![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Empire Resorts Inc | NASDAQ:NYNY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.75 | 9.73 | 9.78 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2017
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from to
|
Delaware
|
|
13-3714474
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
c/o Monticello Casino and Raceway, 204 State Route 17B,
P.O. Box 5013, Monticello, NY
|
|
12701
|
(Address of principal executive offices)
|
|
(Zip code)
|
Large accelerated filer
|
¨
|
|
Accelerated filer
|
x
|
|
|
|
|
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
|
|
Emerging growth company
|
o
|
Item 1.
|
Financial Statements.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
(Unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
6,213
|
|
|
$
|
11,012
|
|
Restricted cash
|
920
|
|
|
1,078
|
|
||
Accounts receivable, net
|
1,058
|
|
|
921
|
|
||
Prepaid expenses and other current assets
|
3,738
|
|
|
4,335
|
|
||
Total current assets
|
11,929
|
|
|
17,346
|
|
||
Property and equipment, net
|
27,081
|
|
|
26,415
|
|
||
Capitalized Development Projects costs
|
437,202
|
|
|
202,438
|
|
||
Restricted cash and investments for Development Projects
|
235,057
|
|
|
26,384
|
|
||
Intangible asset
|
51,000
|
|
|
51,000
|
|
||
Cash collateral for deposit bond
|
35,000
|
|
|
15,000
|
|
||
Other assets
|
166
|
|
|
1,175
|
|
||
Total assets
|
$
|
797,435
|
|
|
$
|
339,758
|
|
Liabilities and stockholders’ equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
2,073
|
|
|
$
|
2,268
|
|
Accrued Development Projects costs
|
75,291
|
|
|
41,933
|
|
||
Accrued expenses and other current liabilities
|
7,013
|
|
|
7,347
|
|
||
Total current liabilities
|
84,377
|
|
|
51,548
|
|
||
Long-term loan, related party, net of debt issuance costs
|
34,825
|
|
|
—
|
|
||
Term B Loan, net of debt issuance costs
|
422,396
|
|
|
—
|
|
||
Other long-term liabilities
|
8,849
|
|
|
8,644
|
|
||
Total liabilities
|
550,447
|
|
|
60,192
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, 5,000 shares authorized; $0.01 par value
|
|
|
|
||||
Series B, $29 per share liquidation value, 44 shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 150,000 shares authorized, 31,178 and 31,156 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
312
|
|
|
312
|
|
||
Additional paid-in capital
|
536,059
|
|
|
533,813
|
|
||
Accumulated other comprehensive loss
|
(489
|
)
|
|
—
|
|
||
Accumulated deficit
|
(288,894
|
)
|
|
(254,559
|
)
|
||
Total stockholders’ equity
|
246,988
|
|
|
279,566
|
|
||
Total liabilities and stockholders’ equity
|
$
|
797,435
|
|
|
$
|
339,758
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Gaming
|
$
|
17,833
|
|
|
$
|
16,423
|
|
|
$
|
46,956
|
|
|
$
|
46,307
|
|
Food, beverage, racing and other
|
2,499
|
|
|
2,768
|
|
|
6,784
|
|
|
8,218
|
|
||||
Gross revenues
|
20,332
|
|
|
19,191
|
|
|
53,740
|
|
|
54,525
|
|
||||
Less: Promotional allowances
|
(1,619
|
)
|
|
(661
|
)
|
|
(3,072
|
)
|
|
(2,384
|
)
|
||||
Net revenues
|
18,713
|
|
|
18,530
|
|
|
50,668
|
|
|
52,141
|
|
||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Gaming
|
12,739
|
|
|
11,814
|
|
|
34,423
|
|
|
33,908
|
|
||||
Food, beverage, racing and other
|
2,502
|
|
|
2,572
|
|
|
7,121
|
|
|
7,674
|
|
||||
Selling, general and administrative
|
3,989
|
|
|
5,244
|
|
|
11,945
|
|
|
15,343
