UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
___X___ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 1998.
_______ 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 0-22290
----------------
CENTURY CASINOS, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 84-1271317
------------------------ ---------------------
(State of incorporation) (IRS Employer ID No.)
200-220 E. Bennett Ave., Cripple Creek, Colorado 80813
------------------------------------------------------
(Address of principal executive offices)
(719) 689-9100
--------------
(Phone Number)
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 ___
Number of shares of common stock, $.01 par value, outstanding
as of April 28, 1998:
15,381,385
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<PAGE>
CENTURY CASINOS, INC.
FORM 10-QSB
INDEX
Page Number
-----------
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheet as of March 31, 1998 3
Consolidated Statements of Operations for the 4
Three Months Ended March 31, 1998 and 1997
Consolidated Condensed Statements of Cash Flows 5
for the Three Months Ended March 31, 1998 and 1997
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis 9
PART II OTHER INFORMATION 13
SIGNATURES 13
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<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (Unaudited)
- --------------------------------------------------------------------------------
March 31, 1998
ASSETS
Current Assets:
Cash and cash equivalents $ 4,285,944
Prepaid expenses and other 661,318
-------------
Total current assets 4,947,262
Property and Equipment, net 14,404,739
Goodwill, net 12,263,258
Other Assets 1,111,185
-------------
Total $ 32,726,444
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 518,846
Accounts payable and accrued expenses 2,333,058
-------------
Total current liabilities 2,851,904
Long-Term Debt, less current portion 9,149,916
Shareholders' Equity:
Preferred stock; $.01 par value; 20,000,000 shares
authorized; no shares issued or outstanding
Common stock; $.01 par value; 50,000,000 shares
authorized; 15,861,885 shares issued;
15,481,385 shares outstanding 158,619
Additional paid-in capital 24,919,708
Other comprehensive income - foreign currency translation (40,844)
Accumulated deficit (3,886,441)
-------------
21,151,042
Treasury stock - 380,500 shares, at cost (426,418)
-------------
Total shareholders' equity 20,724,624
-------------
Total $ 32,726,444
=============
See notes to consolidated financial statements.
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<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
1998 1997
---- ----
<S> <C> <C>
Operating Revenue:
Casino $ 4,279,897 $ 4,358,617
Food and beverage 176,478 209,270
Hotel 11,877 10,108
Other 25,430 52,013
------------- ------------
4,493,682 4,630,008
Less promotional allowances (148,599) (176,824)
------------- ------------
Net operating revenue 4,345,083 4,453,184
------------- ------------
Operating Costs and Expenses:
Casino 1,728,373 2,535,207
Food and beverage 73,383 91,619
Hotel 7,428 3,223
General and administrative 1,335,724 1,310,121
Depreciation and amortization 766,339 685,501
------------- ------------
Total operating costs and expenses 3,911,247 4,625,671
------------- ------------
Income (Loss) from Operations 433,836 (172,487)
Other income (expense), net 92,488 (173,474)
------------- ------------
Income (Loss) before Income Taxes 526,324 (345,961)
Income tax benefit (597,000) (122,000)
============= ============
Net Income (Loss) $ 1,123,324 $ (223,961)
============= ============
Basic Earnings (Loss) per share $ 0.07 $ (0.01)
============= ============
Diluted Earnings (Loss) per share $ 0.07 $ (0.01)
============= ============
Comprehensive Income (Loss):
Net income (loss), as reported above $ 1,123,324 $ (223,961)
Foreign currency translation adjustments (13,067) (4,821)
------------- ------------
Comprehensive Income (loss): $ 1,110,257 $ (228,782)
============= ============
</TABLE>
See notes to consolidated financial statements.
