Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 No. 33-50733-02
Resorts International Hotel, Inc.
(Exact name of registrant as specified in its charter)
New Jersey 21-0423320
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1133 Boardwalk, Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
(609) 340-7896
(Registrant's telephone number,
including area code)
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
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes X No
- - continued -
Exhibit Index is presented on page 16
Total number of pages 18
Number of shares outstanding of registrant's common stock as
of June 30, 1997: 1,000,000, all of which are owned by one
shareholder. Accordingly there is no current market for any of such
shares.
The registrant meets the conditions set forth in General Instruction
H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q
with the reduced disclosure format permitted by that General
Instruction.
RESORTS INTERNATIONAL HOTEL, INC.
FORM 10-Q
INDEX
Page Number
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets as of June 30, 1997
and December 31, 1996 4
Consolidated Statements of Operations for the Three
Months and Six Months Ended June 30, 1997 and 1996 5
Consolidated Statements of Cash Flows for the Six
Months Ended June 30, 1997 and 1996 6
Notes to Consolidated Financial Statements 7-9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations 11-13
Part II. Other Information
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Defaults upon Senior Securities 14
Item 4. Submission of Matters to a Vote
of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RESORTS INTERNATIONAL HOTEL, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars, except par value)
June 30, December 31,
1997 1996
ASSETS (unaudited)
Current Assets:
Cash and cash equivalents 64,073 20,892
Restricted cash equivalents 750 750
Receivables, net 5,913 5,936
Inventories 1,254 1,194
Prepaid expenses 2,196 1,844
Total current assets 74,186 30,616
Property and equipment, net 204,793 209,226
Deferred charges and other assets 18,518 12,637
Goodwill, net of amortization 97,686 98,923
395,183 351,402
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt 608 636
Accounts payable and accrued liabilities 32,830 32,307
Interest payable to affiliates 5,732 4,244
Due to SINA 919 2,422
Total current liabilities 40,089 39,609
Notes payable to affiliates, including
unamortized (discounts) premiums 205,918 155,927
Other long-term debt 0 283
Deferred income taxes 35,457 37,500
Shareholder's equity:
Common Stock - $1 par value 1,000 1,000
Capital in excess of par 117,083 117,083
Accumulated Deficit (4,364) 0
Total shareholder's equity 113,719 118,083
395,183 351,402
The accompanying notes are an integral part
of these condensed consolidated financial statements
RESORTS INTERNATIONAL HOTEL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands of Dollars)
(Unaudited)
Three months Six months
ended June 30, ended June 30,
1997 1996 1997 1996
REVENUES:
Gaming $64,917 $68,385 $124,364 $127,247
Food and beverage 6,904 6,955 13,177 12,839
Rooms 4,254 4,044 7,218 7,014
Other 2,563 2,316 4,520 4,248
Gross revenues 78,638 81,700 149,279 151,348
Less - promotional allowances (7,070) (6,341) (12,545) (11,401)
Net revenues 71,568 75,359 136,734 139,947
COST AND EXPENSES:
Gaming 39,722 41,684 77,145 79,380
Food and beverage 4,158 4,261 7,791 7,793
Rooms 802 952 1,673 1,992
Selling, general and
administrative 8,346 8,657 16,334 17,404
Depreciation and amortization 3,205 3,230 6,391 6,184
SINA management fee 2,358 2,451 4,477 4,540
Other 7,769 8,534 16,810 17,481
Total costs and expenses 66,360 69,769 130,621 134,774
Income from operations 5,208 5,590 6,113 5,173
OTHER INCOME AND (EXPENSES):
Interest and other income 900 580 1,443 1,164
Interest expense (4,704) (4,154) (9,031) (8,305)
Amortization of debt premiums,
discounts and issue costs (82) (349) 68 (713)
Income (loss) before
Extraordinary item 1,322 1,667 (1,407) (2,681)
Extraordinary item - loss on
extinguishment of debt (net of
income tax benefit of $2,043) (2,957) -
Net income (loss) $ 1,322 $ 1,667 $(4,364) $ (2,681)
The accompanying notes are an integral part
of these consolidated financial statements
RESORTS INTERNATIONAL HOTEL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
(Unaudited)
For the six months
ended June 30,
