-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KAfuE8NBkSZJawKEauYdFI0GaZJ0iy4eV8YuwRqJjQdYxRljiiee/kfzDah1RUP/ Ye1GIiYXInHTrG/KZi441Q== 0000892569-97-003225.txt : 19971117 0000892569-97-003225.hdr.sgml : 19971117 ACCESSION NUMBER: 0000892569-97-003225 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIFORNIA HOTEL & CASINO CENTRAL INDEX KEY: 0000824412 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 880121743 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-51672-01 FILM NUMBER: 97719761 BUSINESS ADDRESS: STREET 1: 2950 S INDUSTRIAL RD CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 7027927216 MAIL ADDRESS: STREET 1: 2950 SOUTH INDUSTRIAL ROAD CITY: SAS VEGAS STATE: NV ZIP: 89109 10-Q 1 FORM 10-Q FOR PERIOD ENDED SEPTEMBER 30, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 33-51672 CALIFORNIA HOTEL AND CASINO (Exact name of registrant as specified in its charter) NEVADA 88-0121743 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2950 SOUTH INDUSTRIAL ROAD LAS VEGAS, NEVADA 89109 (Address of principal executive offices) (Zip Code) (702) 792-7200 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes [X] No [ ] Shares outstanding of each of the Registrant's classes of common stock as of October 31, 1997
Class Outstanding ----- ----------- Common stock, no par value 1,000
2 CALIFORNIA HOTEL AND CASINO FORM 10-Q QUARTER ENDED SEPTEMBER 30, 1997 INDEX
Page No. ------- Part I. Financial Information Item 1. Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at September 30, 1997 and June 30, 1997 3 Condensed Consolidated Statements of Operations for the three months ended September 30, 1997 and 1996 4 Condensed Consolidated Statements of Changes in Stockholder's Equity for the three months ended September 30, 1997 5 Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 1997 and 1996 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 14 Signature Page 15
-2- 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CALIFORNIA HOTEL AND CASINO AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) SEPTEMBER 30, JUNE 30, (IN THOUSANDS, EXCEPT SHARE DATA) 1997 1997 - ------------------------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents $ 31,882 $ 30,050 Accounts receivable, net 7,628 7,290 Inventories 7,345 7,395 Prepaid expenses and other 12,443 11,767 Income taxes receivable 1,304 --- -------- -------- Total current assets 60,602 56,502 Property and equipment, net 493,525 498,265 Other assets and deferred charges 22,004 25,471 Goodwill, net 9,810 9,898 -------- -------- Total assets $585,941 $590,136 ======== ======== LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities Current maturities of long-term debt $ 1,549 $ 1,554 Accounts payable 17,664 19,419 Accrued liabilities Payroll and related 18,169 17,384 Interest and other 27,450 20,565 Income taxes payable --- 3,392 -------- -------- Total current liabilities 64,832 62,314 Long-term debt, net of current maturities 374,093 378,456 Deferred income taxes 18,819 18,940 Commitments and contingencies Stockholder's equity Preferred stock, $100 par value; 200,000 shares authorized --- --- Common stock, no par value; 2,500 shares authorized; 1,000 shares outstanding 22,328 22,328 Additional paid-in capital 32,856 32,856 Retained earnings 73,013 75,242 -------- -------- Total stockholder's equity 128,197 130,426 -------- -------- Total liabilities and stockholder's equity $585,941 $590,136 ======== ======== The accompanying notes are an integral part of these condensed consolidated financial statements.
