-----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, SBeu4BFHS0kmtwTCI5/c4/HteDqYxw5Np8jyjPxI9FBQhXQXvhUHlBIqHtewIBXQ IfI3P+B04QdM9vXhcGuA5w== 0000916608-99-000004.txt : 19990519 0000916608-99-000004.hdr.sgml : 19990519 ACCESSION NUMBER: 0000916608-99-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TREASURE BAY GAMING & RESORTS INC CENTRAL INDEX KEY: 0000916608 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS [7997] IRS NUMBER: 640835173 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-73362 FILM NUMBER: 99629074 BUSINESS ADDRESS: STREET 1: 1980 BEACH BLVD CITY: BILOXI STATE: MS ZIP: 39531 BUSINESS PHONE: 2283856026 MAIL ADDRESS: STREET 1: 1983 BEACH BLVD CITY: BILOX STATE: MS ZIP: 39531 10-Q 1 QUARTERLY FILING COMPANY IS NOT A SEC REGISTRANT 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 MARCH 31, 1999 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 22-27770 ------------------------------- TREASURE BAY GAMING & RESORTS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 64-0835173 -------- ---------- (State of Incorporation) (IRS Employer Identification No.) 1983 Beach Blvd., Biloxi, Mississippi 39531 ------------------------------------- ----- (Address of principal executive office) (Zip Code) Indicate by check mark whether the registrant (a) has filed all reports required to be filed by Section 13 of 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 (b) has been subject to such filing requirements for the past 90 days. Yes _____ No____ This company is not an SEC registrant As of March 31, 1999, there were 10,000,000 shares of Common Stock, $0.01 par value per share, outstanding. TREASURE BAY GAMING RESORTS, INC. INDEX PART I. FINANCIAL STATEMENTS ITEM 1. FINANCIAL STATEMENTS Consolidated Statements of Earnings for the three months ended March 31, 1999 and March 31, 1998 Consolidated Balance Sheets as of March 31, 1999 and December 31, 1998 Consolidated Statements of Stockholders' Equity for year ended December 31, 1998 and the three months ended March 31 1999. Consolidated Statements of Cash Flows for the three months ended March 31, 1999 and March 31, 1998 Notes to Consolidated Financial Statements ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS PART II. OTHER INFORMATION ITEM 1. Legal Proceedings ITEM 6. Exhibits and Reports On Form 8-K
TREASURE BAY GAMING AND RESORTS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS Unaudited Audited March 31, 1999 Dec. 31, 1998 ---------------------- CURRENT ASSETS - -------------- Cash and cash equivalents $4,042 $5,014 Restricted Cash 58 57 Accounts receivable, net of allowance for doubtful accounts 1,769 2,680 Inventories 296 412 Prepaid expenses 481 697 ---------------------- ------------------- Total current assets 6,646 8,860 ---------------------- ------------------- PROPERTY AND EQUIPMENT, net 48,236 46,489 ---------------------- ------------------- OTHER ASSETS 963 1,077 ---------------------- ------------------- $55,845 $56,426 ====================== =================== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $2,570 $3,586 Accrued Salaries and benefits 2,306 1,539 Accrued Jackpots 851 893 Accrued taxes payable 1,648 1,796 Other accrued expenses 1,323 1,930 Accrued Interest 659 679 Current Portion LTD 1,655 1,627 ---------------------- ------------------- Total Current Liabilities 11,012 12,050 ---------------------- ------------------- LONG-TERM DEBT 41,696 39,823 Total liabilities 52,708 51,873 ---------------------- ------------------- STOCKHOLDERS' EQUITY Common stock, $.01 par value, 20,000,000 shares authorized, 10,000,000 shares issued and outstanding 100 100 Additional paid in capital 47,382 47,382 Accumulated deficit (44,345) (42,929) ---------------------- ------------------- Total stockholders' equity $3,137 $4,553 ---------------------- ------------------- Total liabilities and stockholders' equity $55,845 $56,426 ====================== ===================
TREASURE BAY GAMING & RESORTS, INC & SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) Three Months Ended ------------------------------------------ March 31, 1999 March 31, 1998 REVENUES: Casino 15,370 14,507 Rooms 882 808 Food and beverages 2,957 2,731 Other 370 373 ------------------ ------------------- Gross Revenues 19,579 18,419 Less: Promotional allowances (2,398) (2,316) ------------------ ------------------- NET REVENUES 17,181 16,103 ------------------ ------------------- COSTS AND EXPENSES: Casino 8,948 7,378 Rooms 498 471 Food and beverages 2,782 2,367 General and administrative 2,579 2,580 Utilities 323 304 Depreciation and amortization 1,043 1,086 Lease expense 710 661 Other 232 189 ------------------ ------------------- Total Expenses 17,115 15,036 ------------------ ------------------- Income/Loss from operations 66 1,067 ------------------ ------------------- Other income/expense: Gain/loss sale of assets 1 19 Restructuring/Corporate Expenses (374) (319) Interest expense, (1,184) (1,139) Other income, principally interest 75 21 ------------------ ------------------- Total other income (expense) (1,482) (1,418) Income/(loss) before provision for income taxes and Extraordinary Items: (1,416) (351) Provision for Income Tax 0 0 -- - Net Income/(loss) ($1,416) ($351) ================== =================== Average common shares outstanding 10,000 10,000 Income (loss) per common share ($0.14) ($0.04)
