XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Project Development Costs
3 Months Ended
Mar. 31, 2015
Project Development Costs [Abstract]  
Project Development Costs
Project Development Costs
    
Because of the uncertainty of the awarding of a Gaming Facility License in such a competitive environment, all costs incurred for the Casino Project as part of the proposed Gaming Facility will be expensed until we are awarded a Gaming Facility License. Although we were selected on December 17, 2014 by the Siting Board to apply to the NYSGC for a Gaming Facility License, it is not certain that we will obtain a Gaming Facility License necessary for the Casino Project.

Our total assets include approximately $46.7 million of remaining net proceeds available from the January 2015 Rights Offering (as defined and discussed in Note A above) which are presented on the balance sheet as a non-current asset. The proceeds of the January 2015 Rights Offering, which were approximately $49.5 million, may be used solely to pay for the expenses relating to the pursuit of a Gaming Facility License for the Casino Project and for development purposes. Of this amount, approximately $2.8 million has been spent in the three months ended March 31, 2015 for this purpose. If the Company is not awarded a Gaming Facility License, the remaining portion of the proceeds of the January 2015 Rights Offering will be used in its on-going operations.

For the three months ended March 31, 2015, total Casino Project development costs incurred were approximately $2.4 million and consisted of $566,000 in legal, construction manager costs, consultants and other professional services, $1.1 million of non-refundable payments pertaining to the Option Agreement with EPR, and $732,000 in architectural and engineering fees.

For the three months ending March 31, 2014, total Casino Project development costs expensed were approximately $1.6 million and consisted of $493,000 in architectural fees, $150,000 in legal, $178,000 in consultants and other professional services, and $750,000 of non-refundable payments pertaining to the Option Agreement with EPR.