<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the quarter ended March 31, 1997 Commission File Number 0-20648
LOUISIANA - I GAMING, L.P.
(Exact Name of Registrant as Specified in its Charter)
Louisiana 72-1238179
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Boomtown, Inc.
P. O. Box 399, Verdi, Nevada 89439-0399
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702)345-8643
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 WITH THE REDUCED DISCLOSURE
FORMAT.
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
------ ------
<PAGE>
LOUISIANA - I GAMING, L.P.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Balance Sheets, September 30, 1996 and March 31, 1997.....................3
Statements of Operations for the Three and Six Months
Ended March 31, 1996 and 1997.............................................4
Condensed Statements of Cash Flows for the Six Months
Ended March 31, 1996 and 1997 ........................................... 5
Notes to Financial Statements.............................................6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings..............................................12
Item 5. Other Information..............................................12
Item 6. Exhibits and Reports on Form 8-K ..............................12
SIGNATURES...................................................................13
SCHEDULE OF EXHIBITS........................................................14
2
<PAGE>
PART I - FINANCIAL INFORMATION
LOUISIANA - I GAMING, L.P.
BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
September 30, March 31,
1996 1997
------------- ---------
(unaudited)
<S> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents $ 3,512 $ 4,123
Accounts receivable, net 94 172
Inventories 205 244
Prepaid expenses 1,357 759
------------- ------------
Total current assets 5,168 5,298
Property and equipment, at cost, net 55,776 56,040
Goodwill, net -- 3,968
Other assets 161 118
------------- ------------
Total assets $ 61,105 $ 65,424
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL:
Current liabilities:
Accounts payable $ 704 $ 776
Accrued compensation 843 799
Other accrued liabilities 2,907 2,658
Note payable - Boomtown, Inc. 25,695 24,967
Accrued interest payable - Boomtown, Inc. 242 213
Long-term debt due within one year (Note 2) 2,097 1,997
------------- ------------
Total current liabilities 32,488 31,410
Contingencies (Note 3)
Long-term debt due after one year (Note 2) 2,288 1,549
Deferred gain 112 --
Partners' capital:
General partner 1,301 1,613
Limited partner 24,916 30,852
------------- ------------
Total partners' capital 26,217 32,465
------------- ------------
Total liabilities and partners' capital $ 61,105 $ 65,424
------------- ------------
------------- ------------
</TABLE>
See accompanying notes.
3
<PAGE>
LOUISIANA - I GAMING, L.P.
STATEMENTS OF OPERATIONS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
1996 1997 1996 1997
-------- -------- -------- ---------
<S> <C> <C> <C> <C>
REVENUES:
Gaming $18,320 $18,008 $ 34,780 $ 34,996
Family entertainment center 197 165 395 341
Food and beverage 145 159 286 229
Cabaret 189 207 392 479
General Store -- 41 -- 88
Other income 164 237 365 318
-------- -------- -------- ---------
19,015 18,817 36,218 36,451
COSTS AND EXPENSES:
Gaming 7,349 7,170 14,021 14,183
Gaming equipment leases 476 388 909 759
Family entertainment center 128 98 280 217
Food and beverage 255 347 501 572
Cabaret 182 157 331 349
General Store -- 37 -- 77
Marketing 948 928 2,185 1,889
Management fee-Boomtown, Inc.(Note 4) 201 240 456 480
General and administrative 4,129 4,042 8,211 8,480
Depreciation and amortization 687 807 1,295 1,564
-------- -------- -------- ---------
14,355 14,214 28,189 28,570
Income from operations 4,660 4,603 8,029 7,881
Interest and other expense, net (1,199) (769) (2,360) (1,632)
-------- -------- -------- ---------
Net income $ 3,461 $ 3,834 $ 5,669 $ 6,249
-------- -------- -------- ---------
-------- -------- -------- ---------
Net income allocated to partners:
General partner $ 173 $ 192 $ 274 $ 313
Limited partners 3,288 3,642 5,395 5,936
-------- -------- -------- ---------
$ 3,461 $ 3,834 $ 5,669 $ 6,249
-------- -------- -------- ---------
-------- -------- -------- ---------
</TABLE>
See accompanying notes.
4
<PAGE>
LOUISIANA - I GAMING, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(in thousands)
(unaudited)
Six Months Ended
March 31,
1996 1997
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,669 $ 6,249
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,295 1,564
Changes in operating assets and liabilities 838 130
--------- ---------
Net cash provided by operating activities 7,802 7,943
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in construction related payables 7 --
Payments for purchases of property and equipment (1,301) (1,552)
--------- ---------
Net cash used in investing activities (1,294) (1,552)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable-Boomtown, Inc., net (5,349) (4,747)
Proceeds from long-term debt 756 --
Principal payments on long-term debt (768) (1,033)
--------- ---------
Net cash used in financing activities (5,361) (5,780)
--------- ---------
Net increase in cash and cash equivalents 1,147 611
CASH AND CASH EQUIVALENTS:
Beginning of period 3,072 3,512
--------- ---------
End of period $ 4,219 $ 4,123
--------- ---------
--------- ---------
See accompanying notes.
5
<PAGE>
LOUISIANA - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND NATURE OF BUSINESS - Louisiana-I Gaming, L.P.,
(the "Partnership" or "Boomtown New Orleans" or "Boomtown Belle" or the
"Company") a Louisiana limited partnership was majority owned and controlled
by Boomtown, Inc. ("Boomtown") and on November 18, 1996, Boomtown entered into
an agreement with its minority partner whereby his 7.5% minority interest was
purchased by Boomtown and Boomtown has become effectively a 100% owner of the
"Company" (See Note 5). The Partnership commenced operations in August 1994
on a 50-acre site in Harvey, Louisiana, approximately ten miles from downtown
New Orleans. Gaming operations are conducted from a 250-foot replica of a
paddlewheel riverboat offering 912 slot machines and 56 table games (including
blackjack ("21"), craps, poker, roulette, pai gow poker, let it ride and
Caribbean stud) in a 30,000 square foot casino. The land-based facility
adjacent to the riverboat dock is composed of a western-themed, 88,000-square
foot facility. The first floor of the building opened December 1994, and
offers the patrons of the Boomtown Belle a deli-style restaurant, the "Silver
Screen" buffet, a 20,000-square foot family entertainment center and a western
saloon/dance hall. In addition, the land-based facility provides for staging
of the gaming vessel. This facility is the only one of its type in the New
Orleans area and it attracts both families and adults by providing
entertainment for non-gaming customers while also providing incentive for
gaming customers to increase the frequency and duration of their visits.
INTERIM FINANCIAL INFORMATION - The balance sheet at September 30, 1996
has been taken from the audited financial statements at that date. The
interim financial information is unaudited. In the opinion of management, all
adjustments, consisting only of normal recurring adjustments, which the
Partnership considers necessary for a fair presentation of its financial
position at March 31, 1997, the results of operations for the three and six
months ended March 31, 1997 and 1996 and cash flows for the six months ended
March 31, 1997 and 1996, have been included. The Partnership's operations are
seasonal and thus operating results for the three and six months ended March
31, 1997 should not be considered indicative of the results that may be
expected for the fiscal year ending September 30, 1997. The unaudited
financial statements should be read in conjunction with the financial
statements and footnotes thereto included in the Partnership's Form 10-K for
the year ended September 30, 1996.
RECLASSIFICATIONS - Certain reclassifications have been made to the fiscal
1996 financial statements to conform to the fiscal 1997 presentation.
2. LONG-TERM DEBT
September 30, March 31,
1996 1997
------------- --------------
13% note payable $ 3,227,000 $ 2,615,000
11.5% note payable 538,000 277,000
Capital lease obligations 620,000 654,000
------------- --------------
4,385,000 3,546,000
Less amounts due in one year 2,097,000 1,997,000
------------- --------------
$ 2,288,000 $ 1,549,000
------------- --------------
------------- --------------
6
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LOUISIANA - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
2. LONG-TERM DEBT (CONTINUED)
The 13% note is secured by a first preferred mortgage on the boat with a
net book value of $16,917,000 as of March 31, 1997. This note is payable in
48 monthly installments of approximately $134,000 and matures in January 1999.
The 11.5% note payable is secured by various furniture, fixtures and
equipment with a net book value of approximately $813,000 as of March 31,
1997. This note is payable in 36 monthly installments of approximately
$48,000 and matures in September 1997.
The capital lease obligation is secured by various furniture, fixtures
and equipment with a net book value aggregating $954,000 as of March 31,
1997. This obligation is payable in 30 monthly installments of approximately
$29,000 and matures in September 1998.
3. CONTINGENCIES
DEBT GUARANTEES - On November 24, 1993, Boomtown completed the private
placement of $103.5 million of 11.5% First Mortgage Notes due November 2003
(the "Notes"). The Notes are secured by, among other things, a full and
unconditional guarantee by the Partnership, as defined in the indenture
relating to the Notes. The Indenture governing the Notes places certain
business, financial and operating restrictions on Boomtown and its
subsidiaries including, among other things, the incurrence of additional
indebtedness, issuance of preferred equity interests and entering into
operating leases; limitations on dividends, repurchases of capital stock of
Boomtown and redemption of subordinated debt; limitations on transactions
with affiliates; limitations on mergers, consolidations and sales of assets;
limitations on amending existing partnership and facility construction
agreements; and limitations on the use of proceeds from the issuance of the
Notes.
In addition, the Partnership is a guarantor for a promissory note, with
an outstanding principal balance of $227,000 at March 31, 1997 of Blue
Diamond Hotel & Casino, Inc., a wholly-owned subsidiary of Boomtown.
The Company is also a guarantor of a note payable, with an outstanding
balance of $164,000 at March 31, 1997, of Mississippi-I Gaming, L.P., a majority
owned and controlled partnership of Boomtown.
4. MANAGEMENT FEE ALLOCATION
Boomtown is responsible for managing the operations of the Company and
other of its subsidiaries (collectively the "Subsidiaries"). During the three
and six months ended March 31, 1996 and 1997, Boomtown charged the
Subsidiaries for their pro-rata share of the costs it incurred relative to
this management function (the "Management Fee"). The Management fee amounted
to $201,000 and $240,000, for the three months ended March 31, 1996 and 1997,
respectively, and $456,000 and $480,000, during the six months ended March 31,
1996 and 1997, respectively.
7
<PAGE>
LOUISIANA - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
5. OTHER EVENTS
MINORITY PURCHASE AGREEMENT - On November 18, 1996, the Company entered
into an agreement with Eric Skrmetta in which Boomtown agreed to pay $5,673,000
in return for Skrmetta's 7.5% interest in the Partnership in addition to
releasing the Company from any and all claims, liabilities and causes of action
of any kind arising from or related to the Partnership agreement. The terms set
forth thereto required Boomtown to pay a down payment of $500,000 and the
remaining $5,173,000 to be paid not later than August 10, 1997. Additionally,
the $5,173,000 shall be reduced by a discount for the time that the amount or
any portion thereof is paid in full prior to August 10, 1997.
For a full discussion of the terms of the minority purchase agreement as
described above see exhibit number 10.3(4) of the Partnership's Form 10-K for
the year ended September 30, 1996.
BOOMTOWN'S PROPOSED MERGER WITH HOLLYWOOD PARK, INC. ("HOLLYWOOD PARK")
- -On April 23, 1996, Boomtown entered into an Agreement and Plan of Merger
(the "Merger Agreement") with Hollywood Park relating to the strategic
combination of Hollywood Park and Boomtown. Pursuant to the Merger Agreement
and subject to the terms and conditions set forth therein, Boomtown would
become a wholly-owned subsidiary of Hollywood Park (the "Merger"). Pursuant
to the Merger Agreement, at the effective date of the Merger (the "Effective
Date"), each issued and outstanding share of Boomtown Common Stock will be
converted into the right to receive 0.625 (the "Exchange Ratio"), of a share
of Hollywood Park Common Stock. The Merger is intended to be structured as a
tax-free reorganization. The shareholders of Boomtown and Hollywood Park
have approved the Merger. To date, the Merger has only been approved by
Mississippi and Nevada gaming authorities. The Merger is also subject to the
approval of gaming jurisdictions in Louisiana.
Certain additional matters relating to the signing of the Merger Agreement
and a complete description of the Merger Agreement are more fully described in
the Company's Form 8-K dated April 23, 1996, including the Agreement and Plan of
Merger filed as exhibit 2.1 thereto, and filed with the Securities and Exchange
Commission on May 3, 1996.
