XML 21 R9.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Investment in and Advances to Unconsolidated Affiliate (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | NOTE 4 — INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATE Miami Valley Gaming Joint Venture The Company's 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. (“DNC”) was established during 2012 to develop a new harness racetrack and video lottery terminal (“VLT”) casino facility in Lebanon, Ohio. Through the joint venture agreement, the Company and DNC formed a new company, Miami Valley Gaming, LLC (“MVG”), to manage both the Company’s and DNC’s interests in the development and operation of the racetrack and VLT casino facility. On December 21, 2012, MVG completed the purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. ("MVG Sellers") for total consideration of $60.0 million, of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of casino operations. In addition, there is a potential contingent consideration payment of $10.0 million based on the financial performance of the facility during the seven-year period after casino operations commence. On December 12, 2013, the new facility opened in Lebanon, Ohio on a 120-acre site. The facility includes a 5/8-mile harness racing track and an 186,000-square-foot casino facility with approximately 1,590 VLTs. MVG invested $204.6 million in the new facility, including a $50.0 million license fee to the Ohio Lottery Commission. Since both DNC and the Company have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, the Company accounts for MVG using the equity method. Summarized financial information for MVG is comprised of the following (in thousands):
| June 30, 2015 |  | December 31, 2014
Assets |  |  |
Current assets | $ | 23,382 |  |  | $ | 24,943 |
Property and equipment, net | 125,597 |  |  | 130,868 |
Other assets, net | 105,059 |  |  | 105,059 |
Total assets | $ | 254,038 |  |  | $ | 260,870 |
Liabilities and Members' Equity |  |  |
Current liabilities | $ | 17,110 |  |  | $ | 16,775 |
Current portion of long-term debt | 8,332 |  |  | 8,332 |
Long-term debt, excluding current portion | 23,591 |  |  | 26,584 |
Other liabilities | 75 |  |  | 83 |
Members' equity | 204,930 |  |  | 209,096 |
Total liabilities and members' equity | $ | 254,038 |  |  | $ | 260,870 |
The joint venture's long-term debt consists of a $50.0 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through November 2019 at a 5.0% interest rate for which it has funded $12.5 million in principal repayments. During the three and six months ended June 30, 2015, the Company received distributions from MVG totaling $4.0 million and $7.5 million, respectively.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Casino revenue | $ | 33,119 |  |  | $ | 33,124 |  |  | $ | 65,163 |  |  | $ | 64,287 |
Non-casino revenue | 1,879 |  |  | 1,913 |  |  | 3,836 |  |  | 3,544 |
Net revenues | 34,998 |  |  | 35,037 |  |  | 68,999 |  |  | 67,831 |
Operating and SG&A expenses | 25,052 |  |  | 24,777 |  |  | 49,686 |  |  | 48,988 |
Depreciation & amortization expenses | 3,154 |  |  | 3,474 |  |  | 6,298 |  |  | 6,841 |
Pre-opening expenses | — |  |  | — |  |  | — |  |  | 54 |
Operating income | 6,792 |  |  | 6,786 |  |  | 13,015 |  |  | 11,948 |
Interest (expense) income, net | (1,073 | ) |  | (1,194 | ) |  | (2,181 | ) |  | (2,274 | )
Net income | $ | 5,719 |  |  | $ | 5,592 |  |  | $ | 10,834 |  |  | $ | 9,674 |
The Company's 50% share of MVG's results has been included in our accompanying condensed consolidated financial statements for the three and six months ended June 30, 2015 and 2014, as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Equity in gains of unconsolidated investments | $ | 2,859 |  |  | $ | 2,796 |  |  | $ | 5,417 |  |  | $ | 4,837 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=34726532&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 14 -Article 12 + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration