UNITED STATES
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 Quarter ended September 30, 1995
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 0-4281
ALLIANCE GAMING CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 88-0104066
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
4380 Boulder Highway
Las Vegas, Nevada 89121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (702) 435-4200
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.
[X] Yes [ ] No
The number of shares of Common Stock, $0.10 par value,
outstanding as of November 13, 1995 according to the records of
the registrant's registrar and transfer agent, was 11,654,150.
On the same date, the number of shares outstanding of non voting
Junior Convertible Special Stock, $0.10 par value, was 1,333,333.
I N D E X
PART I. FINANCIAL INFORMATION Page
Item 1. Unaudited Financial Statements
Unaudited Condensed Consolidated Balance Sheets
as of June 30, 1995 and September 30, 1995 3
Unaudited Condensed Consolidated Statements of Operations
for the three months ended September 30, 1994 and 1995 5
Unaudited Condensed Consolidated Statements of Cash Flows
for the three months ended September 30, 1994 and 1995 6
Notes to Unaudited Condensed Consolidated Financial
Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 11
PART II. OTHER INFORMATION
Item 6. Exhibits and reports on Form 8-K 14
SIGNATURES 15
PART 1
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30 Sept 30
1995 1995
(In thousands)
Current assets:
Cash cash equivalents securities available
for sale $ 37,414 $ 34,561
Receivables, net 3,316 4,791
Inventories 714 705
Prepaid expenses 4,148 3,496
Refundable income taxes 361 49
Other 156 107
Total current assets 46,109 43,709
Property and equipment:
Land 17,296 17,296
Building and improvements 8,822 8,822
Gaming equipment 36,396 37,144
Furniture, fixtures and equipment 11,582 11,341
Leasehold improvements 5,372 5,282
Construction in Progress 30 1,052
79,498 80,937
Less accumulated depreciation and amortization 29,146 30,265
Property and equipment, net 50,352 50,672
Other assets:
Receivables, net 5,309 4,986
Excess of costs over net assets of an acquired business,
net of accumulated amortization of $585 and $629 3,842 3,798
Intangible assets, net of accumulated amortization of
$5,516 and $5,429 12,405 11,779
Deferred tax assets 1,399 1,935
Investment in minority owned subsidiary 1,585 1,585
Other 5,347 5,241
Total other assets 29,887 29,324
Total Assets $126,348 $123,705
(continued)
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30 Sept 30
1995 1995
(In thousands)
Current liabilities:
Current maturities of long-term debt $ 3,995 $ 4,002
Accounts payable 1,758 1,487
Accrued expenses, including related parties of
$931 and $570 8,610 8,957
Total current liabilities 14,363 14,446
Long-term debt, less current maturities 97,402 96,599
Deferred tax liabilities 1,399 1,935
Other liabilities 2,556 2,330
Total liabilities 115,720 115,310
Commitments and contingencies
Minority interest 643 787
Stockholders' equity:
Common stock, $0.10 par value; authorized 175,000,000
shares; issued and outstanding 11,654,150 and
11,654,150 1,165 1,165
Special stock, $0.10 par value; authorized 10,000,000
shares; issued and outstanding 1,333,333 and
1,333,333 133 133
Paid-in capital 32,134 32,134
Unrealized gain (loss) on securities available
for sale (316) 725
Accumulated deficit (23,131) (26,549)
Total stockholders' equity 9,985 7,608
Total liabilities and stockholders' equity $ 126,348 $ 123,705
See notes to condensed consolidated financial statements.
