<SEC-DOCUMENT>0000911147-15-000077.txt : 20160120
<SEC-HEADER>0000911147-15-000077.hdr.sgml : 20160120
<ACCEPTANCE-DATETIME>20151214181724
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000911147-15-000077
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTURY CASINOS INC /CO/
		CENTRAL INDEX KEY:			0000911147
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				841271317
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		455 E. PIKES PEAK AVE
		STREET 2:		SUITE 210
		CITY:			COLORADO SPRINGS
		STATE:			CO
		ZIP:			80903
		BUSINESS PHONE:		719-527-8300

	MAIL ADDRESS:	
		STREET 1:		455 E. PIKES PEAK AVE
		STREET 2:		SUITE 210
		CITY:			COLORADO SPRINGS
		STATE:			CO
		ZIP:			80903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTURY CASINOS INC
		DATE OF NAME CHANGE:	19940802

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GAMING INC
		DATE OF NAME CHANGE:	19930824
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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		<title>
			Correspondance 12.01.2015
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			<a name="_GoBack"></a><font style="display: inline;font-family:Arial;font-size:10pt;"><img src="c147-20151214correspg001.jpg" style="width: 1.558333in; height: 0.9083334in" alt="Picture 13"></font><font style="display: inline;font-family:Arial;font-size:10pt;"></font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-indent: -135pt;text-align:right;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">December </font><font style="display: inline;font-family:Arial;font-size:10pt;">14</font><font style="display: inline;font-family:Arial;font-size:10pt;">, 2015</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-indent: -135pt;text-align:right;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;">Via </font><font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;">EDGAR</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Shannon Sobotka</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Staff Accountant</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Office of Real Estate &amp; Commodities</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Securities and Exchange Commission</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Divi</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;">ion of Corporation Finance</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">100 F Street, N.E.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Washington, D.C. 20549</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Re: Century Casinos, Inc. (File No. 000-22900)</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Form 10-K for the year ended December 31, 2014</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Dear Ms. Sobotka:</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">On behalf of Century Casinos, Inc. </font><font style="display: inline;font-family:Arial;font-size:10pt;">(</font><font style="display: inline;font-family:Arial;font-size:10pt;">the &#x201C;Company&#x201D;), the following responses are provided to the comments submitted to </font><font style="display: inline;font-family:Arial;font-size:10pt;">the Company</font><font style="display: inline;font-family:Arial;font-size:10pt;"> by the staff of the Securities and Exchange Commission (the &#x201C;Staff&#x201D;) in a letter dated December 1, 2015 (the &#x201C;Letter&#x201D;) relating to </font><font style="display: inline;font-family:Arial;font-size:10pt;">the Company&#x2019;s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Form 10-K for the year ended December 31, 2014 (the &#x201C;2014 Form 10-K&#x201D;). The responses are keyed to the number of the comments in the Letter</font><font style="display: inline;font-family:Arial;font-size:10pt;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;"> which are restated below in italics for convenient reference.</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;">Form 10-K for the Year Ended December 31, 2014</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;">Note 3. Acquisitions</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;">Mendoza Central Entretenimientos S.A., page F22</font>
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			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">We note that you have a three year option to purchase up to 50% of the shares of MCE. Please tell us the terms of the option, including the exercise price and whether any conditions limit your ability to exercise the option.</font></p></td></tr></table></div>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Response: </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">T</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he terms of the Company&#x2019;s option to purchase up to 50% of the shares of MCE are as follows:</font>
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		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The option is open for a period of three years from the closing date of October 31, 2014.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The option can be exercised by the Company in tranches of shares representing each tranche not less than ten percent of the total outstanding shares of MCE.</font></p></td></tr></table></div>
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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;"></font>
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		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">exercise </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">price of the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shares is based upon</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the value of MCE </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">at </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> time the option is exercised, which</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> value is determined by the earnings before interest, taxes, depreciation and amortization of MCE </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">for</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the immediate past four full calendar quarters multiplied by five less any outstanding debt of MCE, including but not limited to lease payments to slot machine suppliers, but excluding the debt of MCE with Magnus Argentina, plus current financial assets</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (cash and banks, receivables and commercial credits of MCE).</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> The Company estimates that the purchase price for the additional 42.5% of the shares of MCE would currently be approximately $7 million.</font></p></td></tr></table></div>
