Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EMPIRE RESORTS INC | ||
Entity Central Index Key | 906,780 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 31,031,797 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 79,470,964 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 6,412 | $ 6,435 |
Restricted cash | 1,341 | 1,710 |
Accounts receivable, net | 1,156 | 1,048 |
Prepaid expenses and other current assets | 4,841 | 4,297 |
Total current assets | 13,750 | 13,490 |
Property and equipment, net | 25,789 | 26,372 |
Capitalized project development costs | 10,405 | 0 |
Cash for development of the Casino Project | 15,472 | 0 |
Other assets | 2 | 5 |
Total assets | 65,418 | 39,867 |
Current liabilities: | ||
Accounts payable | 1,244 | 2,205 |
Accrued expenses and other current liabilities | 19,227 | 8,098 |
Total current liabilities | 20,471 | 10,303 |
Long-term loan, related party | 17,426 | 17,426 |
Total liabilities | 66,877 | 56,968 |
Stockholders’ deficit: | ||
Common stock | 96 | 79 |
Additional paid-in capital | 228,512 | 176,117 |
Accumulated deficit | (230,067) | (193,297) |
Total stockholders’ deficit | (1,459) | (17,101) |
Total liabilities and stockholders’ deficit | 65,418 | 39,867 |
Series A [Member] | ||
Stockholders’ deficit: | ||
Preferred stock | 0 | 0 |
Series B | ||
Stockholders’ deficit: | ||
Preferred stock | 0 | 0 |
Series E | ||
Current liabilities: | ||
Series E preferred stock payable - 1,551 Shares as of December 31, 2015 and 2014 | 28,980 | 29,239 |
Stockholders’ deficit: | ||
Preferred stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 9,561,000 | 7,901,000 |
Common stock, shares outstanding (shares) | 9,561,000 | 7,901,000 |
Series A [Member] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, per share liquidation value (usd per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, per share liquidation value (usd per share) | $ 29 | $ 29 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 44,000 | 44,000 |
Preferred stock, shares outstanding (in shares) | 44,258 | 44,258 |
Series E | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, per share redemption value (usd per share) | $ 10 | $ 10 |
Preferred stock, redemption shares (in shares) | 1,551,000 | 1,551,000 |
Preferred stock, shares issued (shares) | 0 | 27,000 |
Preferred stock, shares outstanding (in shares) | 0 | 27,000 |
Preferred stock, aggregate liquidation value | $ 0 | $ 524 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred StockSeries B | Preferred StockSeries E | Common Stock | Additional Paid-In Capital [Member] | Accum Deficit [Member] |
Balances, shares, beginning balance at Dec. 31, 2012 | 44,000 | 1,731,000 | 6,014,000 | |||
Balances, beginning balance at Dec. 31, 2012 | $ 24,813 | $ 0 | $ 6,855 | $ 60 | $ 146,323 | $ (128,425) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Declared and paid dividends on preferred stock, shares | (15,000) | |||||
Declared and paid dividends on preferred stock | (1) | 166 | (167) | |||
Redemption of Series E Preferred Shares, shares | (1,703,000) | |||||
Redemption of Series E Preferred Shares | (25,619) | $ (6,854) | 268 | (19,033) | ||
Common stock issued from exercise of rights offering, shares | 1,207,000 | |||||
Common stock issued from exercise of rights offering | 11,398 | $ 12 | 11,386 | |||
Stock issuance | $ (223) | (223) | ||||
Options exercised, shares | 62,800 | 63,000 | ||||
Options exercised | $ 1,014 | $ 1 | 1,014 | |||
Stock-based compensation | 385 | 385 | ||||
Net loss | (21,542) | (21,542) | ||||
Balances, shares, endings balance at Dec. 31, 2013 | 44,000 | 28,000 | 7,299,000 | |||
Balances, ending balance at Dec. 31, 2013 | (9,775) | $ 0 | $ 1 | $ 73 | 159,319 | (169,167) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Declared and paid dividends on preferred stock, shares | (6,000) | |||||
Declared and paid dividends on preferred stock | 0 | 218 | (218) | |||
Common stock issued from exercise of rights offering, shares | 428,000 | |||||
Common stock issued from exercise of rights offering | 13,368 | $ 4 | 13,364 | |||
Stock issuance, shares | 27,000 | |||||
Stock issuance | $ (188) | (188) | ||||
Options exercised, shares | 153,600 | 141,000 | ||||
Options exercised | $ 2,770 | $ 2 | 2,768 | |||
Stock-based compensation | 636 | 636 | ||||
Net loss | (23,912) | (23,912) | ||||
Balances, shares, endings balance at Dec. 31, 2014 | 44,000 | 28,000 | 7,901,000 | |||
Balances, ending balance at Dec. 31, 2014 | (17,101) | $ 0 | $ 1 | $ 79 | 176,117 | (193,297) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Declared and paid dividends on preferred stock, shares | (5,000) | |||||
Declared and paid dividends on preferred stock | 159 | (160) | ||||
Redemption of Series E Preferred Shares, shares | (28,000) | |||||
Redemption of Series E Preferred Shares | (534) | $ (1) | (533) | |||
Common stock issued from exercise of rights offering, shares | 1,409,000 | |||||
Common stock issued from exercise of rights offering | 49,528 | $ 14 | 49,514 | |||
Stock issuance, shares | 123,000 | |||||
Stock issuance | $ 1 | $ 1 | 0 | |||
Options exercised, shares | 81,600 | 40,000 | ||||
Options exercised | $ 162 | $ 1 | 160 | |||
Stock-based compensation | 596 | 596 | ||||
Warrants exercised, shares | 83,000 | |||||
Warrants exercised | 2,500 | $ 1 | 2,499 | |||
Net loss | (36,610) | (36,610) | ||||
Balances, shares, endings balance at Dec. 31, 2015 | 44,000 | 0 | 9,561,000 | |||
Balances, ending balance at Dec. 31, 2015 | $ (1,459) | $ 0 | $ 0 | $ 96 | $ 228,512 | $ (230,067) |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Gaming | $ 60,463 | $ 59,831 | $ 63,642 |
Food, beverage, racing and other | 11,171 | 9,683 | 12,776 |
Gross revenues | 71,634 | 69,514 | 76,418 |
Less: Promotional allowances | (3,468) | (4,288) | (5,457) |
Net revenues | 68,166 | 65,226 | 70,961 |
Costs and expenses: | |||
Gaming | 44,525 | 44,160 | 47,129 |
Food, beverage, racing and other | 10,493 | 9,986 | 11,470 |
Selling, general and administrative | 12,648 | 11,599 | 12,734 |
Development expenses | 32,514 | 12,207 | 18,009 |
Stock-based compensation | 596 | 636 | 385 |
Depreciation | 1,350 | 1,324 | 1,354 |
Total costs and expenses | 102,126 | 79,912 | 91,081 |
Loss from operations | (33,960) | (14,686) | (20,120) |
Amortization of deferred financing costs | (27) | (91) | (74) |
Interest expense | (2,616) | (9,128) | (1,331) |
Loss before income taxes | (36,603) | (23,905) | (21,525) |
Income tax provision | 7 | 7 | 17 |
Net loss | (36,610) | (23,912) | (21,542) |
Undeclared dividends on preferred stock | (178) | (188) | (5,508) |
Net loss applicable to common shareholders | $ (36,788) | $ (24,100) | $ (27,050) |
Weighted average common shares outstanding, basic (shares) | 10,749 | 9,286 | 8,501 |
Weighted average common shares outstanding, diluted (shares) | 10,749 | 9,286 | 8,501 |
Loss per common share, basic (usd per share) | $ (3.42) | $ (2.60) | $ (3.18) |
Loss per common share, diluted (usd per share) | $ (3.42) | $ (2.60) | $ (3.18) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (36,610) | $ (23,912) | $ (21,542) |
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Depreciation | 1,350 | 1,324 | 1,354 |
Provision / (Recovery) for doubtful accounts | 10 | (5) | (36) |
Non-cash interest expense | 1,241 | 7,680 | 0 |
Development costs write off | 0 | 0 | 16,003 |
Loss on disposal of property and equipment | 1 | 1 | 91 |
Stock - based compensation | 596 | 636 | 385 |
Changes in operating assets and liabilities: | |||
Restricted cash—NYSGC Lottery and Purse Accounts | 354 | (633) | 128 |
Accounts receivable | (117) | 135 | (136) |
Prepaid expenses and other current assets | (544) | (1,274) | (184) |
Other assets | 3 | 91 | 122 |
Accounts payable | (962) | (350) | (251) |
Accrued expenses and other current liabilities | 3,298 | 815 | (276) |
Net cash used in operating activities | (31,380) | (15,492) | (4,342) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (767) | (1,542) | (1,036) |
Capitalized project development costs | (4,074) | 0 | 0 |
Restricted cash—Racing capital improvement | (15,472) | 0 | 0 |
Development costs | 0 | 0 | (5,574) |
