<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
MISSISSIPPI - I GAMING, L.P.
(Exact Name of Registrant as Specified in its Charter)
Mississippi 64-0828954
----------- -----------
(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>
MISSISSIPPI - 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
MISSISSIPPI - I GAMING, L.P.
BALANCE SHEETS
(in thousands)
September 30, March 31,
1996 1997
------------- -----------
(unaudited)
ASSETS:
Current assets:
Cash and cash equivalents $ 2,907 $ 2,837
Accounts receivable, net 148 195
Inventories 363 484
Prepaid expenses and other current assets 2,584 1,683
------------- -----------
Total current assets 6,002 5,199
Property and equipment, at cost, net 35,671 37,783
Other assets 4,479 4,354
------------- -----------
Total assets $ 46,152 $ 47,336
------------- -----------
------------- -----------
LIABILITIES AND PARTNERS' DEFICIT:
Current liabilities:
Accounts payable $ 481 $ 687
Accrued compensation 765 717
Other accrued liabilities 2,918 3,181
Note payable - Boomtown, Inc. 41,432 42,082
Accrued interest payable - Boomtown, Inc. 2,651 2,930
Long-term debt and capital lease obligations
due within one year (Note 2) 1,570 2,268
------------- -----------
Total current liabilities 49,817 51,865
Long-term debt and capital lease obligations
due after one year (Note 2) 60 35
Contingencies (Note 3)
Partners' deficit:
General partner -- --
Limited partners (3,725) (4,564)
------------- -----------
Total partners' deficit (3,725) (4,564)
------------- -----------
Total liabilities and partners' deficit $ 46,152 $ 47,336
------------- -----------
------------- -----------
See accompanying notes.
3
<PAGE>
MISSISSIPPI - 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 $ 11,075 $ 13,101 $ 21,188 $ 24,619
Family entertainment center 495 437 961 847
Food and beverage 700 737 1,292 1,402
General Store -- 73 -- 136
Other income 87 98 180 180
-------- -------- -------- --------
12,357 14,446 23,621 27,184
COSTS AND EXPENSES:
Gaming 3,828 4,404 7,756 8,398
Gaming equipment leases 582 -- 1,152 436
Family entertainment center 284 300 563 593
Food and beverage 886 894 1,611 1,841
General Store -- 56 -- 106
Marketing 1,823 2,599 3,320 4,427
Management fee-Boomtown, Inc. (Note 4) 150 180 336 360
General and administrative 2,922 2,712 5,862 5,949
Property Rent 977 1,021 1,932 1,973
Depreciation and amortization 411 732 765 1,313
-------- -------- -------- --------
11,863 12,898 23,297 25,396
Income from operations 494 1,548 324 1,788
Interest and other income (expense), net ( 1,161) ( 1,373) ( 2,312) ( 2,681)
-------- -------- -------- --------
Net Income (loss) ($ 667) $ 175 ($ 1,988) ($ 893)
-------- -------- -------- --------
-------- -------- -------- --------
Net income (loss) allocated to partners:
General partner ($ 8) $ 9 ($ 49) ($ 45)
Limited partners ( 659) 166 ( 1,939) ( 848)
-------- -------- -------- --------
($ 667) $ 175 ($ 1,988) ($ 893)
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
See accompanying notes.
4
<PAGE>
MISSISSIPPI - 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 loss ($1,988) ($ 893)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Lease expense recorded in exchange
for limited partnership interest 1,000 --
Depreciation and amortization 765 1,313
Prepayment of property lease ( 2,938) --
Changes in operating assets and liabilities, net 843 1,465
-------- --------
Net cash provided by operating activities ( 2,318) 1,885
-------- --------
Cash flows from investing activities:
Payments for purchases of property and equipment 77 ( 1,259)
Payments for purchase on land option -- ( 200)
Decrease in construction related payables ( 458) --
Proceeds from sale of property and equipment ( 83) 15
-------- --------
Net cash used in investing activities ( 464) ( 1,444)
-------- --------
Cash flows from financing activities:
Note payable-Boomtown, Inc., net 3,092 704
Proceeds from long-term debt 144 --
Principal payments on long-term debt ( 165) ( 1,215)
-------- --------
Net cash provided by (used in) financing activities 3,071 ( 511)
-------- --------
Net increase (decrease) in cash and cash equivalents 289 ( 70)
Cash and cash equivalents:
Beginning of period 2,928 2,907
-------- --------
End of period $3,217 $2,837
-------- --------
-------- --------
See accompanying notes.
