as alleged in the Draft Complaint, or that the facts as alleged in the Draft Complaint, other than jurisdictional facts, are true, (3) waivers and other provisions as required by the Commission’s Rules, and (4) a proposed Decision and Order and Order to Maintain Assets. The Commission considered the matter and determined that it had reason to believe that Respondents have violated the said Acts, and that a complaint should issue stating its charges in that respect.
    [Show full text]
  • GLPI Investor Presentation September 2019
    Investor Presentation September 2019 ForwardCompany Looking Overview Statements Certain statements contained in this presentation may constitute “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information concerning the Company’s business strategy, plans, goals and objectives. Forward- looking statements contained in this presentation include, but are not limited to, statements regarding the Company’s ability to grow its portfolio of gaming facilities, information concerning the acquisitions of certain real property assets of Tropicana Entertainment Inc. (“Tropicana”) and the Company's mortgage loan to Eldorado Resorts, Inc. (“ERI”) to finance ERI's acquisition of an additional Tropicana property (such transactions, collectively, the "Tropicana Transactions") in connection with ERI’s acquisition of the operating business of Tropicana (the “ERI-Tropicana Merger”), the Company’s expectations with respect to the acquisition of Pinnacle Entertainment, Inc. by Penn National Gaming, Inc. (“Penn”), which was completed on October 15, 2018 (the “Penn-Pinnacle Merger”), including the Company's acquisition of Plainridge Park Casino and the acquisition by Boyd Gaming Corporation (“BYD”) from Pinnacle Entertainment, Inc.
    [Show full text]
  • Gaming Licenses from Employees’ Wages
    UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF MISSOURI GL Lockett, et al. v. Pinnacle Entertainment, Inc., et al Case No. 4:19-cv-00358-GAF NOTICE OF CONDITIONALLY CERTIFIED COLLECTIVE ACTION LAWSUIT PLEASE READ THIS NOTICE CAREFULLY YOUR LEGAL RIGHTS MAY BE AFFECTED BY THIS LAWSUIT You are receiving this Court-authorized Notice because you worked at one of the relevant Pinnacle Entertainment, Inc. (“Pinnacle Entertainment”) casino properties during the relevant time. According to Pinnacle Entertainment’s records, you are eligible to participate in this lawsuit to potentially recover unpaid wages and other damages under the Fair Labor Standards Act. To participate, you must complete, sign, and return the enclosed Consent to Join Form by July 27, 2021. What is the Lawsuit about? Plaintiffs worked as minimum wage employees at eight Pinnacle Entertainment casinos (listed below). Plaintiffs filed a lawsuit on behalf of themselves and other similarly situated employees against Pinnacle Entertainment and its eight subsidiary casino properties alleging they violated the Fair Labor Standards Act (“FLSA”) by deducting costs associated with gaming licenses from employees’ wages. Defendants deny they violated the FLSA and contend that gaming license deductions were properly deducted from wages. Plaintiffs sought to represent similarly situated employees at eight Pinnacle Entertainment casinos. The Court granted that request in an Order dated March 12, 2021, which is why you are receiving this Notice and being given the opportunity to join this lawsuit. You may receive this Notice and information about this lawsuit via U.S. Mail and email. The Defendants and relevant casino properties are: Pinnacle Entertainment, Inc.
    [Show full text]
  • Station Casinos LLC Form 10-K/A Annual Report Filed 2017-05-01
    SECURITIES AND EXCHANGE COMMISSION FORM 10-K/A Annual report pursuant to section 13 and 15(d) [amend] Filing Date: 2017-05-01 | Period of Report: 2016-12-31 SEC Accession No. 0001193125-17-152240 (HTML Version on secdatabase.com) FILER Station Casinos LLC Mailing Address Business Address 10801 WEST CHARLESTON 10801 WEST CHARLESTON CIK:1503579| IRS No.: 273312261 | State of Incorp.:NV | Fiscal Year End: 1231 BLVD. BLVD. Type: 10-K/A | Act: 34 | File No.: 000-54193 | Film No.: 17802020 SUITE 600 SUITE 600 SIC: 7011 Hotels & motels LAS VEGAS NV 89135 LAS VEGAS NV 89135 702-495-3000 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A AMENDMENT NO. 1 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2016 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to . Commission file number 000-54193 STATION CASINOS LLC (Exact name of registrant as specified in its charter) Nevada 27-3312261 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1505 South Pavilion Center Drive, Las Vegas, Nevada 89135 (Address of principal executive offices, Zip Code) Registrants telephone number, including area code: (702) 495-3000 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Voting Units Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Gaming and Leisure Properties, Inc. Announces Agreements to Accommodate the Proposed Acquisition of Pinnacle Entertainment, Inc
    December 18, 2017 Gaming and Leisure Properties, Inc. Announces Agreements to Accommodate the Proposed Acquisition of Pinnacle Entertainment, Inc. by Penn National Gaming, Inc. Pinnacle Master Lease to be amended to allow for the sale of the operating assets of three properties GLPI to enter into a new Master Lease with Boyd Gaming to include four initial properties GLPI to acquire the real property assets of Plainridge Park Casino and Belterra Park Gaming & Entertainment WYOMISSING, Pa., Dec. 18, 2017 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) today announced that the Company entered into agreements with Penn National Gaming, Inc. (NASDAQ:PENN) ("Penn"), Pinnacle Entertainment, Inc. (NASDAQ:PNK) ("Pinnacle") and Boyd Gaming Corporation (NYSE:BYD) ("Boyd") in order to accommodate the proposed acquisition of Pinnacle by Penn. The Company has agreed to amend the Master Lease with Pinnacle to allow for the sale of the operating assets at Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort. Boyd has entered into an agreement to acquire these operating assets and has agreed to a new Master Lease with the Company. Terms of the new Boyd Master Lease will be similar to the Company's existing leases with rent initially set at approximately $98.1 million annually. Rent at the remaining properties in the Pinnacle Master Lease will initially be set at approximately $284.7 million annually. The Company has agreed to acquire the physical assets at Penn's Plainridge Park Casino and Pinnacle's Belterra Park Gaming & Entertainment for an aggregate amount of approximately $315.2 million.
