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INVESTMENT IN NEW MEADOWLANDS RACETRACK
3 Months Ended
Dec. 28, 2013
Disclosure Text Block Supplement [Abstract]  
Cost and Equity Method Investments Disclosure [Text Block]

6. INVESTMENT IN NEW MEADOWLANDS RACETRACK


On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR. On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6%. This investment has been accounted for based on the cost method and is included in Other Assets in the accompanying Consolidated Condensed Balance Sheets at December 28, 2013 and September 28, 2013. The Company periodically reviews its investments for impairment. If the Company determines that an other-than-temporary impairment has occurred, it will write-down the investment to its fair value. No indication of impairment was noted as of December 28, 2013.


In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR to provide food and beverage management services for the new racing facilities constructed at the Meadowlands Racetrack in northern New Jersey. Despite the ownership percentage the company only participates in 5% of the profits and has no capital at risk. At December 28, 2013, it was determined that this entity is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE.


Our maximum exposure to loss as a result of our involvement with AM VIE is limited to our receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $321,000 at December 28, 2013 and is included in Prepaid Expenses and Other Current Assets in the Consolidated Condensed Balance Sheet.