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<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
1998 1997
---- ----
<S> <C> <C>
Cash provided by operations
$ 1,224,609 $ 592,353
-------------- -------------
Cash provided by (used in) investing activities 222,300 (213,311)
-------------- -------------
Cash used in financing activities (1,388,943) (482,339)
-------------- -------------
Increase (decrease) in cash and cash equivalents 57,966 (103,297)
Cash and cash equivalents at beginning of period 4,227,978 4,556,540
-------------- -------------
Cash and cash equivalents at end of period
$ 4,285,944 $ 4,453,243
============== =============
</TABLE>
Supplemental Disclosure of Noncash Investing and Financing Activities:
In the quarter ended March 31, 1997, the Company acquired gaming equipment
in the amount of $62,512 subject to long-term vendor financing.
Supplemental Disclosure of Cash Flow Information:
Interest paid by the Company was $296,828 and $213,232 for the three
months ended March 31, 1998 and 1997.
Income taxes paid by the Company were $59,345 and $15,892 for the three
months ended March 31, 1998 and 1997.
See notes to consolidated financial statements.
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<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Century Casinos, Inc. and subsidiaries (the "Company") own and operate a
limited-stakes gaming casino in Cripple Creek, Colorado, and are pursuing a
number of additional gaming opportunities internationally and in the United
States. Prior to July 1, 1996, the Company's operations in Cripple Creek,
Colorado, consisted of Legends Casino ("Legends"), which the Company
acquired on March 31, 1994, through a merger with Alpine Gaming, Inc.
("Alpine"). On July 1, 1996, the Company acquired the net assets of Gold
Creek Associates, L.P. ("Gold Creek"), the owner of Womack's Saloon &
Gaming Parlor ("Womacks"), which is immediately adjacent to Legends.
Following the Company's acquisition of Womacks, interior renovations were
undertaken on both properties to facilitate the operation and marketing of
the combined properties as one casino under the name Womacks/Legends
Casino.
The accompanying consolidated financial statements and related notes have
been prepared in accordance with generally accepted accounting principles
for interim financial reporting and the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B. Accordingly, certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted. In the opinion of management, all adjustments
(consisting of only normal recurring accruals) considered necessary for
fair presentation of financial position, results of operations and cash
flows have been included. These consolidated financial statements should be
read in conjunction with the financial statements and notes thereto
included in the Company's Annual Report on Form 10-KSB for the Year Ended
December 31, 1997.
2. COMPREHENSIVE INCOME
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income," which
establishes standards for reporting and display of comprehensive income and
its components. It requires that all changes in equity during a period,
except those resulting from investment by owners and distributions to
owners, be reported as a component of comprehensive income and that
comprehensive income be displayed in a financial statement with the same
prominence as other financial statements that constitute a full set of
financial statements.
3. INCOME TAXES
The income tax benefit of $597,000 for the three months ended March 31,
1998 consists of (a) a nonrecurring benefit of $815,000 resulting from the
reversal of the valuation allowance previously provided against the
Company's net deferred tax assets; and (b) a provision of $218,000, based
upon estimated full-year income for financial reporting purposes adjusted
for permanent differences and utilization of available net operating loss
carryforwards ("NOLs") and alternative minimum tax credit carryforwards.
The income tax benefit of $122,000 for the three months ended March 31,
1997 is based upon estimated full-year income for financial reporting
purposes adjusted for permanent differences and utilization of available
NOLs.
