SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
-------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from - to -
- -
Commission file number 333-14535
CASINO MAGIC OF LOUISIANA, CORP.
(Exact name of registrant as specified in its charter)
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LOUISIANA. . . . . . . . . . . . 64-0878110
(State or other jurisdiction of. (I.R.S. Employer
Incorporation or organization) . Indentification No.)
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711 CASINO MAGIC DRIVE, BAY SAINT LOUIS, MS 39520
(Address of principal executive offices) (Zip Code)
(228) 467-9257
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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
Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date.
1,000 shares of common stock outstanding as of August 14, 1998
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CASINO MAGIC OF LOUISIANA CORP.
INDEX
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PART I FINANCIAL INFORMATION PAGE NO.
Item 1. . . . . . . . . . . . . Financial Statements
Condensed Consolidated Statements of Operations -
For the six months ended June 30, 1998 and 1997 1
Condensed Consolidated Statements of Operations -
For the three months ended June 30, 1998 and 1997 2
Condensed Consolidated Balance Sheets -
June 30, 1998 and December 31, 1997 3
Condensed Consolidated Statements of Cash Flows -
For the six months ended June 30, 1998 and 1997 4
Notes to Condensed Consolidated Financial Statements 5
Item 2. . . . . . . . . . . . . Management's Discussion and Analysis of Financial Condition
and Results of Operations 6
PART II . . . . . . . . . . . . OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Changes in Securities 9
Item 3. Default Upon Senior Securities 9
Item 4. Submission of Matters to a Vote of Security Holders 9
Item 5. Other Information 9
Item 6. Exhibits and Reports on Form 8-K 9
SIGNATURES 10
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PART I - FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
CASINO MAGIC OF LOUISIANA, CORP.
CONDENSED STATEMENTS OF OPERATIONS
Six months ended
June 30,
<S> <C> <C>
1998 1997
------------------ ------------
(Unaudited)
Revenues:
Casino . . . . . . . . . . . . . . . . . . . . . $ 53,131,328 $42,836,002
Other operating income . . . . . . . . . . . . . 1,640,902 1,889,710
------------------ ------------
Total revenues. . . . . . . . . . . . . . . . . 54,772,230 44,725,712
------------------ ------------
Costs and expenses:
Casino . . . . . . . . . . . . . . . . . . . . . 25,890,240 22,659,092
Other operating costs and expenses . . . . . . . 1,938,575 3,237,399
Advertising and marketing. . . . . . . . . . . . 6,673,197 9,733,971
General and administrative . . . . . . . . . . . 3,641,445 3,942,032
Property operation, maintenance and energy cost. 2,181,260 2,919,072
Rents, property taxes and insurance. . . . . . . 1,462,373 1,218,019
Depreciation and amortization. . . . . . . . . . 3,178,321 2,786,672
------------------ ------------
Total costs and expenses . . . . . . . . . . . 44,965,411 46,496,257
------------------ ------------
Income (loss) from operations. . . . . . . . . . . 9,806,819 (1,770,545)
------------------ ------------
Other (Income) Expenses:
Interest expense, net. . . . . . . . . . . . . . 8,478,151 7,870,514
Other. . . . . . . . . . . . . . . . . . . . . . 1,927,583 (143,268)
------------------ ------------
Total other expense. . . . . . . . . . . . . . 10,405,734 7,727,246
------------------ ------------
Income (loss) before income taxes. . . . . . . . . (598,915) (9,497,791)
Income tax expense (benefit) . . . . . . . . . . . -- (452,692)
Net income (loss). . . . . . . . . . . . . . . . . $ (598,915) $(9,045,099)
================== ============
Net income (loss) per common share:. . . . . . . . $ (598.92) $ (9,045.10)
================== ============
Weighted average common shares - 1,000
<FN>
See notes to condensed financial statements.
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1
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CASINO MAGIC OF LOUISIANA, CORP.
