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Nugget Casino Resort | |||||||||
Summary Balance Sheet | |||||||||
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| As of | |||||||
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| December 31, | |||||||
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| 2021 |
| 2020 |
| 2019 | |||
ASSETS |
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Current Assets: |
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Cash and cash equivalents |
| $ | 5,204,459 |
| $ | 4,385,799 |
| $ | 4,550,084 |
Accounts receivables, net |
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| 1,308,523 |
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| 1,086,183 |
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| 1,517,850 |
Inventories |
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| 2,495,501 |
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| 2,339,875 |
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| 2,250,759 |
Prepaid expenses |
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| 2,038,035 |
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| 1,995,479 |
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| 2,046,227 |
Total Current Assets |
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| 11,046,518 |
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| 9,807,336 |
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| 10,364,920 |
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Property and equipment, net |
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| 90,768,703 |
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| 97,214,275 |
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| 107,822,777 |
Net intangible assets |
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| 16,478,603 |
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| 16,478,603 |
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| 16,478,603 |
Accumulated amortization |
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| (8,808,834) |
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| (7,254,271) |
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| (5,699,711) |
Deposits |
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| 360,309 |
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| 398,827 |
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| 703,077 |
Total Assets |
| $ | 109,845,300 |
| $ | 116,644,770 |
| $ | 129,669,665 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Accounts payable |
| $ | 2,352,344 |
| $ | 2,755,269 |
| $ | 5,606,140 |
Accrued liabilities |
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| 4,223,120 |
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| 20,804,388 |
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| 23,780,584 |
Accrued payroll, benefits and taxes |
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| 2,706,840 |
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| 1,351,092 |
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| 1,786,230 |
Accrued taxes |
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| 612,639 |
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| 307,020 |
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| 800,653 |
Current portion - notes payable |
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| — |
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| 466,472 |
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| — |
Total Current Liabilities |
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| 9,894,943 |
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| 25,684,240 |
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| 31,973,606 |
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Long-term portion - loans payable, net |
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| 6,220,000 |
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| 6,220,000 |
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| 6,220,000 |
Long-term portion - notes payable |
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| — |
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| 7,000,000 |
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| 7,000,000 |
Capital lease/contract payable |
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| — |
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| 23,555 |
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| 1,280,146 |
Total Liabilities |
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| 16,114,943 |
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| 38,927,795 |
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| 46,473,753 |
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Paid in capital |
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| 61,000,000 |
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| 61,000,000 |
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| 61,000,000 |
Retained earnings |
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| 32,730,357 |
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| 16,716,975 |
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| 22,195,912 |
Total Member's Equity |
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| 93,730,357 |
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| 77,716,975 |
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| 83,195,912 |
Total Liabilities and Equity |
| $ | 109,845,300 |
| $ | 116,644,770 |
| $ | 129,669,665 |
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Nugget Casino Resort | |||||||||
Consolidated Summary Income Statement | |||||||||
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| For the year ended | |||||||
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| December 31, | |||||||
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| 2021 |
| 2020 |
| 2019 | |||
Casino |
| $ | 52,501,245 |
| $ | 32,970,472 |
| $ | 40,967,344 |
Rooms |
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| 33,495,656 |
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| 17,688,623 |
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| 29,709,147 |
Food |
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| 12,391,009 |
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| 7,966,671 |
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| 14,990,253 |
Beverage |
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| 6,163,408 |
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| 2,996,298 |
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| 6,338,994 |
Retail |
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| 1,214,401 |
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| 786,664 |
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| 1,092,723 |
Entertainment |
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| 4,956,268 |
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| 355,078 |
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| 4,271,062 |
Amusements & Attractions |
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| 270,743 |
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| 239,474 |
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| 334,513 |
Other operating |
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| 4,911,868 |
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| 1,955,557 |
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| 4,859,417 |
Total Revenue |
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| 115,904,598 |
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| 64,958,836 |
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| 102,563,455 |
Less: Promotional allowances |
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| (15,537,858) |
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| (8,076,092) |
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| (13,419,164) |
Net operating revenue |
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| 100,366,739 |
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| 56,882,744 |
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| 89,144,291 |
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Casino |
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| 14,247,218 |
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| 10,352,733 |
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| 13,827,775 |
Rooms |
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| 11,052,594 |
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| 7,522,682 |
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| 11,995,468 |
Food |
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| 12,479,099 |
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| 8,845,634 |
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| 16,830,917 |
Beverage |
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| 2,147,469 |
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| 1,464,686 |
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| 2,404,916 |
Amusements & Attractions |
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| 2,201,952 |
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| 277,497 |
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| 2,426,656 |
Retail |
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| 980,125 |
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| 580,030 |
