UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

INN OF THE MOUNTAIN GODS RESORT AND CASINO

(Exact Name of Registrant as Specified in Charter)

Not Applicable (State or Other Jurisdiction of Incorporation)		333-113140 (Commission File Number)		75-3158926 (IRS Employer Identification No.)

287 Carrizo Canyon Road Mescalero, New Mexico (Address of Principal Executive Offices)		88340 (Zip Code)

Registrant’s telephone number, including area code: (575) 464-7000

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 7.01 Regulation FD Disclosure

As part of discussions by the Inn of the Mountain Gods Resort and Casino (the “Company”) with certain of its creditors relating to a restructuring of its indebtedness, on July 20, 2009, the Company provided on a confidential basis the financial information set forth below.

Fiscal Year 2010 Projections

As stated above, on July 20, 2009, the Company provided on a confidential basis to certain of its creditors the projections for the Company’s fiscal year ending April 30, 2010 (“FY 2010”) set forth below. The projections have not been updated since that date and the Company is not under any obligation to do so. Neither the Company nor any other person makes any representation with respect to the projections, including without limitation, as to whether the projections constitute the Company’s current expectations with respect to FY 2010. The projections are qualified in their entirety by the information set forth in our filings with the Securities and Exchange Commission.

The projections are forward-looking statements and were prepared by the Company based on a number of assumptions and estimates that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of such are beyond the Company’s control. The Company’s actual results for FY 2010 will differ from the projections and the differences may be material.

The projections were not prepared in a manner that complies with the published guidelines of the American Institute of Certified Public Accountants, any other regulatory or professional agency or body or generally accepted accounting principles. Neither the Company nor any other person assumes any responsibility for the accuracy of the projections or is providing any opinion or other assurance with respect thereto.

Inn of the Mountain Gods Resort and Casino — FY 2010 Projected

		PROJECTED
		TOTAL FY
		2010
		(in thousands)
Revenues
Total Gaming			86,546
Hotel			13,178
F&B			13,300
Recreation and Other			14,828
GROSS REVENUE			127,852
Operating Expenses			92,352
EBITDA			35,500
MARGIN			27.8	%

Inn of the Mountain Gods Resort and Casino — FY 2010 Projections by Quarter

		August 2009 –				November 2009				February 2010 –
		October 2009				– January 2010				April 2010
		Q2 FY 2010				Q3 FY 2010				Q4 FY 2010				Total FY 2010
		(in thousands)
Revenues
Total Gaming			23,405				18,876				19,961				86,546
Hotel			3,587				2,861				2,411				13,178
F&B			3,800				2,800				2,800				13,300
Recreation and Other			4,098				4,681				3,155				14,828
GROSS REVENUE			34,890				29,218				28,326				127,853
Total Operating Expenses			25,320				22,172				20,335				92,352
Depreciation			3,150				3,150				3,150				12,600
NET INCOME			6,419				3,896				4,841				22,901
EBITDA			9,569				7,046				7,991				35,501
MARGIN			27.4	%			24.1	%			28.2	%			27.8	%

Inn of the Mountain Gods Resort and Casino
Projected Statement of Cash Flows FY 2010

		QTR 1				QTR 2				QTR 3				QTR 4				Total
								(in thousands)
Operating Income			7,745				6,419				3,896				4,840				22,900
Interest Expense (excluding Bond)			(605	)			(605	)			(605	)			(605	)			(2,420	)
Management Fee			(180	)			(180	)			(201	)			(180	)			(741	)
Cash flows from operating activities:
Net (loss) income		$	6,960			$	5,634			$	3,090			$	4,055			$	19,739
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization			3,150				3,150				3,150				3,150				12,600
Net cash provided by operating activities			10,110				8,784				6,240				7,205				32,339
Cash flows from investing activities:
Purchase of property, plant and equipment			(625	)			(625	)			(625	)			(625	)			(2,500	)
Net cash used in investing activities			(625	)			(625	)			(625	)			(625	)			(2,500	)
Cash flows from financing activities:
Borrowing			—				—				—				—				—
Repayment (BIA Loan & Key Lease Pmt)			(1,071	)			(1,071	)			(1,071	)			(1,071	)			(4,284	)
Distributions to Mescalero Apache Tribe			(8,000	)			—				—				—				(8,000	)
Net cash used in financing activities			(9,071	)			(1,071	)			(1,071	)			(1,071	)			(12,284	)
Net decrease in cash and cash equivalents			414				7,088				4,544				5,509				17,555
Cash and cash equivalents, beginning of period			7,557				7,971				15,059				19,603				7,557
Cash and cash equivalents, end of period		$	7,971			$	15,059			$	19,603			$	25,112			$	25,112

Estimated Financial Information for August and September 2009

The Company has not finalized its financial results for any period following July 31, 2009. As a result, the financial information for August and September 2009 presented below is based on estimates which are preliminary in nature. The information presented below is unaudited and, for August and September 2009, subject to adjustment based upon, among other things, the finalization of the Company’s quarter-end closing and reporting processes. Such adjustments may be material. This information is not necessarily indicative of the Company’s operating results for a full year or any future period. The financial information for August and September 2009 presented below was prepared by the Company and is based on a number of assumptions and estimates that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of such are beyond the Company’s control. The Company’s actual results for the relevant periods following July 31, 2009 will differ from the financial information presented below and the differences may be material.

Inn of the Mountain Gods Resort and Casino – August and September 2009/2008

		August 2009				August 2008				September 2009				September 2008
						(in thousands)
Total Gaming Revenue			8,411				8,903				7,737				7,123
Hotel			1,300				1,473				1,051				1,102
F&B			1,281				1,501				1,158				1,206
Recreation and Other			1,213				1,466				1,396				2,465
GROSS REVENUE			12,206				13,342				11,341				11,896
Total Operating Expenses			7,657				9,832				7,797				9,480
EBITDA			4,549				3,510				3,544				2,416
MARGIN			37.3	%			26.3	%			31.2	%			20.3	%

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.