|
|
||||
Development Projects costs
|
5,196
|
|
|
3,159
|
|
|
13,881
|
|
|
9,382
|
|
||||
Stock-based compensation
|
741
|
|
|
800
|
|
|
2,213
|
|
|
2,032
|
|
||||
Depreciation
|
390
|
|
|
329
|
|
|
1,115
|
|
|
1,000
|
|
||||
Total operating costs and expenses
|
25,557
|
|
|
23,918
|
|
|
70,698
|
|
|
69,339
|
|
||||
Loss from operations
|
(6,844
|
)
|
|
(5,388
|
)
|
|
(20,030
|
)
|
|
(17,198
|
)
|
||||
Amortization of debt issuance costs
|
(1,377
|
)
|
|
—
|
|
|
(3,955
|
)
|
|
(2
|
)
|
||||
Interest expense
|
(3,456
|
)
|
|
(2
|
)
|
|
(12,591
|
)
|
|
(416
|
)
|
||||
Interest income
|
805
|
|
|
2
|
|
|
2,337
|
|
|
7
|
|
||||
Net loss
|
(10,872
|
)
|
|
(5,388
|
)
|
|
(34,239
|
)
|
|
(17,609
|
)
|
||||
Dividends on preferred stock
|
(32
|
)
|
|
(32
|
)
|
|
(96
|
)
|
|
(96
|
)
|
||||
Net loss applicable to common stockholders
|
$
|
(10,904
|
)
|
|
$
|
(5,420
|
)
|
|
$
|
(34,335
|
)
|
|
$
|
(17,705
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
30,973
|
|
|
30,928
|
|
|
30,975
|
|
|
27,317
|
|
||||
Diluted
|
30,973
|
|
|
30,928
|
|
|
30,975
|
|
|
27,317
|
|
||||
Loss per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.35
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.11
|
)
|
|
$
|
(0.65
|
)
|
Diluted
|
$
|
(0.35
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.11
|
)
|
|
$
|
(0.65
|
)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(10,872
|
)
|
|
$
|
(5,388
|
)
|
|
$
|
(34,239
|
)
|
|
$
|
(17,609
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on Interest Rate Cap
|
(99
|
)
|
|
—
|
|
|
(489
|
)
|
|
—
|
|
||||
Comprehensive loss
|
$
|
(10,971
|
)
|
|
$
|
(5,388
|
)
|
|
$
|
(34,728
|
)
|
|
$
|
(17,609
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows provided by (used in) operating activities:
|
|
|
|
||||
Net loss
|
$
|
(34,239
|
)
|
|
$
|
(17,609
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation
|
1,115
|
|
|
1,000
|
|
||
Amortization of debt issuance costs
|
3,955
|
|
|
2
|
|
||
Non-cash interest expense
|
2,794
|
|
|
231
|
|
||
Loss on disposal of property and equipment
|
42
|
|
|
—
|
|
||
Stock-based compensation
|
2,213
|
|
|
2,032
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Restricted cash—NYSGC Lottery and Purse Accounts
|
128
|
|
|
207
|
|
||
Accounts receivable
|
(137
|
)
|
|
334
|
|
||
Prepaid expenses and other current assets
|
597
|
|
|
(13
|
)
|
||
Accounts payable
|
(195
|
)
|
|
1,000
|
|
||
Accrued expenses and other current liabilities
|
169
|
|
|
(6,813
|
)
|
||
Net cash used in operating activities
|
(23,558
|
)
|
|
(19,629
|
)
|
||
Cash flows provided by (used in) investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(1,823
|
)
|
|
(802
|
)
|
||
Capitalized Development Projects costs
|
(201,405
|
)
|
|
(99,169
|
)
|
||
Cash collateral for deposit bond
|
(20,000
|
)
|
|
(15,000
|
)
|
||
License fee payment for the casino project
|
—
|
|
|
(51,000
|
)
|
||
Net change in restricted cash and investments for Development Projects
|
(208,673
|
)
|
|
(66,767
|
)
|
||
Restricted cash—racing capital improvement
|
30
|
|
|
3
|
|
||
Other
|
8
|
|
|
—
|
|
||
Net cash used in investing activities
|
(431,863
|
)
|
|
(232,735
|
)
|
||
Cash flows provided by (used in) financing activities:
|
|
|
|
||||
Proceeds from Term B Loan
|
450,000
|
|
|
—
|
|
||
Proceeds from long-term loan, related party
|
32,000
|
|
|
—
|
|
||
Payment of debt issuance costs and Interest Rate Cap fees