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<PAGE>
4. EARNINGS (LOSS) PER SHARE
Basic and diluted earnings (loss) per share for the three months ended
March 31, 1998 and 1997 were computed as follows:
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
1998 1997
---- ----
<S> <C> <C> <C>
Basic Earnings (Loss) Per Share:
Net income (loss) $ 1,123,324 $ (223,961)
============= =============
Weighted average common shares 15,790,013 15,861,885
============= =============
Basic Earnings (loss) per share $ 0.07 $ (0.01)
============= =============
Diluted Earnings (Loss) Per Share:
Net income (loss), as reported $ 1,123,324 $ (223,961)
Interest expense, net of income
taxes, on convertible debenture 8,412
------------ -------------
Net income (loss) available to
common shareholders $ 1,131,736 $ (223,961)
============= =============
Weighted average common shares 15,790,013 15,861,885
Assumed issuance of contingent shares 710,295
Effect of dilutive securities:
Convertible debenture 271,739
Stock options and warrants 70,252
------------ -------------
Dilutive potential common shares 16,842,299 15,861,885
============= =============
Diluted earnings (loss) per share $ 0.07 $ (0.01)
============= =============
Excluded from computation of diluted
earnings (loss) per share
due to antidilutive effect:
Options and warrants to purchase common
shares 5,913,581 5,985,009
Weighted average exercise price $ 2.02 $ 2.01
</TABLE>
Contingent shares have been included in the computation of diluted
earnings per share for the three months ended March 31, 1998, after
adjustment for certain transactions that occurred subsequent to March 31,
1998 (see Note 6). Contingent shares, shares to be issued upon conversion
of a debenture, and stock options and warrants have all been excluded from
the computation of diluted loss per share for the three months ended March
31, 1997, as their effects would be antidilutive.
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<PAGE>
5. SHARE REPURCHASE PLAN
In February 1998 the Company's Board of Directors approved a discretionary
program to repurchase up to $1 million of the Company's outstanding common
stock. The Board believes that the Company's stock is undervalued in the
trading market in relation to both its present operations and its future
prospects. Through March 31, 1998, the Company has repurchased 380,500
shares at an average cost per share of $1.12. The Company anticipates that
it may use the treasury shares in partial settlement of its obligation to a
former principal of Gold Creek (see Note 6).
6. CONTINGENTLY ISSUABLE SHARES
In connection with the acquisition of Womacks from Gold Creek on July 1,
1996, the purchase agreement provided that on July 1, 1998, the Company
would issue 1,060,000 shares of its common stock, valued at $1.8 million at
July 1, 1996, to two principals of Gold Creek. The number of shares to be
issued is subject to upward adjustment, determined by a formula, to the
extent that the trading price of the Company's stock is less than $1.58 at
the time of issuance, and subject to downward adjustment to the extent that
the trading price exceeds $4.00.
On April 1, 1998, the Company settled five percent of its obligation to the
two principals for a cash payment of $69,000. On April 30, 1998, the
Company reached agreement with one of the principals to settle one-half of
the remaining obligation for a combination of (a) a cash payment on May 1,
1998 of $390,000; and (b) issuance of a three-year, unsecured note for
$390,000, with interest at 8.75%.
The remaining obligation to the other principal may be settled, at the
Company's option, either entirely through the issuance of stock or by a
combination of stock and cash. Based upon the 20-day average closing price
of the Company's common stock preceding March 31, 1998, and giving
retroactive effect to the cash payment made on April 1, 1998, as though it
had occurred on March 31, 1998, the number of shares to be issued to settle
the remaining obligation in stock would have been 710,295; alternatively,
the Company could have issued 503,500 shares, together with a cash payment
of $231,610, had settlement occurred on March 31, 1998.
7. SETTLEMENT OF NOTE RECEIVABLE
In March 1998 the Company negotiated an early settlement of its note
receivable from SSK Game Enterprises, Inc. ("SSK"), with respect to the
Company's casino management agreement with the Soboba Band of Mission
Indians in California, which agreement was terminated in August 1995. The
Company received cash payments, included in "other income, net," totaling
$550,000 in the first quarter of 1998. Aggregate payments received pursuant
to the note from August 1995 through date of settlement were $2,475,000, of
which $1,843,000 were applied to recovery of capitalized costs and $632,000
were recognized in income. No further payments will be received under the
note.
8. EVENT SUBSEQUENT TO MARCH 31, 1998
On April 21, 1998, the Gauteng Gambling and Betting Board announced the
award of the remaining two licenses for the province of Gauteng, South
Africa. Silverstar Development Ltd. ("Silverstar"), a consortium which was
one of the license applicants and in which the Company participates, was
not awarded a license. As of March 31, 1998, the Company has recorded an
impairment allowance against its entire equity investment in Silverstar in
the amount of $196,022.
