MONTBLEU LEASE AMENDMENT NO. 3
Exhibit 10.1
MONTBLEU LEASE AMENDMENT NO. 3
THIS MONTBLEU LEASE AMENDMENT NO. 3 is made effective this 10th day of May, 2010 (the “Effective Date”), by and between the Edgewood Companies, a Nevada corporation formerly known as Park Cattle Co., (“Park”), as Landlord, and Columbia Properties Tahoe, LLC, a Nevada limited liability company (“CPT”). Park, as Landlord, and CPT, as Tenant, are sometimes referred to individually as a “Party” and collectively as the “Parties.” Terms not otherwise defined herein shall have the meanings ascribed to them in the Original Lease (defined below).
WITNESSETH
WHEREAS, Park, as Landlord, and Desert Palace, Inc., as Tenant entered into that certain Amended and Restated Net Lease Agreement dated January 1, 2000 (the “Original Lease”), involving the Xxxxxxx County, Nevada real property described in the Original Lease.
WHEREAS, Desert Palace, Inc. assigned all of its right, title, benefits, privileges, estate and interest in, to and under the Original Lease to CPT pursuant to an Assignment and Assumption of Lease dated June 10, 2005.
WHEREAS, Park and CPT entered into that certain MontBleu Lease Amendment effective April 2, 2008 (such amendment, before giving effect to this Amended and Restated amendment, the “Original Amendment”).
WHEREAS, Park and CPT entered into that certain MontBleu Lease Amendment No. 2 (the “Amended and Restated Amendment”) effective June 12, 2009.
WHEREAS, Park and CPT have agreed to make certain modifications to the Amended and Restated Amendment.
NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, effective on the Effective Date, the Parties hereto agree to amend the Amended and Restated Amendment as follows:
I. The Parties agree that the terms and conditions set forth in the Original Lease, as amended by the Amended and Restated Amendment and this MontBleu Lease Amendment No. 3 (collectively, the “Lease”) are all of the terms and conditions for the lease of the Premises by Landlord to Tenant.
II. Section 2.10 of the Amended and Restated Amendment is hereby amended and restated in its entirety to read as follows:
Section 2.10 Effective for the lease year 2009 and for every lease year thereafter, for purposes of this Lease, the term “Gross Revenues”
means all amounts received whether by cash or credit, from the operation of all of the facilities and businesses on the Premises and the Enterprise now known as MontBleu and as currently reflected on the “CP Tahoe, LP - MontBleu Income Statement” (the “Income Statement”) under the heading “Total Gross Revenue.” The line items listed and amounts included in Total Gross Revenue on the Income Statement constitute all revenues generated in 2009 from the operation of all of the facilities and businesses on the Premises of MontBleu. The amounts include, but are not limited to, revenues generated from the operation of hotel rooms, bars, restaurants, concessions, gaming, and other revenues and shall be measured by Lease Year. Any future revenue sources or new revenues generated from the operation of the facilities and the businesses on the Premises shall in future lease years be consistently reflected on the Income Statement as a line item and included in Total Gross Revenue. A true, complete and accurate copy of the Income Statement for the 2009 lease year, reflecting Total Gross Revenue in the amount of $48,194,664, is attached hereto as Exhibit A.
(a) Total Gross Revenue as reported on the Income Statement includes exclusions for “Contra Slot Revenues.” Contra Slot Revenues are allowed exclusions from Gross Revenue and consist of (i) “Contra—Participation,” which consists of amounts paid by MontBleu to (x) operators of statewide slot machine progressive systems, and that represent MontBleu’s portion of the progressive award, and (y) manufacturers or distributors of slot machines with which MontBleu has entered into revenue sharing agreements and only in cases where MontBleu is not able to purchase the slot machines outright on commercially reasonable terms; (ii) “Contra—Progressive,” which represents the jackpot amounts that MontBleu must reserve on its balance sheet for future, potential slot machine progressive jackpot payouts; and (iii) “Contra—Free Play,” which represents promotional, electronic credits that are given to customers. The amounts for these three Contra Slot Revenues for the 2009 Lease Year are $1,493,874, $16,287, and $2,524,456, respectively, as shown on Exhibit A.
(b) Gross Revenues shall also expressly exclude: (i) proceeds from the sale, exchange or voluntary or involuntary disposition of Owner’s property which had not been held for sale, (ii) such amounts as may be received and held by Owner as security or in other special deposits, (iii) applicable excise, sales, occupancy and use taxes, or similar government taxes, duties, levies or charges collected directly from patrons or guests, or as a part of the sales price of any goods, services, or displays, including gross receipts, admission, cabaret, or similar or
equivalent taxes; (iv) receipts from awards or sales in connection with any condemnation, from other transfers in lieu of and under the threat of any condemnation; (v) proceeds of any insurance, including the proceeds of any business interruption and/or contingent business interruption insurance; (vi) discounts (including rebates, credits or charge or credit card commissions); (vii) gratuities and service charges collected for payment to employees; (viii) any credits or refunds made to customers, guests or patrons; (ix) interest income, and (x) any reserve for and/or uncollectible debts as determined in accordance with generally accepted accounting principles consistently applied.
For illustration purposes, attached hereto as Exhibit B is the format of the statement required under Section 2.6 of Gross Revenues for the lease year 2009, together with an accounting of the percentage rent to which the Landlord is entitled to for the lease year 2009.
Ill. Except as expressly modified herein, the Original Lease and Amended and Restated Amendment shall remain in full force and effect and the Parties shall be bound by all of the terms and conditions thereof and hereof.
IV. This MontBleu Lease Amendment No. 3 may be entered into in more than one counterpart, each of which shall be deemed an original when executed, and which together shall constitute but one and the same MontBleu Lease Amendment No. 3. Each Party may rely on facsimile and PDF signature pages as if such facsimile and PDF pages were originals.
Landlord and Tenant have duly executed this MontBleu Lease Amendment No. 3 as of the Effective Date.
