UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED March 31, 2003. |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM TO . |
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Commission file number 333-11811 |
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ELDORADO RESORTS LLC |
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(Exact names of registrants as specified in their charters) |
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Nevada |
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88-0115550 |
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(State or
other jurisdiction of |
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(I.R.S.
Employer Identification No.) |
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345 North Virginia Street, Reno, Nevada 89501 |
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(Address of principal executive offices, including zip code) |
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(775) 786-5700 |
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(Registrants’ telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrants are accelerated filers (as defined in Exchange Act Rule 12b-2) Yes o No ý
Number of shares of common stock of Eldorado Capital Corp. outstanding at May 13, 2003: 2,500 shares.
ELDORADO RESORTS LLC
ELDORADO CAPITAL CORP.
FORM 10-Q
TABLE OF CONTENTS
1
ELDORADO RESORTS LLC
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
(dollars in thousands)
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March 31, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,095 |
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$ |
8,135 |
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Restricted cash |
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152 |
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152 |
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Accounts receivable, net |
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3,136 |
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3,148 |
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Inventories |
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2,196 |
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2,449 |
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Prepaid expenses |
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1,862 |
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2,190 |
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Total current assets |
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14,441 |
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16,074 |
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Investment in joint ventures |
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63,826 |
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64,149 |
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Property and equipment, net |
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129,671 |
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130,354 |
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Other assets, net |
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6,830 |
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7,067 |
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Total assets |
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$ |
214,768 |
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$ |
217,644 |
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LIABILITIES AND MEMBERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
352 |
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$ |
344 |
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Current portion of capital lease obligations |
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121 |
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112 |
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Accounts payable |
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4,145 |
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4,190 |
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Interest payable |
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1,101 |
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3,372 |
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Accrued and other liabilities |
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7,805 |
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7,267 |
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Due to members and affiliates |
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48 |
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238 |
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Total current liabilities |
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13,572 |
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15,523 |
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Long-term debt, less current portion |
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84,246 |
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84,691 |
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Capital lease obligations, less current portion |
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34 |
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63 |
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Other liabilities |
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630 |
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634 |
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Total liabilities |
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98,482 |
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100,911 |
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Minority interest |
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5,631 |
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5,638 |
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Members’ equity |
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110,655 |
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111,095 |
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Total liabilities and members’ equity |
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$ |
214,768 |
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$ |
217,644 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
ELDORADO RESORTS LLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(dollars in thousands)
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Three Months Ended |
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2003 |
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2002 |
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Operating Revenues: |
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Casino |
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$ |
22,303 |
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$ |
20,957 |
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Food, beverage and entertainment |
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10,264 |
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10,735 |
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Hotel |
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3,636 |
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3,438 |
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Other |
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1,267 |
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1,223 |
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37,470 |
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36,353 |
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Less: Promotional allowances |
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(4,695 |
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(4,148 |
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Net operating revenues |
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32,775 |
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32,205 |
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Operating Expenses: |
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Casino |
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11,887 |
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11,370 |
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Food, beverage and entertainment |
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6,847 |
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7,424 |
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Hotel |
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1,557 |
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1,682 |
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Other |
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382 |
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373 |
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Selling, general and administrative |
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6,968 |
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6,643 |
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Depreciation |
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2,817 |
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3,083 |
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Total operating expenses |
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30,458 |
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30,575 |
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Equity in Income of Unconsolidated Affiliates |
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31 |
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1,828 |
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Operating Income |
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2,348 |
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3,458 |
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Other Income (Expense): |
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Equity in loss of unconsolidated affiliate |
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(78 |
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Interest rate swap loss |
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(163 |
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Loss on bond repurchase |
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(267 |
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Interest expense, net |
&n | ||||||