1997 1996
CASH FLOW FROM OPERATING ACTIVITIES:
Reconciliation of net loss to net cash
provided by operating activities:
Net loss $ (4,364) $ (2,681)
Adjustments to reconcile net loss to net cash
provided by operating activities-
Extraordinary loss on extinguishment of
debt, net of income tax benefit 2,957
Depreciation and amortization 6,391 6,184
Amortization of debt premiums, discounts
and issue costs (68) 713
Provision for doubtful receivables 517 255
Provision for discount on CRDA obligations,
net of amortization 707 723
Deferred tax benefit - (75)
Net increase in receivables (494) (152)
Net increase in inventories and
prepaid expenses (412) (42)
Net increase in deferred charges and
other assets (651) (29)
Net increase in accounts payable and
accrued liabilities 2,269 2,371
Net increase (decrease) in interest
payable to affiliates 1,488 (7)
Net cash provided by operating activities 8,340 7,260
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (721) (3,473)
CRDA deposits and bond purchases (1,480) (1,455)
Net cash used in investing activities (2,201) (4,928)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds of borrowings from affiliate 199,084 -
Payments to secure borrowings (4,479) -
Repayments of affiliated notes
related to offer (153,712) -
Repayments to affiliates (1,503) (892)
Payments of merger costs (2,032) -
Other debt repayments (316) (286)
Net cash flow provided by (used in)
financing activities 37,042 (1,178)
Net increase in cash and cash equivalents 43,181 1,154
Cash and cash equivalents at
beginning of period 21,642 38,777
Cash and cash equivalents at end of period $ 64,823 $ 39,931
The accompanying notes are an integral part
of these consolidated financial statements
RESORTS INTERNATIONAL HOTEL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A. General:
The accompanying consolidated interim financial statements, which
are unaudited, include the operations of Resorts International Hotel,
Inc. ("RIH") and its subsidiaries. RIH owns and operates the Resorts
Casino Hotel, a casino/hotel complex located in Atlantic City, New
Jersey. RIH is a wholly owned subsidiary of GGRI, Inc. ("GGRI"),
which is a wholly owned subsidiary of Sun International North America,
Inc. ("SINA"). SINA was known as Griffin Gaming & Entertainment, Inc.
until February 6, 1997. "SINA" is used herein to refer to that
corporation both before and after its name change. Neither the
accounts of GGRI nor the accounts of SINA are included in the
consolidated financial statements of RIH.
On December 16, 1996, SINA became a wholly owned subsidiary of
Sun International Hotels Limited ("SIHL"), a corporation organized
under the laws of the Commonwealth of The Bahamas, through a merger
transaction (the "Merger"). As a result of the Merger, RIH's
consolidated assets and liabilities were adjusted to their estimated
fair values as of December 31, 1996. The Merger and related basis
adjustments are discussed in detail in Note 1 of Notes to Consolidated
Financial Statements in RIH's Annual Report on Form 10-K for the year
ended December 31, 1996 (the "RIH 1996 Form 10-K").
While the accompanying interim financial information is
unaudited, management of RIH believes that all adjustments necessary
for a fair presentation of these interim results have been made and
all such adjustments are of a normal recurring nature. The
seasonality of the business is described in Management's Discussion
and Analysis of Financial Condition and Results of Operations in the
RIH 1996 Form 10-K. The results of operations for the three and six
month periods presented are not necessarily indicative of the results
to be expected for the entire fiscal year ended December 31, 1997.
The notes presented herein are intended to provide supplemental
disclosure of items of significance occurring subsequent to December
31, 1996 and should be read in conjunction with the Notes to
Consolidated Financial Statements contained in pages 32 through 50 of
the RIH 1996 Form
10-K.
B. Reverse Repurchase Agreements:
Cash equivalents at June 30, 1997 included $34,375,000 of reverse
repurchase agreements (federal government securities purchased under
agreements to resell those securities) with Prudential Securities,
Inc. under which RIH had not taken delivery of the underlying
securities. These agreements matured during the first week of July
1997.
