Attached files
file | filename |
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8-K - 8-K - Station Casinos LLC | a11-25467_18k.htm |
Exhibit 99.1
Pro Forma Condensed Consolidating Statements of Operations
and Pro Forma Adjusted EBITDAM Reconciliation
The following unaudited pro forma condensed consolidated statements of operations are presented to give effect to the consummation of the Plan and the implementation of the Restructuring Transactions. The unaudited pro forma condensed consolidating statements of operations have been derived from STNs financial statements, which are included in the Companys Registration Statement on Form 10 and STNs Annual Report on Form 10-K for the year ended December 31, 2010, and the financial statements of the Company which are included in the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2011. Preparation of the unaudited pro forma condensed consolidated statements of operations is based on estimates and assumptions deemed appropriate by the Companys management which are set forth in the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation. The unaudited pro forma condensed consolidated statements of operations for the twelve months ended September 30, 2011 and the twelve months ended September 30, 2010 have been prepared as if the implementation of the Plan and the Restructuring Transactions had occurred on October 1, 2010 and 2009, respectively. The unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2011 and the nine months ended September 30, 2010 have been prepared as if the implementation of the Plan and the Restructuring Transactions had occurred on January 1, 2011 and 2010, respectively. The unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2008, 2009 and 2010 have been prepared as if the implementation of the Plan and the Restructuring Transactions had occurred on January 1, 2008, 2009 and 2010, respectively.
The pro forma information is unaudited and is not necessarily indicative of the results that actually would have occurred if the above transactions had been consummated as of the dates indicated, nor does it purport to represent the financial position and results of operations for future periods. The pro forma adjustments are based upon currently available information and upon certain assumptions that the Company believes are reasonable. All costs and expenses not directly affected by the Restructuring Transactions, including impairment charges of $262 million, $1.1 billion and $3.3 billion for the years ended December 31, 2010, 2009 and 2008, respectively, have not been removed in the pro forma adjustments.
The terms Guarantor Subsidiaries and Non-Guarantor Subsidiaries as used in this report refer to the subsidiaries of the Company that are guarantors and non-guarantors of the Companys indebtedness under the Propco Credit Agreement.
The term Adjusted EBITDAM as used in this report means earnings before interest, taxes, depreciation, amortization and management fees. Adjusted EBITDAM is not a generally accepted accounting principle (GAAP) measurement and is presented solely as a supplemental disclosure because the Company believes that EBITDA, or earnings before interest, taxes, depreciation and amortization, which is a comparable measure to Adjusted EBITDAM, is widely used to evaluate operating performance in the gaming industry and is a principal basis for the valuation of gaming companies. The Company believes, when considered with measures calculated in accordance with GAAP, Adjusted EBITDAM is a useful financial performance measurement for assessing the operating performance of the Company and is used by management in making financial and operational decisions. EBITDAM is used in addition to and in conjunction with measures under GAAP and should not be considered as an alternative to net income (loss), or any other GAAP operating performance measure. To compensate for the inherent limitations of the disclosure of Adjusted EBITDAM, the Company provides relevant disclosure of its reorganization items, interest expense, derivative gains and losses, impairment charges, intercompany rent expense, management fees, depreciation and amortization, development and pre-opening expenses, equity based compensation expenses, write-downs and other charges, non-recurring costs, gains on dissolution of joint ventures, and other items in its reconciliations to GAAP financial measures and consolidated financial statements, all of which should be considered when evaluating the Companys performance. In addition, it should be noted that not all gaming companies that report similarly titled non-GAAP measures or adjustments to such measures may calculate such measures or such adjustments in the same manner as the Company. Therefore, the Companys measure of Adjusted EBITDAM may not be comparable to similarly titled non- GAAP measures used by other gaming companies. Please see the Pro Forma Adjusted EBITDAM Reconciliation included herein for a more thorough discussion of our use of Adjusted EBITDAM and a reconciliation of this measure to the most comparable GAAP measure.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
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Twelve Months Ended September 30, 2011 |
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Parent |
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Guarantor Subsidiaries |
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Non-Guarantor Subsidiaries |
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Eliminations |
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Consolidated |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Net revenues |
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$ |
17,635 |
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$ |
(17,607 |
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$ |
28 |
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$ |
623,937 |
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$ |
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$ |
623,937 |
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$ |
706,462 |
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$ |
(177,385 |
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$ |
529,077 |
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$ |
(194,992 |
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$ |
194,992 |
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$ |
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$ |
1,153,042 |
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$ |
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$ |
1,153,042 |
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Costs and expenses |
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Operating |
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311,634 |
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311,634 |
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253,147 |
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(38 |
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253,109 |
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564,781 |
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(38 |
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564,743 |
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Selling, general and administrative |
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(933 |
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(933 |
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136,718 |
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(607 |
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136,111 |
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138,029 |
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(50 |
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137,979 |
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273,814 |
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(657 |
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273,157 |
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Corporate |
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21,919 |
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(19,136 |
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2,783 |
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39 |
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(39 |
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21,958 |
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(19,175 |
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2,783 |
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Development and preopening |
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1,706 |
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(1,663 |
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43 |
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811 |
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811 |
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8,506 |
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(89 |
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8,417 |
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11,023 |
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(1,752 |
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9,271 |
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Depreciation and amortization |
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6,843 |
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(4,525 |
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2,318 |
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84,889 |
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(37,784 |
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47,105 |
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55,889 |
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13,332 |
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69,221 |
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147,621 |
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(28,977 |
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118,644 |
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Management fees |
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16,809 |
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5,687 |
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22,496 |
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16,486 |
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1,659 |
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18,145 |
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(19,085 |
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19,085 |
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14,210 |
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26,431 |
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40,641 |
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Rent expense |
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177,385 |
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(177,385 |
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(177,385 |
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177,385 |
