Notes to Consolidated Financial Statements 55
As discussed in Note 10, the Company has provided a guaranty for up to 50% of
the interest and principal payment obligations on the construction financing of the
first tower as well as a completion guaranty.
The Company recorded its share of the results of operations of the unconsolidated
affiliates as follows:
Year Ended December 31 (In thousands) 2004 2003 2002
Income from unconsolidated affiliates . . . . . . . . . . . . $119,658 $ 53,612 $ 32,361
Preopening and start-up expenses . . . . . . . . . . . . . . — (19,326) (7,757)
Non-operating items from unconsolidated affiliates . . (12,298) (10,401) (1,335)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $107,360 $ 23,885 $ 23,269
Summarized balance sheet information of the unconsolidated affiliates is as follows:
At December 31 (In thousands) 2004 2003
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 126,791 $ 81,193
Property and other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,388,811 1,309,242
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,892 81,526
Long-term debt and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531,112 622,701
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,598 686,208
Summarized results of operations of the unconsolidated affiliates are as follows:
Year Ended December 31 (In thousands) 2004 2003 2002
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 966,642 $551,669 $ 250,317
Operating expenses, except preopening expenses . . . (721,998) (441,526) (184,268)
Preopening and start-up expenses . . . . . . . . . . . . . . . — (39,186) (15,514)
Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,644 70,957 50,535
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34,698) (21,700) (1,212)
Other nonoperating income (expense) . . . . . . . . . . . . 9,789 4,297 (1,336)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 219,735 $ 53,554 $ 47,987
NOTE 7 — OTHER ACCRUED LIABILITIES
Other accrued liabilities consisted of the following:
At December 31 (In thousands) 2004 2003
Payroll and related. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 162,943 $ 163,842
Casino outstanding chip liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,086 75,079
Casino front money deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,621 45,642
Other gaming related accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,186 46,313
Advance deposits and ticket sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,810 39,499
Taxes, other than income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,311 43,206
Amounts due to City of Detroit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 22,344
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,468 123,520
$ 607,925 $ 559,445