DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
--------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION-CONSOLIDATED BASE CASE V2000.1
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2000 THROUGH DECEMBER 31, 2004
--------------------------------------------------------------------------------------------------------------------
PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED
2000 2001 2002 2003 2004
-----------------------------------------------------------------------------
REVENUE
Casino $185,694,941 $192,381,059 $192,097,212 $195,277,133 $199,312,909
Food and Beverage 26,921,085 27,790,552 28,134,785 28,876,902 29,655,342
Hotel 22,677,951 23,150,842 23,489,326 24,042,870 24,600,029
Other Operating Departments 2,604,406 2,722,813 2,780,225 2,858,122 2,932,770
Other 2,297,636 3,012,459 3,869,564 4,647,583 5,455,354
-----------------------------------------------------------------------------
TOTAL REVENUE 240,196,019 249,057,725 250,371,112 255,702,610 261,956,404
-----------------------------------------------------------------------------
COST OF SALES
Food and Beverage 12,106,568 12,495,123 12,646,137 12,981,168 13,332,238
Hotel - - - - -
Other 785,235 812,447 832,543 852,639 875,121
-----------------------------------------------------------------------------
TOTAL COST OF SALES 12,891,803 13,307,570 13,478,680 13,833,807 14,207,359
-----------------------------------------------------------------------------
PAYROLL AND RELATED EXPENSES
Casino 32,432,523 33,299,077 33,738,570 34,538,585 35,347,561
Food and Beverage 15,909,858 16,363,539 16,694,005 17,135,614 17,592,418
Hotel 13,445,184 13,753,714 14,066,171 14,401,243 14,768,766
Other Operating Departments 1,403,765 1,456,696 1,469,520 1,507,376 1,548,665
Other Departments 23,919,039 24,625,668 25,481,760 26,108,981 26,771,268
-----------------------------------------------------------------------------
TOTAL PAYROLL AND RELATED EXPENSES 87,110,369 89,498,694 91,450,026 93,691,799 96,028,678
-----------------------------------------------------------------------------
COMPLIMENTARY EXPENSES
Casino 19,893,628 20,453,563 20,477,084 20,721,188 21,092,559
Food and Beverage 81,440 83,244 83,876 84,953 86,547
Hotel 74,717 76,647 77,024 77,418 78,666
Other Operating Departments 2,582 2,662 2,656 2,656 2,692
Other Departments 1,657,264 1,702,887 1,711,765 1,726,375 1,756,106
-----------------------------------------------------------------------------
TOTAL COMPLIMENTARY EXPENSES 21,709,631 22,319,003 22,352,405 22,612,590 23,016,570
-----------------------------------------------------------------------------
OTHER OPERATING EXPENSES/(REVENUE)
Casino 44,283,152 45,949,232 45,802,199 46,536,104 47,496,927
Food and Beverage 1,720,047 1,773,506 1,794,420 1,837,223 1,885,155
Hotel 3,866,540 3,904,950 3,973,709 4,066,415 4,162,731
Other Operating Expenses 1,105,319 1,195,206 1,215,852 1,248,012 1,279,067
Other Expenses 50,968,091 52,185,961 52,358,674 53,142,182 53,990,113
-----------------------------------------------------------------------------
TOTAL OTHER OPERATING EXPENSES 101,943,149 105,008,855 105,144,854 106,829,936 108,813,993
-----------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 16,541,067 $ 18,923,603 $ 17,945,147 $ 18,734,478 $ 19,889,804
=============================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - -
Non-Bond Debt Interest 363,972 312,301 286,217 264,296 243,704
Interest Income-Corp Allocation (35,238) (15,514) (7,541) (2,166) -
Interest Income (763,347) (1,461,999) (2,301,679) (3,046,900) (3,817,726)
Taxes - - - - -
Depreciation 13,742,313 13,911,488 13,911,488 13,911,488 13,911,488
Amortization 423,800 423,800 423,800 423,800 423,800
Other (46,980) (48,155) (49,359) (50,593) (51,858)
Group Allocation - - - - -
-----------------------------------------------------------------------------
Total Adjustments 13,684,520 13,121,921 12,262,926 11,499,925 10,709,408
-----------------------------------------------------------------------------
EBITDA (MANAGEMENT FORMAT) $ 30,225,587 $ 32,045,524 $ 30,208,073 $ 30,234,403 $ 30,599,212
=============================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
-------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION-CONSOLIDATED BASE CASE V2000.1
SUMMARY OF CHANGES IN CASH (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2000 THROUGH DECEMBER 31, 2004
-------------------------------------------------------------------------------------------------------------------------
PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED
2000 2001 2002 2003 2004
-----------------------------------------------------------------------------
EBITDA (BEFORE REORGANIZATION ITEMS) $ 30,225,587 $ 32,045,524 $ 30,208,073 $ 30,234,403 $ 30,599,212
OTHER SOURCES/(USES) OF CASH:
Existing Financing Agreements/
Capital Leases (Slots) (521,855) (23,672) - - -
Existing Financing Agreements/
Capital Leases (Non-Slots) (1,655,816) (645,823) (498,504) (486,712) (428,148)
Interest Payments-Foothill Capital
Facility - - - - -
Borrowings/(Repayments) Foothill
Capital Facility (Net) - - - - -
Reorganization Items (Excluding
Interest Income) (2,558,500) (3,000,000) - - -
Capital Expenditures (Slots)-
Maintenance (4,000,000) (4,000,000) (4,400,000) (4,400,000) (4,400,000)
Capital Expenditures (Non-Slots)-
Maintenance (3,000,000) (4,000,000) (4,200,000) (4,200,000) (4,200,000)
Capital Expenditures (Slots)-
Property Enhancements (2,810,012) - - - -
Capital Expenditures (Non-Slots)-
Property Enhancements (6,510,400) - - - -
Changes in Working Capital - - - - -
Adjustments for Non-Recurring Accruals - - - - -
Interest Receipts 794,017 1,484,499 2,324,179 3,069,400 3,840,226
Proceeds from Asset Sales - - - - -
------------ ------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) IN CASH BEFORE
TAXES AND POR PAYMENTS $ 9,963,021 $ 21,860,528 $ 23,433,748 $ 24,217,091 $ 30,599,212
CASH (UNRESTRICTED) AT BEGINNING OF YEAR 22,115,594 32,078,615 53,939,143 70,682,414 87,850,308
------------ ------------ ------------ ------------ ------------
CASH (UNRESTRICTED) AT END OF YEAR
(BEFORE TAXES AND POR PAYMENTS) $ 32,078,615 $ 53,939,143 $ 77,372,891 $ 94,899,505 $118,449,520
============ ============ ============ ============ ============
LESS:
Income Tax Payments (to be revised) - - (6,690,477) (7,049,197) (7,504,444)
Cash Required for Casino Operations
(on premises) (7,800,000) (8,200,000) (8,200,000) (8,200,000) (8,200,000)
Cash Required for General Operations
(in bank) (5,000,000) (5,000,000) (5,000,000) (5,000,000) (5,000,000)
------------ ------------ ------------ ------------ ------------
CASH AVAILABLE TO SERVICE RESTRUCTURED
SENIOR SECURED NOTES AND OTHER POR
PAYMENTS $ 19,278,615 $ 40,739,143 $ 57,482,414 $ 74,650,308 $ 97,745,076
============ ============ ============ ============ ============
Interest-Restructured Sr Secured
Notes $__mm @ ___% - - - - -
Principal Repayment-Restructured
Senior Secured Notes - - - - -
Miscellaneous POR Payments
(to be revised) - - - - -
------------ ------------ ------------ ------------ ------------
CASH AVAILABLE IN EXCESS OF MINIMUM
OPERATING REQUIREMENTS $ 19,278,615 $ 40,739,143 $ 57,482,414 $ 74,650,308 $ 97,745,076
============ ============ ============ ============ ============
Cash Required for Casino Operations
(on premises) 7,800,000 8,200,000 8,200,000 8,200,000 8,200,000
Cash Required for General Operations
(in bank) 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
------------ ------------ ------------ ------------ ------------
CASH (UNRESTRICTED) AT END OF YEAR $ 32,078,615 $ 53,939,143 $ 70,682,414 $ 87,850,308 $110,945,076
Availability under Foothill Capital
Facility for General W/C - - - - -
------------ ------------ ------------ ------------ ------------
TOTAL CASH (UNRESTRICTED) AVAIL FOR
OPERATIONS AT END OF YEAR $ 32,078,615 $ 53,939,143 $ 70,682,414 $ 87,850,308 $110,945,076
============ ============ ============ ============ ============
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
------------------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION BASE CASE V2000.1
CONSOLIDATING
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
STAND 2000
ALONE XXXXXXXXXXX
XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 101 MAIN XXXXXXXXXXX FITZGERALDS GAMING
RENO, LAS VEGAS, MISSISSIPPI, STREET GAMING MANAGEMENT CORPORATION
INC INC. INC. LLC CORPORATION COMPANY ELIMINATION'S CONSOLIDATED
--------------------------------------------------------------------------------------------------------------
REVENUE
Casino $33,482,061 $40,295,324 $75,103,481 $36,814,075 $ - $ - $ - $185,694,941
Food and Beverage 6,312,806 9,283,991 8,873,788 2,450,500 - - - 26,921,085
Hotel 5,495,812 8,831,526 8,350,613 - - - - 22,677,951
Other Operating
Departments 547,520 1,345,393 707,143 4,350 - - - 2,604,406
Other 295,700 755,500 361,165 265,638 663,955 4,022,500 (4,066,822) 2,297,636
--------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 46,133,899 60,511,734 93,396,190 39,534,563 663,955 4,022,500 (4,066,822) 240,196,019
--------------------------------------------------------------------------------------------------------------
COST OF SALES
Food and Beverage 2,814,722 4,051,842 4,106,031 1,133,973 - - - 12,106,568
Hotel - - - - - - - -
Other 1,387 430,276 353,572 - - - - 785,235
--------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 2,816,109 4,482,118 4,459,603 1,133,973 - - - 12,891,803
--------------------------------------------------------------------------------------------------------------
PAYROLL AND RELATED
EXPENSES
Casino 6,873,790 8,991,103 11,505,129 5,062,501 - - - 32,432,523
Food and Beverage 3,413,321 6,571,304 4,362,212 1,563,021 - - - 15,909,858
Hotel 1,923,534 6,093,752 5,427,898 - - - - 13,445,184
Other Operating
Departments 108,142 560,625 158,490 576,508 - - - 1,403,765
Other Departments 5,103,373 5,227,644 7,249,125 2,891,080 - 3,447,817 - 23,919,039
--------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL AND
RELATED EXPENSES 17,422,160 27,444,428 28,702,854 10,093,110 - 3,447,817 - 87,110,369
--------------------------------------------------------------------------------------------------------------
COMPLIMENTARY EXPENSES
Casino 4,151,935 4,986,402 9,191,615 1,563,676 - - - 19,893,628
Food and Beverage 17,906 26,253 37,281 - - - - 81,440
Hotel 2,199 14,894 57,624 - - - - 74,717
Other Operating
Departments - - 2,582 - - - - 2,582
Other Departments 180,628 412,325 1,037,631 26,680 - - - 1,657,264
--------------------------------------------------------------------------------------------------------------
TOTAL COMPLIMENTARY
EXPENSES 4,352,668 5,439,874 10,326,733 1,590,356 - - - 21,709,631
--------------------------------------------------------------------------------------------------------------
OTHER OPERATING
EXPENSES/(REVENUE)
Casino 6,721,940 7,194,935 20,331,203 10,035,074 - - - 44,283,152
Food and Beverage 228,656 673,464 627,216 190,711 - - - 1,720,047
Hotel 678,033 1,494,594 1,693,913 - - - - 3,866,540
Other Operating
Expenses 719,392 228,533 93,986 63,408 - - - 1,105,319
Other Expenses 11,028,690 13,349,554 19,062,185 10,138,232 - 1,456,252 (4,066,822) 50,968,091
--------------------------------------------------------------------------------------------------------------
TOTAL OTHER
OPERATING EXPENSES 19,376,711 22,941,080 41,808,503 20,427,425 - 1,456,252 (4,066,822) 101,943,149
--------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 2,166,251 $ 204,234 $ 8,098,497 $ 6,289,699 $ 663,955 $ (881,569) $ - $ 16,541,067
==============================================================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - - - - -
Non-Bond Debt Interest 301,443 35,238 20,561 6,730 - - - 363,972
Interest Income-
Corp Allocation (35,238) - - (35,238)
Interest Income (22,500) (75,300) (22,500) (22,500) (628,717) 8,170 - (763,347)
Taxes - - - - - - - -
Depreciation 2,423,255 3,376,000 6,484,458 1,458,600 - - - 13,742,313
Amortization 26,400 - - 356,700 - 40,700 - 423,800
Other (6,000) (40,980) - - - - - (46,980)
Group Allocation - - - - - - - -
--------------------------------------------------------------------------------------------------------------
Total Adjustments 2,722,598 3,294,958 6,482,519 1,799,530 (663,955) 48,870 - 13,684,520
--------------------------------------------------------------------------------------------------------------
EBITDA (MANAGEMENT
FORMAT) $ 4,888,849 $ 3,499,192 $14,581,016 $ 8,089,229 $ - $ (832,699) $ - $ 30,225,587
==============================================================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
------------------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION BASE CASE V2000.1
CONSOLIDATING
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
STAND 2001
ALONE XXXXXXXXXXX
XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 000 XXXX XXXXXXXXXXX FITZGERALDS GAMING
RENO, LAS VEGAS, MISSISSIPPI, STREET GAMING MANAGEMENT CORPORATION
INC INC. INC. LLC CORPORATION COMPANY ELIMINATION'S CONSOLIDATED
---------------------------------------------------------------------------------------------------------------
REVENUE
Casino $33,926,505 $41,245,873 $78,863,431 $38,345,250 $ - $ - $ - $192,381,059
Food and Beverage 6,421,772 9,514,119 9,288,161 2,566,500 - - - 27,790,552
Hotel 5,570,800 9,074,513 8,505,529 - - - - 23,150,842
Other Operating
Departments 601,464 1,377,386 739,613 4,350 - - - 2,722,813
Other 302,380 769,029 376,564 255,011 1,334,713 4,022,500 (4,047,738) 3,012,459
---------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 46,822,921 61,980,920 97,773,298 41,171,111 1,334,713 4,022,500 (4,047,738) 249,057,725
---------------------------------------------------------------------------------------------------------------
COST OF SALES
Food and Beverage 2,863,170 4,149,616 4,296,744 1,185,593 - - - 12,495,123
Hotel - - - - - - - -
Other 1,422 441,218 369,807 - - - - 812,447
---------------------------------------------------------------------------------------------------------------
Total Cost of Sales 2,864,592 4,590,834 4,666,551 1,185,593 - - - 13,307,570
---------------------------------------------------------------------------------------------------------------
PAYROLL AND RELATED
EXPENSES
Casino 6,997,089 9,202,586 11,846,360 5,253,042 - - - 33,299,077
Food and Beverage 3,484,520 6,731,290 4,511,531 1,636,198 - - - 16,363,539
Hotel 1,963,707 6,261,413 5,528,594 - - - - 13,753,714
Other Operating
Departments 119,345 573,957 166,413 596,981 - - - 1,456,696
Other Departments 5,230,958 5,384,473 7,441,603 3,005,104 - 3,563,530 - 24,625,668
---------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL AND
RELATED EXPENSES 17,795,619 28,153,719 29,494,501 10,491,325 - 3,563,530 - 89,498,694
---------------------------------------------------------------------------------------------------------------
COMPLIMENTARY EXPENSES
Casino 4,207,566 5,104,362 9,476,293 1,665,342 - - - 20,453,563
Food and Beverage 18,083 26,727 38,434 - - - - 83,244
Hotel 2,205 15,034 59,408 - - - - 76,647
Other Operating
Departments - - 2,662 - - - - 2,662
Other Departments 182,592 422,070 1,069,769 28,456 - - - 1,702,887
---------------------------------------------------------------------------------------------------------------
TOTAL COMPLIMENTARY
EXPENSES 4,410,446 5,568,193 10,646,566 1,693,798 - - - 22,319,003
---------------------------------------------------------------------------------------------------------------
OTHER OPERATING
EXPENSES/(REVENUE)
Casino 6,811,729 7,354,012 21,310,459 10,473,032 - - - 45,949,232
Food and Beverage 232,455 689,986 651,969 199,096 - - - 1,773,506
Hotel 689,702 1,535,545 1,679,703 - - - - 3,904,950
Other Operating
Expenses 797,708 233,350 98,170 65,978 - - - 1,195,206
Other Expenses 11,162,492 13,542,839 19,630,283 10,414,809 - 1,483,276 (4,047,738) 52,185,961
---------------------------------------------------------------------------------------------------------------
TOTAL OTHER
OPERATING EXPENSES 19,694,086 23,355,732 43,370,584 21,152,915 - 1,483,276 (4,047,738) 105,008,855
---------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 2,058,178 $ 312,442 $ 9,595,096 $ 6,647,480 $ 1,334,713 $(1,024,306) $ - $ 18,923,603
===============================================================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - - - - -
Non-Bond Debt Interest 294,793 15,514 1,994 - - - - 312,301
Interest Income-
Corp Allocation (15,514) (15,514)
Interest Income (22,500) (75,300) (22,500) (22,500) (1,319,199) - - (1,461,999)
Taxes - - - - - - - -
Depreciation 2,429,505 3,376,000 6,647,383 1,458,600 - - - 13,911,488
Amortization 26,400 - - 356,700 - 40,700 - 423,800
Other (6,000) (42,155) - - - - - (48,155)
Group Allocation - - - - - - - -
---------------------------------------------------------------------------------------------------------------
Total Adjustments 2,722,198 3,274,059 6,626,877 1,792,800 (1,334,713) 40,700 - 13,121,921
---------------------------------------------------------------------------------------------------------------
EBITDA (MANAGEMENT
FORMAT) $ 4,780,376 $ 3,586,501 $16,221,973 $ 8,440,280 $ - $ - $ - $ 32,045,524
===============================================================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
------------------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION BASE CASE V2000.1
CONSOLIDATING
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2002
------------------------------------------------------------------------------------------------------------------------------------
STAND 2002
ALONE XXXXXXXXXXX
XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 101 MAIN XXXXXXXXXXX FITZGERALDS GAMING
RENO, LAS VEGAS, MISSISSIPPI, STREET GAMING MANAGEMENT CORPORATION
INC INC. INC. LLC CORPORATION COMPANY ELIMINATION'S CONSOLIDATED
---------------------------------------------------------------------------------------------------------------
REVENUE
Casino $ 33,496,698 $ 42,694,614 $ 80,184,900 $ 35,721,000 $ - $ - $ - $192,097,212
Food and Beverage 6,369,424 9,816,845 9,511,766 2,436,750 - - - 28,134,785
Hotel 5,506,845 9,296,349 8,686,132 - - - - 23,489,326
Other Operating
Departments 603,054 1,416,308 756,813 4,050 - - - 2,780,225
Other 309,229 786,373 383,029 242,434 2,166,420 4,022,500 (4,040,421) 3,869,564
---------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 46,285,250 64,010,489 99,522,640 38,404,234 2,166,420 4,022,500 (4,040,421) 250,371,112
---------------------------------------------------------------------------------------------------------------
COST OF SALES
Food and Beverage 2,839,647 4,279,551 4,401,579 1,125,360 - - - 12,646,137
Hotel - - - - - - - -
Other 1,458 452,678 378,407 - - - - 832,543
---------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 2,841,105 4,732,229 4,779,986 1,125,360 - - - 13,478,680
---------------------------------------------------------------------------------------------------------------
PAYROLL AND RELATED
EXPENSES
Casino 7,051,962 9,469,117 12,110,525 5,106,966 - - - 33,738,570
Food and Beverage 3,516,042 6,926,551 4,628,644 1,622,768 - - - 16,694,005
Hotel 1,982,463 6,437,722 5,645,986 - - - - 14,066,171
Other Operating
Departments 121,477 590,175 170,283 587,585 - - - 1,469,520
Other Departments 5,361,731 5,546,009 7,595,549 3,125,308 - 3,853,163 - 25,481,760
---------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL AND
RELATED EXPENSES 18,033,675 28,969,574 30,150,987 10,442,627 - 3,853,163 - 91,450,026
---------------------------------------------------------------------------------------------------------------
COMPLIMENTARY EXPENSES
Casino 4,154,261 5,283,651 9,456,654 1,582,518 - - - 20,477,084
Food and Beverage 17,854 27,666 38,356 - - - - 83,876
Hotel 2,177 15,562 59,285 - - - - 77,024
Other Operating
Departments - - 2,656 - - - - 2,656
Other Departments 180,280 436,893 1,067,551 27,041 - - - 1,711,765
---------------------------------------------------------------------------------------------------------------
TOTAL COMPLIMENTARY
EXPENSES 4,354,572 5,763,772 10,624,502 1,609,559 - - - 22,352,405
---------------------------------------------------------------------------------------------------------------
OTHER OPERATING
EXPENSES/(REVENUE)
Casino 6,756,053 7,588,725 21,677,861 9,779,560 - - - 45,802,199
Food and Beverage 227,590 711,886 663,663 191,281 - - - 1,794,420
Hotel 684,387 1,573,220 1,716,102 - - - - 3,973,709
Other Operating
Expenses 813,937 239,754 100,304 61,857 - - - 1,215,852
Other Expenses 11,169,920 13,793,042 19,879,607 10,037,182 - 1,519,344 (4,040,421) 52,358,674
---------------------------------------------------------------------------------------------------------------
TOTAL OTHER
OPERATING EXPENSES 19,651,887 23,906,627 44,037,537 20,069,880 - 1,519,344 (4,040,421) 105,144,854
---------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 1,404,011 $ 638,287 $ 9,929,628 $ 5,156,808 $ 2,166,420 $ (1,350,007) $ - $ 17,945,147
===============================================================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - - - - -
Non-Bond Debt Interest 278,676 7,541 - - - - - 286,217
Interest Income
- Corp Allocation (7,541) - - (7,541)
Interest Income (22,500) (75,300) (22,500) (22,500) (2,158,879) - - (2,301,679)
Taxes - - - - - - - -
Depreciation 2,429,505 3,376,000 6,647,383 1,458,600 - - - 13,911,488
Amortization 26,400 - - 356,700 - 40,700 423,800
Other (6,000) (43,359) - - - - - (49,359)
Group Allocation - - - - - - - -
---------------------------------------------------------------------------------------------------------------
Total Adjustments 2,706,081 3,264,882 6,624,883 1,792,800 (2,166,420) 40,700 - 12,262,926
---------------------------------------------------------------------------------------------------------------
EBITDA (MANAGEMENT
FORMAT) $ 4,110,092 $ 3,903,169 $ 16,554,511 $ 6,949,608 $ - $ (1,309,307) $ - $ 30,208,073
===============================================================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
------------------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION BASE CASE V2000.1
CONSOLIDATING
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2003
------------------------------------------------------------------------------------------------------------------------------------
STAND 2003
ALONE XXXXXXXXXXX
XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 101 MAIN XXXXXXXXXXX FITZGERALDS GAMING
RENO, LAS VEGAS, MISSISSIPPI, STREET GAMING MANAGEMENT CORPORATION
INC INC. INC. LLC CORPORATION COMPANY ELIMINATION'S CONSOLIDATED
---------------------------------------------------------------------------------------------------------------
REVENUE
Casino $ 34,375,102 $ 43,646,026 $ 81,089,505 $ 36,166,500 $ - $ - $ - $195,277,133
Food and Beverage 6,565,766 10,093,616 9,726,770 2,490,750 - - - 28,876,902
Hotel 5,657,919 9,518,216 8,866,735 - - - - 24,042,870
Other Operating
Departments 626,992 1,453,066 774,014 4,050 - - - 2,858,122
Other 316,247 804,151 388,010 246,127 2,906,266 4,022,500 (4,035,718) 4,647,583
---------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 47,542,026 65,515,075 100,845,034 38,907,427 2,906,266 4,022,500 (4,035,718) 255,702,610
---------------------------------------------------------------------------------------------------------------
COST OF SALES
Food and Beverage 2,927,020 4,400,702 4,503,043 1,150,403 - - - 12,981,168
Hotel - - - - - - - -
Other 1,494 464,138 387,007 - - - - 852,639
---------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 2,928,514 4,864,840 4,890,050 1,150,403 - - - 13,833,807
---------------------------------------------------------------------------------------------------------------
PAYROLL AND RELATED
EXPENSES
Casino 7,230,714 9,716,214 12,374,649 5,217,008 - - - 34,538,585
Food and Beverage 3,605,612 7,122,368 4,742,510 1,665,124 - - - 17,135,614
Hotel 2,022,706 6,615,160 5,763,377 - - - - 14,401,243
Other Operating
Departments 124,665 605,493 174,153 603,065 - - - 1,507,376
Other Departments 5,495,773 5,684,658 7,777,561 3,219,068 - 3,931,921 - 26,108,981
---------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL AND
RELATED EXPENSES 18,479,470 29,743,893 30,832,250 10,704,265 - 3,931,921 - 93,691,799
---------------------------------------------------------------------------------------------------------------
COMPLIMENTARY
EXPENSES
Casino 4,263,200 5,401,392 9,455,075 1,601,521 - - - 20,721,188
Food and Beverage 18,323 28,282 38,348 - - - - 84,953
Hotel 2,234 15,909 59,275 - - - - 77,418
Other Operating
Departments - - 2,656 - - - - 2,656
Other Departments 185,007 446,630 1,067,373 27,365 - - - 1,726,375
---------------------------------------------------------------------------------------------------------------
TOTAL COMPLIMENTARY
EXPENSES 4,468,764 5,892,213 10,622,727 1,628,886 - - - 22,612,590
---------------------------------------------------------------------------------------------------------------
OTHER OPERATING
EXPENSES/(REVENUE)
Casino 6,918,481 7,748,953 21,941,551 9,927,119 - - - 46,536,104
Food and Beverage 234,871 731,166 675,579 195,607 - - - 1,837,223
Hotel 702,983 1,610,827 1,752,605 - - - - 4,066,415
Other Operating
Expenses 836,712 246,141 102,450 62,709 - - - 1,248,012
Other Expenses 11,351,645 14,014,319 20,106,796 10,148,827 - 1,556,313 (4,035,718) 53,142,182
---------------------------------------------------------------------------------------------------------------
TOTAL OTHER
OPERATING EXPENSES 20,044,692 24,351,406 44,578,981 20,334,262 - 1,556,313 (4,035,718) 106,829,936
---------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 1,620,586 $ 662,723 $ 9,921,026 $ 5,089,611 $ 2,906,266 $ (1,465,734) $ - $ 18,734,478
===============================================================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - - - - -
Non-Bond Debt Interest 262,130 2,166 - - - - - 264,296
Interest Income-
Corp Allocation (2,166) (2,166)
Interest Income (22,500) (75,300) (22,500) (22,500) (2,904,100) - - (3,046,900)
Taxes - - - - - - - -
Depreciation 2,429,505 3,376,000 6,647,383 1,458,600 - - - 13,911,488
Amortization 26,400 - - 356,700 - 40,700 - 423,800
Other (6,000) (44,593) - - - - - (50,593)
Group Allocation - - - - - - - -
---------------------------------------------------------------------------------------------------------------
Total Adjustments 2,689,535 3,258,273 6,624,883 1,792,800 (2,906,266) 40,700 - 11,499,925
---------------------------------------------------------------------------------------------------------------
EBITDA (MANAGEMENT
FORMAT) $ 4,310,121 $ 3,920,996 $ 16,545,909 $ 6,882,411 $ - $ (1,425,034) $ - $ 30,234,403
===============================================================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
DRAFT - SUBJECT TO MODIFICATION CONFIDENTIAL AND PROPRIETARY - SUBJECT TO USE RESTRICTIONS
------------------------------------------------------------------------------------------------------------------------------------
FITZGERALDS GAMING CORPORATION BASE CASE V2000.1
CONSOLIDATING
OPERATING INCOME STATEMENT (UNAUDITED)
PROJECTIONS FOR THE YEARS ENDING DECEMBER 31, 2004
------------------------------------------------------------------------------------------------------------------------------------
STAND 2004
ALONE XXXXXXXXXXX
XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 101 MAIN XXXXXXXXXXX FITZGERALDS GAMING
RENO, LAS VEGAS, MISSISSIPPI, STREET GAMING MANAGEMENT CORPORATION
INC INC. INC. LLC CORPORATION COMPANY ELIMINATION'S CONSOLIDATED
---------------------------------------------------------------------------------------------------------------
REVENUE
Casino $ 35,076,102 $ 44,719,538 $ 82,830,639 $ 36,686,630 $ - $ - $ - $199,312,909
Food and Beverage 6,715,855 10,400,952 9,986,245 2,552,290 - - - 29,655,342
Hotel 5,761,255 9,766,650 9,072,124 - - - - 24,600,029
Other Operating
Departments 641,425 1,493,903 793,380 4,062 - - - 2,932,770
Other 323,441 822,371 396,109 250,248 3,674,926 4,022,500 (4,034,241) 5,455,354
---------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 48,518,078 67,203,414 103,078,497 39,493,230 3,674,926 4,022,500 (4,034,241) 261,956,404
---------------------------------------------------------------------------------------------------------------
COST OF SALES
Food and Beverage 2,994,057 4,535,385 4,623,869 1,178,927 - - - 13,332,238
Hotel - - - - - - - -
Other 1,531 476,900 396,690 - - - - 875,121
---------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 2,995,588 5,012,285 5,020,559 1,178,927 - - - 14,207,359
---------------------------------------------------------------------------------------------------------------
PAYROLL AND RELATED
EXPENSES
Casino 7,371,211 9,989,126 12,647,691 5,339,533 - - - 35,347,561
Food and Beverage 3,687,590 7,322,237 4,869,781 1,712,810 - - - 17,592,418
Hotel 2,059,648 6,812,238 5,896,880 - - - - 14,768,766
Other Operating
Departments 127,601 622,509 178,511 620,044 - - - 1,548,665
Other Departments 5,633,167 5,826,775 7,975,839 3,315,641 - 4,019,846 - 26,771,268
---------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL AND
RELATED EXPENSES 18,879,217 30,572,885 31,568,702 10,988,028 - 4,019,846 - 96,028,678
---------------------------------------------------------------------------------------------------------------
COMPLIMENTARY
EXPENSES
Casino 4,350,137 5,534,245 9,584,366 1,623,811 - - - 21,092,559
Food and Beverage 18,696 28,978 38,873 - - - - 86,547
Hotel 2,280 16,300 60,086 - - - - 78,666
Other Operating
Departments - - 2,692 - - - - 2,692
Other Departments 188,779 457,615 1,081,966 27,746 - - - 1,756,106
---------------------------------------------------------------------------------------------------------------
TOTAL COMPLIMENTARY
EXPENSES 4,559,892 6,037,138 10,767,983 1,651,557 - - - 23,016,570
---------------------------------------------------------------------------------------------------------------
OTHER OPERATING
EXPENSES/(REVENUE)
Casino 7,051,356 7,927,800 22,422,023 10,095,748 - - - 47,496,927
Food and Beverage 240,052 752,622 692,033 200,448 - - - 1,885,155
Hotel 716,340 1,652,806 1,793,585 - - - - 4,162,731
Other Operating
Expenses 857,286 253,148 104,945 63,688 - - - 1,279,067
Other Expenses 11,503,291 14,256,244 20,397,132 10,273,489 - 1,594,198 (4,034,241) 53,990,113
---------------------------------------------------------------------------------------------------------------
TOTAL OTHER
OPERATING EXPENSES 20,368,325 24,842,620 45,409,718 20,633,373 - 1,594,198 (4,034,241) 108,813,993
---------------------------------------------------------------------------------------------------------------
EARNINGS BEFORE TAX $ 1,715,056 $ 738,486 $ 10,311,535 $ 5,041,345 $ 3,674,926 $ (1,591,544) $ - $ 19,889,804
===============================================================================================================
EBITDA ADJUSTMENTS:
Bond Debt Interest - - - - - - - -
Non-Bond Debt Interest 243,704 - - - - - - 243,704
Interest Income-
Corp Allocation - -
Interest Income (22,500) (75,300) (22,500) (22,500) (3,674,926) - - (3,817,726)
Taxes - - - - - - - -
Depreciation 2,429,505 3,376,000 6,647,383 1,458,600 - - - 13,911,488
Amortization 26,400 - - 356,700 - 40,700 - 423,800
Other (6,000) (45,858) - - - - - (51,858)
Group Allocation - - - - - - - -
---------------------------------------------------------------------------------------------------------------
Total Adjustments 2,671,109 3,254,842 6,624,883 1,792,800 (3,674,926) 40,700 - 10,709,408
---------------------------------------------------------------------------------------------------------------
EBITDA (MANAGEMENT
FORMAT) $ 4,386,165 $ 3,993,328 $ 16,936,418 $ 6,834,145 $ - $ (1,550,844) $ - $ 30,599,212
===============================================================================================================
PRESENTATION DOES NOT REFLECT SEC REQUIRED ADJUSTMENTS
