-----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, V5Brz6wDUO/C4k1dpegYZbb0fH9VR0Mu7CIWLiwIcb1WepuF4tWv7cXxO+/6cVcJ KcalXRVzTTor3G1hbBL7Tw== /in/edgar/work/0000083394-00-000011/0000083394-00-000011.txt : 20001115 0000083394-00-000011.hdr.sgml : 20001115 ACCESSION NUMBER: 0000083394-00-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUN INTERNATIONAL NORTH AMERICA INC CENTRAL INDEX KEY: 0000083394 STANDARD INDUSTRIAL CLASSIFICATION: [7990 ] IRS NUMBER: 590763055 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04748 FILM NUMBER: 767490 BUSINESS ADDRESS: STREET 1: 1415 EAST SUNRISE BLVD. CITY: FT. LAUDERDALE STATE: FL ZIP: 33304 BUSINESS PHONE: 9547132500 MAIL ADDRESS: STREET 1: 4651 SHERIDAN ST STREET 2: SUITE 355 CITY: HOLLYWOOD STATE: FL ZIP: 33021 FORMER COMPANY: FORMER CONFORMED NAME: GRIFFIN GAMING & ENTERTAINMENT INC DATE OF NAME CHANGE: 19950810 FORMER COMPANY: FORMER CONFORMED NAME: RESORTS INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CARTER MARY PAINT CO DATE OF NAME CHANGE: 19680724 10-Q 1 0001.txt SINA 3RD QTR FORM 10-Q Form 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 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 No. 1-4748 Sun International North America, Inc. ------------------------------------- (Exact name of registrant as specified in its charter) Delaware 59-0763055 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1415 E. Sunrise Blvd., Ft. Lauderdale, FL 33304 - ----------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) (954) 713-2500 ------------------------------- (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 such filing requirements for the past 90 days. Yes X No --- --- Number of shares outstanding of registrant's common stock as of September 30, 2000: 100, all of which are owned by one shareholder. Accordingly there is no current market for any of such shares. The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format permitted by that General Instruction. Exhibit Index is presented on page 14 Total number of pages 15 SUN INTERNATIONAL NORTH AMERICA, INC. ------------------------------------- FORM 10-Q --------- INDEX ----- Page Number ----------- Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets at September 30, 2000 and December 31, 1999 3 Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 2000 and 1999 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2000 and 1999 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information Item 2. Legal Proceedings 12 Item 6. Exhibits and Reports on Form 8-K 12 2 PART I. - FINANCIAL INFORMATION Item 1. Financial Statements SUN INTERNATIONAL NORTH AMERICA, INC. AND SUBSIDIARIES ------------------------------------------------------ CONSOLIDATED BALANCE SHEETS --------------------------- (In Thousands of Dollars, except par value)
September 30, December 31, 2000 1999 ------------- ------------ (Unaudited) ASSETS - ------ Current assets: Cash and cash equivalents $ 23,601 $ 22,669 Receivables, less allowance for doubtful accounts of $3,022 and $2,708 11,031 8,542 Inventories 2,128 2,500 Prepaid expenses 3,448 2,742 Due from affiliates 5,285 7,829 -------- -------- 45,493 44,282 Land held for investment, development or resale 50,260 61,308 Property and equipment, net of accumulated depreciation of $41,787 and $35,035 309,837 294,970 Deferred charges and other assets, net 26,707 40,591 Goodwill, net 91,874 93,855 -------- -------- $524,171 $535,006 ======== ======== LIABILITIES AND SHAREHOLDER'S EQUITY - ------------------------------------ Current liabilities: Current maturities of long-term debt $ 928 $ 944 Accounts payable and accrued liabilities 49,243 51,633 Due to affiliates 12,273 4,518 -------- -------- 62,444 57,095 -------- -------- Long-term debt, net of current maturities 278,317 272,374 -------- -------- Deferred income taxes 42,253 42,223 -------- -------- Shareholder's equity: Common stock - $.01 par value - - Capital in excess of par 192,635 192,635 Accumulated deficit (51,478) (29,321) -------- -------- 141,157 163,314 -------- -------- $524,171 $535,006 ======== ======== See notes to consolidated financial statements.
