American Casino & Entertainment Properties LLC

CIK:0001297735|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Casino	$ 52,417	$ 51,580	$ 108,026	$ 106,658
Hotel	23,007	21,998	44,629	41,385
Food and beverage	21,133	20,100	41,043	39,082
Tower, retail, entertainment and other	8,556	8,926	16,603	17,121
Gross revenues	105,113	102,604	210,301	204,246
Less promotional allowances	7,168	6,876	14,341	14,148
Net revenues	97,945	95,728	195,960	190,098
Costs And Expenses:
Casino	16,495	15,757	33,455	32,186
Hotel	9,685	9,530	18,835	18,254
Food and beverage	15,534	14,874	30,103	28,819
Other operating expenses	2,524	2,799	5,080	5,623
Selling, general and administrative	31,274	30,772	62,037	61,499
Depreciation and amortization	6,747	7,376	13,366	14,719
Gain on disposal of assets	0	(32)	0	(68)
Total costs and expenses	82,259	81,076	162,876	161,032
Income From Operations	15,686	14,652	33,084	29,066
Other Expense:
Loss on debt redemption	0	(1,128)	(1,053)	(1,128)
Interest expense	(3,336)	(6,088)	(7,160)	(12,380)
Interest expense - related party	(12)	(1)	(23)	(141)
Total other expense	(3,348)	(7,217)	(8,236)	(13,649)
Net Income	$ 12,338	$ 7,435	$ 24,848	$ 15,417

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net income	$ 24,848	$ 15,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,366	14,719
Amortization of debt issuance and debt discount costs	625	1,207
Loss on debt redemption	1,053	1,128
Gain on disposal of assets	0	(68)
Share-based compensation expense	559	601
Changes in operating assets and liabilities:
Accounts receivable, net	(2)	(798)
Other assets	(936)	349
Accounts payable and accrued expenses	2,324	1,666
Related party activity, net	11	0
Net Cash Provided by Operating Activities	41,848	34,221
Cash Flows From Investing Activities:
Acquisition of property and equipment	(14,509)	(7,391)
Proceeds from sale of property and equipment	47	71
Net Cash Used in Investing Activities	(14,462)	(7,320)
Cash Flows From Financing Activities:
Payments on notes payable	(36,475)	(31,075)
Net Cash Used in Financing Activities	(36,475)	(31,075)
Net decrease in cash and cash equivalents	(9,089)	(4,174)
Cash and cash equivalents - beginning of period	71,763	76,953
Cash and cash equivalents - end of period	62,674	72,779
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest, net of amounts capitalized	6,561	11,302
Supplemental Disclosures of Non-Cash Items:
Accrued capital expenditures	$ 365	$ 588

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 62,674	$ 71,763
Investments - restricted	189	189
Accounts receivable, net	5,207	5,205
Other current assets	13,998	13,022
Total Current Assets	82,068	90,179
Property and equipment, net	1,053,942	1,053,810
Intangible and other assets	15,597	15,637
Total Assets	1,151,607	1,159,626
Current Liabilities:
Accounts payable	6,700	5,933
Accrued expenses	17,641	16,556
Accounts payable and accrued expenses - related party	19	8
Accrued payroll and related expenses	12,837	13,329
Current portion of long-term debt	2,950	2,950
Total Current Liabilities	40,147	38,776
Long-Term Liabilities:
Long-term debt, net of unamortized discount and issuance costs	246,607	280,887
Long-term debt - related party, net of unamortized discount and issuance costs	0	517
Capital lease obligations, less current portion	948	948
Total Long-Term Liabilities	247,555	282,352
Total Liabilities	287,702	321,128
Commitments and Contingencies
Members' Equity:
Members' Equity	863,905	838,498
Total Members' Equity	863,905	838,498
Total Liabilities and Members' Equity	$ 1,151,607	$ 1,159,626