EX-99.1 7 v089740_ex99-1.htm

Exhibit 99.1

Selected Financial Data.

The following table contains our selected historical consolidated financial data, which should be read in conjunction with our consolidated financial statements and the related notes thereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this Current Report on Form 8-K. The selected historical consolidated financial data as of December 31, 2006 and 2005, and for the years ended December 31, 2006, 2005, and 2004, have each been derived from our audited consolidated financial statements at those dates and for those periods, contained elsewhere in this Form 8-K. The selected historical consolidated financial data as of December 31, 2004, 2003 and 2002 and for the years ended December 31, 2003 and 2002 have each been derived from our audited consolidated financial statements at those dates and for those periods not contained in this Form 8-K, as adjusted retrospectively for (1) our acquisition of the general partnership interests of our Investment Management business, (2) reclassifications of our Oil and Gas, Atlantic City and Nevada gaming properties as discontinued operations and (3) reclassification to discontinued operations of the Home Fashion segment’s results of operations pertaining to its retail stores. The selected historical consolidated financial data as of September 30, 2007 and for the nine months ended September 30, 2007 and 2006 have been derived from our unaudited consolidated financial statements at that date and for those periods not contained in this Form 8-K, as adjusted retrospectively for (1) our acquisition of the general partnership interests of our Investment Management business and (2) reclassifications of our Atlantic City and Nevada gaming properties as discontinued operations.

1


             
  For the Nine Months Ended September 30,   For the Year Ended December 31,
     2007   2006   2006   2005   2004   2003   2002
     (in 000s, Except Per Unit Amounts)
Statement of Operations Data:
                                                              
Total revenues   $ 1,528,473     $ 1,522,718     $ 2,290,322     $ 922,702     $ 187,772     $ 44,983     $ 106,444  
Income from continuing operations   $ 205,847     $ 162,323     $ 259,960     $ 29,305     $ 54,778     $ 15,636     $ 45,508  
Total income from discontinued
operations
  $ 76,633     $ 219,003     $ 798,541     $ 29,601     $ 110,370     $ 52,784     $ 3,218  
Earnings before cumulative effect of accounting change   $ 282,480     $ 381,326     $ 1,058,501     $ 58,906     $ 165,148     $ 68,420     $ 48,726  
Cumulative effect of accounting change                                   1,912        
Net earnings   $ 282,480     $ 381,326     $ 1,058,501     $ 58,906     $ 165,148     $ 70,332     $ 48,726  
Net earnings (loss) attributable to:
                                                              
Limited partners   $ 104,429     $ 228,803     $ 508,434     $ (20,292 )    $ 130,850     $ 51,074     $ 63,168  
General partner     178,051       152,523       550,067       79,198       34,298       19,258       (14,442 ) 
Net earnings   $ 282,480     $ 381,326     $ 1,058,501     $ 58,906     $ 165,148     $ 70,332     $ 48,726  
Basic Earnings:
                                                              
Income (loss) from continuing operations per LP unit   $ 0.47     $ 0.25     $ 0.03     $ (0.90 )    $ 0.49     $ (0.07 )    $ 1.36  
Income (loss) from discontinued operations per LP unit     1.18       3.47       8.21       0.54       2.35       1.12       (0.09 ) 
Basic earnings (loss) per LP unit   $ 1.65     $ 3.72     $ 8.24     $ (0.36 )    $ 2.84     $ 1.05     $ 1.27  
Weighted average limited partnership units and equivalent partnership units outstanding     63,533       61,857       61,857       54,085       46,098       46,098       46,098  
Diluted Earnings:
                                                              
Income (loss) from continuing operations per LP unit   $ 0.47     $ 0.25     $ 0.03     $ (0.90 )    $ 0.49     $ (0.07 )    $ 1.19  
Income (loss) from discontinued operations per LP unit     1.18       3.47       8.21       0.54       2.35       1.12       (0.07 ) 
Diluted earnings (loss) per LP unit   $ 1.65     $ 3.72     $ 8.24     $ (0.36 )    $ 2.84     $ 1.05     $ 1.12  
Weighted average limited partnership units and equivalent partnership units outstanding     63,533       61,857       61,857       54,085       46,098       46,098       56,467  
Other Financial Data:
                                                              
Cash dividends declared (per LP unit)   $ 0.45     $ 0.30     $ 0.40     $ 0.20     $     $     $  

           
           
  As of
September 30,
2007
  As of December 31,
     2006   2005   2004   2003   2002
Balance Sheet Data:   (In 000s)
Cash and cash equivalents   $ 2,840,498     $ 1,862,145     $ 354,116     $ 762,708     $ 410,240     $ 20,197  
Investments     501,604       695,052       816,868       350,527       167,727       395,495  
Property, plant and equipment, net(1)     445,365       484,356       454,280       580,428       298,784       444,461  
Total assets     13,464,085       9,059,903       7,054,782       2,861,153       2,156,892       2,002,493  
Long-term debt (including current portion)     2,040,058       951,135       914,769       759,807       374,421       435,675  
Liability for preferred limited partnership units(2)     122,049       117,656       112,067       106,731       101,649        
Partners' equity     2,430,265       2,667,283       1,592,491       1,641,755       1,527,396       1,387,253  

(1) Excludes assets of discontinued operations.
(2) On July 1, 2003, we adopted Statement of Financial Accounting Standards No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“SFAS No. 150”). SFAS No. 150 requires that a financial instrument, which is an unconditional obligation, be classified as a liability. Previous guidance required an entity to include in equity financial instruments that the entity could redeem in either cash or stock. Pursuant to SFAS No. 150, our preferred units, which are an unconditional obligation, have been reclassified from “partners equity” to a liability account in the consolidated balance sheets.

2