		<p style="margin:2pt 0pt 0pt 36pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">There</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> are no conditions that limit </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the Company&#x2019;s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> ability to exercise this option.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> In future filings, the Company will include additional disclosure regarding the terms of the option.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">We note that you own 7.5% of MCE and have an option to acquire additional shares. You also have the right to appoint one director to MCE&#x2019;s board of directors. Further, through a Consulting Service Agreement, you advise MCE and receive both a fixed fee and a percentage of MCE&#x2019;s EBITDA. Please provide us with your analysis of whether MCE is a variable interest entity and whether you are the primary beneficiary.</font></p></td></tr></table></div>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Response: </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In response to the S</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">taff&#x2019;s comment</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the Company&#x2019;s variab</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">le interest analysis of MCE and whether the Company is the primary beneficiary of MCE is presented below.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> The Company has concluded that MCE is a variable interest entity</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (&#x201C;VIE&#x201D;)</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> as defined by Accounting Standard Codification (&#x201C;ASC&#x201D;) 810-10 but that the Company is not the primary beneficiary as discussed below.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Company used the Variable Interest Model </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> determin</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">e</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> whether MCE was a VIE. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Company concluded that MCE is a VIE </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">because</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the total equity investment at risk is not sufficient to permit </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">MCE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to finance its activities without additional subordinated financial support.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In determining </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">whether</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the Company should consolidate </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">MCE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> under the guidance found in the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">VIE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> subsections of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ASC 810-10</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the Company</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> performed the following analysis</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. &nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">A reporting entity with a variable interest</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in a VIE shall assess whether the reporting entity has a controlling financial interest in the VIE and, thus, is the VIE&#x2019;s primary beneficiary. A reporting entity shall be deemed to have a controlling financial interest in a VIE if it has both of the following characteristics:</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:22pt;"><p style="width:22pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;"> a.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The power to direct the activities of a </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">VIE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> that most significantly impact the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">VIE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019;s economic performance</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:22pt;"><p style="width:22pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;"> b.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The obligation to absorb the expected losses of the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">VIE that could potentially be significant to the VIE or</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;t</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he right to r</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">eceive benefits from the VIE that could potentially be significant to the VIE&#x2019;s economic performance</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Company has concluded that the activities of MCE that most significantly impact </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">MCE&#x2019;s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> economic performance are </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">its</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> everyday operations, which are controlled by the board of directors. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">MCE&#x2019;s board of directors </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">consists</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> of five directors, of which one has been appointed by the Company. In order for a board decision to be validly adopted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the vote of at least three directors</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> generally is required</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. &nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Certain other decisions require the affirmative vote of the Company or the Company&#x2019;s director. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Company has the right to approve or disapprove </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the annual budget for operations only if it deviates from the prior year by more than </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">20%</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> or if it requires a working capital contribution from shareholders. If no annual budget is </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ap</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">proved</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the budget is based on the prior year&#x2019;s budget with spending levels not exceeding 110%</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> of the prior year&#x2019;s annual budget.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> The Company </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">has </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">conclude</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">d</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> that MCE could continue operating activities without the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Company&#x2019;s </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">approval </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">of the annual budget </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and has determined that this </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">right </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">does not give the Company the ability to significantly impact </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">MCE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019;s economic performance.</font>
		</p>
		<p style="margin:2pt 0pt 0pt 40.5pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;">Additional decisions requiring an affirmative vote by the </font><font style="display: inline;font-family:Arial;font-size:10pt;">Company </font><font style="display: inline;font-family:Arial;font-size:10pt;">include asset disposition</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> in excess of $25,000 in aggregate at any given time, liquidation</font><font style="display: inline;font-family:Arial;font-size:10pt;"> or dissolution</font><font style="display: inline;font-family:Arial;font-size:10pt;"> of MCE, additional investments and acquisitions in excess of $2,500,000, and incurring additional debt in excess of $200,000 in aggregate at any given time. The Company</font><font style="display: inline;font-family:Arial;font-size:10pt;"> has</font><font style="display: inline;font-family:Arial;font-size:10pt;"> conclude</font><font style="display: inline;font-family:Arial;font-size:10pt;">d</font><font style="display: inline;font-family:Arial;font-size:10pt;"> that these</font><font style="display: inline;font-family:Arial;font-size:10pt;"> decisions do not relate to</font><font style="display: inline;font-family:Arial;font-size:10pt;"> the ever</font><font style="display: inline;font-family:Arial;font-size:10pt;">y</font><font style="display: inline;font-family:Arial;font-size:10pt;">day </font><font style="display: inline;font-family:Arial;font-size:10pt;">operations of</font><font style="display: inline;font-family:Arial;font-size:10pt;"> MCE.</font>
