<PAGE>
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 MARCH 31, 1997
OR
[ ] 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 333-11811
---------
ELDORADO RESORTS LLC
ELDORADO CAPITAL CORP.
(EXACT NAMES OF REGISTRANTS AS SPECIFIED IN THEIR CHARTERS)
NEVADA 88-0115550
NEVADA 88-0367075
------------------------------- ------------------------------------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
345 NORTH VIRGINIA STREET, RENO, NEVADA 89501
---------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(702) 786-5700
---------------------------------------------
(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 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
----- -----
Number of shares of common stock of Eldorado Capital Corp. outstanding at May
12, 1997: 2,500 shares.
<PAGE>
ELDORADO RESORTS LLC
ELDORADO CAPITAL CORP.
FORM 10-Q
TABLE OF CONTENTS
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets....................... 2
Condensed Consolidated Statements of Income................. 4
Condensed Consolidated Statements of Cash Flows............. 5
Notes to Condensed Consolidated Financial Statements........ 7
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS............... 9
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K............................ 12
SIGNATURES................................................................ 13
1
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
ELDORADO RESORTS LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
1997 1996
----------- ------------
(unaudited)
ASSETS
------
Current assets:
Cash and cash equivalents $3,288 $5,785
Accounts receivable, net 4,141 3,986
Inventory 2,491 2,471
Prepaid expenses 2,023 1,259
----------- ------------
Total current assets 11,943 13,501
Note receivable 647 692
Investment in joint venture 46,178 46,402
Property and equipment, net 164,554 159,981
Other assets, net 13,574 13,717
----------- ------------
Total assets $236,896 $234,293
----------- ------------
----------- ------------
The accompanying notes are an integral part of these condensed consolidated
statements.
2
<PAGE>
ELDORADO RESORTS LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
1997 1996
----------- ------------
(unaudited)
LIABILITIES AND MEMBERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,324 $1,436
Accounts payable 2,746 3,692
Construction and retention payables 2,928 1,937
Interest payable 1,331 4,446
Accrued payroll, taxes and other accruals 6,309 5,859
----------- ------------
Total current liabilities 14,638 17,370
Long-term debt, less current portion 132,531 127,067
Other liabilities 797 762
----------- ------------
Total liabilities 147,966 145,199
Minority interest 5,011 5,063
Members' equity 83,919 84,031
----------- ------------
Total liabilities and members' equity $236,896 $234,293
----------- ------------
----------- ------------
The accompanying notes are an integral part of these condensed consolidated
statements.
3
<PAGE>
ELDORADO RESORTS LLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
1997 1996
-------- --------
Operating Revenues:
Casino $23,184 $22,778
Food and beverage 8,577 8,116
Hotel 3,786 3,724
Equity in net (loss) of unconsolidated affiliate (224) (484)
Other 1,626 1,326
-------- --------
36,949 35,460
Less: Promotional allowances (3,519) (3,378)
-------- --------
Net revenues 33,430 32,082
Operating Expenses:
Casino 10,432 10,209
Food and beverage 6,308 6,100
Hotel 1,735 1,660
Other 743 710
Selling, general and administrative 6,768 5,639
Management fees 474 1,005
Depreciation 2,811 2,483
-------- --------
Total operating expenses 29,271 27,806
-------- --------
Operating Income 4,159 4,276
Interest Expense, net 3,323 2,329
-------- --------
Net Income Before Minority Interest 836 1,947
Minority Interest in Net Loss of
Subsidiary 52 113
-------- --------
Net Income $888 $2,060
-------- --------
-------- --------
The accompanying notes are an integral part of these condensed consolidated
statements.
4
<PAGE>
ELDORADO RESORTS LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
1997 1996
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $888 $2,060
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 2,811 2,483
Equity in net loss of unconsolidated affiliate 224 484
Minority interest in net (loss) of unconsolidated
affiliate (52) (113)
Changes in assets and liabilities:
(Increase) Decrease in accounts receivable, net (155) 319
Decrease in note receivable 45 --
(Increase) in inventory (20) (251)
(Increase) in prepaid expenses (764) (323)
Decrease in other assets 60 66
(Decrease) Increase in accounts payable, construction
and retention payable, accrued payroll, taxes
and other accruals (2,585) 391
-------- --------
Net cash provided by operating activities 452 5,116
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (7,384) (6,562)
-------- --------
Net cash used in investing activities (7,384) (6,562)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term and other debt 12,000 7,216
Principal payments on long-term and
other debt (6,648) (5,857)
Bond Offering costs 83 --
Distributions (1,000) (200)
-------- --------
The accompanying notes are an integral part of these condensed consolidated
statements.