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<PAGE>
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Forward-Looking Statements, Business Environment and Risk Factors
Information contained in the following discussion of results of operations and
financial condition of the Company contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, which can
be identified by the use of words such as "may," "will," "expect," "anticipate,"
"estimate," or "continue," or variations thereon or comparable terminology. In
addition, all statements other than statements of historical facts that address
activities, events or developments that the Company expects, believes or
anticipates, will or may occur in the future, and other such matters, are
forward-looking statements.
The following discussion should be read in conjunction with the Company's
consolidated financial statements and related notes included elsewhere herein.
The Company's future operating results may be affected by various trends and
factors which are beyond the Company's control. These include, among other
factors, the competitive environment in which the Company operates, the
Company's present dependence upon the Cripple Creek, Colorado gaming market,
changes in the rates of gaming-specific taxes, shifting public attitudes toward
the socioeconomic costs and benefits of gaming, actions of regulatory bodies,
dependence upon key personnel, the speculative nature of gaming projects the
Company may pursue, risks associated with expansion, and other uncertain
business conditions that may affect the Company's business.
The Company cautions the reader that a number of important factors discussed
herein, and in other reports filed with the Securities and Exchange Commission,
could affect the Company's actual results and cause actual results to differ
materially from those discussed in forward-looking statements.
Results of Operations
Three Months Ended March 31, 1998 vs. 1997
- ------------------------------------------
Net operating revenue for the first quarter of 1998 was $4,363,147 compared with
$4,468,144 for the same period in 1997, a decrease of $123,061, or 2.8%, and
largely attributable to the expiration of the Company's two cruise ship
concession contracts in May 1997 and January 1998. Casino revenue from
Womacks/Legends Casino increased 1.2% to $4,245,653 from $4,195,431 a year
earlier. The revenue increase was achieved despite the discontinuation of the
bussing and logojet marketing programs. Casino gross margin for Womacks/Legends
Casino improved to 60.0% from 41.8% in the year-earlier period. Contributing
most significantly to the margin improvement was the elimination of costs of the
casino's bussing and logojet marketing programs, as the casino produced a slight
revenue increase without the added cost burden. Also contributing to the
improved margin were lower payroll costs and a lower effective tax rate on
gaming revenue. The lower effective gaming tax rate is due to a change in the
taxing authority's fiscal year end to June 30, and the change will have a
similar effect through the second quarter of 1998.
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<PAGE>
Food and beverage revenue decreased 15.7% to $176,478 versus the first quarter
of 1997. The cost of food and beverage promotional allowances, which is included
in casino costs, decreased to $201,727 in the first quarter of 1998 as compared
with $262,716 in the prior year. The decrease in other revenue resulted
principally from a decline in concession fees from the cruise ships coincident
with the expiration of those agreements.
General and administrative expense as a percentage of net operating revenue
remained relatively unchanged at approximately 30% for both periods.
Depreciation expense increased to $430,963 from $350,125, while amortization of
goodwill remained unchanged at $335,376 for both periods. The increase in
depreciation expense is primarily attributable to ongoing property improvements
at Womacks/Legends Casino.
In March 1998 the
Company negotiated an early settlement of its note receivable from SSK Game
Enterprises, Inc. ("SSK"), with respect to the Company's casino management
agreement with the Soboba Band of Mission Indians in California, which agreement
was terminated in August 1995. The Company received cash payments, included in
"other income, net," totaling $550,000 in the first quarter of 1998. Aggregate
payments received pursuant to the note from August 1995 through date of
settlement were $2,475,000, of which $1,843,000 were applied to recovery of
capitalized costs and $632,000 were recognized in income. No further payments
will be received under the note.
On April 21, 1998, the Company was informed that the consortium with which it
had filed a gaming license application for the province of Gauteng, South Africa
was not awarded one of the two remaining licenses for the province. Accordingly,
as of March 31, 1998, the Company has provided an impairment allowance of
$196,022 against its entire equity investment in the license applicant.