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Impairment of other intangible assets |
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4,190 |
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4,190 |
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4,190 |
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4,190 |
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Impairment of other assets |
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15,671 |
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15,671 |
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15,671 |
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15,671 |
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Write-downs and other charges |
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9,747 |
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9,747 |
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4,300 |
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4,300 |
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11,222 |
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(9,089 |
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2,133 |
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25,269 |
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(9,089 |
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16,180 |
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39,282 |
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(25,324 |
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13,958 |
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732,546 |
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(210,089 |
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522,457 |
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503,179 |
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5,686 |
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508,865 |
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(196,470 |
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196,470 |
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1,078,537 |
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(33,257 |
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1,045,280 |
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Operating income (loss) |
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(21,647 |
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7,717 |
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(13,930 |
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(108,609 |
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210,089 |
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101,480 |
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203,283 |
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(183,071 |
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20,212 |
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1,478 |
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(1,478 |
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74,505 |
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33,257 |
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107,762 |
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Equity in earnings of subsidiaries |
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897,696 |
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(719,092 |
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178,604 |
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(897,696 |
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719,092 |
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(178,604 |
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Gain on dissolution of joint ventures |
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124,443 |
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124,443 |
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124,443 |
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124,443 |
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Earnings (losses) from joint ventures |
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(246,346 |
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247,806 |
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1,460 |
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(246,346 |
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247,806 |
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1,460 |
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Operating income (loss) and earnings (losses) from joint ventures |
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876,049 |
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(711,375 |
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164,674 |
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(108,609 |
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210,089 |
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101,480 |
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81,380 |
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64,735 |
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146,115 |
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(896,218 |
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717,614 |
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(178,604 |
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(47,398 |
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281,063 |
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233,665 |
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Change in fair value of derivative instruments |
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397 |
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(397 |
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397 |
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(397 |
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Interest expense, net |
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(63,619 |
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(63,506 |
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(127,125 |
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(179 |
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(179 |
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(90,584 |
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26,731 |
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(63,853 |
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(154,382 |
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(36,775 |
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(191,157 |
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Interest and other expense from joint ventures |
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(26,411 |
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26,217 |
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(194 |
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(26,411 |
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26,217 |
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(194 |
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Intercompany interest expense, net |
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(8,926 |
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8,926 |
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8,926 |
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(8,926 |
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Income (loss) before reorganization items and income taxes |
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803,901 |
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(766,352 |
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37,549 |
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(108,788 |
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210,089 |
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101,301 |
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(26,689 |
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108,757 |
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82,068 |
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(896,218 |
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717,614 |
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(178,604 |
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(227,794 |
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270,108 |
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42,314 |
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Reorganization items |
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2,880,952 |
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(2,880,952 |
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(1,128,676 |
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1,128,676 |
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2,138,435 |
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(2,138,435 |
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3,890,711 |
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(3,890,711 |
) |
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Income (loss) before income taxes |
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3,684,853 |
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(3,647,304 |
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37,549 |
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(1,237,464 |
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1,338,765 |
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101,301 |
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2,111,746 |
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(2,029,678 |
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82,068 |
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(896,218 |
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717,614 |
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(178,604 |
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3,662,917 |
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(3,620,603 |
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42,314 |
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Income tax benefit |
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59,906 |
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(59,906 |
) |
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44,131 |
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(44,131 |
) |
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3,223 |
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(3,223 |
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107,260 |
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(107,260 |
) |
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Net income (loss) including noncontrolling interest |
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3,744,759 |
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(3,707,210 |
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37,549 |
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(1,193,333 |
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1,294,634 |
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101,301 |
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2,114,969 |
