EX-99.1 2 a12-25956_1ex99d1.htm EX-99.1

EXHIBIT 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE

 

MTR GAMING GROUP REPORTS THIRD QUARTER 2012 RESULTS

 

REPORTS RECORD QUARTERLY REVENUE AND ADJUSTED EBITDA

 

CHESTER, WV — November 1, 2012 — MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the third quarter and nine months ended September 30, 2012.

 

Third Quarter 2012 Highlights

 

·                  Expansion of the video lottery terminal (“VLT”) gaming facility at Scioto Downs to 2,116 VLTs, as well as the opening of our 300-seat Grove Buffet and a sports bar.

 

·                  Net revenue growth of 26.8%, including revenue of $41.7 million for the first full quarter of operations at Scioto Downs.

 

·                  Adjusted EBITDA from continuing operations for the third quarter of 2012 was $31.4 million, an increase of 34.8% from the prior-year period.

 

“We were pleased with our third quarter performance, as the first full quarter of operations at the new Scioto Downs generated strong revenue and adjusted EBITDA,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc.  “With the addition of Scioto Downs, we now have three strong regional gaming facilities that produced record quarterly revenues and adjusted EBITDA of $147 million and $31.4 million, respectively.  We achieved this milestone with the addition of Scioto Downs and despite the addition of competition in the Cleveland market.  While we understand there are additional gaming choices in our markets, we are confident that our efforts to provide the best gaming and entertainment value to our customers will help us retain our fair share of the market.”

 

For the third quarter of 2012, the Company’s total net revenues were $146.7 million, an increase of 26.8% compared to $115.6 million in the same period of 2011.  Adjusted EBITDA from continuing operations in the third quarter of 2012 was $31.4 million, an increase of 34.8% from the prior-year period, and adjusted EBITDA margin from continuing operations was 21.4%, an increase of 130 basis points from the prior-year period.

 

The Company reported income from continuing operations of $5.3 million for the quarter, or $0.19 per diluted share, compared to loss from continuing operations of $41.5 million, or $1.49 per diluted share, in the same period of 2011.  Excluding a $34.4 million

 



 

pre-tax loss on debt extinguishment associated with MTR’s debt refinancing and $5.8 million in gaming assessment costs related to Presque Isle Downs & Casino in the third quarter of 2011, loss from continuing operations in the third quarter of 2011 would have been $1.4 million, or $0.05 per diluted share.

 

Net revenues at Scioto Downs were $41.7 million during the third quarter of 2012 compared to $1.4 million during the third quarter of 2011.  The property generated adjusted EBITDA of $15.1 million (including $0.2 million of project-opening costs) compared to a loss of $0.2 million in the same quarter of 2011.  The adjusted EBITDA margin for the third quarter of 2012 was 36.2%.  The increase in net revenues and adjusted EBITDA for the third quarter of 2012 was attributable to the opening of the VLT gaming facility on June 1, 2012.

 

Net revenues at Mountaineer Casino, Racetrack & Resort decreased 3.4% to $57.4 million in the third quarter of 2012 compared to $59.4 million in the third quarter of 2011.  Revenues from slots increased by $0.2 million, while revenue from table gaming decreased by $2.0 million, compared to the same quarter of 2011.  The property saw adjusted EBITDA decrease to $11.2 million from $12.9 million in the comparable quarter of 2011, while the adjusted EBITDA margin at Mountaineer decreased to 19.6% compared to 21.7% in the prior-year quarter.  The decrease in table gaming revenues and adjusted EBITDA for the third quarter of 2012 was primarily attributable to increased competition from a new casino in Cleveland, Ohio.

 

Net revenues at Presque Isle Downs & Casino decreased 13.0% to $47.6 million during the third quarter of 2012 compared to $54.7 million during the third quarter of 2011.  Revenues from slots and table gaming decreased by $5.4 million and $1.7 million, respectively, compared to the same quarter of 2011, while revenues from poker increased $0.4 million compared to the prior-year period due to the opening of the poker room in October 2011. The property generated adjusted EBITDA of $8.6 million compared to $12.7 million in the same quarter of 2011 (excluding $5.8 million in one-time gaming assessment costs), with the adjusted EBITDA margin decreasing to 18.0% compared to 23.3% in the prior-year period.  The decrease in net revenues and adjusted EBITDA for the third quarter of 2012 was primarily attributable to increased competition from a new casino in Cleveland, Ohio.

