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February 10, 2016 5:36 PM ET

Hotels, Restaurants and Leisure

Company Overview of Marina District Development Company LLC

Company Overview

Marina District Development Company, LLC owns and operates the Borgata Hotel Casino and Spa; and The Water Club at Borgata in Atlantic City, New Jersey. The company’s facilities include 160,000 square feet of casino; and 2,767 guest rooms and suites comprising 1,970 guest rooms and suites at the Borgata hotel, and 797 guest rooms and suites at The Water Club. Its Borgata hotel features 6 fine-dining restaurants, 6 casual dining restaurants, 8 quick dining options, 16 retail boutiques, 2 European-style spas, 2 nightclubs, and approximately 8,200 parking spaces, as well as contains approximately 88,000 square feet of meeting and event space, and 2 entertainment venues. The company was incorpor...

One Borgata Way

Atlantic City, NJ 08401

United States

Founded in 1998

5,709 Employees

Phone:

609-317-1000

Key Executives for Marina District Development Company LLC

President and Chief Operating Officer
Principal Financial Officer and Principal Accounting Officer
Age: 53
Director, Chief Executive Officer of Boyd Gaming Corporation, President of Boyd Gaming Corporation, President of Marina District Finance Company, Inc and Director of Boyd Gaming Corporation
Age: 54
Chief Administrative Officer and Senior Vice President of Operations
Vice President and General Counsel
Compensation as of Fiscal Year 2015.

Marina District Development Company LLC Key Developments

Borgata Hotel Casino & Spa Announces over $50 Million in Property Development for 2016

Borgata Hotel Casino & Spa announced plans to invest over $50 million into the improvement of its property throughout 2016. Borgata will commit significant capital investment across a broad range of projects – including the launch of its new nightlife experience, Premier Nightclub; a new fine dining concept with Chef/Partner Michael Symon; 25,000 square feet of meeting and convention space; and a spectacular brand new outdoor pool. Furthermore, Borgata will partner with Siganos Management Inc. on a transformation of The Cafeteria Food Court into a new casual dining eatery.

Borgata Reports Earnings Results for the Third Quarter of 2015

Borgata reported earnings results for the third quarter of 2015. For the quarter, gross operating profit of the company increased 42.6% to $82.1 million from the third quarter of 2014.

Marina District Development Company LLC Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Year 2015

Marina District Development Company LLC reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net revenues of $237.461 million compared to $209.946 million a year ago. Operating income was $62.213 million compared to $43.437 million for the same period of last year. Income before state income taxes was $30.152 million compared to $25.628 million for the same period of last year. Net income was $36.850 million compared to $22.977 million for the same period of last year. Adjusted EBITDA was $75.974 million compared to $56.922 million a year ago. Capital expenditures were $6 million. The company achieved its highest quarterly Adjusted EBITDA ever, driven by revenue growth throughout the operations, strong flow-through, and higher table game hold. For the nine months, the company reported net revenues of $611.213 million compared to $559.064 million a year ago. Operating income was $115.740 million compared to $77.355 million for the same period of last year. Income before income taxes was $49.680 million compared to $24.028 million for the same period of last year. Net income was $56.831 million compared to $21.075 million for the same period of last year. Adjusted EBITDA was $158.326 million compared to $120.060 million a year ago. Capital expenditures were $21 million. The company is increasing EBITDA expectations to $190 million to $195 million for the year 2015, of which they will record 50% of this EBITDA in their results.

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