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Empire Resorts, Inc. (NASDAQ: NYNY) today reported financial results for the third quarter and nine months ended September 30, 2005.
Net revenue for the third quarter was $25.6 million, up 17% from the $21.9 million reported in the third quarter of 2004. Revenue from racing increased by approximately $1.4 million, or 56%, while revenue from the company's video gaming machine (VGM) operations rose by approximately $2.5 million, or 14%, offset slightly by an increase in complimentary expenses of approximately $0.2 million. The growth in racing revenue was a result of higher revenue allocations from off-track betting facilities. In the company's VGM operations, the daily win per unit for the quarter ended September 30, 2005 was $123.17, compared with $113.12 for the corresponding quarter in 2004 - an increase of nearly 9%. Operating costs declined by approximately $0.2 million, or 1%, for the quarter versus the prior-year period. EBITDA rose to $0.6 million from $(0.5) million in 2004. Net loss for the third quarter was $(1.6) million, or $(0.06) per diluted share, compared to $(1.9) million, or $(0.07) per diluted share, in the prior-year period.
For the first nine months of fiscal 2005, Empire reported net revenue of $64.3 million versus $27.1 million in the same period last year, reflecting the impact of the VGM business, which began in June, 2004. EBITDA was $(2.2) million for the first three quarters of 2005, as compared to $(8.2) million in 2004. Empire's net loss for the period was $(8.0) million, or $(0.31) per share, versus $(11.0) million, or $(0.44) per share, last year.
Reflecting on these results, David Hanlon, CEO and president, commented, "Given the seasonally-strong nature of the third quarter, we achieved positive EBITDA - marking continued progress in our operations, which have improved substantially since the introduction of VGM machines last year. During the quarter, we added 20,000 individuals to our Player's Club and now have over 140,000 members. In addition, on-track betting was up 27% over last year and Monticello Raceway purses rose by 123%.
"Most importantly, Empire took a significant step towards building a Class III casino resort in the Catskills by teaming up again with the St. Regis Mohawk Tribe of New York. We are pleased that the Mohawks chose to work exclusively with Empire Resorts, committing to a presence at the Monticello Raceway, and we look forward to making this dream a reality for the Mohawk Tribe and people of Sullivan County. As we make headway in bringing a casino to the area, we continue to study the purchase of the Concord and Grossinger properties."
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