-3- 4 CALIFORNIA HOTEL AND CASINO AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, (UNAUDITED) -------------------------- (IN THOUSANDS) 1997 1996 - ---------------------------------------------------------------------------------------------------------------------- Revenues Casino $ 88,655 $ 87,761 Food and beverage 30,128 29,158 Room 14,581 15,045 Other 7,524 7,576 --------- --------- Gross revenues 140,888 139,540 Less promotional allowances 15,880 15,852 --------- --------- Net revenues 125,008 123,688 --------- --------- Costs and expenses Casino 48,646 48,528 Food and beverage 22,222 20,600 Room 5,074 5,462 Other 4,867 5,597 Selling, general and administrative 18,312 16,876 Maintenance and utilities 6,786 6,890 Depreciation and amortization 11,194 10,412 Corporate expense 2,427 3,000 --------- --------- Total 119,528 117,365 --------- --------- Operating income 5,480 6,323 --------- --------- Other income (expense) Interest income 2 --- Interest expense, net of amounts capitalized (9,136) (7,767) --------- --------- Total (9,134) (7,767) --------- --------- Loss before benefit for income taxes (3,654) (1,444) Benefit for income taxes (1,425) (549) --------- --------- Net loss ($ 2,229) ($ 895) ========= ========= The accompanying notes are an integral part of these condensed consolidated financial statements.
-4- 5 CALIFORNIA HOTEL AND CASINO AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA) - -------------------------------------------------------------------------------------------------------- COMMON STOCK ADDITIONAL TOTAL -------------------------- PAID-IN RETAINED STOCKHOLDER'S SHARES AMOUNT CAPITAL EARNINGS EQUITY --------------------------------------------------------------------- Balances, July 1, 1997 1,000 $ 22,328 $ 32,856 $ 75,242 $130,426 Net loss (2,229) (2,229) -------- -------- -------- -------- -------- Balances, September 30, 1997 1,000 $ 22,328 $ 32,856 $ 73,013 $128,197 ======== ======== ======== ======== ======== The accompanying notes are an integral part of these condensed consolidated financial statements.
-5- 6 CALIFORNIA HOTEL AND CASINO AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED (UNAUDITED) SEPTEMBER 30, ------------------------ (IN THOUSANDS) 1997 1996 - -------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (2,229) $ (895) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 11,194 10,412 Deferred income taxes (121) (375) Other --- 17 Changes in assets and liabilities: Increase in accounts receivable, net (338) (44) (Increase) decrease in inventories 50 (225) Increase in prepaid expenses and other (676) (1,675) Decrease in other assets 3,467 10,914 Increase in income taxes receivable (1,304) --- Increase in other current liabilities 12,248 5,747 Decrease in income taxes payable (3,392) (1,047) -------- -------- Net cash provided by operating activities 18,899 22,829 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, equipment and other assets (12,699) (12,998) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings under credit agreements (3,975) (5,000) Payments on long-term debt (393) (847) -------- -------- Net cash used in financing activities (4,368) (5,847) -------- -------- Net increase in cash and cash equivalents 1,832 3,984 Cash and cash equivalents, beginning of period 30,050 28,444 -------- -------- Cash and cash equivalents, end of period $ 31,882 $ 32,428 ======== ======== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized $ 3,177 $ 4,738 ======== ======== Cash paid for income taxes $ --- $ --- ======== ======== SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Property additions acquired on contracts and trade payables which were accrued, but not yet paid $ 521 $ 10,489 ======== ======== The accompanying notes are an integral part of these condensed consolidated financial statements.
-6- 7 CALIFORNIA HOTEL AND CASINO AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of California Hotel and Casino and its wholly-owned subsidiaries, collectively referred to herein as the "Company". The Company owns and operates seven casino entertainment facilities located in Las Vegas, Nevada. All material intercompany accounts and transactions have been eliminated. Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results of its operations and cash flows for the three month periods ended September 30, 1997 and 1996. It is suggested that this report be read in conjunction with the Company's audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended June 30, 1997. The operating results and cash flows for the three month period ended September 30, 1997 are not necessarily indicative of the results that will be achieved for the full fiscal year or for future periods. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates used by the Company included the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable, the estimated valuation allowance for deferred tax assets, and estimated cash flows in assessing the recoverability of long-lived assets. Actual results could differ from those estimates. Change in Fiscal Year Effective July 1, 1997, the Company changed its fiscal year from a June 30 year end to a December 31 year end. 2. LONG-TERM DEBT The Company and its parent, Boyd Gaming Corporation, have a $500 million five-year reducing, revolving bank credit facility (the "Bank Credit Facility"). In July 1997, in connection with Boyd Gaming's issuance of $250 million principal amount of Senior Subordinated Notes, availability under the Bank Credit Facility was reduced by approximately $193 million. Availability will subsequently be increased when the Company redeems its $185 million principal amount of 11% Senior Subordinated Notes (the "11% Notes") due December 2002 prior to their scheduled maturity. On October 29, 1997, the Company gave formal notice of redemption to call the 11% Notes in December 1997. -7- 8 The 11% Notes are unconditionally guaranteed on a senior subordinated and unsecured basis by the Company. The guarantee is subordinated to all existing and future senior debt (as defined in the Indenture related to the 11% Notes) of the Company (approximately $190.6 million at September 30, 1997) and is effectively subordinated to all existing and future indebtedness and other liabilities (including trade payables) of the subsidiaries of the Company (approximately $15.9 million at September 30, 1997). The Company is not in default and there are no payment blockages with respect to the Notes. In addition, the Company is a guarantor on $200 million principal amount of Senior Notes issued in October 1996 by the Company's parent, Boyd Gaming Corporation. -8- 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, certain operating data for the Company's properties. As used herein, "Boulder Strip Properties" consist of Sam's Town Las Vegas, the Eldorado and the Jokers Wild; "Downtown Properties" consist of the California, the Fremont, and Main Street Station (opened November 1996). Net revenues displayed in this table and discussed in this section are net of promotional allowances; as such, references to food and beverage revenue and room revenue do not agree to the amounts on the Condensed Consolidated Statements of Operations. Operating income from properties for the purposes of this table excludes corporate expense, including related depreciation and amortization expense.
THREE MONTHS ENDED SEPTEMBER 30, 1997 1996 -------- --------- (IN THOUSANDS) Net revenues Stardust $ 41,640 $ 45,266 Boulder Strip Properties 43,951 45,220 Downtown Properties 39,417 33,202 -------- -------- Total Properties $125,008 $123,688 ======== ======== Operating income Stardust $ 3,432 $ 3,472 Boulder Strip Properties 3,980 3,812 Downtown Properties 822 2,367 -------- -------- Total Properties $ 8,234 $ 9,651 ======== ========
REVENUES Consolidated net revenues increased 1.1% during the quarter ended September 1997 compared to the same quarter in the prior fiscal year. Company-wide casino revenue increased 1.0%, food and beverage revenue increased 4.6% and room revenue increased 3.7%. Net revenues were enhanced by the opening of Main Street Station in November 1996, and partially offset by declines in net revenues experienced principally at the Stardust (8.0%), the Fremont (14.8%) and Sam's Town Las Vegas (4.2%). These declines in net revenues are attributable to increased competition in each respective market. In addition, the Fremont has been adversely affected by a major hotel refurbishment project which began in July 1997 and has reduced available rooms by approximately 25% during the quarter. OPERATING INCOME Consolidated operating income and operating income margin were $5.5 million and 4.4%, respectively, during the quarter ended September 1997 compared to $6.3 million and 5.1%, respectively, for the same quarter in the prior fiscal year. The decline in operating income and operating income margin is primarily attributable to a $1.7 million operating loss experienced at Main Street Station during the quarter ended September 1997. -9- 10 STARDUST Net revenues at the Stardust declined by 8.0% during the quarter ended September 1997 versus the comparable quarter from the prior fiscal year. The majority of the decline is attributable to a 7.4% reduction in casino revenues as a result of a decline in slot and table game wagering. In addition, room and food and beverage revenue declined by 5.6% due to a decline in the number of occupied rooms and food guests. Operating income margin increased from 7.7% during the September 1996 quarter to 8.2% during the September 1997 quarter. The increase in margin is primarily attributable to improved operating efficiencies in the casino department. BOULDER STRIP PROPERTIES Net revenues at the Boulder Strip Properties declined by 2.8% during the quarter ended September 1997 versus the comparable quarter from the prior fiscal year due to increased competition on the Boulder Strip. Casino revenue declined by approximately 1% principally due to a decline in slot wagering volume, partially offset by an increase in slot win percentage. Operating income margin increased from 8.4% to 9.1% during the comparable quarters ended September 30, 1996 and 1997, respectively, due to the implementation of cost reduction programs at Sam's Town Las Vegas, as well as an increase in slot revenue at the Eldorado. DOWNTOWN PROPERTIES Net revenues at the Downtown Properties increased 18.7% during the quarter ended September 1997 compared to the same quarter in the prior fiscal year. The