Financials of Gaming Companies($ million)

Companies Sales Debt Equity EV EBIT EBITDA Beta BV/MV PE Bond Rating
Circus Circus 1,300 1,406 2,635 4,041 391 485 1.40 0.37 19.20 B
Harrah's Entertainment 1,550 940 1,831 2,771 310 390 1.45 0.39 23.10 BB
Mirage Resorts 1,331 571 4,465 5,036 375 466 1.60 0.29 23.10 NR
Showboat Inc 428 544 306 850 78 110 1.60 0.62 31.70 B
Station Casinos 467 649 328 977 105 140 1.50 0.63 12.40 B
Lively Enterprises - Balance Sheet
(Thousand $ )

As at As at
31st Dec1995 31st Dec 1994
Assets

Current Assets:

Cash+cash equivalent 67,796 63,646

Reciveables 36,942 35,345
Deferred Income tax 13,058 12,093
Prepayment & Other 14,460 12,911
Inventories 10,771 10,258
Total current assets 143,027 134,253

Net Fixed Assets 954,461 893,754

Investment in unconsolidated affiliates 63,099 59,192
Deferred Costs & Other 42,401 40,305
Other Assets 98,698 106,253

Total Assets 1,301,686 1,233,757

Liabilities

Share holder Fund 432,718 373,485

Long - term debt 693,499 702,890
Other Liabilities 22,733 18,186
Deferred Income tax 14,383 12,945

Current Liabilities

Payables 33,499 27,822

Construction payables 16,442 14,798
Accrued expenses 79,020 71,118
Current portion of long-term debt 9,392 12,513
Total current liabilities 138,353 126,251

Total Liabilities 1,301,686 1,233,757

Lively Enterprise - Income Statement
(Thousand $ - Except per-share data)

Revenues: 1995 1994

Casino 493,104 460,845

Rooms 119,907 111,958
Food & beverages 118,831 111,192
Other 96,852 92,222
Gross Revenue 828,694 776,217
Less: Promotional allowances 40,807 38,102

Net Revenues 787,887 738,115

Costs & Expenses

Casino 188,564 177,886

Rooms 45,029 42,005
Food & beverages 94,777 89,328
Other 51,005 46,107
Gen. & Admin 162,045 156,212
Depreciation & amortisation 75,449 70,648

Total Costs & Expenses 616,869 582,186

Income from operations 171,018 155,929

Interest expenses 54,405 55,721
Profit Before Tax 116,613 100,208
Provision for income tax 44,313 38,079
Profit After tax 72,300 62,129

Earnings per share 1.1 1.0

Average shares outstanding 65,723,316 65,723,316
Lively Enterprises - Financial Projections
( $ million)

1996 1997 1998 1999 2000

Sales 1,000 1,100 1,210 1,331 1,464

Less:Cost of goods sold 550 605 666 732 805
Less:Selling, Gen. Admin 210 231 254 280 307

EBIT 240 264 290 319 352

Depreciation expense 85 90 95 100 105

Capital expenditure 128 190 205 220 230

Increase in net working capital 4 2 2 2 2

Net working capital 17.9 19.7 21.7 23.9 26.3

Net fixed assets 997 1,097 1,207 1,327 1,452

NWC/Salees 1.8% 1.8% 1.8% 1.8% 1.8%

Net PPE/Sales 99.7% 99.7% 99.7% 99.7% 99.2%

Note: Depreciation expense is included in the COGS

Tax projected at 40%
Interest-Rate Yields(%)

Government

T.Bill(1-year) 5.93
T.Note(10-year) 6.39
T.Bond(30-year) 6.98

Industrials

AAA 7.22
AA 7.39
A 7.58
BBB 7.95
BB 8.87
B 10.05

ERP 5.5