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July 31, 2015 6:51 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

Marina District Development Company LLC Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015

Marina District Development Company LLC reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's gross revenues were $247,415,000 compared to $240,573,000 a year ago. Net revenues were $191,163,000 compared to $181,854,000 a year ago. Operating income was $30,177,000 compared to $27,596,000 a year ago. Income before state income taxes was $13,327,000 compared to $9,768,000 a year ago. Net income was $11,953,000 compared to $8,762,000 a year ago. Adjusted EBITDA was $44,527,000 compared to $42,645,000 a year ago. Capital expenditures were $10 million during the quarter. For the six months, the company's gross revenues were $483,125,000 compared to $459,453,000 a year ago. Net revenues were $373,752 compared to $349,118,000 a year ago. Operating income was $53,527,000 compared to $33,918,000 a year ago. Income before state income taxes was $19,528,000 compared to loss before state income taxes of $1,600,000 a year ago. Net income was $19,981,000 compared to net loss of $1,902,000 a year ago. Adjusted EBITDA was $82,352,000 compared to $63,138,000 a year ago. The company is increasing its EBITDA expectations to $170 million for the year 2015, of which will record 50% in results.

Borgata Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year 2015

Borgata reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net revenues of $182.6 million, an increase of 9.2% from $167.3 million in revenues reported in the year-ago period. Adjusted EBITDA was $37.8 million, nearly doubling from $20.5 million in the year-ago period. Operating income was $23,350,000 against $6,322,000 a year ago. Income before state income taxes was $6,201,000 against loss before state income taxes of $11,368,000 a year ago. Net income was $8,028,000 against net loss of $10,664,000 a year ago. The company provided earnings guidance for the full year 2015. For the period, the company expects adjusted EBITDA of $542 million to $567 million.

Marina District Development Company LLC Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015 and Full Year 2015

Marina District Development Company LLC reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net revenues of $179,147,000 compared to $157,128,000 a year ago. Operating income was $21,251,000 compared to operating loss of $1,749,000 a year ago. Income before state income taxes was $3,080,000 compared to loss before state income taxes of $44,505,000 a year ago. Net income was $2,634,000 compared to net loss of $40,765,000 a year ago. Adjusted EBITDA was $36,038,000 compared to $16,438,000 a year ago. Capital expenditures were $7 million during the quarter. For the year, the company reported net revenues of $738,211,000 compared to $695,700,000 a year ago. Operating income was $98,606,000 compared to $46,111,000 a year ago. Income before state income taxes was $27,108,000 compared to loss before state income taxes of $61,080,000 a year ago. Net income was $23,709,000 compared to net loss of $56,577,000 a year ago. Adjusted EBITDA was $156,098,000 compared to $119,425,000 a year ago. Capital expenditures were $19 million. The company provided earnings guidance for the first quarter of 2015 and full year 2015. For the full year, the company expects to spend approximately $40 million in capital, which includes recurring maintenance of $25 million and approximately $15 million for capital related to further property enhancements. Depreciation expected to be about $60 million. Interest expense should be about $65 million to $70 million. For the first quarter of 2015 EBITDA of $33 million to $35 million.

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