CONDENSED STATEMENTS OF OPERATIONS
Three months ended
June 30,
<S> <C> <C>
1998 1997
-------------------- ------------
(Unaudited)
Revenues:
Casino . . . . . . . . . . . . . . . . . . . . . $ 26,075,567 $20,679,586
Other operating income . . . . . . . . . . . . . 768,680 839,642
-------------------- ------------
Total revenues . . . . . . . . . . . . . . . . 26,844,247 21,519,228
-------------------- ------------
Costs and expenses:
Casino . . . . . . . . . . . . . . . . . . . . . 12,609,295 12,055,428
Other operating costs and expenses . . . . . . . 913,840 1,151,417
Advertising and marketing. . . . . . . . . . . . 3,341,184 2,639,717
General and administrative . . . . . . . . . . . 1,880,522 1,851,787
Property operation, maintenance and energy cost. 1,080,279 1,439,499
Rents, property taxes and insurance. . . . . . . 824,750 624,970
Depreciation and amortization. . . . . . . . . . 1,581,119 1,427,291
-------------------- ------------
Total costs and expenses . . . . . . . . . . . 22,230,989 21,190,109
-------------------- ------------
Income from operations . . . . . . . . . . . . . . 4,613,258 329,119
-------------------- ------------
Other (Income) Expenses:
Interest expense, net. . . . . . . . . . . . . . 4,227,004 4,136,530
Other. . . . . . . . . . . . . . . . . . . . . . 1,071,654 31,731
-------------------- ------------
Total other expense. . . . . . . . . . . . . . 5,298,658 4,168,261
-------------------- ------------
Income (loss) before income taxes. . . . . . . . . (685,400) (3,839,142)
Income tax expense . . . . . . . . . . . . . . . . -- --
Net income (loss). . . . . . . . . . . . . . . . . $ (685,400) $(3,839,142)
==================== ============
Net income (loss) per common share:. . . . . . . . $ (685.40) $ (3,839.14)
==================== ============
Weighted average commons shares - 1,000
<FN>
See notes to condensed financial statements.
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2
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CASINO MAGIC OF LOUISIANA, CORP.
CONDENSED BALANCE SHEETS
ASSETS
June 30, December 31,
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1998 1997(*)
------------- --------------
(Unaudited)
Current Assets:
Cash and cash equivalents. . . . . . . . . . . . . . . $ 5,333,043 $ 10,675,429
Restricted marketable securities . . . . . . . . . . . 11,699,487 10,629,405
Other current assets . . . . . . . . . . . . . . . . . 1,248,383 1,218,886
------------- --------------
Total current assets . . . . . . . . . . . . . . . . 18,280,913 22,523,720
Property and equipment, net. . . . . . . . . . . . . . . 80,252,473 77,263,462
Other long-term assets . . . . . . . . . . . . . . . . . 41,666,687 42,850,367
------------- --------------
$140,200,073 $ 142,637,549
============= ==============
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities $ 22,766,411 $ 23,440,740
Other long-term liabilities -- --
Long-term debt, net of current maturities 116,440,353 117,604,583
Shareholder's Equity
Common stock, $0.01 par value, 10,000 shares authorized,
1,000 shares issued and outstanding at June 30, 1998
and December 31, 1997 1 1
Additional paid-in capital 22,278,400 22,278,400
Retained deficit . . . . . . . . . . . . . . . . . . . . (21,285,092) (20,686,175)
------------- --------------
Total shareholder's equity 993,309 1,592,226
------------- --------------
$140,200,073 $ 142,637,549
============= ==============
<FN>
* Derived from audited financial statements
See notes to condensed financial statements.
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3
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CASINO MAGIC OF LOUISIANA, CORP.
