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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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:



	September 30, 2019		December 31, 2018
	Derivative Liability - bet365	Contingent forward contract - bet365	Derivative Liability - bet365	Contingent forward contract - bet365
Equity value	$21.91	$21.91	$29.48	$29.48
Strike price	$20.00	$19.29	$20.00	$20.00
Expected term	2.58 years	2.26 years	3.46 years	3.13 years
Volatility	66%	68%	61%	62%
Risk-free rate	1.6%	1.6%	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):



	September 30, 2019
	Derivative Liability - bet365	Contingent forward contract - bet365
Balance as of December 31, 2018	$(879)	$1,865
Change in fair value	$(209)	$(1,859)
Balance as of September 30, 2019	$(1,088)	$6

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:



	September 30, 2019	December 31, 2018
	Guaranty Liability - MHHA Horsemen	Guaranty Liability - MHHA Horsemen
Equity value	$9.63	$10.13
Strike price	$35.05	$27.50
Expected term	5.36 years	6.11 years
Volatility	66%	68%
Risk-free rate	1.6%	2.6%
Dividend yield	—	—

Disaggregation of Revenue

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



	Three Months Ended		Nine Months Ended
	9/30/2019	9/30/2018	9/30/2019		9/30/2018
	(in thousands)		(in thousands)
Complimentary food and beverage revenues	$4,183	$3,178	$	14,469	$	6,412
Complimentary room revenues	1,283	1,378	3,948		2,328

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:



	September 30, 2019	December 31, 2018	September 30, 2018
	(in thousands)
Cash and cash equivalents	$28,962	$28,338	$18,390
Restricted cash	1,011	373	502
Restricted cash for Development Projects	—	21,039	64,178
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$29,973	$49,750	$83,070

Summary of the approximate number of common stock equivalents outstanding

The following table shows the approximate number of common stock equivalents outstanding at September 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 nine-month periods ended September 30, 2019 and 2018, because their inclusion would have been anti-dilutive to the loss per common share:



	Outstanding at
	September 30, 2019	September 30, 2018
Unvested Restricted stock	19,000	37,000
Warrants	193,000	193,000
Restricted stock units ("RSUs")	406,000	154,000
Deferred issuance of vested common stock	18,000	—
Options	—	11,000
Total	636,000	395,000

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:



	September 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	$28,962	$28,962	$28,338	$28,338	Level 1
Restricted cash	1,011	1,011	373	373	Level 1
Interest Rate Cap	3	3	143	143	Level 2
Restricted cash and cash equivalents for Development Projects	—	—	21,039	21,039	Level 1
Other assets:
Non-derivative financial asset - Series F Preferred Stock, redeemable	14,879	14,879	31,122	31,122	Level 2
Contingent forward contract - bet365	529	529	1,865	1,865	Level 3

Liabilities:
Term B Loan, net of discount	438,256	438,253	440,803	440,660	Level 2
Term A Loan	57,738	57,738	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	34,011	34,011	30,954	30,954	Level 3
Equipment loans	9,967	9,967	20,384	20,384	Level 3
Guaranty liability - MHHA agreement	2,045	2,045	2,300	2,300	Level 2
Derivative liability - bet365	1,088	1,088	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:



	September 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	$28,962	$28,962	$28,338	$28,338	Level 1
Restricted cash	1,011	1,011	373	373	Level 1
Interest Rate Cap	3	3	143	143	Level 2
Restricted cash and cash equivalents for Development Projects	—	—	21,039	21,039	Level 1
Other assets:
Non-derivative financial asset - Series F Preferred Stock, redeemable	14,879	14,879	31,122	31,122	Level 2
Contingent forward contract - bet365	529	529	1,865	1,865	Level 3

Liabilities:
Term B Loan, net of discount	438,256	438,253	440,803	440,660	Level 2
Term A Loan	57,738	57,738	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	34,011	34,011	30,954	30,954	Level 3
Equipment loans	9,967	9,967	20,384	20,384	Level 3
Guaranty liability - MHHA agreement	2,045	2,045	2,300	2,300	Level 2
Derivative liability - bet365	1,088	1,088	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:



	September 30, 2019		December 31, 2018
	Derivative Liability - bet365	Contingent forward contract - bet365	Derivative Liability - bet365	Contingent forward contract - bet365
Equity value	$21.91	$21.91	$29.48	$29.48
Strike price	$20.00	$19.29	$20.00	$20.00
Expected term	2.58 years	2.26 years	3.46 years	3.13 years
Volatility	66%	68%	61%	62%
Risk-free rate	1.6%	1.6%	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):



	September 30, 2019
	Derivative Liability - bet365	Contingent forward contract - bet365
Balance as of December 31, 2018	$(879)	$1,865
Change in fair value	$(209)	$(1,859)
Balance as of September 30, 2019	$(1,088)	$6

- 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