UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report — May 14, 2003
(Date of earliest event reported)
PENN NATIONAL GAMING, INC.
(Exact name of registrant as specified in its charter)
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Pennsylvania |
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0-24206 |
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23-2234473 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification Number) |
825 Berkshire Blvd., Suite 200, Wyomissing Professional Center, Wyomissing, PA 19610
(Address of principal executive offices) (Zip Code)
Area Code (610) 373-2400
(Registrant’s telephone number)
Item 5. Other Events.
The following is an unaudited summary of the results of operations (in thousands) for Hollywood Casino Corporation by property for the three months ended March 31, 2003 and 2002, the years ended December 31, 2002 and 2001 and the three months ended December 31, 2002 and 2001:
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|
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Revenues |
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Income from operations |
|
Depreciation and amortization |
|
Minority interest expense |
|
Impairment loss |
|
Loss (recoveries) on affiliate obligations |
|
Loss on early extinguishment of debt |
|
EBITDA |
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Three months ended March 31, 2003 |
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||||||||||||||
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|
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||||||||
|
Hollywood Casino-Aurora |
|
$ |
67,670 |
|
$ |
17,669 |
|
$ |
2,584 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
20,253 |
|
|
Hollywood Casino-Tunica |
|
25,935 |
|
2,897 |
|
1,974 |
|
— |
|
— |
|
— |
|
— |
|
4,871 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
35,691 |
|
2,261 |
|
3,506 |
|
(230 |
) |
— |
|
— |
|
— |
|
5,537 |
|
||||||||
|
Corporate Overhead |
|
— |
|
(7,944 |
) |
39 |
|
— |
|
— |
|
— |
|
— |
|
(7,905 |
) |
||||||||
|
Total |
|
$ |
129,296 |
|
$ |
14,883 |
|
$ |
8,103 |
|
$ |
(230 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
22,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||||
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Three months ended March 31, 2002 |
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||||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Hollywood Casino-Aurora |
|
$ |
60,982 |
|
$ |
13,222 |
|
$ |
8,651 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
21,873 |
|
|
Hollywood Casino-Tunica |
|
23,985 |
|
3,407 |
|
1,400 |
|
— |
|
— |
|
— |
|
— |
|
4,807 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
38,217 |
|
3,444 |
|
3,995 |
|
(383 |
) |
— |
|
— |
|
— |
|
7,056 |
|
||||||||
|
Corporate Overhead |
|
— |
|
(3,850 |
) |
52 |
|
— |
|
— |
|
— |
|
— |
|
(3,798 |
) |
||||||||
|
Total |
|
$ |
123,184 |
|
$ |
16,223 |
|
$ |
14,098 |
|
$ |
(383 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
29,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
||||||||
|
Year ended December 31, 2002 |
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||||||||||||||
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||||||||||||||
|
Hollywood Casino-Aurora |
|
$ |
255,380 |
|
$ |
57,720 |
|
$ |
19,277 |
|
$ |
— |
|
$ |
184 |
|
$ |
— |
|
$ |
195 |
|
$ |
77,376 |
|
|
Hollywood Casino-Tunica |
|
98,436 |
|
11,904 |
|
6,084 |
|
— |
|
1,080 |
|
— |
|
— |
|
19,068 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
146,356 |
|
4,278 |
|
16,157 |
|
(1,464 |
) |
179 |
|
— |
|
— |
|
19,150 |
|
||||||||
|
Corporate Overhead |
|
— |
|
(14,652 |
) |
212 |
|
— |
|
219 |
|
800 |
|
— |
|
(13,421 |
) |
||||||||
|
Total |
|
$ |
500,172 |
|
$ |
59,250 |
|
$ |
41,730 |
|
$ |
(1,464 |
) |
$ |
1,662 |
|
$ |
800 |
|
$ |
195 |
|
$ |
102,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||||
|
Year ended December 31, 2001 |
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|
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||||||||||||||
