Notes to Consolidated Financial Statements 67
For the Year Ended December 31, 2002 (In thousands)
Guarantor Non-Guarantor
Parent Subsidiaries Subsidiaries Elimination Consolidated
Statement of Operations
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 3,353,772 $ 403,156 $ — $ 3,756,928
Equity in subsidiaries earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671,076 108,361 — (779,437) —
Expenses:
Casino and hotel operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,828,744 187,950 — 2,016,694
Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 27,317 358 — 27,675
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 515,682 45,227 — 560,909
Corporate expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,268 40,588 — — 43,856
Preopening and start-up expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 13,738 — — 14,141
Restructuring costs (credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (17,021) — — (17,021)
Property transactions, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 9,958 4,754 — 14,712
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,683 352,910 23,134 3,058 381,785
6,354 2,771,916 261,423 3,058 3,042,751
Income from unconsolidated affiliates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 32,361 — — 32,361
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664,722 722,578 141,733 (782,495) 746,538
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (237,666) (26,347) (15,652) — (279,665)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (10,370) (1,634) 3,058 (8,946)
Income from continuing operations before income taxes. . . . . . . . . . . . . . . . . . . . . . 427,056 685,861 124,447 (779,437) 457,927
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,423) (31,022) (4,006) — (168,451)
Income from continuing operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,633 654,839 120,441 (779,437) 289,476
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,198) (2,765) 6,922 — 2,959
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 292,435 $ 652,074 $ 127,363 $ (779,437) $ 292,435
Statement of Cash Flows
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,206,670 $ (512,364) $ 151,443 $ 797 $ 846,546
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (3,588) (339,380) (27,179) (1,063) (371,210)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (1,212,536) 896,900 (139,114) 265 (454,485)
NOTE 17 — SELECTED Q UARTERLY FINANCIAL RESULTS (UNAUDITED)
(In thousands, except per share amounts) 2004 2003
Quarter First Second Third Fourth Total First Second Third Fourth Total
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,066,436 $ 1,072,525 $1,036,396 $ 1,062,747 $ 4,238,104 $ 951,874 $ 974,117 $ 976,842 $ 959,910 $ 3,862,743