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(2,032,901 |
) |
82,068 |
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(896,218 |
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717,614 |
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(178,604 |
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3,770,177 |
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(3,727,863 |
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42,314 |
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Less: net loss applicable to noncontrolling interest |
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25,418 |
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(20,653 |
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4,765 |
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25,418 |
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(20,653 |
) |
4,765 |
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Net income (loss) |
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$ |
3,744,759 |
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$ |
(3,707,210 |
) |
$ |
37,549 |
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$ |
(1,193,333 |
) |
$ |
1,294,634 |
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$ |
101,301 |
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$ |
2,089,551 |
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$ |
(2,012,248 |
) |
$ |
77,303 |
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$ |
(896,218 |
) |
$ |
717,614 |
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$ |
(178,604 |
) |
$ |
3,744,759 |
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$ |
(3,707,210 |
) |
$ |
37,549 |
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See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
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Twelve Months Ended September 30, 2011 |
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Parent |
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Guarantor Subsidiaries |
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Non-Guarantor Subsidiaries |
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Eliminations |
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Consolidated |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Historical |
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Pro Forma |
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Pro Forma |
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Net income (loss) |
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$ |
3,744,759 |
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$ |
(3,707,210 |
) |
$ |
37,549 |
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$ |
(1,193,333 |
) |
$ |
1,294,634 |
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$ |
101,301 |
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$ |
2,089,551 |
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$ |
(2,012,248 |
) |
$ |
77,303 |
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$ |
(896,218 |
) |
$ |
717,614 |
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$ |
(178,604 |
) |
$ |
3,744,759 |
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$ |
(3,707,210 |
) |
$ |
37,549 |
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Net loss applicable to noncontrolling interest |
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25,418 |
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(20,653 |
) |
4,765 |
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25,418 |
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(20,653 |
) |
4,765 |
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Income tax benefit |
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(59,906 |
) |
59,906 |
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(44,131 |
) |
44,131 |
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(3,223 |
) |
3,223 |
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(107,260 |
) |
107,260 |
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Reorganization items |
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(2,880,952 |
) |
2,880,952 |
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1,128,676 |
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(1,128,676 |
) |
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(2,138,435 |
) |
2,138,435 |
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(3,890,711 |
) |
3,890,711 |
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Intercompany interest expense, net |
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8,926 |
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(8,926 |
) |
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(8,926 |
) |
8,926 |
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Interest and other expense from joint ventures |
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26,411 |
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(26,217 |
) |
194 |
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26,411 |
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(26,217 |
) |
194 |
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Interest expense, net |
|
63,619 |
|
63,506 |
|
127,125 |
|
179 |
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179 |
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90,584 |
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(26,731 |
) |
63,853 |
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154,382 |
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36,775 |
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191,157 |
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Change in fair value of derivative instruments |
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(397 |
) |
397 |
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(397 |
) |
397 |
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Gain on dissolution of joint ventures |
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(124,443 |
) |
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(124,443 |
) |
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(124,443 |
) |
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(124,443 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
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(897,696 |
) |
719,092 |
|
(178,604 |
) |
|
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|
897,696 |
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(719,092 |
) |
178,604 |
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| |||||||||||||||
Write-downs and other charges |
|
9,747 |
|
|
|
9,747 |
|
4,300 |
|
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|
4,300 |
|
11,222 |
|
(9,089 |
) |
2,133 |
|
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|
25,269 |
|
(9,089 |
) |
16,180 |
| |||||||||||||||
Impairment of other assets |
|
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|
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|
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|
|
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|
15,671 |
|
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|
15,671 |
|
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|
15,671 |
|
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|
15,671 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
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|
|
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|
|
4,190 |
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|
|
4,190 |
|
|
|
|
|
|
|
4,190 |
|
|
|
4,190 |
| |||||||||||||||
Rent expense (income) |
|
|
|
|
|
|
|
177,385 |
|
(177,385 |
) |
|
|
|
|
|
|
|
|
(177,385 |
) |
177,385 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
16,809 |
|
5,687 |
|
22,496 |
|
16,486 |
|
1,659 |
|
18,145 |
|
(19,085 |
) |
19,085 |
|
|
|
14,210 |
|
26,431 |
|
40,641 |
| |||||||||||||||
Depreciation and amortization |
|
6,843 |
|
(4,525 |
) |
2,318 |
|
84,889 |
|
(37,784 |
) |
47,105 |
|
55,889 |
|
13,332 |
|
69,221 |
|
|
|
|
|
|
|
147,621 |
|
(28,977 |
) |
118,644 |
| |||||||||||||||
Development and preopening |
|
1,706 |
|
(1,663 |
) |
43 |
|
811 |
|
|
|
811 |
|
8,506 |
|
(89 |
) |
8,417 |
|
|
|
|
|
|
|
11,023 |
|
(1,752 |
) |
9,271 |
| |||||||||||||||
Equity-based compensation expense |
|
7,922 |
|
(7,922 |
) |
|
|
608 |
|
(608 |
) |
|
|
87 |
|
(87 |
) |
|
|
|
|
|
|
|
|
8,617 |
|
(8,617 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
(1,077 |
) |
|
|
(1,077 |
) |
|
|
|
|
|
|
9,409 |
|
(7,164 |
) |
2,245 |
|
|
|
|
|
|
|
8,332 |
|
(7,164 |
) |
1,168 |
| |||||||||||||||
Thunder Valley development fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
(100 |
) |
|
|
(100 |
) |
|
|
|
|
|
|
(100 |
) |
|
|
(100 |
) | |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
234,542 |
|
(234,542 |
) |
|
|
|
|
|
|
|
|
234,542 |
|
(234,542 |
) |
|
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
(1 |
) |
|
|
|
|
|
|
|
|
1 |
|
(1 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
3,494 |
|
$ |
(6,393 |
) |
$ |
(2,899 |
) |
$ |
176,193 |
|
$ |
(1 |
) |
$ |
176,192 |
|
$ |
312,840 |
|
$ |
(171,246 |
) |
$ |
141,594 |
|
$ |
(194,992 |
) |
$ |
194,992 |
|
$ |
|
|
$ |
297,535 |
|
$ |
17,352 |
|
$ |
314,887 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2011 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net revenues |
|
$ |
11,612 |
|
$ |
(11,588 |
) |
$ |
24 |
|
$ |
473,103 |
|
$ |
|
|
$ |
473,103 |
|
$ |
516,592 |
|
$ |
(115,023 |
) |
$ |
401,569 |
|
$ |
(126,611 |
) |
$ |
126,611 |
|
$ |
|
|
$ |
874,696 |
|
$ |
|
|
$ |
874,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
235,585 |
|
|
|
235,585 |
|
188,528 |
|
(3 |
) |
188,525 |
|
|
|
|
|
|
|
424,113 |
|
(3 |
) |
424,110 |
| |||||||||||||||
Selling, general and administrative |
|
144 |
|
|
|
144 |
|
106,949 |
|
(195 |
) |
106,754 |
|
104,957 |
|
(107 |
) |
104,850 |
|
|
|
|
|
|
|
212,050 |
|
(302 |
) |
211,748 |
| |||||||||||||||
Corporate |
|
15,937 |
|
(14,130 |
) |
1,807 |
|
|
|
|
|
|
|
(119 |
) |
119 |
|
|
|
|
|
|
|
|
|
15,818 |
|
(14,011 |
) |
1,807 |
| |||||||||||||||
Development and preopening |
|
501 |
|
(458 |
) |
43 |
|
634 |
|
|
|
634 |
|
1,101 |
|
(82 |
) |
1,019 |
|
|
|
|
|
|
|
2,236 |
|
(540 |
) |
1,696 |
| |||||||||||||||
Depreciation and amortization |
|
4,687 |
|
(2,879 |
) |
1,808 |
|
61,832 |
|
(29,563 |
) |
32,269 |
|
42,674 |
|
13,732 |
|
56,406 |
|
|
|
|
|
|
|
109,193 |
|
(18,710 |
) |
90,483 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
13,198 |
|
3,695 |
|
16,893 |
|
12,600 |
|
1,155 |
|
13,755 |
|
(11,588 |
) |
11,588 |
|
|
|
14,210 |
|
16,438 |
|
30,648 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
115,023 |
|
(115,023 |
) |
|
|
|
|
|
|
|
|
(115,023 |
) |
115,023 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
592 |
|
|
|
592 |
|
3,199 |
|
|
|
3,199 |
|
1,163 |
|
|
|
1,163 |
|
|
|
|
|
|
|
4,954 |
|
|
|
4,954 |
| |||||||||||||||
|
|
21,861 |
|
(17,467 |
) |
4,394 |
|
536,420 |
|
(141,086 |
) |
395,334 |
|
350,904 |
|
14,814 |
|
365,718 |
|
(126,611 |
) |
126,611 |
|
|
|
782,574 |
|
(17,128 |
) |
765,446 |
| |||||||||||||||
Operating income (loss) |
|
(10,249 |
) |
5,879 |
|
(4,370 |
) |
(63,317 |
) |
141,086 |
|
77,769 |
|
165,688 |
|
(129,837 |
) |
35,851 |
|
|
|
|
|
|
|
92,122 |
|
17,128 |