5
<PAGE>
ELDORADO RESORTS LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
1997 1996
----------------------
Net cash provided by financing activities $4,435 $1,159
------- -------
DECREASE IN CASH AND CASH EQUIVALENTS (2,497) (287)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,785 6,122
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,288 5,835
------- -------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during period for interest $6,367 $1,846
------- -------
------- -------
The accompanying notes are an integral part of these condensed consolidated
statements.
6
<PAGE>
ELDORADO RESORTS LLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. General
The condensed consolidated financial statements include the accounts of
Eldorado Resorts, LLC, ("Resorts") a Nevada limited liability company,
Eldorado Capital Corp., ("Capital") a Nevada Corporation and wholly-owned
subsidiary of Resorts, and a majority owned subsidiary, Eldorado Limited
Liability Company ("ELLC") and, for the period prior to July 1, 1996,
Resorts' predecessor, Eldorado Hotel Associates Limited Partnership (the
"Predecessor Partnership") (together, the "Company"). All significant
intercompany accounts and transactions have been eliminated in consolidation.
In the opinion of Management, the accompanying unaudited condensed
consolidated financial statements contain all adjustments necessary to
present fairly the financial position as of March 31, 1997, the results of
operations for the three month periods ended March 31, 1997 and 1996 and cash
flows for the three month periods ended March 31, 1997 and 1996. The results
of operations for such periods are not necessarily indicative of the results
to be expected for a full year.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. These condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the Annual
Report of Eldorado Resorts LLC and Eldorado Capital Corp. on Form 10-K for
the year ended December 31, 1996.
2. Senior Subordinated Notes
On July 31, 1996, Resorts and Capital (the "Issuers"), sold $100,000,000
in aggregate principal amount of 10 1/2% Senior Subordinated Notes due 2006
(the "Notes"). The Notes are joint and several obligations of the Issuers.
The Notes mature on August 15, 2006 and bear interest at the rate of 10 1/2%
per annum, payable semi-annually in arrears on February 15 and August 15 of
each year, commencing on February 15, 1997. Pursuant to a Registration
Rights Agreement dated as of July 31, 1996, among the Issuers and the initial
purchasers party thereto, the Issuers filed a registration statement under
the Securities Act of 1933, as amended (the "1933 Act") with respect to an
offer to exchange the Notes, which were issued in reliance on an exemption
from registration under the 1933 Act, for registered debt securities of the
Issuers ("Registered Notes") with terms identical to the Notes. The exchange
of the Notes for the Registered Notes was completed on February 26, 1997.
3. Investment in Silver Legacy Resort Casino
Effective March 1, 1994, ELLC and Galleon, Inc. (a Nevada corporation
owned and controlled by Circus Circus Enterprises, Inc.) entered into a joint
venture (the "Silver Legacy Joint Venture") pursuant to a joint venture
agreement (the "Joint Venture Agreement") to develop the Silver Legacy Resort
Casino (the "Silver Legacy"). The Silver Legacy consists of a casino and
hotel located in Reno Nevada, which began operations on July 28, 1995.
During 1994, ELLC contributed land to the Silver Legacy Joint Venture with a
fair value of $25,000,000 (a book value of $17,215,000), and cash of
$23,000,000. Additional cash contributions of $3,900,000 were made in 1995,
for a total equity investment of $51,900,000. Each partner owns a 50%
interest in the Silver Legacy Joint Venture. Galleon, Inc. contributed cash
of $51,900,000 to the Silver Legacy Joint Venture. Galleon, Inc. is entitled
to receive a priority allocation of operating income, up to an amount equal
to 7.5% of the initial $290,000,000 investment, adjusted for taxes, and
reduced for depreciation and principal payments, starting May 1997, as
defined in the Joint Venture Agreement.
During 1994, the Predecessor Partnership contributed land with a fair
value of $22,185,000 (cost of $15,715,000) to ELLC; the minority interest
member of ELLC contributed land with a fair value of $2,815,000 (cost of
$1,500,000) to ELLC. Based upon these contributions, the Predecessor
Partnership had an 88.75% interest in ELLC as
7
<PAGE>
of December 31, 1994. In addition, during 1994, the Company loaned
$23,000,000 to ELLC to contribute to the Silver Legacy Joint Venture; this
note receivable from ELLC is eliminated in consolidation. During 1995, the
minority interest member contributed cash of $3,900,000 to ELLC; as a result,
the Predecessor Partnership's interest in ELLC was reduced to 76.76%.
Summarized balance sheet and results of operation for Silver Legacy Joint
Venture is as follows.
