19
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF SECURITIES EXCHANGE ACT OF 1943
For the transition period from
_______________________ to ____________________
Commission file number 0-14897
Players International, Inc.
Nevada 95-4175832
(State or other jurisdiction (I.R.S. employer
of incorporation or identification no.)
organization)
3900 Paradise Road, Suite 135 Las Vegas, NV 89109
(Address of principal (Zip code)
executive offices)
Registrant's telephone number,
including area code (702) 691-3300
Former name, former address and former fiscal year, if
changed since last report.
Indicate by check 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
APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares outstanding of each of the
registrant's classes of common stock was 29,404,100 shares
at November 13, 1995.
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
PART I - FINANCIAL INFORMATION PAGE
Item 1. Financial Statements
Condensed Consolidated Balance Sheets at
September 30, 1995 and March 31, 1995 1
Condensed Consolidated Statements of
Operations for Three and Six Months Ended
September 30, 1995 and September 30, 1994 3
Condensed Consolidated Statements of Cash
Flows for Six Months Ended September 30,
1995 and September 30, 1994 4
Notes to Condensed Consolidated Financial
Statements 5
Item 2.Management's Discussion and Analysis of
Results of Operations and Financial
Condition 7
PART II - OTHER INFORMATION
Item 1.Legal Proceedings 10
Item 4.Submission of Matters to
a Vote of Security Holders 10
Item 6.Exhibits and Reports on Form 8-K 11
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
ASSETS
September 30,1995 March 31,
1995 1995
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 18,476 $ 23,886
Marketable securities, net 120,827 26,446
Accounts receivable, net of
allowance for doubtful accounts of
$151 at September 30, 1995 and
$130 at March 31, 1995 1,637 1,351
Notes receivable 3,248 1,279
Inventories 2,135 863
Deferred income tax 2,110 2,345
Prepaid expenses and other current
assets 6,877 5,452
Total current assets 155,310 61,622
PROPERTY AND EQUIPMENT, net of
accumulated depreciation
and amortization of $17,085 at
September 30, 1995 and $10,248
at March 31, 1995 175,729 118,105
DEFERRED INCOME TAX - long-term 1,943 1,943
INTANGIBLES, net 51,964 39,130
OTHER ASSETS 11,240 2,990
TOTAL ASSETS $ 396,186 $ 223,790
The accompanying notes are an integral part of these
condensed consolidated statements.
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except par value)
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, 1995 March 31, 1995
(Unaudited)
CURRENT LIABILITIES:
Current portion of long-term debt $ 504 $ 3,375
Accounts payable 6,228 8,233
Accrued liabilities 22,580 27,030
Other liabilities 6,474 669
Total current liabilities 35,786 39,307
OTHER LONG-TERM LIABILITIES 17,356 2,808
LONG-TERM DEBT, net of current
portion 150,000 5,532
STOCKHOLDERS' EQUITY:
Preferred stock, no par value,
Authorized--10,000,000 shares
Issued and outstanding--none
Common stock, $.005 par value,
Authorized--90,000,000 shares
Issued and outstanding--
29,814,100 at September 30,1995
29,672,400 at March 31, 1995 149 148
Additional paid-in capital 122,970 121,712
Unrealized loss on marketable (56) (451)
securities, net of tax
Retained earnings 69,981 54,734
TOTAL STOCKHOLDERS' EQUITY 193,044 176,143
TOTAL LIABILITIES AND STOCKHOLDER
EQUITY $ 396,186 $ 223,790
The accompanying notes are an integral part of these
condensed consolidated statements.
