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Note 19. Subsequent Event | 3 Months Ended
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Mar. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | Note 19. Subsequent Event On April 24, 2014, Lakes entered into Amendment No. 1 to the Subordination and Intercreditor Agreement (“Amended Intercreditor Agreement”) with Penn National and the Jamul Tribe relating to monies Lakes had previously advanced to the Jamul Tribe for the development of a gaming facility on the Jamul Tribe’s trust land in San Diego County, California. The Amended Intercreditor Agreement gives Penn National the right to refinance the senior debt, provided that the outstanding senior debt does not exceed $400.0 million and the maturity date is not extended beyond seven years after the opening of the gaming facility. If the senior debt is not repaid within such seven year period, Lakes will have the right to receive up to $1.5 million in principal payments per quarter. The Jamul Tribe’s current debt of $60.0 million owed to Lakes will continue to be subordinate to the senior debt until such financing is paid in full, but current interest on the subordinated debt will be paid to Lakes on a quarterly basis when the Penn National casino opens, so long as there is no default under the senior financing agreement. When the senior financing is paid in full, Lakes will receive repayment of its outstanding principal and interest. Also on April 24, 2014, Lakes, Penn National and the Jamul Tribe entered into a Modification Agreement (“Modification Agreement”) which modifies the promissory notes previously executed by the Jamul Tribe in favor of Lakes. The Modification Agreement provides that if the senior debt is not repaid within seven years after the opening of the casino, the Jamul Tribe will make principal payments, towards the current $60.0 million of debt owed to Lakes, in an amount of up to $1.5 million per quarter based on a formula of cash availability. The Modification Agreement also provides that when the senior debt is repaid in full, the Jamul Tribe will make principal payments with 80% of the casino’s excess cash based on a formula of cash availability.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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