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LANDLORD: |
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TENANT: |
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Edgewood Companies, a Nevada corporation |
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Columbia Properties Tahoe, LLC, a |
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Nevada limited liability company |
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By: |
/s/ Xxxxx Xxxxxxx |
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By |
/s/ Xxxxx X Xxxxxxx |
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Name: |
Xxxxx Xxxxxxx |
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Name: |
Xxxxx X Xxxxxxx |
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Its: |
Chairman |
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Its: |
SVP Finance and Treasurer |
EXHIBIT A
COPY OF
MONTBLEU COMPANY LEVEL INTERNALLY
PREPARED PROFIT AND LOSS STATEMENT FOR THE
2009 LEASE YEAR
See attached
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085 CP Tahoe, LP - Montbleu |
Unaudited |
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Income Statement |
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As of Thursday, December 31, 2009 |
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Month-To-Date |
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Year-To-Date |
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||||||||||||||||||||
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December-2009 |
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% of Rev |
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December-2008 |
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% of Rev |
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2009/2008 |
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Var % |
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December-2009 |
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% of Rev |
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December-2008 |
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% of Rev |
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2009/2008 |
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Var % |
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Gross Operating Revenue |
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599,363 |
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18.8 |
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595,961 |
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13.7 |
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103,401 |
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17.4 |
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Win-$.01 |
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10,772,222 |
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22.4 |
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9,179,911 |
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16.2 |
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1,592,311 |
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17.3 |
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162,204 |
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4.4 |
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234,244 |
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5.4 |
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(72,040 |
) |
(30.8 |
) |
Win-$.05 |
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3,008,918 |
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6.2 |
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3,498,804 |
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6.2 |
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(489,886 |
) |
(14.0 |
) |
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196,097 |
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5.3 |
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209,271 |
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4.8 |
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(13,174 |
) |
(6.3 |
) |
Win-$.25 |
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2,723,395 |
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5.7 |
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3,190,902 |
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5.6 |
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(467,507 |
) |
(14.7 |
) |
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— |
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— |
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12,251 |
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0.3 |
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(12,251 |
) |
(100.0 |
) |
Win-$.50 |
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20,292 |
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0.0 |
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206,627 |
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0.4 |
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(186,335 |
) |
(90.2 |
) |
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169,126 |
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4.5 |
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233,440 |
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5.4 |
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(64,313 |
) |
(27.6 |
) |
Win-$1 |
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2,067,237 |
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4.3 |
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1,949,507 |
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3.4 |
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117,730 |
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6.0 |
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62,894 |
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1.7 |
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67,799 |
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1.6 |
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(4,905 |
) |
(7.2 |
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Win-$5 |
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563,073 |
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1.2 |
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660,884 |
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1.2 |
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(97,811 |
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14.8 |
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325 |
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0.0 |
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5,025 |
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0.1 |
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(5,700 |
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(94.6 |
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Win-$25 |
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(1,428 |
) |
0.0 |
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283,572 |
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0.5 |
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(285,000 |
) |
(100.5 |
) |
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— |
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— |
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2,900 |
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0.1 |
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(2,900 |
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(100.0 |
) |
Win-$100 |
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36,000 |
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0.1 |
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17,100 |
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0.0 |
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18,900 |
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110.5 |
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116,271 |
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3.1 |
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179,459 |
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4.1 |
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(63,18? |
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(35.2 |
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Free Play Revenue |
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2,524,456 |
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5.2 |
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3,351,265 |
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5.9 |
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(826,809 |
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(24.7 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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Slot Revenue-Other |
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— |
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— |
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62,250 |
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0.1 |
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(62,150 |
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(100.0 |
) |
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1,406,280 |
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37.8 |
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1,541,350 |
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35.5 |
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(135,070 |
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(8.8 |
) |
Gross Slot Revenue |
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21,714,165 |
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45.1 |
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22,400,822 |
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39.4 |
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[ILLEGIBLE] |
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(3.1 |
) |
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(96,415 |
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(2.6 |
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(105,592 |
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(2.4 |
) |
9,177 |
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8.7 |
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Contra-Participation |
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(1,493,874 |
) |
(3.1 |
) |
(1,579,736 |
) |
(2.8 |
) |
85,862 |
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5.4 |
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(228 |
) |
0.0 |
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1,356 |
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0.0 |
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(1,585 |
) |
(116.8 |
) |
Contra-Progressive |
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(16,287 |
) |
0.0 |
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(18,600 |
) |
0.0 |
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2,312 |
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12.4 |
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(116,271 |
) |
(3.1 |
) |
(179,459 |
) |
(4.1 |
) |
63,188 |
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35.2 |
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Contra-Free Play |
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(2,524,455 |
) |
(5.2 |
) |
(3,351,265 |
) |
(5.9 |
) |
826,809 |
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24.7 |
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(212,914 |
) |
(5.7 |
) |
(283,695 |
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(6.5 |
) |
70,750 |
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24.9 |
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Contra Slot Revenue |
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(4,0?4,617 |
) |
(8.4 |
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(4,9?9,601 |
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(8.7 |
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914,983 |
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18.5 |
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1,193,366 |
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32.1 |
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1,257,656 |
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29.0 |
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(64,290 |
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(5.1 |
) |
Slot Revenue |
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17,679,548 |
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36.7 |
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[ILLEGIBLE] |
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30.7 |
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228,326 |
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1.? |
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231,824 |
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6.2 |
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229,928 |
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5.3 |
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1,896 |
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0.8 |
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Win-Blackjack |
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3,040,076 |
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6.3 |
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3,809,907 |
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6.7 |