 

Corporate overhead costs totaled $3.5 million during the third quarter of 2012 compared to $2.2 million in the prior-year period, with the increase due primarily to corporate marketing costs and additional compensation-related expenses.

 

For the nine months ended September 30, 2012, MTR’s total net revenues increased 15.2% to $373.7 million from $324.5 million in the nine months ended September 30, 2011.  Adjusted EBITDA from continuing operations increased 15.9% to $72.6 million (including $2.7 million of project-opening costs) from $62.6 million (including $1.8 million received from a mineral rights lease bonus payment and $0.2 million of project-opening costs) in the same period last year.  The 2012 year-to-date income from continuing operations was breakeven on a dollar and diluted share basis, and included $2.7 million of project-opening costs, $7.6 million of incremental interest expense associated with the Company’s debt refinancing in the third quarter of 2011 (net of $1.3 million of

 



 

capitalized interest), and approximately $2.1 million attributable to additional valuation allowances on deferred tax assets.  In the same period last year, the Company reported a loss from continuing operations of $44.4 million, or $1.60 per diluted share, which included income tax expense of approximately $2.7 million attributable to an increase in the valuation allowance on deferred tax assets, a $34.4 million pre-tax loss on debt extinguishment associated with MTR’s refinancing and $5.8 million of gaming assessment costs.  Absent the $34.4 million pre-tax loss on debt extinguishment and the $5.8 million gaming assessment costs, loss from continuing operations would have been $4.3 million, or $0.15 per diluted share.

 

See attached tables, including a reconciliation of net income (loss), a GAAP financial measure, to adjusted EBITDA, as well as the calculation of adjusted EBITDA margin, each of which are non-GAAP financial measures.

 

Balance Sheet and Liquidity

 

As of September 30, 2012, MTR had $88.5 million in cash and cash equivalents, $9.2 million of funds that are held for further construction of the VLT facility at Scioto Downs, and $556.2 million in total debt, net of discount.  In addition, the Company has $20 million available for borrowing under its revolving credit facility.

 

Reconciliation of GAAP Measures to Non-GAAP Measures

 

Adjusted EBITDA represents earnings (losses) before interest, income taxes, depreciation and amortization, gain (loss) on the sale or disposal of property, other regulatory gaming assessment costs, loss on asset impairment, loss on debt modification and extinguishments and equity in loss of unconsolidated joint venture, to the extent that such items existed in the periods presented.  Adjusted EBITDA margin represents the calculation of adjusted EBITDA divided by net revenues. Adjusted EBITDA and adjusted EBITDA margin are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), are unaudited and should not be considered as an alternative to, or more meaningful than, net income (loss) or operating margin as indicators of our operating performance, or cash flows from operating activities, as a measure of liquidity. Adjusted EBITDA and adjusted EBITDA margin have been presented as supplemental disclosures because they are widely used measures of performance and basis’ for valuation of companies in our industry. Management of the Company uses adjusted EBITDA and adjusted EBITDA margin as primary measures of the Company’s operating performance and as components in evaluating the performance of operating personnel.  Uses of cash flows that are not reflected in adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, and certain regulatory gaming assessments which can be significant. Moreover, other companies that provide EBITDA and/or adjusted EBITDA information may calculate EBITDA and/or adjusted EBITDA differently than we do. A reconciliation of GAAP net income (loss) to adjusted EBITDA, as well as the calculation of adjusted EBITDA margin, is included in the financial tables accompanying this release.

 



 

Conference Call

 

Management will conduct a conference call focusing on the financial results and corporate developments today at 4:30 p.m. EDT.  Interested parties may participate in the call by dialing (888) 765-5554.  Please call in 10 minutes before the call is scheduled to begin and ask for the MTR Gaming call (conference ID #5884568).

 

The conference call will be webcast live via the Investor Relations section of the Company’s website at www.mtrgaming.com.  To listen to the live webcast please go to the website at least 15 minutes early to register, download and install any necessary audio software.  If you are unable to listen to the live call, the conference call will be archived on the Investor Relations section of the Company’s website.

 

A replay of the call will be available two hours following the end of the call through midnight EST on Thursday, November 8, 2012 at www.mtrgaming.com and by telephone at (877) 870-5176; passcode 5884568.

 

About MTR Gaming Group

 

MTR Gaming Group, Inc. is a hospitality and gaming company that through subsidiaries owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. For more information, please visit www.mtrgaming.com.