increase is attributable to the November 1996 opening of Main Street Station, which was partially offset by declines in net revenues at the Fremont and California of 14.8% and 2.5%, respectively. The decline in net revenues at the Fremont is primarily attributable to a rooms remodel project which began in July 1997 and is expected to be completed in December 1997. Operating income and operating income margin for the Downtown properties declined to $.8 million and 2.1%, respectively, for the quarter ended September 1997. These declines are primarily attributable to a $1.7 million operating loss at Main Street Station as well as the decline in net revenues and operating income at the Fremont as a result of the rooms remodel project. Vacations Hawaii, an affiliate of the Company, was acquired by Boyd Gaming in October 1995 and operates a travel agency for the benefit of the Downtown Properties. (Hawaiian customers comprise a majority of the occupied room nights at the three downtown casino properties). OTHER OPERATING EXPENSES Depreciation and amortization expense increased by $.8 million during the quarter ended September 1997 compared to the same quarter from the prior fiscal year due to increased levels of property and equipment in service. OTHER INCOME (EXPENSE) Other income and expense is primarily comprised of interest expense, net of amounts capitalized. Interest expense increased by $1.4 million during the quarter ended September 1997 compared to the same quarter from the prior fiscal year. The increase is attributable to higher levels of average debt outstanding due to, among other things, the major renovation and expansion project related to Main Street Station. In addition, the Company capitalized $.8 million in interest costs during the quarter ended September 1996 related to the -10- 11 renovation and expansion project at Main Street Station. There were no such costs capitalized during the comparable quarter in the current fiscal year. BENEFIT FOR INCOME TAXES The Company's effective tax rate was 39.0% and 38.0%, respectively, for the fiscal quarters ended September 1997 and 1996. The fluctuation in the rates is primarily attributable to the level of certain non-deductible company provided benefits relative to the increase in the pre-tax loss in the quarter ended September 1997 compared to the quarter ended September 1996. NET LOSS As a result of these factors, the Company reported a net loss of $2.2 million during the quarter ended September 1997 compared to a net loss of $.9 million during the comparable quarter in the prior fiscal year. LIQUIDITY AND CAPITAL RESOURCES CASH FLOW AND WORKING CAPITAL During the quarter ended September 1997, the Company generated operating cash flows of $18.9 million compared to $22.8 million during the comparable quarter in the prior fiscal year. Operating cash flows during the September 1997 quarter were impacted by increased levels of competition as well as construction disruption at the Fremont. At September 30, 1997, the Company had cash and cash equivalents of $31.9 million and a working capital deficit of $4.2 million. The Company has historically operated with negative working capital in order to minimize borrowings (and related interest cost) under its Bank Credit Facility. The working capital deficits are funded through cash generated from operations as well as borrowings under the Bank Credit Facility. CAPITAL EXPENDITURES Cash used for investing activities was $12.7 million during the quarter ended September 1997 compared to $13.0 million during the quarter ended September 1996. The Company is committed to continually maintaining and enhancing its existing facilities, most notably, by upgrading and remodeling its casinos, hotel rooms, restaurants and public spaces and by providing the latest slot machines for its customers. All of the cash used for investing activities during the September 1997 and September 1996 quarters was related to capital expenditures for these purposes. In addition, the Fremont is currently undergoing a rooms remodel which is expected to cost approximately $5.0 million and be completed by the end of calendar 1997. DEBT FACILITIES AND EQUITY FINANCING Funding for the Company's renovation and expansion projects comes from debt financings, as well as cash flows from existing operations. Cash flows used for financing activities totalled $4.4 million during the quarter ended September 1997 as the Company paid down outstanding debt with its free cash flow generated from operations. At September 30, 1997, the Company's outstanding borrowings under the Bank Credit Facility were $186 million. The Company's and Boyd Gaming's unused availability under the Bank Credit Facility at September 30, 1997 was $227 million; however, the unused availability was reduced by $193 million in July 1997 in connection with Boyd Gaming's issuance of $250 million principal amount of 9.50% Senior -11- 12 Subordinated Notes. Availability will subsequently be increased when the Company redeems its $185 million principal amount of 11% Senior Subordinated Notes (the "11% Notes") due December 2002 prior to their scheduled maturity. On October 29, 1997, the Company gave formal notice of redemption to call the 11% Notes in December 1997. Interest