CONDENSED STATEMENTS OF CASH FLOWS
Six months ended
June 30,
<S> <C> <C>
1998 1997
------------------ -------------
(Unaudited)
Cash Flows from Operating Activities:
Net income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . $ (598,915) $ (9,045,099)
Adjustments for non-cash charges 3,568,331 2,756,407
Changes in assets and liabilities (1,518,882) 4,582,228
------------------ -------------
Net Cash Provided by (Used in) Operating Activities 1,450,534 (1,706,464)
------------------ -------------
Cash Flows From Investing Activities:
Acquisitions of property and equipment . . . . . . . . . . . . . . . (4,148,707) (5,944,738)
Other, net (1,077,660) 86,571
------------------ -------------
Net Cash Used in Investing Activities. . . . . . . . . . . . . . . . . (5,226,367) (5,858,167)
------------------ -------------
Cash Flows From Financing Activities:
Principal payments on notes payable and long-term debt . . . . . . . (1,566,553) (8,454,833)
Net proceeds from issuance of long-term debt -- 3,850,000
------------------ -------------
Net Cash Used in Financing Activities. . . . . . . . . . . . . . . . . (1,566,553) (4,604,833)
------------------ -------------
Net Decrease in Cash and Cash Equivalents. . . . . . . . . . . . . . . (5,342,386) (12,169,464)
Cash and Cash Equivalents, Beginning of Period 10,675,429 20,858,780
------------------ -------------
Cash and Cash Equivalents, End of Period $ 5,333,043 $ 8,689,316
================== =============
Supplemental Cash Flow Information
Cash Paid During the Period for:
Interest (net of amount capitalized) $ 8,326,786 $ 7,515,161
Supplemental Schedule of Non-Cash Investing and financing activities:
Property and equipment and other asset acquisitions included
in accounts and construction payable and accrued expenses 1,204,451 1,840,529
Property and equipment financed with long-term debt 298,895 --
<FN>
See notes to condensed financial statements.
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4
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CASINO MAGIC OF LOUISIANA, CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Information with respect to the Three and Six Months Ended June 30, 1998 and
1997 is Unaudited)
1. Summary of significant accounting policies, risks and uncertainties:
Organization and basis of presentation:
On May 13, 1996 ("Inception"), Jefferson Casino Corporation ("Jefferson
Corp."), a Louisiana corporation and a wholly owned subsidiary of Casino Magic
Corp. ("Casino Magic"), acquired all of the outstanding capital stock of
Crescent City Capital Development Corporation, a Louisiana corporation.
Immediately following the acquisition, the name of Crescent City Capital
Development Corporation ("Crescent City") was changed to Casino Magic of
Louisiana Corp. ("Louisiana Corp." or the "Company"). The financial statements
reflect only the accounts of Louisiana Corp., since the Company conducts no
other operations or business activities. Louisiana Corp., has developed a new
dockside riverboat casino and entertainment complex in Bossier City, Louisiana
("Casino Magic-Bossier City"). Casino Magic-Bossier City opened on October 4,
1996, using a temporary facility and opened the permanent facility on December
31, 1996.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted.
The accompanying unaudited condensed financial statements contain all
adjustments which are, in the opinion of management, necessary for a fair
statement of the results of the interim periods. The results of operations
for the interim periods are not indicative of results of operations for an
entire year.
It is suggested that these financial statements be read in conjunction
with the consolidated financial statements and the notes thereto included in
the Company's Form 10-K for the year ended December 31, 1997 and Form 10-Q for
March 31, 1998.
Certain reclassifications have been made to 1997 amounts to conform with
the June 30, 1998 presentation.
2. Disclosure of contingent interest paid and accrued and management fees
accrual:
No contingent interest or management fees were paid in the first six
months of 1998 or 1997. Contingent interest and management fees were accrued
in the first six months of 1998 in the amount of $668,387 and $1,336,774,
respectively. Contingent interest and management fees were accrued in the
first six months of 1997 in the amount of approximately $43,387 and $81,233,
respectively. No contingent interest or management fees were payable during
the six months ended June 30, 1998 or 1997 because the Company's Adjusted
Fixed Charge Coverage Ratio (as defined) did not exceed 1.5 to 1.0.
3. New Accounting Pronouncements
(a) Accounting for Start-Up Costs:
During April 1998, the Accounting Standards Executive Committee of the
AICPA issued Statement of Position 98-5 ("SOP"), "Reporting on the Costs of
Start-Up Activities." The SOP requires costs of start-up activities and
organization costs to be expensed as incurred. The SOP is effective for
financial statements for fiscal years beginning after December 15, 1998. The
company has not adopted the SOP. However, due to the anticipated opening of
the hotel at Casino Magic - Bossier City in Decemeber 1998, all start-up costs
associated with the hotel will be expensed in the quarter ended December 31,
1998, in accordance with Company policy.