|
109,250 |
| |||||||||||||||
Equity in earnings of subsidiaries |
|
1,014,626 |
|
(952,432 |
) |
62,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
|
|
|
|
|
| |||||||||||||||
Gain on dissolution of joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
250 |
|
|
|
250 |
|
|
|
|
|
|
|
250 |
|
|
|
250 |
| |||||||||||||||
(Losses) earnings from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(613 |
) |
1,840 |
|
1,227 |
|
|
|
|
|
|
|
(613 |
) |
1,840 |
|
1,227 |
| |||||||||||||||
Operating income (loss) and (losses) earnings from joint ventures |
|
1,004,377 |
|
(946,553 |
) |
57,824 |
|
(63,317 |
) |
141,086 |
|
77,769 |
|
165,325 |
|
(127,997 |
) |
37,328 |
|
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
91,759 |
|
18,968 |
|
110,727 |
| |||||||||||||||
Change in fair value derivative instruments |
|
397 |
|
(397 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
397 |
|
(397 |
) |
|
| |||||||||||||||
Interest expense, net |
|
(52,152 |
) |
(42,306 |
) |
(94,458 |
) |
(133 |
) |
|
|
(133 |
) |
(63,312 |
) |
15,308 |
|
(48,004 |
) |
|
|
|
|
|
|
(115,597 |
) |
(26,998 |
) |
(142,595 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,452 |
) |
15,452 |
|
|
|
|
|
|
|
|
|
(15,452 |
) |
15,452 |
|
|
| |||||||||||||||
Intercompany interest expense, net |
|
(6,182 |
) |
6,182 |
|
|
|
|
|
|
|
|
|
6,182 |
|
(6,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before reorganization items and income taxes |
|
946,440 |
|
(983,074 |
) |
(36,634 |
) |
(63,450 |
) |
141,086 |
|
77,636 |
|
92,743 |
|
(103,419 |
) |
(10,676 |
) |
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
(38,893 |
) |
7,025 |
|
(31,868 |
) | |||||||||||||||
Reorganization items |
|
2,883,312 |
|
(2,883,312 |
) |
|
|
(1,128,676 |
) |
1,128,676 |
|
|
|
2,140,358 |
|
(2,140,358 |
) |
|
|
|
|
|
|
|
|
3,894,994 |
|
(3,894,994 |
) |
|
| |||||||||||||||
Income (loss) before income taxes |
|
3,829,752 |
|
(3,866,386 |
) |
(36,634 |
) |
(1,192,126 |
) |
1,269,762 |
|
77,636 |
|
2,233,101 |
|
(2,243,777 |
) |
(10,676 |
) |
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
3,856,101 |
|
(3,887,969 |
) |
(31,868 |
) | |||||||||||||||
Income tax benefit (provision) |
|
108,854 |
|
(108,854 |
) |
|
|
28,496 |
|
(28,496 |
) |
|
|
(29,426 |
) |
29,426 |
|
|
|
|
|
|
|
|
|
107,924 |
|
(107,924 |
) |
|
| |||||||||||||||
Net income (loss) including noncontrolling interest |
|
3,938,606 |
|
(3,975,240 |
) |
(36,634 |
) |
(1,163,630 |
) |
1,241,266 |
|
77,636 |
|
2,203,675 |
|
(2,214,351 |
) |
(10,676 |
) |
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
3,964,025 |
|
(3,995,893 |
) |
(31,868 |
) | |||||||||||||||
Less: net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,419 |
|
(20,653 |
) |
4,766 |
|
|
|
|
|
|
|
25,419 |
|
(20,653 |
) |
4,766 |
| |||||||||||||||
Net income (loss) |
|
$ |
3,938,606 |
|
$ |
(3,975,240 |
) |
$ |
(36,634 |
) |
$ |
(1,163,630 |
) |
$ |
1,241,266 |
|
$ |
77,636 |
|
$ |
2,178,256 |
|
$ |
(2,193,698 |
) |
$ |
(15,442 |
) |
$ |
(1,014,626 |
) |
$ |
952,432 |
|
$ |
(62,194 |
) |
$ |
3,938,606 |
|
$ |
(3,975,240 |
) |
$ |
(36,634 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2011 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net income (loss) |
|
$ |
3,938,606 |
|
$ |
(3,975,240 |
) |
$ |
(36,634 |
) |
$ |
(1,163,630 |
) |
$ |
1,241,266 |
|
$ |
77,636 |
|
$ |
2,178,256 |
|
$ |
(2,193,698 |
) |
$ |
(15,442 |
) |
$ |
(1,014,626 |
) |
$ |
952,432 |
|
$ |
(62,194 |
) |
$ |
3,938,606 |
|
$ |
(3,975,240 |
) |
$ |
(36,634 |
) |
Net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,419 |
|
(20,653 |
) |
4,766 |
|
|
|
|
|
|
|
25,419 |
|
(20,653 |
) |
4,766 |
| |||||||||||||||
Income tax benefit (provision) |
|
(108,854 |
) |
108,854 |
|
|
|
(28,496 |
) |
28,496 |
|
|
|
29,426 |
|
(29,426 |
) |
|
|
|
|
|
|
|
|
(107,924 |
) |
107,924 |
|
|
| |||||||||||||||
Reorganization items |
|
(2,883,312 |
) |
2,883,312 |
|
|
|
1,128,676 |
|
(1,128,676 |
) |
|
|
(2,140,358 |
) |
2,140,358 |
|
|
|
|
|
|
|
|
|
(3,894,994 |
) |
3,894,994 |
|
|
| |||||||||||||||
Intercompany interest expense, net |
|
6,182 |
|
(6,182 |
) |
|
|
|
|
|
|
|
|
(6,182 |
) |
6,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,452 |
|
(15,452 |
) |
|
|
|
|
|
|
|
|
15,452 |
|
(15,452 |
) |
|
| |||||||||||||||
Interest expense, net |
|
52,152 |
|
42,306 |
|
94,458 |
|
133 |
|
|
|
133 |
|
63,312 |
|
(15,308 |
) |
48,004 |
|
|
|
|
|
|
|
115,597 |
|
26,998 |
|
142,595 |
| |||||||||||||||
Change in fair value derivative instruments |
|
(397 |
) |
397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(397 |
) |
397 |
|
|
| |||||||||||||||
Gain on dissolution of joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(250 |
) |
|
|
(250 |
) |
|
|
|
|
|
|
(250 |
) |
|
|
(250 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(1,014,626 |
) |
952,432 |
|
(62,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
1,014,626 |
|
(952,432 |
) |
62,194 |
|
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
592 |
|
|
|
592 |
|
3,199 |
|
|
|
3,199 |
|
1,163 |
|
|
|
1,163 |
|
|
|
|
|
|
|
4,954 |
|
|
|
4,954 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
115,023 |
|
(115,023 |
) |
|
|
|
|
|
|
|
|
(115,023 |
) |
115,023 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
13,198 |
|
3,695 |
|
16,893 |
|
12,600 |
|
1,155 |
|
13,755 |
|
(11,588 |
) |
11,588 |
|
|
|
14,210 |
|
16,438 |
|
30,648 |
| |||||||||||||||
Depreciation and amortization |
|
4,687 |
|
(2,879 |
) |
1,808 |
|
61,832 |
|
(29,563 |
) |
32,269 |
|
42,674 |
|
13,732 |
|
56,406 |
|
|
|
|
|
|
|
109,193 |
|
(18,710 |
) |
90,483 |
| |||||||||||||||
Development and preopening |
|
501 |
|
(458 |
) |
43 |
|
634 |
|
|
|
634 |
|
1,101 |
|
(82 |
) |
1,019 |
|
|
|
|
|
|
|
2,236 |
|
(540 |
) |
1,696 |
| |||||||||||||||
Equity-based compensation expense |
|
5,857 |
|
(5,857 |
) |
|
|
195 |
|
(195 |
) |
|
|
110 |
|
(110 |
) |
|
|
|
|
|
|
|
|
6,162 |
|
(6,162 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
1,388 |
|
$ |
(3,315 |
) |
$ |
(1,927 |
) |
$ |
130,764 |
|
$ |
|
|
$ |
130,764 |
|
$ |
222,723 |
|
$ |
(113,302 |
) |
$ |
109,421 |
|
$ |
(126,611 |
) |
$ |
126,611 |
|
$ |
|
|
$ |
228,264 |
|
$ |
9,994 |
|
$ |
238,258 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
Twelve Months Ended September 30, 2010 |
| ||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Net revenues |
|
$ |
17,000 |
|
$ |
(16,882 |
) |
$ |
118 |
|
$ |
599,551 |
|
$ |
|
|
$ |
599,551 |
|
$ |
789,785 |
|
$ |
(257,994 |
) |
$ |
531,791 |
|
$ |
(274,416 |
) |
$ |
274,416 |
|
$ |
|
|
$ |
1,131,920 |
|
$ |
(460 |
) |
$ |
1,131,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
293,863 |
|
|
|
293,863 |
|
241,176 |
|
(336 |
) |
240,840 |
|
|
|
|
|
|
|
535,039 |
|
(336 |
) |
534,703 |
| |||||||||||||||
Selling, general and administrative |
|
(1,590 |
) |
|
|
(1,590 |
) |
130,473 |
|
(2,204 |
) |
128,269 |
|
137,996 |
|
(3,267 |
) |
134,729 |
|
|
|
|
|
|
|
266,879 |
|
(5,471 |
) |
261,408 |
| |||||||||||||||
Corporate |
|
34,800 |
|
(30,887 |
) |
3,913 |
|
|
|
|
|
|
|
1,333 |
|
(1,333 |
) |
|
|
|
|
|
|
|
|
36,133 |
|
(32,220 |
) |
3,913 |
| |||||||||||||||
Development and preopening |
|
4,437 |
|
(4,437 |
) |
|
|
82 |
|
|
|
82 |
|
5,134 |
|
(237 |
) |
4,897 |
|
|
|
|
|
|
|
9,653 |
|
(4,674 |
) |
4,979 |
| |||||||||||||||
Depreciation and amortization |
|
(32,867 |
) |
35,421 |
|
2,554 |
|
93,682 |
|
(34,335 |
) |
59,347 |
|
128,681 |
|
(77,941 |
) |
50,740 |
|
|
|
|
|
|
|
189,496 |
|
(76,855 |
) |
112,641 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
14,300 |
|
10,886 |
|
25,186 |
|
15,203 |
|
1,973 |
|
17,176 |
|
(29,503 |
) |
29,503 |
|
|
|
|
|
42,362 |
|
42,362 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
160,221 |
|
|
|
160,221 |
|
81,950 |
|
|
|
81,950 |
|
|
|
|
|
|
|
242,171 |
|
|
|
242,171 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
29,325 |
|
|
|
29,325 |
|
226,452 |
|
(126,433 |
) |
100,019 |
|
|
|
|
|
|
|
255,777 |
|
(126,433 |
) |
129,344 |
| |||||||||||||||
Impairment of other assets |
|
2,115 |
|
|
|
2,115 |
|
3,599 |
|
|
|
3,599 |
|
1,015,358 |
|
(23,158 |
) |
992,200 |
|
|
|
|
|
|
|
1,021,072 |
|
(23,158 |
) |
997,914 |
| |||||||||||||||
Write-downs and other charges |
|
2,334 |
|
|
|
2,334 |
|
971 |
|
|
|
971 |
|
13,504 |
|
(5,261 |
) |
8,243 |
|
|
|
|
|
|
|
16,809 |
|
(5,261 |
) |
11,548 |
| |||||||||||||||
|
|
9,229 |
|
97 |
|
9,326 |
|
975,965 |
|
(275,102 |
) |
700,863 |
|
1,866,787 |
|
(235,993 |
) |
1,630,794 |
|
(278,952 |
) |
278,952 |
|
|
|
2,573,029 |
|
(232,046 |
) |
2,340,983 |
| |||||||||||||||
Operating income (loss) |
|
7,771 |
|
(16,979 |
) |
(9,208 |
) |
(376,414 |
) |
275,102 |
|
(101,312 |
) |
(1,077,002 |
) |
(22,001 |
) |
(1,099,003 |
) |
4,536 |
|
(4,536 |
) |
|
|
(1,441,109 |
) |
231,586 |
|
(1,209,523 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(1,382,024 |
) |
8,657 |
|
(1,373,367 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
1,382,024 |
|
(8,657 |
) |
1,373,367 |
|
|
|
|
|
|
| |||||||||||||||
Earnings from joint ventures |
|
1,002 |
|
|
|
1,002 |
|
|
|
|
|
|
|
(130,552 |
) |
23,339 |
|
(107,213 |
) |
|
|
|
|
|
|
(129,550 |
) |
23,339 |
|
(106,211 |
) | |||||||||||||||
Operating income (loss) and earnings from joint ventures |
|
(1,373,251 |
) |
(8,322 |
) |
(1,381,573 |
) |
(376,414 |
) |
275,102 |
|
(101,312 |
) |
(1,207,554 |
) |
1,338 |
|
(1,206,216 |
) |
1,386,560 |
|
(13,193 |
) |
1,373,367 |
|
(1,570,659 |
) |
254,925 |
|
(1,315,734 |
) | |||||||||||||||
Change in fair value of derivative instruments |
|
(221 |
) |
221 |
|
|
|
|
|
|
|
|
|
(53,742 |
) |
53,742 |
|
|
|
|
|
|
|
|
|
(53,963 |
) |
53,963 |
|
|
| |||||||||||||||
Interest expense, net |
|
(47,268 |
) |
(80,712 |
) |
(127,980 |
) |
(182 |
) |
|
|
(182 |
) |
(114,277 |
) |
51,790 |
|
(62,487 |
) |
|
|
|
|
|
|
(161,727 |
) |
(28,922 |
) |
(190,649 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
1,773 |
|
|
|
1,773 |
|
|
|
|
|
|
|
(64,556 |
) |
59,714 |
|
(4,842 |
) |
|
|
|
|
|
|
(62,783 |
) |
59,714 |
|
(3,069 |
) | |||||||||||||||
Intercompany interest expense, net |
|
(5,064 |
) |
5,064 |
|
|
|
|
|
|
|
|
|
5,064 |
|
(5,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before reorganization items and income taxes |
|
(1,424,031 |
) |
(83,749 |
) |
(1,507,780 |
) |
(376,596 |
) |
275,102 |
|
(101,494 |
) |
(1,435,065 |
) |
161,520 |
|
(1,273,545 |
) |
1,386,560 |
|
(13,193 |
) |
1,373,367 |
|
(1,849,132 |
) |
339,680 |
|
(1,509,452 |
) | |||||||||||||||
Reorganization items |
|
(56,066 |
) |
56,066 |
|
|
|
|
|
|
|
|
|
(27,635 |
) |
27,635 |
|
|
|
|
|
|
|
|
|
(83,701 |
) |
83,701 |
|
|
| |||||||||||||||
Income (loss) before |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
income taxes |
|
(1,480,097 |
) |
(27,683 |
) |
(1,507,780 |
) |
(376,596 |
) |
275,102 |
|
(101,494 |
) |
(1,462,700 |
) |
189,155 |
|
(1,273,545 |
) |
1,386,560 |
|
(13,193 |
) |
1,373,367 |
|
(1,932,833 |
) |
423,381 |
|
(1,509,452 |
) | |||||||||||||||
Income tax benefit (provision) |
|
(103,104 |
) |
103,104 |
|
|
|
130,871 |
|
(130,871 |
) |
|
|
320,193 |
|
(320,193 |
) |
|
|
|
|
|
|
|
|
347,960 |
|
(347,960 |
) |
|
| |||||||||||||||
Net income (loss) including noncontrolling interest |
|
(1,583,201 |
) |
75,421 |
|
(1,507,780 |
) |
(245,725 |
) |
144,231 |
|
(101,494 |
) |
(1,142,507 |
) |
(131,038 |
) |
(1,273,545 |
) |
1,386,560 |
|
(13,193 |
) |
