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Long-Term Debt | 12 Months Ended
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Dec. 31, 2013
Long-Term Debt [Abstract] |
Long-Term Debt | 6.LONG-TERM DEBT Long-term debt at December 31, 2013 and 2012 consisted of the following:
| December 31, |  | December 31,
Amounts in thousands | 2013 |  | 2012
Credit agreement - Bank of Montreal | $ 9,277 |  | $ 3,564
Credit agreement - Casinos Poland | 4,798 |  | 0
Credit facilities - Casinos Poland | 1,447 |  | 0
Capital leases - Casinos Poland | 207 |  | 0
Financing obligation - UHA land lease | 18,330 |  | 0
Total long-term debt | $ 34,059 |  | 3,564
Less current portion | (4,195) |  | (372)
Long-term portion | $ 29,864 |  | $ 3,192
As of December 31, 2013, scheduled maturities related to long-term debt are as follows:
Amounts in thousands |
2014 | $ 4,195
2015 | $ 2,714
2016 | $ 2,645
2017 | $ 1,034
2018 | $ 1,034
Thereafter | $ 22,437
Total | $ 34,059
The consolidated weighted average interest rate on all Company debt was 7.0% for the year ended December 31, 2013. The Company pays a floating interest rate on its borrowings under the BMO Credit Agreement and the current interest rate is approximately 3.75%. The Company pays a weighted average interest rate of 6.49% on its borrowings under the CPL loan agreements. The weighted average interest rate on all Company debt is higher than the 4.0% interest rate of the BMO Credit Agreement and the weighted average interest of 6.49% on the CPL loan agreements because the Company began paying an implicit interest rate of 10.0% on debt related to the UHA financing obligation. Credit Agreement – Bank of Montreal On May 23, 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal. On May 23, 2012, the Company borrowed CAD 3.7 million from the BMO Credit Agreement to repay the Company’s mortgage loan related to the Edmonton property. The Company can also use the proceeds to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. The BMO Credit Agreement has a term of five years and is guaranteed by the Company. On February 21, 2013, the Company borrowed an additional CAD 7.3 million to pay for the additional 33.3% investment in CPL (Note 3). The shares of the Company’s subsidiaries in Edmonton and Calgary are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of financial covenants applicable to the Canadian subsidiaries, in addition to covenants restricting their incurrence of additional debt. The Company was in compliance with all covenants of the BMO Credit Agreement as of December 31, 2013 and through the date of filing. As of December 31, 2013, the amount outstanding was $9.3 million and the Company had approximately CAD 17.0 million (approximately $16.0 million based on the exchange rate in effect on December 31, 2013) available under the BMO Credit Agreement. The CAD 11.0 million the Company has borrowed cannot be re-borrowed once it is repaid. Amortization expenses relating to deferred financing charges were $0.1 million for the period ended December 31, 2013 and $0.2 million for the period ended December 31, 2012. These costs are included in interest expense in the consolidated statements of earnings. The Company has a committed term sheet from BMO for additional financing of the REC project. The Company’s 15% ownership interest in UHA is pledged as collateral for the loan. Casinos Poland Through the CPL acquisition, the Company assumed additional debt that totaled $6.5 million as of December 31, 2013. The debt includes two bank loans, two bank lines of credit and eleven capital lease agreements. The first bank loan is with BRE Bank. CPL entered into the 2.5 year term loan in November 2013 at an interest rate of Warsaw Interbank Offered Rate (“WIBOR”) plus 1.75%. Proceeds from the loan were used to repay the balance of the Bank Pocztowy loan related to the CPL properties, invest in slot equipment and relocate the Company’s Poznan, Poland casino. As of December 31, 2013, the amount outstanding was $4.0 million, and CPL had no further borrowing availability under the loan. The loan matures in November 201 6. The BRE Bank loan agreement contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank agreement as of December 31, 2013 and through the date of filing. The second bank loan is also with BRE Bank. CPL entered into the 2-year term loan at an interest rate of WIBOR plus 2.5%. Proceeds from the loan were used to finance current operations. As of December 31, 2013, the amount outstanding was $0.8 million, and CPL had no further borrowing availability under the loan. The BRE Bank loan matures in September 2014. The BRE Bank loan agreement contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank agreement as of December 31, 2013 and through the date of filing. The two bank lines of credit are short-term facilities. CPL used both lines of credit to finance current operations. The first line of credit is with BRE Bank, which is a short-term revolving credit facility renewed on a yearly basis. The last renewal was effective in February 2013 at an interest rate of WIBOR plus 2.0%. As of December 31, 2013, the amount outstanding was $0.1 million and CPL had no availability under the agreement. The BRE Bank facility contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank line of credit as of December 31, 2013 and through the date of filing. The second line of credit is with BPH Bank, which also is a short-term revolving credit facility with an interest rate of WIBOR plus 1.95%. As of December 31, 2013, the amount outstanding was $1.4 million and CPL has approximately $0.2 million available under the agreement. The BPH Bank facility contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BPH Bank line of credit as of December 31, 2013 and through the date of filing. CPL’s remaining debt consists of eleven capital lease agreements. The lease agreements are for various vehicles that are replaced on an ongoing basis. As of December 31, 2013, the amount outstanding was $0.2 million. UHA Prior to the Company’s acquisition, UHA purchased various plots of land on which to build the REC project. UHA sold a portion of this land consisting of 71.99 acres to Rosebridge. UHA then entered into an agreement with Rosebridge to leas e back 51.99 acres of the land. The Company began accounting for the lease using the financing method as of the date of acquisition. Under the financing method, the Company accounts for the land subject to lease as an asset and the lease payments as interest on the financing obligation. As of December 31, 2013, the outstanding balance on the financing obligation was $18.3 million and the implicit interest rate was 10%.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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