3 SUN INTERNATIONAL NORTH AMERICA, INC. AND SUBSIDIARIES ------------------------------------------------------ CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- (In Thousands of Dollars) (Unaudited)
Quarter Ended Three Quarters Ended September 30, September 30, ----------------- -------------------- 2000 1999 2000 1999 -------- -------- -------- -------- Revenues: Casino $69,076 $63,804 $182,597 $168,699 Rooms 4,720 5,011 12,835 11,109 Food and beverage 7,192 7,573 20,090 19,889 Other casino/hotel revenues 1,389 1,981 3,575 6,109 -------- -------- -------- -------- 82,377 78,369 219,097 205,806 Less promotional allowances (7,135) (8,518) (19,344) (20,384) ------- -------- -------- ------- Net casino and resort revenues 75,242 69,851 199,753 185,422 Tour operations 6,506 6,339 18,644 18,472 Management fees and other income 4,151 3,002 14,043 11,306 ------ -------- -------- ------- 85,899 79,192 232,440 215,200 ------- ------- -------- ------- Expenses: Casino 43,436 42,022 120,917 115,679 Rooms 1,118 589 3,104 1,872 Food and beverage 3,823 3,704 11,573 11,816 Other casino/hotel operating expense 6,480 7,802 19,400 21,965 Tour operations 5,487 6,119 16,275 17,925 Selling, general and administrative 13,556 10,784 37,724 31,111 Depreciation and amortization 4,345 4,984 13,835 12,881 Pre-opening expenses - 4,335 - 5,398 Purchase termination costs - - 11,202 - ------- ------- -------- ------- 78,245 80,339 234,030 218,647 ------- ------- -------- ------- Operating income (loss) 7,654 (1,147) (1,590) (3,447) Other income (expense): Interest income 389 393 1,410 1,423 Interest expense, net (6,217) (6,649) (18,401) (14,901) Other (704) - (690) - ------- ------- -------- ------- Income (loss) before income taxes 1,122 (7,403) (19,271) (16,925) Income tax expense (2,457) (123) (2,886) (125) ------- ------- -------- -------- Net loss $(1,335) $(7,526) $(22,157) $(17,050) ======= ======= ======== ======== See notes to consolidated financial statements.
4 SUN INTERNATIONAL NORTH AMERICA, INC. AND SUBSIDIARIES ------------------------------------------------------ CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- (In Thousands of Dollars) (Unaudited)
Three Quarters Ended September 30, ------------------------- 2000 1999 --------- --------- Cash flows from operating activities: Reconciliation of net loss to net cash used in operating activities: Net loss $(22,157) $(17,050) Depreciation and amortization 14,283 13,166 Provision for doubtful receivables 1,078 667 Provision for discount on CRDA obligations, net 740 412 Loss on disposal of fixed assets 691 - Net change in working capital accounts: Receivables (3,567) (3,607) Due from affiliates 2,544 - Inventories and prepaid expenses (334) (2,129) Accounts payable and accrued liabilities (4,954) (4,959) Net change in deferred charges 9,488 (876) Net change in deferred tax liability 30 (30) --------- -------- Net cash used in operating activities (2,158) (14,406) --------- -------- Cash flows from investing activities: Payments for major capital projects (8,219) (31,787) Payments for operating capital expenditures (6,599) (5,548) Acquisition of other fixed assets - (9,433) Proceeds from the sale of fixed assets 391 4,200 Desert Inn acquisition costs (361) (15,638) Refund of deposit for terminated Desert Inn acquisition 7,750 - CRDA deposits and bond purchases (1,801) (1,943) --------- -------- Net cash used in investing activities (8,839) (60,149) --------- -------- Cash flows from financing activities: Borrowings 6,000 31,000 Advances from affiliates 7,474 48,591 Repayment of debt (1,545) (8,183) --------- -------- Net cash provided by financing activities 11,929 71,408 --------- -------- Net increase (decrease) in cash and cash equivalents 932 (3,147) Cash and cash equivalents at beginning of period 22,669 25,160 --------- -------- Cash and cash equivalents at end of period $ 23,601 $ 22,013 ======== ======== See notes to consolidated financial statements.