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(769,831 |
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(20.2 |
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50,557 |
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1.4 |
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50,325 |
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1.2 |
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232 |
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0.5 |
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Win-Craps |
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1,187,364 |
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2.5 |
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1,525,78? |
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2.7 |
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(338,424 |
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(22.2 |
) |
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55,232 |
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1.5 |
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51,633 |
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1.2 |
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3,599 |
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7.0 |
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Win-Roulette |
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861,332 |
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1.8 |
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957,210 |
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1.7 |
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(95,878 |
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(10.0 |
) |
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8,376 |
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0.2 |
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5,964 |
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0.1 |
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2,412 |
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40.4 |
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Win-Let it Ride |
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96,025 |
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0.2 |
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153,559 |
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0.3 |
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(57,534 |
) |
(37.5 |
) |
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— |
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— |
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6,383 |
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0.1 |
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(6,383 |
) |
(100.0 |
) |
win-Mini Baccarat |
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22,347 |
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0.0 |
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194,412 |
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0.3 |
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(172,066 |
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(88.5 |
) |
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28,424 |
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0.8 |
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31,671 |
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0.7 |
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(3,247 |
) |
(10.3 |
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Win-3 Card Poker |
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351,573 |
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0.7 |
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425,532 |
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0.7 |
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(73,959 |
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(17.4 |
) |
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20,355 |
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0.5 |
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19,249 |
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0.4 |
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1,106 |
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5.7 |
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Win-Paigow Poker |
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202,183 |
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0.4 |
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234,865 |
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0.4 |
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(32,682 |
) |
(13.9 |
) |
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16,906 |
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0.5 |
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12,213 |
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0.3 |
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4,693 |
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38.4 |
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Win-Other Table Games |
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149,588 |
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0.3 |
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210,010 |
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0.4 |
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(60,422 |
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(28.8 |
) |
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5,125 |
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0.1 |
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2,490 |
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0.1 |
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2,635 |
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105.8 |
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Contra-Promotional |
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60,600 |
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0.1 |
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5,310 |
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0.0 |
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55,290 |
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1,041.2 |
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— |
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— |
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— |
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— |
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— |
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— |
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Table Revenue-Other |
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2,950 |
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0.0 |
