Quarterly report pursuant to Section 13 or 15(d)

CONTRACT RIGHTS

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CONTRACT RIGHTS
 9 Months Ended
Sep. 30, 2012
Contract Rights and Goodwill and Other Intangibles [Abstract]  
CONTRACT RIGHTS
4.              CONTRACT RIGHTS
 
Contract rights were comprised of the following as of September 30, 2012 and December 31, 2011:
 
 
2012 
  
Cost
    
Accumulated
Amortization
    
Disposal
    
Net
  
FireKeepers project, initial cost
   $ 4,155,213     $ (1,582,938 )   $ (2,572,275 )   $ --  
FireKeepers project, additional
     13,210,373       (5,503,093 )     (7,707,280 )     --  
    $ 17,365,586     $ (7,086,031 )   $ (10,279,555 )   $ --  
 
 
2011 
  
Cost
    
Accumulated
amortization
    
Disposal
    
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  
 
Amortization over the management contract period (seven years) commenced on the additional contract rights at the opening date of the FireKeepers Casino on August 5, 2009. Of the remaining contract rights, $7.5 million were sold with our interest in GEM, to the FireKeepers Development Authority (“FDA”) on March 30, 2012, and the remaining $2.8 million were expensed.