Attached files
file | filename |
---|---|
8-K - FORM 8-K - Great Wolf Resorts, Inc. | c16528e8vk.htm |
Exhibit 99.1
For Immediate Release
Contact:
|
Alex Lombardo or Nikki Sacks Investors (608) 662-4791 |
Steve Shattuck Media (608) 662-4731 |
Great Wolf Resorts Reports 2011 First Quarter Results
~ Raises Full-Year 2011 Earnings Guidance ~
~ Q1 Adjusted EBITDA Increases 19.6% ~
~ Q1 Adjusted EBITDA Increases 19.6% ~
MADISON, Wis., May 4, 2011Great Wolf Resorts, Inc. (NASDAQ: WOLF), North Americas largest
family of indoor waterpark resorts, reported results today for the first quarter ended March 31,
2011.
First Quarter 2011 Highlights
| Adjusted EBITDA increased 19.6 percent to $18.5 million from the prior year quarter. |
| Same store revenue per available room (RevPAR) increased 5.2 percent over the prior
year, and approximately 10 percent on a four-month basis of January through April (to
normalize for the shift between 2011 and 2010 in Easter and school spring breaks in the
calendars). |
| Same store average daily rate (ADR) increased by 1.7 percent. |
| Same store occupancy increased by 210 basis points. |
| Completed the sale of the Companys Blue Harbor Resort in Sheboygan, Wisconsin. |
For the first quarter ended March 31, 2011, the Company reported a net loss of $(6.0) million,
or $(0.19) per share, compared to a net loss of $(8.1) million, or $(0.26) per share, for the same
period a year earlier. The results for the 2011 first quarter include the effects of the Companys
sale of its Blue Harbor Resort in Sheboygan, Wisconsin, including a $6.7 million gain on sale of
the property and a $4.8 million charge to income tax expense due to an increase in the valuation
allowance on deferred tax assets.
For Great Wolf Resorts, 2011 has kicked off with strength, even as the economy is still
trying to find sustainable stable footing, said Kim Schaefer, chief executive officer. By
providing our guests with a fun family destination at a great value, we continue to attract both
new and repeat guests to our resorts, driving solid RevPAR growth. The growth is even more
pronounced, up approximately 10%, when looking at results on a four-month basis (that is, January
through April) to normalize the shift in Easter and spring break in the calendars on a
year-over-year basis. This RevPAR growth, when combined with the operating leverage in our
business model, translates into substantial earnings growth. This momentum seems to be continuing
and we are therefore increasing our RevPAR and earnings guidance for full year 2011.
Operating Results
Total revenues increased 4.4 percent to $71.9 from $68.8 million in the first quarter of 2010,
due primarily to increased demand at the Companys resorts. Adjusted EBITDA in the quarter
increased 19.6 percent to $18.5 million from $15.4 million in the first quarter of 2010.
As a percentage of total revenue, Adjusted EBITDA was 25.7 percent, up 326 basis points from
22.4 percent in the first quarter of 2010. As a percentage of total revenues, resort departmental
expenses, property operating costs and SG&A costs combined decreased 232 basis points in the 2011
first quarter as compared to the 2010 period.
Brand Results
Same store RevPAR in the first quarter of 2011 was up 5.2 percent (4.6 percent increase using
constant dollars, which normalizes the foreign currency translation effect on operating statistics
of the Companys Canadian resort). Same store occupancy was up 210 basis points. Same store ADR
increased 1.7 percent (1.1 percent increase using constant dollars) compared to the 2010 quarter.
Total same store revenue per occupied room (Total RevPOR), which includes revenue from rooms, food
and beverage, and other amenities, increased 1.0 percent (0.4 percent increase using constant
dollars).