TREASURE BAY GAMING & RESORTS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1998(AUDITED) , and THE THREE MONTHS ENDED MARCH 31, 1999 (UNAUDITED) Additional Common Stock Paid-In Accumulated ---------------------- Shares Amount Capital Deficit Total -------------- -------------- --------------- BALANCE, December 31, 1998 10,000,000 100,000 47,382,000 (42,929,000) 4,553,000 NET LOSS FOR THE THREE MONTHS ENDED March 31 0 0 0 (1,416,000) (1,416,000) ------------ ---------- -------------- -------------- --------------- BALANCE, March 31, 1999 10,000,000 $100,000 $47,382,000 (44,345,000) $3,137,000 ------------ ---------- -------------- -------------- ---------------
TREASURE BAY GAMING & RESORTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Month Period Ended March 31, 1999 and the Year Ended December 31, 1998 (Unaudited) Three Months Ended (Audited) March 31, December 31, 1999 1998 -------------------- ------------------- Cash Flows from Operating Activities: Net income (loss) $ (1,416) $ (2,358) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,043 3,968 Accretion of discount on first mortgage notes payable 16 232 (Decrease) Increase in receivables 911 (1,657) (Decrease) Increase in inventories 116 (141) (Decrease) Increase in prepaid expense 217 (82) (Increase) Decrease in other Assets 114 (662) (Decrease) in liabilities not subj. to compromise 589 2,183 Net (gain) loss on disposal of assets 1 (64) -------------------- ------------------- Total adjustments 1591 1,419 Cash Flows from Investing Activities: Purchases of property and equipment (2,790) (2,879) Proceeds from sale of assets, net of transaction costs 0 200 -------------------- ------------------- Net cash used in investing activities (2,790) (2,679) Cash Flows from Financing Activities: Proceeds from issuance of notes payable 300 2,638 Repayments of notes payable (72) (2,194) Proceeds from sale of capital stock 0 0 -------------------- ------------------- Net cash provided by financing activities 228 444 Net increase in cash and cash equivalents (971) (816) Cash and Cash equivalents, at beginning of period 5,071 5,887 ==================== =================== Cash and cash equivalents, at end of period 4,100 5,071 ==================== =================== The accompanying notes are an integral part of these consolidated condensed financial statements.
TREASURE BAY CASINO & RESORTS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. ORGANIZATIONAL STRUCTURE AND BASIS OF PRESENTATION: The accompanying unaudited consolidated financial statements include the accounts of Treasure Bay Gaming & Resorts, Inc., a Delaware corporation incorporated in August 1993, and its wholly-owned subsidiaries, Treasure Bay Corp. ("TBC" a Mississippi corporation incorporated in February 1993), and Shoreline Development Inc. a corporation assumed through the reorganization process. The Company was organized to develop, own and operate casinos in the State of Mississippi and other emerging gaming jurisdictions. The Company currently owns and operates a casino in Biloxi, Mississippi. The accompanying interim unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10Q and Article 10 of Regulation S-X. They should be read in conjunction with the audited Shareholders report for the years ended December 31, 1998, 1997, and 1996. Therefore, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. Management believes that all adjustments, necessary for a fair presentation have been included. Operating results for the three-months ended March 31, 1999 are not necessarily indicative of the results that can be expected for the fiscal year ended December 31, 1999. August 8, 1997, Treasure Bay Gaming & Resorts, Inc. (the "Company") received confirmation of its reorganization plan that was filed February 6, 1997. The company had been operating as a debtor-in-possession since November 18, 1994. The approved plan provided that all outstanding Securities would be canceled, annulled and extinguished. New Notes and Common Stock shall be issued. Except as provided in the Confirmation Order the plan discharged the Company from all claims or debts that arose before the bankruptcy date. The new equity investor's contribution would be $9,000,000 of new value in the form of cash and real estate. This would give the new investors ninety (90%) of the Company's new stock. First Mortgage Trust surrendered all of the old notes and were issued new notes in the amount of $27,250,000 and ten (10%) of the issued common stock. An additional note for $2,250,000.00 for working capital was issued for a total of $29,250,000. Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Cash Equivalents, Receivable and Accounts Payable - The carrying amount approximates fair value because of the short maturity of these instruments. Income Taxes The Company has filed consolidated Federal and Mississippi tax returns for the period from inception through December 31, 1993, and for the years ended December 31, 1994, 1995, 1996 and 1997. The Company has adopted the provisions of Statement of Financial Accounting Standards (FAS) No. 109, "Accounting for Income Taxes", which requires, among other things, that deferred tax assets and liabilities be recorded using the liability method, and that deferred tax assets be recognized, subject to appropriate reserves for realization. The Company expects to have a net operating loss carry-forward for income tax purposes totaling approximately $73 million which will begin expiring in 2008. No net tax benefit for the losses has been recorded. The deferred tax asset resulting from differences in the timing of the deduction of asset valuation provisions and the capitalization and amortization of preopening expenses for income tax purposes account for substantially all of the differences between book and taxable income. Earnings Per Share In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share." This replaced the calculation of primary and fully diluted earnings per share with basic and diluted earnings per share. Basic earnings per share excludes any diluted effects of options, warrants and convertible securities. The Company does not currently have any warrants, options or convertible securities all such items were nullified and void as part of the restructuring plan. For the periods ended March 31, 1999 and March 31, 1998 the earnings per common share was determined by dividing net earnings for the period by the number of shares outstanding at that time. Litigation and Contingencies The Company adheres to FAS No. 5, "Accounting for Contingencies," concerning the recording of liabilities for pending litigation. Casino Revenues and Complimentaries In accordance with prevailing industry practice, the Company recognizes as casino revenues the net win from gaming activities, which is the difference between gaming wins and losses. Revenues include the retail value of rooms, food, beverage, and other goods and services provided to customers without charge. Such amounts are then deducted as promotional allowances. Corporate Expenses Corporate expenses primarily include legal, audit, professional services, and payroll associated with executive administration. Consolidated Statement of Cash Flows The following supplemental disclosures are provided as part of the consolidated statement of cash flows. Accounting Standard The Financial Accounting Standards Board has issued FAS No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of", effective for fiscal years beginning after December 15, 1995. Generally, FAS No. 121 requires that long-lived assets that are expected to be held and used in operations be reported at the lower of cost or fair value. Long-lived assets to be disposed of are to be reported at the lower of carrying amount or fair value less cost to sell. The Company has employed the methodology prescribed by this standard in evaluating the carrying amounts of its long-lived assets. Risk Factors Certain risk factors have been identified by the Company that may impact its ability to achieve ongoing successful operations. Such factors include the following: Ability to Service Debt Obligations - The Company has significant outstanding indebtedness as of March 31, 1999, and has secured additional indebtedness subsequent to quarter end. Incremental future borrowings are anticipated. Competition - Competition on the Gulf Coast is expected to increase as new and current casino operators expand their facilities. Imperial Palace, Biloxi's first Las Vegas Casino opened in December 1997. Beau Rivage, an even larger competitor, opened in March 1999. Many of the Company's competitors have greater financial resources than the Company. Licensing Risk - The Company is required, in order to operate its casino, to maintain certain gaming licenses from the State of Mississippi. In addition, directors and certain stockholders, officers and other key employees are required to maintain their suitability to own and operate a casino, and in certain cases will be required to maintain their gaming licenses. The failure of the Company or certain of the above referenced individuals to retain the necessary licenses or finding of unsuitability would have a material adverse impact on the Company. The current casino operator's license is valid through April 2000. Proposed Gaming Referendum- Anti-gaming interests have proposed a statewide referendum intended to abolish legalized gaming in the state of Mississippi. A modified version of that referendum is anticipated to be placed on a statewide ballot in the year 2000. Passage of this referendum would have a negative impact on the Company. Severe Weather - A hurricane, flood or other severe weather could cause significant physical damage to the Company's casino and on-shore facilities, which could result in service interruption and reduction in the number of potential customers traveling to the Company's casino market, which could have a material adverse impact on the Company's operating results. On September 25, 1998, the Company suspended operations due to Hurricane Georges. The Casino remained closed until October 10, 1998. PROPERTY AND EQUIPMENT: Property and equipment consists of the following as of:
