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 - better weather, a favorable calendar, and higher operating margins, particularly in Black Hawk, drove an EBITDA beat
- BETTER: leverage ratio 5.7x came down a little bit from 5.8x last quarter
- CAPE GIRARDEAU OPENING
- MIXED: Cape Girardeau expected opening moved up two months ahead of schedule but the capex cost increased $10MM to $135MM
- 2012 CAPEX GUIDANCE
- BETTER: FQ4 2012 capex was a little below $30MM, below company guidance of $45MM
- POMPANO COMPETITION FROM SEMINOLE EXPANSION
- SAME: Pompano still doing well use to an aggressive marketing program and loyalty program. Pari-mutuel revs have also stabilized.
- MISSISSIPPI ENVIRONMENT
- SAME: Mississippi properties continue to face the realities of a sluggish economy and heightened competitive pressures
- PROMOTIONAL SPENDING
- WORSE: Saw an uptick in promotional spending in the Kansas City market due to the recent openings of the new casinos. Biloxi promotional spending environment continues to be fierce.