|
(31,007
|
)
|
|
—
|
|
||
Proceeds from January 2016 Rights Offering, net of expenses
|
—
|
|
|
286,003
|
|
||
Series B Preferred Stock dividend payment
|
(96
|
)
|
|
(231
|
)
|
||
Series E Preferred Stock and dividend redemption
|
—
|
|
|
(30,711
|
)
|
||
Other payments
|
(275
|
)
|
|
(38
|
)
|
||
Net cash provided by financing activities
|
450,622
|
|
|
255,023
|
|
||
Net (decrease) / increase in cash and cash equivalents
|
(4,799
|
)
|
|
2,659
|
|
||
Cash and cash equivalents, beginning of period
|
11,012
|
|
|
6,412
|
|
||
Cash and cash equivalents, end of period
|
$
|
6,213
|
|
|
$
|
9,071
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
27,710
|
|
|
$
|
231
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Accrued Development Projects costs
|
$
|
75,291
|
|
|
$
|
41,782
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2017
|
|
Sept. 30, 2016
|
|
Sept. 30, 2017
|
|
Sept. 30, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Food and beverage
|
$
|
328
|
|
|
$
|
447
|
|
|
$
|
668
|
|
|
$
|
1,192
|
|
Non-subsidized free play
|
1,135
|
|
|
143
|
|
|
2,105
|
|
|
855
|
|
||||
Players club awards
|
156
|
|
|
71
|
|
|
299
|
|
|
337
|
|
||||
Total retail value of promotional allowances
|
$
|
1,619
|
|
|
$
|
661
|
|
|
$
|
3,072
|
|
|
$
|
2,384
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Sept. 30, 2017
|
|
Sept. 30, 2016
|
|
Sept. 30, 2017
|
|
Sept. 30, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Food and beverage
|
$
|
490
|
|
|
$
|
572
|
|
|
$
|
1,159
|
|
|
$
|
1,594
|
|
Non-subsidized free play
|
670
|
|
|
84
|
|
|
1,242
|
|
|
504
|
|
||||
Players club awards
|
156
|
|
|
71
|
|
|
299
|
|
|
338
|
|
||||
Total cost of promotional allowances
|
$
|
1,316
|
|
|
$
|
727
|
|
|
$
|
2,700
|
|
|
$
|
2,436
|
|
|
Outstanding at
|
||||
|
September 30, 2017
|
|
September 30, 2016
|
||
Options
|
15,000
|
|
|
40,000
|
|
Warrants
|
133,000
|
|
|
133,000
|
|
Option Matching Rights
|
3,000
|
|
|
21,000
|
|
Unvested Restricted Stock
|
149,000
|
|
|
208,000
|
|
Unvested Restricted Stock Units
|
55,000
|
|
|
—
|
|
Total
|
355,000
|
|
|
402,000
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
(in thousands)
|
||||||
|
|
|
|
|
||||
Empire Zones real estate tax credit
|
|
$
|
814
|
|
|
$
|
1,325
|
|
Prepaid real estate taxes
|
|
873
|
|
|
558
|
|
||
Prepaid insurance
|
|
465
|
|
|
919
|
|
||
Inventory
|
|
180
|
|
|
177
|
|
||
Prepaid gaming expenses
|
|
233
|
|
|
61
|
|
||
Development escrow and security refundable deposit
|
|
632
|
|
|
623
|
|
||
Prepaid other
|
|
541
|
|
|
672
|
|
||
Total prepaid expenses and other current assets
|
|
$
|
3,738
|
|
|
$
|
4,335
|
|
|
|
||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Land
|
$
|
770
|
|
|
$
|
770
|
|
Land improvements
|
1,759
|
|
|
1,758
|
|
||
Buildings
|
4,727
|
|
|
4,727
|
|
||
Building improvements
|
29,861
|
|
|
28,088
|
|
||
Vehicles
|
305
|
|
|
307
|
|
||
Furniture, fixtures and equipment
|
5,087
|
|
|
4,278
|
|
||
Construction in Progress
|
65
|
|
|
919
|
|
||
|
42,574
|
|
|
40,847
|
|
||
Less—Accumulated depreciation
|
(15,493
|
)
|
|
(14,432
|
)
|
||
|
$
|
27,081
|
|
|
$
|
26,415
|
|
|
|
||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Liability for horse racing purses
|
$
|
939
|
|
|
$
|
1,139
|
|
Accrued payroll
|
1,483
|
|
|
1,897
|
|
||
Accrued redeemable points
|
284
|
|
|
167
|
|
||
Liability to NYSGC
