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SUBSEQUENT EVENT
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6 Months Ended |
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Jun. 30, 2013
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| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENT |
10. SUBSEQUENT EVENT
On August 2, 2013, we received a commitment for a $10.0 million loan from Capital One, our First Lien Credit Lender. The terms and conditions of the commitment, subject to completion of loan documentation, are: the First Lien Credit Agreement (1) will be increased by $10.0 million; (2) the interest rate will be lowered by 1.0%; (3) will be extended to a new maturity date of June 29, 2016; and (4) certain financial ratio covenants will be revised to accommodate the additional extension of credit. The new First Lien Credit Agreement contracts are currently being drafted. The proceeds will be used to fund a portion of the $17.5 million construction of a 140 room hotel at our Silver Slipper property. The remaining $7.5 million of the construction cost will be funded from available cash. We anticipate closing the loan, signing construction contracts, and giving a notice-to-proceed within the next 30 days. We estimate that construction of the hotel will take approximately one year from ground-breaking.
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