		</p>
		<p style="margin:2pt 0pt 0pt 40.5pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">The Company&#x2019;s Consulting Service Agreement is to advise MCE on casino matters such as architectural planning, operations, marketing, customer relations and reporting. Under the terms of the agreement</font><font style="display: inline;font-family:Arial;font-size:10pt;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;"> MCE </font><font style="display: inline;font-family:Arial;font-size:10pt;">may </font><font style="display: inline;font-family:Arial;font-size:10pt;">hire the Company on a non-exclusive basis when MCE requests such services. As such, the Company has determined that control is not established through the </font><font style="display: inline;font-family:Arial;font-size:10pt;">C</font><font style="display: inline;font-family:Arial;font-size:10pt;">onsulting </font><font style="display: inline;font-family:Arial;font-size:10pt;">Service A</font><font style="display: inline;font-family:Arial;font-size:10pt;">greement </font><font style="display: inline;font-family:Arial;font-size:10pt;">because</font><font style="display: inline;font-family:Arial;font-size:10pt;"> MCE may go elsewhere for consultation</font><font style="display: inline;font-family:Arial;font-size:10pt;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;"> may proceed without consulting </font><font style="display: inline;font-family:Arial;font-size:10pt;">with the Company</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">at all </font><font style="display: inline;font-family:Arial;font-size:10pt;">or may proceed in a manner </font><font style="display: inline;font-family:Arial;font-size:10pt;">that differs</font><font style="display: inline;font-family:Arial;font-size:10pt;"> from the Company&#x2019;s </font><font style="display: inline;font-family:Arial;font-size:10pt;">advice or </font><font style="display: inline;font-family:Arial;font-size:10pt;">consultation.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Based on this analysis, </font><font style="display: inline;font-family:Arial;font-size:10pt;">under which the Company concluded that it does not have the power to direct the activities of MCE that most significantly impact MCE&#x2019;s economic performance, </font><font style="display: inline;font-family:Arial;font-size:10pt;">the Company determined that the Company is not the primary beneficiary of MCE.</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;text-decoration:underline;">Note 4. Property and Equipment, page F22</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
				<font style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt;margin:2pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Please tell us your capitaliz</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">a</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">tion policy as it relates to construction/development costs including interest, salaries and G&amp;A, real estate taxes and any other significant amounts that are capitalized during the pre-acquisition phase and the construction phase. Include within your response the periods of capitalization and a discussion of when the capitalization period ends.</font></p></td></tr></table></div>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:2pt 0pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Response:</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Company&#x2019;s policy regarding capitalization relating to construction/development costs follows ASC 360-10. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">During the pre-acquisition and construction phases</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">expenditures related directly to acquisition</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> construction</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> or development of the project</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> are capitalized</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. Th</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ese</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> cost</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> include </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">interest, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">materials, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">salaries and other </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">labor and overhead</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and other general and administrative costs</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> incurred during construction, and fees, such as architect&#x2019;s </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">fees </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and building permits. Capitalization of interest costs</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> salaries and other</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> labor and overhead</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and other </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">general and administrative costs </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">cease when the project is substantially complete or development activity is suspended for more than</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> a brief period of time.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In connection with responding to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the Staff&#x2019;s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> comments, the Company acknowledges that:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;line-height:115%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">T</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:115%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">S</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">taff comments or changes to disclosure</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in response to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">S</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">taff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;line-height:115%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;line-height:115%;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">T</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he Company may not assert </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">S</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">taff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">If you require additional information, please contact the undersigned or </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Brianna Kadera, Financial Reporting Manager, at (719) 527-8300.</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Sincerely,</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">/s/ Margaret Stapleton</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Margaret Stapleton</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Executive Vice President and Principal Financial/Accounting Officer</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
