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Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

MTR GAMING GROUP REPORTS THIRD QUARTER 2011 RESULTS

 

CHESTER, WV — November 3, 2011 — MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the third quarter and nine months ended September 30, 2011.  See attached tables, including reconciliation of income (loss) from continuing operations and income (loss) from discontinued operations, GAAP financial measures, to Adjusted EBITDA, as well as the calculation of Adjusted EBITDA margin, non-GAAP financial measures.

 

For the third quarter of 2011, the Company’s total net revenues were $115.6 million, a decline of 3% compared to $119.1 million in the same period of 2010.  Adjusted EBITDA from continuing operations was $23.3 million, down 1% compared to $23.5 million in the third quarter of 2010.  The third quarter 2011 Adjusted EBITDA margin was 20.1% compared to 19.7% in the prior-year quarter. During the third quarter of 2011, Presque Isle Downs & Casino recorded a charge of $5.8 million which represents an estimate of its obligations associated with the Company’s estimated proportionate assessment of amounts due under an Administrative Order executed by the Pennsylvania Gaming Control Board on July 11, 2011 and other related assessments. The Administrative Order provides for annual assessments against each of the Pennsylvania casino operators to be used for the repayment of certain borrowings of the Pennsylvania Gaming Control Board and other related agencies responsible for the oversight of the gaming industry.  The repayment of such assessment will occur over at least a ten year period.  This amount has been excluded from the Company’s Adjusted EBITDA as detailed in the attached Selected Financial Information.

 

The Company reported a net loss of $41.5 million for the quarter, or $1.49 per diluted share, which included a $34.4 million pre-tax loss on debt extinguishment associated with MTR’s recent debt refinancing and the aforementioned $5.8 million gaming assessment costs.  Absent the $34.4 million pre-tax loss on debt extinguishment and the $5.8 million charge of gaming assessment costs, the net loss would have been $1.4 million, or $0.05 per diluted share. In the same period last year, the Company reported net income of $1.5 million, or $0.05 per diluted share.

 

Net revenues at Presque Isle Downs & Casino decreased 5% to $54.7 million during the third quarter of 2011 compared to $57.7 million during the third quarter of 2010.  Table gaming at Presque Isle Downs generated $5.4 million of revenues compared to $5.1 million in the prior-year period, while slot revenue declined by $2.6 million compared to the same quarter of 2010. The decrease in slot revenue was primarily attributable to complex road construction and traffic delays on each of the casino’s primary feeder highways, as well as increased competitive pressures and weak economic conditions. The property generated Adjusted EBITDA of $12.7 million (exclusive of the $5.8 million charge of gaming assessment costs) compared to $13.8 million in the same quarter of

 



 

2010, with the Adjusted EBITDA margin decreasing to 23.3% compared to 23.9% in the prior-year period.

 

Net revenues at Mountaineer Casino, Racetrack & Resort decreased 1% to $59.4 million in the third quarter of 2011 compared to $59.9 million in the third quarter of 2010.  Table gaming at Mountaineer generated $8.2 million of revenues compared to $8.1 million in the prior-year period, while revenues from slots remained flat at $43.9 million during both comparable quarters.  The property saw Adjusted EBITDA decline to $12.9 million from $13.3 million in the comparable quarter of 2010.  The Adjusted EBITDA margin at Mountaineer decreased to 21.7% compared to 22.2% in the prior-year quarter.

 

Corporate overhead costs decreased 35% to $2.2 million during the second quarter of 2011 compared to $3.4 million in the prior-year period due principally to the absence of $1.4 million of severance costs that were incurred in the prior-year period.

 

“Our third quarter operating results were affected by tentative consumer spending habits and increased competition in our core markets, yet we are keeping our overall Adjusted EBITDA margin figures strong by keeping a close eye on our cost structure and marketing programs,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc.  “In addition, during the third quarter, we successfully refinanced our debt, which will allow us to fund our new video lottery gaming facility at Scioto Downs.  We are continuing our preparation efforts for submitting the license application and VLT-related construction at Scioto Downs, working towards finalizing the necessary remaining agreements and monitoring the progress of the recently filed litigation challenging the operation of VLTs at Ohio’s racetracks.  We are eager to complete this project, which is expected to be a significant component of stockholder value.  Further, we were pleased to open our poker room at Presque Isle Downs & Casino last month, which we expect to drive additional traffic to our Erie facility.  We also continue to maintain our focus on streamlining our expenses at our existing properties.”