1,373,367 |
|
(1,584,873 |
) |
75,421 |
|
(1,509,452 |
) | |||||||||||||||
Less: net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) |
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) |
Net income (loss) |
|
$ |
(1,583,201 |
) |
$ |
75,421 |
|
$ |
(1,507,780 |
) |
$ |
(245,725 |
) |
$ |
144,231 |
|
$ |
(101,494 |
) |
$ |
(1,140,835 |
) |
$ |
(131,038 |
) |
$ |
(1,271,873 |
) |
$ |
1,386,560 |
|
$ |
(13,193 |
) |
$ |
1,373,367 |
|
$ |
(1,583,201 |
) |
$ |
75,421 |
|
$ |
(1,507,780 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended September 30, 2010 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net income (loss) |
|
$ |
(1,583,201 |
) |
$ |
75,421 |
|
$ |
(1,507,780 |
) |
$ |
(245,725 |
) |
$ |
144,231 |
|
$ |
(101,494 |
) |
$ |
(1,140,835 |
) |
$ |
(131,038 |
) |
$ |
(1,271,873 |
) |
$ |
1,386,560 |
|
$ |
(13,193 |
) |
$ |
1,373,367 |
|
$ |
(1,583,201 |
) |
$ |
75,421 |
|
$ |
(1,507,780 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) |
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) | |||||||||||||||
Income tax benefit (provision) |
|
103,104 |
|
(103,104 |
) |
|
|
(130,871 |
) |
130,871 |
|
|
|
(320,193 |
) |
320,193 |
|
|
|
|
|
|
|
|
|
(347,960 |
) |
347,960 |
|
|
| |||||||||||||||
Reorganization items |
|
56,066 |
|
(56,066 |
) |
|
|
|
|
|
|
|
|
27,635 |
|
(27,635 |
) |
|
|
|
|
|
|
|
|
83,701 |
|
(83,701 |
) |
|
| |||||||||||||||
Intercompany interest expense, net |
|
5,064 |
|
(5,064 |
) |
|
|
|
|
|
|
|
|
(5,064 |
) |
5,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
(1,773 |
) |
|
|
(1,773 |
) |
|
|
|
|
|
|
64,556 |
|
(59,714 |
) |
4,842 |
|
|
|
|
|
|
|
62,783 |
|
(59,714 |
) |
3,069 |
| |||||||||||||||
Interest expense, net |
|
47,268 |
|
80,712 |
|
127,980 |
|
182 |
|
|
|
182 |
|
114,277 |
|
(51,790 |
) |
62,487 |
|
|
|
|
|
|
|
161,727 |
|
28,922 |
|
190,649 |
| |||||||||||||||
Change in fair value of derivative instruments |
|
221 |
|
(221 |
) |
|
|
|
|
|
|
|
|
53,742 |
|
(53,742 |
) |
|
|
|
|
|
|
|
|
53,963 |
|
(53,963 |
) |
|
| |||||||||||||||
Equity in earnings of subsidiaries |
|
1,382,024 |
|
(8,657 |
) |
1,373,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,382,024 |
) |
8,657 |
|
(1,373,367 |
) |
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
2,334 |
|
|
|
2,334 |
|
971 |
|
|
|
971 |
|
13,504 |
|
(5,261 |
) |
8,243 |
|
|
|
|
|
|
|
16,809 |
|
(5,261 |
) |
11,548 |
| |||||||||||||||
Impairment of other assets |
|
2,115 |
|
|
|
2,115 |
|
3,599 |
|
|
|
3,599 |
|
1,015,358 |
|
(23,158 |
) |
992,200 |
|
|
|
|
|
|
|
1,021,072 |
|
(23,158 |
) |
997,914 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
29,325 |
|
|
|
29,325 |
|
226,452 |
|
(126,433 |
) |
100,019 |
|
|
|
|
|
|
|
255,777 |
|
(126,433 |
) |
129,344 |
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
160,221 |
|
|
|
160,221 |
|
81,950 |
|
|
|
81,950 |
|
|
|
|
|
|
|
242,171 |
|
|
|
242,171 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
14,300 |
|
10,886 |
|
25,186 |
|
15,203 |
|
1,973 |
|
17,176 |
|
(29,503 |
) |
29,503 |
|
|
|
|
|
42,362 |
|
42,362 |
| |||||||||||||||
Depreciation and amortization |
|
(32,867 |
) |
35,421 |
|
2,554 |
|
93,682 |
|
(34,335 |
) |
59,347 |
|
128,681 |
|
(77,941 |
) |
50,740 |
|
|
|
|
|
|
|
189,496 |
|
(76,855 |
) |
112,641 |
| |||||||||||||||
Development and preopening |
|
4,437 |
|
(4,437 |
) |
|
|
82 |
|
|
|
82 |
|
5,134 |
|
(237 |
) |
4,897 |
|
|
|
|
|
|
|
9,653 |
|
(4,674 |
) |
4,979 |
| |||||||||||||||
Equity-based compensation expense |
|
8,264 |
|
(8,264 |
) |
|
|
2,204 |
|
(2,204 |
) |
|
|
412 |
|
(412 |
) |
|
|
|
|
|
|
|
|
10,880 |
|
(10,880 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
(695 |
) |
695 |
|
|
|
|
|
|
|
|
|
1 |
|
(1 |
) |
|
|
|
|
|
|
|
|
(694 |
) |
694 |
|
|
| |||||||||||||||
Thunder Valley development fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,900 |
) |
1,900 |
|
|
|
|
|
|
|
|
|
(1,900 |
) |
1,900 |
|
|
| |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
128,871 |
|
(22,432 |
) |
106,439 |
|
|
|
|
|
|
|
128,871 |
|
(22,432 |
) |
106,439 |
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
96 |
|
(96 |
) |
|
|
|
|
|
|
|
|
96 |
|
(96 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
(7,639 |
) |
$ |
6,436 |
|
$ |
(1,203 |
) |
$ |
177,419 |
|
$ |
|
|
$ |
177,419 |
|
$ |
406,208 |
|
$ |
(250,760 |
) |
$ |
155,448 |
|
$ |
(274,416 |
) |
$ |
274,416 |
|
$ |
|
|
$ |
301,572 |
|
$ |
30,092 |
|
$ |
331,664 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
Nine Months Ended September 30, 2010 |
| ||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Net revenues |
|
$ |
17,600 |
|
$ |
(17,433 |
) |
$ |
167 |
|
$ |
440,824 |
|
$ |
|
|
$ |
440,824 |
|
$ |
582,477 |
|
$ |
(187,087 |
) |
$ |
395,390 |
|
$ |
(204,520 |
) |
$ |
204,520 |
|
|
|
$ |
836,381 |
|
$ |
|
|
$ |
836,381 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
215,476 |
|
|
|
215,476 |
|
179,283 |
|
(103 |
) |
179,180 |
|
|
|
|
|
|
|
394,759 |
|
(103 |
) |
394,656 |
| |||||||||||||||
Selling, general and administrative |
|
(264 |
) |
|
|
(264 |
) |
97,522 |
|
(1,363 |
) |
96,159 |
|
99,191 |
|
(220 |
) |
98,971 |
|
|
|
|
|
|
|
196,449 |
|
(1,583 |
) |
194,866 |
| |||||||||||||||
Corporate |
|
28,223 |
|
(25,286 |
) |
2,937 |
|
|
|
|
|
|
|
536 |
|
(536 |
) |
|
|
|
|
|
|
|
|
28,759 |
|
(25,822 |
) |
2,937 |
| |||||||||||||||
Development and preopening |
|
3,914 |
|
(3,914 |
) |
|
|
|
|
|
|
|
|
3,571 |
|
(336 |
) |
3,235 |
|
|
|
|
|
|
|
7,485 |
|
(4,250 |
) |
3,235 |
| |||||||||||||||
Depreciation and amortization |
|
6,730 |
|
(5,197 |
) |
1,533 |
|
70,296 |
|
(25,785 |
) |
44,511 |
|
59,475 |
|
(21,039 |
) |
38,436 |
|
|
|
|
|
|
|
136,501 |
|
(52,021 |
) |
84,480 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
10,511 |
|
5,525 |
|
16,036 |
|
11,458 |
|
3,030 |
|
14,488 |
|
(21,969 |
) |
21,969 |
|
|
|
|
|
30,524 |
|
30,524 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
187,087 |
|
(187,087 |
) |
|
|
|
|
|
|
|
|
(187,087 |
) |
187,087 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
14,100 |
|
|
|
14,100 |
|
46,286 |
|
|
|
46,286 |
|
|
|
|
|
|
|
60,386 |
|
|
|
60,386 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
269 |
|
|
|
269 |
|
245 |
|
|
|
245 |
|
|
|
|
|
|
|
514 |
|
|
|
514 |
| |||||||||||||||
Impairment of other assets |
|
683 |
|
|
|
683 |
|
|
|
|
|
|
|
180,576 |
|
|
|
180,576 |
|
|
|
|
|
|
|
181,259 |
|
|
|
181,259 |
| |||||||||||||||
Write-downs and other charges |
|
7,455 |
|
|
|
7,455 |
|
355 |
|
|
|
355 |
|
329 |
|
|
|
329 |
|
|
|
|
|
|
|
8,139 |
|
|
|
8,139 |
| |||||||||||||||
|
|
46,741 |
|
(34,397 |
) |
12,344 |
|
595,616 |
|
(208,710 |
) |
386,906 |
|
580,950 |
|
(19,204 |
) |
561,746 |
|
(209,056 |
) |
209,056 |
|
|
|
1,014,251 |
|
(53,255 |
) |
960,996 |
| |||||||||||||||
Operating income (loss) |
|
(29,141 |
) |
16,964 |
|
(12,177 |
) |
(154,792 |
) |
208,710 |
|
53,918 |
|
1,527 |
|
(167,883 |
) |
(166,356 |
) |
4,536 |
|
(4,536 |
) |
|
|
(177,870 |
) |
53,255 |
|
(124,615 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(290,890 |
) |
130,575 |
|
(160,315 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
290,890 |
|
(130,575 |
) |
160,315 |
|
|
|
|
|
|
| |||||||||||||||
Earnings from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,762 |
) |
3,048 |
|
286 |
|
|
|
|
|
|
|
(2,762 |
) |
3,048 |
|
286 |
| |||||||||||||||
Operating income (loss) and earnings from joint ventures |
|
(320,031 |
) |
147,539 |
|
(172,492 |
) |
(154,792 |
) |
208,710 |
|
53,918 |
|
(1,235 |
) |
(164,835 |
) |
(166,070 |
) |
295,426 |
|
(135,111 |
) |
160,315 |
|
(180,632 |
) |
56,303 |
|
(124,329 |
) | |||||||||||||||
Change in fair value of derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
(50,592 |
) |
50,592 |
|
|
|
|
|
|
|
|
|
(50,592 |
) |
50,592 |
|
|
| |||||||||||||||
Interest expense, net |
|
(37,220 |
) |
(60,098 |
) |
(97,318 |
) |
(136 |
) |
|
|
(136 |
) |
(77,085 |
) |
29,138 |
|
(47,947 |
) |
|
|
|
|
|
|
(114,441 |
) |
(30,960 |
) |
(145,401 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(55,750 |
) |
53,998 |
|
(1,752 |
) |
|
|
|
|
|
|
(55,750 |
) |
53,998 |
|
(1,752 |
) | |||||||||||||||
Intercompany interest expense, net |
|
(5,301 |
) |
5,301 |
|
|
|
|
|
|
|
|
|
5,301 |
|
(5,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before reorganization items and income taxes |
|
(362,552 |
) |
92,742 |
|
(269,810 |
) |
(154,928 |
) |
208,710 |
|
53,782 |
|
(179,361 |
) |
(36,408 |
) |
(215,769 |
) |
295,426 |
|
(135,111 |
) |
160,315 |
|
(401,415 |
) |
129,933 |
|
(271,482 |
) | |||||||||||||||
Reorganization items |
|
(44,421 |
) |
44,421 |
|
|
|
|
|
|
|
|
|
(34,044 |
) |
34,044 |
|
|
|
|
|
|
|
|
|
(78,465 |
) |
78,465 |
|
|
| |||||||||||||||
Income (loss) before income taxes |
|
(406,973 |
) |
137,163 |
|
(269,810 |
) |
(154,928 |
) |
208,710 |
|
53,782 |
|
(213,405 |
) |
(2,364 |
) |
(215,769 |
) |
295,426 |
|
(135,111 |
) |
160,315 |
|
(479,880 |
) |
208,398 |
|
(271,482 |
) | |||||||||||||||
Income tax benefit (provision) |
|
(48,575 |
) |
48,575 |
|
|
|
53,523 |
|
(53,523 |
) |
|
|
17,712 |
|
(17,712 |
) |
|
|
|
|
|
|
|
|
22,660 |
|
(22,660 |
) |
|
| |||||||||||||||
Net income (loss) including noncontrolling interest |
|
(455,548 |
) |
185,738 |
|
(269,810 |
) |
(101,405 |
) |
155,187 |
|
53,782 |
|
(195,693 |
) |
(20,076 |
) |
(215,769 |
) |
295,426 |
|
(135,111 |
) |
160,315 |
|
(457,220 |
) |
185,738 |
|
(271,482 |
) | |||||||||||||||
Less: net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) |
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) | |||||||||||||||
Net income (loss) |
|
$ |
(455,548 |
) |
$ |
185,738 |
|
$ |
(269,810 |
) |
$ |
(101,405 |
) |
$ |
155,187 |
|
$ |
53,782 |
|
$ |
(194,021 |
) |
$ |
(20,076 |
) |
$ |
(214,097 |
) |
$ |
295,426 |
|
$ |
(135,111 |
) |
$ |
160,315 |
|
$ |
(455,548 |
) |
$ |
185,738 |
|
$ |
(269,810 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2010 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net income (loss) |
|
$ |
(455,548 |
) |
$ |
185,738 |
|
$ |
(269,810 |
) |
$ |
(101,405 |
) |
$ |
155,187 |
|
$ |
53,782 |
|
$ |
(194,021 |
) |
$ |
(20,076 |
) |
$ |
(214,097 |
) |
$ |
295,426 |
|
$ |
(135,111 |
) |
$ |
160,315 |
|
$ |
(455,548 |
) |
$ |
185,738 |
|
$ |
(269,810 |
) |
Net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) |
|
|
|
|
|
|
(1,672 |
) |
|
|
(1,672 |
) | |||||||||||||||
Income tax benefit (provision) |
|
48,575 |
|
(48,575 |
) |
|
|
(53,523 |
) |
53,523 |
|
|
|
(17,712 |
) |
17,712 |
|
|
|
|
|
|
|
|
|
(22,660 |
) |
22,660 |
|
|
| |||||||||||||||
Reorganization items |
|
44,421 |
|
(44,421 |
) |
|
|
|
|
|
|
|
|
34,044 |
|
(34,044 |
) |
|
|
|
|
|
|
|
|
78,465 |
|
(78,465 |
) |
|
| |||||||||||||||
Intercompany interest expense, net |
|
5,301 |
|
(5,301 |
) |
|
|
|
|
|
|
|
|
(5,301 |
) |
5,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
55,750 |
|
(53,998 |
) |
1,752 |
|
|
|
|
|
|
|
55,750 |
|
(53,998 |
) |
1,752 |
| |||||||||||||||
Interest expense, net |
|
37,220 |
|
60,098 |
|
97,318 |
|
136 |
|
|
|
136 |
|
77,085 |
|
(29,138 |
) |
47,947 |
|
|
|
|
|
|
|
114,441 |
|
30,960 |
|
145,401 |
| |||||||||||||||
Change in fair value of derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,592 |
|
(50,592 |
) |
|
|
|
|
|
|
|
|
50,592 |
|
(50,592 |
) |
|
| |||||||||||||||
Equity in earnings of subsidiaries |
|
290,890 |
|
(130,575 |
) |
