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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2012
SEGMENT INFORMATION |
Schedule of adjusted EBITDA and reconciliation of adjusted EBITDA to net income |
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Net revenues: |  |  |  |  |  |  |  |  |
Atlantis |  | $ | 36,830,127 |  | $ | 36,174,386 |  | $ | 107,752,749 |  | $ | 106,620,075 |
Black Hawk (a) |  | 11,031,584 |  | — |  | 18,955,648 |  | — |
Total net revenue |  | $ | 47,861,711 |  | $ | 36,174,386 |  | $ | 126,708,397 |  | $ | 106,620,075 |
Adjusted EBITDA (b): |  |  |  |  |  |  |  |  |
Atlantis |  | $ | 9,170,407 |  | $ | 8,602,316 |  | $ | 25,177,650 |  | $ | 27,217,220 |
Black Hawk (a) |  | 4,085,155 |  | — |  | 6,631,341 |  | — |
|  | 13,255,562 |  | 8,602,316 |  | 31,808,991 |  | 27,217,220 |
Corporate and other expense (c) |  | (934,398 | ) | (818,595 | ) | (3,318,457 | ) | (3,400,035 | )
Total Adjusted EBITDA |  | $ | 12,321,164 |  | $ | 7,783,721 |  | $ | 28,490,534 |  | $ | 23,817,185 |
Expenses: |  |  |  |  |  |  |  |  |
Stock based compensation |  | (352,900 | ) | (361,130 | ) | (938,251 | ) | (1,238,972 | )
Depreciation and amortization |  | (4,647,002 | ) | (3,314,598 | ) | (12,282,291 | ) | (10,144,999 | )
Acquisition expense |  | (454,701 | ) | (437,400 | ) | (2,155,522 | ) | (437,400 | )
Adventure Inn demolition |  | — |  | (3,519,148 | ) | — |  | (3,519,148 | )
Interest expense |  | (479,772 | ) | (160,237 | ) | (1,396,632 | ) | (643,505 | )
(Provision) benefit for income taxes |  | (2,249,708 | ) | 20,071 |  | (4,146,633 | ) | (2,724,600 | )
Net income |  | $ | 4,137,081 |  | $ | 11,279 |  | $ | 7,571,205 |  | $ | 5,108,561 |
(a) We acquired 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 |
|  | September 30, 2012 |  | December 31, 2011 |
Assets: |  |  |  |  |
Atlantis |  | $ | 148,995,874 |  | $ | 171,303,164 |
Black Hawk (a) |  | 90,254,483 |  | — |
Corporate and other (d) |  | 8,369,189 |  | 8,296,440 |
Total assets |  | $ | 247,619,546 |  | $ | 179,599,604 |
(a) We acquired 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 |
|  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |
Capital Expenditures: |  |  |  |  |
Atlantis |  | $ | 3,882,410 |  | $ | 3,831,301 |
Black Hawk (a) |  | 4,071,945 |  | — |
|  | $ | 7,954,355 |  | $ | 3,831,301 |
(a) We acquired 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.

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