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TAXES | 6 Months Ended
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Jun. 30, 2012
TAXES |
TAXES |
NOTE 8. TAXES Income Taxes For the six months ended June 30, 2012 and 2011, the Company’s effective tax rates were 35.6% and 35.0%, respectively. The effective tax rate for the six months ended June 30, 2012 varied from the prior period because of the impact of the acquisition of the Riviera Black Hawk Casino (see NOTE 9) which pays Colorado state tax. All other items that impact the effective tax rate are generally consistent from year to year. Nevada Use Tax Refund Claims On March 27, 2008, the Nevada Supreme Court issued a decision in Sparks Nugget, Inc. vs. The State of Nevada Department of Taxation (the “Department”), holding that food purchased for subsequent use in the provision of complimentary and/or employee meals was exempt from use tax. As a result of this decision, refund claims were filed for use taxes paid, over the period April 1997 through March 2000 and the period February 2005 through June 2008, on food purchased for subsequent use in complimentary and employee meals at our Nevada casino property. We estimate the requested refund to be approximately $1.5 million, excluding interest. We have not recognized any of these refund amounts. In February 2012, the Department issued a policy directive, requesting that affected taxpayers begin collecting and remitting sales tax on complimentary meals and employee meals effective February 2012 and on June 25, 2012, the Nevada Tax Commission adopted regulations providing for a similar requirement, which regulations have not yet been made effective. As such we have accrued the resultant tax of $178 thousand for both the three and six month periods ended June 30, 2012. We believe this policy directive, and possibly, the new regulations, contradict the March 27, 2008 Nevada Supreme Court decision, and we believe each are being challenged by several affected parties.

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