5
<PAGE>
MISSISSIPPI - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND NATURE OF BUSINESS - Mississippi - I Gaming,
L.P. (the "Partnership"), a Mississippi limited partnership, is a majority
owned and controlled partnership of Boomtown, Inc. ("Boomtown"). Boomtown
owns an 80% limited partnership interest and through its wholly-owned
subsidiary, Bayview Yacht Club, Inc. (a Mississippi corporation and the
general partner of the Partnership), Boomtown owns an additional 5% general
partnership interest in the Partnership. A 15% limited partnership interest
was transferred to an individual as a result of executing a lease for the
property upon which the gaming facility is located. Under the terms of the
Partnership agreement, after three years of operation, either Boomtown or the
lessor may exercise an option to convert the lessor's ownership interest into
Boomtown common stock or cash at an amount calculated per the agreement which
is based upon a multiple of earnings. The Partnership agreement also
provides for quarterly distributions to be made to the partners. The
Partnership also leases the casino barge and building from National Gaming
Corporation for an amount equal to 16% of earnings before depreciation,
interest and taxes.
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 months
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 used 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 amounts in the fiscal 1996 financial
statements have been reclassified to conform to the fiscal 1997 presentation.
2. LONG-TERM DEBT
September 30, March 31,
1996 1997
------------- ----------
11.5% note payable $ 320,000 $ 164,000
Capital lease obligations 1,310,000 2,139,000
------------- ---------
1,630,000 2,303,000
Less amounts due within one year 1,570,000 2,268,000
------------- ---------
$ 60,000 $ 35,000
------------- ---------
------------- ---------
6
<PAGE>
MISSISSIPPI - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
(unaudited)
2. LONG-TERM DEBT (continued)
The 11.5% note payable is secured by furniture, fixtures and equipment.
The note matures in October 1997.
The capital lease obligations are secured by equipment under agreements
which mature between August 1997 and January 1999.
On November 26, 1996, the Partnership paid approximately $500,000 to
amend an operating lease for certain slot machines, whereby the Partnership
has agreed to purchase the slot machines at the end of the lease term (August
1997) for approximately $554,000. The present value of the remaining
payments (including the purchase amount) has been capitalized and the slot
machines are being depreciated over the remainder of their useful lives.
3. CONTINGENCIES
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 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 operational leases, limitations
on dividends, repurchase 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.
The Partnership is a guarantor for a promissory note for Blue Diamond
Hotel & Casino, Inc., a wholly owned subsidiary of Boomtown, Inc., with an
outstanding balance of $227,000 at March 31, 1997.
In addition, the Company is a guarantor for a ship mortgage with an
outstanding balance of $2.6 million as of March 31, 1997, of Louisiana - I
Gaming, L.P., a wholly owned and controlled partnership of Boomtown.
In October 1994, the Mississippi Gaming Commission adopted a regulation
which requires, as a condition of license or license renewal, for a gaming
establishment's plan to include various expenditures including parking
facilities and infrastructure facilities amounting to at least 25% of the
casino cost. Although the Company believes they have satisfied this
requirement at the Mississippi property, there can be no assurance the
Mississippi Gaming Commission will not require further development on the
casino site including hotel rooms and additional parking facilities.
Additionally, there can be no assurance that the Partnership will be
successful in completing such a project or that the Partnership would be able
to obtain a waiver if the Partnership decides not to build.
7
<PAGE>
MISSISSIPPI - I GAMING, L.P.
NOTES TO FINANCIAL STATEMENTS
(unaudited)
4. MANAGEMENT FEE
Boomtown, Inc. is responsible for managing the operations of the
Boomtown 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 $150,000 and $180,000, for the three months ended March 31, 1996 and 1997,
respectively, and $336,000 and $360,000, during the six months ended March
31, 1996 and 1997, respectively.
5. OTHER EVENTS
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, Inc., ("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 (including shareholder consent and regulatory approval), the
Company would become a wholly-owned subsidiary of Hollywood Park (the
"Merger"). The shareholders of the Company and Hollywood Park have approved
the Merger. To date, the Company has received approval from the Mississippi
and Nevada gaming authorities and is awaiting approval from Louisiana gaming
authorities. Pursuant to the Merger Agreement, at the effective date of the
Merger 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.