5 SUN INTERNATIONAL NORTH AMERICA, INC. AND SUBSIDIARIES ------------------------------------------------------ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ A. General The accompanying consolidated interim financial statements, which are unaudited, include the operations of Sun International North America, Inc. ("SINA") and its subsidiaries. The term "Company" as used herein includes SINA and its subsidiaries. SINA is a wholly owned subsidiary of Sun International Hotels Limited ("SIHL"). While the accompanying interim financial information is unaudited, management of the Company believes that all adjustments necessary for a fair presentation of these interim results have been made and all such adjustments are of a normal recurring nature. The seasonality of the business is described in Management's Discussion and Analysis of Financial Condition and Results of Operations in the SINA 1999 Form 10-K. The results of operations for the three-month and nine-month periods presented are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2000. The notes presented herein are intended to provide supplemental disclosure of items of significance occurring subsequent to December 31, 1999 and should be read in conjunction with the Notes to Consolidated Financial Statements contained in pages 33 through 46 of the SINA 1999 Form 10-K. B. Sale of Resorts Atlantic City The Company has entered into a definitive agreement to sell its Resorts Casino Hotel in Atlantic City, New Jersey ("Resorts Atlantic City") to an affiliate of Colony Capital LLC ("Colony") for a purchase price of $140 million, such purchase price shall accrue interest at an annual rate of 6% during the period from September 30, 2000 until closing. In addition, Colony has a two-year option to acquire certain undeveloped real estate adjacent to Resorts Atlantic City for a purchase price of $40 million (the "Option Agreement"), which option can be extended for an additional two years under certain circumstances. The sale is subject to certain customary conditions, including approval by the New Jersey Casino Control Commission, and is also subject to Colony receiving certain financing in order to consummate the transaction. The parties expect to close the transaction early next year. If this transaction had been consummated on December 31, 1999, on a pro forma basis, the results of operations of SINA for the nine months ended September 30, 2000 would be as follows (unaudited): Revenues - $33.6 million; net loss - $23.5 million. C. Termination of Desert Inn Acquisition Agreement In SINA's 1999 Form 10-K, it was reported that, on March 2, 2000, SIHL and Starwood Hotels and Resorts Worldwide Inc. ("Starwood") announced that they had agreed to terminate their agreement under which the Company along with SIHL was to acquire the Desert Inn Hotel and Casino in Las Vegas (the "Desert Inn") for $275 million (the "Termination Agreement"). In connection with the proposed acquisition of the Desert Inn, SINA had previously placed a $15 million deposit with Starwood (the "Deposit"). As of December 31, 1999, the Deposit is included in deferred charges and other assets in the 6 accompanying consolidated balance sheets. Pursuant to the Termination Agreement, the amount, if any, that SINA would be required to pay from the Deposit was based on the ultimate sales price of the Desert Inn to another party. In June 2000, Starwood closed on the sale of the Desert Inn for approximately $270 million, subject to certain post-closing adjustments. As a result, SINA was required to pay to Starwood $7.2 million from the Deposit. The remaining $7.8 million of the Deposit was refunded to SINA in early August 2000. Purchase termination costs included the $7.2 million paid to Starwood, costs previously incurred by SINA in connection with it's proposed acquisition, and further costs incurred in connection with the Termination Agreement. D. Reverse Repurchase Agreements Cash equivalents at September 30, 2000 included $10.8 million of reverse repurchase agreements (federal government securities purchased under agreements to resell those securities) under which the Company had not taken delivery of the underlying securities. These agreements matured during the first week of October 2000. E. Statements of Cash Flows Supplemental disclosures required by Statement of Financial Accounting Standards No. 95 "Statement of Cash Flows" are presented below. Three Quarters Ended September 30, -------------------- (In Thousands of Dollars) 2000 1999 - --------------------------------------------------------------------- Interest paid, net of capitalization $22,930 $19,609 Income taxes paid 949 155 Non-cash investing and financing activities: Refinancing of capital lease obligations 1,444 Property and equipment acquired under capital lease obligations 1,419 938 Increase in liabilities for additions to other assets 210 153 - --------------------------------------------------------------------- F. Comprehensive Income Comprehensive income is equal to net loss for all periods presented. 