Image provided by: The Confederated Tribes of Warm Springs; Warm Springs, OR
About Spilyay tymoo. (Warm Springs, Or.) 1976-current | View Entire Issue (May 7, 1998)
l ijuji p- pg 11 pgip p ' mji i ii-H 1997 Indian Head Casino Annual Report May 7, 1998 . jii ip jin im mi p '"I t'"" ' """" " """ mi Gaming sure to sustain itself in future On February 3, 1997, the Gaming Board of Directors approved the creation of the Strategic Planning Committee. The purpose and intent of this Committee is to study and report information specific to gaming and the potential effect it would present to the Tribe. Itemized objectives of the Committee included: 1) Examine the existing gaming operation and define its strengths and weaknesses. 2) Define information pertaining to alternative gaming initiatives outside Indian Head Casino. This information would address financial, legal, operational, developmental and market elements. 3) Develop a corresponding report with recommendations regarding alternatives and submit them to the Gaming Board, Tribal Council and Tribal membership. In general, Indian Head Casino has proven to be a wise investment. However, it has been determined it will never reach pre construction revenue estimates as was first reported. Instead, realistic net revenue projections for the future fall into the range of $2 million to $3.5 million annually. Through the course of the year, the Committee has labored through a multitude of data, facts and news. For various reasons, the Committee came away identifying five alternative locations that bear gaming potential. These alternatives were further scrutinized and reduced, with a large portion of time placed on financial, legal, operational and demographic information. In examining the topics noted above, the Committee has drawn several conclusions. While this process is an ongoing endeavor, information is now being finalized so it can be presented to tribal members at community meetings. Those meetings are to hopefully be scheduled for late spring or early summer of this year when the Committee can properly inform and communicate to the membership their findings and recommendations. One thing is for certain historically and statistically. Gaming is a product which can sustain itself in future years and ; provide a favorable return on investment to the Tribe. if A V..'""- ': L"y1';'i'i" , Jftejtr : . A Casino patron was pleased with winning a trip. I V 1 - v IV f Jmm, - v I 7 it f- -Htrnmnf -i i Rosa Graybael was thrilled to win a travel trailer. Indian Head Casino Balance Sheet December 31, 1997 and 1996 ASSETS CURRENTS ASSETS Cash Account Receivable Inventories Prepaid Expenses Total Current Assets PROPERTY & EQUIPMENT Buildings and Equipment Accumulated Depreciation Net Buildings and Equipment OTHER ASSETS Construction in Progress Assets held for disposal TOTAL ASSETS LIABILITIES AND PROPRIETARY CAPITAL CURRENT LIABILITIES Accounts Payable Accounts with Tribe Payroll taxes and ' Related Accruals Deposit on sale of Equipment Current portion of long-term Capital lease Current portion of long-term debt Total Current Liabilities LONG-TERM LIABILITIES Obiligation under capital leases, less current portion Long-term Debt, less current portion Total long-term Debt PROPRIETARY CAPITAL Contributed capital-Tribes Retained Earnings (accumulated deficit) , Total Proprietary Capital TOTAL LIABILITIES AND PROPRIETARY CAPITAL 121397 $1,888,179 22,676 3,108 37,161 1,951,124 123196 (Rcitated) $ 449,033 44,970 24,743 32,776 601,522 8,088,852 7,818,254 (1,355,310) (729,751) 6,733,542 7,088,503 13,712 25.QQQ 0 41, OOP. $8,723,378 $7,731,025 $ 37,710 $ 183,061 379,340 493,980 117,887 68,598 15,200 19,316 0 49,788 1,057,985 3,951,267 1,627,438 4,746,694 9,469 17,643 1,990,152 67,783 1,999,621 85,426 3,500,000 3,500,000 1,596,319 601,095 5,096319 2,898,905 $8-723.378 $7,731,025 Indian Head Casino Consolidated Statement of Operations December 31, 1997 and 1996 Casino Revenue Operating Exepenses Casino Operations General and Administrative Marketing Depreciation Operating Income Other Income (Expenses) Interest Income Interest Expense Loss on assests held for sale Net Income (Loss) (as restated in 1996) Accumulated deficit at beginning of year Retained earnings (accumulated deficit) at end of year 1996 1997 (Restated) $6,322,179 $4,628,728 1,667,027 2,141,061 857,005 947,836 698,421 867,082 627,508 633,062 3,849,961 4,589,041 2,472,218 33,836 (304,656) (3,984) 39,687 11,747 (329,410) (147. 009) 2,197,414 (424,984) (601,096) (176,111) 1-596.319 (601,095)