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, 1994 and 1995
1994 1995
(In thousands,
except per
share amounts)
Revenues:
Gaming
Routes $ 25,717 $ 26,296
Casinos and taverns 4,065 11,190
Food and beverage sales 1,032 1,052
Net equipment sales 10 3
30,824 38,541
Costs and expenses:
Cost of gaming
Routes 19,101 20,212
Casinos and taverns 2,407 5,158
Cost of food and beverage 723 757
Cost of equipment sales 6 ---
Selling, general and administrative 3,297 4,505
Business development expenses 1,543 5,365
Corporate expenses 1,977 1,522
Depreciation and amortization 2,304 2,487
31,358 40,006
Operating loss (534) (1,465)
Other income (expense):
Interest income 704 426
Interest expense (1,945) (2,208)
Minority share of income (72) (144)
Other, net 110 (498)
Loss before income taxes (1,736) (3,889)
Income tax benefit (expense) (190) 471
Net loss $ (1,926) $ (3,418)
Loss per share of common stock $ (.18) $ (.29)
Weighted average common shares outstanding 10,971 11,654
See notes to condensed consolidated financial statements.
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended September 30, 1994 and 1995
1994 1995
(In thousands)
Cash flows from operating activities:
Net loss (1,926) (3,418)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 2,304 2,487
Loss on sale of property and equipment 25 151
Write off of other assets 230 188
Provision for losses on receivables 153 21
Amortization of debt discounts 71 59
Equity in losses of affiliate 69 ---
Net change in operating assets and liabilities:
(Increase) decrease in:
Inventories 27 9
Prepaid expenses 1,047 652
Refundable income taxes --- 312
Other assets (20) (487)
Increase (decrease) in:
Accounts and slot contracts payable 432 (271)
Accrued expenses (2,606) 347
Minority interests 72 144
Other liabilities (260) (212)
Net cash used in operating activities: $ (382) $ (18)
Cash flows from investing activities:
Additions to property and equipment (1,418) (2,226)
Proceeds from sale of property and equipment 187 296
Additions to receivables (7,617) (3,198)
Cash collections on receivables 4,819 2,745
Proceeds from sale (acquisition) of securities
available for sale (205) 4,084
Additions to intangible assets (96) (354)
Additions to other long-term assets (766) (819)
Net cash provided by (used in)
investing activities (5,096) 528
Cash flows from financing activities:
Reduction of long-term debt (703) (1,024)
Proceeds from long-term debt --- 168
Issuance of stock 43 ---
Net cash used in financing activities (660) (856)
Cash and cash equivalents:
(Decrease) increase for period (6,138) (346)
Balance, beginning of period 37,085 13,734
Balance, end of period $ 30,947 $ 13,388
See notes to condensed consolidated financial statements.
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended September 30, 1994 and 1995
1. ADJUSTMENTS FOR FAIR PRESENTATION
In the opinion of management, all adjustments necessary for a
fair statement of the unaudited results for the three months
ended September 30, 1994 and 1995 have been made. The results
of operations for an interim period are not necessarily
indicative of the results to be expected for a full year.
Certain information and footnote disclosures normally included
in financial statements presented in accordance with generally
accepted accounting principles have been condensed or omitted.
It is suggested that the accompanying condensed consolidated
financial statements be read in conjunction with the financial
statements and notes in the Company's annual report on Form 10-K.
2. RECLASSIFICATIONS
Certain reclassifications have been made to prior period
financial statements to conform with current period
presentations.
3. RECEIVABLES
The Company's gaming route operations from time to time
involve making loans to location operators in order to
participate in revenues over extended periods of time. These
loans, generally made for buildouts, tenant improvements and
initial operating expenses, are generally guaranteed on a full
recourse basis by the location owner and are secured by the
assets of the location. The majority of the loans are
interest bearing and are expected to be repaid over a period
of time not to exceed the life of the related revenue sharing
agreement. The loans have varying payment terms with weekly
payments ranging from approximately $200 to $2,000 and monthly
payments ranging from approximately $500 to $9,000. Annual
interest rates on the loans range from prime plus 1.5% to
stated rates of 12% with various maturity dates ranging from
October 1995 to April 2007. The loans are expected to be
repaid from the locations' cash flows or proceeds from the
sale of the leaseholds.