7 G. Commitments and Contingencies: Casino Reinvestment Development Authority ("CRDA") -------------------------------------------------- The New Jersey Casino Control Act, as amended, requires SINA to purchase bonds issued by the CRDA, or to make other investments authorized by the CRDA, in an amount equal to 1.25% of its gross gaming revenues, as defined. The CRDA bonds have interest rates ranging from 3.6% to 7.0% and have repayment terms of between 20 and 50 years. At September 30, 2000, SINA had $7.9 million face value of bonds issued by the CRDA and had $20.2 million on deposit with the CRDA. These bonds and deposits, net of an estimated discount to reflect the below-market interest rates payable on the bonds, are included in deferred charges and other assets in the accompanying consolidated balance sheets. In February 1999, SINA entered into an agreement with the CRDA whereby the CRDA and the New Jersey Sports and Exposition Authority will work to coordinate the planning, design and renovation of the Atlantic City Boardwalk Convention Center (the "Project") into a 10,000 to 14,000 seat special events center. The Project will be funded in phases through direct investments from various Atlantic City casinos. Of the total budgeted cost, SINA has agreed to invest $8.7 million which will be paid from funds SINA has or will have deposited with the CRDA to meet its bond obligations as described above. As of September 30, 2000, $1.8 million of the total amount deposited with the CRDA had been allocated to the Project. As the CRDA reallocates funds deposited by SINA to the Project, SINA will receive an investment credit reducing its obligation to purchase CRDA bonds in an equal amount. Litigation ---------- SINA and certain of its subsidiaries are defendants in certain litigation. Except for items disclosed in the 1999 SINA 10-K, in the opinion of management, based upon advice of counsel, the aggregate liability, if any, arising from such litigation will not have a material adverse effect on the accompanying consolidated financial statements. 8 Item 2. Management's Discussion and Analysis of Financial Condition - -------------------------------------------------------------------- and Results of Operations ------------------------- RESULTS OF OPERATIONS - --------------------- Revenues - -------- Third Quarter and First Three Quarters Compared to 1999 ------------------------------------------------------- Casino and Resort Revenues -------------------------- Casino revenues of $69.1 million for the third quarter of 2000 reflect an increase of $5.3 million, or 8.3%, over the comparable period in 1999. This was primarily due to an increase in table game revenue and, to a lesser extent, an increase in slot revenues. Table game revenues increased by $3.6 million, or 19.1%, due to an increase in table game hold percentage, from 12.9% in the third quarter 1999 to 16.7% for the same period in 2000. The effect of the increased hold percentage more than offset the effect of lower table game drop (the dollar amount of chips purchased) which reflected a $12.5 million decrease compared to the previous year. Slot revenues increased by $1.6 million, or 3.6% for the third quarter compared to 1999. This was due to an increase in slot handle (dollar amounts wagered) of $64.0 million, or 13%, to $556.8 million, which was partially offset by a decrease in the slot hold percentage to 8.3% in the third quarter of 2000 compared to 9.0% for the same period in 1999. Simulcast revenues in the third quarter increased by $100,000 over the same period of 1999. For the first three quarters of 2000, casino revenues of $182.6 million reflect an increase of $13.9 million, or 8.2%. This was primarily due to increases in table game revenue and slot revenues of $10.0 million, or 21.2%, and $3.5 million, or 2.9%, respectively, compared to 1999. The increase in table game revenue was primarily due to an increase in table game hold percentage to 15.9% in 2000 compared to 13.8% in 1999. In addition, table game drop for the three quarters of 2000 increased over the previous year by $15.9 million. The increase in slot revenues was due to higher slot handle which increased by $176.6 million from 1999 to $1,467.8 million for the three quarters of 2000. The increased slot handle was partially offset by a decrease in the slot hold percentage