PENDING ACQUISITION & SUBSEQUENT EVENT |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Business Combinations [Abstract] | |
| PENDING ACQUISITION & SUBSEQUENT EVENT |
PENDING ACQUISITION & SUBSEQUENT EVENT
On September 27, 2015, the Company, through its newly formed subsidiary FHR-Colorado LLC, entered into an asset purchase agreement (the "Bronco Billy's Purchase Agreement") with Pioneer Group, Inc., a Nevada corporation (“Pioneer Group”), pursuant to which the Company would acquire the operating assets and assume certain liabilities of Bronco Billy’s Casino and Hotel (“Bronco Billy’s”) in Cripple Creek, Colorado for a purchase price of $30.0 million. We intend to finance the acquisition concurrent with the refinancing of our outstanding first and second lien debt.
On February 18, 2016, the Colorado Limited Gaming Control Commission approved the Company for the licenses necessary for its pending acquisition of Bronco Billy’s. The Company expects to complete its refinancing and close on the pending acquisition in the second quarter of 2016, subject to obtaining the remaining required regulatory approvals and other customary closing conditions. The Bronco Billy's Purchase Agreement may be terminated by Pioneer Group if the closing has not taken place by May 14, 2016, which includes extensions of four 30-day periods we have exercised to obtain required gaming approvals.
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