June Status Report
June 12, 2013 Dear Investors and Lenders Very good news! We received our Certificate of Occupancy from the City of Bossier last Friday. That same day the Fire Marshall also signed off. Monday ABS, the firm the Gaming Commission relies upon for a Certificate of Substantial Completion, provided such certificate. All health inspections, liquor and other licenses are in place. Today the Gaming Commission met and gave us final approval to open to the public. We will do that tomorrow morning for one 8-‐hour gaming session. Then we will, in accordance with established procedure, close for one day to drop all the money from the floor, balance the count and demonstrate to the State Police that all procedures are in place to permit us to open permanently. The ribbon cutting, and official opening ceremony, is scheduled to occur at 11:00 am on Saturday morning. I expect a big crowd and a very successful opening. It has taken an enormous effort by many, most particularly my management team and the contractor, to get us to the finish line on schedule. There have been some hang ups these last few weeks, particularly in getting our surveillance system and the myriad of IT systems that we have into proper operating condition. It has been a combination of wiring issues, inadequate outside work staff to accomplish all of the complex interfaces and construction turning over certain critical areas in a timely fashion that has caused us numerous headaches over the past several weeks. Nevertheless, we have now overcome all of these issues and are ready to open. Our training time has been somewhat condensed as a result of all of this, but I am comfortable that our largely experienced staff will do an excellent job on opening and provide excellent customer service. I have been here throughout this process and I cannot emphasize enough how proud I am of our management team that has maintained a "can do" attitude and fought through every issue and problem with determination and resolve. Every opening has a few snafus but as a result of this effort. I expect ours to be minimal and quickly resolvable. We remain in balance and expect, over the next several months, to close out all accounts with the contractor and all of our direct accounts. Because of the enormous push at the end and resultant overtime I expect, as is the case with every project of this type, to have some battles with the contractor over final change orders. We have plenty of cash, $5.3million, to fund our opening bankroll, and I expect any final negotiations with the contractor to be resolved in a manner that will keep us in budget. I say this not having their final billing in hand but knowing first hand how the process has been completed and having a good sense of where we were, budget-‐ wise, before this final push the last 30 days. 777 M argaritaville W ay, B ossier C ity, L A 7 1111 margaritavillebossiercity.com | f acebook.com/MargaritavilleBossierCity
The facility is, in the opinion of all those who have seen it in the last few days, absolutely beautiful, and in the words of some, spectacular. I am extremely proud of it. It is, without question, the best casino resort facility I have ever developed. Time will tell how the public reacts to it but I am not worried in the slightest. To the contrary, I am exceedingly confident that the reviews, public and private, will all be overwhelmingly favorable. We will post a number of photos in the two days to give you a sense of why I remain so confident. Now we must execute as an operator and provide first class customer value and service. I have the management team to achieve this. I have watched them in action over these last several months and I am extremely impressed with their talent, experience and determination to be the market leader from day one. Thanks for your support throughout this development process. I will keep you closely advised as to our initial financial results. Paul P.S. The official Grand Opening ceremony with Jimmy Buffett’s performance remains unchanged for July 3rd. Invitations will be going out tomorrow.
777 M argaritaville W ay, B ossier C ity, L A 7 1111 margaritavillebossiercity.com | f acebook.com/MargaritavilleBossierCity
The facility is, in the opinion of all those who have seen it in the last few days, absolutely beautiful, and in the words of some, spectacular. I am extremely proud of it. It is, without question, the best casino resort facility I have ever developed. Time will tell how the public reacts to it but I am not worried in the slightest. To the contrary, I am exceedingly confident that the reviews, public and private, will all be overwhelmingly favorable. We will post a number of photos in the two days to give you a sense of why I remain so confident. Now we must execute as an operator and provide first class customer value and service. I have the management team to achieve this. I have watched them in action over these last several months and I am extremely impressed with their talent, experience and determination to be the market leader from day one. Thanks for your support throughout this development process. I will keep you closely advised as to our initial financial results. Paul P.S. The official Grand Opening ceremony with Jimmy Buffett’s performance remains unchanged for July 3rd. Invitations will be going out tomorrow.
777 M argaritaville W ay, B ossier C ity, L A 7 1111 margaritavillebossiercity.com | f acebook.com/MargaritavilleBossierCity