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— |
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— |
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2,950 |
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— |
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416,799 |
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11.2 |
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409,?56 |
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9.4 |
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6,943 |
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1.7 |
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Table Games Revenue |
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5,974,038 |
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12.4 |
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7,516,593 |
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13.2 |
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(1,542,555 |
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(20.5 |
) |
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17,964 |
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0.5 |
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23,272 |
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0.5 |
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(5,308 |
) |
(22.8 |
) |
Win-Poker |
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246,228 |
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0.5 |
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356,098 |
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0.6 |
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(109,870 |
) |
(30.9 |
) |
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4,802 |
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0.1 |
|
2,482 |
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0.1 |
|
2,320 |
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93.5 |
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Win-Tournament |
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88,641 |
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0.2 |
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109,169 |
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0.2 |
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(20,528 |
) |
(18.8 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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Poker Revenue-Other |
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1,392 |
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0.0 |
|
— |
|
— |
|
1,392 |
|
— |
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|
22,766 |
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0.6 |
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25,754 |
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0.6 |
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[ILLEGIBLE] |
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(11.6 |
) |
Poker Revenue |
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336,261 |
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0.7 |
|
465,267 |
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0.8 |
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(129,005 |
) |
(27.7 |
) |
|
1,632,931 |
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43.9 |
% |
1,693,266 |
|
39.0 |
% |
(60,3?3 |
) |
(3.6 |
)% |
Gaming Revenue |
|
23,989,846 |
|
49.8 |
% |
25,433,0?0 |
|
44.8 |
% |
(1,443,234 |
) |
(5.7 |
)% |
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746,784 |
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20.1 |
|
958,360 |
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22.1 |
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(211,576 |
) |
(22.1 |
) |
Room Revenue-Cash |
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8,141,106 |
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16.9 |
|
11,564,187 |
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20.4 |
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(3,423,081 |
) |
(29.6 |
) |
|
120,523 |
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3.2 |
|
116,083 |
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2.7 |
|
4,540 |
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3.9 |
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Hotel Revenue-Comp |
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2,074,213 |
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4.3 |
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2,011,549 |
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3.5 |
|
62,664 |
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3.1 |
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|
40,251 |
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1.1 |
|
79,166 |
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1.8 |
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(38,914 |
) |
(49.2 |
) |
Other Hotel Revenue |
|
641,960 |
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1.3 |
|
1,138,070 |
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2.0 |
|
(496,110 |
) |
(43.6 |
) |
|
907,658 |
|
24.4 |
% |
1,153,609 |
|
26.6 |
% |
(245,951 |
) |
(21.? |
)% |
Hotel Revenue |
|
10,857,279 |
|
22.5 |
% |
14,713,806 |
|
25.9 |
% |
(3,856,527 |
) |
(26.2 |
)% |
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085 CP Tahoe, LP - Montbleu |
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Unaudited |
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Income Statement |
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As of Thursday, December 31, 2009 |
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|
Month-To-Date |
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|
Year-To-Date |
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||||||||||||||||||||
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December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
364,314 |
|
9.8 |
|
464,693 |
|
10.7 |
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(100,379 |
) |
(21.6 |
) |
Food Rev-Cash |
|
4,357,992 |
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9.0 |
|
5,990,008 |
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10.5 |
|
(1,632,016 |
) |
(27.2 |
) |
|
— |
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— |
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— |
|
— |
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— |
|
— |
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Food Rev-Allowance |
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(150 |
) |
0.0 |
|
— |
|
— |
|
(150 |
) |
— |
|
|
104,776 |
|
2.8 |
|
107,563 |
|
2.5 |
|
(2,787 |
) |
(2.6 |
) |
Food Rev-Comp |
|
1,461,705 |
|
3.0 |
|
1,610,044 |
|
2.8 |
|
(148,339 |
) |
(9.2 |
) |
|
469,090 |
|
12.6 |
|
572,256 |
|
13.2 |
|
(103,166 |
) |
(18.0 |