|
1,270
|
|
|
360
|
|
||
Liability for local progressive jackpot
|
1,035
|
|
|
907
|
|
||
Accrued settlement liability
|
—
|
|
|
758
|
|
||
Accrued professional fees
|
901
|
|
|
308
|
|
||
Federal tax withholding payable
|
—
|
|
|
78
|
|
||
Accrued other
|
1,101
|
|
|
1,733
|
|
||
Total accrued expenses and other current liabilities
|
$
|
7,013
|
|
|
$
|
7,347
|
|
Year ending December 31,
|
(in thousands)
|
|
2017
|
$2,250
|
|
2018
|
4,500
|
|
2019
|
4,500
|
|
2020
|
4,500
|
|
2021
|
4,500
|
|
2022 to 2023
|
429,750
|
|
Payments due by Period
|
|
|
||
|
|
|
||
Year ending December 31,
|
|
Total Lease Payments
|
||
|
|
(in thousands)
|
||
2017
|
|
$
|
3,000
|
|
2018
|
|
10,538
|
|
|
2019
|
|
7,775
|
|
|
2020
|
|
7,800
|
|
|
2021
|
|
8,300
|
|
|
2022 to 2056
|
|
370,286
|
|
|
Total
|
|
$
|
407,699
|
|
|
|
|
Year ending December 31,
|
Fixed Rent Payments due by Period
|
|
|
(in thousands)
|
|
2017 (1) (2)
|
$3,000
|
|
2018 (2) (3)
|
10,500
|
|
2019 (3)
|
7,500
|
|
2020 (3)
|
7,500
|
|
2021 (3)
|
8,000
|
|
2022 to 2056 (3)
|
354,624
|
|
(1)
|
Until February 29, 2016, the Company continued to make payments of
$500,000
per month it would have made under the Original Option Agreement (defined below). From March 1, 2016 until February 28, 2017, option payments made by the Company under a certain option agreement, originally executed on December 21, 2011 and last amended on June 20, 2014, which totaled
$8.5 million
, were applied against fixed rent due by the Company under the Casino Lease for such period.
|
(2)
|
From March 1, 2017 through August 31, 2018, fixed rent is
$1.0 million
per month.
|
(3)
|
From September 1, 2018 through the remainder of the term of the Casino Lease, fixed rent will equal
$7.5 million
per year, subject to an
eight
percent escalation every five years ("Base Amount").
|
Year ending December 31,
|
Fixed Rent Payments due by Period
|
|
|
(in thousands)
|
|
2017 (1)(2)
|
$0
|
|
2018 (2)
|
0
|
|
2019 (2)
|
125
|
|
2020 (2)
|
150
|
|
2021 (2)
|
150
|
|
2022 to 2056 (2) (3)
|
7,825
|
|
(1)
|
From the date the Golf Course Lease commenced (the “Golf Course Lease Commencement Date”) and until the date on which the Golf Course opens for business, which is expected to be in Spring 2019 (the “Golf Course Opening Date”), fixed rent payments will equal
$0
.
|
(2)
|
From the Golf Course Opening Date and continuing for 10 years thereafter, fixed rent will equal
$150,000
per
|
|
year.
|
(3)
|
From March 2029 through the remainder of the term of the Golf Course Lease, fixed rent will equal
$250,000
per year.
|
Year ending December 31,
|
Fixed Rent Payments due by Period
|
|
|
(in thousands)
|
|
2017 (1)(2)
|
$0
|
|
2018 (2)
|
38
|
|
2019 (2)
|
150
|
|
2020 (2)
|
150
|
|
2021 (2)
|
150
|
|
2022 to 2056 (2) (3)
|
7,837
|
|
(1)
|
From the date the Entertainment Village Lease commenced (the “Entertainment Village Lease Commencement Date”) and until the date on which the Entertainment Village opens for business, which is expected to open in the fourth quarter of 2018 (the “Entertainment Village Opening Date”), fixed rent payments will be
$0
.
|
(2)
|
From the Entertainment Village Opening Date and continuing for 10 years thereafter, fixed rent will equal
$150,000
per year.
|
(3)
|
From September 2028 through the remainder of the term of the Entertainment Village Lease, fixed rent will equal
$250,000
per year.
