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SUBSEQUENT EVENT | 12 Months Ended
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Dec. 31, 2019
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | 14. SUBSEQUENT EVENTS As a precautionary measure against the ongoing spread of COVID-19 (coronavirus), various state governments ordered the temporary closure of all casinos in their respective states. Accordingly, Rising Star Casino Resort temporarily suspended operations on March 16, 2020, Silver Slipper Casino and Hotel temporarily suspended operations on March 17, 2020, Bronco Billy’s Casino and Hotel temporarily suspended operations on March 17, 2020, and Grand Lodge Casino and Stockman’s Casino temporarily suspended operations on March 18, 2020. While these closures are expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on our business operations, including the duration and impact on overall customer demand, the timing of the reopening of our casinos, new information which may emerge concerning the severity of the coronavirus, and the actions to contain the coronavirus or treat its impact, among others, cannot be reasonably estimated at this time and we anticipate this could have a material adverse impact on our business, results of operations, financial position and cash flows. Because we operate in several different jurisdictions, some of our casinos may be permitted to reopen prior to others. The Company will work diligently to reopen its casinos as soon as it is permitted to do so, subject to management’s discretion to voluntarily extend such closures. We currently believe that, through our approximately $28.9 million of cash and equivalents as of December 31, 2019, we have the liquidity necessary to sustain closure for a period of time that extends beyond the currently-mandated closure periods. Additionally, as of December 31, 2019, we had $1.0 million of restricted cash. In March 2020, such cash was no longer categorized as restricted, as the Company was approved for its “master license” for sports betting by the Colorado Limited Gaming Control Commission on March 19, 2020. To preserve liquidity, upon the temporary closure of our properties in March 2020, we significantly reduced staffing levels at each of our properties and at our corporate office to a small group of essential employees. We also recently elected to pause construction of the Phase One parking garage at Bronco Billy’s, allowing us to use the cash designated for such construction to provide the Company with additional liquidity until our casinos are permitted to reopen. No assurance can be given that, should the casino closures extend for a prolonged period and require us to seek additional liquidity, we will be able to successfully raise additional funds through either the issuance of new debt or new equity or the sale of assets. As stated above, the Company will work diligently to reopen its casinos as soon as it is permitted to do so. Because we operate in several different jurisdictions, some of our casinos may be permitted to reopen prior to others.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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