 

Forward-Looking Statements

 

Except for historical information, this press release contains forward-looking statements concerning, among other things the prospects for improving the results of our operations at Mountaineer, Presque Isle Downs and Scioto Downs, including the successful operation of video lottery terminals at Scioto Downs. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and/or for actual results to differ materially. Those risks and uncertainties include, but are not limited to, the impact of new competition for Mountaineer, Presque Isle Downs and Scioto Downs (including casino gaming and video lottery terminals in Ohio), the successful integration and operation of video lottery terminals at Scioto Downs, the effectiveness of our marketing programs, the enactment of future gaming legislation in the jurisdictions in which we operate, changes in, or failure to comply with, laws, regulations or the conditions of our gaming licenses, accounting standards or environmental laws, including adverse changes in the gaming tax rates that the Company currently pays in its various jurisdictions, general economic conditions, disruption (occasioned by weather conditions or work stoppages) of our operations, our ability to maintain or improve our operating margins, our continued suitability to hold and obtain renewals of our gaming and racing licenses, our ability to fulfill our obligations and comply with the covenants associated with our various debt instruments and/or our ability to obtain additional debt and/or equity financing, if and when needed, and other factors described in the Company’s periodic reports filed with the Securities and Exchange Commission.  The Company does not intend to update publicly any forward-looking statements, except as may be required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

 



 

For Additional Information, Please Contact:

 

MTR Gaming Group, Inc.

www.mtrgaming.com

John W. Bittner, Jr.

Executive Vice President and Chief Financial Officer

(724) 933-8122

Jbittner@mtrgaming.com

 



 

MTR GAMING GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Gaming

 

$

132,020

 

$

102,598

 

$

339,664

 

$

291,178

 

Pari-mutuel commissions

 

3,824

 

3,898

 

8,347

 

8,277

 

Food, beverage and lodging

 

11,105

 

9,408

 

27,765

 

24,725

 

Other

 

3,583

 

2,695

 

8,141

 

8,457

 

Total revenues

 

150,532

 

118,599

 

383,917

 

332,637

 

Less promotional allowances

 

(3,876

)

(2,962

)

(10,194

)

(8,144

)

Net revenues

 

146,656

 

115,637

 

373,723

 

324,493

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Expenses of operating departments:

 

 

 

 

 

 

 

 

 

Gaming

 

76,630

 

68,681

 

204,006

 

185,835

 

Pari-mutuel commissions

 

3,831

 

3,965

 

8,746

 

9,159

 

Food, beverage and lodging

 

8,604

 

6,686

 

21,112

 

18,028

 

Other

 

2,358

 

1,814

 

5,596

 

4,803

 

Marketing and promotions

 

6,065

 

3,440

 

12,846

 

9,678

 

General and administrative

 

17,799

 

13,389

 

46,119

 

39,971

 

Project opening costs

 

222

 

154

 

2,718

 

161

 

Depreciation

 

7,880

 

7,022

 

19,979

 

21,076

 

Gain on the sale or disposal of property

 

 

(16

)

(4

)

(212

)

Total operating expenses

 

123,389

 

105,135

 

321,118

 

288,499

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

23,267

 

10,502

 

52,605

 

35,994

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

25

 

54

 

159

 

70

 

Interest expense

 

(17,227

)

(16,265

)

(50,642

)

(42,997

)

Loss on debt extinguishment

 

 

(34,364

)

 

(34,364

)

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

6,065

 

(40,073

)

2,122

 

(41,297

)

Provision for income taxes

 

(729

)

(1,444

)

(2,077

)

(3,091

)

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

5,336

 

(41,517

)

45

 

(44,388

)

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Loss from discontinued operations before income taxes

 

(23

)

 

(278

)

 

Provision for income taxes

 

 

 

 

 

Loss from discontinued operations

 

(23

)

 

(278

)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,313

 

$

(41,517

)

$

(233

)

$

(44,388

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.19

 

$

(1.49

)

$

 

$

(1.60

)

Loss from discontinued operations

 

 

 

(0.01

)

 

Net income (loss)

 

$

0.19

 

$

(1.49

)

$

(0.01

)

$

(1.60

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - diluted:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.19

 

$

(1.49

)

$

 

$

(1.60

)

Loss from discontinued operations

 

 

 

(0.01

)

 

Net income (loss)

 

$

0.19

 

$

(1.49

)

$

(0.01

)

