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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Gregg Polle, a former director of the Company, accepted a new position at another firm, which requested that he not serve on the board of a public company. As a result, he stepped down from the Board effective July 17, 2019. Upon Mr. Polle's resignation, to ensure the Board continued to be composed of a majority of independent directors pursuant to the listing rules of The Nasdaq Stock Market, Ryan Eller, the Company’s President and Chief Executive Officer, resigned from his position as a director of the Company, effective on the same day. Mr. Eller is continuing to serve as the President and Chief Executive Officer of the Company. Edmund Marinucci, a director of the Company, was appointed to the Audit Committee of the Board to fill the vacancy created on that committee by Mr. Polle’s resignation.
On July 25, 2019, the Company announced that the Special Committee of the Board had received the Kien Huat 13D Letter.  The Kien Huat 13D Letter indicated that Kien Huat did not intend to provide further equity or debt financing to the Company beyond its obligations under the Kien Huat Preferred Stock Commitment Letter while the Company remains a public company. The Kien Huat 13D Letter further indicated, among other things, Kien Huat's willingness to entertain an invitation from the Company to acquire all outstanding equity of the Company not already owned by Kien Huat. Subsequently, on August 5, 2019, the Special Committee of the Board received from Kien Huat and Genting Malaysia Berhad the Proposal Letter. Pursuant to the Proposal Letter, Kien Huat and Genting Malaysia submitted a non-binding proposal to acquire all outstanding equity of the Company not already owned by Kien Huat or its affiliates for $9.74 per share of common stock, with each share of the Company’s Series B preferred stock receiving the same consideration on an as-converted basis. The Special Committee of the Board is considering the Kien Huat 13D Letter and the Proposal Letter and any response thereto in connection with its ongoing review of strategic alternatives.
On July 31, 2019, the Company certified to its lenders, pursuant to the requirements of the Term Loan Agreement, the completion of the Casino and The Alder during July 2019.
On July 31, 2019, the Company entered into a new interest rate cap agreement with Credit Suisse AG, International to limit its exposure to increases in interest rates on its Term B Loan (as defined in Note G) from July 31, 2019 through July 31, 2020. The Company paid $102,000 for the Interest Rate Cap. The cost of the Interest Rate Cap will be amortized over its term as interest expense.