Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ALST Casino Holdco, LLC | ' |
Entity Central Index Key | '0001527705 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 432,213 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $12,665 | $9,850 |
Receivables, net | 1,217 | 1,038 |
Inventories | 612 | 638 |
Prepaid gaming taxes | 1,677 | 1,314 |
Prepaid expenses and other current assets | 1,283 | 1,024 |
Total current assets | 17,454 | 13,864 |
Property and equipment, net | 63,949 | 65,450 |
Intangible assets, net | 2,138 | 2,224 |
Other assets, net | 6,390 | 6,391 |
Total assets | 89,931 | 87,929 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 1,588 | 2,044 |
Accounts payable | 1,143 | 2,285 |
Accrued payroll and related | 1,225 | 864 |
Accrued gaming and related | 1,467 | 1,568 |
Accrued expenses and other current liabilities | 604 | 529 |
Total current liabilities | 6,027 | 7,290 |
Long-term debt, less current portion | 50,426 | 48,172 |
Total liabilities | 56,453 | 55,462 |
Members' equity: | ' | ' |
Members' capital | 37,254 | 37,254 |
Additional paid-in-capital | 25 | 25 |
Accumulated deficit | -3,801 | -4,812 |
Total members' equity | 33,478 | 32,467 |
Total liabilities and members' equity | $89,931 | $87,929 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Casino | $13,526 | $11,526 | $27,293 | $23,613 |
Food and beverage | 3,675 | 3,349 | 7,236 | 6,480 |
Room | 1,594 | 1,349 | 3,169 | 2,770 |
Other | 895 | 789 | 1,715 | 1,544 |
Gross revenues | 19,690 | 17,013 | 39,413 | 34,407 |
Promotional allowances | -1,616 | -1,218 | -3,185 | -2,418 |
Net revenues | 18,074 | 15,795 | 36,228 | 31,989 |
Operating costs and expenses: | ' | ' | ' | ' |
Casino | 5,978 | 5,750 | 12,350 | 11,554 |
Food and beverage | 2,970 | 2,829 | 5,792 | 5,560 |
Room | 716 | 621 | 1,410 | 1,195 |
Other | 364 | 436 | 713 | 714 |
Selling, general and administrative | 5,381 | 5,092 | 10,305 | 10,394 |
Depreciation and amortization | 1,267 | 1,082 | 2,408 | 2,164 |
(Gain) Loss on disposal of assets, net | -136 | ' | -136 | ' |
Total operating costs and expenses | 16,540 | 15,810 | 32,842 | 31,581 |
Operating income | 1,534 | -15 | 3,386 | 408 |
Interest expense, net | -1,096 | -1,698 | -2,375 | -2,763 |
Net income (loss) | $438 | ($1,713) | $1,011 | ($2,355) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $1,011 | ($2,355) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 2,408 | 2,164 |
(Gain) Loss on disposal of assets, net | -136 | ' |
Amortization of debt discount and debt issuance costs | -469 | 169 |
Accrued interest - paid in kind | 2,798 | 2,536 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | ' | -1 |
Receivables, net | -179 | -275 |
Inventories and prepaid expenses | -634 | 167 |
Accounts payable | -1,142 | -1,475 |
Accrued payroll and other current liabilities | 335 | -821 |
Other, net | 1 | -6 |
Net cash provided by (used in) operating activities | 3,993 | 103 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -830 | -1,181 |
Proceeds from sale of property and equipment | 145 | ' |
Net cash used in investing activities | -685 | -1,181 |
Cash flows from financing activities: | ' | ' |
Principal payments on debt | -493 | -480 |
Net increase (decrease) in cash and cash equivalents | 2,815 | ' |
Cash and cash equivalents, beginning of period | 9,850 | 11,276 |
Cash and cash equivalents, end of period | 12,665 | 9,718 |
Supplemental cash flow disclosure: | ' | ' |
Cash paid for interest | $46 | $59 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Organization | ' |
Organization | ' |
Note 1. Organization | |
ALST Casino Holdco, LLC (the “Company,” “we,” “us” or “our”), a Delaware limited liability company, was formed on May 11, 2011. We were formed to acquire substantially all of the equity interests of Aliante Gaming, LLC (“Aliante Gaming”) pursuant to its joint plan of reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). The reorganization was completed on November 1, 2011 (the “Effective Date”), resulting in Aliante Gaming, the owner and operator of the Aliante Casino + Hotel, previously known as Aliante Station Casino + Hotel located in North Las Vegas, Nevada (the “Casino”), becoming our wholly owned subsidiary. Prior to the effective date, we conducted no operations and had no material assets or liabilities. | |
Background | |
Prior to the Effective Date, Aliante Gaming was a wholly owned subsidiary of Aliante Holding, LLC (“Aliante Holding”), which was a 50/50 joint venture partnership between Aliante Station, LLC (“Aliante Station”), a wholly owned subsidiary of Station Casinos, Inc. (“Old Station”) and G.C. Aliante, LLC, an affiliate of the Greenspun Corporation. | |
Aliante Gaming experienced lower than expected operating results as a result of macroeconomic conditions, including a downturn in the Las Vegas area and low consumer confidence levels. As a result, Aliante Gaming failed to (i) remain in compliance with certain financial maintenance covenants set forth in its $430.0 million credit facility (the “Previous Facility”) and (ii) make scheduled principal or interest payments under the Previous Facility since April 2009. | |
On April 12, 2011 (the “Petition Date”), Aliante Gaming, together with Aliante Holding and Aliante Station, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (the “Chapter 11 Case”), in the United States Bankruptcy Court for the District of Nevada, Northern Division (the “Bankruptcy Court”) to preserve their assets and the value of their estates. | |
