Equity and Other Investments	6 Months Ended
May. 31, 2015
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Equity and Other Investments	Equity and Other Investments Hollywood Casino at Kansas Speedway Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn, as the managing member of Kansas Entertainment, is responsible for the operations of the casino. The Company has accounted for Kansas Entertainment as an equity investment in its financial statements as of May 31, 2014 and 2015. The Company's 50.0 percent portion of Kansas Entertainment’s net income is approximately $2.8 million and $4.5 million for the three months ended May 31, 2014 and 2015, respectively, and approximately $4.4 million and $7.7 million for the six months ended May 31, 2014 and 2015, respectively, and is included in income from equity investments in its consolidated statements of operations. Per the Development Agreement with the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified Government”), the casino is subject to a 1.0 percent of gross gaming revenue payment if it had not commenced construction on an adjacent hotel by the second anniversary of its opening, which was February 2014, for which the Unified Government provided certain extensions of the required commencement date. On April 6, 2015, Kansas Entertainment notified the Unified Government of its intentions to not commence construction of a hotel at this time. Kansas Entertainment will revisit this decision periodically. As a result of its decision to not move forward with a hotel by the deadline, Kansas Entertainment was subject to the 1.0 percent of gross gaming revenue payment, which was made in April 2015. Kansas Entertainment began accruing for this payment in February 2014. Included in the Company's income from equity investment amounts for the three months ended May 31, 2014 and 2015 is approximately $0.2 million and $0.2 million, expense, respectively, and for the six months ended May 31, 2014 and 2015 is approximately $0.2 million and $0.4 million, expense, respectively, related to this payment. The Company's share of this payment liability accrued from February 2014 through May 31, 2015 totaled approximately $0.9 million. Future payments will be made by Kansas Entertainment quarterly. If Kansas Entertainment does commence construction on a hotel in the future, the monthly 1.0 percent of gross gaming revenue payments would cease. Distributions from Kansas Entertainment for the six months ended May 31, 2015 totaling $13.5 million, consist of approximately $8.3 million received as a distribution from its profits, and is included in net cash provided by operating activities on the Company's statement of cash flows, and the remaining approximately $5.2 million received, was recognized as a return of capital from investing activities on the Company's statement of cash flows. Distributions from Kansas Entertainment for the six months ended May 31, 2014 totaling $10.0 million, consist of approximately $5.0 million received as a distribution from its profits, and is included in net cash provided by operating activities on the Company's statement of cash flows, and the remaining approximate $5.0 million received, was recognized as a return of capital from investing activities on the Company's statement of cash flows. Subsequent to May 31, 2015, the Company received an additional distribution of approximately $6.0 million. Staten Island Property On August 5, 2013, the Company announced that it sold its 676 acre parcel of property located in Staten Island, New York, to Staten Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and owner of the Staten Island property, for a total sales price of $80.0 million. In addition, the Company previously received approximately $4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the $80.0 million sales price. The Company received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining sales price was financed with the Company holding a secured mortgage interest in 380 Development as well as the underlying property. The mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement, the Company has received a principal payment of approximately $6.1 million plus interest on the mortgage balance through May 31, 2015, and will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the remaining mortgage balance is due quarterly, in arrears, and Marine Development is current with all payments through July 2015. Based on the level of Marine Development's initial investment at closing and continuing investment, the Company has accounted for the transaction using the cost recovery method and has deferred the recognition of profit of approximately $1.9 million, and interest totaling approximately $7.9 million at May 31, 2015, until the carrying amount of the property is recovered, which will not be until the final payment is made. Subsequent to May 31, 2015, the Company received a scheduled interest payment of approximately $1.2 million. The net proceeds from the sale, combined with the mortgage interest and related cash tax benefits, will provide the Company with approximately $118.0 million in incremental cash flow through the term of the mortgage.

Equity and Other Investments

Hollywood Casino at Kansas Speedway

Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn, as the managing member of Kansas Entertainment, is responsible for the operations of the casino.

The Company has accounted for Kansas Entertainment as an equity investment in its financial statements as of May 31, 2014 and 2015. The Company's 50.0 percent portion of Kansas Entertainment’s net income is approximately $2.8 million and $4.5 million for the three months ended May 31, 2014 and 2015, respectively, and approximately $4.4 million and $7.7 million for the six months ended May 31, 2014 and 2015, respectively, and is included in income from equity investments in its consolidated statements of operations.

Per the Development Agreement with the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified Government”), the casino is subject to a 1.0 percent of gross gaming revenue payment if it had not commenced construction on an adjacent hotel by the second anniversary of its opening, which was February 2014, for which the Unified Government provided certain extensions of the required commencement date. On April 6, 2015, Kansas Entertainment notified the Unified Government of its intentions to not commence construction of a hotel at this time. Kansas Entertainment will revisit this decision periodically.

As a result of its decision to not move forward with a hotel by the deadline, Kansas Entertainment was subject to the 1.0 percent of gross gaming revenue payment, which was made in April 2015. Kansas Entertainment began accruing for this payment in February 2014. Included in the Company's income from equity investment amounts for the three months ended May 31, 2014 and 2015 is approximately $0.2 million and $0.2 million, expense, respectively, and for the six months ended May 31, 2014 and 2015 is approximately $0.2 million and $0.4 million, expense, respectively, related to this payment. The Company's share of this payment liability accrued from February 2014 through May 31, 2015 totaled approximately $0.9 million. Future payments will be made by Kansas Entertainment quarterly. If Kansas Entertainment does commence construction on a hotel in the future, the monthly 1.0 percent of gross gaming revenue payments would cease.

Distributions from Kansas Entertainment for the six months ended May 31, 2015 totaling $13.5 million, consist of approximately $8.3 million received as a distribution from its profits, and is included in net cash provided by operating activities on the Company's statement of cash flows, and the remaining approximately $5.2 million received, was recognized as a return of capital from investing activities on the Company's statement of cash flows. Distributions from Kansas Entertainment for the six months ended May 31, 2014 totaling $10.0 million, consist of approximately $5.0 million received as a distribution from its profits, and is included in net cash provided by operating activities on the Company's statement of cash flows, and the remaining approximate $5.0 million received, was recognized as a return of capital from investing activities on the Company's statement of cash flows.

Subsequent to May 31, 2015, the Company received an additional distribution of approximately $6.0 million.

Staten Island Property

On August 5, 2013, the Company announced that it sold its 676 acre parcel of property located in Staten Island, New York, to Staten Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and owner of the Staten Island property, for a total sales price of $80.0 million. In addition, the Company previously received approximately $4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the $80.0 million sales price.

The Company received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining sales price was financed with the Company holding a secured mortgage interest in 380 Development as well as the underlying property. The mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement, the Company has received a principal payment of approximately $6.1 million plus interest on the mortgage balance through May 31, 2015, and will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the remaining mortgage balance is due quarterly, in arrears, and Marine Development is current with all payments through July 2015. Based on the level of Marine Development's initial investment at closing and continuing investment, the Company has accounted for the transaction using the cost recovery method and has deferred the recognition of profit of approximately $1.9 million, and interest totaling approximately $7.9 million at May 31, 2015, until the carrying amount of the property is recovered, which will not be until the final payment is made.

Subsequent to May 31, 2015, the Company received a scheduled interest payment of approximately $1.2 million.

The net proceeds from the sale, combined with the mortgage interest and related cash tax benefits, will provide the Company with approximately $118.0 million in incremental cash flow through the term of the mortgage.