on the Bank Credit Facility is based upon the agent bank's quoted reference rate or London Interbank Offered Rate, at the discretion of the Company. The rate under the Bank Credit Facility at September 30, 1997 was 8.3%. The 11% Notes contain certain covenants, including but not limited to limitations on restricted payments (as defined in the indenture related to the 11% Notes). As a result of these restrictions, at September 30, 1997 the Company had a portion of its retained earnings and net assets in the amounts of $29.7 million and $84.9 million, respectively, that were not available for distribution as dividends to its parent, Boyd Gaming Corporation. The Company's ability to service its debt will be dependent on its future performance, which will be affected by, among other things, prevailing economic conditions and financial, business and other factors, certain of which are beyond the Company's control. NEW EXPANSION PROJECTS The Company, as part of its ongoing strategic planning process, has completed a review of its current growth opportunities. Based on this review, the Company expects to be focusing its growth efforts on the Stardust. The Company is analyzing various alternatives to utilize the 61-acre Stardust site, including additional hotel rooms and other amenities to more effectively compete with the new generation of Las Vegas properties. Substantial funds would be required for the expansion project discussed above. There can be no assurance the above mentioned project will go forward or ultimately become operational. The source of funds required to meet the Company's working capital needs (including maintenance capital expenditures) and those required to complete the above mentioned project is expected to be cash flow from operations and availability under the Company's Bank Credit Facility. Based on current plans, the Company does not anticipate obtaining new borrowings in excess of amounts available under the Bank Credit Facility in the next 12 months. In the future, the Company may require additional funds to support its working capital requirements or for other purposes and may seek to raise such additional funds through public or private debt financings or from other sources. No assurance can be given that additional financing will be available or that, if available, such financing will be available on terms favorable to the Company. The Company continues to pursue and investigate additional expansion opportunities. Such expansion will be affected and determined by several key factors, including identification of additional suitable investment opportunities and availability of acceptable financing. Additional projects will require the Company to make substantial investments, which the Company intends to fund through cash flow from operations and availability under the Bank Credit Facility. To the extent such sources of funds are not sufficient, the Company may also seek to raise such additional funds through public or private debt financings or from other sources. No assurance can be given that additional financing will be available or that, if available, such financing will be available on terms favorable to the Company. -12- 13 PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. Certain information included in this Form 10-Q and other materials filed or to be filed by the Company with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to be made by the Company) contains statements that are forward looking, such as statements relating to plans for future expansion and other business development activities as well as other capital spending, financing sources, and the effects of regulation (including gaming and tax regulation) and competition. Such forward looking statements involve important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, actual results may differ materially from those expressed in any forward looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those related to construction and development activities, economic conditions, changes in tax laws, changes in laws or regulations affecting gaming licenses, changes in competition, and factors affecting leverage and debt service including sensitivity to fluctuation in interest rates, and other factors described from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended June 30, 1997. Any forward looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. -13- 14 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits. 27. Financial Data Schedule (b) Reports on Form 8-K: (i) The Company filed a current report on Form 8-K dated September 26, 1997 related to a change in fiscal year. -14- 15 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CALIFORNIA HOTEL AND CASINO (Registrant) Date: November 14, 1997 By /s/ Keith E. Smith ------------------------------------ Keith E. Smith Vice President and Controller (Chief Accounting Officer) -15- 16 EXHIBIT INDEX Exhibits 27. Financial Data Schedule -16- EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1997 SEP-30-1997 31,882 0 9,638 2,010 1,345 60,602 848,564 355,039 585,941 64,832 374,093 0 0 22,328 105,869 585,941 0 125,008 0 119,528 0 0 9,136 (3,654) (1,425) (2,229) 0 0 0 (2,229) 0 0
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