Current assets

 

Cash and equivalents

Accounts receivable, net

Income taxes receivable

Prepaid expenses

Deferred tax asset

Deposits and other

 

 

 

Property and equipment, net of accumulated depreciation

 

Long-term assets related to tribal casino projects

Notes receivable

Contract rights, net of accumulated amortization

 

 

 

 

Other long-term assets

Goodwill

Long-term deposit — Grand Victoria acquisition

Other deposits

Loan fees, net of accumulated amortization

Player Loyalty Program, net

Gaming license

Other assets

 

 

 

 

 

 

Current liabilities

 

Current portion of long-term debt

Accounts payable

Income tax payable

Accrued payroll and related

Other accrued expenses

Due to related party

 

 

Long-term debt, net of current portion

Deferred tax liability

 

 

 

Stockholders’ equity

Common stock

Additional paid-in capital

Treasury stock, 1,356,595 common shares

Retained earnings

Partners’ capital

 

 

Non-controlling interest in consolidated joint venture

 

 

 

 

 

 

Casino

Rooms

Food and beverage

Management fees

Other

Less: promotional allowances

 

 

Casino

Rooms

Food and beverage

Project development and acquisition costs

Selling, general and administrative

Management fee

Depreciation and amortization

Other

 

 

 

Equity in net income of unconsolidated joint venture and related guaranteed payments

Loss on impairment

Unrealized gains (losses) on notes receivable, tribal governments

 

 

 

Interest and other income

Non-operating Expenses

Interest expense

 

Income taxes

 

Income attributable to non-controlling interest in consolidated joint venture

 

 

 

 

 

 

To record the Grand Victoria Casino and Resort (“Grand Victoria”) purchase transaction based on the Company’s initial allocation of the purchase price of $43.0 million, exclusive of working capital adjustment, property cash and fees. Allocation to assets include property, plant and equipment of $30.8 million, other assets of $13.8 million and an estimated working capital adjustment of $2.4 million. The purchase included the purchase of property cash of approximately $6.3 million. This transaction also records cash to pay-off the Grand Victoria’s note payable, the cash used to pay the Hyatt Gaming Management, Inc. (HGMI) payable and partner’s equity as of December 31, 2010, as well as other estimated costs related to the purchase. As of December 31, 2010, to also record the estimated investment in Grand Victoria, $2.6 million of loan acquisition costs and the $33.0 million term loan related to the acquisition and the cash payments related to these transactions.

To eliminate Grand Victoria non-operating expenses, which are not related to normal operations

To eliminate Grand Victoria management fee expense, which was incurred while owned by HGMI, as outside management fees will not continue.

To record the pro forma federal income tax expense at 34% and Indiana state income tax expense at 8.5% for the year ended December 31, 2010.

To eliminate the investment in Grand Victoria, as an offset to equity, for consolidating purposes.

To amortize the acquired loan fees over 5 years.

To amortize the player loyalty program over 3 years.

To pay interest on the $33.0 million acquired note payable and swap agreement.

To eliminate the Grand Victoria’s interest expense.