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|
|
|
|
|
|
|
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|
|
|
||||||||||||||
|
Hollywood Casino-Aurora |
|
$ |
215,985 |
|
$ |
43,756 |
|
$ |
28,583 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
72,339 |
|
|
Hollywood Casino-Tunica |
|
98,203 |
|
10,959 |
|
5,823 |
|
— |
|
— |
|
— |
|
— |
|
16,782 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
143,868 |
|
(17,409 |
) |
15,866 |
|
(1,438 |
) |
— |
|
— |
|
843 |
|
(2,138 |
) |
||||||||
|
Corporate Overhead |
|
— |
|
(3,509 |
) |
223 |
|
— |
|
— |
|
(10,828 |
) |
— |
|
(14,114 |
) |
||||||||
|
Total |
|
$ |
458,056 |
|
$ |
33,797 |
|
$ |
50,495 |
|
$ |
(1,438 |
) |
$ |
— |
|
$ |
(10,828 |
) |
$ |
843 |
|
$ |
72,869 |
|
2
|
|
|
Revenues |
|
Income from operations |
|
Depreciation and amortization |
|
Minority interest expense |
|
Impairment loss |
|
Loss (recoveries) on affiliate obligations |
|
Loss on early extinguishment of debt |
|
EBITDA |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three months ended December 31, 2002 |
|
|
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|
||||||||||||||
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|
|
|
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|
|
|
|
|
||||||||
|
Hollywood Casino-Aurora |
|
$ |
64,254 |
|
$ |
13,670 |
|
$ |
2,664 |
|
$ |
— |
|
$ |
184 |
|
$ |
— |
|
$ |
— |
|
$ |
16,518 |
|
|
Hollywood Casino-Tunica |
|
24,048 |
|
2,019 |
|
1,725 |
|
— |
|
1,080 |
|
— |
|
— |
|
4,824 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
35,057 |
|
(399 |
) |
4,051 |
|
(351 |
) |
179 |
|
— |
|
— |
|
3,480 |
|
||||||||
|
Corporate Overhead |
|
— |
|
(3,095 |
) |
51 |
|
— |
|
219 |
|
— |
|
— |
|
(2,825 |
) |
||||||||
|
Total |
|
$ |
123,359 |
|
$ |
12,195 |
|
$ |
8,491 |
|
$ |
(351 |
) |
$ |
1,662 |
|
$ |
— |
|
$ |
— |
|
$ |
21,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||
|
Three months ended December 31, 2001 |
|
|
|
|
|
|
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|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Hollywood Casino-Aurora |
|
$ |
55,808 |
|
$ |
10,543 |
|
$ |
8,243 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
18,786 |
|
|
Hollywood Casino-Tunica |
|
22,960 |
|
2,815 |
|
1,416 |
|
— |
|
— |
|
— |
|
— |
|
4,231 |
|
||||||||
|
Hollywood Casino-Shreveport |
|
32,953 |
|
791 |
|
3,984 |
|
(329 |
) |
— |
|
— |
|
— |
|
4,446 |
|
||||||||
|
Corporate Overhead |
|
— |
|
4,425 |
|
55 |
|
— |
|
— |
|
(10,828 |
) |
— |
|
(6,348 |
) |
||||||||
|
Total |
|
$ |
111,721 |
|
$ |
18,574 |
|
$ |
13,698 |
|
$ |
(329 |
) |
$ |
— |
|
$ |
(10,828 |
) |
$ |
— |
|
$ |
21,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||||
EBITDA is income from operations excluding charges for depreciation and amortization, impairment loss, loss or recoveries on affiliate obligations and loss on early extinguishment of debt and including minority interest expense. EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles. EBITDA information is presented solely as a supplemental disclosure because management believes that it is a widely used measure of such performance in the gaming industry. EBITDA should not be construed as an alternative to operating income, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as any other measure of performance determined in accordance with generally accepted accounting principles. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. It should also be noted that other gaming companies that report EBITDA information may calculate EBITDA in a different manner than us.
3
SIGNATURES
Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Dated: May 14, 2003 |
|
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Penn National Gaming, Inc. |
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By: |
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/s/ Robert S. Ippolito |
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Robert S. Ippolito |
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Vice President, Secretary and Treasurer |
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4