RESORTS INTERNATIONAL HOTEL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
C. Refinancing:
In February 1997, Resorts International Hotel Financing, Inc., a
wholly owned subsidiary of SINA ("RIHF"), offered (the "Offer") to
purchase its outstanding $125,000,000 principal amount of 11% Mortgage
Notes due 2003 (the "Mortgage Notes") and $35,000,000 principal amount
of 11.375% Junior Mortgage Notes due 2004 (the "Junior Mortgage
Notes"). In connection with the Offer, RIHF sought the consent of the
holders (the "Consents") to amend the relevant indentures to, among
other things, release the collateral for the Mortgage Notes and Junior
Mortgage Notes. Pursuant to the Offer, RIHF acquired $119,645,000
principal amount of Mortgage Notes and $21,001,000 principal amount of
Junior Mortgage Notes, for a total purchase price (including payments
relating to the Consents) of $153,712,000. There remains outstanding
$5,355,000 principal amount of Mortgage Notes and $1,100,000 principal
amount of Junior Mortgage Notes, which, as a result of the amendments
to the indentures, are now unsecured obligations of RIHF. The
remaining Junior Mortgage Notes continue to trade as part of units
consisting of $1,000 principal amount of Junior Mortgage Notes and
.1928 of an ordinary share of SIHL.
In connection with the Offer and Solicitation, SIHL and SINA (the
"Issuers") issued $200,000,000 principal amount of 9% Senior
Subordinated Notes due 2007 (the "Senior Notes") which, after costs,
resulted in net proceeds of approximately $194,000,000. These
proceeds were loaned to RIH in exchange for a $200,000,000 promissory
note (the "New RIH Note") with terms that mirror the terms of the
Senior Notes, and RIH's guarantee of the Senior Notes. RIH
transferred to RIHF (i) $153,712,000 in cash which RIHF used to pay
the purchase price, (including payments related to the Consents),
excluding accrued interest, for the Mortgage Notes and Junior Mortgage
Notes tendered to RIHF pursuant to the Offer and (ii) $12,899,000
Junior Mortgage Notes owned by RIH. In exchange for this, the
$125,000,000 and $35,000,000 promissory notes from RIH to RIHF (the
"RIH Notes"), the terms of which mirror the terms of the Mortgage
Notes and Junior Mortgage Notes, respectively, were canceled and RIH
issued new promissory notes to RIHF in the amounts of, and with terms
that mirror, the remaining Mortgage Notes and Junior Mortgage Notes.
The excess of the cash and carrying value of the Junior Mortgage Notes
tendered by RIH to RIHF over the net decrease in carrying value,
excluding accrued interest, of the affiliated notes from RIH to RIHF,
plus estimated costs of the Offer and Solicitation, which were borne
by RIH, resulted in an extraordinary loss of $5,000,000. RIH also
recorded a deferred tax benefit of $2,043,000 related to this
extraordinary item. The remainder of the proceeds will be used for
general corporate purposes.
Interest on the Senior Notes and the New RIH Note is payable on
March 15 and September 15 in each year, commencing September 15, 1997.
The indenture for the Senior Notes (the "Senior Indenture") contains
certain covenants, including limitations on the ability of the Issuers
and the Guarantors (including RIH) to, among other things: (i) incur
additional indebtedness, (ii) incur certain liens, (iii) engage in
certain transactions with affiliates and (iv) pay dividends and make
certain other restricted payments.
D. Statements of Cash Flows:
Supplemental disclosures required by Statement of Financial
Accounting Standards No. 95 "Statement of Cash Flows" are presented
below.
Six Months Ended
June 30,
(In Thousands of Dollars) 1997 1996
Interest paid $ 7,543 $ 8,312
Income Taxes Paid $ - $ -
Non-cash investing and financing
activities - increase in liabilities
for additions to other assets $ 74 $ 88
E. Reclassifications
Certain reclassifications have been made to the 1996 balances to
conform with the current year presentation.
F. Commitments and Contingencies:
Casino Reinvestment Development Authority ("CRDA")
As previously reported in the RIH 1996 Form 10-K, certain issues
have been raised by the CRDA and the State of New Jersey Department
of the Treasury (the "Treasury") concerning the satisfaction of
investment obligations for the years 1979 through 1983 by RIH. These
matters were dormant for an extensive period of time until late 1995
when RIH was contacted by the CRDA. CRDA legal representatives have
recently indicated that the Treasury may take a position that RIH owes
additional investment alternative taxes including interest and
possibly penalties. If these issues are determined adversely, RIH
could be required to pay the relevant amount in cash. Management of
RIH intends to contest these issues and believes a negotiated
settlement that would not involve a material monetary cost to RIH is
possible.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
FINANCIAL CONDITION
Liquidity
At June 30, 1997 RIH had working capital of $34,097,000 including
$64,073,000 of unrestricted cash and equivalents.