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
(Unaudited)
For the Three For the Six
Months Ended Months Ended
September 30, March 31,
1995 1994 1995 1994
REVENUES:
Casino $73,743 $55,276 $136,853 $99,972
Food and beverage 3,502 2,077 5,170 4,024
Hotel 1,600 -- 1,600 --
Other 1,451 1,505 2,285 3,188
80,296 58,858 145,908 107,184
COSTS AND EXPENSES:
Casino 29,843 18,734 54,241 34,405
Food and beverage 4,194 1,870 5,740 3,896
Hotel 908 -- 918 --
Other gaming related
expenses 21,158 11,939 35,645 22,016
Corporate administrative
expenses 2,494 2,004 4,324 3,524
Pre-opening and gaming
development costs 2,237 1,729 7,995 3,304
Depreciation and
amortization 5,780 1,675 9,258 3,387
66,614 37,951 118,121 70,532
Income before other income
(expense) and provision
for incomes taxes 13,682 20,907 27,787 36,652
OTHER INCOME (EXPENSE):
Interest income 2,060 716 4,183 1,373
Other income, net 72 1 377 301
Interest expense (3,963) (177) (7,352) (318)
(1,831) 540 (2,792) 1,356
Income before provision
for income taxes 11,851 21,447 24,995 38,008
PROVISION FOR INCOME TAXES 4,622 8,137 9,748 14,257
NET INCOME $ 7,229 $13,310 $15,247 $23,751
EARNINGS PER COMMON AND
COMMON SHARE EQUIVALENT:
Primary 0.22 0.43 0.47 0.77
Fully diluted 0.22 0.42 0.47 0.76
WEIGHTED AVERAGE COMMON AND
COMMON EQUIVALENT SHARES:
Primary 32,730,731 31,048,200 32,602,273 30,816,300
Fully diluted 32,730,819 31,440,450 32,602,654 31,247,100
The accompanying notes are an integral part of these
condensed consolidated statements.
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
For the Six Months
Ended September 30,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $15,247 $23,751
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 9,258 3,387
Other (2,169) 148
Changes in assets and liabilities:
Accounts and notes receivable (2,276) (417)
Inventories, prepaid expenses and
other current assets (2,697) (1,335)
Other assets (10,235) 281
Accounts payable and accrued
liabilities (7,025) 1,872
Other liabilities 197 (206)
Income tax payable -- (2,607)
Net cash provided by operating activities 300 24,874
CASH FLOWS FROM INVESTING ACTIVITIES:
Net purchases of property and equipment (56,336) (12,408)
Purchase of marketable securities, net (91,562) (11,611)
Net cash used in investing activities (147,898) (24,019)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 150,000 --
Payments of long-term debt (9,071) (83)
Proceeds from exercise of stock options 1,260 1,105
Other (1) (253)
Net cash provided by financing activities 142,188 769
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (5,410) 1,624
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 23,886 13,957
CASH AND CASH EQUIVALENTS AT END OF PERIOD $18,476 $15,581
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 275 $ 318
Income taxes paid 8,596 16,329
Debt incurred to purchase land and equipment 667 3,211
Stock issued to purchase land -- 4,238
Unrealized gain (loss) on marketable
securities, net of tax 394 (528)
Accrued liabilities incurred to purchase
property and equipment 5,500 --
Other long-term liabilities relating
to costs in excess of fair value of
tangible assets acquired 14,656 --
The accompanying notes are an integral part of these
condensed consolidated statements.
PLAYERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared pursuant to the
rules and regulations of the Securities and Exchange
Commission. Certain information and note disclosures
normally included in annual financial statements prepared in
accordance with generally accepted accounting principles
have been condensed or omitted pursuant to those rules and
regulations. It is suggested that these condensed
consolidated financial statements be read in conjunction
with the financial statements and the notes thereto included
in the Company's Form 10-K for the year ended March 31,
1995. In the opinion of management, all adjustments (which
include normal recurring adjustments) necessary to present
fairly the financial position, results of operations and
cash flows of all periods presented have been made.
On April 26, 1995, the Board of Directors declared a 3-
for-2 stock split for stockholders of record at the close of
business on May 8, 1995. All references to share data have
been retroactively restated to reflect this split.
The results of operations for the six month period
ended September 30, 1995 are not necessarily indicative of
the operating results for the full year.
Certain reclassifications have been made to the
financial statements as previously presented to conform to
current classifications.
Note 2 - Casino Revenues and Promotional Allowances
Casino revenues are the net of gaming wins less losses.