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
a 90,500-square foot main casino floor featuring 2,150 slot machines and 100 table games, which will include Asian-themed games;
|
•
|
a 6,500-square foot poker room featuring 16 - 18 tables;
|
•
|
a designated 3,800-square foot VIP/high-limit area located on the main gaming floor, which will offer slot machines, table games, and a player’s lounge offering food and beverages;
|
•
|
an 18-story hotel tower containing 332 luxury rooms (including at least eight 1,000–1,200-square foot garden suites, seven 2,400-square foot two-story townhouse villas, and 12 penthouse-level suites), indoor pools and two fitness centers;
|
•
|
a separate 4,000-square foot private gaming area containing six private VIP gaming salons, a private gaming cage, and butler service;
|
•
|
27,000 square feet of multi-purpose meeting and entertainment space with seating capacity for 2,500 people that includes access to outdoor terraces and approximately 7,000 square feet of meeting room space;
|
•
|
a 7,500-square foot spa located on the VIP level; and
|
•
|
eight restaurants and seven bars.
|
•
|
causing the investment of not less than approximately $854 million (the “Minimum Capital Investment”) in the development of the Initial Projects and infrastructure for the Destination Resort in accordance with the submitted plans for the Casino Project and the Destination Resort;
|
•
|
deposit of a bond representing 10% of the Minimum Capital Investment (the "Minimum Capital Investment Deposit"), which was completed on March 1, 2016;
|
•
|
commencement of gaming operations on or before March 1, 2018;
|
•
|
compliance with New York State minority-owned and woman-owned business enterprise ("MWBE") requirements with respect to the Casino Project; and
|
•
|
the creation of a minimum of 1,425 full-time and 96 part-time jobs.
|
|
September 30,
2017 |
|
September 30,
2016 |
|
Variance
$
|
|
Variance
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Gaming
|
$
|
17,833
|
|
|
$
|
16,423
|
|
|
$
|
1,410
|
|
|
9
|
%
|
Food, beverage, racing and other
|
2,499
|
|
|
2,768
|
|
|
(269
|
)
|
|
(10
|
)%
|
|||
Gross revenues
|
20,332
|
|
|
19,191
|
|
|
1,141
|
|
|
6
|
%
|
|||
Less: Promotional allowances
|
(1,619
|
)
|
|
(661
|
)
|
|
(958
|
)
|
|
145
|
%
|
|||
Net revenues
|
18,713
|
|
|
18,530
|
|
|
183
|
|
|
1
|
%
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|||||||
Gaming
|
12,739
|
|
|
11,814
|
|
|
925
|
|
|
8
|
%
|
|||
Food, beverage, racing and other
|
2,502
|
|
|
2,572
|
|
|
(70
|
)
|
|
(3
|
)%
|
|||
Selling, general and administrative
|
3,989
|
|
|
5,244
|
|
|
(1,255
|
)
|
|
(24
|
)%
|
|||
Development Projects costs
|
5,196
|
|
|
3,159
|
|
|
2,037
|
|
|
64
|
%
|
|||
Stock-based compensation
|
741
|
|
|
800
|
|
|
(59
|
)
|
|
(7
|
)%
|
|||
Depreciation
|
390
|
|
|
329
|
|
|
61
|
|
|
19
|
%
|
|||
Total costs and expenses
|
25,557
|
|
|
23,918
|
|
|
1,639
|
|
|
7
|
%
|
|||
Loss from operations
|
(6,844
|
)
|
|
(5,388
|
)
|
|
(1,456
|
)
|
|
27
|
%
|
|||
Amortization of debt issuance costs
|
(1,377
|
)
|
|
—
|
|
|
(1,377
|
)
|
|
—
|
%
|
|||
Interest expense
|
(3,456
|
)
|
|
(2
|
)
|
|
(3,454
|
)
|
|
N.M.
|
|
|||
Interest income
|
805
|
|
|
2
|
|
|
803
|
|
|
N.M.