    [Show full text]
  • Penn National Gaming Annual Report 2021
    Penn National Gaming Annual Report 2021 Form 10-K (NASDAQ:PENN) Published: February 26th, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 0-24206 PENN NATIONAL GAMING, INC. (Exact name of registrant as specified in its charter) Pennsylvania 23-2234473 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 825 Berkshire Blvd., Suite 200 Wyomissing, Pennsylvania 19610 (Address of principal executive officers) (Zip Code) (610) 373-2400 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol Name of each exchange on which registered Common Stock, $0.01 par value per share PENN The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Y es ☑ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐N o ☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • NERA's Role in the Matter of Pinnacle
    Case & Project Experience FTC Docket No. 9355: In the Matter of Pinnacle Entertainment, Inc. and Ameristar Casinos, Inc. Background NERA’s Role In December 2012, Pinnacle Entertainment announced its NERA was retained by the FTC as outside experts to evaluate $2.8 billion acquisition of Ameristar Casinos and filed merger the competitive impact of the proposed transaction in the papers with the Federal Trade Commission (FTC) in January St. Louis and Lake Charles markets. A NERA team led by 2013. Pinnacle and Ameristar are both Nevada-based Senior Vice President Dr. Chetan Sanghvi and Vice President companies that own and operate casinos in a number of Dr. Timothy Watts examined the appropriate definition of markets throughout the country. Pinnacle owns and operates relevant product and geographic markets as nine casinos and horse racing facilities in five states, while well as competitive effects. Ameristar owns and operates eight casinos in six states and is in the process of building its ninth casino. NERA found that the marketplace is strongly differentiated on multiple dimensions—spatial, vertical, and horizontal/ In May 2013, the FTC issued an administrative complaint product. Through the rigorous use of data and careful review against Pinnacle and Ameristar, challenging the merger. The of the parties’ documents, the NERA team was able to FTC challenge alleges that the proposed deal would violate locate both Pinnacle and Ameristar in differentiated product US antitrust law by reducing competition, which would lead space and determine that the parties’ casinos were located to higher prices and lower quality for customers in the particularly close in differentiated product space.
    [Show full text]
  • RED ROCK RESORTS, INC. (RRR): Questions for Current and Prospective Investors Secondary Offering, Growth, and Labor Relations
    RED ROCK RESORTS, INC. (RRR): Questions For Current and Prospective Investors Secondary Offering, Growth, and Labor Relations Red Rock Resorts, Inc. (NASDAQ: RRR) owns a minority (≈35.8%) interest in Station Casinos LLC, a Las Vegas-centric regional gaming company. Secondary offering of up to 37.5 million RRR Class A shares • Why are three top executives (Executive Vice Chairman, President, and CFO) registering to sell all the shares they can sell? • What will be the amounts to be paid to Deutsche Bank and other pre-IPO owners under the tax receivable agreement? Growth concerns • Is the Las Vegas Regional Market saturated? • Will Palms cannibalize Palace Station? • If built, will “Durango Station” cannibalize Palms and Red Rock Resort? • Is Station Casinos going to sell its 88-acre “Mt. Rose” site in Reno soon? • Will Station Casinos do a deal to add geographic diversity to its portfolio? • When will Station Casinos sign another tribal casino development and management agreement? Evolving labor relations • Which Station Casinos properties are union? • Will more become union? Secondary Offering of Up to 37.5 Million Class A Shares Why are top Red Rock Resorts executives registering to sell all the shares they can sell? Certain owners of Red Rock Resorts are registering to sell up to 37,514,810 class A shares (S-1, filed 10/26/16). Selling stockholders include Deutsche Bank, Fidelity, other pre-IPO institutional owners, and three of the company’s top executives, who are registering to sell all the shares they can sell. Class A Shares Class A Shares Name Title for Sale Not for Sale Executive Vice Stephen Cavallaro 988,032 38,461* Chairman Richard Haskins President 1,281,757 38,461* EVP, CFO, and Marc Falcone 997,043 30,769* Treasurer * Equal to the number of restricted shares each received as part of the IPO.
    [Show full text]
  • Ameristar Casino Kansas City
    Missouri Gaming Commission Annual Report 2015 The Missouri Gaming Commission will regulate charitable and commercial gaming in a manner which promotes a positive impact on the State and ensures the integrity of the industry. MGC Mission Statement Visit Us At: http://www.mgc.dps.mo.gov http://www.showmegaming.com 2 Table of Contents Message from the Chairman ..................................................................................................... 4 Message from the Executive Director .................................................................................... 5 Commissioners .............................................................................................................................. 6 Money to Worthy Causes ............................................................................................................ 8 Report on Competitiveness ........................................................................................................ 9 Economic Impact ......................................................................................................................... 10 Fund Balance Report ................................................................................................................... 11 Charitable Gaming ........................................................................................................................ 12 Missouri State Highway Patrol ................................................................................................. 13 FY 2015 Operation
    [Show full text]