Revenues exclude the retail value of complimentary
admissions, food and beverage and other items furnished to
customers, which totaled approximately $5,764,000 and
$2,138,000, and $9,705,000 and $3,813,000 for the three and
six months ended September 30, 1995 and 1994, respectively.
The estimated cost of providing such complimentary
services are included in casino costs and expenses through
inter-department allocations from the department granting
the services as follows (dollars in thousands):
For the Three Months For the Six Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
Food and beverage $ 4,002 $ 1,259 $ 6,786 $ 2,234
Admissions and other 1,086 782 1,896 1,369
$ 5,088 $ 2,041 $ 8,682 $ 3,603
Note 3 - Pre-opening and Gaming Development Costs
All costs in connection with the identification and
development of new gaming jurisdictions and sites are being
expensed, except for the cost of property and equipment
which is capitalized.
Note 4 - Primary and Fully Diluted Shares
Per share amounts have been computed based on the
weighted average number of outstanding shares and common
stock equivalents, if dilutive, during each period. A
summary of the number of shares used in computing primary
earnings per share follows:
For the Three Months For the Six Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
Weighted average number
of shares outstanding 30,051,219 26,937,450 29,889,606 26,697,600
Dilutive effect of
options and warrants 2,679,512 4,110,750 2,712,667 4,118,700
Shares used in computing
primary earnings
per share 32,730,731 31,048,200 32,602,273 30,816,300
The number of shared used in computing fully diluted
earnings per share is as follows:
For the Three Months For the
Six Months
Ended September 30, Ended
September 30,
1995 1994
1995 1994
Weighted average number of
shares outstanding 30,051,219 26,937,450 29,889,606 26,697,600
Dilutive effect of options
and warrants 2,679,600 4,503,000 2,713,048 4,549,500
Shares used in computing
fully diluted earnings
per share 32,730,819 31,440,450 32,602,654 31,247,100
Note 5 - Long-Term Debt
On April 17, 1995, the Company issued $150,000,000
aggregate principal amount of 10-7/8% Senior Notes maturing
on April 15, 2005. Interest is payable in cash semi-
annually on April 15 and October 15 commencing October 15,
1995.
On June 30, 1995, the Company paid off an aggregate of
$8,876,000 of existing debt.
On August 31, 1995, the Company closed on a
$120,000,000 line of credit. As of September 30, 1995, no
draws had been made under the line of credit.
Note 6 - Subsequent Events
On October 19, 1995, the Company replaced its Player II
Riverboat in Lake Charles, Louisiana with the Players III
Riverboat which was purchased from President Casinos for
$18,000,000 plus incidental closing costs. The Company's
original Lake Charles riverboat, the Players II will be
moved to the Metropolis, Illinois facility where it will
replace the Company's existing Metropolis riverboat.
The Company repurchased in November, 1995 a total of
410,000 shares of its common stock in the open market for a
total cost of $4,700,000.
Item 2.Management's Discussion and Analysis of Results of
Operations and Financial Condition
General
The Company is currently a developer and operator of
gaming and entertainment facilities. The Company owns and
operates one riverboat casino in Metropolis, Illinois, which
commenced operations on February 23, 1993, two riverboat
casinos in Lake Charles, Louisiana, the Players Riverboat
Casino, which commenced operations on December 8, 1993, and
the Lake Charles Star Riverboat Casino, which commenced
operations on April 27, 1995, and Players Island Resort, a
land based casino complex which opened on June 29, 1995 in
Mesquite, Nevada. The Company also operates a horse
racetrack in Paducah, Kentucky. The Company is presently
engaged in the application and/or development process for a
number of potential gaming and entertainment facilities in
jurisdictions where gaming has been legalized or may soon be
legalized.
Liquidity and Capital Resources
Cash and cash equivalents and marketable investment
grade debt securities totaled $139.3 million at September
30, 1995 as compared to $50.3 million at March 31, 1995,
reflecting primarily the Company's issuance of $150 million
of 10-7/8% Senior Notes on April 17, 1995.
