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"2016 was a transformational year for Red Rock Resorts, as we successfully re-entered the public markets, completed a refinancing of our credit facility, acquired the Palms Casino Resort and embarked upon a number of operational and capital initiatives to position our business for future growth," said Marc J. Falcone, Executive Vice President, Chief Financial Officer and Treasurer. "We are also pleased that we were able to generate our highest annual Adjusted EBITDA since 2007," said Falcone. Las Vegas Operations Segment Net revenues from Las Vegas operations, including the Palms, for the fourth quarter increased $42.0 million or 13.0% to $363.6 million from $321.6 million in the prior year period. Adjusted EBITDA, including the Palms, decreased $4.3 million or 3.9% to $105.7 million from $110.0 million in the prior year period. Adjusted EBITDA margin, including the Palms, decreased 510 basis points to 29.1% in the fourth quarter of 2016. Several factors adversely impacted the fourth quarter results, including unusually low sports hold, construction disruption at Palace Station, transition costs associated with the takeover of the Palms Casino Resort, expenses relating to enhanced food and beverage offerings and service levels and an unfavorable holiday calendar. For the full year 2016, net revenues from Las Vegas operations, including the Palms, increased $78.0 million or 6.2% to $1.34 billion from $1.26 billion in the prior year. Adjusted EBITDA increased $13.4 million or 3.3% to $423.7 million from $410.3 million and Adjusted EBITDA margin decreased 90 basis points to 31.7%, respectively from the prior year. "Despite the negative impact of certain factors in the fourth quarter, the overall core fundamentals of the operating business remain very solid. Same-store gaming revenues, excluding sports, were up 2.2% and non-gaming revenues were up 3.1%, driven by hotel and food and beverage performance. Moreover, the continued strength of the Las Vegas economy, combined with our ongoing strategic initiatives, position us well going forward to drive additional topline growth and generate free cash flow," added Falcone. Native American Segment The Company's Native American segment produced Adjusted EBITDA of $25.1 million for the fourth quarter, which was up $3.8 million or 17.9% from $21.3 million in the prior year period, driven by strong performance at Graton Resort & Casino. For the full year 2016, the Company's Native American segment produced Adjusted EBITDA of $87.3 million, which was up $20.6 million or 31.0% from $66.6 million in the prior year, as Native American operations continued to produce very solid financial results. Graton Resort & Casino opened its $185 million expansion as planned on November 15, 2016 and Gun Lake Casino's $85 million casino expansion is expected to open in the summer of 2017. Corporate and Other สูตรบาคาร่า Fourth quarter corporate and other increased by $0.5 million or 10.0% to $6.1 million as compared to the prior year period. For the full year 2016, corporate and other increased by $1.0 million or 3.9% to $26.5 million as compared to $25.5 million for the prior year.
For the original version including any supplementary images or video, visit http://www.marketwatch.com/story/red-rock-resorts-announces-full-year-and-fourth-quarter-2016-results-2017-03-07
To be sure, City National Bank has met with some controversies over the years. In the 1980s, it fell into the hands of a young Colombian coffee baron who later went to prison for fraud related to his coffee business. He fled U.S. custody in 1993, but hasnt exactly gone into hiding: he penned a book, became an inspiration for a popular Colombian telenovela character, and told a Colombian tabloid in 2013 that hes building an eco-resort in Cartagena. Abess says bankers must have a soul. One reason he bought the airport business was to bring jobs to a depressed part of Miami-Dade County. Some 500 people are employed directly and indirectly by the jet center, he says. But he bristled at the suggestion hes adopted a socially responsible investment philosophy, because his family places its money first and foremost where we think its a good investment. The venture makes money by pumping millions of gallons of fuel a year and by hangaring and servicing aircraft.(Rapper Lil Wayne once famously endured an inspection of his plane at the airportby the Drug Enforcement Administration.) The location also has sentimental value for Abess. In the 1930s, his aunt learned to fly there, earning her pilots license at a time when women didnt do that. He and an investor group leased the land in 2006, but Abess didnt start pouring money in until after he had left the bank.
For the original version including any supplementary images or video, visit https://www.bloomberg.com/news/articles/2017-03-13/this-banker-emerged-from-the-collapse-a-billionaire-hero
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