 

For the nine months ended September 30, 2011, MTR’s total net revenues decreased 2% to $324.5 million compared to $330.1 million in the prior-year period.  Adjusted EBITDA from continuing operations increased 4% to $62.6 million (which includes $1.8 million received from a mineral rights lease bonus payment) from $60.2 million (which includes $1.1 million of project-opening costs and $1.4 million of severance costs) in the same period last year.  The 2011 year-to-date net loss was $44.4 million, or $1.60 per diluted share, and includes 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 the $5.8 million of gaming assessment costs, as previously discussed.  Absent the $34.4 million pre-tax loss on debt extinguishment and the $5.8 million gaming assessment costs, the net loss would have been $4.3 million, or $0.15 per diluted share. In the same period last year, the Company reported net loss of $2.3 million, or $0.08 per diluted share, which included a loss of $0.1 million from discontinued operations.

 



 

Balance Sheet and Liquidity

 

As of September 30, 2011, MTR had $64.7 million in cash and cash equivalents,  $130.0 million of funds that are separately maintained for Scioto Downs’ construction, and $548.7 million in total debt, net of discounts.

 

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, loss on asset impairment, loss on debt modification and extinguishment, other gaming assessment costs 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 is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), is unaudited and should not be considered as an alternative to, or more meaningful than, net income (loss) or income (loss) from operations as an indicator of our operating performance, or cash flows from operating activities, as a measure of liquidity. Adjusted EBITDA has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry. Management of the Company uses Adjusted EBITDA as the primary measure of the Company’s operating performance and as a component 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, and debt principal repayments, 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 income (loss) from continuing operations and GAAP income (loss) from discontinued operations 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 later today at 4:30 p.m. EDT.  Interested parties may participate in the call by dialing (877) 856-1961.  Please call in 10 minutes before the call is scheduled to begin and ask for the MTR Gaming call (conference ID #2628459).

 

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 10, 2011 at www.mtrgaming.com and by telephone at (877) 870-5176; passcode 2628459.

 



 

About MTR Gaming Group

 

MTR Gaming Group, Inc., 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 success and growth of table gaming at Presque Isle Downs and Mountaineer and the successful implementation 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 (including table gaming in Pennsylvania and casino gaming and video lottery terminals in Ohio) and Presque Isle Downs, the establishment of video lottery terminals at Scioto Downs, pending the receipt of required regulatory approval, the effectiveness of our marketing programs, the enactment of future gaming legislation in the jurisdictions in which we operate (including the implementation of casino gaming in Cleveland and Columbus, Ohio and the implementation of video lottery terminals at racetracks in Ohio), 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 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

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Gaming

 

$

102,598

 

$

104,937

 

$

291,178

 

$

296,528

 

Pari-mutuel commissions

 

3,898

 

4,117

 

8,277

 

9,064

 

Food, beverage and lodging

 

9,416

 

9,722

 

24,736

 

25,209

 

Other

 

2,689

 

2,911

 

8,449

 

6,776

 

Total revenues

 

118,601

 

121,687

 

332,640

 

337,577

 

Less promotional allowances

 

(2,962

)

(2,540

)

(8,144

)

(7,449

)

Net revenues

 

115,639

 

119,147

 

324,496

 

330,128

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Expenses of operating departments:

 

 

 

 

 

 

 

 

 

Gaming:

 

 

 

 

 

 

 

 

 

Operating costs

 

62,923

 

65,054

 

180,077

 

184,661

 

Other gaming assessments

 

5,758

 

800

 

5,758

 

800

 

Pari-mutuel commissions

 

3,965

 

3,862

 

9,159

 

9,150

 

Food, beverage and lodging

 

6,688

 

6,439

 

18,031

 

18,022

 

Other

 

1,814

 

1,692

 

4,803

 

4,823

 

Marketing and promotions

 

3,440

 

3,588

 

9,678

 

9,987

 

General and administrative

 

13,389

 

14,735

 

39,971

 

41,954

 

Project opening costs

 

154

 

267

 

161

 

1,365

 

Depreciation

 

7,022

 

7,206

 

21,076

 

21,571

 

Impairment loss

 

 

40

 

 

40

 

(Gain) loss on the sale or disposal of property

 

(16

)

(78

)

(212

)

45

 

Total operating expenses

 

105,137

 

103,605

 

288,502

 

292,418

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

10,502

 

15,542

 

35,994

 

37,710

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

54

 

10

 

70

 

22

 

Interest expense

 

(16,265

)

(13,667

)

(42,997

)

(40,737

)

Loss on debt extinguishment

 

(34,364

)

 

(34,364

)

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

(40,073

)

1,885

 

(41,297

)

(3,005

)

(Provision) benefit for income taxes

 

(1,444

)

(411

)

(3,091

)

832

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

(41,517

)

1,474

 

(44,388

)

(2,173

)

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before income taxes and non-controlling interest

 

 

36

 

 

(193

)

(Provision) benefit for income taxes

 

 

(12

)

 

68

 