On a year-over-year basis the Companys results were impacted by the timing of the Easter
holiday and many schools spring break periods, both of which are traditionally strong demand
generators, which fell in the second quarter of 2011. To normalize for the shift in Easter and
spring break in the calendars, the Company believes looking at year-over-year RevPAR results for
the four months ended April 30 is meaningful. Over that four-month period, the Companys same-store
2011 RevPAR increased over the prior year by approximately 10 percent.
Same store RevPAR for Great Wolfs Generation II resorts, which are generally larger resorts
that better represent the Companys current resort development model and contribute about 80
percent of the Companys Adjusted EBITDA, increased 4.1 percent (3.3 percent increase using
constant dollars) in the 2011 first quarter versus 2010. Same store occupancy increased 120 basis
points and same store ADR increased 2.2 percent (1.5 percent using constant dollars), while same
store Total RevPOR for Generation II resorts increased 1.5 percent (0.7 percent using constant
dollars) compared to the 2010 quarter.
2
Over the four-month period ended April 30, the Companys Generation II resorts 2011
same-store RevPAR increased over the prior year by approximately 10 percent.
Balance Sheet and Liquidity
The Company has no debt maturities until April 2012 and no significant long-term capital
commitments for construction or development of new properties. Over the near term, the Company
intends to utilize the substantial portion of its free cash flow to manage its balance sheet
leverage. The Company has reduced its ratio of net debt (defined as total debt less unrestricted
cash) to trailing twelve-month Adjusted EBITDA to 6.8 times as of March 31, 2011 as compared to 7.8
times as of March 31, 2010.
As of March 31, 2011, the Company had:
Unrestricted cash and cash equivalents: $46.9 million
Total debt: $540.0 million
Total secured debt: $459.5 million
Total unsecured debt: $80.5 million
Weighted average cost of total debt: 8.5 percent
Weighted average debt maturity: 6.7 years
Total debt: $540.0 million
Total secured debt: $459.5 million
Total unsecured debt: $80.5 million
Weighted average cost of total debt: 8.5 percent
Weighted average debt maturity: 6.7 years
Portfolio Activity
During the first quarter the Company completed the sale of its Blue Harbor Resort in
Sheboygan, Wisconsin. The 182-room resort was sold to Claremont New Frontier Resort LLC for $4.2
million.
As part of the sales transaction, the Company also made a payment of $2.5 million to the City
of Sheboygan. This payment relieved the Company of all obligations under the terms of its original
agreements with the City, consisting of minimum guaranteed amounts of room tax payments to be made
through 2028, and real and personal property tax payments to be made through 2018. The carrying
value of the liabilities associated with those minimum payment obligations was $11.6 million as of
the sale date of the property.
3
Outlook and Guidance
The Company is introducing the following outlook and earnings guidance for the second quarter
and is increasing its outlook for full year 2011. Based on its current operating outlook, the
Company is increasing the midpoint of its guidance for full year Adjusted EBITDA from $73.5 million
to $76.5 million. The outlook and earnings guidance information is based on the Companys current
assessment of business conditions, including a forecast of consumer demand and discretionary
spending trends. The Company may update any portion of its business outlook at any time as
conditions dictate:
Q2 2011 | Full year 2011 | |||||||||||||||
(amounts in millions, except per share data) | Low | High | Low | High | ||||||||||||
Net income (loss) |
$ | (8.9 | ) | $ | (6.9 | ) | $ | (31.3 | ) | $ | (26.3 | ) | ||||
Net income (loss) per diluted share |
$ | (0.28 | ) | $ | (0.22 | ) | $ | (0.99 | ) | $ | (0.83 | ) | ||||
Adjusted EBITDA (a) |
$ | 18.0 | $ | 20.0 | $ | 74.0 | $ | 79.0 |
(a) | For reconciliations of net income (loss) to Adjusted EBITDA, see tables
accompanying this press release. |
The forecast above projects second quarter 2011 same store RevPAR growth in the range of
approximately 13 percent to 15 percent in constant dollars versus second quarter 2010 and full year
2011 same store RevPAR growth in the range of approximately 6 percent to 10 percent.
Adjusted EBITDA is a non-GAAP financial measure. See the discussion below in the Non-GAAP
Financial Measure section of this press release. A reconciliation of net income (loss) to
Adjusted EBITDA is provided in the tables of this press release.
Conference Call
Great Wolf Resorts will hold a 2011 first quarter results conference call today at 9:00 a.m.