Net cash used in investing activities | (20,298) | (1,549) | (6,567) |
Cash flows from financing activities: | |||
Proceeds from rights offering, net of expenses | 49,528 | 13,180 | 11,178 |
Series E preferred shares and dividend redemption | (533) | 0 | (2,819) |
Proceeds from exercise of stock options and warrants | 2,660 | 2,770 | 1,013 |
Net cash provided by financing activities | 51,655 | 15,950 | 9,372 |
Net decrease in cash and cash equivalents | (23) | (1,091) | (1,537) |
Cash and cash equivalents, beginning of period | 6,435 | 7,526 | 9,063 |
Cash and cash equivalents, end of period | 6,412 | 6,435 | 7,526 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 1,398 | 1,330 | 1,325 |
Income taxes paid | 0 | 0 | 17 |
Noncash investing and financing activities: | |||
Common stock issued in settlement of preferred stock dividends | 159 | 218 | 167 |
Project development costs included in accrued expenses | 6,331 | 0 | 0 |
Racing Capital Improvements [Member] | |||
Cash flows from investing activities: | |||
Restricted cash—Racing capital improvement | $ 15 | $ (7) | $ 43 |
Organization And Nature Of Busi
Organization And Nature Of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature Of Business | Organization and Nature of Business Empire Resorts, Inc. (“Empire,” and, together with its subsidiaries, the “Company,” “us,” “our” or “we”) was organized as a Delaware corporation on March 19, 1993, and since that time has served as a holding company for various subsidiaries engaged in the hospitality and gaming industries. All share and per share information in this annual report on Form 10-K gives retroactive effect to a one-for-five reverse stock split effective as of December 23, 2015. Through Empire’s wholly-owned subsidiary, MRMI, the Company currently owns and operates Monticello Casino and Raceway, a 45,000 square foot VGM and harness horseracing facility located in Monticello, New York, 90 miles northwest of New York City. Monticello Casino and Raceway operates 1,110 VGMs, which includes 1,070 video lottery terminals ("VLTs") and 40 electronic table game positions ("ETGs"). VGMs are similar to slot machines, but they are connected to a central system and report financial information to the central system. The 2015-2016 New York State Budget (the "Budget") expands the statutory definition of Video Lottery Gaming which enables MRMI to operate ETGs of the games of blackjack and 3-card poker. MRMI has added ETGs of the games of blackjack and 3-card poker to its facility and will add other games as they are approved by the NYSGC (defined below). The Company also generates racing revenues through pari-mutuel wagering on the running of live harness horse races, the import simulcasting of harness and thoroughbred horse races from racetracks across the country and internationally, and the export simulcasting of its races to offsite pari-mutuel wagering facilities. In a letter dated February 12, 2016, the New York State Gaming Commission (the "NYSGC") assigned to MRMI the race dates requested through April 2016. Generally, the annual license renewal process requires the NYSGC to review the financial responsibility, experience, character and general fitness of MRMI and its management. On December 21, 2015, our wholly-owned subsidiary, Montreign Operating Company, LLC ("Montreign"), was awarded a license (a “Gaming Facility License”) by the NYSGC to operate a resort casino (“Montreign Resort Casino” or the ("Casino Project") to be located at the site of a four-season destination resort planned for the Town of Thompson in Sullivan County 90 miles from New York City (“Adelaar” or the “Adelaar Project”), which is described below. The award of the Gaming Facility License follows the Company’s selection in December 2014 by the New York State Gaming Facility Location Board (the “Siting Board”) as the sole Hudson Valley - Catskills Area casino applicant eligible to apply to the NYSGC for a Gaming Facility License. The Gaming Facility License became effective on March 1, 2016 (the "License Award Effective Date"). Liquidity The accompanying consolidated financial statements have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company anticipates that its current cash and cash equivalents balances and cash generated from operations will be sufficient to meet working capital requirements, excluding expenditures on the Development Projects (as defined below), for at least the next twelve months. To finance a portion of the Development Projects expenses, the Company consummated the January 2016 Rights Offering, from which the Company received net proceeds of $285.9 million . To complete the Development Projects, the Company will need to raise additional funds in support of the development of the Casino Project, the Entertainment Village and the Golf Course (collectively the “Development Projects”). Whether these resources are adequate to meet the Company’s liquidity needs beyond that period will depend on the Company’s growth and operating results and the progress of the Development Projects. To raise the additional capital necessary for the Development Projects, we may seek to enter into strategic agreements, joint ventures or similar agreements or we may sell additional debt or equity in public or private transactions, including pursuant to the Credit Suisse Commitment. The sale of additional equity could result in additional dilution to the Company’s existing stockholders and financing arrangements may not be available to us, or may not be available in amounts or on acceptable terms. As of December 31, 2015, we had total current assets of approximately $13.8 million and current liabilities of approximately $20.5 million . As of December 31, 2015, our total assets included approximately $15.5 million of remaining net proceeds from the January 2015 Rights Offering (as defined and discussed below) which are presented on the balance sheet as a non-current asset. In the twelve months ended December 31, 2015, we expensed $32.5 million of development costs and capitalized approximately $10.4 million for the Development Projects, of which $34.0 million was paid through December 31, 2015. We have had continuing net losses and negative cash flow from operating activities, including a loss from operations of $34.0 million for the twelve months ended December 31, 2015. The net losses for the twelve months ended December 31, 2015 were primarily related to the Company’s expenditures with respect to the Development Projects in the amount of $32.5 million , which expenses could not be capitalized unless and until the Company was awarded a Gaming Facility License. As a result of being awarded the Gaming Facility License, the Company began capitalizing the expenditures on the Casino Project, as well as the Entertainment Village and Golf Course, during the fourth quarter 2015. In fiscal year 2015, total Development Projects costs incurred were approximately $42.9 million . Of this amount, $32.5 million was expensed and consisted of $2.7 million in legal, consultants and other professional services, $4.6 million of non-refundable payments pertaining to the Option Agreement with EPR, $24.2 million in architectural, engineering fees, construction manager costs and subcontractor costs, and $975,000 payment to Kien Huat for a commitment fee pursuant to the Second Amendment to the Commitment letter. The $42.9 million includes $10.4 million of capitalized project development costs during 2015. In fiscal year 2014, the Casino Project development costs incurred were approximately $12.2 million and consisted of $5.1 million in legal, construction manager costs, consultants and other professional services, $3.1 million of non-refundable payments pertaining to the Option Agreement with EPR, $2.1 million in architectural fees, $1.0 million payment for the RFA application fee, and a $900,000 payment to Kien Huat for a commitment fee pursuant to the Commitment Letter. In fiscal year 2013, the Adelaar Project and Casino Project development costs expensed were approximately $18.0 million . The $18.0 million consisted of $10.4 million in architectural fees, $1.9 million