Note 4 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2022			2021
Federal tax (benefit) expense at statutory rates	$	2,149,300		$	3,317,500
Nondeductible lobbying expense		10,200			11,300
State expense, net of federal impact		753,500			747,700
Stock option expense		(78,600	)		15,400
Long term incentive and restricted stock unit expense		(9,600	)		(600	)
Other		(103,000	)		(91,900	)
	$	2,721,800		$	3,999,400

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2022			2021
Current
Federal	$	2,010,700		$	3,228,800
State		908,100			447,300
		2,918,800			3,676,100
Deferred, Federal		(242,700	)		(175,800	)
Deferred, State		45,700			499,100
	$	2,721,800		$	3,999,400

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2022			2021
Deferred tax assets:
Vacation accrual	$	67,600		$	60,500
Player rewards program accrual		120,100			112,200
Stock options		118,700			149,000
Long-Term Incentive Plan		—			38,100
Lease obligations		—			13,200
Other		5,785			5,685
Net deferred tax assets		312,185			378,685
Deferred tax liabilities:
Land, building and equipment - cost and depreciation		(4,202,800	)		(4,341,400	)
Investment in joint ventures		(2,866,400	)		(3,202,500	)
Prepaid expenses		(144,100	)		(125,500	)
TIF receivable accrued interest		(572,900	)		(380,300	)
Net deferred tax liabilities		(7,786,200	)		(8,049,700	)
Net long-term deferred tax liabilities	$	(7,474,015	)	$	(7,671,015	)