 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Kansas Star Casino sees strong first-quarter4 May 2012DUBUQUE, Iowa -- (PRESS RELEASE) -- Peninsula Gaming, LLC (the "Company") today announced financial results for the first quarter ended March 31, 2012. The Company is the parent of (i) Diamond Jo, LLC ("DJL"), which owns and operates the Diamond Jo Casino in Dubuque, Iowa, (ii) Diamond Jo Worth, LLC ("DJW"), which owns and operates the Diamond Jo Casino in Worth County, Iowa, (iii) The Old Evangeline Downs, L.L.C. ("EVD"), which owns and operates the Evangeline Downs Racetrack and Casino in Opelousas, Louisiana and four off-track betting parlors in Louisiana, (iv) Belle of Orleans, L.L.C. (“ABC”), which owns and operates the Amelia Belle Casino in Amelia, Louisiana, and (v) Kansas Star Casino, LLC (“KSC”), which owns and operates on behalf of the State of Kansas the Kansas Star Casino, Hotel and Event Center, in Mulvane, Kansas (“Kansas Star”) that opened its interim facility on December 20, 2011. The new Kansas Star Casino, Hotel and Event Center recorded $50.3 million in net revenue in its first full quarter of operation, according to an earnings release Thursday from its parent company. The temporary casino along the Kansas Turnpike in Mulvane opened Dec. 20. The permanent casino and hotel are under construction. “We ... are particularly optimistic about the attractive returns on invested capital during the first full quarter of our interim casino operation at Kansas Star,” Brent Stevens, CEO of Dubuque, Iowa-based Peninsula Gaming LLC, said in a news release Thursday on Peninsula’s first-quarter earnings. “Construction development and strategic planning continue for the casino’s transition into its permanent building, complete with a larger gaming floor with more slots and table games, additional food amenities, the first phase of our 300-room hotel and its entertainment complex by January 2013 as originally planned.” Kansas Star’s net revenue included $50 million in gambling revenue. Food, beverage and other revenue totaled $2 million, less promotional allowances of $1.7 million, according to the release. Peninsula reported total net revenues in the quarter of $134.8 million, 67.7 percent more than a year ago. Net income was $22.4 million, up from a loss of $100,000 in first quarter of 2011. First Quarter 2012 Results Consolidated net revenues for the first quarter of 2012 were $134.8 million, Consolidated Property Adjusted EBITDA was $56.0 million and Consolidated Adjusted EBITDA was $53.1 million. For the first quarter of 2011, consolidated net revenues were $80.4 million, Consolidated Property Adjusted EBITDA was $27.3 million and Consolidated Adjusted EBITDA was $25.0 million. For the first quarter 2012, on a generally accepted accounting principles ("GAAP") basis, the Company reported net income of $22.4 million. Net loss for the first quarter 2011 on a GAAP basis was $0.1 million. Property Highlights Diamond Jo Dubuque Net revenues at DJL for the first quarter of 2012 were $17.6 million, an increase of $0.8 million from $16.8 million in the first quarter of 2011. Net revenues for the first quarter of 2012 include casino revenues of $17.6 million and food and beverage and other revenues of $2.4 million, less promotional allowances of $2.4 million. Adjusted EBITDA at DJL increased $0.4 million to $6.1 million in the first quarter of 2012 from $5.7 million for the first quarter of 2011. Diamond Jo Worth Net revenues at DJW for the first quarter of 2012 were $23.9 million, an increase of $2.3 million from $21.6 million in the first quarter of 2011. Net revenues for the first quarter of 2012 include casino revenues of $22.9 million, food and beverage revenues of $1.3 million, other revenues (primarily related to gasoline and merchandise sales at the convenience store located adjacent to the casino) of $2.0 million, less promotional allowances of $2.3 million. Adjusted EBITDA at DJW increased $1.2 million to $9.9 million in the first quarter of 2012 from $8.7 million in the first quarter of 2011. Evangeline Downs Racetrack and Casino Net revenues at EVD for the first quarter of 2012 were $30.1 million, an increase of $1.5 million from $28.6 million in the first quarter of 2011. Net revenues for the first quarter of 2012 include casino revenues of $26.5 million, racing and off-track betting revenues of $2.2 million, video poker revenues of $1.6 million, and food and beverage and other revenues of $2.9 million, less promotional allowances of $3.1 million. Adjusted EBITDA at EVD increased $0.3 million to $8.9 million in the first quarter of 2012 from $8.6 million in the first quarter of 2011. Amelia Belle Casino Net revenues at ABC for the first quarter of 2012 were $12.9 million, a decrease of $0.5 million from $13.4 million which is inclusive of a one-time $0.7 million gain on a financial settlement with the predecessor owner of ABC in the first quarter of 2011. Net revenues for the first quarter of 2012 include casino revenues of $13.8 million and food and beverage and other revenues of $1.3 million, less promotional allowances of $2.2 million. Adjusted EBITDA at ABC declined $0.1 million to $4.3 million in the first quarter of 2012 from $4.4 million, which is exclusive of the $0.7 million gain on financial settlement, in the first quarter of 2011. Kansas Star Net revenues at KSC for the first quarter of 2012 were $50.3 million, the property’s first full quarter of operations in its interim facility. Net revenues for the first quarter of 2012 include casino revenues of $50.0 million and food and beverage and other revenues of $2.0 million, less promotional allowances of $1.7 million. Adjusted EBITDA at KSC for the first quarter 2012 was $26.8 million. General Corporate General corporate Adjusted EBITDA was $(2.9) million for the first quarter of 2012, compared to $(2.3) million in the first quarter of 2011. This is attributable to an increase in payroll and travel related expenses due in part to additional corporate travel to the new Kansas Star property to assist in operations during the opening months of the property. Liquidity and Capital Resources The Company ended the first quarter of 2012 with $47.0 million in cash and cash equivalents on hand and $8.7 million in restricted cash. Total debt outstanding was $700.7 million. After taking into account outstanding letters of credit, the Company had $28.3 million available under its $50.0 million revolving credit facility at March 31, 2012. In April 2012, a portion of the outstanding letters of credit under the revolving credit facility in favor of the City of Mulvane, Kansas related to infrastructure improvements were reduced resulting in outstanding letters of credit under the revolving credit facility and available borrowings thereunder of $10.8 million and $39.2 million, respectively. During the first quarter of 2012, the Company had cash outflows of $27.5 million related to capital expenditures. Of this amount, $25.0 million was related to the Kansas Star development. The Company had maintenance capital expenditures of approximately $2.5 million in the aggregate, which consisted primarily of slot machines and slot machine conversions at each of the properties. About Peninsula Gaming Peninsula Gaming, through its subsidiaries, owns and operates the following casinos and off-track betting parlors: the Diamond Jo Casino in Dubuque, Iowa; the Evangeline Downs Racetrack and Casino in St. Landry Parish, Louisiana; four off-track betting parlors in Port Allen, Henderson, Eunice and St. Martinville, Louisiana; the Diamond Jo Casino in Worth County, Iowa; and the Amelia Belle Casino in Amelia, Louisiana. |