Eastern Time. The conference call will be hosted by Chief Executive Officer Kim Schaefer and Chief
Financial Officer Jim Calder. Stockholders and other interested parties may listen to a
simultaneous webcast of the conference call on the Internet by logging onto the Companys Corporate
Web site at, http://corp.greatwolfresorts.com, then going to the Investor Relations tab and
selecting Event Calendar. Interested parties may also call 1-877-407-4018, or for international
callers 1-201-689-8471. A recording of the call will be available by telephone until midnight on
May 11, 2011 by dialing 1-877-870-5176, or for international callers 1-858-384-5517, and using the
conference ID 371371.
Non-GAAP Financial Measure
Included in this press release is Adjusted EBITDA, which is a non-GAAP financial measure,
which is a measure of the Companys historical or future performance that is different from
measures calculated and presented in accordance with GAAP that Great Wolf Resorts believes is
useful to investors. The following discussion defines Adjusted EBITDA and presents the reasons the
Company believes it is a useful measure of the Companys performance. Great Wolf Resorts defines
Adjusted EBITDA as net income (loss) plus (a) interest expense, net, (b) income taxes, (c)
depreciation and amortization, (d) non-cash employee and director compensation, (e) costs
associated with early extinguishment of debt or postponement of capital markets offerings, (f)
opening costs of projects under development, (g) equity in earnings (loss) of unconsolidated
related parties, (h) gain or loss on disposition of property or investments, (i) separation
payments to senior executives, (j) environmental liability costs, (k) asset impairment charges, (l)
non-controlling interests, (m) acquisition-related expenses, and (n) other unusual or
non-recurring items. Adjusted EBITDA as calculated by the Company is not necessarily
comparable to similarly titled measures by other companies. In addition, Adjusted EBITDA (a) does
not represent net income or cash flows from operations as defined by GAAP, (b) is not necessarily
indicative of cash available to fund the Companys cash flow needs, and (c) should not be
considered as an alternative to net income, operating income, cash flows from operating activities
or the Companys other financial information as determined under GAAP.
4
Management uses Adjusted EBITDA: (i) as a measurement of operating performance because it
assists in comparing the Companys operating performance on a consistent basis by removing the
impact of items directly resulting from the Companys asset base (primarily depreciation and
amortization) from its operating results; (ii) for planning purposes, including the preparation of
the Companys annual operating budget; (iii) as a valuation measure for evaluating the Companys
operating performance and its capacity to incur and service debt, fund capital expenditures and
expand its business; and (iv) as one measure in determining the value of other acquisitions and
dispositions.
Adjusted EBITDA is an operating performance measure, and not a liquidity measure, that
provides investors and analysts with a measure of operating results unaffected by differences in
capital structures, capital investment cycles and ages of related assets among otherwise comparable
companies. The Company also presents Adjusted EBITDA because it is used by some investors as a way
to measure its ability to incur and service debt, make capital expenditures and meet working
capital requirements. The Company believes Adjusted EBITDA is useful to an investor in evaluating
the Companys operating performance because: (i) a significant portion of the Companys assets
consists of property and equipment that are depreciated over their remaining useful lives in
accordance with GAAP; (ii) it is widely used in the hospitality and entertainment industries to
measure operating performance without regard to items such as depreciation and amortization; and
(iii) the Company believes it helps investors meaningfully evaluate and compare the results of the
Companys operations from period to period by removing the impact of items directly resulting from
its asset base (primarily depreciation and amortization) from the Companys operating results.
Adjusted EBITDA is a measure commonly used in the Companys industry, and the Company presents
EBITDA to enhance investors understanding of its operating performance. The Company uses Adjusted
EBITDA as one criterion for evaluating its performance relative to that of its peers. The
compensation committee of the Companys board of directors determines the annual variable
compensation for certain members of the Companys management based in part on Adjusted EBITDA.
The Company also believes Adjusted EBITDA is a useful performance measure because it also
eliminates a number of non-cash items and other items that do not reflect the Companys core
operating performance on a consolidated basis, which allows investors to more easily compare the
Companys performance over various reporting periods on a consistent basis. Although the Company
believes that Adjusted EBITDA can make an evaluation of the Companys operating performance more
consistent because it removes items that do not reflect its core operations, other companies in the
hospitality industry may define Adjusted EBITDA differently than the Company does. As a result, it
may be difficult to compare the performance of other companies to the Companys performance by
using Adjusted EBITDA or similarly named non-GAAP measures that other companies may use.