March 31, December 31, 1999 1998 Land $ 18,244 $ 18,244 Casino barge, buildings and improvements 39,526 38,747 Leasehold acquisition costs 19,548 19,548 Furniture, fixtures and equipment 25,571 23,571 --------- --------- 102,889 100,100 Less: Accumulated depreciation and amortization (19,653) (18,621) Valuation reserve (35,000) (35,000) --------- --------- Total property and equipment, net $ 48,236 $ 46,489 ======== ========
In accordance with FAS No. 121 (see Note 3), the Company established reserves during 1994 to reduce the value of its casino facilities to the current estimated fair value. The Treasure Bay Biloxi casino was written down to the lower of cost or market value. This resulted in a $35,000,000 charge to income for Treasure Bay Biloxi for the year ended December 31, 1994. LONG-TERM DEBT: Long-term debt, including capital lease obligations consists of First Mortgage Notes and other notes payable secured by furniture and fixtures. The First Mortgage Notes are balloon notes payable in full on August 1, 2006. The Indenture requires quarterly interest due at 12%, but has imputed interest at 13.5%. The vessel, hotel, and other furniture, fixtures, and equipment secure the Notes. The Indenture requires compliance with many debt covenants, including among other restrictions, the Company must retain a consolidated net worth of at least $3,000,000, and numerous restrictions on borrowings. The Company is currently in compliance with all conveants. Other Long-Term Debt The Company has accrued deferred rent to normalize the annual lease payments over the initial term of the lease plus the first two renewal periods. OPERATING LEASES: The Company conducts certain operations on leased property and leases certain equipment and machinery. The Company's operating leases, including the Company's property leases, are executor contracts. PLAN OF REORGANIZATION: On May 10, 1995, the Company filed a Plan of Reorganization (the "Reorganization Plan") for consideration by creditors. Subsequently, the Company filed a First and a Second Amended Plan of Reorganization on July 28, 1995, and November 13, 1995, respectively. The original plan was denied confirmation by the bankruptcy court in October 1996. Subsequent to denying the plan the Judge recused himself from the case and the case was transferred to a different Judge. On February 6,1997, the Company filed the Amended Disclosure statement for the "Amended Joint Plan of Reorganization of Treasure Bay and First Trust National Association as Indenture Trustee." This plan represented an agreement between Treasure Bay, the First Mortgage Noteholders, and the Unsecured Creditors Committee of Treasure Bay. The plan anticipated a $9,000,000 equity infusion of cash and property in return for 90% of the new common stock in the reorganized company with the Noteholders obtaining the remaining 10% equity. The reorganization plan was confirmed on August 8, 1997. In accordance with the reorganization plan, all accounting entries have been made. TREASURE BAY CASINO & RESORTS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with and is qualified in its entirety by, the unaudited Consolidated Financial Statements and the Notes thereto included elsewhere in this report. General Overview The Company develops, constructs and manages land-based and dockside casinos and related amenities. The Company is currently operating as a single site facility in Biloxi, Mississippi. On December 2, 1998, the Company received a gaming license in St. Croix, U.S. Virgin Islands. Treasure Bay is currently in the process of executing a formal management agreement with Grapetree Shores to operate a gaming facility in St. Croix, U.S. Virgin Islands. Grapetree Shores is owned by the managing partner of the primary holder of the Company's First Mortgage Notes (see Note 5). The Company has a limited operating history that may not be indicative of the Company's future performance. Additionally, comparison of results from year to year may not be meaningful due to changes in the local gaming markets. Treasure Bay contemplates expanding its existing operation and establishing additional gaming operations. RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH 30, 1998. Revenues: The Company generated $17.1 million in net operating revenues during the three months ended March 31, 1999 compared to $16.1 for the three months ended March 31, 1998, an increase of 6%. Increases were in the casino, food and beverage, and hotel operations. The gross casino revenue increase to $15.3 million and $4.2 million in gross hotel, food, beverage, retail and other revenue during the three months ended March 31, 1999. During the three months ended March 31, 1998, the Company generated $ 14.5 million in casino revenue and $ 3.9 million in gross hotel, food, beverage, retail and other revenue. Costs and Expenses: Total operating costs before corporate expenses were $17.1 million during the three months ended March 31, 1999, compared to 15.0 million in the three months ended March 31, 1998. Total Casino expenses increased from $7.4 million in 1998, to $8.9 million for the three months ended March 31, 1999. Th increase is primarily due to the increase in promotional expenses. In an effort to offset ongoing casino construction and anticipated competition the Company launched several innovative marketing programs. The food and beverage