Receivables consist of the following:
June 30 Sept 30
1995 1995
(In thousands)
Notes receivable-location operators $ 7,760 $ 8,453
Other receivables 865 1,324
8,625 9,777
Less current amounts (3,316) (4,791)
Long-term receivables, excluding current
amounts $ 5,309 $ 4,986
Receivables are presented net of an allowance for doubtful
accounts of approximately $1,659,000 and $1,643,000 as of June
30, 1995 and September 30, 1995, respectively. The allowance
is allocated between current and long-term receivables on a
pro rata basis related to notes receivable from location
operators.
Receivables at September 30, 1995 also included $1,215,000
related to the previously disclosed sale of the Company's
tavern operations to an unrelated third party.
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended September 30, 1994 and 1995
4. DEBT
Long-term debt at June 30, 1995 and September 30, 1995
consists of the following:
June 30 Sept 30
1995 1995
(In thousands)
7.5% Convertible subordinated debentures
due 2003 85,000 85,000
Due to stockholder, net of discount of
$747,619 and $688,596 3,309 3,055
Hospitality Franchise Systems 9,065 8,773
Other debt 4,023 3,773
101,397 100,601
Less current maturities 3,995 4,002
Long-term debt, less current maturities $97,402 $96,599
Accrued interest of approximately $1,991,000 (June 30) and
$354,000 (September 30) is included in accrued expenses in the
unaudited condensed consolidated balance sheets. Included in
these amounts are $27,813 (June 30) and $25,168 (September 30)
due to affiliates of Alfred H. Wilms, the Company's largest
stockholder and a member of the Board of Directors of the
Company, relating to funding of the Company's majority-
controlled subsidiary, Video Services, Inc.'s ("VSI") gaming
device route operations.
5. INCOME TAXES
The Company generally accounts for income taxes and files its
income tax returns on a consolidated basis. However, VSI, in
which the Company holds 100% of the voting interests, has
previously filed its income tax returns on a separate basis
and was not consolidated for tax purposes. During the quarter
ended December 31, 1994, the Company determined that VSI can
be consolidated for tax purposes. As a result, the Company
filed for and has received a refund of estimated income taxes
paid for fiscal year 1994.
The Company accounts for income taxes in accordance with the
provisions of Financial Accounting Standard No. 109 Accounting
for Income Taxes. Under the asset and liability method of
Statement 109, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts
of assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered
or settled. Under Statement 109, the effect on deferred tax
assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date.
Due to losses and the lack of available carrybacks, the
Company recognized no federal income tax expense or benefit
for the quarters ended September 30, 1994 and 1995 other than
the tax effect of changes in the unrealized gains (losses) on
securities available for sale .
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended September 30, 1994 and 1995
5. INCOME TAXES (Continued)
The federal and state income tax effects of temporary
differences that give rise to significant portions of the
deferred tax assets and liabilities at September 30, 1995 are
presented below.
(in thousands)
Deferred tax assets:
Net operating loss carryforwards $13,643
Inventory obsolescence reserve 179
Receivables, bad debt allowance 559
Organization and start-up costs 157
Reserves for discontinued operations 1,279
Other 401
Total gross deferred tax assets 16,218
Less: Valuation allowance (14,283)
Net deferred tax assets $ 1,935
Deferred tax liabilities:
Property and equipment principally due to
depreciation differences 1,363
Other 572
Total gross deferred tax liabilities 1,935
Net $ ---
The valuation allowance for deferred tax assets as of June 30,
1995 was $13,908,000. The net change in the total valuation
allowance for the consolidated group for the quarter ended
September 30, 1995 was an increase of $375,000.
At September 30, 1995, the Company had estimated net operating
loss carryforwards for federal income tax purposes of
approximately $40,000,000 which are available to offset future
federal taxable income, if any, expiring 2007 through 2009.
6. INTANGIBLE ASSETS
Intangible Assets includes $4,409,000, net of $1,095,000 of
accumulated amortization, for costs related to the
commissions, discounts and other issuance costs of the
Company's private placement of $85,000,000 aggregate principal
amount of 7.5% Convertible Subordinated Debentures due 2003.
Such costs are being amortized on a straight line basis over
the term of the debentures.