160,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(290,890 |
) |
130,575 |
|
(160,315 |
) |
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
7,455 |
|
|
|
7,455 |
|
355 |
|
|
|
355 |
|
329 |
|
|
|
329 |
|
|
|
|
|
|
|
8,139 |
|
|
|
8,139 |
| |||||||||||||||
Impairment of other assets |
|
683 |
|
|
|
683 |
|
|
|
|
|
|
|
180,576 |
|
|
|
180,576 |
|
|
|
|
|
|
|
181,259 |
|
|
|
181,259 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
269 |
|
|
|
269 |
|
245 |
|
|
|
245 |
|
|
|
|
|
|
|
514 |
|
|
|
514 |
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
14,100 |
|
|
|
14,100 |
|
46,286 |
|
|
|
46,286 |
|
|
|
|
|
|
|
60,386 |
|
|
|
60,386 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
187,087 |
|
(187,087 |
) |
|
|
|
|
|
|
|
|
(187,087 |
) |
187,087 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
10,511 |
|
5,525 |
|
16,036 |
|
11,458 |
|
3,030 |
|
14,488 |
|
(21,969 |
) |
21,969 |
|
|
|
|
|
30,524 |
|
30,524 |
| |||||||||||||||
Depreciation and amortization |
|
6,730 |
|
(5,197 |
) |
1,533 |
|
70,296 |
|
(25,785 |
) |
44,511 |
|
59,475 |
|
(21,039 |
) |
38,436 |
|
|
|
|
|
|
|
136,501 |
|
(52,021 |
) |
84,480 |
| |||||||||||||||
Development and preopening |
|
3,914 |
|
(3,914 |
) |
|
|
|
|
|
|
|
|
3,571 |
|
(336 |
) |
3,235 |
|
|
|
|
|
|
|
7,485 |
|
(4,250 |
) |
3,235 |
| |||||||||||||||
Equity-based compensation expense |
|
6,108 |
|
(6,108 |
) |
|
|
1,363 |
|
(1,363 |
) |
|
|
323 |
|
(323 |
) |
|
|
|
|
|
|
|
|
7,794 |
|
(7,794 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
(264 |
) |
|
|
(264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(264 |
) |
|
|
(264 |
) | |||||||||||||||
Thunder Valley development fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,400 |
) |
|
|
(1,400 |
) |
|
|
|
|
|
|
(1,400 |
) |
|
|
(1,400 |
) | |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,758 |
|
(3,702 |
) |
56 |
|
|
|
|
|
|
|
3,758 |
|
(3,702 |
) |
56 |
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
(57 |
) |
|
|
|
|
|
|
|
|
57 |
|
(57 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
(4,515 |
) |
$ |
1,745 |
|
$ |
(2,770 |
) |
$ |
129,189 |
|
$ |
|
|
$ |
129,189 |
|
$ |
303,443 |
|
$ |
(187,262 |
) |
$ |
116,181 |
|
$ |
(204,520 |
) |
$ |
204,520 |
|
$ |
|
|
$ |
223,597 |
|
$ |
19,003 |
|
$ |
242,600 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2010 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net revenues |
|
$ |
23,623 |
|
$ |
(23,452 |
) |
$ |
171 |
|
$ |
591,658 |
|
$ |
|
|
$ |
591,658 |
|
$ |
772,347 |
|
$ |
(249,449 |
) |
$ |
522,898 |
|
$ |
(272,901 |
) |
$ |
272,901 |
|
$ |
|
|
$ |
1,114,727 |
|
$ |
|
|
$ |
1,114,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
291,525 |
|
|
|
291,525 |
|
243,902 |
|
(138 |
) |
243,764 |
|
|
|
|
|
|
|
535,427 |
|
(138 |
) |
535,289 |
| |||||||||||||||
Selling, general and administrative |
|
(1,341 |
) |
|
|
(1,341 |
) |
127,291 |
|
(1,775 |
) |
125,516 |
|
132,263 |
|
(163 |
) |
132,100 |
|
|
|
|
|
|
|
258,213 |
|
(1,938 |
) |
256,275 |
| |||||||||||||||
Corporate |
|
34,205 |
|
(30,292 |
) |
3,913 |
|
|
|
|
|
|
|
694 |
|
(694 |
) |
|
|
|
|
|
|
|
|
34,899 |
|
(30,986 |
) |
3,913 |
| |||||||||||||||
Development and preopening |
|
5,119 |
|
(5,119 |
) |
|
|
177 |
|
|
|
177 |
|
10,976 |
|
(343 |
) |
10,633 |
|
|
|
|
|
|
|
16,272 |
|
(5,462 |
) |
10,810 |
| |||||||||||||||
Depreciation and amortization |
|
8,886 |
|
(6,843 |
) |
2,043 |
|
93,353 |
|
(34,006 |
) |
59,347 |
|
72,690 |
|
(21,439 |
) |
51,251 |
|
|
|
|
|
|
|
174,929 |
|
(62,288 |
) |
112,641 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
14,122 |
|
7,517 |
|
21,639 |
|
15,344 |
|
3,534 |
|
18,878 |
|
(29,466 |
) |
29,466 |
|
|
|
|
|
40,517 |
|
40,517 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
14,100 |
|
|
|
14,100 |
|
46,286 |
|
|
|
46,286 |
|
|
|
|
|
|
|
60,386 |
|
|
|
60,386 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
269 |
|
|
|
269 |
|
4,435 |
|
|
|
4,435 |
|
|
|
|
|
|
|
4,704 |
|
|
|
4,704 |
| |||||||||||||||
Impairment of other assets |
|
683 |
|
|
|
683 |
|
|
|
|
|
|
|
196,247 |
|
|
|
196,247 |
|
|
|
|
|
|
|
196,930 |
|
|
|
196,930 |
| |||||||||||||||
Write-downs and other charges |
|
16,610 |
|
|
|
16,610 |
|
1,456 |
|
|
|
1,456 |
|
10,388 |
|
(9,089 |
) |
1,299 |
|
|
|
|
|
|
|
28,454 |
|
(9,089 |
) |
19,365 |
| |||||||||||||||
|
|
64,162 |
|
(42,254 |
) |
21,908 |
|
791,742 |
|
(277,713 |
) |
514,029 |
|
733,225 |
|
(28,332 |
) |
704,893 |
|
(278,915 |
) |
278,915 |
|
|
|
1,310,214 |
|
(69,384 |
) |
1,240,830 |
| |||||||||||||||
Operating income (loss) |
|
(40,539 |
) |
18,802 |
|
(21,737 |
) |
(200,084 |
) |
277,713 |
|
77,629 |
|
39,122 |
|
(221,117 |
) |
(181,995 |
) |
6,014 |
|
(6,014 |
) |
|
|
(195,487 |
) |
69,384 |
|
(126,103 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(407,820 |
) |
363,915 |
|
(43,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
407,820 |
|
(363,915 |
) |
43,905 |
|
|
|
|
|
|
| |||||||||||||||
Gain on dissolution of joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
124,193 |
|
|
|
124,193 |
|
|
|
|
|
|
|
124,193 |
|
|
|
124,193 |
| |||||||||||||||
Earnings (losses) from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(248,495 |
) |
249,014 |
|
519 |
|
|
|
|
|
|
|
(248,495 |
) |
249,014 |
|
519 |
| |||||||||||||||
Operating income (loss) and earnings (losses) from joint ventures |
|
(448,359 |
) |
382,717 |
|
(65,642 |
) |
(200,084 |
) |
277,713 |
|
77,629 |
|
(85,180 |
) |
27,897 |
|
(57,283 |
) |
413,834 |
|
(369,929 |
) |
43,905 |
|
(319,789 |
) |
318,398 |
|
(1,391 |
) | |||||||||||||||
Change in fair value of derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
(50,592 |
) |
50,592 |
|
|
|
|
|
|
|
|
|
(50,592 |
) |
50,592 |
|
|
| |||||||||||||||
Interest expense, net |
|
(48,687 |
) |
(81,298 |
) |
(129,985 |
) |
(182 |
) |
|
|
(182 |
) |
(104,357 |
) |
40,561 |
|
(63,796 |
) |
|
|
|
|
|
|
(153,226 |
) |
(40,737 |
) |
(193,963 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(66,709 |
) |
64,763 |
|
(1,946 |
) |
|
|
|
|
|
|
(66,709 |
) |
64,763 |
|
(1,946 |
) | |||||||||||||||
Intercompany interest expense, net |
|
(8,045 |
) |
8,045 |
|
|
|
|
|
|
|
|
|
8,045 |
|
(8,045 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before reorganization items and income taxes |
|
(505,091 |
) |
309,464 |
|
(195,627 |
) |
(200,266 |
) |
277,713 |
|
77,447 |
|
(298,793 |
) |
175,768 |
|
(123,025 |
) |
413,834 |
|
(369,929 |
) |
43,905 |
|
(590,316 |
) |
393,016 |
|
(197,300 |
) | |||||||||||||||
Reorganization items |
|
(46,781 |
) |
46,781 |
|
|
|
|
|
|
|
|
|
(35,967 |
) |
35,967 |
|
|
|
|
|
|
|
|
|
(82,748 |
) |
82,748 |
|
|
| |||||||||||||||
Income (loss) before income taxes |
|
(551,872 |
) |
356,245 |
|
(195,627 |
) |
(200,266 |
) |
277,713 |
|
77,447 |
|
(334,760 |
) |
211,735 |
|
(123,025 |
) |
413,834 |
|
(369,929 |
) |
43,905 |
|
(673,064 |
) |
475,764 |
|
(197,300 |
) | |||||||||||||||
Income tax benefit (provision) |
|
(97,523 |
) |
97,523 |
|
|
|
69,158 |
|
(69,158 |
) |
|
|
50,361 |
|
(50,361 |
) |
|
|
|
|
|
|
|
|
21,996 |
|
(21,996 |
) |
|
| |||||||||||||||
Net income (loss) including noncontrolling interest |
|
(649,395 |
) |
453,768 |
|
(195,627 |
) |
(131,108 |
) |
208,555 |
|
77,447 |
|
(284,399 |
) |
161,374 |
|
(123,025 |
) |
413,834 |
|
(369,929 |
) |
43,905 |
|
(651,068 |
) |
453,768 |
|
(197,300 |
) | |||||||||||||||
Less: net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,673 |
) |
|
|
(1,673 |
) |
|
|
|
|
|
|
(1,673 |
) |
|
|
(1,673 |
) | |||||||||||||||
Net income (loss) |
|
$ |
(649,395 |
) |
$ |
453,768 |
|
$ |
(195,627 |
) |
$ |
(131,108 |
) |
$ |
208,555 |
|
$ |
77,447 |
|
$ |
(282,726 |
) |
$ |
161,374 |
|
$ |
(121,352 |
) |
$ |
413,834 |
|
$ |
(369,929 |
) |
$ |
43,905 |
|
$ |
(649,395 |
) |
$ |
453,768 |
|
$ |
(195,627 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2010 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net income (loss) |
|
$ |
(649,395 |
) |
$ |
453,768 |
|
$ |
(195,627 |
) |
$ |
(131,108 |
) |
$ |
208,555 |
|
$ |
77,447 |
|
$ |
(282,726 |
) |
$ |
161,374 |
|
$ |
(121,352 |
) |
$ |
413,834 |
|
$ |
(369,929 |
) |
$ |
43,905 |
|
$ |
(649,395 |
) |
$ |
453,768 |
|
$ |
(195,627 |
) |
Net loss applicable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,673 |
) |
|
|
(1,673 |
) |
|
|
|
|
|
|
(1,673 |
) |
|
|
(1,673 |
) | |||||||||||||||
Income tax benefit (provision) |
|
97,523 |
|
(97,523 |
) |
|
|
(69,158 |
) |
69,158 |
|
|
|
(50,361 |
) |
50,361 |
|
|
|
|
|
|
|
|
|
(21,996 |
) |
21,996 |
|
|
| |||||||||||||||
Reorganization items |
|
46,781 |
|
(46,781 |
) |
|
|
|
|
|
|
|
|
35,967 |
|
(35,967 |
) |
|
|
|
|
|
|
|
|
82,748 |
|
(82,748 |
) |
|
| |||||||||||||||
Intercompany interest expense, net |
|
8,045 |
|
(8,045 |
) |
|
|
|
|
|
|
|
|
(8,045 |
) |
8,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
66,709 |
|
(64,763 |
) |
1,946 |
|
|
|
|
|
|
|
66,709 |
|
(64,763 |
) |
1,946 |
| |||||||||||||||
Interest expense, net |
|
48,687 |
|
81,298 |
|
129,985 |
|
182 |
|
|
|
182 |
|
104,357 |
|
(40,561 |
) |
63,796 |
|
|
|
|
|
|
|
153,226 |
|
40,737 |
|
193,963 |
| |||||||||||||||
Change in fair value of derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,592 |
|
(50,592 |
) |
|
|
|
|
|
|
|
|
50,592 |
|
(50,592 |
) |
|
| |||||||||||||||
Gain on dissolution of joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(124,193 |
) |
|
|
(124,193 |
) |
|
|
|
|
|
|
(124,193 |
) |
|
|
(124,193 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
407,820 |
|
(363,915 |
) |
43,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(407,820 |
) |
363,915 |
|
(43,905 |
) |
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
16,610 |
|
|
|
16,610 |
|
1,456 |
|
|
|
1,456 |
|
10,388 |
|
(9,089 |
) |
1,299 |
|
|
|
|
|
|
|
28,454 |
|
(9,089 |
) |
19,365 |
| |||||||||||||||
Impairment of other assets |
|
683 |
|
|
|
683 |
|
|
|
|
|
|
|
196,247 |
|
|
|
196,247 |
|
|
|
|
|
|
|
196,930 |
|
|
|
196,930 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
269 |
|
|
|
269 |
|
4,435 |
|
|
|
4,435 |
|
|
|
|
|
|
|
4,704 |
|
|
|
4,704 |
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
14,100 |
|
|
|
14,100 |
|
46,286 |
|
|
|
46,286 |
|
|
|
|
|
|
|
60,386 |
|
|
|
60,386 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
14,122 |
|
7,517 |
|
21,639 |
|
15,344 |
|
3,534 |
|
18,878 |
|
(29,466 |
) |
29,466 |
|
|
|
|
|
40,517 |
|
40,517 |
| |||||||||||||||
Depreciation and amortization |
|
8,886 |
|
(6,843 |
) |
2,043 |
|
93,353 |
|
(34,006 |
) |
59,347 |
|
72,690 |
|
(21,439 |
) |
51,251 |
|
|
|
|
|
|
|
174,929 |
|
(62,288 |
) |
112,641 |
| |||||||||||||||
Development and preopening |
|
5,119 |
|
(5,119 |
) |
|
|
177 |
|
|
|
177 |
|
10,976 |
|
(343 |
) |
10,633 |
|
|
|
|
|
|
|
16,272 |
|
(5,462 |
) |
10,810 |
| |||||||||||||||
Equity-based compensation expense |
|
8,173 |
|
(8,173 |
) |
|
|
1,776 |
|
(1,776 |
) |
|
|
300 |
|
(300 |
) |
|
|
|
|
|
|
|
|
10,249 |
|
(10,249 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
(1,341 |
) |
|
|
(1,341 |
) |
|
|
|
|
|
|
9,409 |
|
(7,164 |
) |
2,245 |
|
|
|
|
|
|
|
8,068 |
|
(7,164 |
) |
904 |
| |||||||||||||||
Thunder Valley development fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
|
|
|
|
(1,500 |
) |
|
|
(1,500 |
) | |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
238,300 |
|
(238,244 |
) |
56 |
|
|
|
|
|
|
|
238,300 |
|
(238,244 |
) |
56 |