Income (loss) from discontinued operations before non- controlling interest

 

 

24

 

 

(125

)

Non-controlling interest

 

 

 

 

(1

)

Income (loss) from discontinued operations

 

 

24

 

 

(126

)

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(41,517

)

$

1,498

 

$

(44,388

)

$

(2,299

)

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share - basic:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

$

(1.49

)

$

0.05

 

$

(1.60

)

$

(0.08

)

Income (loss) from discontinued operations

 

 

 

 

 

Net (loss) income

 

$

(1.49

)

$

0.05

 

$

(1.60

)

$

(0.08

)

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share - diluted:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

$

(1.49

)

$

0.05

 

$

(1.60

)

$

(0.08

)

Income (loss) from discontinued operations

 

 

 

 

 

Net (loss) income

 

$

(1.49

)

$

0.05

 

$

(1.60

)

$

(0.08

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

27,880,204

 

27,587,760

 

27,800,075

 

27,513,558

 

Diluted

 

27,880,204

 

27,793,982

 

27,800,075

 

27,513,558

 

 



 

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Net revenues:

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort

 

$

59,433

 

$

59,880

 

$

168,337

 

$

180,376

 

Presque Isle Downs & Casino

 

54,739

 

57,722

 

153,643

 

146,957

 

Scioto Downs

 

1,446

 

1,525

 

2,452

 

2,678

 

Corporate

 

21

 

20

 

64

 

117

 

Consolidated net revenues

 

$

115,639

 

$

119,147

 

$

324,496

 

$

330,128

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from continuing operations:

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort

 

$

12,883

 

$

13,272

 

$

35,731

 

$

39,439

 

Presque Isle Downs & Casino

 

12,744

 

13,769

 

34,829

 

30,634

 

Scioto Downs

 

(157

)

(125

)

(1,074

)

(917

)

Corporate

 

(2,204

)

(3,406

)

(6,870

)

(8,990

)

Consolidated Adjusted EBITDA from continuing operations

 

$

23,266

 

$

23,510

 

$

62,616

 

$

60,166

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA from discontinued operations

 

 

36

 

 

(191

)

 

 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA

 

$

23,266

 

$

23,546

 

$

62,616

 

$

59,975

 

 


 

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

 


 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA FROM CONTINUING OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mountaineer Casino, Racetrack & Resort:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

9,983

 

$

6,775

 

$

26,921

 

$

20,977

 

Interest expense

 

6

 

32

 

24

 

133

 

(Benefit) provision for income taxes

 

(4

)

3,235

 

(4

)

8,117

 

Depreciation

 

2,955

 

3,308

 

9,045

 

10,160

 

(Gain) loss on the sale or disposal of property

 

(57

)

(78

)

(255

)

52

 

Adjusted EBITDA from continuing operations

 

$

12,883

 

$

13,272

 

$

35,731

 

$

39,439

 

Net revenues

 

$

59,433

 

$

59,880

 

$

168,337

 

$

180,376

 

Adjusted EBITDA margin

 

21.7

%

22.2

%

21.2

%

21.9

%

 

 

 

 

 

 

 

 

 

 

Presque Isle Downs & Casino:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

2,058

 

$

6,462

 

$

14,943

 

$

13,729

 

Interest expense, net of interest income

 

1

 

6

 

7

 

21

 

Provision for income taxes

 

1,022

 

2,816

 

2,659

 

5,313

 

Other gaming assessment

 

5,758

 

800

 

5,758

 

800

 

Depreciation

 

3,864

 

3,685

 

11,419

 

10,778

 

Loss (gain) on the sale or disposal of property

 

41

 

 

43

 

(7

)

Adjusted EBITDA from continuing operations

 

$

12,744

 

$

13,769

 

$

34,829

 

$

30,634

 

Net revenues

 

$

54,739

 

$

57,722

 

$

153,643

 

$

146,957

 

Adjusted EBITDA margin

 

23.3

%

23.9

%

22.7

%

20.8

%

 

 

 

 

 

 

 

 

 

 

Scioto Downs:

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(291

)

$

(218

)

$

(1,607

)

$

(1,133

)

Interest expense

 

2

 

17

 

17

 

54

 

Benefit for income taxes

 

 

(124

)

 

(438

)

Depreciation

 

191

 

200

 

575

 

600

 

Gain on debt extinguishment

 

(59

)

 

(59

)

 

Adjusted EBITDA from continuing operations

 

$

(157

)

$

(125

)

$

(1,074

)

$

(917

)

Net revenues

 

$

1,446

 

$

1,525

 

$

2,452

 

$

2,678

 

Adjusted EBITDA margin

 

(10.9

)%

(8.2

)%

(43.8

)%

(34.2

)%

 



 

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION (continued)