$

(1.60

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

28,047,046

 

27,880,204

 

27,997,360

 

27,800,075

 

Diluted

 

28,416,008

 

27,880,204

 

28,322,893

 

27,800,075

 

 



 

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Net revenues:

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort

 

$

57,396

 

$

59,433

 

$

175,042

 

$

168,337

 

Presque Isle Downs & Casino

 

47,602

 

54,739

 

144,275

 

153,643

 

Scioto Downs

 

41,658

 

1,444

 

54,373

 

2,449

 

Corporate

 

 

21

 

33

 

64

 

Consolidated net revenues

 

$

146,656

 

$

115,637

 

$

373,723

 

$

324,493

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from continuing operations:

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort

 

$

11,229

 

$

12,883

 

$

36,311

 

$

35,731

 

Presque Isle Downs & Casino

 

8,569

 

12,744

 

29,284

 

34,829

 

Scioto Downs

 

15,065

 

(157

)

16,042

 

(1,074

)

Corporate

 

(3,506

)

(2,204

)

(9,039

)

(6,870

)

Consolidated Adjusted EBITDA from continuing operations

 

$

31,357

 

$

23,266

 

$

72,598

 

$

62,616

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from discontinued operations

 

(23

)

 

(278

)

 

 

 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA

 

$

31,334

 

$

23,266

 

$

72,320

 

$

62,616

 

 


 

The following tables set forth a reconciliation of income (loss) from continuing operations and income (loss) from discontinued operations, each of which are GAAP financial measures, to adjusted EBITDA, as well as the calculation of adjusted EBITDA margin, each of which are non-GAAP financial measures.

 


 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

8,469

 

$

9,983

 

$

27,941

 

$

26,921

 

Interest expense

 

 

6

 

 

24

 

Benefit for income taxes

 

(13

)

(4

)

(13

)

(4

)

Depreciation

 

2,773

 

2,955

 

8,388

 

9,045

 

Gain on the sale or disposal of property

 

 

(57

)

(5

)

(255

)

Adjusted EBITDA from continuing operations

 

$

11,229

 

$

12,883

 

$

36,311

 

$

35,731

 

Net revenues

 

$

57,396

 

$

59,433

 

$

175,042

 

$

168,337

 

Adjusted EBITDA margin

 

19.6

%

21.7

%

20.7

%

21.2

%

 

 

 

 

 

 

 

 

 

 

Presque Isle Downs & Casino:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

5,824

 

$

2,058

 

$

20,337

 

$

14,943

 

(Capitalized interest) Interest expense

 

(12

)

1

 

(41

)

7

 

Provision for income taxes

 

608

 

1,022

 

1,861

 

2,659

 

Depreciation

 

1,939

 

3,864

 

7,108

 

11,419

 

Other regulatory gaming assessments

 

210

 

5,758

 

18

 

5,758

 

Loss on the sale or disposal of property

 

 

41

 

1

 

43

 

Adjusted EBITDA from continuing operations

 

$

8,569

 

$

12,744

 

$

29,284

 

$

34,829

 

Net revenues

 

$

47,602

 

$

54,739

 

$

144,275

 

$

153,643

 

Adjusted EBITDA margin

 

18.0

%

23.3

%

20.3

%

22.7

%

 



 

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION (continued)

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

Adjusted EBITDA from continuing operations (continued):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Scioto Downs:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

11,901

 

$

(291

)

$

12,593

 

$

(1,607

)

(Capitalized interest) interest expense

 

(107

)

2

 

(1,227

)

17

 

Provision for income taxes

 

113

 

 

227

 

 

Depreciation

 

3,158

 

191

 

4,449

 

575

 

Gain on debt extinguishment

 

 

(59

)

 

(59

)

Adjusted EBITDA from continuing operations [1]

 

$

15,065

 

$

(157

)

$

16,042

 

$

(1,074

)

Net revenues

 

$

41,658

 

$

1,444

 

$

54,373

 

$

2,449

 

Adjusted EBITDA margin

 

36.2

%

N/A

 

29.5

%

N/A

 

 

 

 

 

 

 

 

 

 

 

Corporate:

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(20,858

)

$

(53,267

)

$

(60,826

)

$

(84,645

)

Interest expense, net of interest income

 

17,321

 

16,202

 

51,751

 

42,879

 

Provision for income taxes

 

21

 

426

 

2

 

436

 

Depreciation

 