8
<PAGE>
LOUISIANA - I GAMING, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The following table sets forth certain items from the Partnership's
statements of operations as a percentage of total revenues for the three and six
months ended March 31, 1996 and 1997 (unaudited):
Three Months Ended Six Months Ended
March 31, March 31,
1996 1997 1996 1997
------- ------- ------- -------
REVENUES:
Gaming 96.4% 95.7% 96.0% 96.0%
Non-gaming 3.6 4.3 4.0 4.0
------- ------- ------- -------
100.0 100.0 100.0 100.0
OPERATING EXPENSES:
Gaming 41.1 40.1 41.2 41.0
Non-gaming 3.0 3.4 3.0 3.3
Marketing, general & administrative 26.7 26.4 28.7 28.5
Management fee - Boomtown, Inc. 1.1 1.3 1.3 1.3
Depreciation and amortization 3.6 4.3 3.6 4.3
------- ------- ------- -------
75.5 75.5 77.8 78.4
Income from operations 24.5 24.5 22.2 21.6
Interest and other expense, net (6.3) (4.1) (6.5) (4.5)
------- ------- ------- -------
Net income 18.2% 20.4% 15.7% 17.1%
------- ------- ------- -------
------- ------- ------- -------
The property generated total revenues of $18.8 million during the three
months ended March 31, 1997, 1% lower than the $19.0 million reported during the
prior years commensurate period. Of total revenues, gaming revenues comprised
approximately 96% during the three month periods. Gaming revenues are generated
essentially from the Company's 912 slot machines and 56 table games, of which
slot machines contributed 74.2% of total gaming revenues for the quarter ended
March 31, 1997. Gaming is only allowed on the Company's floating riverboat
casino which is required to cruise, when safety requirements are met, for a
total of 90 minutes every 3 hours during operating hours. During the quarter
just ended the Company had 380,476 admissions on to the gaming vessel, a
decrease of 1% from the prior year second fiscal quarter, and win per passenger
of $47.33 a decline from $48.13 per passenger a year ago. The gaming patrons
for the Louisiana riverboat are primarily based locally and the property
continues to compete aggressively for the local customers of the greater New
Orleans area. The Company has contributed continued efforts to expand its
customer base to the outlying areas surrounding the New Orleans area and is
beginning to penetrate these markets.
For the six month period ended March 31, 1997, the Company reported
revenues of $36.5 million, approximately 1% higher than the $36.2 million
recorded during the prior year. As with the second quarter, gaming revenues
comprised approximately 96% of total revenues consisting primarily of slot
machine and table game play. During the six month periods the
9
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LOUISIANA - I GAMING, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (continued)
Company reported a 1% increase in gaming revenues from $34.8 million to $35.0
million primarily driven by the addition of new games offered including mini
baccarat and more attractive, higher appeal slot and video poker machines which
have received a higher level of play. Additionally, the Company has begun to
recognize an enhancement in casino patronage from offering a quality food
product with the opening of its new buffet on March 1, 1997.
For the three and six months ended March 31, 1997, the Company recorded
gaming expenses of $7.6 million and $14.9 million, compared to $7.8 million and
$14.9 million in the prior year periods, respectively. Gaming expenses include
costs associated with operating the facilities gaming including salaries and
other employee related expenses, gaming taxes and licenses, gaming equipment
leases, costs associated with providing complementaries to casino patrons and
other administrative expenses. After subtracting gaming expenses from gaming
revenues the property reported a gaming margin of approximately 58%, for both
the three and six months ended March 31, 1997, consistent with prior year
periods.
Non-gaming revenues for the three and six months ended March 31, 1997 were
$809,000 and $1.5 million, respectively, generated from the Partnership's
family entertainment center ("fun center"), food and beverage sales, a cabaret
and other promotional revenues. Non-gaming revenues improved approximately 16%
for the quarter and were virtually unchanged for the six months ended March 31,
1997. The non-gaming margin as a percentage of revenues was 21% during the
most recent quarter compared to 19% reported during the prior year commensurate
quarter. On a year-to-date basis the non-gaming margin was 17% compared to 23%
recorded during the first half of the prior year. During the quarter and six
month period the non-gaming margin was negatively impacted by the reduction of
floor space for the property's fun center in order to construct a full service
buffet in addition to the property's food outlets being restricted for
approximately three month during this construction.
Marketing expenses declined 2.1% and 13.5% for the three and six month
periods ended March 31, 1997 to $928,000 and $1.9 million, respectively. The
property has reduced its marketing expenses in print media, eliminated its bus
tour program, which was not proving to be cost effective, and recognized
savings in players club direct mail and merchandise redemption programs. The
decline was offset by an increase in charitable donations of approximately
$50,000 during the quarter and $108,000 during the first half of fiscal 1997
from the Company's commitment to a strong relationship with the New Orleans and
Harvey, Louisiana communities.
General and administrative ("G&A") expenses were $4.0 million and $4.1
million for the quarters ended March 31, 1997 and 1996, respectively. The
slight decline in G&A expenses were primarily related to lower medical insurance
costs due to the Company changing insurance programs from a self insured to a
fully insured program effective January 1, 1997. Additionally, during the first
half of fiscal 1997, the Company realized savings from refinancing certain
operating leases and good labor management. For the six months ended March 31,
1997, G&A expenses grew 3% to $8.5 million, from $8.2 million in the prior year.
The slight increase, net of the reductions during the second fiscal quarter,
resulted from additional security and surveillance
10
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LOUISIANA - I GAMING, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (continued)
employees as mandated by Louisiana gaming law as well as additional general
insurance claims, higher 401k employee contributions and other expenses,
associated with the Company's successful defense of the local referendum on the
continuance of riverboat gaming in Louisiana.
