In preparation for ASCA's 3Q earnings release Wednesday, we’ve put together the recent pertinent forward looking company commentary.
YOUTUBE FROM 2Q CONFERENCE CALL (8/1)
- "We also have had some road disruption in the St. Charles area. They have been repaving project on Main Street, which is one of the main roads running right in front of our property, and that will be finished in mid-September and also the state is doing some preparatory work for the Interstate 70 bridge project that will begin later this year in earnest."
- [Jackpot] "The hotel rooms were completed around the end of July."
- [East Chicago] "We have found ways to profitably grab market share in the Northwest Indiana market and are exhibiting tight cost controls not only at that property but company wide."
- "We're estimating non-cash stock-based compensation to be in the $3.5 million to $4 million range in Q3. Our blended federal and state tax rate, we're projecting right at this point in time to be between 40.5% and 41.5% for the third quarter."
- [Capital Spend] "The range is expected to be $75 million to $80 million that includes the $31.5 million payment made to Creative in July and approximately another $30 million of that amount will be used in construction and design cost for Lake Charles."
- "Net interest expense in Q3 will increase slightly because of the $240 million add-on at just under 7% replacing some 2.5% revolver money, but we'll be at approximately $29.5 million, non-cash interest expense for the period will be about $1.4 million. And for Q3, we still don't anticipate any net revolver borrowings to fund Lake Charles. We'll be able to fund our cash needs in the third quarter basically from free cash flow."
- "Q3 corporate expense excluding its portion of stock-based comp is expected to be $13 million to $14 million and the anticipated diluted weighted average shares outstanding for Q3 will be approximately 34.3 million. And the Board did declare at the Board Meeting last week another $0.125 per share dividend payable in mid-September."
- [Ameristar Lake Charles] "We now having to include the purchase price of Creative, we expect to spend about $560 million to $580 million excluding capitalized interest and pre-opening expenses."
- "The budget factors that have gone into this decision include rightsizing some of the food and beverage outlets with the expectation that at some point, a second hotel tower will be warranted and developed at the property."
- "We don't expect much borrowing under the revolver in 2012, as we believe we can fund much of the CapEx for Lake Charles out of free cash flow. We anticipate the full project funding will be split about 50/50 between free cash flow and revolver borrowing."
- [Massasschusetts] "So my expectation is it'll probably still be late 2013 at the earliest – probably, the time that they would make license selections. It could stretch into the first half of 2014."