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Investments | 12 Months Ended
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Dec. 31, 2016
Investments [Abstract] |
Investments | 4.INVESTMENTS ﻿ Mendoza Central Entretenimientos S.A. On October 31, 2014, CCE entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CCE purchased 7.5% of the shares of MCE, a company formed in Argentina, for $1.0 million. Pursuant to the MCE Agreement, CCE is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina, and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CCE has appointed one director to MCE’s board of directors and has the right to appoint additional directors to MCE’s board of directors based on its ownership percentage of MCE. In addition, CCE has a three-year option exercisable until October 31, 2017 to purchase up to 50% of the shares of MCE. The option can be exercised by CCE in tranches of shares, with each tranche representing not less than ten percent of the total outstanding shares of MCE. The exercise price of the shares is based upon the value of MCE at the time the option is exercised, which value is determined by the EBITDA of MCE for 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 MCE’s debt with Magnus Argentina, plus current financial assets (cash and banks, receivables and commercial credits of MCE. There are no conditions that limit CCE’s ability to exercise this option. CCE has not exercised any options to purchase shares of MCE. The Company accounts for the $1.0 million investment in MCE using the cost method. ﻿ Acquisition costs of $0.2 million were incurred for the year ended December 31, 2014 in connection with the MCE investment. These costs include legal and accounting fees and were recorded as general and administrative expenses in the Corporate and Other segment. ﻿ Century Bets! Inc. On January 6, 2015, CCE, together with RMTC, formed a new subsidiary, CBS, to operate the pari-mutuel off-track betting network in southern Alberta. CCE has a 75% ownership interest in CBS and RMTC has a 25% ownership interest in CBS. CCE has appointed three of the four directors on the board of directors of CBS. The Company accounts for and reports its 75% interest in CBS as a controlling financial interest and the 25% ownership interest of RMTC in CBS as a non-controlling financial interest. ﻿ Acquisition costs of less than $0.1 million were incurred in the year ended December 31, 2014 in connection with forming CBS. These costs include legal fees and were recorded as general and administrative expenses in the Canada segment. ﻿ ﻿

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