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SUBSEQUENT EVENTS
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3 Months Ended |
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Mar. 31, 2014
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| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
10. SUBSEQUENT EVENTS
On January 8, 2014, we filed with the Securities and Exchange Commission a registration statement on Form S-1 (as amended from time to time, the “registration statement”) relating to a proposed public offering of our common stock. The registration statement remains under review by the Securities and Exchange Commission and shares of common stock to be registered thereunder may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This Form 10-Q and the pending registration statement shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of those securities in any State or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or other jurisdiction. Further, we can give no assurance that we will be successful in completing the offering.
Our agreement with the Pueblo of Pojoaque in New Mexico to manage the Pueblo’s gaming operations including Buffalo Thunder Casino and Resort in Santa Fe, New Mexico, the cities of Gold Casino and other gaming facilities expires on September 23, 2014. We have received notice that they will not be renewing the contract and will be managing the properties themselves. During the year ended December 31, 2013 and the quarter ended March 31, 2014, we received $1.7 million and $0.5 million in management fees from this contract, respectively.
On March 21, 2014, we entered into a definitive agreement with The Majestic Star Casino LLC ("Majestic Star") to acquire all of the outstanding membership interests of the entity operating Fitz Tunica Casino & Hotel ("Majestic Mississippi, LLC"), located in Tunica, Mississippi, for a purchase price of $62.0 million. The closing of the agreement is subject to the completion of financing, licensing, and other customary conditions. On May 7, 2014 we informed Majestic Star of our financing efforts and our belief that we will not likely be successful in obtaining financing for the purchase of Majestic Mississippi, LLC. As a result, we have requested Majestic Star to consider termination of the agreement. |