RIH, through notes payable to affiliates, is the principal source
of funds for servicing the $200,000,000 principal amount of Senior
Notes, the remaining $5,355,000 principal amount of Mortgage Notes and
the remaining $1,100,000 principal amount of Junior Mortgage Notes.
Annual interest expense on these notes totals approximately
$18,700,000.
Capital Expenditures and Resources
In March 1997 SIHL and SINA loaned the net proceeds of the Senior
Notes which, after costs, approximated $194,000,000, to RIH in
exchange for the $200,000,000 New RIH Note and RIH's guarantee of the
Senior Notes. RIH then transferred to RIHF (i) the portion of the
proceeds ($153,712,000) needed to purchase the Mortgage Notes and the
Junior Mortgage Notes tendered to RIHF pursuant to the Offer and (ii)
$12,899,000 Junior Mortgage Notes owned by RIH. In exchange for this,
the RIH Notes were canceled and RIH issued new promissory notes to
RIHF in the amounts of $5,355,000 and $1,100,000 and with terms that
mirror the terms of the remaining Mortgage Notes and Junior Mortgage
Notes, respectively. The remaining proceeds will be used for general
corporate purposes. See Note C of Notes to Consolidated Financial
Statements for further discussion of these transactions.
RIH is in the process of planning a redevelopment of the existing
Resorts Casino Hotel into a highly themed resort (the
"Redevelopment"). The planning for the Redevelopment has not yet been
completed and the costs and schedule therefor have not yet been
determined. The ability to carry out the Redevelopment depends on a
number of factors, including receipt of adequate financing and certain
state and local approvals.
After completion of the Redevelopment, RIH may consider
undertaking a large scale expansion of the Resorts Casino Hotel on the
land adjacent thereto. The size and scope of any expansion depends,
in part, upon the results achieved by the redeveloped Resorts Casino
Hotel, improvements to existing transportation infrastructure and the
acquisition of additional land. For the first six months of 1997,
SINA acquired approximately $8,500,000 of land that could be used for
the expansion.
Competition for Atlantic City casino patrons remains intense.
Adding to the competition for patrons, expansions at two competing
Atlantic City properties opened in mid-1996 which, combined, added
approximately 1,100 hotel rooms and approximately 85,000 square feet
of gaming space. In July 1997 another competitor added approximately
75,000 square feet of casino space and two other competitors are
scheduled to open hotel room additions of 300 and 400 rooms by the end
of this summer. Several other companies have announced plans to
expand existing or construct new casino/hotels in Atlantic City.
RESULTS OF OPERATIONS
Comparison of Three Month Periods ended June 30, 1997 and 1996
Gaming revenues were $64,917,000 for the three months ended June
30, 1997, a decrease of $3,468,000 or 5.1% from gaming revenues of
$68,385,000 for the comparable period in 1996. This decrease in
gaming revenues consisted of a reduction in both table games and slot
revenues.
Slot revenues were $45,820,000 for the three months ended June
30, 1997, a decrease of $2,297,000 or 4.8% from $48,117,000 for the
comparable period in 1996. This decrease was due to a decrease in
slot handle (dollar amounts wagered) by $31,295,000 or 5.8% to
$511,600,000 for the three months ended June 30, 1997 from
$542,895,000 for the comparable period in 1996.
Table games revenues were $17,679,000 for the three months ended
June 30, 1997, a decrease of $786,000 or 4.3% from $18,465,000 for
the comparable period in 1996. This decrease was due to a combination
of a reduction in table games drop (the dollar amount of chips
purchased) by $2,373,000 or 2.0% to $113,627,000 for the three months
ended June 30, 1997 from $116,000,000 for the comparable period in
1996, and a reduction in hold percentage (ratio of casino win to total
amount of chips purchased) of 0.4 percentage points to 15.6% for the
three months ended June 30, 1997 from 16.0% for the comparable period
in 1996.
Poker, simulcast and keno revenues were $1,418,000 for the three
months ended June 30, 1997, a decrease of $385,000 or 21.4% from
$1,803,000 for the comparable period in 1996.
Other revenues were $13,721,000 for the three months ended June
30, 1997, an increase of $406,000 or 3.0% from other revenues of
$13,315,000 for the comparable period of 1996. Other revenues include
revenues from rooms, food and beverage, and miscellaneous items. The
increase primarily reflects a $210,000 or 5.2% increase in room
revenues due to a $4.38 increase in the average room rate per night to
$76.15 in 1997 from $71.77 in 1996 partially offset by a 1.7
percentage point decrease in occupancy rate to 92.5% in 1997 from
94.2% in 1996.