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>
MISSISSIPPI - 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):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
1996 1997 1996 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES:
Gaming 89.6% 90.7% 89.7% 90.6%
Non-gaming 10.4 9.3 10.3 9.4
-------- -------- -------- --------
100.0 100.0 100.0 100.0
OPERATING EXPENSES:
Gaming 35.7 30.4 37.7 32.5
Non-gaming 9.5 8.7 9.2 9.3
Marketing, general & administrative 38.4 36.8 38.9 38.2
Property rent 7.9 7.1 8.2 7.3
Management fee - Boomtown, Inc. 1.2 1.2 1.4 1.3
Depreciation and amortization 3.3 5.1 3.2 4.8
-------- -------- -------- --------
96.0 89.3 98.6 93.4
Income from operations 4.0 10.7 1.4 6.6
Interest and other expense, net ( 9.4) ( 9.5) ( 9.8) ( 9.9)
-------- -------- -------- --------
Net income (loss) ( 5.4)% 1.2% ( 8.4)% ( 3.3)%
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
The Partnership recorded total revenues of $14.4 million for the quarter
ended March 31, 1997, 17% higher than the $12.4 million reported during the
prior year quarter. The Partnership generates approximately 90% of its
revenues from gaming operations with the remaining 10% from its family
entertainment center, food and beverage sales and operations of its general
store. The growth in total revenue during the second fiscal quarter of 1997
resulted principally from an 18% increase in gaming revenues, driven by
higher slot win.
For the six months ended March 31, 1997, total revenues improved 15% to
$27.2 million from $23.6 million a year ago. The growth in revenues was
again attributable primarily to a 20% increase in gaming revenue during the
period. The primary driver of higher slot and gaming revenues during fiscal
1997 is attributable to the expansion of the Company's bus tour program
whereby patrons are bussed from outlying areas, including Florida, Alabama
and Mississippi, to visit the Boomtown property. On a year-to-date basis the
Partnership has experienced a 36% growth in bus tours to accommodate 133,000
customers Additionally, higher gaming revenue is attributable to success of
the Partnership's marketing programs including slot and card game
tournaments, direct mail programs and higher membership in the players club,
in which gaming patrons are offered incentives to play at the Boomtown
property.
9
<PAGE>
MISSISSIPPI - I GAMING, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
Gaming margin for the quarter ended March 31, 1997 was $8.7 million or
66% of gaming revenues compared to $6.7 million or 60% of gaming revenues
during the prior year comparable period. On a year-to-date basis the
Partnership's gaming margin improved to 64% or $15.8 million in 1997 compared
to 58% or $12.3 million, respectively during the prior six month period. The
improvements in the gaming margin resulted primarily from efficiencies in
labor and operating costs associated with higher revenues, lower gaming lease
expense and the discontinuance of the Partnership's funflight program in
October, 1995.
For the three and six months ended March 31, 1997, the Partnership
recorded non-gaming revenues of $1.3 million and $2.6 million, respectively,
compared to $1.3 million and $2.4 million during the prior year commensurate
periods, respectively. The 5% improvement in non-gaming revenues during the
six months ended March 31, 1997 was essentially driven from higher food and
beverage sales at the Company's restaurant and deli outlets, offset by a
slight shortfall in revenues from the family entertainment center due to the
shut down of the Company's motion theater during the conversion to a new
movie provider. The Partnership also recorded revenues from operating its
general store during the current year due the termination of a lease
agreement with the prior operator.
Non-gaming margin for the quarter ended March 31, 1997, was 7.1%
compared to 8.7% during the prior year period. For the first half of fiscal
1997, the non-gaming margin was 1.1% compared to 10.6% during the prior year
six month period. The decline in the non-gaming margin is due primarily to
the lower margin at the family entertainment center associated with the
conversion of movie providers as well as higher losses from additional food
and beverage sales upon which the Company generally has a negative margin.
Marketing expenses for the quarter ended March 31, 1997, were $2.6
million or 44% higher than the $1.8 million incurred during the prior year
same quarter. On a year-to-date basis, marketing costs grew 33% from $3.3
million to $4.4 million. Marketing expenses consist of costs associated with
advertising, special events, players club and bus tour programs, promotional
expenses and other administrative expenses. Higher marketing expenses during
fiscal 1997 were primarily from additional commissions paid to bus tour
operators, higher payroll and employee related expenditures, additional
print, radio and outdoor advertising, higher expenses associated with slot
tournaments and cash redemption's programs and additional entertainment
events.
General and administrative expenses ("G&A"), consist primarily of costs
from the Company's human resources, security, surveillance, credit,
purchasing, facilities and accounting departments. For the quarter ended
March 31, 1997, G&A expenses declined 7% to $2.7 million from $2.9 million,
and for the six months ended March 31, 1997 G&A expenses were $5.9 million,
slightly higher than the prior year. The decline in G&A expenses during the
three month period primarily resulted from the conversion of certain
operating leases on furniture and fixtures to capital leases during fiscal
1996 and fiscal 1997 resulting in a decrease in lease expense of $228,000,
partially offset by higher health insurance costs.