Summarized balance sheet information (in thousands):
March 31, December 31,
1997 1997
----------------------------
(Unaudited)
Current Assets................................. $ 16,526 $ 13,976
Property and equipment, net.................... 336,219 340,028
Other assets................................... 2,489 2,585
----------------------------
Total assets................................. $355,234 $356,589
----------------------------
----------------------------
Current Liabilities............................ $ 18,379 $ 18,785
Long-term liabilities.......................... 236,403 236,904
Partners' equity............................... 100,452 100,900
----------------------------
Total liabilities and partners' equity....... $355,234 $356,589
----------------------------
----------------------------
Summarized results of operations (in thousands):
Quarter Ended Quarter Ended
March 31, 1997 March 31, 1996
--------------------------------
(Unaudited) (Unaudited)
Net Revenues................................... $ 34,374 $ 33,773
Operating Expenses............................. (29,426) (29,520)
--------------------------------
Operating Income............................... 4,948 4,253
--------------------------------
Other (Expense)................................ (5,397) (5,220)
--------------------------------
Net (Loss)..................................... $ (449) $ (967)
--------------------------------
--------------------------------
8
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Operations (Unaudited)
GENERAL.
Eldorado Resorts LLC (the "Resorts") was formed in June 1996 to be the
successor to Eldorado Hotel Associates Limited Partnership (the "Predecessor
Partnership") pursuant to an exchange of all the outstanding partnership
interests in the Predecessor Partnership for membership interests in Resorts
(the "Reorganization"). The Reorganization was effective on July 1, 1996.
The Company owns and operates the Eldorado Hotel & Casino (the "Eldorado"), a
premier hotel/casino and entertainment facility in Reno, Nevada. In addition
to owning the Eldorado, Resorts' 77%-owned subsidiary, Eldorado Limited
Liability Company, a Nevada limited-liability company ("ELLC"), owns a 50%
joint venture interest, along with a wholly-owned affiliate of Circus Circus
Enterprises, Inc. ("Circus Circus"), in the Silver Legacy Resort Casino (the
"Silver Legacy"), a major, themed hotel/casino located adjacent to the
Eldorado. The remaining 23% of ELLC is owned by the principal equity holders
of Resorts. Resorts, ELLC and Eldorado Capital Corp. ("Capital"), a
wholly-owned subsidiary of Resorts which holds no significant assets and
conducts no business activity, are collectively referred to as the "Company."
THREE MONTHS ENDED MARCH 31, 1997 COMPARED TO
THREE MONTHS ENDED MARCH 31, 1996
NET REVENUES.
Net revenues for the three month period ended March 31, 1997 were $33.4
million compared to $32.1 million for the same period in 1996, an increase of
4.2%. Net revenues in the first quarter of 1997 include $0.2 million in net
loss of unconsolidated affiliate compared to $0.5 million net loss of
unconsolidated affiliate for the three months ended March 31, 1996. Despite
a flood in Reno and severe weather in January of 1997, which negatively
impacted traffic, the Company's net revenues exceeded the results of the
prior period as a result of increased casino revenues and the addition of THE
BISTRO ROXY restaurant and bar. In addition, there was an influx of visitors
in the Reno Market attending the Women's International Bowling Congress
("WIBC") National Championship Bowling Tournament being held from March
through July 1997.
Casino revenues increased by 1.8% to $23.2 million for the three months
ended March 31, 1997 compared to $22.8 million for the same period in 1996.
The increase in casino revenues was due primarily to an increased hold
percentage in table games in the 1997 period.
Food and beverage revenues were $8.6 million for the three months ended
March 31, 1997 compared to $8.1 million during the same period in 1996, an
increase of 5.7%. The increase in food and beverage revenues was due
primarily to the opening of THE BISTRO ROXY in December of 1996. This
increase was partially offset by the closing of THE CABARET in January 1997
to make room for a new showroom, bar and retail area scheduled to open during
the second quarter of 1997.
Hotel revenues increased slightly to $3.8 million during the first
quarter of 1997 from $3.7 million in the first quarter of 1996, an increase
of 1.7%. Despite a decrease in the Company's hotel occupancy rate for the
three months ended March 31, 1997 to approximately 89% from 94% during the
same period in 1996, primarily related to the flood and severe weather in
January 1997, hotel revenues exceeded the prior period. The increase is a
result of an increase in the Company's average daily rate ("ADR") to
approximately $52 in the first quarter of 1997 from approximately $49 during
the same period in 1996. The increase in ADR was due to the influx of
visitors attending the WIBC National Championship Bowling Tournament.