expenses were $ 2.7 million for the three months ended March 31, 1999, compared to $2.4 million for the three months ended March 31, 1998. The 15% increase is primarily related to increased costs of goods sold. The Company decided to increase the overall food quality. The Company's general and administrative expenses, utilities, depreciation, lease, and other expenses were $4.8 million for the three months ended March 31, 1999 compared to the $4.8 million for the three months ended March 31, 1998. Other : Interest expense increased by $45,000 to $1.2 million for the three months ended March 31, 1999. The increase is due to additional indebtedness incurred by the Company during 1998 and the quarter ended March 31, 1999. Capital resources, capital spending, and liquidity: As of March 31, 1999, the Company had $4.0 million in non-restricted cash and cash equivalents. The decrease of approximately $970,000, is primarily attributed to the costs associated with capital expenditures and additional promotional expenses in the first quarter. As of March 31, 1999, the Company's long-term debt included First Mortgage Notes are balloon notes payable in full on August 1, 2006. The Indenture requires quarterly interest due at 12%, but has imputed interest at 13.5%. The vessel, hotel, and other furniture, fixtures, and equipment secure the Notes. The Indenture requires compliance with many debt covenants, including among other restrictions, the Company must retain a consolidated net worth of at least $3,000,000, and numerous restrictions on borrowings. The Company is currently in compliance with all convenants. The Company expects that available cash and cash from future operations will be adequate to fund current debt service and working capital. However, no assurance can be made that the Company will have the capital to make some of the capital improvements that may be necessary to remain competitive in the local market. Hurricane Georges: On September 25, 1998, the Mississippi Gaming Commission required all Coast casinos to close gaming operations to prepare for Hurricane Georges. The hurricane caused water and wind damage to the casino and hotel. The Company maintains property, liability, and business interruption insurance to help offset the costs of hurricane damages. The Company estimates that the operating loss resulting from the hurricane was $2 million. Earning Per Common Share and Net Earnings: The Company incurred a net loss of $1.4 million during the three months period ended March 31, 1999, compared to a net loss of $351,000 during the three months period ended March 31, 1998. Net earnings decreased by $1.2 million to a loss of $1.4 million for the three months ended March 31, 1999 compared to the same period in the prior year. The increase in loss is primarily attributed an $1.4 million increase in promotional expenses. Year 2000 The Company is continually evaluating and resolving any potential problems associated with the Year 2000. The Year 2000 problem exists because computer applications were historically designed to use two digit fields instead of four to designate a year, and date sensitive systems may not properly account for 2000, which could result in miscalculations or system failures. The Company has established a Year 2000 team composed of members of the management in conjunction with the management information department to identify and evaluate Year 2000 issues, with respect to the Company's information systems, suppliers, and facilities. The Company has already updated its financial reporting, payroll processing systems, and most of its hardware to be Year 2000 compatible. The cage and credit system, and the table and slot player tracking systems are scheduled for upgrades in the summer of 1999. Given the inherent risks for a project such as this and the resources required, the timing and costs involved could differ materially from those anticipated by the Company. There can be no assurances that these assumptions are correct, the projects will be completed on schedule, or within budget and actual results could differ materially. Any failure of third party systems could have a material adverse affect on the Company. TREASURE BAY CASINO & RESORTS, INC. AND SUBSIDIARIES PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Litigation As a result of the bankruptcy filing, all legal proceedings with respect to prepetition claims against the Company was automatically stayed pursuant to Section 362 of the U. S. Bankruptcy Code. ITEM 2 - CHANGES INS SECURITIES - None ITEM 3. - DEFAULTS UPON SENIOR SECURITIES - None ITEM 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS- None ITEM 5. - OTHER INFORMATION - None ITEM 6- EXHIBITS AND REPORTS ON FORM 8-K (a) No reports on Form 8-k were filed during the quarter ended March 31, 1999. PAGE> 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. TREASURE BAY GAMING & RESORTS, INC. By /S/ LEE ANN HUNTER ------------------------- LEE ANN HUNTER Director of Finance Dated: May 15, 1999 EX-27 2 FDS --
5 3-MOS Dec-31-1999 Mar-31-1999 4,100 0 1,769 0 296 6,646 69,081 20,003 55,845 11,012 27,250 0 0 100 3,137 55,845 0 17,181 0 17,115 374 0 1,184 (1,416) 0 0 0 0 0 (1,416) (.14) (.14)
-----END PRIVACY-ENHANCED MESSAGE-----