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

 

September 30

 

 

 

2011

 

2010

 

2011

 

2010

 

ADJUSTED EBITDA FROM CONTINUING OPERATIONS (continued):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate:

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(53,267

)

$

(11,545

)

$

(84,645

)

$

(35,746

)

Interest expense, net of interest income

 

16,202

 

13,602

 

42,879

 

40,507

 

Provision (benefit) for income taxes

 

426

 

(5,516

)

436

 

(13,824

)

Depreciation

 

12

 

13

 

37

 

33

 

Impairment loss

 

 

40

 

 

40

 

Loss on debt extinguishment

 

34,423

 

 

34,423

 

 

Adjusted EBITDA from continuing operations

 

$

(2,204

)

$

(3,406

)

$

(6,870

)

$

(8,990

)

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

 

(Loss) Income from continuing operations

 

$

(41,517

)

$

1,474

 

$

(44,388

)

$

(2,173

)

Interest expense, net of interest income

 

16,211

 

13,657

 

42,927

 

40,715

 

(Provision) benefit for income taxes

 

1,444

 

411

 

3,091

 

(832

)

Other gaming assessment

 

5,758

 

800

 

5,758

 

800

 

Depreciation

 

7,022

 

7,206

 

21,076

 

21,571

 

(Gain) loss on the sale or disposal of property

 

(16

)

(78

)

(212

)

45

 

Impairment loss

 

 

40

 

 

40

 

Loss on debt extinguishment

 

34,364

 

 

34,364

 

 

Adjusted EBITDA from continuing operations

 

$

23,266

 

$

23,510

 

$

62,616

 

$

60,166

 

Net revenues

 

$

115,639

 

$

119,147

 

$

324,496

 

$

330,128

 

Adjusted EBITDA margin

 

20.1

%

19.7

%

19.3

%

18.2

%

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

 

$

24

 

$

 

$

(126

)

Interest expense

 

 

 

 

3

 

Benefit (provision) for income taxes

 

 

12

 

 

(68

)

Adjusted EBITDA from discontinued operations

 

$

 

$

36

 

$

 

$

(191

)

 



 

MTR GAMING GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

 

September 30

 

December 31

 

 

 

2011

 

2010

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

64,709

 

$

53,820

 

Restricted cash

 

987

 

1,143

 

Accounts receivable, net of allowance for doubtful accounts of $418 in 2011 and $386 in 2010

 

3,694

 

2,790

 

Amounts due from West Virginia Lottery Commission

 

1,406

 

 

Inventories

 

3,502

 

3,476

 

Deferred financing costs

 

1,663

 

4,106

 

Deferred income taxes

 

130

 

 

Prepaid expenses and other current assets

 

7,005

 

5,177

 

Total current assets

 

83,096

 

70,512

 

 

 

 

 

 

 

Property and equipment, net

 

299,923

 

314,484

 

Funds held for construction project

 

130,049

 

 

Goodwill

 

 

494

 

Other intangibles

 

85,577

 

85,529

 

Deferred financing costs, net of current portion

 

10,616

 

8,113

 

Deposits and other

 

1,908

 

1,984

 

Non-operating real property

 

11,986

 

12,215

 

Assets of discontinued operations

 

178

 

178

 

Total assets

 

$

623,333

 

$

493,509

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,066

 

$

1,887

 

Accounts payable - gaming taxes and assessments

 

6,706

 

7,968

 

Accrued payroll and payroll taxes

 

3,913

 

3,861

 

Accrued interest

 

10,829

 

16,702

 

Accrued income taxes

 

3,619

 

546

 

Other accrued liabilities

 

10,627

 

9,052

 

Construction project and equipment liabilities

 

287

 

136

 

Deferred income taxes

 

 

64

 

Current portion of long-term debt and capital lease obligations

 

251

 

1,255

 

Liabilities of discontinued operations

 

216

 

217

 

Total current liabilities

 

38,514

 

41,688

 

 

 

 

 

 

 

Long-term debt and capital lease obligations, net of current portion

 

548,403

 

376,830

 

Other gaming assessments

 

5,242

 

 

Deferred income taxes

 

6,824

 

6,756

 

Total liabilities

 

598,983

 

425,274

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock

 

 

 

Additional paid-in capital

 

62,695

 

61,910

 

(Accumulated Deficit) retained earnings

 

(38,311

)

6,359

 

Accumulated other comprehensive loss

 

(251

)

(251

)

Total stockholders’ equity of MTR Gaming Group, Inc.

 

24,133

 

68,018

 

Non-controlling interest of discontinued operations

 

217

 

217

 

Total stockholders’ equity

 

24,350

 

68,235

 

Total liabilities and stockholders’ equity

 

$

623,333

 

$

493,509