Stockbridge/SBE Investment Company, LLC

CIK:0001606965|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Casino	$ 9,916,862	$ 5,172,483	$ 28,505,513	$ 5,172,483
Hotel	12,299,682	5,376,994	39,037,068	5,376,994
Food and beverage	13,612,683	8,956,402	45,387,900	8,956,402
Retail and other	898,629	472,040	3,430,450	488,086
Gross revenues	36,727,856	19,977,919	116,360,931	19,993,965
Less: promotional allowances	(3,177,587)	(1,971,058)	(8,553,504)	(1,971,058)
Net revenues	33,550,269	18,006,861	107,807,427	18,022,907
Operating expenses
Casino (Note 8)	8,992,558	4,972,495	25,985,611	4,972,495
Hotel (Note 8)	5,169,545	2,254,904	18,858,637	2,254,904
Food and beverage (Note 8)	19,241,263	11,441,152	59,382,138	11,441,152
Retail and other (Note 8)	514,071	335,825	1,714,459	335,825
Provision for doubtful accounts	278,003	153,206	1,991,024	153,206
General and administrative (Note 8)	17,448,255	8,931,917	49,437,325	11,149,512
Corporate (Note 8)	1,032,415	731,264	2,735,627	731,264
Pre-opening (Note 8)		23,165,396		41,495,706
Management fees (Note 8)	1,007,476	542,312	3,230,189	542,312
Depreciation and amortization	10,286,682	3,641,381	31,324,560	4,298,441
Loss on disposal of property and equipment	54,919		123,157	15,917
Total operating expenses	64,025,187	56,169,852	194,782,727	77,390,734
Operating loss	(30,474,918)	(38,162,991)	(86,975,300)	(59,367,827)
Other income (expense)
Loss on early retirement of debt			(8,653,978)	(21,875,324)
Interest income		32,656	2,056	82,964
Interest expense, net of capitalized interest	(8,264,354)	(7,661,497)	(27,092,709)	(19,165,527)
Total other expense	(8,264,354)	(7,628,841)	(35,744,631)	(40,957,887)
Net loss	$ (38,739,272)	$ (45,791,832)	$ (122,719,931)	$ (100,325,714)

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (122,719,931)	$ (100,325,714)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	31,324,560	4,298,441
Amortization of deferred financing costs and discount	11,284,673	8,497,685
Loss on disposal of property and equipment	123,157	15,917
Loss on early retirement of debt	8,653,978	21,875,324
Provision for doubtful accounts	1,991,024	153,206
Prepayment premium on early retirement of debt		(15,000,000)
Changes in operating assets and liabilities
Accounts receivable, net	(1,811,289)	(3,514,833)
Inventories	645,598	(3,932,378)
Prepaid expenses and other current assets	189,137	(6,085,436)
Other assets	(156,714)	(7,521,678)
Accounts payable and accrued expenses	65,188	13,225,898
Due to related parties, net	270,943	13,673,131
Other long-term liabilities	2,772,166	1,329,443
Net cash used in operating activities	(67,367,510)	(73,310,994)
Cash flows from investing activities
Proceeds from disposal of property and equipment	190,000	26,600
Purchases of property and equipment	(10,355,861)	(2,807,482)
Payments for development in progress		(220,680,217)
Decrease in restricted cash	4,478,133	238,915,995
Net cash (used in) provided by investing activities	(5,687,728)	15,454,896
Cash flows from financing activities
Contributions from member	59,257,702	5,000,000
Contributions repaid to member		(5,000,000)
Payments for financing costs	(10,793,903)	(7,573,026)
Proceeds from loans payable	202,936,647	186,500,000
Payments on loans payable	(172,500,000)	(100,500,000)
Payments on notes payable	(3,311,395)	(951,799)
Net cash provided by financing activities	75,589,051	77,475,175
Net increase in cash and cash equivalents	2,533,813	19,619,077
Cash and cash equivalents, beginning of period	10,707,367	2,583,776
Cash and cash equivalents, end of period	13,241,180	22,202,853
Supplemental cash flow disclosure
Cash paid during the period for interest, net of interest capitalized	13,217,368	10,645,559
Supplemental disclosure of non-cash investing and financing activities
Amounts included in accounts payable and accrued expenses for prepaid expenses and other current assets		28,500
Due to related parties
Supplemental disclosure of non-cash investing and financing activities
Capitalized to property and equipment, net	636,538
Accounts payable and accrued expenses
Supplemental disclosure of non-cash investing and financing activities
Capitalized to deferred financing costs, net and discount	11,094,042	11,139,539
Capitalized to property and equipment, net	77,320	29,843,083
Other long-term liabilities
Supplemental disclosure of non-cash investing and financing activities
Capitalized to deferred financing costs, net and discount	$ 27,660,604	35,094,709
Prepaid expenses
Supplemental disclosure of non-cash investing and financing activities
Capitalized to development in progress		$ 314,061

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 13,241,180	$ 10,707,367
Restricted cash	2,436,036	4,422,142
Inventories	3,485,333	4,130,931
Accounts receivable, net	4,501,734	4,681,469
Prepaid expenses and other current assets	5,358,730	5,547,867
Total current assets	29,023,013	29,489,776
Restricted cash	11,601,774	14,093,801
Property and equipment, net (Note 8)	454,363,896	486,019,603
Development in progress (Note 8)	377,120
Deferred financing costs, net	40,750,195	57,677,024
Other assets (Note 8)	8,760,883	8,604,169
Total assets	544,876,881	595,884,373
Current liabilities
Notes payable	4,086,976	4,330,355
Accounts payable and accrued expenses	28,041,073	37,568,636
Due to related parties, net (Note 8)	13,373,579	13,766,098
Total current liabilities	45,501,628	55,665,089
Notes payable	3,065,233	6,133,249
Loans payable	581,236,131	552,000,000
Other long-term liabilities	31,954,052	35,503,969
Total liabilities	$ 661,757,044	$ 649,302,307
Commitments and contingencies (Note 10)
Members' deficit	$ (116,880,163)	$ (53,417,934)
Total liabilities and members' deficit	$ 544,876,881	$ 595,884,373