The Chapter 11 Case was jointly administered with certain subsidiaries of Old Station and Green Valley Ranch Gaming, LLC under the lead case In re Station Casinos, Inc., et. al. originally filed on July 28, 2009 (Jointly Administered Case No. 09-52477). Old Station emerged from Chapter 11 on June 17, 2011 as Station Casinos LLC (“New Station,” and collectively with Old Station, “Station”). | |
On May 20, 2011, Aliante Gaming, along with Aliante Holding, Aliante Station and certain other affiliates of Old Station, filed with the Bankruptcy Court an amended joint plan of reorganization (the “Plan”) resulting from negotiations with its lenders (the “Lenders”) under the Previous Facility and its International Swaps and Derivatives Association master agreement (the “Swap Agreement”). Under the Plan, Aliante Gaming and the Lenders agreed to enter into a series of restructuring transactions pursuant to which the Lenders received new equity of, and issued new debt to, Aliante Gaming, as reorganized, as of the Effective Date. | |
On the Effective Date, (i) 100% of the equity interests in Aliante Gaming previously held by Aliante Holding was canceled and ceased to be outstanding, (ii) each Lender received, on account, and in full satisfaction, of its claims against Aliante Gaming arising under the Previous Facility and the Swap Agreement, its pro rata share of (a) 100% of the equity interests in Aliante Gaming (the “New Aliante Equity”), which was contributed to the Company in exchange for 432,003 units of our issued and outstanding membership interests (“Common Units”) and (b) 100% of $45.0 million in aggregate principal amount of senior secured term loans of Aliante Gaming (the “Senior Secured Loans”) under a new senior secured credit facility (the “Senior Secured Credit Facility”), (iii) the Previous Facility and the Swap Agreement were canceled (clauses (i), (ii) and (iii) referred to herein as the “Restructuring Transactions”) and (iv) each creditor holding an unsecured claim was paid in full. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
Note 2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results of the Company’s and Aliante Gaming’s financial position, results of operations and cash flows for the interim periods have been made. The interim results reflected in these condensed consolidated financial statements are not necessarily indicative of results to be expected for the full fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the Company and its wholly owned subsidiary, Aliante Gaming. All material intercompany transactions are eliminated in consolidation. | |
Fair Value of Financial Instruments | |
The estimated fair value of the Company’s financial instruments has been determined by the Company using available market information and valuation methodologies. However, considerable judgment is required to develop the estimates of fair value; thus, the estimates provided herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | |
The carrying amounts of cash, receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. | |
Receivables
Receivables | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables | ' | |||||||
Receivables | ' | |||||||
Note 3. Receivables | ||||||||
Receivables, net consist of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Casino | $ | 116 | $ | 58 | ||||
Hotel | 129 | 196 | ||||||
Other | 1,021 | 847 | ||||||
1,266 | 1,101 | |||||||
Allowance for doubtful accounts | (49 | ) | (63 | ) | ||||
Receivables, net | $ | 1,217 | $ | 1,038 | ||||
Longterm_Debt
Long-term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-term Debt | ' | |||||||
Long-term Debt | ' | |||||||
Note 4. Long-term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Senior Secured Credit Facility, interest payable quarterly (paid in kind at 10%), principal due November 1, 2018, net of unamortized discount at June 30, 2014 and December 31, 2013 of $8.8 million and $8.3 million, respectively | $ | 49,712 | $ | 47,420 | ||||
Equipment financing, payable in 72 monthly installments including interest at a fixed rate of 2.5% | 1,514 | 1,972 | ||||||
Special Improvement District assessment, payable in 32 semi-annual installments including interest at a fixed rate of 5.8% | 788 | 824 | ||||||
Long-term debt | 52,014 | 50,216 | ||||||
Less current portion of long-term debt | (1,588 | ) | (2,044 | ) | ||||
Long-term debt, net | $ | 50,426 | $ | 48,172 | ||||
Senior Secured Credit Facility | ||||||||