(b) Accounting for Derivative Instruments and Hedging Activities:
In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities. The Statement establishes accounting and
reporting standards requiring that every derivative instrument (including
certain derivative instruments embedded in other contracts) be recorded in the
balance sheet as either an asset or liability measured at its fair value. The
Statement requires that changes in the derivative's fair value be recognized
currently in earnings unless specific hedge accounting criteria are met.
Special accounting for qualifying hedges allows a derivative's gains and
losses to offset related results on the hedged item in the income statement,
and requires that a company must formally document, designate, and assess the
effectiveness of transactions that receive hedge accounting.
Statement 133 is effective for fiscal years beginning after June 15,
1999. A company may also implement the Statement as of the beginning of any
fiscal quarter after issuance (that is, fiscal quarters beginning June 16,
1998 and thereafter). Statement 133 cannot be applied retroactively.
Statement 133 must be applied to (a) derivative instruments and (b) certain
derivative instruments embedded in hybrid contracts that were issued,
acquired, or substantively modified after December 31, 1997 (and, at the
company's election, before January 1, 1998).
We believe the impact of adopting Statement 133 on the financial
statements will be immaterial.
5
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CASINO MAGIC OF LOUISIANA, CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The discussions regarding proposed Company developments and operations
included in "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS" and "NOTES TO CONDENSED FINANCIAL STATEMENTS" contain
forward looking statements that involve a number of risks and uncertainties.
These proposed developments and operations include: (i) the Company's ability
to fund planned developments and debt service obligations over the next twelve
months with currently available cash and marketable securities and with cash
flow from operations; (ii) construction projects entail significant
construction risks, including, but not limited to, cost overruns, delay in
receipt of governmental approvals, shortages in materials or skilled labor,
labor disputes, unforeseen environmental or engineering problems, work
stoppage, fire and other natural disasters, construction scheduling problems
and weather interferences, any of which, if it occurred, could delay
construction or result in a substantial increase in costs to the Company. The
Company's ability to meet its debt obligations may be dependent upon the
successful completion of a hotel at Casino Magic-Bossier City, other planned
construction projects, and the Company's future operating performance, which
is itself dependent on a number of factors, many of which are outside of the
Company's control. Those factors include prevailing economic and competitive
conditions, regulatory compliance, and other factors affecting the Company's
operations and business. In addition to the risks and uncertainties discussed
above, other factors that could cause actual results to differ materially are
detailed from time to time in the Company's reports filed with the Securities
and Exchange Commission.
Results of Operations:
For the three months ended June 30, 1998 compared to the three months ended
June 30, 1997:
Gaming revenues at Casino Magic-Bossier City increased to $26.1 million
in the second quarter of 1998 compared to $20.7 million in the second quarter
of 1997, an increase of $5.4 million or 26.1%. The increase was a result of
Casino Magic's greater maturity in the Shreveport-Bossier City market, the
upgrading of product mix in slot machines, and more effective marketing
programs.
Total costs and expenses during the second quarter of 1998 were $22.2
million compared to $21.2 million in the second quarter of 1997, an increase
of $1.0 million or 4.7%. Casino expenses, which were volume driven, increased
$0.6 million in the 1998 period over the comparable prior quarter while
advertising and marketing expenses increased $0.7 million over the comparable
prior quarter. A change to a targeted marketing strategy in the third quarter
of 1997, and used in the second quarter of 1998, has been effective. Other
administrative and operating expenses decreased $0.2 million over the
comparative quarters as a result of a stringent cost cutting and budgetary
programs initiated in the second quarter of 1997.
Casino Magic-Bossier City earned an operating profit of $4.6 million for
the second quarter of 1998 compared to an operating profit of $0.3 million in
the second quarter of 1997, an improvement of $4.3 million.
Other (income) and expenses increased $1.1 million over the comparable
prior quarter. The increase is principally a result of increased management
fees and contingent interest which are a function of operating profit although
some amounts were accrued rather than paid as a result of the Company's
Adjusted Fixed Charge Coverage Ratio. See "Liquidity and Capital Resources."