5
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and are
subject to the safe harbor created by the Private Securities Litigation Act of 1995. All
statements, other than statements of historical facts, including, among others, statements
regarding the Companys future financial results or position, business strategy, projected levels
of growth, projected costs and projected financing needs, are forward-looking statements. Those
statements include statements regarding the intent, belief or current expectations of Great Wolf
Resorts, Inc. and members of its management team, as well as the assumptions on which such
statements are based, and generally are identified by the use of words such as may, might,
will, could, plan, objective, predict, project, potential, continue, ongoing,
seeks, anticipates, believes, estimates, expects, plans, intends, should or similar
expressions. Forward-looking statements are not guarantees of future performance and involve risks
and uncertainties that actual results may differ materially from those contemplated by such
forward-looking statements. Many of these factors are beyond the Companys ability to control or
predict. Such factors include, but are not limited to, competition in the Companys markets,
changes in family vacation patterns and consumer spending habits, regional or national economic
downturns, the Companys ability to attract a significant number of guests from its target markets,
economic conditions in its target markets, the impact of fuel costs and other operating costs, the
Companys ability to develop new resorts in desirable markets or further develop existing resorts
on a timely and cost efficient basis, the Companys ability to manage growth, including the
expansion of the Companys infrastructure and systems necessary to support growth, the Companys
ability to manage cash and obtain additional cash required for growth, the general tightening in
the U.S. lending markets, potential accidents or injuries at its resorts, decreases in travel due
to pandemic or other widespread illness, its ability to achieve or sustain profitability, downturns
in its industry segment and extreme weather conditions, reductions in the availability of credit to
indoor waterpark resorts generally or to the Company and its subsidiaries, increases in operating
costs and other expense items and costs, uninsured losses or losses in excess of the Companys
insurance coverage, the Companys ability to protect its intellectual property, trade secrets and
the value of its brands, current and possible future legal restrictions and requirements. A
further description of these risks, uncertainties and other matters can be found in the Companys
annual report and other reports filed from time to time with the Securities and Exchange
Commission, including but not limited to the Companys Annual Report on Form 10-K for the year
ended December 31, 2010. Great Wolf Resorts cautions that the foregoing list of important factors
is not complete and assumes no obligation to update any forward-looking statement that it may make.
Management believes these forward-looking statements are reasonable; however, undue reliance
should not be placed on any forward-looking statements, which are based on current expectations.
All written and oral forward-looking statements attributable to the Company or persons acting on
its behalf are qualified in their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made, and the Company undertakes no
obligation to update or revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating results over time unless
otherwise required by law. Past financial or operating performance is not necessarily a reliable
indicator of future performance and investors should not use the Companys historical
performance to anticipate results or future period trends.
6
About Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc.® (NASDAQ: WOLF), Madison, Wis., is North Americas largest
family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses
and/or operates its family resorts under the Great Wolf Lodge® brand. Great Wolf Resorts
is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.;
Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains,
Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.
The Companys resorts are family-oriented destination facilities that generally feature 300 to 600
rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite
properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants,
spas, supervised childrens activities and other amenities. The Companys consolidated subsidiary,
Creative Kingdoms, LLC, is a developer and operator of technology-based, interactive quest
adventure experiences such as MagiQuest®.
Additional information may be found on the Companys Web site at www.greatwolf.com.
7
Great Wolf Resorts, Inc.