Gaming costs and expenses were $40,235,000 for the three months
ended June 30, 1997, a decrease of $1,449,000 or 3.5% from expenses of
$41,684,000 for the comparable period in 1996. This represents costs
and expenses associated with table games, slot operations, win
contribution expense, and promotional expenses given to patrons. The
decrease is primarily due to management's implementation of various
cost containment efforts that will continue throughout the year.
Income from operations was $5,208,000 for the three months ended
June 30, 1997, a decrease of $382,000 or 6.8% from income of
$5,590,000 for the comparable period in 1996.
Interest expense, including amortization, was $4,786,000 for the
three months ended June 30, 1997, a decrease of $283,000 or 6.3% from
interest expense of $4,503,000 for the comparable period in 1996.
This currently represents interest expense associated with the Senior
Notes as well as the remaining Mortgage Notes and Junior Mortgage
Notes.
Comparison of Six Month Periods ended June 30, 1997 and 1996
Gaming revenues were $124,364,000 for the six months ended June
30, 1997, a decrease of $2,883,000 or 2.3% from gaming revenues of
$127,247,000 for the comparable period in 1996. This decrease in
gaming revenues consisted of a reduction in both table games and slot
revenues.
Slot revenues were $85,812,000 for the six months ended June 30,
1997, a decrease of $2,713,000 or 3.1% from $88,525,000 for the
comparable period in 1996. This decrease was due to a decrease in
slot handle (dollar amounts wagered) by $35,000,000 or 3.5% to
$968,244,000 for the six months ended June 30, 1997 from
$1,003,244,000 for the comparable period in 1996.
Table games revenues were $35,633,000 for the six months ended
June 30, 1997, an increase of $429,000 or 1.2% from $35,204,000 for
the comparable period in 1996. This increase was primarily due to an
increase in table games drop (the dollar amount of chips purchased) by
$3,358,000 or 1.5% to $223,754,000 for the six months ended June 30,
1997 from $220,396,000 for the comparable period in 1996. This was
partially offset by a hold percentage (ratio of casino win to total
amount of chips purchased) decrease of 0.1 percentage points to 15.9%
for the six months ended June 30, 1997 from 16.0% for the comparable
period in 1996.
Poker, simulcast and keno revenues were $2,919,000 for the six
months ended June 30, 1997, a decrease of $598,000 or 17.0% from
$3,517,000 for the comparable period in 1996.
Other revenues were $24,915,000 for the six months ended June 30,
1997, an increase of $814,000 or 3.4% from other revenues of
$24,101,000 for the comparable period of 1996. Other revenues include
revenues from rooms, food and beverage, and miscellaneous items. The
increase primarily reflects a $338,000 or 2.6% increase in food &
beverage revenues due to a 32,810 or 3.5% increase in food covers to
982,671 for the six months ended June 30, 1997 from 949,861 for the
comparable period in 1996. There was also a $0.10 or 0.9% increase in
the average food check to $11.12 for the six months ended June 30,
1997 from $11.02 for the comparable period in 1996. The increase also
reflects a $204,000 or 2.9% increase in lodging revenues due to a
$2.14 increase in the average room rate per night to $66.05 in 1997
from $63.91 in 1996 partially offset by a 1.0 percentage point
decrease in occupancy rate to 91.0% in 1997 from 92.0% in 1996.
Gaming costs and expenses were $77,658,000 for the six months
ended June 30, 1997, a decrease of $1,722,000 or 2.2% from expenses of
$79,380,000 for the comparable period in 1996. This represents costs
and expenses associated with table games, slot operations, win
contribution expense, and promotional expenses given to patrons. The
decrease is primarily due to management's implementation of various
cost containment efforts during the second quarter of 1997 that will
continue throughout the year.
Income from operations was $6,113,000 for the six months ended
June 30, 1997, an increase of $940,000 or 18.2% from income of
$5,173,000 for the comparable period in 1996.
Interest expense, net of amortization, was $8,963,000 for the six
months ended June 30, 1997, a decrease of $55,000 or 0.6% from
interest expense of $9,018,000 for the comparable period in 1996. This
currently represents interest expense associated with the Senior Notes
as well as the remaining Mortgage Notes and Junior Mortgage Notes.