Also included in Other (income) and expenses was $0.1 million capitalized
interest expense in the second quarter of 1998 related to the construction of
the hotel. No interest had been capitalized in the second quarter of 1997.
There was no income tax benefit for the second quarter of 1998 or 1997.
The Company is included in a consolidated group subject to a tax-sharing
agreement between itself, all affiliated companies and its ultimate parent,
Casino Magic Corp. The difference between the 0% rate and the statutory rate
of 35% is due to the tax valuation allowance against the tax benefit recorded
as a result of the tax sharing agreement.
Casino Magic-Bossier City incurred a net loss of $0.7 million in the
second quarter of 1998 compared with a net loss of $3.8 million during the
second quarter of 1997, or a loss per share of $685.40 and $3,839.14,
respectively.
6
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CASINO MAGIC OF LOUISIANA, CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS-(CONTINUED)
Results of Operations (continued):
For the six months ended June 30, 1998 compared to the six months ended June
30, 1997:
Gaming revenues at Casino Magic-Bossier City increased to $53.1 million
for the first six months of 1998 compared to $42.8 million in the first six
months of 1997, an increase of $10.3 million or 24.1%. The increase was a
result of Casino Magic-Bossier City's greater maturity in the
Shreveport/Bossier City market, the upgrading of slot machines and more
effective marketing programs.
Total costs and expenses during the first six months of 1998 were $45.0
million compared to $46.5 in the first six months of 1997, a cost savings of
$1.5 million or 3.2%. The principal area of savings in the 1998 period was in
advertising and marketing expenses which were reduced by $3.1 million or 31.4%
from the comparable prior period. Marketing strategy in the first six months
of 1997 involved substantial promotions intended to gain rapid market share,
which was less effective than anticipated. The first six months of 1998
benefited from a more conservative and effective market strategy implemented
in the third quarter of 1997. Casino expenses, which were largely volume
driven, increased $3.2 million or 14.3% in the first six months of 1998 versus
the first six months of 1997. Other administrative and operating expenses
decreased $1.7 million in the 1998 period or 12.1% from the comparable prior
period as a result of a stringent cost cutting and budgetary programs
initiated in the second quarter of 1997.
Casino Magic-Bossier City earned an operating profit of $9.8 million for
the first six months of 1998 versus an operating loss of $1.8 million in the
first six months of 1997, an improvement of $11.6 million.
Other (income) and expenses were $10.4 million for the first six months
of 1998 and $7.7 million for the first six months of 1997. The increase in
net expenses is principally due to an increase of $1.3 million in management
fees during the first six months of 1998 compared to a very minimal expense
for the first six months of 1997, although some amounts were accrued rather
than paid as a result of the Company's Adjusted Fixed Charge Coverage Ratio.
See "Liquidity and Capital Resources.". Also contributing to the increase in
net expense is $0.2 million in shared expenses related to the pending merger
between Casino Magic and Hollywood Park, Inc. There were no expenses in the
first six months of 1997 relating to merger costs.
There was no income tax benefit for the first six months of 1998, but
there was an income tax benefit of $0.5 million reflecting a 5% tax rate for
the first six months of 1997. The Company is included in a consolidated group
subject to a tax-sharing agreement between itself, all affiliated companies
and its ultimate parent, Casino Magic Corp. The difference between the 0%
rate in 1998 and the 5% rate in 1997 and the statutory rate of 35% is due to
the tax valuation allowance against the tax benefit recorded as a result of
the tax sharing agreement.
Casino Magic-Bossier City incurred a net loss of $0.6 million in the
first six months of 1998 compared with a net loss of $9.0 million during the
first six months of 1997, or a loss per share of $598.91 and a loss per share
of $9,045.09, respectively.
Liquidity and Capital Resources:
At June 30, 1998, the Company had unrestricted cash of $5.3 million
compared to unrestricted cash of $10.7 million at December 31, 1997. The
Company had $11.7 million and $10.6 million in restricted marketable
securities at June 30, 1998 and December 31, 1997, respectively.
