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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-KSB/A
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) of the SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended OR December 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) of the SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
Commission File Number 0-9099
FLORIDA GAMING CORPORATION
(Name of Small Business Issuer in its Charter)
DELAWARE 59-1670533
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3500 N.W. 37th Avenue
Miami, Florida 33142
(Address of principal (Zip Code)
executive offices)
Issuer's telephone number
including area code: (305) 633-6400
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act:
Common Stock ($.10 par value) and Class A Convertible Preferred Stock ($.10 par
value)
Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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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Indicate by check mark if disclosure of delinquent filers pursuant to
ITEM 405 of Regulation S-B is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated herein by reference in Part III of this Form 10-KSB or
any amendment to this Form 10-KSB. [X]
The registrant's revenues for the most recent fiscal year: $12,865,298
The aggregate market value of voting stock held by non-affiliates of
the registrant as of March 24, 2000.
Common stock, par value of $.10 per share - $3,087,039
The number of shares of the registrant's common stock outstanding as of
March 27, 2000 - 6,066,816 shares.
Transactional Small Business Disclosure Format
Yes No X
DOCUMENTS INCORPORATED BY REFERENCE
NONE
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CONSOLIDATED STATEMENTS OF OPERATIONS
FLORIDA GAMING CORPORATION AND SUBSIDIARIES
For the years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------------- ---------------
<S> <C> <C>
HANDLE
Live Jai-Alai $ 21,229,079 $ 34,502,831
ITW-Guest 51,022,333 58,535,618
ITW-Host 15,400,964 14,461,358
------------ ------------
Total Pari-Mutuel Handle $ 87,652,376 $107,499,807
============ ============
JAI-ALAI MUTUEL REVENUE $9,137,340 $ 12,165,716
Less Florida State pari-mutuel taxes incurred--Note E (1,533,498) (1,733,963)
Less simulcast guest commissions (2,053,546) (1,943,741)
INTER TRACK MUTUEL COMMISSIONS 4,741,670 5,257,576
---------- ----------
Net Pari-Mutuel Revenue 10,291,966 13,745,588
ADMISSION INCOME, net of State taxes incurred 233,854 332,317
PROGRAM REVENUE 364,171 497,375
FOOD AND BEVERAGE 1,145,091 1,824,506
CARD ROOM REVENUE 234,957 475,645
OTHER 595,259 688,738
---------- ----------
TOTAL OPERATING REVENUE 12,865,298 17,564,169
OPERATING EXPENSES
Advertising and promotions 662,500 851,971
Operating and mutuels payroll and related costs 3,179,741 4,052,354
Player payroll and related costs 3,886,435 5,197,910
Food and beverage costs 978,033 1,589,853
Repairs and maintenance 337,423 423,666
Totalizator/teleview rent--Note H 370,260 784,736
Programs 293,444 452,918
Card room payroll and related costs 106,465 203,019
Other card room operating costs 44,619 112,197
Depreciation and amortization 733,017 922,403
Utilities 637,782 887,531
Miscellaneous, net 243,000 1,710,293
---------- ----------
TOTAL OPERATING EXPENSES 11,472,719 17,188,851
</TABLE>
(CONTINUED)
See notes to consolidated financial statements
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COMPARISON DEFINITION
THE FOLLOWING ANALYSIS OF HANDLE, REVENUES, ATTENDANCE, OPERATING
EXPENSES AND GENERAL & ADMINISTRATIVE EXPENSES IN THIS PART OF THE REPORT
COMPARES FIGURES FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1999 TO FIGURES FOR
THE TWELVE MONTHS ENDED DECEMBER 31, 1998, FOR THE THREE PARI-MUTUEL FACILITIES
PRESENTLY OPERATING--- MIAMI, FT. PIERCE, AND OCALA. THE TAMPA FACILITY WAS SOLD
IN NOVEMBER, 1998, AND ALL OPERATIONS CEASED AT THAT TIME. AS A RESULT OF AN
AMENDED AGREEMENT WITH THE SUMMER JAI-ALAI PARTNERS, SUMMER JAI-ALAI (SJA) WAS
OPERATED 100% BY THE COMPANY FOR THE YEAR 1999. FOR COMPARISON PURPOSES, HANDLE,
REVENUES, ATTENDANCE, OPERATING EXPENSES, AND GENERAL & ADMINISTRATIVE EXPENSES
INCLUDE SJA FIGURES FOR 1999 SINCE SJA WAS OPERATED 100% BY THE COMPANY. THESE
FIGURES DO NOT INCLUDE THE HANDLE, REVENUE, OR EXPENSES FOR THE MIAMI FACILITY
FOR THE PERIOD FROM MAY 1, 1998 THROUGH NOVEMBER 28, 1998 SINCE THIS WAS
OPERATED SEPARATELY UNDER THE SJA PERMIT PERIOD. Accordingly, the numbers in
this analysis may not necessarily agree with accompanying financial statements.
HANDLE ANALYSIS
Total Handle (amount of money wagered) for the twelve months ended
December 31, 1999 was $122,965,826 of which $37,401,584 was wagered on live
jai-alai, $31,149,903 was wagered on the Miami jai-alai signal as a host site
via inter-track simulcasting, and $54,414,339 was wagered on inter-track guest
signals carried at the Company's three frontons.
Total Handle for the twelve months ended December 31, 1998 was
$86,627,522 of which $23,626,220 was wagered on live jai-alai games and
$14,461,358 was wagered on the Miami jai-alai signal as a host site via
inter-track simulcasting. The aggregate amount wagered on inter-track guest
signals carried at the Company's frontons was $48,539,944.
HANDLE INCREASES AND DECREASES
Total handle for the twelve months ended December 31, 1999 was
$122,965,826. This figure represents a net increase for the same period in 1998
of $36,338,304 (42%). This net increase is explained as follows:
1. Live handle increased from $38,087,578 in 1998 to $68,551,487
for the same period in 1999, ---an increase of $30,463,909
(80%).
2. ITW handle increased from $48,539,944 in 1998 to $54,414,339
for the same period in 1999, ---an increase of $5,874,395
(12%).
The over-all increase is attributable to an increase in live jai-alai
attendance, handle and from operating under the SJA permit 100% for the
benefit of Miami Jai-Alai.
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In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant has duly caused the report to be signed on its behalf by
the undersigned, thereunto duly authorized.
FLORIDA GAMING CORPORATION
Date: March 31, 2000 By /s/ W. Bennett Collett
--------------------------------
W. Bennett Collett
Chairman and Chief
Executive Officer
In accordance with the Securities Exchange Act of 1934, this report has
been signed below by the following persons of behalf of the Registrant in the
capacities and on the dates indicated.
/s/ W. Bennett Collett Chairman of the Board March 31, 2000
- --------------------------- of Directors and
W. Bennett Collett Chief Executive Officer
(Principal Executive Officer)
/s/ Robert L. Hurd President and Director March 31, 2000
- ---------------------------
Robert L. Hurd
/s/ W. Bennett Collett, Jr. Director, Executive March 31, 2000
- ---------------------------- Vice President and
W. Bennett Collett, Jr. Secretary
/s/ Timothy L. Hensley Director March 31, 2000
- ----------------------------
Timothy L. Hensley
/s/ George W. Galloway, Jr. Director March 31, 2000
- ----------------------------
George W. Galloway, Jr.
/s/ Roland M. Howell Director March 31, 2000
- -----------------------------
Roland M. Howell