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| 829,510 |
Entertainment |
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| 4,534,574 |
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| 341,498 |
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| 3,649,620 |
Other operating |
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| 226,710 |
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| 170,430 |
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| 404,441 |
Total Departmental Expenses |
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| 47,869,741 |
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| 29,555,190 |
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| 52,369,303 |
General & administrative |
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| 13,370,147 |
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| 10,867,662 |
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| 11,912,312 |
Marketing & advertising |
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| 762,936 |
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| 687,853 |
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| 1,070,123 |
Property Operations |
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| 6,223,285 |
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| 4,958,373 |
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| 6,247,106 |
Total Advertising, G&A Expenses |
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| 20,356,368 |
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| 16,513,889 |
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| 19,229,541 |
Total Operating Expenses |
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| 68,226,109 |
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| 46,069,079 |
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| 71,598,844 |
Rent |
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| 313,803 |
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| 313,803 |
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| 313,803 |
Management fee |
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| 1,000,000 |
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| 944,443 |
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| 988,351 |
Depreciation & amortization |
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| 13,922,694 |
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| 14,129,485 |
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| 11,252,550 |
Operating Income (Loss) |
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| 16,904,134 |
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| (4,574,066) |
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| 4,990,743 |
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Interest expense |
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| 143,059 |
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| 153,614 |
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| 27,148 |
Interest expense - Bourbon |
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| 750,713 |
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| 750,713 |
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| 750,713 |
(Gain) loss on disposal of assets |
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| (3,021) |
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| 545 |
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| 107,440 |
Non-operating (income)/loss |
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| 890,752 |
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| 904,872 |
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| 885,301 |
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Net income/(loss) |
| $ | 16,013,382 |
| $ | (5,478,938) |
| $ | 4,105,442 |
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Nugget Casino Resort | |||||||||
Statement of Cash Flows | |||||||||
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| For the year ended | |||||||
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| December 31, | |||||||
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| 2021 |
| 2020 |
| 2019 | |||
Cash Flows from Operation Activities |
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Net income (loss) |
| $ | 16,013,382 |
| $ | (5,478,938) |
| $ | 4,105,442 |
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Net Cash Provided by Operating Activities: |
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Depreciation and amortization |
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| 13,922,694 |
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| 14,129,485 |
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| 11,252,550 |
(Increase) decrease in receivables |
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| (222,340) |
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| 431,667 |
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| (593,201) |
(Increase) decrease in inventories |
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| (155,626) |
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| (89,116) |
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| (171,865) |
(Increase) decrease in prepaids |
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| (42,556) |
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| 50,748 |
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| 448,461 |
(Increase) decrease in total other assets |
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| 38,518 |
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| 304,250 |
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| 34,328 |
Increase (decrease) in accounts payable |
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| (402,925) |
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| (2,850,870) |
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| 2,442,623 |
Increase (decrease) in accrued liabilities |
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| 377,740 |
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| 493,418 |
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| (1,026,516) |
Increase (decrease) in accrued liabilities - intercompany |
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| (16,959,008) |
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| (3,469,613) |
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| 3,258,271 |
Increase (decrease) in accrued salaries and wages |
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| 1,355,749 |
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| (435,138) |
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| 284,110 |
Increase (decrease) in accrued taxes |
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| 305,620 |
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| (493,634) |
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| (816) |
Net Cash from Operating Activities |
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| 14,231,246 |
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| 2,592,259 |
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| 20,033,387 |
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Cash Flows from Investing Activities |
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Purcashe of property, plant and equipment |
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| (5,908,659) |
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| (1,961,924) |
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| (26,273,449) |
Capital leases/other notes payable |
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| (490,026) |
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| (790,120) |
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| 377,057 |
Asset disposals |
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| (13,900) |
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| (4,500) |
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| (55,760) |
Net Cash from Investing Activities |
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| (6,412,586) |
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| (2,756,544) |
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| (25,952,151) |
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Cash Flows from Financing Activities |
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Proceeds from (repayment) of long-term debt |
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| (7,000,000) |
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| — |
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| 7,000,000 |
Net Cash from Financing Activities |
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| (7,000,000) |
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| — |
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| 7,000,000 |
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Increase (Decrease) in Cash and Cash Equivalents |
| $ | 818,660 |
| $ | (164,285) |
| $ | 1,081,235 |
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Beginning of period |
| $ | 4,385,799 |
| $ | 4,550,084 |
| $ | 3,468,849 |
End of period |
| $ | 5,204,459 |
| $ | 4,385,799 |
| $ | 4,550,084 |
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Net Change in Cash and Cash Equivalents |
| $ | 818,660 |
| $ | (164,285) |
| $ | 1,081,235 |
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