Depreciation and amortization expense increased 17% and 21% for the three
and six months ended March 31, 1997, respectively, related primarily to the
addition of fun center games, computer upgrades, additional slot machine signs
and other capital purchases over the prior years commensurate periods,
respectively. Additionally, during the three and six month periods ended March
31, 1997, the property reported net interest expense of $765,000 and $1.6
million, respectively, a decline of $433,000 and $730,000, respectively, as a
result of principle reductions on the Company's outstanding note obligation to
Boomtown, Inc.
During fiscal 1996 and 1997 Boomtown, Inc. charged the Partnership for
their pro-rata share of the costs it incurred relative to the management
function. The Management fee amounted to $201,000 and $240,000, for the three
months ended March 31, 1996 and 1997, respectively, and $456,000 and $480,000,
during the six months ended March 31, 1996 and 1997, respectively.
GUARANTEE OF BOOMTOWN NOTES BY THE PARTNERSHIP
In November 1993, Boomtown closed the issuance and sale of an aggregate of
$103.5 million principal amount of 11.5% First Mortgage Notes due November 1,
2003 (the "Notes") and warrants to purchase 472,000 shares of Boomtown's Common
Stock. Payment of the principal, interest and any other amounts owing under the
Notes has been unconditionally guaranteed by certain subsidiaries of Boomtown,
including the Partnership. See the Indenture, which is hereby incorporated by
reference, attached as Exhibit 10.36 to Boomtown, Inc.'s Annual Report on Form
10-K for the year ended September 30, 1994.
Some statements set forth above include "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and are subject
to the safe harbors created thereby.
11
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
NONE
ITEM 5. OTHER INFORMATION
NONE
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits enclosed herein are detailed on the Schedule of Exhibits on
page 14.
12
<PAGE>
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 thereunder duly authorized.
Louisiana - I Gaming, L.P.
Registrant
/s/ PHIL E. BRYAN
Date: May 14, 1997 -------------------------------
Phil E. Bryan, President; Chief
Operating Officer
/s/ JON L. WHIPPLE
Date: May 14, 1997 -------------------------------
Jon L. Whipple, Vice President of
Finance; Principal Accounting and
Financial Officer
13
<PAGE>
SCHEDULE OF EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
10.1(1) Letter of Intent dated as of March 26, 1993 among Boomtown, Inc., The
Skrmetta Group, Inc. and Skrmetta Machinery Corporation, relating to
the property in Harvey, Louisiana.
10.2(2) Letter of Agreement dated April 16, 1993 among Boomtown, Inc., Raphael
Skrmetta, The Skrmetta Group and Skrmetta Machinery Corporation.
10.3(3) Purchase Agreement dated as of November 3, 1993 among Boomtown, Inc.,
Boomtown Hotel & Casino, Inc., Blue Diamond Hotel & Casino, Inc.,
Louisiana-I Gaming, L.P., Louisiana Gaming Enterprises, Inc.,
Mississippi-I Gaming, L.P., Bayview Yacht Club, Inc., Oppenheimer &
Co., Inc. and Sutro & Co. Incorporated.
10.3(4) Minority Purchase Agreement dated November 18, 1996 among Louisiana-I
Gaming, L.P., Boomtown, Inc. and Eric Skrmetta.
- ------------------
(1) Incorporated by reference to the exhibit filed with Boomtown's Current
Report on Form 8-K filed with the SEC on April 1, 1993.
(2) Incorporated by reference to the exhibit filed with Boomtown's Registration
Statement on Form S-1 (File No. 33-61198), effective May 24, 1993.
(3) Incorporated by reference to the exhibit filed with Boomtown's Form 10-K
for the fiscal year ended September 30, 1993.
(4) Incorporated by reference to the exhibit filed with Boomtown's Form 10-K
for the fiscal year ended September 30, 1996.
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM LOUISIANA-I
GAMING, L.P. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 4,123
<SECURITIES> 0
<RECEIVABLES> 172
<ALLOWANCES> 0
<INVENTORY> 244
<CURRENT-ASSETS> 5,298
<PP&E> 62,485
<DEPRECIATION> 6,445
<TOTAL-ASSETS> 65,424
<CURRENT-LIABILITIES> 31,410
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 32,465
<TOTAL-LIABILITY-AND-EQUITY> 65,424
<SALES> 0
<TOTAL-REVENUES> 36,451
<CGS> 0
<TOTAL-COSTS> 16,157
<OTHER-EXPENSES> 12,413
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,632
<INCOME-PRETAX> 6,249
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,249
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>