10
<PAGE>
MISSISSIPPI - I GAMING, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued)
The Partnership is charged a management fee from Boomtown, Inc. for
their pro-rata share of costs incurred by Boomtown, Inc. relative to managing
the Partnership. For the quarter ended March 31, 1997, management fee
expense was $180,000 compared to $150,000 for the prior year second quarter.
On a current year-to-date basis the Partnership was charged $360,000 compared
to $336,000 during the prior year period. The Partnership also recorded rent
charges of $1.0 million and $2.0 million for the quarter and six months ended
March 31, 1997, respectively related to land and facility leases in which the
Partnership operates its facilities.
Depreciation and amortization for the quarter and six months ended March
31, 1997 was $732,000 and $1.3 million, respectively, representing a 78% and
72% increase over the prior year periods, respectively. The increases
resulted primarily from the conversion of a number of gaming and non-gaming
operating leases to capital leases during fiscal 1996 and fiscal 1997,
whereby assets were capitalized and are now being depreciated, as well as
from other capital acquisitions during the current fiscal year.
The Partnership incurred net interest expense of $1.3 million and $2.6
million for the three and six months ended March 31, 1997, respectively
compared to $1.2 million and $2.4 million, respectively recorded during the
prior year periods. The increases in interest expense related to the
capitalization of operating leases as noted above and higher interest related
to the note payable to Boomtown, Inc.
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 12.36 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.
Mississippi - I Gaming, L.P.
Registrant
Date: May 14, 1997 /s/ PHIL E. BRYAN
--------------------------------------------
Phil E. Bryan, President; Chief Operating
Officer
Date: May 14, 1997 /s/ JON L. WHIPPLE
---------------------------------------------
Jon L. Whipple, Vice President of Finance;
Principal Accounting and Financial Officer
13
<PAGE>
SCHEDULE OF EXHIBITS (continued)
EXHIBIT
NUMBER DESCRIPTION
10.1(1) Letter of Intent dated as of March 26, 1993 among Boomtown, Inc. and
Raphael Skrmetta, relating to the property in Biloxi, Mississippi.
10.2(2) Agreement to Lease Real Property in Biloxi, Mississippi by and
between Boomtown, Inc., and Raphael Skrmetta.
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.
10.4(4) Asset Purchase and Sale Agreement dated as of April 27, 1994 by and
between HFS Gaming Corp. and Mississippi - I Gaming, L.P.
10.5(4) Lease Agreement Amendment between HFS Gaming Corp. as Landlord and
Mississippi - I Gaming, L.P. as Tenant dated as of April 27, 1994.
10.6(4) Marketing Services Agreement dated as of April 27, 1994 by and among
Boomtown, Inc. and HFS Gaming Corp.
10.7(5) Option Agreement dated as of November 6, 1995 by and between National
Gaming Mississippi, Inc. and Mississippi - I Gaming, L.P.
10.8(5) Lease Agreement dated November 6, 1995 to the Lease Agreement dated
as of April 27, 1994 by and among National Gaming Mississippi, Inc.
and Mississippi-I Gaming, L.P.
10.9(5) Marketing Services Agreement Amendment dated as of November 6, 1995
to Marketing Services Agreement dated as of April 27, 1994 by and
among Boomtown, Inc. and HFS Gaming Corporation.
- ---------------------------
(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.
14
<PAGE>
SCHEDULE OF EXHIBITS (continued)
EXHIBIT
NUMBER DESCRIPTION
(4) Incorporated by reference to the exhibit filed with the Boomtown, Inc.'s
Registration Statement on Form S-4 (File No. 33-70350), effective May 4,
1994.
(5) Incorporated by reference to the exhibits filed with Boomtown's Form 10-K
for the fiscal year ended September 30, 1995.
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MISSISSIPPI
- - 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> 2,837
<SECURITIES> 0
<RECEIVABLES> 195
<ALLOWANCES> 0
<INVENTORY> 484
<CURRENT-ASSETS> 5,199
<PP&E> 42,161
<DEPRECIATION> 4,378
<TOTAL-ASSETS> 47,336
<CURRENT-LIABILITIES> 51,865
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (4,564)
<TOTAL-LIABILITY-AND-EQUITY> 47,336
<SALES> 0
<TOTAL-REVENUES> 27,184
<CGS> 0
<TOTAL-COSTS> 11,374
<OTHER-EXPENSES> 14,022
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,681
<INCOME-PRETAX> (893)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (893)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
