COLONY RESORTS LVH ACQUISITIONS LLC

CIK:0001282607|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Casino	$ 14,202	$ 15,629	$ 29,003	$ 35,268
Rooms	19,332	19,436	42,851	40,232
Food and beverage	14,385	15,739	31,476	31,791
Other revenue	2,524	2,657	4,900	6,181
Total revenue	50,443	53,461	108,230	113,472
Less: promotional allowances	(4,931)	(5,920)	(10,717)	(11,978)
Net revenues	45,512	47,541	97,513	101,494
Expenses:
Casino	12,735	14,716	25,967	29,747
Rooms	7,645	7,449	15,281	14,713
Food and beverage	11,346	11,036	23,321	21,988
Other expense	1,305	1,877	2,321	3,794
General and administrative	12,202	13,129	25,162	25,976
Depreciation and amortization	4,400	4,924	9,316	9,843
Total expense	49,633	53,131	101,368	106,061
Operating loss	(4,121)	(5,590)	(3,855)	(4,567)
Interest expense	4,743	4,261	8,326	7,345
Net loss	$ (8,864)	$ (9,851)	$ (12,181)	$ (11,912)

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,181)	$ (11,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,316	9,843
Amortization of deferred financing costs	570	428
Valuation change in interest rate cap adjustment	55	0
Provision for doubtful accounts	302	(398)
Stock based compensation	53	80
Changes in assets and liabilities:
Accounts receivable	(1,626)	(2,142)
Inventories	205	43
Prepaid expenses and other current assets	(396)	(271)
Other assets	(2)	38
Accounts payable	(1,801)	219
Accrued interest	12,913	0
Accrued expenses	20	(1,448)
Due to affiliates	(1,377)	(218)
Accrued deferred interest expense	(5,212)	0
Long term deposits	(2)	(5)
Net cash provided by/(used in) operating activities	837	(5,743)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment	(2,347)	(2,093)
(Increase)/decrease in restricted cash	(2,157)	2,517
Net cash (used in)/provided by investing activities	(4,504)	424
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of other long-term debt	(97)	0
Debt issuance costs	0	(137)
Net cash used in financing activities	(97)	(137)
Decrease in cash and equivalents	(3,764)	(5,456)
Cash and equivalents at beginning of year	10,474	13,901
Cash and equivalents at end of period	6,710	8,445
Supplemental Cash Flow Disclosure:
Cash paid for interest	4	4,798
Acquisition of gaming assets with seller financing	145	0
Non-Cash Transaction:
Reduction of base jackpot liability	$ 867	$ 0

CONDENSED BALANCE SHEETS (Unaudited) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash and equivalents	$ 6,710	$ 10,474
Restricted cash	9,092	6,935
Accounts receivable, net of allowance for doubtful accounts of $6,316 at June 30, 2011 and $6,417 at December 31, 2010	9,707	8,382
Inventories	2,259	2,465
Prepaid expenses and other current assets	4,355	3,959
Total current assets	32,123	32,215
PROPERTY AND EQUIPMENT, NET	306,501	313,325
RESTRICTED CASH	6,690	6,690
OTHER ASSETS, NET	2,238	2,861
Total assets	347,552	355,091
CURRENT LIABILITIES:
Current portion of term loan	230,000	0
Current portion of term loan funded by affiliate	22,000	0
Current portion of other long-term debt	832	611
Accounts payable	6,366	8,167
Accrued interest	12,913	0
Accrued expenses	23,465	24,312
Due to affiliates	485	1,862
Total current liabilities	296,061	34,952
ACCRUED DEFERRED INTEREST EXPENSE	0	5,212
TERM LOAN	0	230,000
PORTION OF TERM LOAN FUNDED BY AFFILIATE	0	22,000
OTHER LONG-TERM DEBT	49	222
LONG TERM DEPOSITS	61	63
Total liabilities	296,171	292,449
COMMITMENTS AND CONTINGENCIES (Note 8)
REDEEMABLE MEMBERS’ EQUITY	61,800	61,800
MEMBERS’ (DEFICIT)/EQUITY	(10,419)	842
Total liabilities and members’ (deficit)/equity	$ 347,552	$ 355,091