7. INVESTMENT IN MINORITY OWNED SUBSIDIARY
Investment in minority owned subsidiary consists of $1,585,000
related to the Company's investment in Kansas Financial
Partners, LLC.
ALLIANCE GAMING CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended September 30, 1994 and 1995
8. CASH, CASH EQUIVALENTS AND SECURITIES AVAILABLE FOR SALE
For balance sheet presentation the following account balances
have been combined at September 30, 1995:
(in thousands)
Cash and cash equivalents $ 13,388
Securities available for sale 21,173
Total $ 34,561
As of September 30, 1995, unrealized losses for securities available
for sale was $725,000 net of the tax effect of $374,000 and is
included as a component of stockholder's equity.
9. SUBSEQUENT EVENTS
On October 18, 1995 the Company and Bally Gaming
International, Inc. ("BGII") entered into a definitive
agreement under which 5.9 million shares of BGII shares will
each be exchanged for $13 in cash and the remainder of BGII
shares will be exchanged for the Company's shares also valued
at $13 per share. BGII shareholders will not receive less than
2.167 of the Company's shares nor more than 3.059 shares in
exchange for each BGII share.
The transaction was unanimously approved by both companies'
Boards of Directors, is subject to approval by both companies'
shareholders, obtaining needed regulatory approvals, the
securing of $150 million in permanent financing by the Company
and certain other conditions. The merger is expected to close
in late January 1996. BGII has terminated its merger agreement
with WMS Industries, Inc. and the Company has withdrawn its
tender and consent solicitation for BGII shares. BGII and the
Company agreed to dismiss the litigation between them.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Financial Condition
Liquidity and Capital Resources:
At September 30, 1995, the Company had working capital of
approximately $29,263,000, a decrease of approximately $2,483,000
from June 30, 1995. The decrease in working capital is primarily
in cash and cash equivalents which were used to fund development
activities in connection with the Company's growth strategy.
As of September 30, 1995, the Company had $34,561,000 in cash,
cash equivalents and securities available for sale, of which
approximately $7,000,000 is necessary to fund ongoing gaming
operations in the ordinary course of business.
During the three months ended September 30, 1995, the Company
incurred approximately $5,365,000 in costs associated with
pursuit of the Company's growth strategy. The Company's strategy
is to use its strengthened management team, diversified gaming
expertise and business and investment community relationships to
develop new opportunities in the operation of land-based,
dockside and riverboat casinos (including Native American
casinos), gaming systems and technology, and the supply and
management of gaming devices. Included in these costs are
expenses of $4,677,000 associated with the Company's tender and
consent solicitation, and subsequent entering into a definitive
merger agreement with, Bally Gaming International, Inc..
As previously reported, on July 16, 1994, the Rainbow Casino
located in Vicksburg, Mississippi permanently opened for
business. In connection with the completion of the casino and the
acquisition of its 45% limited partnership interest, through a
wholly-owned subsidiary, the Company funded a $3,250,000 advance
to Rainbow Casino Corporation ("RCC") on the same terms as RCC's
financing from Hospitality Franchise Systems, Inc. ("HFS").
On March 29, 1995 the Company consummated certain transactions
whereby the Company acquired from RCC the controlling general partnership
interest in Rainbow Casino Vicksburg Partnership ("RCVP") and
increased its partnership interest. In exchange for the
assumption by National Gaming Mississippi, Inc. ("NGM"), a
subsidiary of National Gaming Corporation, of approximately
$1,140,000 of liabilities (plus a financing fee payable to HFS)
related to the completion of certain elements of the project
which survived the opening of the casino (for which RCC was to
have been responsible for, but failed to satisfy), a related
$652,000 cash payment by the Company to NGM and commitments by
the Company and NGM to fund additional financing required to
complete the project (i) a subsidiary of the Company became the
general partner and RCC became the limited partner and (ii) the
respective partnership interests were adjusted. As adjusted, RCC
is entitled to receive 10% of the net available cash flows, as
defined, (which amount shall increase to 20% of cash flow above
$35,000,000 (i.e. only on such incremental amount), for a period
of 15 years, such period being subject to one year extensions for
each year in which a minimum payment of $50,000 is not made.