Other revenues for the first three months of 1997 were $1.6 million
compared to $1.3 million for the same period in 1996, an increase of 22.6%.
This increase is attributable to added retail space with the opening of SAYS
WHO II
9
<PAGE>
in December 1996 and revenue from the DANIEL'S MOTOR LODGE. The DANIEL'S
MOTOR LODGE, an 82-room motel located adjacent to the Eldorado parking
garage, has been owned and operated by the Eldorado since the third quarter
of 1996.
Promotional allowances expressed as a percentage of casino revenues were
15.2% for the first quarter of 1997 compared to 14.8% for the same period in
1996 as a result of greater use of complimentaries to all levels of casino
patrons.
OPERATING EXPENSES.
The Company's operating expenses increased by 5.3% to $29.3 million for
the three months ended March 31, 1997 from $27.8 million during the same
period in 1996. This increase is primarily attributable to increased expenses
in the casino, food and beverage departments, depreciation and an increase in
selling, general and administrative expenses.
Casino expenses increased by 2.2% to $10.4 million for the three months
ended March 31, 1997 from $10.2 million during the same period in 1996. The
increase was due to the cost of servicing the larger casino floor with the
opening of the mezzanine casino in March 1996, and an Eldorado sportsbook at
the Silver Legacy in July 1996, in addition to increased promotional expense
related to the WIBC bowling tournament.
Food and beverage expenses increased 3.4% to $6.3 million in the first
quarter of 1997 from $6.1 million during the same period in 1996. The
increase in food and beverage expenses was due primarily to the addition of
THE BISTRO ROXY in the fourth quarter of 1996. The increase was partially
offset by the closing of THE CABARET in January 1997.
Hotel expenses in the first quarter of 1997 and 1996 were comparable at
$1.7 million. Despite a decrease in hotel occupancy, expenses were
comparable primarily due to a slight increase in marketing expenditures.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES AND MANAGEMENT FEES.
Selling, general and administrative expenses and management fees
increased by 9.0% for the three months ended March 31, 1997 to $7.2 million
from $6.6 million during the same period in 1996. The increase was due in
part to increased property maintenance expenditures as a result of expanded
facilities and an accrual for mid-year employee bonuses, which was not
incurred in the corresponding period of the previous year. Historically, the
salaries of senior executive officers and certain other key employees of the
Company were not directly incurred by the Company but were paid from a
portion of the management fees paid to Recreational Enterprises, Inc.,
Resorts' controlling member. As of July 1, 1996, the aggregate annual
salaries of such senior executive officers and other key employees became
payroll obligations of the Company. These obligations are included within
selling, general and administrative expenses.
DEPRECIATION.
Depreciation for the first three months of 1997 was $2.8 million compared
to $2.5 million for the first quarter of 1996, an increase of 13.2%. The
increase was attributable to the depreciation of assets that were not in
service in the prior period. These assets include the mezzanine casino, THE
BISTRO ROXY and the DANIEL'S MOTOR LODGE.
INTEREST EXPENSE, NET.
Interest expense, net of capitalized interest and interest income in the
first three months of 1997 and 1996 was $3.3 million and $2.3 million,
respectively, an increase of 42.7%. Interest expense increased as a result
of an increase in the average outstanding borrowings in the first three
months of 1997, as compared to the same period in 1996, and as a result of an
increase in the Company's cost of capital. This increase in average
outstanding borrowings is attributable to costs incurred in connection with
the Company's expansion activities in 1996 and 1997. The Company's increase
in cost of capital is due to the issuance in July 1996 of $100 million
principal amount of 10 1/2% Notes, due 2006 (the "10 1/2%
10
<PAGE>
Notes"), the net proceeds of which were used to repay approximately
$96.5 million of borrowings outstanding under the Company's Credit Facility
(as defined below), which as of March 31, 1996 bore interest at an
approximate average quarterly rate of 7.3%. The Company capitalized interest
of $0.1 million for the first three months of 1997 and 1996 related to
construction costs.
NET INCOME.
As a result of the factors described above, net income for the three
months ended March 31,1997, declined by 56.9% to $0.9 million compared to
$2.1 million during the same period in 1996.
LIQUIDITY AND CAPITAL RESOURCES.
The Company's primary sources of liquidity and capital resources have
been through cash flow from operations, borrowings under various credit
agreements, including the Former Credit Facility (as defined below) and the
issuance on July 31,1996 of the 10 1/2 % Notes. The Company has completed
several expansion and remodeling projects, accounting for a significant use
of cash flow from operations and borrowings under the Former Credit Facility.