for shared development expenses with EPR, $2.3 million in legal, $1.0 million in construction manager costs, $900,000 in consultants and other professional services, and $1.5 million of non-refundable payments pertaining to the Option Agreement with EPR. Following the Company’s selection by the Siting Board to apply to the NYSGC for a Gaming Facility License, the Company submitted to the NYSGC the Upgraded Casino Plan and the Amended Adelaar Plan. The Upgraded Casino Plan and the Amended Adelaar Plan, which are the basis for the Gaming Facility License the Company was awarded, requires that we invest, or cause to be invested no less than approximately $854 million ("Minimum Capital Investment") in the development of the initial phase of Adelaar in accordance with the submitted plans for Montreign Resort Casino and Adelaar. The Gaming Facility License became effective on March 1, 2016. The Gaming Facility License is subject to certain conditions established by the NYSGC, which conditions, in addition to the Minimum Capital Investment, require Montreign, and any successors and assigns, among other things, to (i) pay an aggregate license fee of $51 million within 30 days of the License Award Effective Date; and (ii) deposit via cash or bond 10% of the Minimum Capital Investment on the License Award Effective Date. The Company's portion of the Minimum Capital Investment is approximately $651.4 million for the Casino Project, the Golf Course and Entertainment Village. On March 1, 2016, the Minimum Capital Investment Deposit, in the aggregate amount of $85.4 million , was made. Montreign's portion of the Minimum Capital Investment Deposit was made in the form of a deposit bond representing approximately $65 million , which is 10% of the Company's Minimum Capital Investment in the Casino Project, Golf Course and Entertainment Village. To support the Upgraded Casino Plan and the expenses related to the development of the Golf Course and Entertainment Village, the Company entered into amendments to the debt and equity financing commitments initially obtained in June 2014 in support of Montreign’s application for a Gaming Facility License. For the debt portion of the Company’s financing, in June 2014, Credit Suisse committed to provide the CS Credit Commitment of up to a maximum amount of $478 million . On September 22, 2015, Credit Suisse and the Company entered into a further amendment to the CS Credit Commitment increasing the financing commitment Credit Suisse provided up to a maximum of $545 million , which amount may be reduced by no more than $70 million depending on the amount of furniture, fixtures and equipment financing the Company otherwise obtains. The CS Credit Commitment provides that it may change the terms of the credit facility to ensure successful syndication. The CS Credit Facility is subject to various conditions precedent, including evidence of an equity investment in Company of not less than $301 million , of which $50 million was raised in a rights offering conducted by the Company in the 2015 and $290 million was raised in a rights offering conducted by the Company in 2016. The Company obtained the CS Credit Commitment to demonstrate its ability to finance the costs and expenses of the Casino Project. However, the Company has reserved the flexibility to reassess financing alternatives and either proceed with the debt financing described herein or pursue alternative means of debt financing on terms and conditions more beneficial to the Company, subject to payment of a fee to Credit Suisse. For the equity investment portion of the Company’s financing for the Development Projects and to redeem the outstanding Series E Preferred Stock in accordance with an existing settlement agreement, in June 2014, the Company and Kien Huat entered into the Commitment Letter. Pursuant to the Commitment Letter, Kien Huat initially agreed to participate in, and backstop, a rights offering in an amount up to $150 million plus the amount needed to redeem the Series E Preferred Stock if the Company commenced a rights offering on the terms described in the Commitment Letter in support of the Casino Project. For such commitment, the Company agreed to pay Kien Huat a fee of 1.0% of the maximum amount raised, of which 0.5% was paid upon execution of the Commitment Letter and the remaining 0.5% being due if a rights offering was launched. In addition, the Company agreed to pay for or reimburse Kien Huat for all of its out-of-pocket expenses in connection with the negotiation, execution and delivery of the Commitment Letter and the consummation of the transactions contemplated thereby. In partial satisfaction of Kien Huat’s obligations pursuant to the Commitment Letter, Kien Huat participated in, and backstopped, the January 2015 Rights Offering (as defined below) in the amount of $50 million . The proceeds of the January 2015 Rights Offering were used for the expenses relating to the pursuit of the Gaming Facility License for the Casino Project and for development purposes. The Company paid Kien Huat a portion of the commitment fee described in the Commitment Letter in the amount of $250,000 (representing 0.5% of the $50 million amount raised in the January 2015 Rights Offering) and reimbursed Kien Huat for its expenses in an amount of $40,000 . To support the Upgraded Casino Plan, the expenses related to the development of the Golf Course and Entertainment Village, to redeem the Series E Preferred Stock and to provide working capital for the Company, the Company and Kien Huat entered into a second amendment to the Commitment Letter (the “Second Amendment” or the “Second Amendment to the Commitment Letter”) on September 22, 2015. Pursuant to the Second Amendment to the Commitment Letter, Kien Huat increased its overall equity investment commitment to the Company from $150 million plus the amount necessary to redeem the Series E Preferred Stock to an aggregate total of $375 million , which amounts include the $50 million invested in the January 2015 Rights Offering. In particular, Kien Huat agreed to participate in, and backstop, two additional rights offerings, the first of which is the January 2016 Rights Offering, which Kien Huat has agreed to backstop in an amount not to exceed $290 million . Kien Huat also agreed to participate in, and backstop, a follow-on rights offering on the same terms and conditions and at the same subscription price as the January 2016 Rights Offering, in an amount not to exceed $35 million (the "Follow-On Rights Offering"). Except for the increase in the overall commitment amount, the terms and conditions of the Commitment Letter remain unchanged. On January 5, 2016, the Company commenced a rights offering for aggregate gross proceeds of $290 million . In connection with the January 2016 Rights Offering, on December 31, 2015, the Company and Kien Huat entered into a standby purchase agreement (the “January 2016 Standby Purchase Agreement”). Pursuant to the January 2016 Standby Purchase Agreement, Kien Huat agreed to exercise its basic subscription rights and to exercise all rights not otherwise exercised by the other holders in an aggregate amount not to exceed $290 million . Under the January 2016 Standby Purchase Agreement, the Company paid Kien Huat a portion of the commitment fee described in the Commitment Letter in the amount of $1,450,000 and reimbursed Kien Huat for its expenses in an amount not exceeding $50,000 . The January 2016 Rights Offering closed on February 17, 2016. See Note H, "Stockholders' Equity," for additional information about the January 2016 Rights Offering. On January 5, 2015, the Company commenced a rights offering (the “January 2015 Rights Offering”) for aggregate gross proceeds of $50 million to raise a portion of the equity financing necessary to develop the Casino Project. In partial satisfaction of Kien Huat's obligations pursuant to the Commitment Letter, in connection with the January 2015 Rights Offering, on January 2, 2015, the Company and Kien Huat entered into a standby purchase agreement (the “January 2015 Standby Purchase Agreement”). Pursuant to the January 