TROPICANA CASINOS AND RESORTS QUARTERLY REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2008 SUBMITTED TO THE CASINO CONTROL COMMISSION OF THE STATE OF NEW JERSEY DIVISION OF FINANCIAL EVALUATION REPORTING MANUAL TROPICANA CASINOS AND RESORTS BALANCE SHEETS AS OF JUNE 30, 2008 AND 2007 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2008 2007 (a) (b) (c) (d) ASSETS: Current Assets: 1 Cash and Cash Equivalents................................................. $39,378 $36,603 2 Short-Term Investments..................................................... 00 Receivables and Patrons' Checks (Net of Allowance for 3 Doubtful Accounts - 2008, $7,199; 2007, $7,655 ). 6 15,702 20,582 4 Inventories ......................................................................... 3,599 3,750 5 Other Current Assets........................................................... 14,896 5,268 6 Total Current Assets....................................................... 73,575 66,203 7 Investments, Advances, and Receivables.............................. 4,5 28,166 89,962 8 Property and Equipment - Gross............................................ 1,2 687,746 664,641 9 Less: Accumulated Depreciation and Amortization.......... 1,2 (53,170) (10,092) 10 Property and Equipment - Net.........................................…… 1,2 634,576 654,549 11 Other Assets........................................................................... 754,502 625,301 12 Total Assets........................................................................... $1,490,819 $1,436,015 LIABILITIES AND EQUITY: Current Liabilities: 13 Accounts Payable................................................................ $16,769 $14,904 14 Notes Payable..................................................................... 00 Current Portion of Long-Term Debt: 15 Due to Affiliates.............................................................. 956,100 0 16 External............................................................................ 3 33 30 17 Income Taxes Payable and Accrued................................... 00 18 Other Accrued Expenses..................................................... 30,336 28,234 19 Other Current Liabilities..................................................... 4,948 6,054 20 Total Current Liabilities.................................................. 1,008,186 49,222 Long-Term Debt: 21 Due to Affiliates................................................................. 1,3,5 0 292,000 22 External............................................................................... 3 224 256 23 Deferred Credits .................................................................... 00 24 Other Liabilities..................................................................... 5 339,401 381,278 25 Commitments and Contingencies…………………………… 4 00 26 Total Liabilities...................................................................... 1,347,811 722,756 27 Stockholders', Partners', or Proprietor's Equity.................... 1 143,008 713,259 28 Total Liabilities and Equity................................................... $1,490,819 $1,436,015 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/06 CCC-205 TROPICANA CASINOS AND RESORTS STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2008 2007 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $180,704 $204,767 2 Rooms..................................................................................... 33,903 36,536 3 Food and Beverage................................................................. 26,050 28,991 4 Other....................................................................................... 8,617 10,621 5 Total Revenue....................................................................... 249,274 280,915 6 Less: Promotional Allowances.............................................. 63,372 59,604 7 Net Revenue......................................................................... 185,902 221,311 Costs and Expenses: 8 Cost of Goods and Services.................................................... 5 123,495 128,818 9 Selling, General, and Administrative..................................... 5 33,921 30,901 10 Provision for Doubtful Accounts............................................ 659 621 11 Total Costs and Expenses.................................................... 158,075 160,340 12 Gross Operating Profit............................................................... 27,827 60,971 13 Depreciation and Amortization.............................................. 1 33,190 16,046 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 5 00 15 Other......................................................................………… 00 16 Income (Loss) from Operations................................................. (5,363) 44,925 Other Income (Expenses): 17 Interest Expense - Affiliates................................................... 1,3 (42,858) (45,535) 18 Interest Expense - External..................................................... 1,3 (10) (11) 19 CRDA Related Income (Expense) - Net................................ 4 (617) (878) 20 Nonoperating Income (Expense) - Net................................... 1,6,7 (3,781) 12,276 21 Total Other Income (Expenses)........................................... (47,266) (34,148) 22 Income (Loss) Before Taxes and Extraordinary Items.............. (52,629) 10,777 23 Provision (Credit) for Income Taxes...................................... 1 20 24 Income (Loss) Before Extraordinary Items............................... (52,631) 10,777 Extraordinary Items (Net of Income Taxes - 25 2007, $0; 2006, $0 ).............................................................. 00 26 Net Income (Loss)..................................................................... ($52,631) $10,777 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/06 CCC-210 TROPICANA CASINO AND RESORT STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2008 AND 2007 (UNAUDITED) ($ IN THOUSANDS) LineDescription Notes 2008 2007 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $92,964 $100,119 2 Rooms..................................................................................... 18,038 19,775 3 Food and Beverage................................................................. 13,570 14,748 4 Other....................................................................................... 4,465 5,172 5 Total Revenue....................................................................... 129,037 139,814 6 Less: Promotional Allowances.............................................. 32,793 30,078 7 Net Revenue......................................................................... 96,244 109,736 Costs and Expenses: 8 Cost of Goods and Services.................................................... 5 63,295 64,187 9 Selling, General, and Administrative..................................... 5 16,565 14,564 10 Provision for Doubtful Accounts............................................ 328 334 11 Total Costs and Expenses.................................................... 80,188 79,085 12Gross Operating Profit............................................................... 16,056 30,651 13 Depreciation and Amortization.............................................. 1 16,562 9,926 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 5 00 15 Other......................................................................………… 00 16 Income (Loss) from Operations................................................. (506) 20,725 Other Income (Expenses): 17 Interest Expense - Affiliates................................................... 1,3 (19,388) (22,768) 18 Interest Expense - External..................................................... 1,3 (5) (6) 19 CRDA Related Income (Expense) - Net................................ 4 (199) (403) 20 Nonoperating Income (Expense) - Net................................... 1,6,7 (2,482) 14,608 21 Total Other Income (Expenses)........................................... (22,074) (8,569) 22Income (Loss) Before Taxes and Extraordinary Items.............. (22,580) 12,156 23 Provision (Credit) for Income Taxes...................................... 1 00 24Income (Loss) Before Extraordinary Items............................... (22,580) 12,156 Extraordinary Items (Net of Income Taxes - 25 20__, $_____; 20__, $________ )............................. 00 26Net Income (Loss)..................................................................... ($22,580) $12,156 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/06 CCC-215 TROPICANA CASINOS AND RESORTS STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND THE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED) ($ IN THOUSANDS) Retained Total Additional Limited Earnings Stockholders' Common Stock Preferred Stock Paid-In General (Accumulated Equity LineDescription Notes Shares Amount Shares Amount Capital
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