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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Derivative Assets at Fair Value [Table Text Block]

The fair value of the derivative liabilities and asset was determined using a Monte Carlo simulation valuation approach with the following assumptions:



	June 30, 2019		December 31, 2018
	Derivative Liability - bet365	Contingent forward contract - bet365	Derivative Liability - bet365	Contingent forward contract - bet365
Equity value	$23.94	$23.94	$29.48	$29.48
Strike price	$20.00	$19.15	$20.00	$20.00
Expected term	2.83 years	2.51 years	3.46 years	3.13 years
Volatility	63%	65%	61%	62%
Risk-free rate	1.7%	1.7%	2.9%	2.9%
Dividend yield	—	—	—	—

The following table provides a roll forward of the aggregate fair values of the Company’s derivative liabilities and asset, for which fair value is determined using Level 3 inputs (in thousands):



	June 30, 2019
	Derivative Liability - bet365	Contingent forward contract -bet365
Balance as of December 31, 2018	$(879)	$1,865
Change in fair value	$(98)	$(1,366)
Balance as of June 30, 2019	$(977)	$499

Schedule of Derivative Instruments [Table Text Block]

The fair value of the derivative liability was determined using a Black Scholes valuation approach with the following assumptions:



	June 30, 2019	December 31, 2018
	Guaranty Liability - MHHA Horsemen	Guaranty Liability - MHHA Horsemen
Equity value	$9.60	$10.13
Strike price	$30.56	$27.50
Expected term	5.61 years	6.11 years
Volatility	68%	68%
Risk-free rate	1.8%	2.6%
Dividend yield	—	—

Disaggregation of Revenue

Complimentary food and beverage revenues and complimentary room revenues for the three-month and six-month periods ended June 30, 2019 and 2018, respectively, were as follows:



	Three Months Ended		Six Months Ended
	June 30, 2019	June 30, 2018	June 30, 2019		June 30, 2018
	(in thousands)		(in thousands)
Complimentary food and beverage revenues	$5,134	$2,218	$	10,286	$	3,234
Complimentary room revenues	1,337	786	2,665		950

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statement of cash flows:



	June 30, 2019	December 31, 2018	June 30, 2018
	(in thousands)
Cash and cash equivalents	$38,022	$28,338	$16,743
Restricted cash	304	373	984
Restricted cash for Development Projects	1,119	21,039	22,414
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$39,445	$49,750	$40,141

Summary of the approximate number of common stock equivalents outstanding

The following table shows the approximate number of common stock equivalents outstanding at June 30, 2019 and 2018 that could potentially dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share for the three-month and six-month periods ended June 30, 2019 and 2018, because their inclusion would have been anti-dilutive to the loss per common share:



	Outstanding at
	June 30, 2019	June 30, 2018
Unvested Restricted stock	19,000	73,000
Warrants	193,000	193,000
Restricted stock units ("RSUs")	464,000	158,000
Option matching rights	—	1,000
Options	—	12,000
Total	676,000	437,000

Fair Value, Assets Measured on Recurring Basis

The following table presents the carrying amount, fair values and classification level within the fair value hierarchy of financial instruments measured or disclosed at fair value on a recurring basis:



	June 30, 2019		December 31, 2018
	Carrying Amount	Fair Value	Carrying Amount	Fair Value	Level of Fair Value Hierarchy
Assets:	(in thousands)
Cash and cash equivalents	$38,022	$38,022	$28,338	$28,338	Level 1
Restricted cash	304	304	373	373	Level 1
Interest Rate Cap	—	—	143	143	Level 2
Restricted cash and cash equivalents for Development Projects	1,119	1,119	21,039	21,039	Level 1
Other assets:
Non-derivative financial asset - Series F Preferred Stock, redeemable	14,196	14,196	31,122	31,122	Level 2
Contingent forward contract - bet365	477	477	1,865	1,865	Level 3

Liabilities:
Term B Loan, net of discount	439,067	439,067	440,803	440,660	Level 2
Term A Loan	60,363	60,363	64,750	64,750	Level 2
Bangkok Bank Loan	20,000	20,000	20,000	20,000	Level 3
Revolving Credit Facility	15,000	15,000	15,000	15,000	Level 2
Long-term loan, related party, net of debt issuance costs	32,969	32,969	30,954	30,954	Level 3
Equipment loans	14,249	14,249	20,384	20,384	Level 3
Guaranty liability - MHHA agreement	1,880	1,880	2,300	2,300	Level 2
Derivative liability - bet365	977	977	879	879	Level 3

Fair Value, Liabilities Measured on Recurring Basis

he following table presents the carrying amount, fair values and classification level within the fair value hierarchy of financial instruments measured or disclosed at fair value on a recurring basis:



	June 30, 2019		December 31, 2018
	Carrying Amount	Fair Value	Carrying Amount	Fair Value	Level of Fair Value Hierarchy
Assets:	(in thousands)
Cash and cash equivalents	$38,022	$38,022	$28,338	$28,338	Level 1
Restricted cash	304	304	373	373	Level 1
Interest Rate Cap	—	—	143	143	Level 2
Restricted cash and cash equivalents for Development Projects	1,119	1,119	21,039	21,039	Level 1
Other assets:
Non-derivative financial asset - Series F Preferred Stock, redeemable	14,196	14,196	31,122	31,122	Level 2
Contingent forward contract - bet365	477	477	1,865	1,865	Level 3

Liabilities:
Term B Loan, net of discount	439,067	439,067	440,803	440,660	Level 2
Term A Loan	60,363	60,363	64,750	64,750	Level 2
Bangkok Bank Loan	20,000	20,000	20,000	20,000	Level 3
Revolving Credit Facility	15,000	15,000	15,000	15,000	Level 2
Long-term loan, related party, net of debt issuance costs	32,969	32,969	30,954	30,954	Level 3
Equipment loans	14,249	14,249	20,384	20,384	Level 3
Guaranty liability - MHHA agreement	1,880	1,880	2,300	2,300	Level 2
Derivative liability - bet365	977	977	879	879	Level 3

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The fair value of the derivative liabilities and asset was determined using a Monte Carlo simulation valuation approach with the following assumptions:



	June 30, 2019		December 31, 2018
	Derivative Liability - bet365	Contingent forward contract - bet365	Derivative Liability - bet365	Contingent forward contract - bet365
Equity value	$23.94	$23.94	$29.48	$29.48
Strike price	$20.00	$19.15	$20.00	$20.00
Expected term	2.83 years	2.51 years	3.46 years	3.13 years
Volatility	63%	65%	61%	62%
Risk-free rate	1.7%	1.7%	2.9%	2.9%
Dividend yield	—	—	—	—

The following table provides a roll forward of the aggregate fair values of the Company’s derivative liabilities and asset, for which fair value is determined using Level 3 inputs (in thousands):



	June 30, 2019
	Derivative Liability - bet365	Contingent forward contract -bet365
Balance as of December 31, 2018	$(879)	$1,865
Change in fair value	$(98)	$(1,366)
Balance as of June 30, 2019	$(977)	$499

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details