• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here


    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

In preparation for the ASCA Q2 earnings release tomorrow, we’ve put together the pertinent forward looking commentary from ASCA's Q1 earnings release/call.

Post Q1 Conference Commentary

  • “At this point, we’re not seeing anything in St. Louis that we weren’t expecting and actually the percentage of revenue we lost has declined, as it is not at the same level that we thought it would be, so we’re actually better off.”
  • “The goal is to retire debt and make the best use of free cash flow.”

Q1 YouTube

  • “Stock-based compensation, we’re estimating, will be 3 to 3.5 million in the second quarter. The projected tax rate will be between 42.5% and 43.5%. Capital spending--we do think we’ll spend a little bit more in the second quarter than we did in the first quarter, which was about 12 million; we think we’ll be in the 15 to $20 million range in the second quarter. Interest expense should be 34 to 35 million. And assuming Board approval, we’ll be issuing another $0.105 quarterly dividend later this quarter.” 
  • [Department of Transportation East Chicago road improvements] “By the end of this year, they expect to complete an initial phase that will allow a portion of the freeway to be used to get to the property that’s currently shut down in advance of the bridge. It will get it about as close as they can and then drop it off to a new exit, which will significantly improve access to the property. And sometime in 2012, they expect to finish the second phase, which will further improve the access on the surface streets with some alternative routes that will significantly ameliorate the current situation.” 
  • “Subsequent to the end of the first quarter, we’ve retired an additional $12 million of debt in April.” 
  • “It’s possible based on our expectations that we will reduce interest expense in the second half of the year by about $12 million because of the expiration of the swap.”
  • “I think it may take a little bit more time for people to get the confidence under themselves to increase their gaming spend. So, we still remain optimistic that the consumer will come back. There are clearly signs that get reported every day that retailers and some other elements of consumer spending are starting to say that the bottom is hit and it’s bouncing back up.” 
  • [Have you normalized costs at East Chicago?] “The costs are in line.” 
  • “I would say still the run rate for the year for corporate is going to be about 47 million… without stock comp.”
  • [Maintenance capex for 2010] “We are probably still looking at 70 to $80 million.”
  • [Black Hawk hotel] “The hotel occupancy has been relatively stable, just above 90%.  However, we’re looking forward to the prime tourist season in the Rockies that occur in June, July and August and are hopeful that that will produce even greater occupancy, but since this will be the first summer with the hotel, we’ll have to wait and see.”