) |
Food Revenue |
|
5,?19,547 |
|
12.1 |
|
7,600,052 |
|
13.4 |
|
(1,780,505 |
) |
(23.4 |
) |
|
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319,123 |
|
8.6 |
|
372,605 |
|
8.6 |
|
(53,482 |
) |
(14.4 |
) |
Beverage Rev-Cash |
|
3,292,747 |
|
6.8 |
|
3,606,066 |
|
6.4 |
|
(313.319 |
) |
(8.7 |
) |
|
93,554 |
|
2.5 |
|
150,403 |
|
3.5 |
|
(56,849 |
) |
(37.8 |
) |
Beverage Rev-Comp |
|
1,503,537 |
|
3.? |
|
1,782,565 |
|
3.1 |
|
(279,028 |
) |
(15.7 |
) |
|
412,677 |
|
11.1 |
|
523,00? |
|
12.1 |
|
(110,331 |
) |
(21.1 |
) |
Beverage Revenue |
|
4,796,284 |
|
10.0 |
|
5,388,631 |
|
9.5 |
|
(592,347 |
) |
(11.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500 |
|
0.0 |
|
2,700 |
|
0.1 |
|
(1,200 |
) |
(44.4 |
) |
Public Room Rental |
|
71,851 |
|
0.1 |
|
128,499 |
|
0.2 |
|
(56,649 |
) |
(44.1 |
) |
|
2,306 |
|
0.1 |
|
3,409 |
|
0.1 |
|
(1,103 |
) |
(32.3 |
) |
Service Charges |
|
24,601 |
|
0.1 |
|
46,876 |
|
0.1 |
|
(22,275 |
) |
(47.5 |
) |
|
155,685 |
|
4.2 |
|
126,205 |
|
2.9 |
|
29,480 |
|
23.4 |
|
Admission |
|
570,231 |
|
1.2 |
|
390,200 |
|
0.7 |
|
180,031 |
|
46.1 |
|
|
11,865 |
|
0.3 |
|
37,758 |
|
0.9 |
|
(25,893 |
) |
(68.6 |
) |
F&B Xxx-Xxxxx |
|
000,?00 |
|
0.3 |
|
[ILLEGIBLE] |
|
0.6 |
|
(204,439 |
) |
(59.8 |
) |
|
171,356 |
|
4.6 |
|
170,072 |
|
3.9 |
|
1,284 |
|
0.? |
|
Other F&B Revenue |
|
503,939 |
|
1.7 |
|
907,270 |
|
1.6 |
|
(103,331 |
) |
(11.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,053,123 |
|
28.3 |
% |
[ILLEGIBLE] |
|
29.2 |
% |
(21?,213 |
) |
(16.? |
)% |
Food and Beverage Revenue |
|
11,419,770 |
|
23.7 |
% |
13,895,953 |
|
24.5 |
% |
(2,476,183 |
) |
(17.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,407 |
|
1.0 |
|
62,136 |
|
1.4 |
|
(23,729 |
) |
(38.2 |
) |
Retail Rev-Cash |
|
592,111 |
|
1.2 |
|
728,232 |
|
1.3 |
|
(136,122 |
) |
(18.7 |
) |
|
24,103 |
|
0.6 |
|
27,920 |
|
0.6 |
|
(3,817 |
) |
(13.7 |
) |
Retail Revenue-Comp |
|
363,054 |
|
0.8 |
|
293,596 |
|
0.5 |
|
69,458 |
|
23.7 |
|
|
5,000 |
|
[ILLEGIBLE] |
|
5,769 |
|
0.1 |
|
(769 |
) |
(13.3 |
) |
Retail Rev-Rental |
|
[ILLEGIBLE] |
|
0.1 |
|
72,243 |
|
0.1 |
|
(3,575 |
) |
(4.9 |
) |
|
67,510 |
|
1.8 |
% |
95,824 |
|
2.2 |
% |
(28,315 |
) |
(29.5 |
)% |
Retail Revenue |
|
1,023,832 |
|
2.1 |
% |
1,094,071 |
|
1.9 |
% |
(70,238 |
) |
(6.4 |
)% |
|
10,532 |
|
0.3 |
|
81,521 |
|
1.9 |
|
(70,9? |
) |
(87.1 |
) |
Entertainment Revenue-Cash |
|
153,290 |
|
0.3 |
|
870,155 |
|
1.5 |
|
(716,8?6 |
) |
(82.4 |
) |
|
— |
|
— |
|
4,248 |
|
0.1 |
|
(4,24? |
) |
(100.0 |
) |
Entertainment Rev- Camp |
|
35,555 |
|
0.1 |
|
12,822 |
|
0.0 |
|
22,733 |
|
177.3 |
|
|
10,532 |
|
0.3 |
% |
85,76? |
|
2.0 |
% |
(75,236 |
) |
(87.7 |
)% |
Entertainment Revenue |
|
188,845 |
|
0.4 |
% |
882,977 |
|
1.6 |
% |
(694,133 |
) |
(78.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,218 |
|
0.2 |
|
— |
|
— |
|
7,218 |
|
— |
|
Wedding Chapel Rev |
|
27,298 |
|
0.1 |
|
— |
|
— |
|
27,298 |
|
— |
|
|
7,218 |
|
0.2 |
|
— |
|
— |
|
7,218 |
|
— |
|
Other Operating Rev-Cash |
|
27,298 |
|
0.1 |
|
— |
|
— |
|
27,298 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,741 |
|
0.2 |
|
8,429 |
|
0.2 |
|
(6?8 |
) |
(8.2 |
) |
Vending |
|
109,725 |
|
0.2 |
|
119,999 |
|
0.2 |
|
(10,274 |
) |
[ILLEGIBLE] |
|
|
18,422 |
|
0.5 |
|
17,449 |
|
0.4 |
|
973 |
|
5.6 |
|
Commission |
|
311,118 |
|
0.6 |
|
354,007 |
|
0.6 |
|
(42,889 |
) |
(12.1 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Cash Discounts |
|
379 |
|
0.0 |
|
— |
|
— |
|
379 |
|
— |
|
|
11,683 |
|
0.3 |
|
18,833 |
|
0.4 |
|
(7,150 |
) |
(38.0 |
) |
Rental |
|
256,283 |
|
0.5 |
|
214,806 |
|
0.4 |
|
41,478 |
) |
19.3 |
|
|
76 |
|
0.0 |
|
94 |
|
0.0 |
|
(18 |
) |
(18.9 |
) |
Currency Exchange |
|
1,858 |
|
0.0 |
|
2,76? |
|
0.0 |
|
(907 |
) |
(32.8 |
) |
|
1,985 |
|
0.1 |
|
515 |
|
0.0 |
|
1,470 |
|
285.6 |
|
Other |
|
8,430 |
|
0.0 |
|
74,141 |
|
0.1 |
|
(65,712 |
) |
[ILLEGIBLE] |
|
|
39,907 |
|
1.1 |
|
45,319 |
|
1.0 |
|
(5,413 |
) |
(11.9 |
) |
Miscellaneous Income |
|
6?7,793 |
|
1.4 |
|
765,71? |
|
1.3 |
|
(77,?25 |
) |
(10.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,125 |
|
1.3 |
% |
45,3?9 |
|
1.0 |
% |
1,?05 |
|
4.0 |
% |
Other Operating Revenue |
|
715,09? |
|
1.5 |
% |
765,718 |
|
1.3 |
|
(50,627 |
) |
(6.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,71?,879 |
|
100.0 |
% |
4,339,123 |
|
100.0 |
% |
(620,243 |
) |
(14.3 |
)% |
Total Gross Revenue |
|
[ILLEGIBLE] |
|
100.0 |
% |
56,7?5,606 |
|
100.0 |
% |
(8,590,942 |
) |
(15.1 |
)% |
|
119,027 |
|
3.2 |
|
97,640 |
|
2.3 |
|
21,3?6 |
|
21.9 |
|
Comp Expense-Room |
|
1,993,497 |
|
4.1 |
|
1,773,647 |
|
3.1 |
|
219,?50 |
|
12.4 |
|
|
105,004 |
|
2.? |
|
105,788 |
|
2.4 |
|
(784 |
) |
(0.7 |
) |
Comp Expense-Food |
|
1,417,596 |
|
2.9 |
|
1,61?,089 |
|
2.8 |
|
(197,493 |
) |
(12.2 |
) |
|
93,414 |
|
2.5 |
|
150,403 |
|
3.5 |
|
(56,989 |
) |
(37.9 |
) |
Comp Expense-Beverage |
|
1,509,976 |
|
3.1 |
|
1,762,998 |
|
3.1 |
|
(253,022 |
) |
(14.4 |
) |
|
23,667 |
|
0.6 |
|
27,845 |
|
0.6 |
|
(4,17? |
) |
(15.0 |
) |
Comp Expense-[ILLEGIBLE] |
|
361,342 |
|
0.7 |
|
290,61? |
|
0.5 |
|
70,724 |
|
24.3 |
|
|
18,096 |
|
0.5 |
|
22,781 |
|
0.5 |
|
(4,6?5 |
) |
(20.6 |
) |
Comp Expense-Other |
|
170,572 |
|
0.4 |
|
437,76? |
|
0.8 |
|
(267,194 |
) |
(61.0 |
) |
|
|
085 CP Tahoe, LP - Montbleu |
Unaudited |
|
|
Income Statement |
|
|
|
As of Thursday, December 31, 2009 |
|
|
Month-To-Date |
|
|
|
Year-To-Date |
|
||||||||||||||||||||
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
359,20? |
|
9.7 |
|
404,457 |
|
9.3 |
|
(45,249 |
) |
(11.2 |
) |
Complimentary Expense |
|
5,452,982 |
|
11.3 |
|
5,880,118 |
|
10.4 |
|
(427,135 |
) |
(7.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,109 |
|
1.2 |
|
105,839 |
|
2.4 |
|
(59,730 |
) |
(56.4 |
) |
Promotional-Redmptn Cash |
|
574,240 |
|
1.2 |
|
641,230 |
|
1.1 |
|
(66,990 |
) |
(10.4 |
) |
|
(3,952 |
) |
(0.1 |
) |
36,921 |
|
0.9 |
|
(40,873 |
) |
(110.7 |
) |
Promotional-Redmptn Accrual |
|
(76,617 |
) |
(0.2 |
) |
(29,277 |
) |
(0.1 |
) |
(47,340 |
) |
(161.7 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Promotional-Cash Incentive |
|
— |
|
— |
|
231,160 |
|
0.4 |
|
(231,160 |
) |
(100.0 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Promotional-Bus |
|
— |
|
— |
|
(370 |
) |
0.0 |
|
370 |
|
100.0 |
|
|
42,157 |
|
1.1 |
|
142,760 |
|
3.3 |
|
(100,603 |
) |
(70.5 |
) |
Promotional Allowances |
|
497,623 |
|
1.0 |
|
342,743 |
|
1.5 |
|
(345,120 |
) |
(41.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(401,?65 |
) |
(10.8 |
)% |
(547,217 |
) |
(12.6 |
)% |
145,852 |
|
26.7 |
% |
Less Promotional Allowances |
|
(5,950,605 |
) |
(12.3 |
)% |
(6,722,860 |
) |
(11.8 |
)% |
772,255 |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,317,514 |
|
89.2 |
% |
3,791,905 |
|
87.4 |
% |
(474,391 |
) |
(12.5 |
)% |
Total Net Revenue |
|
42,244,058 |
|
87.7 |
% |
50,062,745 |
|
88.2 |
% |
(7,818,687 |
) |
(15.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,256 |
|
4.0 |
|
240,450 |
|
5.5 |
|
(93,195 |
) |
(38.8 |
) |
Cost Of Sales-Food |
|
2,084,620 |
|
4.3 |
|
2,850,808 |
|
5.0 |
|
(766,188 |
) |
(26.9 |
) |
|
138,916 |
|
3.7 |
|
180,795 |
|
4.2 |
|
(41,880 |
) |
(23.2 |
) |
Cost Of Sales-Beverage |
|
1,275,807 |
|
2.6 |
|
1,458,390 |
|
2.6 |
|
(182,532 |
) |
(12.5 |
) |
|
42,873 |
|
1.2 |
|
89,930 |
|
2.1 |
|
(47,058 |
) |
(52.3 |
) |
Cost Of Sales-Retail |
|
586,546 |
|
1.2 |
|
602,196 |
|
1.1 |
|
(15,650 |
) |
(2.6 |
) |
|
6,038 |
|
0.2 |
|
8,753 |
|
0.2 |
|
(2,715 |
) |
(31.0 |
) |
Cost Of Sales-Telephone |
|
85,726 |
|
0.2 |
|
78,912 |
|
0.1 |
|
6,814 |
|
8.6 |
|
|
1,693 |
|
0.0 |
|
13,736 |
|
0.3 |
|
(12,043 |
) |
(87.7 |
) |
Cost Of Sales-Other |
|
41,627 |
|
0.1 |
|
63,220 |
|
0.1 |
|
(21,592 |
) |
(34.2 |
) |
|
336,775 |
|
9.1 |
% |
533,665 |
|
12.3 |
% |
(196,890 |
) |
(36.9 |
)% |
Cost Of Sales |
|
[ILLEGIBLE] |
|
8.5 |
% |
5,053,526 |
|
8.9 |
% |
(979,199 |
) |
(19.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,980,739 |
|
80.2 |
% |
3,258,240 |
|
75.1 |
% |
(277,501 |
) |
(8.5 |
)% |
Gross Profit |
|
38,169,731 |
|
79.2 |
% |
45,009,219 |
|
79.3 |
% |
(6,839,4?8 |
) |
(15.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
234,373 |
|
6.3 |
|
772,274 |
|
17.8 |
|
(537,?02 |
) |
(69.7 |
) |
Payroll Expense-Salaries |
|
3,568,317 |
|
7.4 |
|
9,504,336 |
|
16.7 |
|
(5,936,020 |
) |
(62.5 |
) |
|
712,412 |
|
19.2 |
|
379,908 |
|
8.8 |
|
332,503 |
|
87.5 |
|
Payroll Expense-Wages |
|
?,917,241 |
|
18.5 |
|
4,374,866 |
|
7.7 |
|
4,542,376 |
|
[ILLEGIBLE] |
|
|
11,126 |
|
0.3 |
|
— |
|
— |
|
11,126 |
|
— |
|
Payroll Expense-Overtime |
|
235,785 |
|
0.5 |
|
— |
|
— |
|
235,785 |
|
— |
|
|
35,158 |
|
0.9 |
|
46,798 |
|
11 |
|
(11,640 |
) |
(24.9 |
) |
Payroll Expense-Holiday |
|
362,671 |
|
0.8 |
|
345,917 |
|
0.6 |
|
16,754 |
|
4.8 |
|
|
6,565 |
|
0.2 |
|
6,824 |
|
0.2 |
|
(259 |
) |
(3.8 |
) |
Payroll Expense-Incentive |
|
96,899 |
|
0.2 |
|
134,745 |
|
0.2 |
|
[ILLEGIBLE] |
|
(28.1 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Payroll Expense-Jury Duty |
|
420 |
|
0.0 |
|
625 |
|
0.0 |
|
(205 |
) |
(32.7 |
) |
|
15,270 |
|
0.4 |
|
28,711 |
|
0.7 |
|
(13,441 |
) |
(46.8 |
) |
Payroll Expense-Severance |
|
130,809 |
|
0.3 |
|
30,288 |
|
0.1 |
|
100,521 |
|
331.9 |
|
|
1,014,902 |
|
27.3 |
|
1,234,515 |
|
28.5 |
|
(219,613 |
) |
(17.8 |
) |
Payroll Expense |
|
13,312,143 |
|
27.6 |
|
14,390,777 |
|
25.3 |
|
(1,078,634 |
) |
(7.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409,628 |
|
11.0 |
|
101,583 |
|
2.3 |
|
308,045 |
|
308.2 |
|
Benefit Expense |
|
3,962,468 |
|
[ILLEGIBLE] |
|
2,210,490 |
|
3.9 |
|
1,751,978 |
|
79.3 |
|
|
100,888 |
|
2.7 |
|
167,273 |
|
3.9 |
|
(66,390 |
) |
(39.7 |
) |
Payroll Taxes |
|
1,756,224 |
|
[ILLEGIBLE] |
|
1,918,879 |
|
3.4 |
|
(162,655 |
) |
[ILLEGIBLE] |
|
|
510,516 |
|
13.7 |
|
268,8?1 |
|
6.2 |
|
241,655 |
|
89.9 |
|
Payroll Benefits & Taxes |
|
5,71?,692 |
|
11.9 |
|
4,129,369 |
|
7.3 |
|
1,589,323 |
|
38.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,525,418 |
|
41.0 |
% |
1,503,376 |
|
34.6 |
% |
22,042 |
|
1.5 |
% |
Payroll and Related |
|
19,030,835 |
|
39.5 |
% |
18,520,146 |
|
32.6 |
% |
510,689 |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,060 |
|
3.8 |
|
163,979 |
|
3.8 |
|
(23,918 |
) |
(14.6 |
) |
Taxes and Licenses |
|
1,690,003 |
|
3.5 |
|
1,758,527 |
|
3.1 |
|
(68,524 |
) |
(3.9 |
) |
|
116,423 |
|
3.1 |
|
113,347 |
|
2.6 |
|
3,076 |
|
2.7 |
|
Gaming Taxes |
|
1,654,420 |
|
3.4 |
|
1,762,408 |
|
3.1 |
|
(107,988 |
) |
(6.1 |
) |
|
256,483 |
|
6.9 |
|
277,326 |
|
6.4 |
|
(20,842 |
) |
(7.5 |
) |
Taxes and Licenses |
|
3,344,423 |
|
6.9 |
|
3,520,935 |
|
6.2 |
|
(176,512 |
) |
(5.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,082 |
|
2.9 |
|
115,010 |
|
2.7 |
|
(5,928 |
) |
(6.0 |
) |
Supplies-General |
|
1,146,073 |
|
2.4 |
|
1,195,152 |
|
2.1 |
|
(49,079 |
) |
(4.1 |
) |
|
14,261 |
|
0.4 |
|
5,176 |
|
0.1 |
|
9,084 |
|
175.5 |
|
Supplies-Gaming |
|
89,735 |
|
0.2 |
|
96,432 |
|
0.2 |
|
(6,697 |
) |
(6.9 |
) |
|
21,942 |
|
0.6 |
|
22,929 |
|
0.5 |
|
(985 |
) |
(4.3 |
) |
Supplies-Food and Beverage |
|
310,853 |
|
0.6 |
|
407,703 |
|
0.7 |
|
(96,850 |
) |
(23.8 |
) |
|
144,285 |
|
3.9 |
|
143,115 |
|
3.3 |
|
1,170 |
|
0.8 |
|
Supplies |
|
1,546,662 |
|
3.2 |
|
1,699,287 |
|
0.3 |
|
(152,625 |
) |
(9.0 |
) |
|
|
085 CP Tahoe, LP -
Montbleu |
Unaudited |
|
Month-To-Date |
|
|
|
Year-To-Date |
|
||||||||||||||||||||
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,335 |
|
3.0 |
|
253,954 |
|
5.9 |
|
(140,619 |
) |
(55.4 |
) |
Repairs and Maintenance |
|
647,798 |
|
1.3 |
|
917,091 |
|
1.6 |
|
(269,293 |
) |
(29.4 |
) |
|
15,357 |
|
0.4 |
|
35,236 |
|
0.8 |
|
(19,880 |
) |
(56.4 |
) |
Maintenance Contracts |
|
196,896 |
|
0.4 |
|
193,845 |
|
0.3 |
|
3,051 |
|
1.6 |
|
|
128,692 |
|
3.5 |
|
289,191 |
|
6.7 |
|
(160,499 |
) |
(55.5 |
) |
Repairs and Maintenance |
|
844,694 |
|
1.8 |
|
1,110,936 |
|
2.0 |
|
(266,242 |
) |
(24.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,630 |
|
1.8 |
|
47,050 |
|
1.1 |
|
21,580 |
|
45.9 |
|
Equipment Rental |
|
624,494 |
|
1.3 |
|
441,267 |
|
0.8 |
|
183,227 |
|
41.5 |
|
|
336,983 |
|
9.1 |
|
495,495 |
|
11.4 |
|
(158,511 |
) |
(32.0 |
) |
Rent |
|
4,652,295 |
|
9.7 |
|
5,945,961 |
|
10.5 |
|
(1,293,666 |
) |
(21.8 |
) |
|
405,613 |
|
10.9 |
|
542,545 |
|
12.5 |
|
(136,931 |
) |
(25.2 |
) |
Equipment & Iand Rental |
|
5,276,790 |
|
10.9 |
|
6,387,229 |
|
11.2 |
|
(1,110,439 |
) |
(17.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,827 |
) |
(0.4 |
) |
73,638 |
|
1.7 |
|
(89,466 |
) |
(121.5 |
) |
Outside Services |
|
400,974 |
|
0.8 |
|
631,300 |
|
1.1 |
|
(230,326 |
) |
(36.5 |
) |
|
2,852 |
|
0.1 |
|
140,725 |
|
3.2 |
|
(137,873 |
) |
(98.0 |
) |
Entertainers Fees |
|
350,297 |
|
0.7 |
|
1,159,870 |
|
2.0 |
|
(809,573 |
) |
(69.8 |
) |
|
(12,976 |
) |
(0.3 |
) |
214,363 |
|
4.9 |
|
(227,339 |
) |
(106.1 |
) |
Outside Services |
|
751,271 |
|
1.6 |
|
1,791,170 |
|
3.2 |
|
(1,089,900 |
) |
(58.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,620 |
|
1.6 |
|
146,928 |
|
3.4 |
|
(87,309 |
) |
(59.4 |
) |
Advertising-Media |
|
1,051,931 |
|
2.2 |
|
1,726,166 |
|
3.0 |
|
(674,235 |
) |
(39.1 |
) |
|
59,620 |
|
1.6 |
|
146,928 |
|
3.4 |
|
(87,309 |
) |
(59.4 |
) |
Advertising |
|
1,051,931 |
|
2.2 |
|
1,726,166 |
|
3.0 |
|
(674,235 |
) |
(39.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,683 |
|
1.0 |
|
49,335 |
|
1.1 |
|
(10,652 |
) |
(21.6 |
) |
Special Events |
|
281,706 |
|
0.6 |
|
406,756 |
|
0.7 |
|
(125,050 |
) |
(30.7 |
) |
|
1,906 |
|
0.1 |
|
5,697 |
|
0.1 |
|
(3,791 |
) |
(66.5 |
) |
Promotional Expense |
|
14,493 |
|
0.0 |
|
62,701 |
|
0.1 |
|
(48,208 |
) |
(76.9 |
) |
|
12,310 |
|
0.3 |
|
7,030 |
|
0.2 |
|
