Empire Resorts Inc. (NYNY, Financial) filed Quarterly Report for the period ended 2011-06-30.
Empire Resorts Inc. has a market cap of $69.2 million; its shares were traded at around $0.81 with and P/S ratio of 1.1.
Food, beverage, racing and other revenue decreased by $363,000, or 11%, for the three months ended June 30, 2011 as compared to the three months ended June 30, 2010, due to a reduction in food, beverage and other revenue of $223,000 and a reduction in racing revenue of $140,000.
Gaming costs increased by $269,000, or 2%, for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, primarily due to an increase in NYL and other commissions of $521,000 resulting from higher gaming revenue and a one percent point increase in NYL commission over last year. This was offset by decreases in other gaming costs of $253,000.
Interest expense decreased $958,000, or 74%, for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, due to a reduction in debt outstanding and a more favorable interest rate of 5%, than in 2010 as a result of the repayment of the $65 million 5 1/2% Convertible Senior Notes due 2014 (the Senior Notes), with an effective rate of 8%, in the fourth quarter of 2010.
Gaming revenue increased by $1.6 million, or 6%, for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010. Our number of daily visits decreased 4%; however, the average daily win per unit increased 6% from an adjusted $136.61 for the six months ended June 30, 2010 to $144.44 for the six months ended June 30, 2011, as we concentrated our marketing efforts on more high valued gaming guests. The adjusted average daily win per unit for the six months ended June 30, 2010 reflects the increase in the number of machines in service from 1,090 to 1,110. Our VGM hold percentage was 7.2% and 7.3% for the six months ended June 30, 2011 and 2010, respectively.
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Empire Resorts Inc. has a market cap of $69.2 million; its shares were traded at around $0.81 with and P/S ratio of 1.1.
Highlight of Business Operations:
Gaming revenue increased by $1.1 million, or 7%, for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010. Our number of daily visits decreased 5%; however, the average daily win per unit increased 7% from an adjusted $149.40 for the three months ended June 30, 2010 to $159.85 for the three months ended June 30, 2011, as we concentrated our marketing efforts on more high valued gaming guests. The adjusted average daily win per unit for the three months ended June 30, 2010 reflects the increase in the number of machines in service from 1,090 to 1,110. Our VGM hold percentage was 7.1% and 7.4% for the three months ended June 30, 2011 and 2010, respectively.Food, beverage, racing and other revenue decreased by $363,000, or 11%, for the three months ended June 30, 2011 as compared to the three months ended June 30, 2010, due to a reduction in food, beverage and other revenue of $223,000 and a reduction in racing revenue of $140,000.
Gaming costs increased by $269,000, or 2%, for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, primarily due to an increase in NYL and other commissions of $521,000 resulting from higher gaming revenue and a one percent point increase in NYL commission over last year. This was offset by decreases in other gaming costs of $253,000.
Interest expense decreased $958,000, or 74%, for the three months ended June 30, 2011, as compared to the three months ended June 30, 2010, due to a reduction in debt outstanding and a more favorable interest rate of 5%, than in 2010 as a result of the repayment of the $65 million 5 1/2% Convertible Senior Notes due 2014 (the Senior Notes), with an effective rate of 8%, in the fourth quarter of 2010.
Gaming revenue increased by $1.6 million, or 6%, for the six months ended June 30, 2011, as compared to the six months ended June 30, 2010. Our number of daily visits decreased 4%; however, the average daily win per unit increased 6% from an adjusted $136.61 for the six months ended June 30, 2010 to $144.44 for the six months ended June 30, 2011, as we concentrated our marketing efforts on more high valued gaming guests. The adjusted average daily win per unit for the six months ended June 30, 2010 reflects the increase in the number of machines in service from 1,090 to 1,110. Our VGM hold percentage was 7.2% and 7.3% for the six months ended June 30, 2011 and 2010, respectively.
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