Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Todd Eilers with Roth Capital Partners. Please proceed.
Todd Eilers – Roth Capital Partners
Just a couple of quick questions, just with regards to liquidity and financing needs, can you maybe tell us what your capital needs are for 08 and maybe what the potential options that are that you’re considering if you’re not able to liquidate or use the auction rate securities investments?
Timothy J. Cope
In terms of our capital needs, we have our operating expenses which you know are pretty well defined so we think we’re fine with that. Of course, any capital costs related to projects, it depends on the status of the development. If we get approval at the IOWA project to move forward with that which would be good news or depending on how we end up with the Jamul project we’re continuing to develop. In terms of the liquidity needs, again we have short term we certainly have some cash available to cover the short term liquidity needs and we’re very confident at this point in time that we’ll have either a line of credit or some other form of liquidity available to us backed by the auction rate securities even if the auction rate securities aren’t able to be sold in the near future.
Todd Eilers – Roth Capital Partners
Okay. But, you’re anticipating some form of debt then not equity, is that what you’re saying?
Timothy J. Cope
That’s correct. We are very confident that that will take place.
Todd Eilers – Roth Capital Partners
Okay. Then also, I don’t know if I heard you guys or not, did you break out the contribution of management fees from Pokagon Four Winds versus your Oklahoma revenue?
Timothy J. Cope
No. Again, we do not break that out and as we discussed, it’s a little bit sensitive of course, the business we’re in with our Native American partners it’s very private to them what their type of operations are doing. So, I think it’s far to say if you just look at comparisons year-over-year where you saw we had a limited amount of management fees in 06 versus what we’re producing in the five months of 07 I think you can garner that information very quickly.
Todd Eilers – Roth Capital Partners
Okay. Then, you mentioned the pre-opening costs, roughly $4 million for the first 12 months and that your management fee income or revenues reported after that. So, to get kind of an apples-to-apples at least going forward after that is done, it’s simply just adding – is it roughly $1 million per quarter? Is that how it works out to be?
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