Condensed Consolidated Statements of Operations
(Unaudited; dollars in thousands, except per share amounts)
Condensed Consolidated Statements of Operations
(Unaudited; dollars in thousands, except per share amounts)
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
Revenues: |
||||||||
Rooms |
$ | 42,187 | $ | 40,771 | ||||
Food and beverage |
11,202 | 11,267 | ||||||
Other |
11,179 | 9,739 | ||||||
Management and other fees |
1,756 | 1,655 | ||||||
66,324 | 63,432 | |||||||
Other revenue from managed properties |
5,561 | 5,411 | ||||||
Total revenues |
71,885 | 68,843 | ||||||
Operating expenses: |
||||||||
Resort departmental expenses |
23,924 | 22,063 | ||||||
Selling, general and administrative |
16,398 | 17,597 | ||||||
Property operating costs |
8,424 | 8,624 | ||||||
Non-cash employee and director compensation |
583 | 545 | ||||||
Environmental liability costs |
| 35 | ||||||
Depreciation and amortization |
13,248 | 14,146 | ||||||
Loss on disposition of property |
| 10 | ||||||
62,577 | 63,020 | |||||||
Other expenses from managed properties |
5,561 | 5,411 | ||||||
Total operating expenses |
68,138 | 68,431 | ||||||
Operating income |
3,747 | 412 | ||||||
Investment income |
(242 | ) | (289 | ) | ||||
Interest income |
(55 | ) | (252 | ) | ||||
Interest expense |
12,097 | 9,107 | ||||||
Loss from continuing operations before income taxes and equity in income of
unconsolidated affiliates |
(8,053 | ) | (8,154 | ) | ||||
Income tax expense |
5,002 | 181 | ||||||
Equity in income of unconsolidated affiliates, net of tax |
(151 | ) | (233 | ) | ||||
Net loss from continuing operations |
(12,904 | ) | (8,102 | ) | ||||
Discontinued operations, net of tax |
(6,917 | ) | (37 | ) | ||||
Net loss |
(5,987 | ) | (8,065 | ) | ||||
Net loss attributable to noncontrolling interest, net of tax |
(13 | ) | | |||||
Net loss attributable to Great Wolf Resorts, Inc. |
$ | (5,974 | ) | $ | (8,065 | ) | ||
Net loss per share: |
||||||||
Basic |
$ | (0.19 | ) | $ | (0.26 | ) | ||
Diluted |
$ | (0.19 | ) | $ | (0.26 | ) | ||
Weighted average common shares outstanding: |
||||||||
Basic |
31,195 | 30,838 | ||||||
Diluted |
31,195 | 30,838 |
8
Great Wolf Resorts, Inc.
Reconciliations of Non-GAAP Financial Measures
(Unaudited; dollars in thousands, except per share amounts)
Reconciliations of Non-GAAP Financial Measures
(Unaudited; dollars in thousands, except per share amounts)
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
Net loss attributable to Great Wolf Resorts, Inc. |
$ | (5,974 | ) | $ | (8,065 | ) | ||
Adjustments: |
||||||||
Non-cash employee and director compensation |
583 | 545 | ||||||
Depreciation and amortization |
13,248 | 14,146 | ||||||
Interest expense, net |
12,042 | 8,855 | ||||||
Separation payments |
385 | | ||||||
Loss on disposition of property |
| 10 | ||||||
Gain on disposition of property included in discontinued operations |
(6,667 | ) | | |||||
Environmental liability costs |
| 35 | ||||||
Equity in loss of unconsolidated affiliates, net of tax |
(151 | ) | (233 | ) | ||||
Noncontrolling interest, net of tax |
(13 | ) | | |||||
Income tax expense |
5,002 | 181 | ||||||
Other Adjusted EBITDA adjustments included in discontinued
operations |
5 | (36 | ) | |||||
Adjusted EBITDA (1) |
$ | 18,460 | $ | 15,438 | ||||
9
Great Wolf Resorts, Inc.
