Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question is coming from Tracy Young with Bear Sterns.
Tracy Young - Bear Stearns
Hi, I have actually got two questions. The first is, are you hearing from advertisers, a puzzled reaction to sell Bill Parcells as General Manager of the Dolphins? And also your CapEx guidance seems to be a little bit higher than historical. Could you give us some guidance on that?
George Beasley
As far as what we've heard about Bill Parcells, that's only positive for the Dolphins. He has been a great coach in the past and has had winning teams and we certainly believe that he's is going to help us out with advertisers or the Dolphins. And quite frankly even though Dolphins had a terrible year last year, advertisers still loved them. So it's only going to help us.
Caroline Beasley
And in terms of CapEx guidance, it is higher than what we said last year. We do have two big projects included in this, one over in Miami and one in Las Vegas, and that is in addition to our HD conversion. So those two markets Miami and Vegas will make up the difference.
Tracy Young - Bear Stearns
Okay, thanks.
Operator
(Operator Instructions) Our next question is coming from Lee Westerfield from BMO Capital.
Lee Westerfield - BMO Capital
Thanks folks, good morning.
Bruce Beasley
Hi, Lee.
Caroline Beasley
Hey.
Lee Westerfield - BMO Capital
Two questions if I may. First, I think you said Philadelphia might be flat for this year, which I wondered if you can elaborate on a bit in terms of how that trend will develop. Secondly, Caroline, for the audience at large, do you mind just walking trough your debt structure at this point, your leverage and what covenant terms and so forth may come up in the near and distant future?
Caroline Beasley
In terms of Philadelphia, the guidance that I gave for first quarter was flat. While January proved to be a very good month for Philadelphia, we are seeing slowness in February and March. Now what we’ve been told by your National Rep firm, Philadelphia is one of two markets that we have that are actually pacing up in National. So for the month of January the increases that we saw were largely attributable to National. We're hoping this pans out. Therefore we are projecting local to a bit soft. The market itself was down in the month of January 10%, so the Philadelphia market locally is down and is bringing down the market, national is pacing higher. So, we're just tying to be conservative here and we're projecting a flat quarter for Philadelphia. Certainly for the year, we expect growth from that market, but for the quarters, we're expecting flat.
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