to 8.4% in the three quarters of 2000, compared to 9.3% for the same period of 1999. Simulcast revenues increased by $400,000 in the first three quarters compared to 1999. During the first six months of 1999 the Company was undergoing a renovation of Resorts Atlantic City which was completed in early July 1999. During this period, the property was operating with over 25% of its slot machines off the casino floor at any one time. Additionally, the Company had to add, remove and relocate table game units during that time as a result of the renovation. Room revenues were down by $291,000, or 5.8%, in the third quarter of 2000 compared to 1999. This slight decrease was a result of a lower average room rate during the quarter, which decreased by $7.38 to $86.78, which more than offset an increase in number of rooms sold. For the first three quarters of 2000, room revenues reflect an increase of $1.7 million, or 15.5%, due to increases in both occupancy and average room rate during the 9 period. The hotel's occupancy during the first three quarters of 2000 was 88%, compared to 82% in 1999, and the average room rate increased by $7.18 over the prior year to $83.19. Due to the renovation of Resorts Atlantic City, in the first half of 1999 the Company had taken an average of 45 hotel rooms, of its inventory of 658 hotel rooms, out of service. Other casino/hotel revenues in the third quarter and first three quarters of 2000 decreased by $592,000 and $2.5 million, respectively from the comparable periods in 1999. This was primarily due to lower complimentary entertainment revenues. With the availability of "Club 1133", an entertainment lounge which offers free admission to patrons, there were fewer headliner shows in the main theater. Management Fees and Other Income -------------------------------- Management fees and other income increased by $1.1 million for the third quarter and by $2.7 million for the first three quarters compared to the same periods of 1999. This is partially due to development fees earned in the third quarter and first three quarters of 2000 of $0.5 million and $1.5 million, respectively. The Company has a fifty percent interest in Trading Cove Associates ("TCA"), a Connecticut general partnership. TCA was appointed to develop an expansion of the Mohegan Sun Casino in Uncasville, Connecticut, as further described in SINA's 1999 Form 10-K, which results in development fees earned by the Company. In addition, management fees earned for services provided to certain unconsolidated affiliated companies increased in both the third quarter and first three quarters of 2000 compared to 1999. Expenses - -------- Casino and Resort Expenses -------------------------- Casino expense increased by $1.4 million in the third quarter of 2000, compared to the same period of 1999. This was primarily due to an increase in promotional costs, and to a lesser extent, increases in payroll and related costs as well as increased casino win tax. For the first three quarters of 2000, casino expense increased by $5.2 million compared to the previous year. This variances was largely due to the increased volume of play and an increase in casino staff compared to the same periods in 1999, as a result of the renovation during first half of 1999. Casino win tax increased relative to the increase in casino revenues. Increases in payroll and related costs and casino win tax for the three quarters were $1.1 million and $1.2 million, respectively. The increase in rooms expense is due to the increase in room nights sold over the same period last year. As described above in revenues, 45 rooms were taken out of inventory during the first half of 1999. Selling, General and Administrative ----------------------------------- Selling, general and administrative costs increased by $2.8 million in the third quarter of 2000 compared to 1999. This included an increase in corporate payroll and related costs of $1.3 million, largely due to increased staffing in the information technology department as a result of certain major projects completed during 2000. In addition, at Resorts Atlantic City, 10 advertising costs, employee incentive costs and real estate taxes increased by $705,000, $357,000 and $128,000, respectively. For the first three quarters of 2000, selling, general and administrative costs increased by $6.6 million compared to 1999. The increase described above in corporate payroll and related costs was $2.7 million for the three quarters. At Resorts Atlantic City, employee incentives and advertising costs increased by $1.0 million and $924,000, respectively. In addition, the first three quarters of 2000 included severance costs at Resorts Atlantic City of $812,000 