In addition to the payments received from SSK and the provision for impairment
previously described, other income, net, for the first quarter of 1998 comprised
$220,521 of interest expense, $31,915 of interest income, a gain of $49,436 from
the disposal of fixed assets, amortization of deferred costs of $24,470 related
to the Wells Fargo refinancing, and expense of $97,850 related to potentially
unusable trade credits from an equipment supplier. Other expense, net, for the
prior year period consisted of $210,516 of interest expense, $37,804 of interest
income and a loss of $762 from the disposal of fixed assets.
The income tax benefit of $597,000 for the first quarter of 1998 includes a
nonrecurring credit of $815,000 resulting from the reversal of the valuation
allowance previously provided against the Company's net deferred tax assets. The
remaining provision of $218,000 is based upon estimated full-year income for
financial reporting purposes adjusted for permanent differences and utilization
of available net operating loss carryforwards and alternative minimum tax credit
carryforwards. The income tax benefit of $122,000 for the year-earlier period is
based upon estimated full-year income for financial reporting purposes adjusted
for permanent differences and utilization of available NOLs.
- 10 -
<PAGE>
Liquidity and Capital Resources
Cash and cash equivalents totaled $4,285,944 at March 31, 1998 and the Company
had net working capital of $2,095,358. Additional liquidity is provided by the
Company's revolving credit facility ("RCF") with Wells Fargo Bank, under which
the Company had unused borrowing capacity of approximately $3.3 million at March
31, 1998. For the three months ended March 31, 1998, cash provided by operations
was $1,224,609 as compared with $592,353 in the prior year period, with most of
the increase attributable to the operations of Womacks/Legends Casino. Cash
provided by investing activities for the first quarter of 1998 included payments
received totaling $550,000 from SSK and proceeds from fixed asset disposals of
$102,692, partially offset by capital expenditures and earnest money deposits of
$430,392. The Company made net repayments on borrowings of $925,163 and
repurchased outstanding common stock for a total of $426,418.
Womacks/Legends Casino is considering construction of a 35-room hotel and
two-level parking garage, directly across the street from the casino. Based on
preliminary plans, the estimated construction cost would be $2.2 million, which
would be funded through a combination of working capital, operating cash flow
and borrowing capacity under the RCF.
In November 1997 the Company entered into a definitive purchase agreement to
acquire 22,000 square feet of land, zoned for gaming, adjacent to
Womacks/Legends Casino. The prime parcel of land under contract includes a
partially-constructed building structure. The Company anticipates razing the
structure and using the entire property for customer parking for the 1998 summer
season. Management is presently assessing its long-term development plans for
the property. The purchase price is $3,200,000 (less earnest money deposits
through March 31, 1998 of $250,000), plus either 400,000 shares of Century's
restricted common stock or $400,000, at the Company's option. The Company's RCF
will provide funding for the transaction. Closing of the purchase is scheduled
for the second quarter of 1998.
In February 1998, the Company's Board of Directors approved a discretionary
program to repurchase up to $1 million of the Company's outstanding common
stock. Through March 31, 1998, the Company has repurchased 380,500 shares at an
average cost of $1.12.
In March 1998 the Company entered into a joint venture agreement with a
subsidiary of Bau Holding AG, one of the largest construction and development
companies in Europe, to form Century Casinos Praha a.s. The Company holds a 49%
interest in the venture, which will operate a casino in the five-star Marriott
Hotel, currently under construction in Prague, Czech Republic. The Company will
manage the casino operations pursuant to a ten-year management agreement for a
fee based upon gross casino revenue. The Company's initial capital requirements
consist of an equity contribution to the venture of $220,000 and a refundable
escrow deposit during the license application phase of $80,000. These
requirements will be funded through the Company's current cash position.
Additionally, the venture estimates initial capital expenditures of
approximately $2 million for which it is considering several financing
alternatives. The opening of the hotel and casino is currently scheduled,
subject to change, for the second quarter of 1999.