2015 Standby Purchase Agreement, Kien Huat agreed to exercise in full its basic subscription rights granted in the January 2015 Rights Offering within ten ( 10 ) days of its grant. In addition, Kien Huat agreed it would exercise all rights not otherwise exercised by the other holders in an aggregate amount not to exceed $50 million . Under the January 2015 Standby Purchase Agreement, the Company paid Kien Huat a portion of the commitment fee described in the Commitment Letter in the amount of $250,000 and reimbursed Kien Huat for its expenses in an amount not exceeding $40,000 . The January 2015 Rights Offering closed on February 6, 2015. The Company issued a total of 1,408,451 shares of common stock at $35.50 per share. This includes 10,658 shares issued to holders upon exercise of their basic subscription and over-subscription rights and 864,360 shares issued to Kien Huat upon exercise of its basic subscription rights. Kien Huat also acquired the remaining 533,433 shares not sold in the January 2015 Rights Offering pursuant to the January 2015 Standby Purchase Agreement. The Company received net proceeds of approximately $49.5 million , which were used for the expenses relating to the pursuit of the Gaming Facility License and are being used for development purposes relating to the Casino Project. On April 2, 2014, the Company commenced a rights offering of common stock to holders of its common stock and Series B Preferred Stock (the "April 2014 Rights Offering"). The Company distributed to its common stock holders and Series B Preferred Stock holders one ( 1 ) non-transferable right to purchase one ( 1 ) share of common stock at a subscription price of $31.25 per share for each fifteen shares of common stock owned, or into which their Series B Preferred Stock was convertible, on March 31, 2014, the record date for the April 2014 Rights Offering. In addition to being able to purchase their pro rata portion of the shares offered based on their ownership as of March 31, 2014, stockholders were able to oversubscribe for additional shares of common stock. Upon completion of the April 2014 Rights Offering, the Company issued 427,776 shares of common stock and raised approximately $13.4 million . This includes 90,633 shares issued to holders upon exercise of their basic subscription rights, 302,526 shares issued to Kien Huat upon exercise of its basic subscription rights and 34,617 shares issued to holders upon exercise of their over-subscription rights in the April 2014 Rights Offering. The Company utilized the net proceeds of approximately $13.2 million for certain expenses relating to (i) the Adelaar Project and Casino Project; (ii) maintaining our on-going operations and facilities; and (iii) support of our pursuit of a Gaming Facility License. We may also seek to enter into other strategic agreements, joint ventures or similar agreements or we may sell additional debt or equity in public or private transactions in support of the Casino Project and our ongoing operations. On January 3, 2014, we filed the S-3, which was declared effective on February 12, 2014, covering the offer and sale of up to $250 million of our securities. As of March 7, 2016, we had up to approximately $83.7 million available for future issuances under the S-3. However, because the Company's public float is less than $75 million as of the date of this filing, we will be limited in the amount of securities we may sell under the S-3 to an amount no greater than one third our public float. This amount of availability is sufficient to complete the Follow-On Rights Offering. This amount of availability is sufficient to complete the Follow-On Rights Offering.The sale of additional equity will result in additional dilution to the Company’s existing stockholders and financing arrangements may not be available to the Company, or may not be available in amounts or on terms acceptable to the Company. On March 3, 2015, the Company and Kien Huat entered into Amendment No. 3 (the "Third Amendment") to the Loan Agreement, dated November 17, 2010 and amended on August 8, 2012 and December 18, 2013 (the "Loan Agreement"). Pursuant to the Third Amendment, among other things, the maturity date of the Kien Huat Note was extended from March 15, 2015 to March 15, 2016. Additionally, pursuant to the Third Amendment, the Loan Agreement was amended to add the denial to issue a Gaming Facility License to the Company as an Event of Default. Pursuant to the terms of the Commitment Letter and the Loan Agreement, upon consummation of the January 2016 Rights Offering, the Kien Huat Note was converted into 1,332,058 shares of our common stock, which conversion, along with the payment in cash of interest due, satisfied the Kien Huat Note in full (the "Conversion"). See Note F, "Long Term Loan, Related Party," for additional information about the Note Conversion. Recent Events Letter Agreement As a result of Kien Huat’s increased proportionate ownership following the consummation of the January 2016 Rights Offering and the conversion of the Kien Huat Note, at the request of the Company, on February 17, 2016, Kien Huat and the Company entered a letter agreement (the “Letter Agreement”) pursuant to which, during the period commencing on February 17, 2016 and ending on the earlier of (i) the three year anniversary of the closing of the January 2016 Rights Offering and (ii) the one year anniversary of the opening of the Casino Project, Kien Huat has agreed not to take certain actions with respect to the Company. In particular, during such time period, Kien Huat has agreed not to, and to cause its affiliates other than the Company or its subsidiaries (collectively with Kien Huat, “Kien Huat Parties”) not to, take certain actions in furtherance of a “going-private” transaction (as such term is defined in the Letter Agreement) involving the Company unless such transaction is subject to the approval of (x) holders of a majority of the votes represented by the common stock, Series B preferred stock and any other capital stock of the Company entitled to vote together with the common stock in the election of the board of directors (the “Board”) of the Company (other than any such capital stock owned by any Kien Huat Parties) and (x) either (A) a majority of disinterested members of the Board or (y) a committee of the Board composed of disinterested members of the Board. In addition, during such period, the Company and Kien Huat have agreed to cooperate to ensure that, to the greatest extent possible, the Board includes no fewer than three ( 3 ) independent directors (the definition of independence as determined under the standards of The Nasdaq Stock Market or any other securities exchange on which the common stock of the Company is then listed). Monticello Casino and Raceway Monticello Casino and Raceway began racing operations in 1958 and currently features: • 1,070 VLTs and 40 ETGs (collectively 1,110 VGMs); • year-round live harness horse racing; • year-round simulcast pari-mutuel wagering on thoroughbred and harness horse racing from around the world; • a 3,000 -seat grandstand with retractable windows and a 100 -seat clubhouse; • parking spaces for 2,000 cars and 10 buses; • a buffet and two outlet food court with seating capacity for up to 350 patrons; • a 3,800 square foot multi-functional space used for events; • a casino bar and an additional clubhouse bar; and • an entertainment lounge with seating for 75 patrons. VGM Operations We currently operate a 45,000 square foot VGM facility known as Monticello Casino and Raceway. Revenues derived from our VGM operations consist of VGM revenues and related food and beverage revenues. The VGMs are owned by the State of New York. By statute, from April 1, 2008 until March 31, 2016, 41% of gross VGM revenue is distributed to us. Unless the 2016-2017 State Budget, which we anticipate will be adopted by March 31, 2016, contains a provision to extend this share percentage of gross VGM revenue to March 31, 2017, effective as of April 1, 2016, 39% of gross VGM revenue will be distributed to us. Gross VGM revenues consist of the total amount wagered