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Century Downs Racetrack And Casino | 6 Months Ended
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Jun. 30, 2015
Century Downs Racetrack And Casino [Abstract] |
Century Downs Racetrack And Casino | 3.CENTURY DOWNS RACETRACK AND CASINO In November 2012, the Company’s subsidiary CCE signed credit and management agreements with CDR in connection with the development of a REC project in Balzac, north metropolitan area of Calgary, Alberta, Canada, which the Company operate s as Century Downs Racetrack and Casino. On November 29, 2013, CCE and CDR amended the credit agreement. Under the amended credit agreement with CDR, CCE acquired 15% of CDR, controls the CDR board of directors and manages the development and operation of the REC project and had the right to convert CAD 11 million of the amounts loan ed to CDR into an additional ownership position in CDR of up to 60%. As of November 29, 2013, the Company began consolidating CDR as a minority owned subsidiary for which it has a controlling financial interest and, as a result, the loans between CDR and CCE are considered an intercompany transaction and eliminated upon consolidation. On March 20, 2015, CCE converted CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR. As of March 20, 2015, the Company, through its subsidiary, CCE, had a 75% ownership interest in CDR. Unaffiliated shareholders own the remaining 2 5% of CDR. The Company accounts for and reports the remaining 25% CDR ownership interest as a non-controlling financial interest. The REC project has the only horse race track in the Calgary area and consist s of a 5.5 furlongs (0.7 mile) racetrack, a gaming floor with 550 slot machines, a bar, a lounge, restaurant facilities, an off-track-betting area and an entertainment area. The Alberta Gaming and Liquor Commission (“AGLC”) and HRA ha ve issued license s to the REC. The casino at the REC opened on April 1, 2015, and the racing season began on April 25, 2015. Contingent Liability In February 2013, 1369454 Alberta Ltd. filed a lawsuit against CDR for previously owed money not paid by CDR. The case was settled in April 2013, and CDR issued a promissory note to pay 1369454 Alberta Ltd. CAD 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2015). The promissory note was paid and the contingent liability was removed from the condensed consolidated balance sheets on April 2, 2015. Restricted Cash The Company’s subsidiary CCE loaned $0.2 million to CDR in December 2013 to pay outstanding Canadian federal tax owed by CDR. The unsecured note was paid on December 4, 2014 and ha d a 4% interest rate. The note w as paid following the release of $0.2 million of restricted cash from escrow held with a third party in connection with CDR’s land lease in December 2014. Equity Conversion On March 20, 2015, CCE converted CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR. As a result of the conversion, the Company recognized $0.6 million in additional paid-in capital and $0.1 million in accumulated other comprehensive income that was previously attributed to non-controlling interest. Distribution to Non-Controlling Interest CDR has an agreement with its non-controlling shareholders to distribute any funds received by CDR related to infrastructure built during the development of the REC project. After CCE’s conversion of CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR, all funds received related to the infrastructure are distributed to CDR’s non-controlling shareholders as stated in the Credit Agreement between CCE and CDR. During the quarter ended June 30, 2015, the Company distributed $0.5 million related to the infrastructure to CDR’s non-controlling shareholders.

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