Prepaid Expenses and Other Assets

Our wholly-owned subsidiary, Monticello Raceway Management, Inc. ("MRMI"), has participated in the New York State Empire Zones real estate tax credit program for over 10 years. Under this program, the Company receives a refund for real estate taxes paid during the year, after the end of New York State's fiscal year. Beginning in 2014, the amount of the tax credit received is reduced by 20% each year until the tax credit ends for the Company at December 31, 2017. For the year ended December 31, 2017, the Company will receive a 20% refund for real estate taxes paid. The amounts of the expected real estate tax credits are included in prepaid expenses and other current assets on the accompanying Condensed Consolidated Balance Sheet at March 31, 2017 and December 31, 2016, and were approximately $609,000 and $1.3 million, respectively.

Prepaid expenses and other current assets, as presented on the Condensed Consolidated Balance Sheet, are comprised of the following at March 31, 2017 and December 31, 2016:



	March 31, 2017		December 31, 2016
	(in thousands)

Empire Zones real estate tax credit	$	609	$	1,325
Prepaid real estate taxes	981		558
Prepaid insurance	608		919
Inventory	175		177
Prepaid gaming expenses	214		61
Development escrow and security refundable deposit	627		623
Prepaid other	713		672
Total prepaid expenses and other current assets	$	3,927	$	4,335