On April 21, 1998, a consortium which includes the Company submitted an
application for a gaming license in the province of Kwazulu Natal, South Africa.
The province may award up to five gaming licenses. The consortium's application
is for a $40 million multipurpose entertainment resort in the city of Empangeni.
The Company would manage the 520-gaming position casino pursuant to a 15-year
management agreement. The Company has received a three percent equity interest
in the consortium in consideration of services rendered during the application
phase, and may acquire an additional five percent of the equity for
approximately $500,000 upon licensing. The additional equity investment would be
funded through the Company's working capital. The Kwazulu Natal Gambling Board
has indicated that the preferred finalists for the licenses will be announced in
June 1998 with the final awards expected in late 1998.
- 11 -
<PAGE>
The Company holds a small equity position in Great North Resorts limited, which
has submitted a license application for Petersburg, the capital of the Northern
Province, South Africa. If successful in receiving a license, the Company would
manage the casino operations of a proposed $40 million casino, hotel,
entertainment and resort complex pursuant to a five-year agreement commencing
with the opening of the permanent casino. The Company would also manage the
operations of a temporary casino during the development phase of the resort
complex. The Company would earn fees based on a percentage of annual gaming
revenue. A decision on this application is expected no sooner than late second
quarter of 1998. The Company has no significant additional capital obligations
with respect to this application.
On November 28, 1997, the Champs Indian Band of British Columbia, Canada, in
cooperation with the Company, presented a proposal for a $40 million destination
casino resort complex to the British Columbia Lottery Advisory Committee. The
Company has reached an agreement in principle to become the casino
management/consulting partner in case of license award. The Company was paid a
fee in 1997 for its consulting services in connection with the application
process, and final terms of the management agreement will be negotiated in the
event licensing details become available. The Company does not know when a
decision will be made on the license application.
Management believes that the Company's working capital position at March 31,
1998, together with expected cash flow from operations and borrowing capacity
under its revolving credit facility, will be adequate to satisfy its debt
repayment obligations, meet its anticipated capital expenditures and pursue
additional business growth opportunities for the foreseeable future.
* * * * * * * * * * * * * * * *
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<PAGE>
PART II
OTHER INFORMATION
Item 1. - Legal Proceedings
The Company is not a party to, nor is it aware of, any pending or
threatened litigation which, in management's opinion, could have a
material adverse effect on the Company's financial position or results
of operations.
Item 6. - Exhibits and Reports on Form 8-K
(a) Exhibits - The following exhibit is filed herewith:
27 Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter ended
March 31, 1998.
* * * * * * *
SIGNATURES:
Pursuant to 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.
CENTURY CASINOS, INC.
/s/ Brad Dobski
---------------------------
Brad Dobski
Vice President - Finance,
Chief Accounting Officer and duly authorized officer
Date: May 4, 1998
- 13 -
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<ARTICLE> 5
<LEGEND>
(Replace this text with legend, if applicable)
</LEGEND>
<CIK> 0000911147
<NAME> Century Casinos, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<CASH> 4,285,944
<SECURITIES> 0
<RECEIVABLES> 360,231
<ALLOWANCES> 0
<INVENTORY> 62,219
<CURRENT-ASSETS> 4,947,262
<PP&E> 17,663,526
<DEPRECIATION> 3,258,787
<TOTAL-ASSETS> 32,726,444
<CURRENT-LIABILITIES> 2,851,904
<BONDS> 9,149,916
0
0
<COMMON> 158,619
<OTHER-SE> 20,566,005
<TOTAL-LIABILITY-AND-EQUITY> 32,726,444
<SALES> 0
<TOTAL-REVENUES> 4,345,083
<CGS> 0
<TOTAL-COSTS> 1,809,184
<OTHER-EXPENSES> 2,102,063
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 220,521
<INCOME-PRETAX> 526,324
<INCOME-TAX> (597,000)
<INCOME-CONTINUING> 1,123,324
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<NET-INCOME> 1,123,324
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