In an effort to evaluate performance and as a follow up to our YouTube, we compare how the quarter measured up to previous management commentary and guidance.
OVERALL: BETTER - Results this quarter where better than expected driven by profitable marketing initiatives, mild winter weather, a favorable calendar, and tight cost controls
Here is the report card evaluating actual results against management's previous assertions.
- CUSTOMER HEALTH TRENDS
- SAME: Growth in spend per visit among their top customers continued to grow
- BOOMTOWN NEW ORLEANS
- WORSE: The property performance was disappointing but the PNK remained optimistic. Boomtown "continues to experience difficult comparisons due to last year's elevated local economic activity created by the Deep Horizon oil spill cleanup and recovery efforts. We have made select facility improvements to increase the property's competitiveness, and continue to refine the property's marketing programs to drive profitable revenue."
- LITTLE BETTER: Market pressures continued as expected. However, PNK was able to implement some cost reductions that allowed it to grow Adj EBITDA despite of challenging market conditions
- RIVER CITY EXPANSION
- BETTER: Garage disruptions have been minimal at River City. The garage completion date has been moved up to end of 2012, from early 2013. In addition, the second phase (200-room hotel and multi-purpose event center) is ahead of schedule.
- L'AUBERGE BATON ROUGE
- SAME: remain committed to open in late August with $368MM budget
- HO TRAM
- SAME: project remains on track to open by end of 2013
- RENO SALE PROCESS
- SAME: sale on track to close by mid-2012
- AC SALE PROCESS
- SAME: restarting the sale process as expected. Too early to gauge interest
- CORPORATE EXPENSE CONTROL
- SAME: corporate expense was stable this quarter and is a good run rate going forward