|
|
|||
Loss before income taxes
|
(10,872
|
)
|
|
(5,388
|
)
|
|
(5,484
|
)
|
|
102
|
%
|
|||
Income tax provision
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Net loss
|
$
|
(10,872
|
)
|
|
$
|
(5,388
|
)
|
|
$
|
(5,484
|
)
|
|
102
|
%
|
|
September 30,
2017 |
|
September 30,
2016 |
|
Variance
$
|
|
Variance
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Gaming
|
$
|
46,956
|
|
|
$
|
46,307
|
|
|
$
|
649
|
|
|
1
|
%
|
Food, beverage, racing and other
|
6,784
|
|
|
8,218
|
|
|
(1,434
|
)
|
|
(17
|
)%
|
|||
Gross revenues
|
53,740
|
|
|
54,525
|
|
|
(785
|
)
|
|
(1
|
)%
|
|||
Less: Promotional allowances
|
(3,072
|
)
|
|
(2,384
|
)
|
|
(688
|
)
|
|
29
|
%
|
|||
Net revenues
|
50,668
|
|
|
52,141
|
|
|
(1,473
|
)
|
|
(3
|
)%
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|||||||
Gaming
|
34,423
|
|
|
33,908
|
|
|
(515
|
)
|
|
(2
|
)%
|
|||
Food, beverage, racing and other
|
7,121
|
|
|
7,674
|
|
|
553
|
|
|
7
|
%
|
|||
Selling, general and administrative
|
11,945
|
|
|
15,343
|
|
|
3,398
|
|
|
22
|
%
|
|||
Development Projects costs
|
13,881
|
|
|
9,382
|
|
|
(4,499
|
)
|
|
(48
|
)%
|
|||
Stock-based compensation
|
2,213
|
|
|
2,032
|
|
|
(181
|
)
|
|
(9
|
)%
|
|||
Depreciation
|
1,115
|
|
|
1,000
|
|
|
(115
|
)
|
|
(12
|
)%
|
|||
Total costs and expenses
|
70,698
|
|
|
69,339
|
|
|
(1,359
|
)
|
|
(2
|
)%
|
|||
Loss from operations
|
(20,030
|
)
|
|
(17,198
|
)
|
|
(2,832
|
)
|
|
16
|
%
|
|||
Amortization of debt issuance costs
|
(3,955
|
)
|
|
(2
|
)
|
|
(3,953
|
)
|
|
N.M.
|
|
|||
Interest expense
|
(12,591
|
)
|
|
(416
|
)
|
|
(12,175
|
)
|
|
N.M.
|
|
|||
Interest income
|
2,337
|
|
|
7
|
|
|
2,330
|
|
|
N.M.
|
|
|||
Loss before income taxes
|
(34,239
|
)
|
|
(17,609
|
)
|
|
(16,630
|
)
|
|
94
|
%
|
|||
Income tax provision
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Net loss
|
$
|
(34,239
|
)
|
|
$
|
(17,609
|
)
|
|
$
|
(16,630
|
)
|
|
94
|
%
|
|
|
Payments due by period
|
|
|
|
|
|||||||||||||||
|
|
(in thousands)
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Period ending September 30,
|
|
Casino Lease
|
|
Golf Course Lease
|
Entertainment Village Lease
|
FF&E Financing Payments
|
|
Kien Huat Montreign Loan (1)
|
|
Term B Loan (2)
|
|
Total Payments
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2018
|
|
$11,625
|
|
$0
|
|
$0
|
|
$12,005
|
|
$0
|
|
$2,250
|
|
$25,880
|
|||||||
2019
|
|
7,500
|
|
|
88
|
|
|
150
|
|
|
16,620
|
|
|
—
|
|
|
4,500
|
|
|
28,858
|
|
2020
|
|
7,500
|
|
|
150
|
|
|
150
|
|
|
8,457
|
|
|
—
|
|
|
4,500
|
|
|
20,757
|
|
2021
|
|
7,850
|
|
|
150
|
|
|
150
|
|
|
2,067
|
|
|
—
|
|
|
4,500
|
|
|
14,717
|
|
2022
|
|
8,100
|
|
|
150
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
4,500
|
|
|
12,900
|
|
2023 to 2056
|
|
348,549
|
|
|
7,712
|
|
|
7,725
|
|
|
—
|
|
|
76,250
|
|
|
429,750
|
|
|
869,986
|
|
Total
|
|
$391,124
|
|
$8,250
|
|
$8,325
|
|
$39,149
|
|
$76,250
|
|
$450,000
|
|
$973,098
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of the Executive Vice President - Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of the Executive Vice President - Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101
|
|
Interactive Data File (XBRL).
|
|
|
|
|
|
|
|
|
|
Empire Resorts, Inc.
|
|
|
|
||
Dated: November 1, 2017
|
|
|
|
/s/ Ryan Eller
|
|
|
|
|
Ryan Eller
|
|
|
|
|
President - Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
Empire Resorts, Inc.
|
Dated: November 1, 2017
|
|
|
|
/s/ Laurette J. Pitts
|
|
|
|
|
Laurette J. Pitts
|
|
|
|
|
Executive Vice President - Chief Financial Officer
|
1 Year Empire Resorts Chart |
1 Month Empire Resorts Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions