Fitzgeralds Gaming Corporation Projected Financial Information (2000–2004)

Summary

This document provides Fitzgeralds Gaming Corporation's unaudited projected financial statements for the years 2000 through 2004. It includes forecasts of revenues, expenses, earnings, and cash flows, as well as assumptions about capital expenditures and cash requirements. The projections are intended for internal planning and may be subject to change. The information is confidential and not intended for public disclosure or use in SEC filings without further adjustment.

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EX-10.4 5 0005.txt DRAFT SUMMARY PROJECTED FINANCIAL INFORMATION
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 FITZGERALDS FITZGERALDS FITZGERALDS FITZGERALDS 101 MAIN FITZGERALDS 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 FITZGERALDS FITZGERALDS FITZGERALDS FITZGERALDS 101 MAIN FITZGERALDS 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 FITZGERALDS FITZGERALDS FITZGERALDS FITZGERALDS 101 MAIN FITZGERALDS 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 FITZGERALDS FITZGERALDS FITZGERALDS FITZGERALDS 101 MAIN FITZGERALDS 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 FITZGERALDS FITZGERALDS FITZGERALDS FITZGERALDS 101 MAIN FITZGERALDS 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