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
58 |
|
(58 |
) |
|
|
|
|
|
|
|
|
58 |
|
(58 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
(2,409 |
) |
$ |
(1,333 |
) |
$ |
(3,742 |
) |
$ |
174,618 |
|
$ |
(1 |
) |
$ |
174,617 |
|
$ |
393,560 |
|
$ |
(245,206 |
) |
$ |
148,354 |
|
$ |
(272,901 |
) |
$ |
272,901 |
|
$ |
|
|
$ |
292,868 |
|
$ |
26,361 |
|
$ |
319,229 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2009 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net revenues |
|
$ |
26,457 |
|
$ |
(25,876 |
) |
$ |
581 |
|
$ |
652,932 |
|
$ |
|
|
$ |
652,932 |
|
$ |
840,836 |
|
$ |
(257,994 |
) |
$ |
582,842 |
|
$ |
(281,978 |
) |
$ |
281,978 |
|
$ |
|
|
$ |
1,238,247 |
|
$ |
(1,892 |
) |
$ |
1,236,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
325,638 |
|
|
|
325,638 |
|
263,210 |
|
(89 |
) |
263,121 |
|
|
|
|
|
|
|
588,848 |
|
(89 |
) |
588,759 |
| |||||||||||||||
Selling, general and administrative |
|
(2,211 |
) |
|
|
(2,211 |
) |
130,671 |
|
(1,943 |
) |
128,728 |
|
140,742 |
|
(3,512 |
) |
137,230 |
|
|
|
|
|
|
|
269,202 |
|
(5,455 |
) |
263,747 |
| |||||||||||||||
Corporate |
|
32,221 |
|
(28,308 |
) |
3,913 |
|
|
|
|
|
|
|
797 |
|
(797 |
) |
|
|
|
|
|
|
|
|
33,018 |
|
(29,105 |
) |
3,913 |
| |||||||||||||||
Development and preopening |
|
2,261 |
|
(2,261 |
) |
|
|
82 |
|
|
|
82 |
|
9,671 |
|
|
|
9,671 |
|
|
|
|
|
|
|
12,014 |
|
(2,261 |
) |
9,753 |
| |||||||||||||||
Depreciation and amortization |
|
7,758 |
|
(5,715 |
) |
2,043 |
|
95,829 |
|
(36,482 |
) |
59,347 |
|
126,670 |
|
(75,419 |
) |
51,251 |
|
|
|
|
|
|
|
230,257 |
|
(117,616 |
) |
112,641 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
15,649 |
|
8,704 |
|
24,353 |
|
16,880 |
|
6,284 |
|
23,164 |
|
(32,529 |
) |
32,529 |
|
|
|
|
|
47,517 |
|
47,517 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
146,121 |
|
|
|
146,121 |
|
35,664 |
|
|
|
35,664 |
|
|
|
|
|
|
|
181,785 |
|
|
|
181,785 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
29,056 |
|
|
|
29,056 |
|
226,207 |
|
(126,433 |
) |
99,774 |
|
|
|
|
|
|
|
255,263 |
|
(126,433 |
) |
128,830 |
| |||||||||||||||
Impairment of other assets |
|
1,432 |
|
|
|
1,432 |
|
3,599 |
|
|
|
3,599 |
|
834,782 |
|
(23,158 |
) |
811,624 |
|
|
|
|
|
|
|
839,813 |
|
(23,158 |
) |
816,655 |
| |||||||||||||||
Write-downs and other charges |
|
3,915 |
|
|
|
3,915 |
|
2,371 |
|
|
|
2,371 |
|
14,814 |
|
(5,261 |
) |
9,553 |
|
|
|
|
|
|
|
21,100 |
|
(5,261 |
) |
15,839 |
| |||||||||||||||
|
|
45,376 |
|
(36,284 |
) |
9,092 |
|
998,465 |
|
(279,170 |
) |
719,295 |
|
1,669,437 |
|
(228,385 |
) |
1,441,052 |
|
(281,978 |
) |
281,978 |
|
|
|
2,431,300 |
|
(261,861 |
) |
2,169,439 |
| |||||||||||||||
Operating loss |
|
(18,919 |
) |
10,408 |
|
(8,511 |
) |
(345,533 |
) |
279,170 |
|
(66,363 |
) |
(828,601 |
) |
(29,609 |
) |
(858,210 |
) |
|
|
|
|
|
|
(1,193,053 |
) |
259,969 |
|
(933,084 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(1,177,395 |
) |
80,571 |
|
(1,096,824 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
1,177,395 |
|
(80,571 |
) |
1,096,824 |
|
|
|
|
|
|
| |||||||||||||||
Losses from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(127,643 |
) |
21,018 |
|
(106,625 |
) |
|
|
|
|
|
|
(127,643 |
) |
21,018 |
|
(106,625 |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating loss and losses from joint ventures |
|
(1,196,314 |
) |
90,979 |
|
(1,105,335 |
) |
(345,533 |
) |
279,170 |
|
(66,363 |
) |
(956,244 |
) |
(8,591 |
) |
(964,835 |
) |
1,177,395 |
|
(80,571 |
) |
1,096,824 |
|
(1,320,696 |
) |
280,987 |
|
(1,039,709 |
) | |||||||||||||||
Gain on early retirement of debt |
|
40,348 |
|
(40,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,348 |
|
(40,348 |
) |
|
| |||||||||||||||
Change in fair value of derivative instruments |
|
1,400 |
|
(1,400 |
) |
|
|
|
|
|
|
|
|
37,217 |
|
(37,217 |
) |
|
|
|
|
|
|
|
|
38,617 |
|
(38,617 |
) |
|
| |||||||||||||||
Interest expense, net |
|
(140,662 |
) |
17,460 |
|
(123,202 |
) |
(189 |
) |
|
|
(189 |
) |
(187,656 |
) |
127,382 |
|
(60,274 |
) |
|
|
|
|
|
|
(328,507 |
) |
144,842 |
|
(183,665 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(40,802 |
) |
35,639 |
|
(5,163 |
) |
|
|
|
|
|
|
(40,802 |
) |
35,639 |
|
(5,163 |
) | |||||||||||||||
Intercompany interest expense, net |
|
300 |
|
(300 |
) |
|
|
|
|
|
|
|
|
(300 |
) |
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Loss before reorganization items and income taxes |
|
(1,294,928 |
) |
66,391 |
|
(1,228,537 |
) |
(345,722 |
) |
279,170 |
|
(66,552 |
) |
(1,147,785 |
) |
117,513 |
|
(1,030,272 |
) |
1,177,395 |
|
(80,571 |
) |
1,096,824 |
|
(1,611,040 |
) |
382,503 |
|
(1,228,537 |
) | |||||||||||||||
Reorganization items |
|
(260,519 |
) |
260,519 |
|
|
|
|
|
|
|
|
|
(115,369 |
) |
115,369 |
|
|
|
|
|
|
|
|
|
(375,888 |
) |
375,888 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Loss before income taxes |
|
(1,555,447 |
) |
326,910 |
|
(1,228,537 |
) |
(345,722 |
) |
279,170 |
|
(66,552 |
) |
(1,263,154 |
) |
232,882 |
|
(1,030,272 |
) |
1,177,395 |
|
(80,571 |
) |
1,096,824 |
|
(1,986,928 |
) |
758,391 |
|
(1,228,537 |
) | |||||||||||||||
Income tax benefit (provision) |
|
(141,609 |
) |
141,609 |
|
|
|
120,065 |
|
(120,065 |
) |
|
|
311,416 |
|
(311,416 |
) |
|
|
|
|
|
|
|
|
289,872 |
|
(289,872 |
) |
|
| |||||||||||||||
Net loss |
|
$ |
(1,697,056 |
) |
$ |
468,519 |
|
$ |
(1,228,537 |
) |
$ |
(225,657 |
) |
$ |
159,105 |
|
$ |
(66,552 |
) |
$ |
(951,738 |
) |
$ |
(78,534 |
) |
$ |
(1,030,272 |
) |
$ |
1,177,395 |
|
$ |
(80,571 |
) |
$ |
1,096,824 |
|
$ |
(1,697,056 |
) |
$ |
468,519 |
|
$ |
(1,228,537 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2009 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net loss |
|
$ |
(1,697,056 |
) |
$ |
468,519 |
|
$ |
(1,228,537 |
) |
$ |
(225,657 |
) |
$ |
159,105 |
|
$ |
(66,552 |
) |
$ |
(951,738 |
) |
$ |
(78,534 |
) |
$ |
(1,030,272 |
) |
$ |
1,177,395 |
|
$ |
(80,571 |
) |
$ |
1,096,824 |
|
$ |
(1,697,056 |
) |
$ |
468,519 |
|
$ |
(1,228,537 |
) |
Income tax benefit (provision) |
|
141,609 |
|
(141,609 |
) |
|
|
(120,065 |
) |
120,065 |
|
|
|
(311,416 |
) |
311,416 |
|
|
|
|
|
|
|
|
|
(289,872 |
) |
289,872 |
|
|
| |||||||||||||||
Reorganization items |
|
260,519 |
|
(260,519 |
) |
|
|
|
|
|
|
|
|
115,369 |
|
(115,369 |
) |
|
|
|
|
|
|
|
|
375,888 |
|
(375,888 |
) |
|
| |||||||||||||||
Intercompany interest expense, net |
|
(300 |
) |
300 |
|
|
|
|
|
|
|
|
|
300 |
|
(300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
40,802 |
|
(35,639 |
) |
5,163 |
|
|
|
|
|
|
|
40,802 |
|
(35,639 |
) |
5,163 |
| |||||||||||||||
Interest expense, net |
|
140,662 |
|
(17,460 |
) |
123,202 |
|
189 |
|
|
|
189 |
|
187,656 |
|
(127,382 |
) |
60,274 |
|
|
|
|
|
|
|
328,507 |
|
(144,842 |
) |
183,665 |
| |||||||||||||||
Change in fair value of derivative instruments |
|
(1,400 |
) |
1,400 |
|
|
|
|
|
|
|
|
|
(37,217 |
) |
37,217 |
|
|
|
|
|
|
|
|
|
(38,617 |
) |
38,617 |
|
|
| |||||||||||||||
Gain on early retirement of debt |
|
(40,348 |
) |
40,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40,348 |
) |
40,348 |
|
|
| |||||||||||||||
Equity in earnings of subsidiaries |
|
1,177,395 |
|
(80,571 |
) |
1,096,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,177,395 |
) |
80,571 |
|
(1,096,824 |
) |
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
3,915 |
|
|
|
3,915 |
|
2,371 |
|
|
|
2,371 |
|
14,814 |
|
(5,261 |
) |
9,553 |
|
|
|
|
|
|
|
21,100 |
|
(5,261 |
) |
15,839 |
| |||||||||||||||
Impairment of other assets |
|
1,432 |
|
|
|
1,432 |
|
3,599 |
|
|
|
3,599 |
|
834,782 |
|
(23,158 |
) |
811,624 |
|
|
|
|
|
|
|
839,813 |
|
(23,158 |
) |
816,655 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
29,056 |
|
|
|
29,056 |
|
226,207 |
|
(126,433 |
) |
99,774 |
|
|
|
|
|
|
|
255,263 |
|
(126,433 |
) |
128,830 |
| |||||||||||||||
Impairment of goodwill |
|
|
|
|
|
|
|
146,121 |
|
|
|
146,121 |
|
35,664 |
|
|
|
35,664 |
|
|
|
|
|
|
|
181,785 |
|
|
|
181,785 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
15,649 |
|
8,704 |
|
24,353 |
|
16,880 |
|
6,284 |
|
23,164 |
|
(32,529 |
) |
32,529 |
|
|
|
|
|
47,517 |
|
47,517 |
| |||||||||||||||
Depreciation and amortization |
|
7,758 |
|
(5,715 |
) |
2,043 |
|
95,829 |
|
(36,482 |
) |
59,347 |
|
126,670 |
|
(75,419 |
) |
51,251 |
|
|
|
|
|
|
|
230,257 |
|
(117,616 |
) |
112,641 |
| |||||||||||||||
Development and preopening |
|
2,261 |
|
(2,261 |
) |
|
|
82 |
|
|
|
82 |
|
9,671 |
|
|
|
9,671 |
|
|
|
|
|
|
|
12,014 |
|
(2,261 |
) |
9,753 |
| |||||||||||||||
Equity-based compensation expense |
|
8,296 |
|
(8,296 |
) |
|
|
1,943 |
|
(1,943 |
) |
|
|
409 |
|
(409 |
) |
|
|
|
|
|
|
|
|
10,648 |
|
(10,648 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
(2,335 |
) |
|
|
(2,335 |
) |
|
|
|
|
|
|
173 |
|
|
|
173 |
|
|
|
|
|
|
|
(2,162 |
) |
|
|
(2,162 |
) | |||||||||||||||
Thunder Valley development fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,500 |
) |
|
|
(2,500 |
) |
|
|
|
|
|
|
(2,500 |
) |
|
|
(2,500 |
) | |||||||||||||||
Executive buyout at Thunder Valley (24%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
930 |
|
|
|
930 |
|
|
|
|
|
|
|
930 |
|
|
|
930 |
| |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
125,817 |
|
(19,275 |
) |
106,542 |
|
|
|
|
|
|
|
125,817 |
|
(19,275 |
) |
106,542 |
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
75 |
|
(75 |
) |
|
|
|
|
|
|
|
|
75 |
|
(75 |
) |
|
| |||||||||||||||
Depreciation and amortization of investments in joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
136 |
|
(136 |
) |
|
|
|
|
|
|
|
|
136 |
|
(136 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
2,408 |
|
$ |
(5,864 |
) |
$ |
(3,456 |
) |
$ |
198,566 |
|
$ |
|
|
$ |
198,566 |
|
$ |
433,484 |
|
$ |
(252,473 |
) |
$ |
181,011 |
|
$ |
(281,978 |
) |
$ |
281,978 |
|
$ |
|
|
$ |
352,480 |
|
$ |
23,641 |
|
$ |
376,121 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Condensed Consolidating Statement of Operations
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2008 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
| |||||||||||||||
Net revenues |
|
$ |
30,407 |
|
$ |
(30,385 |
) |
$ |
22 |
|
$ |
780,120 |
|
$ |
|
|
$ |
780,120 |
|
$ |
767,458 |
|
$ |
(14,411 |
) |
$ |
753,047 |
|
$ |
(279,834 |
) |
$ |
279,834 |
|
$ |
|
|
$ |
1,298,151 |
|
$ |
235,038 |
|
$ |
1,533,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Operating |
|
|
|
|
|
|
|
369,801 |
|
(2,222 |
) |
367,579 |
|
212,275 |
|
120,270 |
|
332,545 |
|
|
|
|
|
|
|
582,076 |
|
118,048 |
|
700,124 |
| |||||||||||||||
Selling, general and administrative |
|
|
|
|
|
|
|
145,616 |
|
|
|
145,616 |
|
104,998 |
|
41,796 |
|
146,794 |
|
|
|
|
|
|
|
250,614 |
|
41,796 |
|
292,410 |
| |||||||||||||||
Corporate |
|
35,722 |
|
(31,809 |
) |
3,913 |
|
|
|
|
|
|
|
307 |
|
(307 |
) |
|
|
|
|
|
|
|
|
36,029 |
|
(32,116 |
) |
3,913 |
| |||||||||||||||
Development and preopening |
|
3,398 |
|
(3,398 |
) |
|
|
140 |
|
|
|
140 |
|
10,058 |
|
|
|
10,058 |
|
|
|
|
|
|
|
13,596 |
|
(3,398 |
) |
10,198 |
| |||||||||||||||
Depreciation and amortization |
|
8,262 |
|
(6,219 |
) |
2,043 |
|
106,788 |
|
(47,441 |
) |
59,347 |
|
111,766 |
|
(60,515 |
) |
51,251 |
|
|
|
|
|
|
|
226,816 |
|
(114,175 |
) |
112,641 |
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
17,876 |
|
12,220 |
|
30,096 |
|
12,509 |
|
17,297 |
|
29,806 |
|
(30,385 |