For the six months ended September 30, 1995, cash
provided by operating activities was $300,000 as compared to
$24.9 million for the comparable period of the prior year.
The decrease is attributable primarily to an increase in
other assets (due to the payment of costs associated with
issuing $150 million of 10-7/8% Senior Notes and arranging
the $120 million bank credit facility) and the payoff of
accrued liabilities (related to the purchase of the Showboat
Star Partnership). During the six months ended September
30, 1995, the Company used $147.9 million in investing
activities as compared to $24 million for the comparable
period of the prior year. The use of cash is related to the
investment by the Company of $56.3 million in property and
equipment, primarily in Mesquite, Nevada, and Lake Charles,
Louisiana. The Company also recorded net purchases of
marketable securities during the current six month period of
$91.6 million. Cash provided by financing activities of
$142.2 million for the six months ended September 30, 1995,
reflects $150 million in proceeds from the issuance of
Senior Notes offset by the repayment of $9.1 million in long
term debt.
The Company is pursuing the development or acquisition
of additional gaming and entertainment facilities which will
require extensive amounts of capital. Based on projects
currently under development, the Company estimates that
expenditures for completion of additional facilities could
total up to $175 million over the next twelve months. The
Company expects to fund these expenditures with (i) cash and
marketable securities on hand, (ii) cash flow from
operations, and if needed, (iii) drawings available under
its $120 million bank credit agreement.
On October 19, 1995, the Company replaced its Players
II Riverboat in Lake Charles, Louisiana, with the Players
III Riverboat which was purchased from President Casinos for
$18 million plus incidental closing costs. In connection
with this acquisition, the Company invested approximately $9
million for gaming equipment, refitting and transportation
costs.
On November 2, 1995, the Company finalized its
agreement with Harrah's Entertainment, Inc. to form a joint
venture and co-develop a $270 million two riverboat casino
complex in Maryland Heights, Missouri. Based on a fully
developed budget for the project, the Company's portion is
expected to be $135 million. The project is targeted to
open in the December 1996 quarter, subject to the receipt of
all necessary approvals for the joint development project.
In November 1995, the Company repurchased a total of
410,000 shares of its common stock in the open market for a
total cost of $4.7 million (through November 10, 1995).
Results of Operations
Total revenues for the three and six months ended
September 30, 1995 increased to $80.3 million and $145.9
million, or by 36.4% and 36.1%, respectively, when compared
to total revenues of $58.9 million and $107.2 million for
the comparable periods of the prior year. This increase is
primarily attributable to the opening of two new casinos,
the Lake Charles Star Riverboat which opened on April 27,
1995 and Players Island Resort in Mesquite, Nevada which
opened on June 29, 1995. Combined casino revenues totaled
$73.7 million and $136.9 million for the three and six
months ended September 30, 1995 as compared to $55.3 million
and $100 million for the prior year periods. The period
over period increases in casino revenues can be attributed
to the opening of the aforementioned new facilities and to
the continued success of the marketing programs in
Metropolis.
Total operating costs, exclusive of corporate
administrative expense, pre-opening and gaming development
costs and depreciation and amortization, increased 72.6% to
$56.1 million and 60% to $96.5 million for the three and six
months ended September 30, 1995 as compared to $32.5 million
and $60.3 million for the comparable periods of the prior
year. The increase in operating expenses is, again,
primarily attributable to the opening of the Lake Charles
Star Riverboat in April 1995 and Players Island Resort in
June 1995. In addition, the Lake Charles and Metropolis
operations have increased their spending on advertising and
marketing as a result of increased competition in Lake
Charles and in anticipation of heightened competition in the
Metropolis market later this year. The Lake Charles
facility was also subject to a $.50 per passenger increase
in the head tax it pays to the local municipality.
Corporate administrative costs were $2.5 million and
$4.3 million for the current year periods as compared to $2
million and $3.5 million for the three and six months ended
September 30, 1994. The increases primarily reflect staff
expansion and additional administrative activities
associated with the operation of three facilities as
compared to two facilities for the prior year periods.
