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Empire Resorts Inc. Reports Operating Results (10-Q)

November 13, 2012 | About:

10qk

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Empire Resorts Inc. (NYNY) filed Quarterly Report for the period ended 2012-09-30.

Empire Resorts, Inc. has a market cap of $56.7 million; its shares were traded at around $1.89 with and P/S ratio of 0.8.

Highlight of Business Operations:

Gaming revenue remained flat for the three months ended September 30, 2012, as compared to the three months ended September 30, 2011. Our daily patron visits decreased 2% and the average daily win per unit remained constant for the three months ended September 30, 2012 compared to the three months ended September 30, 2011. We continue to concentrate our marketing efforts on more profitable guests and programs to increase loyalty. Our VGM hold percentage was 7.4% and 7.1% for the three months ended September 30, 2012 and 2011, respectively.

Food, beverage, racing and other revenue decreased by $251,000, or 7%, for the three months ended September 30, 2012 as compared to the three months ended September 30, 2011, due to decreased food, beverage and other revenues of $101,000 and decreased racing revenue of $150,000.

Promotional allowances increased by $23,000, or 2%, for the three months ended September 30, 2012, as compared to the three months ended September 30, 2011, primarily due to an increase in player club awards of $22,000. Player club awards have increased due to marketing programs that offer bonus points and increased point earning potential.

Gaming revenue increased by $2.0 million, or 4%, for the nine months ended September 30, 2012, as compared to the nine months ended September 30, 2011. Our daily patron visits increased 2% and the average daily win per unit increased 4% from $153.48 for the nine months ended September 30, 2011 to $159.91 for the nine months ended September 30, 2012, as we continue to concentrate our marketing efforts on more high valued gaming guests; and a result of mild winter weather in the first quarter of 2012. Our VGM hold percentage was 7.2% and 7.1% for the nine months ended September 30, 2012 and 2011, respectively.

Food, beverage, racing and other revenue increased by $883,000, or 10%, for the nine months ended September 30, 2012 as compared to the nine months ended September 30, 2011, due to increased food, beverage and other revenues of $82,000 and racing revenue of $801,000.

Read the The complete Report

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