5,280 |
|
75.1 |
|
Promotional Expense-Gaming |
|
98,257 |
|
0.2 |
|
96,291 |
|
0.2 |
|
1,966 |
|
2.0 |
|
|
52,899 |
|
1.4 |
|
62,063 |
|
1.4 |
|
(9,163 |
) |
(14.8 |
) |
Promotional |
|
394,456 |
|
0.8 |
|
565,748 |
|
1.0 |
|
(171,291 |
) |
(30.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,794 |
|
0.5 |
|
(8,734 |
) |
(0.2 |
) |
25,523 |
|
292.3 |
|
Utilities-Disposal |
|
234,932 |
|
0.5 |
|
196,406 |
|
0.3 |
|
33,526 |
|
19.6 |
|
|
196,887 |
|
5.3 |
|
307,774 |
|
7.1 |
|
(110,837 |
) |
(36.0 |
) |
Utilities-Gas & Electric |
|
2,184,565 |
|
4.5 |
|
2,811,338 |
|
5.0 |
|
(626,773 |
) |
(22.3 |
) |
|
19,567 |
|
0.5 |
|
(9,008 |
) |
(0.2 |
) |
28,575 |
|
317.2 |
|
Utilities-Water & Sanitation |
|
199,319 |
|
0.4 |
|
134,671 |
|
0.2 |
|
64,648 |
|
48.0 |
|
|
233,248 |
|
6.3 |
|
290,031 |
|
6.7 |
|
(56,734 |
) |
(19.6 |
) |
Utilities |
|
2,618,815 |
|
5.4 |
|
3,142,415 |
|
5.5 |
|
(523,599 |
) |
(16.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,547 |
|
1.1? |
|
?0,663 |
|
1.9 |
|
(38,117 |
) |
(47.3 |
) |
Insurance |
|
491,097 |
|
1.0 |
|
272,896 |
|
0.5 |
|
218,201 |
|
80.0 |
|
|
(642,907 |
) |
(17.3 |
) |
91,725 |
|
2.1 |
|
(734,632 |
) |
(800.9 |
) |
Insurance-Gnrl Liab/Wrk [ILLEGIBLE] |
|
(162,907 |
) |
(0.3 |
) |
546,901 |
|
1.0 |
|
(709,808 |
) |
(129.8 |
) |
|
(600,360 |
) |
(16.1 |
) |
172,389 |
|
4.0 |
|
(772,749 |
) |
(443.3 |
) |
Insurance |
|
328,190 |
|
0.7 |
|
819,797 |
|
1.4 |
|
(491,607 |
) |
(60.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400 |
|
0.0 |
|
— |
|
— |
|
400 |
|
— |
|
Employee Relation-[ILLEGIBLE] |
|
84,639 |
|
0.2 |
|
2,517 |
|
0.0 |
|
82,122 |
|
3,262.5 |
|
|
2,076 |
|
0.1 |
|
— |
|
— |
|
2,076 |
|
— |
|
Employee Relation-Goodwill |
|
14,043 |
|
0.0 |
|
34,879 |
|
0.1 |
|
(20,836 |
) |
(59.7 |
) |
|
2,476 |
|
0.1 |
|
— |
|
— |
|
2,476 |
|
— |
|
Employee Relation |
|
98,682 |
|
0.2 |
|
37,396 |
|
0.1 |
|
61,236 |
|
163.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,935 |
|
0.7 |
|
37,334 |
|
0.9 |
|
(12,399 |
) |
(33.2 |
) |
Commissions |
|
366,163 |
|
0.8 |
|
512,521 |
|
0.9 |
|
(146,358 |
) |
(28.6 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Contribution/Sponsorships |
|
— |
|
— |
|
2,100 |
|
0.0 |
|
(2,100 |
) |
(100.0 |
) |
|
5,646 |
|
0.2 |
|
8,480 |
|
0.2 |
|
(2,834 |
) |
(33.4 |
) |
Communication Expense |
|
54,912 |
|
0.1 |
|
65,951 |
|
0.1 |
|
(11,040 |
) |
(16.7 |
) |
|
4,112 |
|
0.1 |
|
3,233 |
|
0.1 |
|
879 |
|
27.2 |
|
Travel and Entertainment |
|
50,079 |
|
0.1 |
|
57,137 |
|
0.1 |
|
(7,058 |
) |
(12.4 |
) |
|
1,292 |
|
0.0 |
|
[ILLEGIBLE] |
|
0.1 |
|
(2,524 |
) |
(66.2 |
) |
Uniforms and Laundry Expense |
|
43,580 |
|
0.1 |
|
93,624 |
|
0.2 |
|
(50,044 |
) |
(53.5 |
) |
|
52,657 |
|
2.4 |
|
44,767 |
|
1.0 |
|
7,890 |
|
17.6 |
|
Other Expenses |
|
311,124 |
|
0.6 |
|
858,485 |
|
1.5 |
|
(547,361 |
) |
(63.8 |
) |
|
88,642 |
|
2.4 |
|
97,630 |
|
2.2 |
|
(8,988 |
) |
(9.2 |
) |
Other Operating Expenses |
|
825,857 |
|
1.7 |
|
1,589,818 |
|
2.8 |
|
(763,960 |
) |
(48.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
758,621 |
|
20.4 |
% |
2,235,530 |
|
51.5 |
% |
(1,476,959 |
) |
(66.1 |
)% |
Total Operating Expense |
|
17,081,770 |
|
35.4 |
% |
22,390,896 |
|
39.4 |
% |
(5,309,125 |
) |
(23.7 |
)% |
|
|
085 CP Tahoe, LP - Montbleu |
Unaudited |
|
|
Income Statement |
|
|
|
As of Thursday, December 31, 2009 |
|
|
Month-To-Date |
|
|
|
Year-To-Date |
|
||||||||||||||||||||
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
|
December-2009 |
|
% of Rev |
|
December-2008 |
|
% of Rev |
|
2009/2008 |
|
Var % |
|
|
696,700 |
|
18.7 |
% |
(480,716 |
) |
(11.1 |
)% |
1,177,416 |
|
244.9 |
% |
EBITDA |
|
2,057,126 |
|
4.3 |
% |
4,098,178 |
|
7.2 |
% |
(2,041,052 |
) |
(49.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
402,431 |
|
10.8 |
% |
675,739 |
|
15.6 |
% |
(273,308 |
) |
(40.4 |
)% |
Depreciation and Amortization |
|
4,802,408 |
|
10.0 |
% |
5,806,497 |
|
10.2 |
% |
(1,004,090 |
) |
(17.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294,269 |
|
7.9 |
% |
(1,156,455 |
) |
(26.7 |
)% |
1,450,724 |
|
125.4 |
% |
Operating Income (loss) |
|
(2,745,282 |
) |
(5.7 |
)% |
[ILLEGIBLE] |
|
(3.0 |
)% |
(1,036,962 |
) |
(60.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Other Income |
|
— |
|
— |
|
9,750 |
|
0.0 |
|
(9,750 |
) |
(100.0 |
) |
|
— |
|
— |
|
462 |
|
0.0 |
|
(462 |
) |
(100.0 |
) |
Interest Income |
|
— |
|
— |
|
2,020 |
|
0.0 |
|
(2,020 |
) |
(100.0 |
) |
|
— |
|
— |
|
462 |
|
0.0 |
% |
(462 |
) |
(100.0 |
)% |
Total Non-Operating revenue |
|
— |
|
— |
|
11,770 |
|
0.0 |
% |
(11,770 |
) |
(100.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
— |
|
22,788,723 |
|
640.4 |
|
(27,788,723 |
) |
(100.0 |
) |
Write Down/Impairment |
|
— |
|
— |
|
27,788,723 |
|
48.9 |
|
(27,788,723 |
) |
(100.0 |
) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Interest Expense |
|
126 |
|
0.0 |
|
— |
|
— |
|
126 |
|
— |
|
|
4,334 |
|
0.1 |
|
— |
|
— |
|
4,334 |
|
— |
|
Other Non-Operating Expense |
|
65.000 |
|
0.1 |
|
26,000 |
|
0.0 |
|
39,000 |
|
150.0 |
|
|
(4,334 |
) |
(0.1 |
)% |
[ILLEGIBLE] |
|
(640.4 |
)% |
[ILLEGIBLE] |
|
100.0 |
% |
Total Non-Operating expanse |
|
(65,126 |
) |
(0.1 |
)% |
(27,814,723 |
) |
(49.0 |
)% |
27,749,597 |
|
99.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
287,601 |
|
7.7 |
% |
(23,969,538 |
) |
(667.6 |
)% |
29,257,139 |
|
101.0 |
% |
Net Income |
|
(2,812,742 |
) |
(5.8 |
)% |
(29,536,095 |
) |
(52.0 |
)% |
[ILLEGIBLE] |
|
90.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
696,700 |
|
18.7 |
% |
(480,716 |
) |
(11.1 |
)% |
1,177,416 |
|
244.9 |
% |
EBITDA |
|
2,057,126 |
|
4.3 |
% |
4,098,178 |
|
7.2 |
% |
(2,041,052 |
) |
(49.8 |
)% |
EXHIBIT B
STATEMENT OF GROSS REVENUES AND
PERCENTAGE RENT CALCULATION
LEASE YEAR 2009
Amounts reflected on CP Tahoe, LP - MontBleu Income Statement:
|
Total Gross Revenues as defined in Section 2.10 |
|
$ |
48,194,664 |
|
|
Less: |
Exclusions from Gross Revenues |
|
|
|
|
|
|
|
(i) |
Proceeds from sale of property |
|
( |
) |
|
|
|
(ii) |
Security Deposits |
|
( |
) |
|
|
|
(iii) |
Taxes |
|
( |
) |
|
|
|
(iv) |
Condemnations |
|
( |
) |
|
|
|
(v) |
Insurance Proceeds |
|
( |
) |
|
|
|
(vi) |
Credit Card Commissions |
|
( |
) |
|
|
|
(vii) |
Contract Tips/Commissions |
|
( |
) |
|
|
|
(viii) |
Credits/Refunds |
|
( |
) |
|
|
|
(ix) |
Interest Income |
|
( |
) |
|
|
|
(x) |
Reserve for Uncollectable Accounts |
|
( |
) |
|
|
Gross Revenues for 2009 lease year subject to annual percentage rent calculation |
|
$ |
48,194,664 |
|
|
|
|
|
|
|
||
|
Gross Revenue threshold for each lease year pursuant to Section 2.4 |
|
(50,000,000 |
) |
||
|
|
|
|
|
||
|
Gross Revenues in excess of the $50,000,000 lease year annual threshold |
|
0 |
|
||
|
|
|
|
|
||
|
Percentage Rent Factor |
|
x |
10 |
% |
|
|
|
|
|
|
||
|
Percentage Rent due for lease year 2009 |
|
$ |
0 |
|
|
