Note 6. Gaming License (Licensing Agreements [Member])

3 Months Ended

Mar. 30, 2014

Licensing Agreements [Member]

Note 6. Gaming License [Line Items]

Intangible Assets Disclosure [Text Block]

6. Gaming License

In April 2012, the State of Maryland Video Lottery Facility Location Commission awarded a video lottery operation license (“Gaming License”) to the Company for the Rocky Gap Lodge & Golf Resort (“Rocky Gap”). In August 2012, Lakes acquired the assets of Rocky Gap for $6.8 million which included a hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland. In connection with the acquisition of Rocky Gap, the Company entered into an operating lease for the underlying land (see note 16, Commitments and Contingencies).

After acquiring Rocky Gap, the Company converted the then-existing convention center into a gaming facility and renamed the property Rocky Gap Casino Resort. The gaming facility opened to the public on May 22, 2013 and features 558 video lottery terminals (“VLTs”), 15 table games including poker, a casino bar and a lobby food and beverage outlet. The AAA Four Diamond Award® winning resort includes a newly constructed event and conference center that opened during the fourth quarter of 2013, which is able to accommodate large groups and features multiple flexible use meeting rooms. The total cost of the Rocky Gap project was approximately $35.0 million, which included the initial acquisition cost.

Amortization of the Gaming License began on May 22, 2013, the date the gaming facility opened for public play and is being amortized over its 15 year term. Amortization expense related to the Gaming License was less than $0.1 million and zero for the three months ended March 30, 2014 and March 31, 2013, respectively.

Information with respect to the Gaming License is as follows (in thousands):

	March 30, 2014			December 29, 2013
Original cost	$	2,100		$	2,100
Accumulated amortization		(120	)		(85	)
	$	1,980		$	2,015