Annual report pursuant to Section 13 and 15(d)

Contract Rights

v2.4.0.6
Contract Rights
 12 Months Ended
Dec. 31, 2011
Contract Rights and Goodwill and Other Intangibles [Abstract]  
CONTRACT RIGHTS

5. CONTRACT RIGHTS

Contract rights are comprised of the following as of December 31, 2011 and 2010:

 

      September 30,       September 30,       September 30,  

2011

   Cost     Accumulated
amortization 		    Net  

FireKeepers project, initial cost

   $ 4,155,213     $ (1,434,539 )    $ 2,720,674  

Firekeepers project, additional

     13,210,373       (5,058,442 )      8,151,931  
   

 

 

    

 

 

    

 

 

  
    $ 17,365,586     $ (6,492,981 )    $ 10,872,605  
   

 

 

    

 

 

    

 

 

  

 

      September 30,       September 30,       September 30,  

2010

   Cost     Accumulated
amortization 		    Net  

Firekeepers project, initial cost

   $ 4,155,213     $ (840,936 )    $ 3,314,277  

Firekeepers project, additional

     13,210,373       (3,279,839 )      9,930,534  
   

 

 

    

 

 

    

 

 

  
    $ 17,365,586     $ (4,120,775 )    $ 13,244,811  
   

 

 

    

 

 

    

 

 

  

 

Amortization commenced on these additional contract rights at the opening date of the FireKeepers Casino over the management contract period (seven years). The estimated amortization expense of contract rights for each of the next five years is expected to be $2.4 million per year in the first four years and $1.4 million in the fifth year.