Operating Statistics Great Wolf Lodge Resorts
Operating Statistics Great Wolf Lodge Resorts
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Great Wolf Lodge Brand
Properties Same Store |
||||||||
Occupancy |
62.5 | % | 60.4 | % | ||||
ADR |
$ | 265.12 | $ | 260.75 | ||||
RevPAR |
$ | 165.60 | $ | 157.39 | ||||
Total RevPOR |
$ | 406.33 | $ | 402.28 | ||||
Total RevPAR |
$ | 253.80 | $ | 242.82 | ||||
Great Wolf Lodge Brand
Properties Consolidated (2) |
||||||||
Occupancy |
60.6 | % | 59.4 | % | ||||
ADR |
$ | 278.67 | $ | 274.74 | ||||
RevPAR |
$ | 168.92 | $ | 163.25 | ||||
Total RevPOR |
$ | 417.83 | $ | 416.30 | ||||
Total RevPAR |
$ | 253.27 | $ | 247.36 | ||||
Great Wolf Lodge Brand Generation
I Resorts Same Store (3) |
||||||||
Occupancy |
56.8 | % | 52.3 | % | ||||
ADR |
$ | 210.78 | $ | 208.14 | ||||
RevPAR |
$ | 119.76 | $ | 108.84 | ||||
Total RevPOR |
$ | 322.27 | $ | 319.95 | ||||
Total RevPAR |
$ | 183.11 | $ | 167.30 | ||||
Great Wolf Lodge Brand Generation II
Resorts Same Store (4) |
||||||||
Occupancy |
64.6 | % | 63.4 | % | ||||
ADR |
$ | 283.28 | $ | 277.21 | ||||
RevPAR |
$ | 183.02 | $ | 175.81 | ||||
Total RevPOR |
$ | 434.43 | $ | 428.04 | ||||
Total RevPAR |
$ | 280.66 | $ | 271.47 | ||||
Great Wolf Lodge Brand Properties
Securing First Mortgage Notes (5) |
||||||||
Occupancy |
56.6 | % | 55.3 | % | ||||
ADR |
$ | 280.43 | $ | 272.39 | ||||
RevPAR |
$ | 158.61 | $ | 150.52 | ||||
Total RevPOR |
$ | 426.10 | $ | 421.42 | ||||
Total RevPAR |
$ | 241.00 | $ | 232.87 |
10
Great Wolf Resorts, Inc.
Reconciliations of Outlook Financial Information (6)
(in thousands, except per share amounts)
Reconciliations of Outlook Financial Information (6)
(in thousands, except per share amounts)
Three Months | ||||||||
Ending | Year Ending | |||||||
June 30, | December 31, | |||||||
2011 | 2011 | |||||||
Net loss |
$ | (7,900 | ) | $ | (28,800 | ) | ||
Adjustments: |
||||||||
Non-cash employee and director compensation |
800 | 3,100 | ||||||
Depreciation and amortization |
13,500 | 54,300 | ||||||
Interest expense, net |
12,600 | 49,100 | ||||||
Separation payments |
| 400 | ||||||
Gain on disposition of property included
in discontinued operations |
| (6,700 | ) | |||||
Equity in loss in unconsolidated affiliates |
(200 | ) | (200 | ) | ||||
Noncontrolling interest |
| (100 | ) | |||||
Income tax expense |
200 | 5,400 | ||||||
Adjusted EBITDA (1) |
$ | 19,000 | $ | 76,500 | ||||
Net loss per share: |
||||||||
Basic |
$ | (0.25 | ) | $ | (0.91 | ) | ||
Diluted |
$ | (0.25 | ) | $ | (0.91 | ) | ||
Weighted average shares outstanding: |
||||||||
Basic |
31,500 | 31,500 | ||||||
Diluted |
31,500 | 31,500 |
11
(1) | See discussion of Adjusted EBITDA located in the Non-GAAP Financial Measure section of this
press release. |
|
(2) | Consolidated properties comparison includes Great Wolf Lodge resorts that are consolidated
for financial reporting purposes (that is, the companys Traverse City, Kansas City,
Williamsburg, Pocono Mountains, Mason, Grapevine and Concord resorts). |
|
(3) | Generation I properties same store comparison includes only Great Wolf Lodge resorts of
approximately 300 rooms or less that were open for the same periods in 2011 and 2010. |
|
(4) | Generation II properties same store comparison includes only Great Wolf Lodge resorts of
approximately 400 rooms or more that were open for the same periods with a comparable number
of available rooms in 2011 and 2010. |
|
(5) | The properties securing First Mortgage Notes are the companys Williamsburg, Mason and
Grapevine resorts. |
|
(6) | The companys outlook reconciliations use the mid-points of its estimates of Adjusted EBITDA. |
12