at our VGMs, less prizes awarded. The statute provides a marketing allowance for racetracks operating video lottery programs of 10% on the first $100 million of net revenues generated and 8% thereafter. Video lottery gaming shall only be permitted for no more than twenty consecutive hours per day and on no day shall such operation be conducted past 6:00 a.m. VGM activities in the State of New York are overseen by the NYSGC. Raceway Operations We derive our racing revenue principally from: • wagering at Monticello Casino and Raceway on live races run at Monticello Casino and Raceway; • fees from wagering at out-of-state locations and internationally on races run at Monticello Casino and Raceway using export simulcasting; • revenue allocations, as prescribed by law, from betting activity at off-track betting facilities in the State of New York; • wagering at Monticello Casino and Raceway on races broadcast from out-of-state racetracks using import simulcasting; and • program and certain other ancillary activities. Simulcasting Import and, particularly, export simulcasting, are an important part of our business. Simulcasting is the process by which a live horse race held at one facility (the “host track”) is transmitted to another location that allows patrons of such other location to wager on that race. Amounts wagered at each off-track betting location are combined into the appropriate pools at the host track’s tote facility where the final odds and payouts are determined. With the exception of a few holidays, we offer year-round simulcast wagering from racetracks across the country, including Aqueduct, Belmont, Meadowlands Racetrack, Penn National Race Course, Turfway Park, Santa Anita Racetrack, Gulfstream Park and Saratoga Racecourse. In addition, races of national interest, such as the Kentucky Derby, Preakness Stakes and Breeders’ Cup supplement our regular simulcast programming. We also export live broadcasts of our own races to race tracks, casinos and off-track betting facilities in the United States, Canada, Germany, Austria, Isle of Man, Mexico, South America and the United Kingdom. On November 3, 2014, MRMI and the Monticello Harness Horsemen’s Association (the “MHHA") entered into an agreement that governs the conduct of MRMI and MHHA relating to horseracing purse payments, the simulcasting of horse races and certain other payments (the "2014 MHHA Agreement"). The 2014 MHHA Agreement had an initial term of two ( 2 ) years. However, because Montreign was awarded a Gaming Facility License, the 2014 MHHA Agreement was extended for an additional seven ( 7 ) years beginning on the date that the NYSGC approves the Casino Project to engage in legalized gaming. On that same date, MHHA will also receive 200,000 shares of Empire common stock and a warrant to purchase 60,000 shares of common stock, the proceeds of any sales of which will provide additional monies for the harness horsemen’s purse account. Pari-mutuel Wagering Our racing revenue is derived from pari-mutuel wagering at our track and government mandated revenue allocations from certain New York State off-track betting locations. In pari-mutuel wagering, patrons bet against each other rather than against the operator of the facility or with pre-set odds. The amounts wagered form a pool of funds from which winnings are paid based on odds determined by the wagering activity. The racetrack acts as a stakeholder for the wagering patrons and deducts from the amounts wagered a “take-out” or gross commission from which the racetrack pays state and county taxes and racing purses. Our pari-mutuel commission rates are fixed as a percentage of the total handle or amounts wagered. Raceway Operations, Simulcasting and Pari-mutuel Wagering activities in the State of New York are overseen by the NYSGC. Adelaar and Montreign Resort Casino The Adelaar Project is to be located on approximately 1,700 acres (the “EPT Property”) owned by EPT Concord II, LLC (“EPT”) and EPR Concord II, L.P. (“EPR LP”) two wholly-owned subsidiaries of EPR Properties (“EPR”). Montreign Resort Casino is part of the initial phase of the Adelaar Project, which will also include an Indoor Waterpark Lodge (the "Waterpark"), Rees Jones redesigned “Monster” Golf Course (the “Golf Course”) and an Entertainment Village, which will include retail, restaurant, shopping and entertainment (the “Entertainment Village”and, together with the Casino Project, the Waterpark, the Golf Course and the Entertainment Village, the “Initial Projects”). Although construction has commenced, over the past four years, the Company has expended substantial time and resources on designing Montreign Resort Casino and, in conjunction with EPR, working with local, state and federal agencies and officials to obtain necessary permits and approvals for construction of the Initial Projects. Montreign Resort Casino Montreign Resort Casino,is designed to meet 5-star and 5-diamond standards and is expected to include: • A 90,000 square foot casino floor featuring 2,150 slot machines, 102 table games and a 14 – 16 table poker room (inclusive of the poker room and VIP and high-limit areas); • Designated VIP/high-limit areas within such gaming floor which will offer a minimum of 26 slot machines, 8 table games, and a player’s lounge offering food and beverage; • An 18 story hotel tower containing 332 luxury rooms (including at least eight 1,000 – 1,200 square foot garden suites, seven 1,800 square foot, two story townhouse villas, and 12 penthouse-level suites), indoor pools and fitness center; • A VIP floor containing 6 private VIP gaming salons, a private gaming cage, and butler service; • 27,000 square feet of multi-purpose meeting and entertainment space with seating capacity for 1,300 people and a mezzanine level that includes the 14 - 16 table poker room, access to outdoor terraces and approximately 7,000 square feet of meeting room space; • A 7,500 square foot spa located at the VIP level; and • Seven restaurants and four bars. Gaming Facility License The Gaming Facility License will be effective on the License Award Effective Date. The Gaming Facility License will have an initial duration of ten years from the License Award Effective Date. It shall be renewable thereafter for a period of at least an additional ten years, as determined by the NYSGC. The Gaming Facility License is also subject to certain conditions established by the NYSGC, which conditions require Montreign, and any successors and assigns, to: • pay an aggregate license fee of $51 million within 30 days of the License Award Effective Date; • deposit via cash or bond 10% of the Minimum Capital Investment (as defined below) on the License Award Effective Date (the "Minimum Capital Investment Deposit"); • invest, or cause to be invested, no less than approximately $854 million (the “Minimum Capital Investment”) in the development of the initial phase of Adelaar in accordance with the submitted plans for Montreign Resort Casino and Adelaar; • own or acquire, including by lease, the land where Montreign Resort Casino will be built within 60 days of the License Award Effective Date; • fulfill substantially the commitments and execute the submitted plans for Montreign Resort Casino and Adelaar; • commence gaming operations within 24 months following the License Award Effective Date upon the NYSGC’s approval to open Montreign Resort Casino for gaming following a determination that the submitted plans for Montreign Resort Casino has been substantially completed in accordance with the construction plans, specifications and timelines submitted by Montreign; • comply with Article 15-A of the Executive Law and minority and woman business enterprise requirements and regulations for Montreign Resort Casino capital projects; • take all reasonable steps to obtain and comply in all material respects with all permits and zoning approvals required for the initial phase of the Adelaar Project; • maintain and comply in all material respects with the terms and conditions of agreements relating to live entertainment agreements; project labor agreements; labor peace agreements; cross-marketing