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 - ASCA delivered another beat bolstered by the perfect storm of mild weather, an extra leap year day, a favorable calendar, and great margins


Here is the report card evaluating actual results against management's previous assertions.  



    • SAME:  Customer confidence hasn't changed much. People are still cautious in their spending habits.
    • BETTER:  Adjusted EBITDA set an all-time company record at 32.7%. 
    • SAME:  After 3 years of the bridge being closed, ASCA's customers have adapted to the closures and have found different routes to access the property.  While net revenues saw a small decline, EBITDA improved by $1MM YoY and margins were 240bps higher YoY
    • WORSE:  Stock comp was $5.4MM, above company guidance of $4.5MM-5MM
    • SAME:  Capital spend came in at the lower end of its guidance ($31-36MM).  ASCA spent $16.9MM for its Springfield site, in-line with its $16MM guidance.  Total 2012 capex (excluding Lake Charles project) remains unchanged at $85-90MM.
    • SAME:  Interest expense was in-line but as a result of the planned construction of Ameristar Lake Charles and the recent debt offering, and based on current interest rates, ASCA raised FY 2012 net interest expense guidance to $109-114MM from $103.5-$108.5MM previously.  
    • BETTER:  Corporate expense was $12.1, lower than ASCA's guidance of $12.5-13MM.
    • BETTER:  Reduced debt by $29.8MM in Q1, higher than the $20-25MM guidance 
    • BETTER:  Took tax elections that will lower quarterly blended tax rate 3-4% points for future quarters

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