Press Release: Black Hawk Gaming & Development Company, Inc.
November 7, 2000
BLACK HAWK, CO -- Black Hawk Gaming & Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin
Hotel Casino and 75% owner and operator of The Lodge Casino at Black Hawk, yesterday announced its third quarter
and nine-month results for the period ended September 30, 2000.
THIRD QUARTER RESULTS
Net income for the third quarter decreased to $1,501,948, or $0.36 per fully diluted share, compared to net income
of $2,049,946, or $0.49 per fully diluted share, for the comparable quarter last year. Third quarter net revenue
decreased to $22,256,482 from $23,342,163 for the same quarter last year.
NINE-MONTH RESULTS
Net income for the nine-month period ended September 30, 2000, increased to $4,844,484, or $1.17 per fully diluted
share, compared to $3,942,330, or $0.94 per fully diluted share, for the same period last year. Nine-month revenue
increased to $66,750,562 from $64,449,186 for the corresponding period last year.
``Although the third quarter was not as strong as it was last year, our two casinos still performed well in light
of the additional competition which has been introduced into Black Hawk. Our nine-month results are significantly
above last year. We will continue to be competitive in the Black Hawk market and look forward to our forthcoming
acquisition in Nevada. Our efforts to acquire the Gold Dust West Casino in Reno as well as our licensing application
in Nevada are moving along on schedule,'' said Jeffrey P. Jacobs, Chairman of the Board and Chief Executive Officer
of Black Hawk Gaming and Development.
The combined operations of the Gilpin Hotel Casino and The Lodge Casino at Black Hawk give Black Hawk Gaming approximately
1,300 gaming devices under management, making it the largest gaming operator based in Colorado.
The Gold Dust West is a casino located a few blocks to the west of Reno's downtown gaming district and offers 478
slot machines. The casino has been successful in catering to the ``locals'' market for the past 22 years.
This press release contains statements of a forward-looking nature regarding future events. These statements are
only predictions and actual events may differ materially. Please refer to documents that Black Hawk Gaming &
Development Company, Inc. files from time to time with the Securities and Exchange Commission for a discussion
of certain factors that could cause actual results to differ materially from those contained in the forward-looking
statements.
FINANCIAL HIGHLIGHTS
(unaudited) Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
Net Revenue $22,256,482 $23,342,163 $66,750,562 $64,449,186
Net Income $1,501,948 $2,049,946 $4,844,484 $3,942,330
Net Income Per
Common Share
Diluted $0.36 $0.49 $1.17 $0.94
Weighted Average
Shares Outstanding
Diluted 4,198,300 4,164,888 4,155,112 4,173,111
BALANCE SHEET DATA
(unaudited) September 30 December 31
2000 1999
Total Assets $98,356,206 $101,079,942
Total Liabilities
and Minority Interest $56,910,321 $64,581,391
Stockholders' Equity $41,445,885 $36,498,551
SOURCE: Black Hawk Gaming & Development Company, Inc.