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SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2012
SEGMENT INFORMATION  
Schedule of adjusted EBITDA and reconciliation of adjusted EBITDA to net income

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net revenues:

 

 

 

 

 

 

 

 

 

Atlantis

 

$

36,292,531

 

$

37,159,873

 

$

70,922,623

 

$

70,445,689

 

Riviera Black Hawk (a)

 

9,549,251

 

—

 

9,549,251

 

—

 

Total net revenue

 

$

45,841,782

 

$

37,159,873

 

$

80,471,874

 

$

70,445,689

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (b)

 

 

 

 

 

 

 

 

 

Atlantis

 

$

7,767,747

 

$

10,233,788

 

$

15,588,817

 

$

18,117,812

 

Riviera Black Hawk (a)

 

2,546,186

 

—

 

2,546,186

 

—

 

 

 

10,313,933

 

10,233,788

 

18,135,003

 

18,117,812

 

Corporate and other expense (c)

 

(726,499

)

(716,032

)

(1,977,130

)

(2,084,350

)

Total Adjusted EBITDA

 

$

9,587,434

 

$

9,517,756

 

$

16,157,873

 

$

16,033,462

 

Expenses:

 

 

 

 

 

 

 

 

 

Stock based compensation

 

(316,866

)

(412,959

)

(585,352

)

(877,840

)

Depreciation and amortization

 

(4,260,205

)

(3,436,015

)

(7,635,289

)

(6,830,401

)

Acquisition expense

 

(1,625,930

)

—

 

(1,700,521

)

—

 

Interest expense

 

(577,000

)

(194,746

)

(905,661

)

(483,268

)

Provision for income taxes

 

(1,014,675

)

(1,915,900

)

(1,896,925

)

(2,744,671

)

Net income

 

$

1,792,758

 

$

3,558,136

 

$

3,434,125

 

$

5,097,282

 

 

 

 

(a)

We acquired Riviera Black Hawk on April 26, 2012.

 

 

(b)

We define Adjusted EBITDA for each segment as net income plus provision for income taxes, interest expense, acquisition expense, depreciation and amortization and stock based compensation.

 

 

(c)

Corporate and other expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.

 

 

(d)

Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.
Schedule of reconciliation of assets

June 30, 2012

 

December 31, 2011

 

Assets:

 

 

 

 

 

Atlantis

 

$

153,549,688

 

$

171,303,164

 

Riviera Black Hawk (a)

 

88,517,691

 

—

 

Corporate and other (d)

 

7,005,801

 

8,296,440

 

Total assets

 

$

249,073,180

 

$

179,599,604

 

 

 

(a)

We acquired Riviera Black Hawk on April 26, 2012.

 

 

(b)

We define Adjusted EBITDA for each segment as net income plus provision for income taxes, interest expense, acquisition expense, depreciation and amortization and stock based compensation.

 

 

(c)

Corporate and other expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.

 

 

(d)

Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.
Schedule of reconciliation of capital expenditure

Six Months Ended June 30,

 

 

 

2012

 

2011

 

Capital Expenditures:

 

 

 

 

 

Atlantis

 

$

2,431,917

 

$

2,465,795

 

Riviera Black Hawk (a)

 

2,670,325

 

—

 

 

 

$

5,102,242

 

$

2,465,795

 

 

(a)

We acquired Riviera Black Hawk on April 26, 2012.

 

 

(b)

We define Adjusted EBITDA for each segment as net income plus provision for income taxes, interest expense, acquisition expense, depreciation and amortization and stock based compensation.

 

 

(c)

Corporate and other expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.

 

 

(d)

Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.