The Company's earnings before interest, taxes, depreciation and amortization
for the three months ended March 31, 1997 and 1996, as adjusted to exclude
equity in net (loss) of unconsolidated affiliate, remained constant at $7.2
million. Cash flow from operations for the three months ended March 31, 1997
and 1996 were $0.5 million and $5.1 million, respectively. The decrease is
primarily related to the February 1997 semi-annual interest payment on the
10 1/2 % Notes.
At March 31,1997 the Company had $3.3 million of cash and cash
equivalents and $23.2 million available pursuant to its Credit Facility (as
defined below). The net proceeds of the offering (the "Offering") by the
Company and its wholly owned subsidiary, Eldorado Capital Corp., of the
10 1/2% Notes were used to repay a portion of the Former Credit Facility. The
Loan Agreement dated as of March 25, 1994, (the "Former Credit Facility"),
between the Company, the banks named therein and Bank of America NT&SA, as
administrative agent, was amended concurrently with the closing of the
Offering (as amended, the "Credit Facility "). The Credit Facility provides
for a senior secured revolving credit facility of $50 million. As of
March 31, 1997, the Company had $100.0 million in aggregate principal amount
of 10 1/2% Notes outstanding, $26.8 million outstanding under the Credit
Facility and $5.7 million of other long term debt (net of current portion).
The Operating Agreement of Resorts dated June 28, 1996 obligates
Resorts to distribute each year for as long as it is not taxed as a
corporation to each of its members' an amount equal to such members allocable
share of the taxable income of Resorts multiplied by the highest marginal
combined federal, state and local income tax rate applicable to individuals
for that year. For the three months ended March 31, 1997, Resorts made
distributions to its members of $1.0 million compared with distributions of
$0.2 million during the same period in 1996.
During the three months ended March 31, 1997, the Company's principal
uses of funds were capital expenditures related to a new full-service health
spa ($0.2 million) and progress payments for construction of a 580-seat
showroom ($5.9 million). Total capital expenditures for the three months
ended March 31, 1997 were $7.4 million.
The Company's future sources of liquidity are anticipated to be from its
operating cash flow, funds available from the Credit Facility and capital
lease financing for certain of its fixed asset purchases. The Company's
anticipated uses of cash in the near term include approximately $7.5 million
for completion of a 580-seat showroom, a casino and hotel refurbishment and a
full-service health spa. These expansion projects are anticipated to be
completed during 1997 and the first half of 1998.
11
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
THE FOLLOWING EXHIBIT IS FILED AS PART OF THIS REPORT.
EXHIBIT NUMBER DESCRIPTION
-------------- -----------
27 FINANCIAL DATA SCHEDULE
FOR THE THREE MONTHS ENDED
MARCH 31, 1997
(b) REPORTS ON FORM 8-K
NO REPORT ON FORM 8-K WAS FILED DURING THE PERIOD
COVERED BY THIS REPORT.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
ELDORADO RESORTS LLC
Date: May 12, 1997 By: /s/ Donald L. Carano
------------------------------------
Donald L. Carano
Chief Executive Officer, President and
Presiding Manager
Date: May 12, 1997 By: /s/ Robert M. Jones
------------------------------------
Robert M. Jones
Chief Financial Officer of
Eldorado Resorts LLC (Principal
Financial and Accounting Officer)
ELDORADO CAPITAL CORP.
Date: May 12, 1997 By: /s/ Donald L. Carano
------------------------------------
Donald L. Carano
President
Date: May 12, 1997 By: /s/ Gene R. Carano
------------------------------------
Gene R. Carano
Treasurer (Principal Financial and
Accounting Officer)
13
<PAGE>
EXHIBITS INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
- ------- ----------------------
27 Financial Data Schedule
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,288
<SECURITIES> 0
<RECEIVABLES> 5,103
<ALLOWANCES> 1,080
<INVENTORY> 2,491
<CURRENT-ASSETS> 11,943
<PP&E> 227,834
<DEPRECIATION> 63,280
<TOTAL-ASSETS> 236,896
<CURRENT-LIABILITIES> 14,638
<BONDS> 132,531
0
0
<COMMON> 0
<OTHER-SE> 83,919
<TOTAL-LIABILITY-AND-EQUITY> 236,896
<SALES> 33,430
<TOTAL-REVENUES> 33,430
<CGS> 0
<TOTAL-COSTS> 19,038
<OTHER-EXPENSES> 2,811
<LOSS-PROVISION> 180
<INTEREST-EXPENSE> 3,323
<INCOME-PRETAX> 888
<INCOME-TAX> 0
<INCOME-CONTINUING> 888
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 888
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
