Other Commitments And Contingencies
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12 Months Ended |
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Dec. 31, 2012
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Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2012, the Company had 11 entertainment development projects under construction for which it has commitments to fund approximately $61.3 million of additional improvements, one education development project under construction for which is has commitments to fund approximately $7.3 million of additional improvements and two recreation development projects under construction for which it has commitments to fund approximately $13.9 million. These costs are expected to be funded in 2013. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreements, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of December 31, 2012, the Company had eight mortgage notes receivable with commitments totaling approximately $38.8 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. The Company has provided guarantees of the payment of certain economic development revenue bonds totaling $34.8 million related to four theatres in Louisiana for which the Company earns a fee at an annual rate of 1.75% to 4.00% over the 30 year terms of the related bonds. The Company has recorded $11.2 million as a deferred asset included in other assets and $11.2 million included in other liabilities in the accompanying consolidated balance sheet as of December 31, 2012 related to these guarantees. No amounts have been accrued as a loss contingency related to these guarantees because payment by the Company is not probable. The Company is involved in litigation with Louis Cappelli, Concord Associates, L.P. and certain of their affiliates regarding the Sullivan County planned casino and resort development. See Note 8 for further details. |