The Company and Casino Magic Corporation, through wholly owned
subsidiaries, are members in Kansas Gaming Partners, LLC ("KGP")
and Kansas Financial Partners, LLC ("KFP"), both Kansas limited
liability companies. Under an option agreement granted to KGP by
Camptown Greyhound Racing, Inc. ("Camptown"), KGP has been
granted the exclusive right to operate gaming devices and/or
casino-type gaming at Camptown's facility if and when such gaming
is permitted in Kansas. In September 1994, the Kansas Racing
Commission approved a revised financing proposal submitted by
Camptown that would facilitate completion of construction of a
greyhound racing facility on the 320 acre site in Frontenac,
Kansas. Camptown has received a $3,205,000 loan commitment which
will be guaranteed by KFP. In December 1994, the Company invested
$1,580,000 in KFP for its portion of the loan guarantee which was
made in the form of a certificate of deposit. Construction of
Camptowns racing facility opened for business in May 1995.
Camptown's obligation to begin to repay the loan
guarantee by KFP commenced in June 1995 with interest only
payments. Principal repayment is scheduled to commence in June
1996. There can be no assurance as to the successful completion
or operation of any part of this project.
Cash used in operations for the quarter improved by
approximately $364,000 (95.3%) from amounts reported for the
prior year period due principally to continued increases in cash
flows from the Company's route and casino operations.
Cash flows provided by investing activities increased $5,624,000
from the same period in the prior year due primarily to the
proceeds from the sale of approximately $4,084,000 of securities
available for sale. Also, net collections on receivables
improved by $2,345,000 compared to the same quarter last year as
receivable activity returned to historical norms.
Cash flows used in financing activities increased $196,000 from the
same quarter last year due primarily to the Company's principal
reductions on long-term debt.
Management believes the Company's present working capital and
funds generated from operations will be sufficient to meet its
existing commitments, debt payments and other obligations as they
become due. As discussed in previous reports, however, it
remains a part of the Company's business strategy to seek
complementary gaming opportunities, including opportunities in
which its route and casino experience may be applicable. As part
of its business activities, the Company is regularly involved in
the identification, investigation and development of such
opportunities. Accordingly, in order to support such activities,
the Company may in the future elect to issue additional debt or
equity securities if and when appropriate opportunities become
available on terms satisfactory to management. The Company
intends to seek debt financing of $140,000,000 to $160,000,000
and equity financing of $20,000,000 to $40,000,000 in connection
with its intended merger with Bally Gaming International, Inc.
Results of Operations.
Three Months Ended September 30, 1994 and 1995
Revenues:
Total revenues for the three months ended September 30, 1995 were
$38,541,000, an increase of $7,717,000 (25.0%) over those for the
same period in 1994. Revenues from all gaming route operations
increased $579,000 (2.3%) to approximately $26,296,000 in the
first quarter of fiscal 1996. Revenues from the Louisiana route
operations decreased $188,000 (a decrease of 4.7%) primarily as a
result of increased competition from riverboat operations and a
land-based casino in New Orleans. Revenue from Nevada route
operations increased approximately $767,000 (3.5%) over those for
the same period last year. The increase in the Nevada gaming
route revenues was attributable to a $0.62 increase in the
average net win per gaming device per day for the three months
ended September 30, 1995 compared to the same period in 1994
(accounting for an increase of approximately $295,000) and an
increase in the weighted average number of gaming devices on
location for the three months ended September 30, 1995 as
compared to the same period in 1994 (accounting for an increase
of approximately $472,000). Revenues from casino and tavern
operations, including food and beverage sales, increased
approximately $7,145,000 (140.2%) during the current year quarter
as compared to those for the prior year as revenues recognized
from the Rainbow Casino, which were consolidated beginning March
29, 1995, exceeded the revenues lost with the termination of the
Company's lease at the Royal Casino.
Costs and Expenses:
Costs of Revenues
Cost of gaming route revenues for the quarter ended September 30,
1995 increased $1,111,000 (5.8%) over the same quarter in 1994.
