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OPERATING LEASE COMMITMENTS (Detail Textuals 1) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 1 Months Ended | |
|---|---|---|---|
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Mar. 31, 2014
Land Lease Agreement
acre
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Mar. 31, 2013
Land Lease Agreement
|
Feb. 26, 2013
Third Amended Land Lease Agreement
Silver Slipper Casino Venture, LLC
acre
|
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| Operating Leased Assets [Line Items] | |||
| Description related land leases | The Land Lease includes an exclusive option to purchase the leased land ("Purchase Option"), as well as an exclusive option to purchase a four acre portion of the leased land ("4 Acre Parcel Purchase Option"), which may be exercised at any time in conjunction with a hotel development during the term of the Land Lease for $2.0 million. On February 26, 2013, Silver Slipper Casino entered into a third amendment to the Land Lease which amended the term and Purchase Option provisions. The term of the Land Lease was extended to April 30, 2058, and the Purchase Option was extended through October 1, 2027 and may only be exercised after February 26, 2019. If there is no change in ownership, the purchase price will be $15.5 million, less $2.0 million if the 4 Acre Parcel Purchase Option has been previously exercised, plus a retained interest in Silver Slipper Casino operations of 3% of net income. In the event that we sell or transfer substantially all of the assets of our ownership in Silver Slipper Casino, then the purchase price will increase to $17.0 million. | ||
| Exercise price of '4 Acre Parcel Purchase Option' | $ 2.0 | ||
| Area of land of Parcel Purchase Option | 4 | 4 | |
| Purchase options condition | If there is no change in ownership, the purchase price will be $15.5 million, less $2.0 million if the 4 Acre Parcel Purchase Option has been previously exercised, plus a retained interest in Silver Slipper Casino operations of 3% of net income. In the event that we sell or transfer substantially all of the assets of our ownership in Silver Slipper Casino, then the purchase price will increase to $17.0 million. | ||
| Purchase price of "Purchase Option" of land leases | 15.5 | ||
| Reduction in exercise price if both the options exercised | 2.0 | ||
| Retained interest in percentages of net income | 3.00% | ||
| Maximum purchase price of acquired leased land subject to options condition | 17.0 | ||
| Rent expenses of operating lease | $ 0.7 | $ 0.7 | |