10

 

12

 

34

 

37

 

Loss on debt extinguishment

 

 

34,423

 

 

34,423

 

Adjusted EBITDA from continuing operations

 

$

(3,506

)

$

(2,204

)

$

(9,039

)

$

(6,870

)

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

5,336

 

$

(41,517

)

$

45

 

$

(44,388

)

Interest expense, net of interest income and capitalized interest

 

17,202

 

16,211

 

50,483

 

42,927

 

Provision for income taxes

 

729

 

1,444

 

2,077

 

3,091

 

Depreciation

 

7,880

 

7,022

 

19,979

 

21,076

 

Other regulatory gaming assessments

 

210

 

5,758

 

18

 

5,758

 

Gain on the sale or disposal of property

 

 

(16

)

(4

)

(212

)

Loss on debt extinguishment

 

 

34,364

 

 

34,364

 

Adjusted EBITDA from continuing operations [1]

 

$

31,357

 

$

23,266

 

$

72,598

 

$

62,616

 

Net revenues

 

$

146,656

 

$

115,637

 

$

373,723

 

$

324,493

 

Adjusted EBITDA margin

 

21.4

%

20.1

%

19.4

%

19.3

%

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

$

(23

)

$

 

$

(278

)

$

 

Provision for income taxes

 

 

 

 

 

Adjusted EBITDA from discontinued operations

 

$

(23

)

$

 

$

(278

)

$

 

 


[1] Adjusted EBITDA from continuing operations for the three and nine months ended September 30, 2012, included project-opening costs of $222,000 and $2,718,000, respectively, related to video lottery gaming operations at Scioto Downs which commenced June 1, 2012. Additionally, adjusted EBITDA from continuing operations for the nine months ended September 30, 2011, included a mineral rights lease bonus payment that was received by Mountaineer in the amount of $1,840,000.

 



 

MTR GAMING GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

 

September 30

 

December 31

 

 

 

2012

 

2011

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

88,497

 

$

85,585

 

Restricted cash

 

2,550

 

1,146

 

Accounts receivable, net of allowance for doubtful accounts of $346 in 2012 and $383 in 2011

 

5,536

 

4,554

 

Amounts due from West Virginia Lottery Commission

 

17

 

122

 

Inventories

 

4,131

 

3,503

 

Deferred financing costs

 

1,641

 

1,622

 

Deferred income taxes

 

545

 

494

 

Prepaid expenses and other current assets

 

7,157

 

5,366

 

Total current assets

 

110,074

 

102,392

 

 

 

 

 

 

 

Property and equipment, net

 

391,992

 

299,579

 

Funds held for construction project

 

9,169

 

130,114

 

Other intangible assets

 

135,577

 

85,577

 

Deferred financing costs, net of current portion

 

8,818

 

9,919

 

Deposits and other

 

1,911

 

1,902

 

Non-operating real property

 

11,207

 

11,207

 

Assets of discontinued operations

 

181

 

181

 

Total assets

 

$

668,929

 

$

640,871

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

3,388

 

$

1,461

 

Accounts payable - gaming taxes and assessments

 

9,606

 

8,854

 

Accrued payroll and payroll taxes

 

6,283

 

3,872

 

Accrued interest

 

10,963

 

27,072

 

Accrued income taxes

 

577

 

958

 

Other accrued liabilities

 

13,025

 

10,741

 

Construction project and equipment liabilities

 

5,793

 

3,732

 

License fee payable

 

25,000

 

 

Liabilities of discontinued operations

 

130

 

223

 

Total current liabilities

 

74,765

 

56,913

 

 

 

 

 

 

 

Long-term debt

 

556,186

 

548,933

 

Other regulatory gaming assessments

 

5,066

 

5,408

 

Long-term compensation

 

750

 

242

 

Deferred income taxes

 

13,202

 

11,048

 

Total liabilities

 

649,969

 

622,544

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock

 

 

 

Additional paid-in capital

 

63,636

 

62,804

 

Accumulated deficit

 

(44,521

)

(44,288

)

Accumulated other comprehensive loss

 

(380

)

(404

)

Total stockholders’ equity of MTR Gaming Group, Inc.

 

18,735

 

18,112

 

Non-controlling interest of discontinued operations

 

225

 

215

 

Total stockholders’ equity

 

18,960

 

18,327

 

Total liabilities and stockholders’ equity

 

$

668,929

 

$

640,871

 

 

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