Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Total revenues $ 87,419,000 $ 81,691,000 $ 245,083,000 $ 222,192,000
Operating costs        
Operating expenses 70,330,000 63,384,000 194,751,000 175,920,000
Cost of sales - food and beverages 5,180,000 5,721,000 15,413,000 15,762,000
General and administrative expense 10,149,000 8,188,000 29,611,000 22,734,000
Management fee to affiliate 0 2,678,000 0 8,032,000
Depreciation and amortization 4,495,000 6,187,000 14,358,000 17,952,000
Pre-opening costs 245,000 141,000 2,048,000 191,000
Impairment 4,172,000 28,000 5,645,000 60,000
Realized and unrealized (gain) loss on investments 48,000 (315,000) (283,000) 6,361,000
Total operating costs 94,619,000 86,012,000 261,543,000 247,012,000
Operating income (loss) (7,200,000) (4,321,000) (16,460,000) (24,820,000)
Other income (expenses)        
Interest and investment income 467,000 8,418,000 1,382,000 22,701,000
Interest expense, net (4,290,000) (4,770,000) (12,940,000) (15,335,000)
Other (loss) income, net (3,052,000) 202,000 (7,157,000) 372,000
Total other income (expenses) (6,875,000) 3,850,000 (18,715,000) 7,738,000
Loss before income tax (14,075,000) (471,000) (35,175,000) (17,082,000)
Income tax (benefit) expense 0 (2,000) 0 1,047,000
Net Loss (14,075,000) (469,000) (35,175,000) (18,129,000)
Preferred dividends (1,395,000) (1,395,000) (4,185,000) (4,185,000)
Loss Applicable to Common Stockholders $ (15,470,000) $ (1,864,000) $ (39,360,000) $ (22,314,000)
Loss Applicable to Common Stock, per share        
Basic (in dollars per share) $ (0.23) $ (0.03) $ (0.59) $ (0.33)
Diluted (in dollars per share) $ (0.23) $ (0.03) $ (0.59) $ (0.33)
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 66,992,322 66,932,744 66,982,233 66,883,291
Diluted (in shares) 66,992,322 66,932,744 66,982,233 66,883,291
Golf operations        
Revenues        
Total revenues $ 68,928,000 $ 62,034,000 $ 191,632,000 $ 168,969,000
Food and beverages        
Revenues        
Total revenues $ 18,491,000 $ 19,657,000 $ 53,451,000 $ 53,223,000