and a $400,000 write-off related to an option to purchase a parcel of land in Atlantic City which the Company did not exercise. Other than these items, none of the other cost variances were individually significant. Other Income (Expense) ---------------------- In the first three quarters of 2000, net interest expense increased by $3.5 million, respectively, over the previous year. This was primarily due to an increase in long-term debt over the comparable period last year. In June 1999, the Company incurred borrowings of $42.0 million from a revolving credit facility primarily to fund the renovation of Resorts Atlantic City and various land purchases in Atlantic City. Subsequent to the first half of 1999, the borrowing on this facility has increased to $79.0 million. In addition, interest expense in 1999 was net of amounts capitalized of $907,000. Forward Looking Statements -------------------------- The statements contained herein include forward looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates, projections, management's beliefs and assumptions made by management. Words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements include information 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 information involves important risks and uncertainties that could significantly affect anticipated results in the future and accordingly, such results may differ from those expressed in any forward- looking statements made herein. These risks and uncertainties include, but are not limited to, those relating to development and construction activities, dependence on existing management, leverage and debt service (including sensitivity to fluctuations in interest rates), availability of financing, democratic or global economic conditions, pending litigation, changes in tax laws or the administration of such laws and changes in gaming laws or regulations (including the legalization of gaming in certain jurisdictions). 11 PART II. - OTHER INFORMATION - ---------------------------- Item 1. Legal Proceedings - -------------------------- The following is an update of the status of certain litigation which was previously described in "Item 3. Legal Proceedings" of the SINA 1999 Form 10-K. SIHL Shareholder Litigation - --------------------------- A stipulated Order of Dismissal was entered into by all the parties to the litigation and filed with the Court on September 8, 2000 concluding the litigation. Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- a. Exhibits The following Part I exhibits are filed herewith: Exhibit Number Exhibit ------- ------------------------------------------------------------- (10) Purchase Agreement among SINA as parent, GGRI, Inc. as Seller and Colony RIH Acquisitions, Inc. as Buyer dated as of October 30, 2000. (Incorporated by reference to SIHL's Form 6-K filed on November 2, 2000 in File No. 0-22794). (27) Financial data schedule as of September 30, 2000. b. Reports on Form 8-K No Current Report on Form 8-K was filed by SINA covering an event during the third quarter of 2000. No amendments to previously filed Forms 8-K were filed during the third quarter of 2000. 12 SIGNATURES ---------- 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. SUN INTERNATIONAL NORTH AMERICA, INC. ------------------------------------- (Registrant) /s/ John R. Allison ------------------------------------- John R. Allison Executive Vice President - Finance (Authorized Officer of Registrant and Chief Financial Officer) Date: November 14, 2000 13 SUN INTERNATIONAL NORTH AMERICA, INC. ------------------------------------- Form 10-Q for the quarterly period ended September 30, 2000 EXHIBIT INDEX ------------- Exhibit Number Exhibit Page Number in Form 10-Q - ------- ------------------------ ------------------------ (10) Purchase Agreement among Incorporated by reference SINA as parent, GGRI, Inc. to SIHL's Form 6-K filed as Seller and Colony RIH on November 2, 2000 in Acquisitions, Inc. as Buyer File No. 0-22794 dated as of October 30, 2000. (27) Financial data schedule Page 15 as of September 30, 2000. 14 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SUN INTERNATIONAL NORTH AMERICA, INC.'S CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN THE FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 3-MOS DEC-31-2000 SEP-30-2000 $23,601 0 $11,163 $3,022 $2,128 $45,493 $351,624 $41,787 $524,171 $62,444 $278,317 0 0 0 $141,157 $524,171 0 $232,440 0 $171,269 $13,835 0 $18,401 $(19,271) $(2,886) $(22,157) 0 0 0 $(22,157) 0 0 INCLUDES NON-RESTRICTED CASH EQUIVALENTS OF $11,218. NET OF UNAMORTIZED DISCOUNTS. DEPRECIATION EXPENSE OF $11,492 AND AMORTIZATION EXPENSE OF $2,343.
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