Pre-opening and gaming development costs were $2.2
million and $8 million for the three and six months ended
September 30, 1995 as compared to $1.7 million and $3.3
million for the comparable periods of the prior year
primarily due to the Company's Mesquite, Nevada and Maryland
Heights, Missouri projects. Pre-opening expenses for the
three and six months ended September 30, 1995 were $1.4
million and $6.2 million. In comparison, the Company
recorded pre-opening costs of $246,000 and $298,000 for the
three and six months ended September 30, 1994. Development
costs amounted to $874,000 for the three months and $1.8
million for the six months ended September 30, 1995 as
compared to $1.5 million and $3 million for the three and
six months ended September 30, 1994. The decrease in
development costs is primarily the result of reduced
legislative activity in emerging jurisdictions.
Depreciation and amortization for the three and six
months ended September 30, 1995 increased to $5.8 million
and $9.3 million, respectively, as compared to $1.7 million
and $3.4 million for the comparable periods of the prior
year. The increase in depreciation and amortization expense
is primarily due to the opening of the Lake Charles Star
Riverboat in April 1995, the completion of Players Island
Resort in June 1995 and the amortization of goodwill
associated with the acquisition of the Lake Charles Star
Riverboat.
Other expenses amounted to $1.8 million and $2.8
million for the current year periods as compared to other
income of $540,000 and $1.4 million for the three and six
months ended September 30, 1994. In April 1995, the Company
issued $150 million in 10-7/8% Senior Notes resulting in
interest expense of $4 million and $7.4 million for the
three and six months ended September 30, 1995 as compared to
$177,000 and $318,000 for the comparable periods of the
prior year. The increase in interest expense was partially
offset by an increase in interest income to $2.1 million and
$4.2 million for the three and six months ended September
30, 1995 as compared to $716,000 and $1.4 million for the
previous year periods. The increase in interest income
resulted from the investment of the proceeds of the Senior
Notes in investment grade debt securities.
The Company's effective net tax rate covering both
state and Federal taxes was 39% for the three and six months
ended September 30, 1995 as compared to 38% for the
comparable periods of the prior year. The increase reflects
less tax exempt income on investments during the current
year periods as compared to the three and six months ended
September 30, 1994.
Consolidated net income for the three and six months
ended September 30, 1995 was $7.2 million, or $.22 per
share, and $15.2 million, or $.47 per share, respectively,
as compared to $13.3 million, or $.42 per share, and $23.8
million, or $.76 per share, for the comparable periods of
the prior year. The period over period decreases in net
income are primarily attributable to increased operating and
depreciation and amortization costs associated with the
Company's new operations and to increased interest expense
related to the issuance of $150 million in debt in April
1995.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company has the following new legal proceedings and
developments to report:
Schreier v. Players International, Inc., et al
On or about October 27, 1995 the Company was served
with a purported class action in the United States District
Court for the District of Nevada which is essentially
identical to the Poulos and Ahearn litigation described in
the Company's Form 10-K, except for certain variations in
the definition of the purported class. The Company will
file motions to dismiss the Complaint which will be
analogous to those currently pending before the Court in the
Poulos and Ahearn matter.
Hyland v. Players International, Inc. et al
This purported class action was filed on May 5, 1995 in
the United States District Court, District of New Jersey
seeking damages for violation of the Sherman Anti-Trust Act,
the Federal Fair Credit Reporting Act and various State law
causes of action arising out of an alleged conspiracy on the
part of the casino industry to prohibit card counters from
playing blackjack. The Complaint names 88 defendants
consisting of virtually every casino operating in the North
American continent. The Company has successfully obtained a
voluntary dismissal without prejudice of the plaintiff's
Complaint on the ground that the plaintiff had failed to
name the proper corporate entity. Since this dismissal is
without prejudice, the plaintiffs may amend the Complaint to
name the Company. Moreover, defendants in the case have
pending motions to dismiss plaintiff's Complaint for failure
to state a claim; certain defendants having pending motions
to dismiss for lack of personal jurisdiction; and certain
other defendants have pending motions to transfer
jurisdiction of the matter to the District of Nevada.