Forward Looking Statements
The statements contained herein include forward looking
statements based on management's current expectations of RIH's future
performance. Predictions relating to future performance are
inherently uncertain and subject to a number of risks. Consequently,
RIH's actual results could differ materially from the expectations
expressed in the preceding paragraphs. Factors that could cause RIH's
actual results to differ materially from the expected results include,
among other things: the intensely competitive nature of the casino
gaming industry; increases in the number of competitors in the market
in which RIH operates; the seasonality of the industry in the market
in which RIH operates; the susceptibility of RIH's operating results
to adverse weather conditions and natural disasters; the risk that
certain governmental approvals may not be obtained; changes in
governmental regulations governing RIH's activities and other risks
detailed in RIH's filings with the Securities and Exchange Commission.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
RIH is a defendant in certain litigation. In the opinion of
management, based upon the advice of counsel, the aggregate
liability, if any, arising from such litigation will not have a
material adverse effect on the accompanying consolidated
financial statements.
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: The following Part I exhibits are filed herewith:
Exhibit Number
(27)(a) Financial data schedule as of June 30, 1997
(27)(b) Restated financial data schedule as of June 30, 1996
b. Reports on Form 8-K
No Current Report on Form 8-K was filed by RIH covering an event
during the second quarter of 1997. No amendments to previously
filed Forms 8-K were filed during the second quarter of 1997.
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 duly authorized.
RESORTS INTERNATIONAL HOTEL, INC.
(Registrant)
/s/ David Hughes
David Hughes
Senior Vice President of Finance
(Authorized Officer of
Registrant and Chief Financial
Officer)
Date: August 12, 1997
RESORTS INTERNATIONAL HOTEL, INC.
Form 10-Q for the quarterly period
Ended June 30, 1997
EXHIBIT INDEX
Exhibit
Number Exhibit Page Number in Form 10-Q
(27)(a) Financial data schedule Page 17
as of June 30, 1997
(27)(b) Restated financial data Page 18
schedule as of June 30,
1996
8
16
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RESORTS
INTERNATIONAL HOTEL, INC.'S CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO
INCLUDED IN THE FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1997, AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
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<ALLOWANCES> $3,727
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<EXTRAORDINARY> $(2,957)
<CHANGES> 0
<NET-INCOME> $(4,364)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>INCLUDES NON-RESTRICTED CASH EQUIVALENTS OF $52,804 AND RESTRICTED CASH
EQUIVALENTS OF $750.
<F2>NET OF UNAMORTIZED (DISCOUNTS) PREMIUMS.
<F3>INCLUDES DEPRECIATION EXPENSE OF $5,154 AND AMORTIZATION OF GOODWILL
OF $1,237.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM RESORTS
INTERNATIONAL HOTEL, INC.'S CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO
INCLUDED IN THE FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1996, EXCEPT AS NOTED
BELOW IN FOOTNOTE 3, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> $39,931<F1>
<SECURITIES> 0
<RECEIVABLES> $8,218
<ALLOWANCES> $3,306
<INVENTORY> $2,109
<CURRENT-ASSETS> $55,328
<PP&E> $221,487
<DEPRECIATION> $66,858
<TOTAL-ASSETS> $223,628
<CURRENT-LIABILITIES> $33,675
<BONDS> $128,083<F2>
<COMMON> $1,000
0
0
<OTHER-SE> $41,995
<TOTAL-LIABILITY-AND-EQUITY> $223,628
<SALES> 0
<TOTAL-REVENUES> $139,947<F3>
<CGS> 0
<TOTAL-COSTS> $106,646<F3>
<OTHER-EXPENSES> $6,184<F4>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> $9,018
<INCOME-PRETAX> $(2,681)
<INCOME-TAX> 0
<INCOME-CONTINUING> $(2,681)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> $(2,681)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>INCLUDES NON-RESTRICTED CASH EQUIVALENTS OF $24,053 AND RESTRICTED CASH
EQUIVALENTS OF $750.
<F2>NET OF UNAMORTIZED DISCOUNTS.
<F3>CERTAIN RECLASSIFICATIONS HAVE BEEN MADE TO THE 1996 BALANCES TO CONFORM
WITH CURRENT YEAR PRESENTATION.
<F4>DEPRECIATION EXPENSE
</FN>
</TABLE>