For the six months ended June 30, 1998, the Company generated $1.4
million of cash flow in operating activities and made principal payments on
long term debt of $1.6 million. The Company spent $4.1 million for
acquisitions of property, equipment and other long-term assets. Of this
amount, $3.3 million was paid with respect to the hotel, restaurants and
related amenities currently under construction.
No contingent interest or management fees were paid in the first six
months of 1998 or 1997. Contingent interest and management fees were accrued
in the first six months of 1998 in the amount of $668,387 and $1,336,774,
respectively. Contingent interest and management fees were accrued in the
first six months of 1997 in the amount of approximately $43,387 and $81,233,
respectively. No contingent interest or management fees were payable during
the six months ended June 30, 1998 or 1997 because the Company's Adjusted
Fixed Charge Coverage Ratio (as defined) did not exceed 1.5 to 1.0.
7
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CASINO MAGIC OF LOUISIANA, CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS-(CONTINUED)
Liquidity and Capital Resources (continued):
The Company commenced expansion of the land based pavilion and
construction of a 188-room hotel and related amenities, including restaurants,
banquet space and swimming pool in March 1998. The construction of the hotel
is expected to be funded primarily by the remaining proceeds from the sale of
the Crescent City Queen, current cash on hand, the future operating cash flow
of Casino Magic-Bossier City, and financing for furniture, fixtures and
equipment for which the Company has received a financing commitment. No
assurances can be given that such sources will be sufficient to complete the
hotel and related facilities. If the anticipated sources of funding are not
sufficient to complete the facilities, the timeline for completion may have to
be extended, other sources of funding would need to be found, or other
strategies and contingency plans would need to be employed by the Company.
Jefferson Corp. and Louisiana Corp. have certain restrictions relative to
additional borrowings and cash flow under the terms of the Indenture
associated with the Louisiana First Mortgage Notes.
The Company will have a significant need for cash in 1998 and beyond in
order to continue its planned development. The Company believes that cash and
restricted marketable securities at June 30, 1998, and cash flows from
operations will be sufficient to service its operating needs and debt service
through, at least, the next twelve months, including the completion of the
Casino Magic-Bossier City hotel, with additional financing for the furniture,
fixtures and equipment of the hotel. There are no assurances that adequate
funding will be available for all of these planned investments at Casino
Magic-Bossier City.
8
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27. Financial Data Schedule (filed electronically only)
(b) Reports on Form 8-K:
None.
9
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SIGNATURES
The Issuer has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CASINO MAGIC OF LOUISIANA, CORP.
Date: August 14, 1998 /s/ James E. Ernst
---------------------
James E. Ernst, President and Chief Executive Officer
Date: August 14, 1998 /s/ Jay S. Osman
-------------------
Jay S. Osman, Chief Financial Officer and Treasurer
(principal financial and accounting officer)
10
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CASINO MAGIC OF LOUISIANA, CORP.
Quarterly Report on Form 10-Q for the Period Ended June 30, 1998
INDEX TO EXHIBITS
- -------------------
Exhibit
Number Page
- ------ ----
27. Financial Data Schedule (filed electronically only).
11
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<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE
30, 1998, CONDENSED FINANCIAL STATEMENTS OF CASINO MAGIC OF LOUISIANA, CORP.
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 5,333,043
<SECURITIES> 11,699,487
<RECEIVABLES> 512,695
<ALLOWANCES> 0
<INVENTORY> 194,725
<CURRENT-ASSETS> 18,280,913
<PP&E> 87,623,332
<DEPRECIATION> 7,370,859
<TOTAL-ASSETS> 140,200,073
<CURRENT-LIABILITIES> 22,674,287
<BONDS> 116,440,353
0
0
<COMMON> 1
<OTHER-SE> 993,309
<TOTAL-LIABILITY-AND-EQUITY> 140,200,073
<SALES> 54,772,230
<TOTAL-REVENUES> 54,772,230
<CGS> 0
<TOTAL-COSTS> 44,965,411
<OTHER-EXPENSES> 1,927,583
<LOSS-PROVISION> 0
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