![]() Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Inn of the Mountain Gods Resort reports results17 September 2007MESCALERO, New Mexico -- (PRESS RELEASE)-- Inn of the Mountain Gods Resort and Casino ("IMGRC") today reported revenue of $33.8 million, operating income of $0.7 million and EBITDA(1) of $11.7 million for its first quarter ended July 31, 2007. Net income for the quarter improved $1.7 million or 200% from the prior year primarily as a result of improvements across all of the operations. Net revenues increased $1.6 million, or 5%, to $33.8 million for the quarter ended July 31, 2007 from $32.2 million for the quarter ended July 31, 2006. Gaming net revenues increased $1.3 million, up 6% from the comparable prior period; food and beverage revenues increased $0.6 million, or 18%, from the comparable prior period; hotel revenues increased $0.4 million, or 11%, over a year ago. Recreation and other revenue for the 2007 period decreased $0.3 million, or (6%), from July 31, 2006. Promotional Allowances increased $0.4 million, or 133%, for the quarter ended July 31, 2007 compared to the quarter ended July 31, 2006 as part of a refined marketing strategy to award gaming patrons. According to Mr. Brian Parrish, Chief Operating Officer for IMGRC, "We are very pleased with the sequential and year-over-year improvements in our financial operating performance for the first quarter. Our company is continuing to realize the benefits of solid execution of a well-balanced business plan. The growth in EBITDA was fueled primarily from increases in slot, hotel and food & beverage revenues but with reduced operating expense and a nominal increase in labor to protect service levels." IMGRC posted the following results for the fiscal quarter ended July 31, 2007: Net Gaming revenues increased $1.3 million, or 6%, to $22.0 million for the quarter ended July 31, 2007 from $20.7 million for the quarter ended July 31, 2006. Slot revenues increased to approximately $20.7 million for the quarter ended July 31, 2007 from $19.5 million for the quarter ended July 31, 2006, an increase of $1.2 million. Gross slot win per unit, per day was $152 for the quarter ended July 31, 2007 compared to $141 for the quarter ended July 31, 2006; the weighted average number of machines slightly declined to 1,482 for the quarter ended July 31, 2007 from 1,502 for the quarter ended July 31, 2006. Table games revenue increased $0.1 million, or 4%, to $2.9 million for the quarter ended July 31, 2007 from $2.8 million for the quarter ended July 31, 2006. Daily Net Win per Table for the quarter ended July 31, 2007 was $642 as compared to $614 for the same period a year ago, a 5% increase. Hotel revenues for the quarter ended July 31, 2007 increased $0.4 million to $4.1 million while the quarter ending July 31, 2006 hotel revenues were $3.7 million. Occupancy rates averaged 86%, an increase of 16%, for the quarter ended July 31, 2007 over the comparable prior 2006 period, the average daily rate decreased to $170, for the quarter ended July 31, 2007; as compared to $202 for the same period a year ago. Revenue per available room was $147 for the quarter ended July 31, 2007, a 3% increase over the comparable prior 2006 period. Food and beverage revenues increased $0.6 million, or 18%, to $4.0 million for the quarter ended July 31, 2007 from $3.4 million for the quarter ended July 31, 2006. Recreation and other revenues decreased $0.3 million, or (6%) to $4.4 million for the quarter ended July 31, 2007 compared to $4.7 million for the quarter ended July 31, 2006. Total operating expenses remained flat at $26.4 million for the quarters ended July 31, 2007 and 2006. Gaming expenses decreased $0.1 million to $7.4 million for the quarter ended July 31, 2007 from $7.5 million for the quarter ended July 31, 2006. Food and beverage expenses remained flat at $3.9 million for the quarters ended July 31, 2007 and 2006. Hotel expenses decreased $0.2 million for the quarter ended July 31, 2007 from $1.4 million for the quarter ended July 31, 2006. Hotel is running at a 70% profit for the quarter ended July 31, 2007 up 6% from a year ago, due to continued increases improved expense management. Recreation and other costs decreased $0.2 million, or (5%) to $3.8 million for the quarter ended July 31, 2007 from $3.9 million for the quarter ended July 31, 2006. Marketing costs decreased $0.3 million to $2.2 million for the quarter ended July 31, 2007 from $2.5 million for the quarter ended July 31, 2006 due to improved marketing programs. General and administrative expenses increased $0.6 million, or 38%, to $2.2 million for the quarter ended July 31, 2007 from $1.6 million for the quarter ended July 31, 2006 due to higher occupancy rates resulting in increased utility costs and wages. Income from operations increased $1.6 million, or 28%, to $7.4 million for the quarter ended July 31, 2007 from $5.8 million for the quarter ended July 31, 2006. As of July 31, 2007 and April 30, 2007, we had cash and cash equivalents (net of amounts in restricted accounts) of $13.1 million and $16.9 million, respectively. Our principal uses of liquidity for the three month period ended July 31, 2007 were $0.3 million used by operations, $0.4 million used in investing activities and $3.0 million used in financing activities. Cash used in operating activities was $0.3 million, a $1.3 million improvement over the previous year, as a result of improved profitability. Cash used in investing activities for the three month period ended July 31, 2007 was $0.4 million which consisted of $0.1 million in construction in progress and $0.3 million in non gaming equipment. Cash used from financing activities for the three month period ended July 31, 2007 was $3.0 million, consisting of $1.0 million from long term debt, which consisted of $0.05 million in notes payable to BIA, $0.7 million to capital loans and $0.2 million short term notes; and $2.0 million distributed to the Tribe. |