On November 1, 2011, the Company and Aliante Gaming entered into the Senior Secured Credit Facility, which provided for $45.0 million in principal amount of Senior Secured Loans, which were deemed made on the same date without any funding being provided. The Senior Secured Credit Facility represented an already outstanding obligation of Aliante Gaming as of November 1, 2011. Through November 1, 2014, the Senior Secured Loans bear interest at a rate to be elected by Aliante Gaming, such rate being either (i) 10% per annum, payable in kind, which interest will be added to the principal amount of the Senior Secured Loans quarterly in arrears and subsequently treated as principal of the Senior Secured Loans, or (ii) 6% per annum, which interest will be payable in cash quarterly in arrears. Following November 1, 2014, the Senior Secured Loans will bear interest at a rate of 6% per annum, which interest will be payable in cash quarterly in arrears. The outstanding principal amount of the Senior Secured Loans and all accrued and unpaid interest thereon will be payable on the maturity date, which shall be the earlier of November 1, 2018 or the acceleration of the Senior Secured Loans in accordance with the terms of the Senior Secured Credit Facility. The Senior Secured Loans may be prepaid in certain minimum amounts without the payment of any prepayment premium or fee. Effective June 30, 2014 Aliante Gaming elected the cash interest payment option with accrued interest being payable in kind through June 30, 2014, resulting in $58.5 million and $55.7 million in principal outstanding under the Senior Secured Credit Facility as of June 30, 2014 and December 31, 2013, respectively. There is currently no availability for borrowings under the Senior Secured Credit Facility. | ||||||||
The Senior Secured Credit Facility is guaranteed by the Company and by each domestic wholly owned subsidiary of Aliante Gaming and is secured by a first-priority (a) pledge of 100% of the Company’s equity interest in Aliante Gaming, (b) pledge of 100% of the equity interests in Aliante Gaming’s domestic subsidiaries (if any) and 65% of the equity interests of Aliante Gaming’s “first-tier” foreign subsidiaries (if any) and (c) security interest in substantially all of Aliante Gaming’s tangible and intangible assets, as well as those of each subsidiary guarantor (if any), in each case, other than any assets that may not be pledged pursuant to applicable gaming laws and subject to customary exceptions. The Senior Secured Credit Facility includes various covenants and mandatory prepayments which are customary for similar types of financings and does not contain any financial maintenance covenants. | ||||||||
In establishing the amortization of the debt discount on its Senior Secured Loans in November 2011, the Company expected that it would elect the cash interest payment option beginning in the first quarter of 2013. During the first quarter of 2013, this was subsequently revised to assume cash interest payments would begin during the second quarter of 2013. During the second quarter of 2013, the Company further evaluated the date it would commence the cash interest payment option, determining the Company would instead elect to defer the cash interest option until contractually required to do so beginning in November 2014. During the second quarter of 2014, this was subsequently revised to assume cash interest payments would begin with the interest period commencing on June 30, 2014. As a result of this change in the expected method of payment, the Company recorded an adjustment to its accrual during the second quarter of 2013 to increase interest expense by $518,326. And, during the second quarter of 2014, using the retrospective approach the Company decreased by $179,273 the amount of interest expense that it would have otherwise recorded. Under the retrospective approach, a new effective interest rate is computed to reflect the modified estimated cash flows as if such modified cash flows were known at inception. The carrying amount is adjusted to reflect the amount that would have been presented had the adjusted effective rate have been applied since inception. | ||||||||
Fair Value of Debt | ||||||||
It was not practicable to determine the fair market value of our senior secured facility due to the lack of comparable credit facilities and the involvement of our majority shareholder in negotiating the terms and conditions directly with the lender. It is unlikely the Company could obtain similar financing on the same terms with another lender without the involvement and resources of our majority shareholder given our financial condition and history of operating losses. The fair value of our equipment financing and spread assessment debt approximates to fair value. | ||||||||
Equipment Financing | ||||||||
During 2008, Aliante Gaming entered into an equipment financing arrangement which terminates in November 2014 and is accounted for as a capital lease. The agreement calls for monthly payments of approximately $80,000 with a residual payment of $1.1 million to be paid in November 2014. | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results of the Company’s and Aliante Gaming’s financial position, results of operations and cash flows for the interim periods have been made. The interim results reflected in these condensed consolidated financial statements are not necessarily indicative of results to be expected for the full fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the Company and its wholly owned subsidiary, Aliante Gaming. All material intercompany transactions are eliminated in consolidation. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The estimated fair value of the Company’s financial instruments has been determined by the Company using available market information and valuation methodologies. However, considerable judgment is required to develop the estimates of fair value; thus, the estimates provided herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | |
The carrying amounts of cash, receivables, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. | |
Receivables_Tables
Receivables (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables | ' | |||||||
Schedule of Receivables, net | ' | |||||||
Receivables, net consist of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Casino | $ | 116 | $ | 58 | ||||
Hotel | 129 | 196 | ||||||
Other | 1,021 | 847 | ||||||
1,266 | 1,101 | |||||||
Allowance for doubtful accounts | (49 | ) | (63 | ) | ||||
Receivables, net | $ | 1,217 | $ | 1,038 | ||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-term Debt | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Senior Secured Credit Facility, interest payable quarterly (paid in kind at 10%), principal due November 1, 2018, net of unamortized discount at June 30, 2014 and December 31, 2013 of $8.8 million and $8.3 million, respectively | $ | 49,712 | $ | 47,420 | ||||
Equipment financing, payable in 72 monthly installments including interest at a fixed rate of 2.5% | 1,514 | 1,972 | ||||||
Special Improvement District assessment, payable in 32 semi-annual installments including interest at a fixed rate of 5.8% | 788 | 824 | ||||||
Long-term debt | 52,014 | 50,216 | ||||||
Less current portion of long-term debt | (1,588 | ) | (2,044 | ) | ||||
Long-term debt, net | $ | 50,426 | $ | 48,172 | ||||
Organization_Details
Organization (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2011 | Oct. 31, 2011 | Oct. 31, 2011 | Nov. 01, 2011 | Nov. 01, 2011 | Apr. 12, 2011 | Nov. 01, 2011 |
Secured Debt [Member] | Aliante Station LLC [Member] | GC Aliante LLC [Member] | Aliante Holding [Member] | Aliante Gaming [Member] | Aliante Gaming [Member] | Aliante Gaming [Member] | |
Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | |||||
Line of Credit [Member] | Secured Debt [Member] | ||||||
Organization disclosures | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of Aliante Holding prior to the effective date | ' | 50.00% | 50.00% | ' | ' | ' | ' |
Amount of credit facility | ' | ' | ' | ' | ' | $430 | ' |
Equity interest canceled and ceased | ' | ' | ' | 100.00% | ' | ' | ' |
Equity interest (as a percent) | ' | ' | ' | ' | 100.00% | ' | ' |
Membership interests issued in exchange for equity interests (in shares) | ' | ' | ' | ' | 432,003 | ' | ' |
Percentage of principal amount of Senior Secured Loans | ' | ' | ' | ' | ' | ' | 100.00% |
Principal amount of Senior Secured Loans | $45 | ' | ' | ' | ' | ' | $45 |
Receivables_Details
Receivables (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables | ' | ' |
Receivable, gross | $1,266 | $1,101 |
Allowance for doubtful accounts | -49 | -63 |
Receivables, net | 1,217 | 1,038 |
Casino [Member] | ' | ' |
Receivables | ' | ' |
Receivable, gross | 116 | 58 |
Hotel Operations [Member] | ' | ' |
Receivables | ' | ' |
Receivable, gross | 129 | 196 |
Other Operations [Member] | ' | ' |
Receivables | ' | ' |
Receivable, gross | $1,021 | $847 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt | ' | ' |
Long-term debt | $52,014 | $50,216 |
Less current portion of long-term debt | -1,588 | -2,044 |
Long-term debt, net | 50,426 | 48,172 |
Line of Credit [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term debt | 49,712 | 47,420 |
Capital Lease Obligations [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term debt | 1,514 | 1,972 |
Special Improvement District Assessment [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term debt | $788 | $824 |
Longterm_Debt_Details_2
Long-term Debt (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 01, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Line of Credit [Member] | Line of Credit [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Capital Lease Obligations [Member] | Special Improvement District Assessment [Member] | |
November 2011 Through November 2014 [Member] | November 2011 Through November 2014 [Member] | payment | payment | ||||||
Payment in Kind [Member] | Cash in Arrears [Member] | ||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as percentage) | ' | ' | ' | ' | ' | 10.00% | 6.00% | 2.50% | 5.80% |
Unamortized Discount | $8,800,000 | $8,300,000 | ' | ' | ' | ' | ' | ' | ' |
Frequency of payments | ' | ' | ' | ' | ' | ' | ' | 'monthly | 'semi-annual |
Number of periodic payments required | ' | ' | ' | ' | ' | ' | ' | 72 | 32 |
Principal amount of Senior Secured Loans | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' |
Outstanding amount | 58,500,000 | 55,700,000 | ' | ' | ' | ' | ' | ' | ' |
Current availability for borrowings | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Aliante Gaming pledged as security | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of domestic subsidiaries of Aliante Gaming pledged as security | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of foreign subsidiaries of Aliante Gaming pledged as security | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease agreement monthly payments | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' |
Capital lease agreement residual payment to be paid in November 2014 | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' |
Adjustment to increase interest expense | ' | ' | ' | ($179,273) | $518,326 | ' | ' | ' | ' |