Labor Developments
The May 23, 1995 petition by the American Maritime
Officers Union (the `AMO') requesting AMO representation of
licensed crew members (captains, mates and chief engineers)
at Lake Charles was dismissed on September 29, 1995. The
May 23, 1995 petition by the Seafarers International Union
(`SIU') to represent unlicensed Lake Charles crew members
resulted in an election for which the tentative results
indicated that such employees (currently 61 in number) were
in favor of union representation. The Company filed
objections with the National Labor Relations Board (the
`NLRB') regarding the conduct of the SIU election, which are
pending. Therefore, the NLRB has not taken final action to
certify the results of such election. A separate petition
before the NLRB seeking union representation of
approximately one-half of the Metropolis work force by the
United Food and Commercial Workers Union, Local 881 (`Local
881'), has resulted in the scheduling of an election on
December 8, 1995. An earlier claim of unfair labor charges
in connection with Local 881's petition has been resolved
and disposed of by the NLRB without any Company payment.
Item 4. Submission of Matters to a Vote of Security
Holders
On September 12, 1995, the annual meeting of the
Registrant's Stockholders was held, and current directors
were re-elected. The directors for fiscal year 1996 are
Edward Fishman, David Fishman, Howard Goldberg, Thomas E.
Gallagher, Marshall S. Geller, Steven P. Perskie and Lee
Seidler. On the record date fixed for the annual meeting,
stockholders holding 29,763,904 shares of the Registrant's
Common Stock were entitled to vote. Present at the meeting
in person, or by proxy were stockholders holding 28,677,439
shares of Common Stock. Proposal 2, Amendment to the
Amended and Restated 1993 Stock Incentive Plan was approved
with 24,340,348 votes for, 546,146 votes against, 412,454
abstentions and 389,162 not indicated. Proposal 3,
Amendment to the 1994 Directors Stock Incentive Plan was
approved with 23,975,152 votes for, 904,724 votes against,
419,102 abstentions and 389,132 not indicated.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - none
(b) The following reports on Form 8-K were filed in
the quarter covered by this Form 10-Q.
A current report filed on Form 8-K on July 20, 1995
discussed the Company's plans to purchase the President
Casino IV Riverboat, place it in Lake Charles, Louisiana and
move the original Lake Charles riverboat, the Players II, to
Metropolis, Illinois.
The July 20, 1995 Form 8-K also discussed the letter of
intent with Harrah's Entertainment related to a joint
venture to operate a riverboat facility in Shreveport,
Louisiana.
A current report filed on Form 8-K on September 22,
1995 discussed recent operating results as well as a
proposed riverboat casino project in Harrison County,
Indiana. This 8-K also discussed the termination of the
joint venture with H Group Holdings, Inc., to acquire stock
in Grand Palais Riverboat, Inc.
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.
PLAYERS INTERNATIONAL, INC.
Date: November 13, 1995 By /s/ Peter J. Aranow
Peter J. Aranow, Executive
Vice President
Chief Financial Officer
Date: November 13, 1995 By /s/ Stephen K. Radusch
Stephen K. Radusch, Controller
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<CASH> 18476
<SECURITIES> 120827
<RECEIVABLES> 5036
<ALLOWANCES> 151
<INVENTORY> 2135
<CURRENT-ASSETS> 155310
<PP&E> 192814
<DEPRECIATION> 17085
<TOTAL-ASSETS> 396186
<CURRENT-LIABILITIES> 35786
<BONDS> 150504
<COMMON> 149
0
0
<OTHER-SE> 192895
<TOTAL-LIABILITY-AND-EQUITY> 396186
<SALES> 0
<TOTAL-REVENUES> 80296
<CGS> 0
<TOTAL-COSTS> 34945
<OTHER-EXPENSES> 31669
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3963
<INCOME-PRETAX> 11851
<INCOME-TAX> 4622
<INCOME-CONTINUING> 7229
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7229
<EPS-PRIMARY> .22
<EPS-DILUTED> .22
</TABLE>