<PAGE> 1
FORM 10-Q/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
QUARTERLY REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1996
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Commission File Number 333-00214
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HORSESHOE GAMING, L.L.C.
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(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 7999 88-0343515
(State or other jurisdiction (Primary Standard Industrial (I.R.S. Employer Identification No.)
of incorporation or organization) Classification Code Number)
</TABLE>
330 South Fourth Street
Las Vegas, Nevada 89101
(702) 383-8500
(Address, including zip code, and telephone number, including
area code, of registrants' principal executive office)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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The Registrant's 10-Q for the Third Quarter ended September 30, 1996 is being
amended for the following corrections:
1 Net Income for the Nine Months ended September 30, 1996 for Horseshoe
Gaming, L.L.C. and Subsidiaries was originally filed incorrectly as $38,721,000
due to a typographical error. The correct figure is $38,271,000.
2 Cash and Cash Equivalents, end of Period for the Nine Months ended
September 30, 1995 for Horseshoe Gaming, L.L.C. and Subsidiaries was originally
filed incorrectly as $39,336,000 due to a typographical error. The correct
figure is $38,336,000.
3 Cash Provided by Operating Activities for the Nine Months ended
September 30, 1995 for New Gaming Capital Partnership and Subsidiary was
originally filed incorrectly as $21,793,000 due to a typographical error. The
correct figure is $35,726,000.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HORSESHOE GAMING, L.L.C.
a Delaware limited liability company
By: Horseshoe Gaming, Inc.,
a Nevada corporation
Its: Manager
Date: November 15, 1996 By: /s/ Walter J. Haybert
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Treasurer and Chief Financial Officer
of Horseshoe Gaming, Inc.
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HORSESHOE GAMING, L.L.C. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
1996 1995 1996 1995
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Revenues:
Casino $ 79,788 $ 81,898 $ 243,681 $ 202,738
Food and beverage 7,457 7,513 22,228 19,058
Hotel 2,027 2,081 6,055 5,306
Other 983 1,074 3,366 2,831
--------- --------- --------- ---------
90,255 92,566 275,330 229,933
Promotional allowances (6,325) (6,167) (18,888) (14,451)
--------- --------- --------- ---------
Net revenues 83,930 86,399 256,442 215,482
--------- --------- --------- ---------
Expenses:
Casino 40,958 39,415 123,520 93,874
Food and beverage 3,324 4,035 10,022 10,120
Hotel 514 590 1,613 1,947
Other 384 389 1,113 1,374
General and administrative 14,830 13,172 46,305 33,902
Depreciation and amortization 4,031 3,337 11,815 8,953
Development 1,402 1,109 5,311 3,845
Preopening - - - 7,021
--------- --------- --------- ---------
Total expenses 65,443 62,047 199,699 161,036
--------- --------- --------- ---------
Operating Income 18,487 24,352 56,743 54,446
Other Income (Expense):
Interest expense (7,094) (4,557) (21,348) (13,409)
Interest and other income 1,851 229 4,406 468
Other (90) - 122 -
Minority interest in income
of subsidiaries (627) (2,854) (1,652) (7,675)
--------- --------- --------- ---------
Net Income $ 12,527 $ 17,170 $ 38,271 $ 33,830
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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<PAGE> 4
HORSESHOE GAMING, L.L.C. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
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1996 1995
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<S> <C> <C>
Cash provided by operating activities: $ 51,948 $ 65,878
-------- --------
Cash flows from investing activities:
Purchases of property and equipment (32,391) (9,965)
Proceeds from land held for sale 1,100 -
Increase in escrow funds (30,098) -
Increase in other assets (4,419) (2,726)
-------- --------
Net cash used in investing
activities (65,808) (12,691)
-------- --------
Cash flows from financing activities:
Proceeds from debt and warrants, net 49,073 2,988
Proceeds from related party - 4,075
Payments on debt (15,547) (19,974)
Deferred interest payable - 1,165
Distributions (15,379) (21,689)
-------- --------
Net cash used in financing
activities 18,147 (33,435)
-------- --------
Net change in cash and cash equivalents 4,287 19,752
Cash and cash equivalents, beginning of period 65,541 18,584
-------- --------
Cash and cash equivalents, end of period $ 69,828 $ 38,336
======== ========
</TABLE>
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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<PAGE> 5
NEW GAMING CAPITAL PARTNERSHIP AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
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1996 1995
-------- --------
<S> <C> <C>
Cash provided by operating activities $ 26,067 $ 35,726
-------- --------
Cash flows from investing activities:
Purchase of property and equipment (24,023) (8,681)
Proceeds from land held for sale 1,100 -
Increase in other assets (1,552) (1,137)
-------- --------
Net cash used in investing
activities (24,475) (9,818)
-------- --------
Cash flows from financing activities:
Proceeds from debt 25,000 3,600
Increase in deferred finance charges (842) -
Payments on debt (8,821) (10,725)
Distributions (14,928) (11,617)
Decrease in due to affiliates (12,892) (2,107)
-------- --------
Net cash used in financing
activities (12,483) (20,849)
-------- --------
Net change in cash and cash equivalents (10,891) 5,059
Cash and cash equivalents, beginning of period 27,025 11,616
-------- --------
Cash and cash equivalents, end of period $ 16,134 $ 16,675
======== ========
</TABLE>
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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