Inn of the Mountain Gods Casino Reports Q2 Results - Monday 19th of December 2005

MESCALERO, New Mexico The Inn of the Mountain Gods Resort and Casino ("IMGRC"), a business enterprise of the Mescalero Apache Tribe, reported today net revenue for the quarter ended October 31, 2005 was $31.2 million, an increase of $8.0 million, or 35%, from $23.2 million for the quarter ended October 31, 2004. EBITDA for the quarter ended October 31, 2005, was $7.3 million, a decrease of $1.0 million or 12%, from $8.3 million for the quarter ended October 31, 2004. Net loss for the quarter ended October 31, 2005 was $4.1 million compared to net income of $4.3 million for the quarter ended October 31, 2004.

Net revenue for the six months ended October 31, 2005 was $61.9 million, an increase of $16.5 million, or 36%, from $45.4 million for the six months ended October 31, 2004. EBITDA for the six months ended October 31, 2005 was $12.5 million, a decrease of $3.5 million, or 22%, from $16.0 million for the six months ended October 31, 2004. Net loss for the six months ended October 31, 2005 was $9.8 million compared to net income of $7.9 million for the six months ended October 31, 2004.

Increases in revenue for the three and six month periods ended October 31, 2005 were primarily attributable to increased gaming, hotel and food and beverage revenues associated with opening IMGRC's new resort in March 2005. Increased operating expenses during these periods were largely associated with increased expenses associated with operating the new resort, as well as increased consulting and audit fees associated with compliance with regulatory compliance. Gaming revenues increased $2.4 million, up 14% from $17.3 million for the quarter ended October 31, 2004, to $19.7 million for the quarter ended October 31, 2005. Hotel revenues increased to $3.3 million, from $0.0 for the prior period quarter when IMGRC did not have an operating hotel. Food and beverage revenues increased $2.0 million for the quarter, to $3.4 million, from $1.4 million for the prior quarter, an increase of 143%. Total operating expenses in the quarter ended October 31, 2005 were $28.4 million compared to $16.6 million for the quarter ended October 31, 2004. For the six months ended October 31, 2005, gaming revenues increased $6.8 million, to $41.7 million, from $34.9 million from the six months ended October 31, 2004. Hotel revenues were $6.2 million for the six month period, compared to $0 for the prior period quarter when IMGRC did not have a hotel. Food and beverage revenues increased $4.1 million, or 146%, to $6.9 million for the six months ended October 31, 2005, from $2.8 million for the six months ended October 31, 2004. Total operating expenses for the six months ended October 31, 2005 were $58.0 million compared to $32.5 million for the six months ended October 31, 2004, an increase of $25.4 million.

Brian Parrish, Chief Operating Officer of IMGRC, stated: "We are continuing to focus on improving revenue by continued implementation and refining of our marketing plan and plans to increase operating efficiencies. These plans continue to include marketing efforts focused on highlighting our new, luxury AAA Four Diamond resort and operating plans focused on improving staffing levels, inventory control and controlling expenses. A number of our efforts were begun during the first and second quarters of fiscal 2006 and we are confident we will see improved results as these plans mature. In addition, we expect to see increased traffic at all of our facilities due to the opening of our ski resort, Ski Apache, on December 17. While the opening of Ski Apache was later than our hoped for opening over the Thanksgiving holiday, we have put in place several marketing efforts focused on taking maximum advantage of the remaining ski season to cross-market and increase traffic at our new luxury resort."

Other news from around the same time

Biloxi Says No to Golden Nugget - Monday 6th of February 2006

BILOXI, Mississippi Plans by Houston-based Landry's Restaurants to bring a Golden Nugget-brand casi....


Casinos Defend Against 'Supernotes' - Monday 6th of February 2006

LAS VEGAS North Korean-produced 'supernotes' authentic looking but counterfeit $100 bills have in....


California Tribe Overcomes Final Hurdle - Monday 19th of December 2005

BARSTOW, California – As reported by the San Bernardino Sun: "After 12 years of effort, the Cheme....


Natchez Casino Developer Eyes Hotel - Monday 19th of December 2005

NATCHEZ, Mississippi – As reported by the Natchez Democrat: " The developer of a second casino p....


Wives Win Case Against Casinos - Monday 19th of December 2005

GERMANY – As reported by Ananova: "Two German women who took a casino to court after their husban....


New Mexican Pueblo, Hilton Strike Deal - Monday 19th of December 2005

NEW MEXICO – As reported by the New Mexican: "The Pueblo of Pojoaque, in partnership with Hilton ....


Fil-Estate in Philippine Casino Talks - Monday 19th of December 2005

PHILIPPINES As reported by the Xinhua News: "Fil-Estate Corp confirmed that it has been in initia....


Silver Slipper Casino Reopening Approved - Monday 19th of December 2005

JACKSON, Mississippi – As reported by the Biloxi Sun Herald: "The Mississippi Gaming Commission g....


London Clubs Reports Loss - Monday 19th of December 2005

LONDON – As reported by the UK Telegraph: "Casino operator London Clubs International sank to a l....


BETandWIN.com to Acquire Ongame - Monday 19th of December 2005

VIENNA, Austria – BETandWIN.com Interactive Entertainment AG (VSE: BWIN) announced todaythat it....