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