Hotels, Restaurants and Leisure
Company Overview of Marina District Development Company LLC
Company Overview
One Borgata Way
Atlantic City, NJ 08401
United States
Founded in 1998
5,936 Employees
Key Executives for Marina District Development Company LLC
Marina District Development Company LLC Key Developments
Borgata reported revenue results for the month of February 2013. For the month, the company's net slot revenue was $26,078,047.
On December 27, 2012, Marina District Finance Company, Inc. entered into the Second Amendment to Credit Agreement among the company, Marina District Development Company LLC certain financial institutions and Wells Fargo Bank, National Association as administrative agent for the Lenders. The Amendment amends certain terms of the Credit Agreement dated as of August 6, 2010 among the Credit Parties, the lenders from time to time party thereto, the Administrative Agent, and Wells Fargo, as L/C Issuer and Swing Line Lender.
Borgata announced consolidated earnings results for the third quarter and nine months ended September 30, 2012. The company reported third-quarter 2012 net revenues of $187.1 million, compared to $202.0 million in the third quarter of 2011. Adjusted EBITDA at the property was $33.4 million, compared to $50.3 million in the year ago quarter. The declines were primarily the result of lower table game hold percentage and volume. Operating income was $18,667,000 against $4,771,000 a year ago. Loss before income taxes was $2,088,000 against income before income taxes of $13,830,000 a year ago. Net loss was $2,051,000 against net income of $12,338,000 a year ago. Borgata reported net revenues of $538.7 million, compared to $553.9 million in the year ago period, while Adjusted EBITDA was $103.0 million, compared to $120.6 million in the nine months of 2011. Net loss was $2.9 million for the nine months ended September 30, 2012, or $0.10 per share. By comparison, a net loss of $3.4 million, or $0.04 per share, for the nine months ended September 30, 2011. Operating income was $59,087,000 against $63,838,000 a year ago. Loss before income taxes was $2,798,000 against income before income taxes of $4,286,000 a year ago. Net loss was $2,934,000 against net income of $3,285,000 a year ago.
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