) |
30,385 |
|
|
|
|
|
59,902 |
|
59,902 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Impairment of goodwill |
|
1,088,634 |
|
|
|
1,088,634 |
|
888,083 |
|
|
|
888,083 |
|
618,275 |
|
|
|
618,275 |
|
|
|
|
|
|
|
2,594,992 |
|
|
|
2,594,992 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
191,425 |
|
|
|
191,425 |
|
135,901 |
|
|
|
135,901 |
|
|
|
|
|
|
|
327,326 |
|
|
|
327,326 |
| |||||||||||||||
Impairment of other assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
420,929 |
|
|
|
420,929 |
|
|
|
|
|
|
|
420,929 |
|
|
|
420,929 |
| |||||||||||||||
Write-downs and other charges |
|
14,208 |
|
|
|
14,208 |
|
7,625 |
|
|
|
7,625 |
|
40,792 |
|
(29 |
) |
40,763 |
|
|
|
|
|
|
|
62,625 |
|
(29 |
) |
62,596 |
| |||||||||||||||
|
|
1,150,224 |
|
(41,426 |
) |
1,108,798 |
|
1,976,803 |
|
(286,892 |
) |
1,689,911 |
|
1,667,810 |
|
118,512 |
|
1,786,322 |
|
(279,834 |
) |
279,834 |
|
|
|
4,515,003 |
|
70,028 |
|
4,585,031 |
| |||||||||||||||
Operating loss |
|
(1,119,817 |
) |
11,041 |
|
(1,108,776 |
) |
(1,196,683 |
) |
286,892 |
|
(909,791 |
) |
(900,352 |
) |
(132,923 |
) |
(1,033,275 |
) |
|
|
|
|
|
|
(3,216,852 |
) |
165,010 |
|
(3,051,842 |
) | |||||||||||||||
Equity in earnings of subsidiaries |
|
(2,309,024 |
) |
303,011 |
|
(2,006,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
2,309,024 |
|
(303,011 |
) |
2,006,013 |
|
|
|
|
|
|
| |||||||||||||||
Earnings from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,020 |
|
(16,973 |
) |
47 |
|
|
|
|
|
|
|
17,020 |
|
(16,973 |
) |
47 |
| |||||||||||||||
Operating loss and earnings from joint ventures |
|
(3,428,841 |
) |
314,052 |
|
(3,114,789 |
) |
(1,196,683 |
) |
286,892 |
|
(909,791 |
) |
(883,332 |
) |
(149,896 |
) |
(1,033,228 |
) |
2,309,024 |
|
(303,011 |
) |
2,006,013 |
|
(3,199,832 |
) |
148,037 |
|
(3,051,795 |
) | |||||||||||||||
Change in fair value of derivative instruments |
|
(5,960 |
) |
5,960 |
|
|
|
|
|
|
|
|
|
(17,097 |
) |
17,097 |
|
|
|
|
|
|
|
|
|
(23,057 |
) |
23,057 |
|
|
| |||||||||||||||
Interest expense, net |
|
(210,642 |
) |
83,656 |
|
(126,986 |
) |
(88 |
) |
|
|
(88 |
) |
(168,583 |
) |
111,926 |
|
(56,657 |
) |
|
|
|
|
|
|
(379,313 |
) |
195,582 |
|
(183,731 |
) | |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(47,643 |
) |
41,394 |
|
(6,249 |
) |
|
|
|
|
|
|
(47,643 |
) |
41,394 |
|
(6,249 |
) | |||||||||||||||
Loss before income taxes |
|
(3,645,443 |
) |
403,668 |
|
(3,241,775 |
) |
(1,196,771 |
) |
286,892 |
|
(909,879 |
) |
(1,116,655 |
) |
20,521 |
|
(1,096,134 |
) |
2,309,024 |
|
(303,011 |
) |
2,006,013 |
|
(3,649,845 |
) |
408,070 |
|
(3,241,775 |
) | |||||||||||||||
Income tax benefit (provision) |
|
376,943 |
|
(376,943 |
) |
|
|
398,980 |
|
(398,980 |
) |
|
|
(394,578 |
) |
394,578 |
|
|
|
|
|
|
|
|
|
381,345 |
|
(381,345 |
) |
|
| |||||||||||||||
Net loss |
|
$ |
(3,268,500 |
) |
$ |
26,725 |
|
$ |
(3,241,775 |
) |
$ |
(797,791 |
) |
$ |
(112,088 |
) |
$ |
(909,879 |
) |
$ |
(1,511,233 |
) |
$ |
415,099 |
|
$ |
(1,096,134 |
) |
$ |
2,309,024 |
|
$ |
(303,011 |
) |
$ |
2,006,013 |
|
$ |
(3,268,500 |
) |
$ |
26,725 |
|
$ |
(3,241,775 |
) |
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Pro Forma Adjusted EBITDAM Reconciliation
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2008 |
| |||||||||||||||||||||||||||||||||||||||||||
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
| |||||||||||||||||||||||||||||||||||
|
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Historical |
|
Pro Forma |
|
Pro Forma |
|
Net loss |
|
$ |
(3,268,500 |
) |
$ |
26,725 |
|
$ |
(3,241,775 |
) |
$ |
(797,791 |
) |
$ |
(112,088 |
) |
$ |
(909,879 |
) |
$ |
(1,511,233 |
) |
$ |
415,099 |
|
$ |
(1,096,134 |
) |
$ |
2,309,024 |
|
$ |
(303,011 |
) |
$ |
2,006,013 |
|
$ |
(3,268,500 |
) |
$ |
26,725 |
|
$ |
(3,241,775 |
) |
Income tax benefit (provision) |
|
(376,943 |
) |
376,943 |
|
|
|
(398,980 |
) |
398,980 |
|
|
|
394,578 |
|
(394,578 |
) |
|
|
|
|
|
|
|
|
(381,345 |
) |
381,345 |
|
|
| |||||||||||||||
Interest and other expense from joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
47,643 |
|
(41,394 |
) |
6,249 |
|
|
|
|
|
|
|
47,643 |
|
(41,394 |
) |
6,249 |
| |||||||||||||||
Interest expense, net |
|
210,642 |
|
(83,656 |
) |
126,986 |
|
88 |
|
|
|
88 |
|
168,583 |
|
(111,926 |
) |
56,657 |
|
|
|
|
|
|
|
379,313 |
|
(195,582 |
) |
183,731 |
| |||||||||||||||
Change in fair value of derivative instruments |
|
5,960 |
|
(5,960 |
) |
|
|
|
|
|
|
|
|
17,097 |
|
(17,097 |
) |
|
|
|
|
|
|
|
|
23,057 |
|
(23,057 |
) |
|
| |||||||||||||||
Equity in earnings of subsidiaries |
|
2,309,024 |
|
(303,011 |
) |
2,006,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,309,024 |
) |
303,011 |
|
(2,006,013 |
) |
|
|
|
|
|
| |||||||||||||||
Write-downs and other charges |
|
14,208 |
|
|
|
14,208 |
|
7,625 |
|
|
|
7,625 |
|
40,792 |
|
(29 |
) |
40,763 |
|
|
|
|
|
|
|
62,625 |
|
(29 |
) |
62,596 |
| |||||||||||||||
Impairment of other assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
420,929 |
|
|
|
420,929 |
|
|
|
|
|
|
|
420,929 |
|
|
|
420,929 |
| |||||||||||||||
Impairment of other intangible assets |
|
|
|
|
|
|
|
191,425 |
|
|
|
191,425 |
|
135,901 |
|
|
|
135,901 |
|
|
|
|
|
|
|
327,326 |
|
|
|
327,326 |
| |||||||||||||||
Impairment of goodwill |
|
1,088,634 |
|
|
|
1,088,634 |
|
888,083 |
|
|
|
888,083 |
|
618,275 |
|
|
|
618,275 |
|
|
|
|
|
|
|
2,594,992 |
|
|
|
2,594,992 |
| |||||||||||||||
Rent expense |
|
|
|
|
|
|
|
249,449 |
|
(249,449 |
) |
|
|
|
|
|
|
|
|
(249,449 |
) |
249,449 |
|
|
|
|
|
|
|
|
| |||||||||||||||
Management fees |
|
|
|
|
|
|
|
17,876 |
|
12,220 |
|
30,096 |
|
12,509 |
|
17,297 |
|
29,806 |
|
(30,385 |
) |
30,385 |
|
|
|
|
|
59,902 |
|
59,902 |
| |||||||||||||||
Depreciation and amortization |
|
8,262 |
|
(6,219 |
) |
2,043 |
|
106,788 |
|
(47,441 |
) |
59,347 |
|
111,766 |
|
(60,515 |
) |
51,251 |
|
|
|
|
|
|
|
226,816 |
|
(114,175 |
) |
112,641 |
| |||||||||||||||
Development and preopening |
|
3,398 |
|
(3,398 |
) |
|
|
140 |
|
|
|
140 |
|
10,058 |
|
|
|
10,058 |
|
|
|
|
|
|
|
13,596 |
|
(3,398 |
) |
10,198 |
| |||||||||||||||
Equity-based compensation expense |
|
8,025 |
|
(8,025 |
) |
|
|
2,222 |
|
(2,222 |
) |
|
|
415 |
|
(415 |
) |
|
|
|
|
|
|
|
|
10,662 |
|
(10,662 |
) |
|
| |||||||||||||||
Other non-recurring costs |
|
883 |
|
|
|
883 |
|
|
|
|
|
|
|
1,147 |
|
201 |
|
1,348 |
|
|
|
|
|
|
|
2,030 |
|
201 |
|
2,231 |
| |||||||||||||||
Referendum expenses at Thunder Valley (24%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,560 |
|
|
|
1,560 |
|
|
|
|
|
|
|
1,560 |
|
|
|
1,560 |
| |||||||||||||||
Write-downs and other charges at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
(3 |
) |
|
|
|
|
|
|
|
|
3 |
|
(3 |
) |
|
| |||||||||||||||
Preopening expense at joint ventures (50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,289 |
|
(7,289 |
) |
|
|
|
|
|
|
|
|
7,289 |
|
(7,289 |
) |
|
| |||||||||||||||
Depreciation and amortization of investments in joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,822 |
|
(2,822 |
) |
|
|
|
|
|
|
|
|
2,822 |
|
(2,822 |
) |
|
| |||||||||||||||
Adjusted EBITDAM |
|
$ |
3,593 |
|
$ |
(6,601 |
) |
$ |
(3,008 |
) |
$ |
266,925 |
|
$ |
|
|
$ |
266,925 |
|
$ |
480,134 |
|
$ |
(203,471 |
) |
$ |
276,663 |
|
$ |
(279,834 |
) |
$ |
279,834 |
|
$ |
|
|
$ |
470,818 |
|
$ |
69,762 |
|
$ |
540,580 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Analysis of Pro Forma Interest Expense
Twelve Months Ended September 30, 2011
(unaudited)
(in thousands)
|
|
Parent |
|
Consolidated |
| ||
Pro forma interest expense, net |
|
$ |
127,125 |
|
$ |
191,157 |
|
|
|
|
|
|
| ||
Adjustments to reconcile pro forma interest expense to pro forma cash paid for interest: |
|
|
|
|
| ||
Amortization of debt discount |
|
(53,547 |
) |
(67,071 |
) | ||
Amortization of debt issue costs |
|
(324 |
) |
(4,138 |
) | ||
Capitalized interest |
|
4,694 |
|
5,761 |
| ||
|
|
|
|
|
| ||
Pro forma cash interest expense |
|
$ |
77,948 |
|
$ |
125,709 |
|
See the accompanying Notes to Pro Forma Condensed Consolidating Statements of Operations and Pro Forma Adjusted EBITDAM Reconciliation.
Station Casinos LLC
Capital Expenditures
(unaudited)
(in thousands)
|
|
Guarantor |
|
Parent and Non- |
|
Consolidated |
| |||
Twelve months ended September 30, |
|
|
|
|
|
|
| |||
2011 |
|
$ |
27,092 |
|
$ |
15,118 |
|
$ |
42,210 |
|
2010 |
|
31,128 |
|
12,810 |
|
43,938 |
| |||
|
|
|
|
|
|
|
| |||
Nine months ended September 30, |
|
|
|
|
|
|
| |||
2011 |
|
23,025 |
|
8,948 |
|
31,973 |
| |||
2010 |
|
20,485 |
|
6,362 |
|
26,847 |
| |||
|
|
|
|
|
|
|
| |||
Year ended December 31, |
|
|
|
|
|
|
| |||
2010 |
|
24,552 |
|
12,532 |
|
37,084 |
| |||
2009 |
|
36,179 |
|
37,182 |
|
73,361 |
| |||
2008 |
|
87,928 |
|
96,321 |
|
184,249 |
| |||
Notes to Pro Forma Condensed Consolidating Statements of Operations
and Pro Forma Adjusted EBITDAM Reconciliation
(a) Pro forma adjustments include elimination of intercompany management fee revenue, costs eliminated as a result of the restructuring, elimination of share-based compensation expense, adjustment to depreciation and amortization expense as a result of resetting the carrying values of assets and liabilities to their estimated fair values in connection with fresh-start reporting, adjustments to interest expense as a result of the Restructuring Transactions, the conversion of a portion of the Companys new debt from a variable rate to a fixed rate and the entry into a new floating-to-fixed interest rate swap, elimination of intercompany interest expense, elimination of historical gains and losses on derivative instruments, and elimination of income taxes reflecting the status of the Company as a pass-through entity.
(b) Pro forma adjustments include costs eliminated as a result of the restructuring, elimination of share-based compensation expense, adjustment to depreciation and amortization expense as a result of resetting the carrying values of the assets liabilities to their estimated fair values in connection with fresh-start reporting, adjustment to management fees expense for the elimination of intercompany management fees and the addition of the management fees payable to Fertitta Entertainment, elimination of intercompany rent expense and elimination of income taxes reflecting the status of the Company as a pass-through entity.
(c) Pro forma adjustments include elimination of intercompany rent revenue, costs eliminated as a result of the restructuring, elimination of share-based compensation expense, adjustments to depreciation and amortization expense as a result of resetting the carrying values of assets and liabilities to their estimated fair values in connection with fresh-start reporting, adjustments to interest expense as a result of the Restructuring Transactions and the entry into new floating-to-fixed interest rate swaps, adjustment to management fees expense for the elimination of intercompany management fees and the addition of the management fees payable to Fertitta Entertainment, elimination of equity earnings and losses from GVR and Aliante Station, elimination of intercompany interest income and intercompany rent, elimination of historical gains and losses on derivative instruments , and elimination of income taxes reflecting the status of the Company as a pass-through entity.