Costs of revenues from route operations in Louisiana decreased
$210,000 (a decrease of 8.1% from last year) as revenues
declined primarily as a result of the increased competition in
that market. Costs of gaming revenues for Nevada gaming route
revenues increased $1,321,000 (8.0%) as compared to the prior
year and increased slightly as a percent of Nevada gaming route
revenues primarily due to increased costs associated with
additional and renewed space lease contracts. Cost of route
revenues includes rents under both space lease and revenue
sharing arrangements, gaming taxes and direct labor, including
related taxes and benefits. The cost of casino and tavern
revenues including costs of food and beverage revenues increased
$2,785,000 (89.0%) compared to 1994 results primarily due to the
Rainbow Casino cost of revenues which were consolidated beginning
March 29, 1995. This increase was partially offset from the
termination of the Company's lease at the Royal Casino. Cost of
casino and tavern revenues includes cost of goods sold, gaming
taxes, rent and direct labor, including related taxes and
benefits.
Expenses
For the quarter ended September 30, 1995 the Company incurred
developmental costs associated with pursuing the Company's growth
strategy of approximately $5,365,000, an increase of $3,822,000
(247.7%) over the same period from last year. These
business development expenses include salaries and wages, related
taxes and benefits, professional fees, travel expense and other
expenses associated with supporting the Company's growth strategy.
Current year development costs also include expenses of
$4,677,000 associated with the Company's tender offer to
acquire, and subsequent entering into a definitive merger
agreement with, Bally Gaming International, Inc.
Selling, general and administrative expenses for the period
increased approximately $1,208,000 (36.6%) from the prior year.
Expenses for casinos and taverns increased $1,675,000 (177.0%)
from the prior year primarily due to the Rainbow Casino expenses
which were consolidated beginning March 29, 1995. This increase
was partially offset from the termination of the Company's lease
at the Royal Casino. Such expenses related to gaming route
operations decreased $467,000 (19.9%) from the prior year
reflecting steps taken to control costs, including reduced
staffing levels. Corporate general and administrative expenses
decreased $455,000 (23.0%). This decrease was caused primarily by
controlling costs and reducing staffing levels. The Company
expects that there may be further increases in selling, general
and administrative expenses related to the addition of new
management and development personnel and other costs associated
with supporting the Company's growth strategy.
Included in the last year's other income and expenses is a charge
of $69,000 representing the Company's equity in the net loss of
the Rainbow Casino in its first quarter of operations prior to
the Company's acquisition of the general partnership interest in
RCVP on March 29, 1995.
PART II
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit
Number Description
10.67 Agreement and Plan of Merger among Alliance
Gaming Corporation, BGII Acquisition Corp. and
Bally Gaming International,Inc. as of October 18, 1995.
10.68 Employment Agreement, dated as of October 28, 1995,
between the Company and Robert Miodunski.
b. Reports on Form 8-K:
1) The registrant submitted Form 8-K dated July 14, 1995
which included the following items:
Item 5. As of the close of business on June 20, 1995 the
Company was the beneficial owner of
1,000,000 shares of common stock of Bally
Gaming International, Inc. ("BGII").
Item 7. Schedule 13D, with all exhibits there to.
2) The registrant submitted Form 8-K dated August 18, 1995
which included the following item:
Item 5. Letter Agreement among the Company, BGII and WMS,
dated August 14, 1995.
3) The registrant submitted Form 8-K dated
September 1, 1995 which included the following item:
Item 5. Litigation commenced by BGII and WMS and the
Company's wholly owned subsidiary, BGII
Acquisition Corp.
SIGNATURES
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 authorized.
ALLIANCE GAMING CORPORATION
(Registrant)
By /s/ Steve Greathouse
Chairman of the Board of Directors,
President and Chief Executive Officer
By /s/ John W. Alderfer
Sr. Vice President, Treasurer
and Chief Financial Officer
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This schedule contains summary financial information excerpted from Form 10-Q
for the quarter ended 09/30/95.
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0
133
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