agreements with local partners; and affirmative action program agreements, with notice and a reasonable opportunity to cure any defects or failures to comply; • create a minimum of 1,425 full time jobs and 96 part time jobs and undertake to establish workforce development and affirmative action programs that conform, at a minimum to the programs submitted by Montreign that comply with applicable regulations; • undertake to establish a problem gambling program conforming, at a minimum, to the program submitted by Montreign that complies with applicable regulations; • within 30 days of the Award Date and thereafter on a quarterly basis, update the NYSGC on the status of certain litigation to which Montreign or certain entities and individuals that are required to be qualified by the NYSGC is a party; • comply with debt to equity ratios to be established by the NYSGC; • promptly inform the NYSGC of any declared default or any failure to meet any material payment of interest or principal when due under any existing or future debt; • provide written notification to the NYSGC if Montreign intends to refinance existing debt or incur additional capital debt of $50 millio |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue recognition and Promotional allowances Gaming revenue is the net difference between gaming wagers and payouts for prizes from VGMs, non-subsidized free play and accruals related to the anticipated payout of progressive jackpots. Progressive jackpots contain base jackpots that increase at a progressive rate based on the credits played and are charged to revenue as the amount of the jackpots increase. The Company recognizes gaming revenues before deductions of such related expenses as NYSGC’s share of VGM revenue and the Monticello Harness Horsemen’s Association (the “MHHA”) and Agriculture and New York State Horse Breeding Development Fund’s contractually required percentages. Food, beverage, racing and other revenue, includes food and beverage sales, racing revenue earned from pari-mutuel wagering on live harness racing and simulcast signals to and from other tracks and miscellaneous income. The Company recognizes racing revenues before deductions of such related expenses as purses, stakes and awards. Some elements of the racing revenues from Off-Track Betting Corporations (“OTBs”) are recognized as collected, due to uncertainty of receipt of and timing of payments. Net revenues are recognized net of certain sales incentives in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”) 605-50, “Revenue Recognition—Customer Payments and Incentives”. The retail value of complimentary food, beverages and other items provided to the Company’s guests is included in gross revenues and then deducted as promotional allowances. The estimated cost of providing such food, beverage and other items as promotional allowances is included in food, beverage, racing and other expense. In addition, promotional allowances include non-subsidized free play offered to the Company’s guests based on their relative gaming worth and prizes included in certain promotional marketing programs. The retail value amounts included in promotional allowances for the years ended December 31, 2015, 2014 and 2013 are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Food and beverage $ 1,553 $ 1,656 $ 1,835 Non-subsidized free play 1,720 2,476 3,106 Players club awards 195 156 516 Total retail value of promotional allowances $ 3,468 $ 4,288 $ 5,457 The estimated cost of providing complimentary food, beverages and other items for the years ended December 31, 2015, 2014 and 2013 are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Food and beverage $ 2,109 $ 2,206 $ 2,154 Non-subsidized free play 1,015 1,461 1,832 Players club awards 195 156 516 Total cost of promotional allowances $ 3,319 $ 3,823 $ 4,502 Principles of consolidation The consolidated financial statements include Empire’s accounts and their wholly-owned subsidiaries. All significant inter-company balances and transactions are eliminated in consolidation. Cash and cash equivalents Cash and cash equivalents include cash on account, demand deposits and certificates of deposit with original maturities of three months or less at acquisition. The Company maintains significant cash balances with financial institutions, which are not covered by the Federal Deposit Insurance Corporation. The Company has not incurred any losses in such accounts and believes it is not exposed to any significant credit risk on cash. Restricted cash The Company has four types of restricted cash accounts. Approximately $1.1 million of cash is held in reserve in accordance with NYSGC regulations as of December 31, 2015 as listed below. The Company granted the NYSGC a security interest in the segregated cash account used to deposit NYSGC’s share of net win in accordance with the NYSGC Rules and Regulations. Under New York State Racing, Pari-Mutual Wagering and Breeding Law, MRMI is obliged to withhold a certain percentage of certain types of racing and pari-mutuel wagers towards the establishment of a pool of money, the use of which is restricted to the funding of approved capital improvements. Periodically during the year, MRMI petitions the NYSGC to certify that the noted expenditures are eligible for reimbursement from the capital improvement fund. The balance in this account was approximately $35,000 and $49,000 at December 31, 2015 and 2014, respectively. In April 2005, the New York law governing VGM operations was modified to provide an increase in the revenues retained by the VGM operator. A portion of that increase was designated as a reimbursement of marketing expenses incurred by the VGM operator. The amount of revenues directed toward this reimbursement is deposited in a bank account under the control of the NYSGC and the VGM operator. The funds are transferred from this account to the VGM operator upon the approval by NYSGC officials of the reimbursement requests submitted by the VGM operator. The balance in this account was approximately $629,000 and $405,000 at December 31, 2015 and 2014, respectively. In connection with the Company’s VGM operations, it agreed to maintain a restricted bank account. The balance in this account was $400,000 and $450,000 , at December 31, 2015 and 2014, respectively. The NYSGC can make withdrawals directly from this account if they have not received their share of net win when due. For the year ended December 31, 2015, there were no withdrawals made from this account. In addition to the NYSGC restricted cash balances listed above, the Company established an account to segregate amounts collected and payable to Monticello Harness Horsemen’s Association (the “MHHA”) and pursuant to its contract. The balance in this account was approximately $278,000 and $806,000 at December 31, 2015 and 2014, respectively. Accounts receivable Accounts receivable, net of allowances, are stated at the amount the Company expects to collect. When required, an allowance for doubtful accounts is recorded based on information on the collectability of specific accounts. Accounts are considered past due or delinquent based on contractual terms, how recently payments have been received and the Company’s judgment of collectability. In the normal course of business, the Company settles wagers for other racetracks and is exposed to credit risk. These wagers are included in accounts receivable. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company recorded an allowance for doubtful accounts of approximately $171,000 and $161,000 , as of December 31, 2015 and 2014. Property and equipment Property and equipment is stated at cost less accumulated depreciation. The Company provides for depreciation on property and equipment used by applying the straight-line method over the following estimated useful lives: Assets Estimated Useful Lives Vehicles 5-10 years Furniture, fixtures and equipment 5-10 years Land improvements 5-20 years Building improvements 5-40 years Buildings 40 years Deferred financing costs Deferred financing costs are amortized on the straight-line method over the term of the related debt. Project Development Costs Prior to the enactment of the Gaming Act (defined below) in 2013 and the subsequent referendum approving a constitutional amendment in November 2013 to permit full-scale commercial casinos in New York, the Casino Project was being developed as a VGM facility. In such context, we were able to capitalize the expenditures relating to the Casino Project because development was probable as we would have transferred our existing license to operate a VGM facility from the Monticello Casino and Raceway to the Casino Project. Subsequent to the enactment of the Gaming Act, our subsidiary Montreign submitted an application to the Siting Board for a Gaming Facility License with respect to the Casino Project, which Gaming Facility License would allow the Casino Project to operate as a full-scale casino rather than a VGM facility. Because our application for a Gaming Facility License was submitted in a competitive environment and we could not be certain we would be awarded a Gaming Facility License, we could no longer capitalize the expenditures relating to the Casino Project incurred after November 2013. Therefore, during the fourth quarter of 2013, we expensed approximately $16.0 million of previously capitalized costs relating to the Casino Project, and, after that time, all costs incurred for the Casino Project were expensed until we were awarded a Gaming Facility License on December 21, 2015. As a result of being awarded the Gaming Facility License, the Company began capitalizing the expenditures on the Casino Project, as well as the Entertainment Village and Golf Course, during the fourth quarter 2015. Impairment of long-lived assets The Company periodically reviews the carrying value of its long-lived assets in relation to historical results, as well as management’s best estimate of future trends, events and overall business climate. If such reviews indicate an issue as to whether that the carrying value of such assets may not be recoverable, the Company will then estimate the future cash flows generated by such assets (undiscounted and without interest charges). If such future cash flows are insufficient to recover the carrying amount of the assets, then impairment is triggered and the carrying value of any impaired assets would then be reduced to fair value. Loss contingencies There are times when non-recurring events may occur that require management to consider whether an accrual for a loss contingency is appropriate. Accruals for loss contingencies typically relate to certain legal proceedings, customer and other claims and litigation. As required by generally accepted accounting principles in the United States of America (“GAAP”), the Company determines whether an accrual for a loss contingency is appropriate by assessing whether a loss is deemed probable and can be reasonably estimated. The Company analyzes its legal proceedings and other claims based on available information to assess potential liability. The Company develops its views on estimated losses in consultation with outside counsel handling its defense in these matters, which involves an analysis of potential results assuming a combination of litigation and settlement strategies. No liability was accrued for loss contingencies at December 31, 2015 and 2014. Loss per common share The Company computes basic loss per share by dividing net loss applicable to common shares by the weighted-average common shares outstanding for the period. Diluted loss per share reflects the potential dilution of earnings that could occur if securities or contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. Since the effect of common stock equivalents is anti-dilutive with respect to losses, these common stock equivalents have been excluded from the Company’s computation of loss per common share. Therefore, basic and diluted loss per common share for the years ended December 31, 2015, 2014 and 2013 were the same. The following table shows the approximate number of common stock equivalents outstanding at December 31, 2015 and 2014 that could potentially dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share for the years ended December 31, 2015, 2014 and 2013, because their inclusion would have been anti-dilutive. Outstanding at December 31, 2015 2014 2013 Options 57,000 156,200 378,000 Warrants 133,000 216,600 216,600 Option Matching Rights 229,000 238,000 266,000 Restricted stock 137,000 37,000 32,600 Shares to be issued upon conversion of long-term loan, related party 1,332,000 1,332,000 1,332,000 Total 1,888,000 1,979,800 2,225,200 Pursuant to the terms of the Investment Agreement (defined in Note H), Kien Huat has the right to purchase an equal number of additional shares of common stock as are issued upon the exercise of certain options and warrants (the "Option Matching Rights"). On February 17, 2016, the Company provided written notice to Kien Huat regarding the exercise of certain Option Matching Rights to elect whether to exercise such Option Matching Rights. On February 17, 2016, Kien Huat declined to exercise the Option Matching Rights to purchase 204,706 shares of common stock. Fair value The Company follows the provisions of ASC 820, “Fair Value Measurement,” issued by the FASB for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value, requires certain disclosures and discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The Company chose not to elect the fair value option as prescribed by FASB, for its financial assets and liabilities that had not been previously carried at fair value. The Company’s financial instruments are comprised of current assets, current liabilities and a long-term loan. Current assets and current liabilities approximate fair value due to their short-term nature. As of December 31, 2015 and 2014, the Company’s management was unable to estimate reasonably the fair value of the long-term loan due to the inability to obtain quotes for similar credit facilities. Advertising The Company records as current operating expense the costs of general advertising, promotion and marketing programs at the time those costs are incurred. Advertising expense was approximately $1.0 million, $977,000 and $885,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Stock-based compensation The cost of all share-based awards to employees, including grants of employee stock options and restricted stock, is recognized in the financial statements based on the fair value of the awards at grant date. The fair value of stock option awards is determined using the Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards is equal to the market price of Empire’s common stock on the date of grant. The fair value of share-based awards is recognized as stock-based compensation expense on a straight-line basis over the requisite service period from the date of grant. As of December 31, 2015, there was approximately $3.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s equity compensation plan. That cost is expected to be recognized over a period of 2.75 years. This expected cost does not include the impact of any future stock-based compensation awards. Income taxes The Company applies the asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates for the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from estimates. Recent accounting pronouncements In May 2014, the FASB issued new revenue recognition guidance, which will supersede nearly all existing revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, the new guidance implements a five-step process for customer contract revenue recognition. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is prohibited. On July 9, 2015, the FASB reaffirmed the guidance in its April 29, 2015 proposed Accounting Standards Update ("ASU") that defers the effective date of the new revenue recognition standard by one year and allows early adoption as of the original effective date. Entities can transition to the new guidance either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is assessing the impact that the new revenue recognition guidance will have on the consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating its leases against the requirements of this pronouncement. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment and Capitalized Project Development Costs Property and equipment at December 31, 2015 and 2014 consists of: (in thousands) 12/31/2015 12/31/2014 Land $ 770 $ 770 Land improvements 1,732 1,681 Buildings 4,727 4,727 Building improvements 27,284 27,062 Vehicles 280 282 Furniture, fixtures and equipment 3,894 3,540 Construction in Progress 197 85 38,884 38,147 Less—Accumulated depreciation (13,095 ) (11,775 ) $ 25,789 $ 26,372 Depreciation expense was approximately $1.4 million , $1.3 million and $1.4 million for years ended December 31, 2015, 2014 and 2013, respectively. The VGMs in the Company’s facility are owned by the NYSGC and, accordingly, the Company's consolidated financial statements include neither the cost nor the depreciation of those devices. Capitalized Project Development Costs At December 31, 2015, total Capitalized Casino Project development costs incurred were approximately $10.4 million and consisted of $10.3 million in architectural, engineering fees, construction manager costs and subcontractor costs and approximately $127,000 in legal, consultants and other costs. |
Project Development Costs
Project Development Costs | 12 Months Ended |
Dec. 31, 2015 | |
Project Development Costs [Abstract] | |
Project Development Costs | Project Development Costs In fiscal year 2015, total Development Project costs incurred were approximately $42.9 million , of which $32.5 million was expensed and consisted of $2.7 million in legal, consultants and other professional services, $4.6 million of non-refundable payments pertaining to the Option Agreement with EPR, $24.2 million in architectural, engineering fees, construction manager costs and subcontractor costs, and $975,000 payment to Kien Huat for a commitment fee pursuant to the Commitment letter. The $42.9 million includes $10.4 million of capitalized project development costs during 2015. In fiscal year 2014, the Casino Project development costs incurred were approximately $12.2 million and consisted of $5.1 million in legal, construction manager costs, consultants and other professional services, $3.1 million of non-refundable payments pertaining to the Option Agreement with EPR, $2.1 million in architectural fees, $1.0 million payment for the RFA application fee, and a $900,000 payment to Kien Huat for a commitment fee pursuant to the Commitment Letter. In fiscal year 2013, the Adelaar Project and Casino Project development costs expensed were approximately $18.0 million . The $18.0 million consisted of $10.4 million in architectural fees, $1.9 million for shared development expenses with EPR, $2.3 million in legal, $1.0 million in construction manager costs, $900,000 in consultants and other professional services, and $1.5 million of non-refundable payments pertaining to the Option Agreement with EPR. The Option Agreement is superseded by the Casino Lease, Golf Course Lease, Entertainment Village Lease and Purchase Option. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities, as presented on the balance sheet are comprised of the following at December 31, 2015 and 2014: (in thousands) 12/31/2015 12/31/2014 Liability for horseracing purses $ 529 $ 1,568 Accrued payroll 1,719 1,424 Series E payable 1,500 1,241 Accrued redeemable points 67 187 Liability to NYSGC 1,012 436 Liability for local progressive jackpot 927 776 Accrued Casino Project Development costs 10,811 89 Accrued professional fees 844 911 Federal tax withholding payable 154 114 Accrued other 1,664 1,352 Total accrued expenses and other current liabilities $ 19,227 $ 8,098 |
Long-Term Loan, Related Party
Long-Term Loan, Related Party | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Loan, Related Party | Long-Term Loan, Related Party On November 17, 2010, Empire entered into a loan agreement (the "Loan Agreement") with Kien Huat Realty III Limited ("Kien Huat"), in the principal amount of $35 million of which $17.6 million was outstanding as of December 31, 2015. Pursuant to the terms of the Commitment Letter and the Loan Agreement, upon consummation of the January 2016 Rights Offering, the Kien Huat Note was converted into 1,332,058 shares of common stock pursuant to the original terms of the Loan Agreement. As the Note was converted into common stock of the Company prior to the issuance of the 2015 financial statements, the liability has been reflected as a long-term liability in the accompanying financial statements. The Company recognized approximately $1.3 million in interest expense associated with the Loan during the years ended December 31, 2015, 2014 and 2013, respectively. Conversion of Kien Huat Note On June 26, 2014, Kien Huat and the Company entered into a letter agreement, which was last amended on September 22, 2015 (as amended, the “Commitment Letter”), pursuant to which Kien Huat committed to support the Company’s equity financing needs with respect to the Casino Project and Adelaar. Kien Huat’s commitment to participate in, and backstop, the January 2016 Rights Offering was made in accordance with the Commitment Letter. Pursuant to the Commitment Letter, Kien Huat also agreed to convert in accordance with its terms that certain convertible promissory note in the principal amount of $17.4 million (the “Kien Huat Note”) into shares of the Company’s common stock upon the earlier to occur of (i) the closing of the January 2016 Rights Offering and (ii) the maturity of the Kien Huat Note, which is March 15, 2016. Accordingly, upon consummation of the January 2016 Rights Offering, on February 17, 2016, the Kien Huat Note was converted into 1,332,058 shares of common stock. Pursuant to the terms of the Commitment Letter and the Loan Agreement, upon consummation of the January 2016 Rights Offering, the Kien Huat Note was converted into 1,332,058 shares of our common stock at a conversion rate of 76.440567 shares of common stock per $1,000 in principle amount, which represents a conversion price of approximately $13.0820 . |
Bryanston Settlement
Bryanston Settlement | 12 Months Ended |
Dec. 31, 2015 | |
Bryanston Settlement [Abstract] | |
Bryanston Settlement Agreement | Bryanston Settlement Agreement Effective as of June 30, 2013 (the “Closing Date”), the Company, Kien Huat, Colin Au Fook Yew (“Au”) and Joseph D'Amato (“D'Amato” and, together with the Company, Kien Huat and Au, the “Company Parties”) consummated the closing of a Settlement Agreement and Release (as amended, the “Settlement Agreement”) with Stanley Stephen Tollman (“Tollman”) and Bryanston Group, Inc. (“Bryanston Group” and, together with Tollman, the “Bryanston Parties”). Pursuant to the Settlement Agreement, the Company Parties and the Bryanston Parties agreed to the settlement of certain claims relating to shares of Series E Preferred Stock of the Company (the “Preferred Stock”) held by the Bryanston Parties and that certain Recapitalization Agreement, dated December 10, 2002, by and between, among others, the Bryanston Parties and a predecessor to the Company (the “Recapitalization Agreement”), pursuant to which the Bryanston Parties acquired the Preferred Stock. On the Closing Date, the Recapitalization Agreement terminated and ceased to have any further force and effect as between the Bryanston Parties and the Company. In consideration for the mutual release of all claims, Empire shall redeem, purchase and acquire the Preferred Stock from the Bryanston Parties in accordance with the terms of the Settlement Agreement. On June 30, 2013 all Preferred Stock held by Tollman was redeemed for approximately $1.5 million (the "Redeemed Tollman Preferred Stock"). On December 31, 2013, a payment of all dividends accrued and unpaid since December 10, 2002 (the “Accrued Dividends”), of approximately $1.3 million , on Tollman's Preferred Stock, which was redeemed on June 30, 2013, was paid. Pursuant to the Settlement Agreement, and because the Bryanston Group shares were not redeemed before December 31, 2014, the Annual Dividend for calendar year 2014 was paid to the Bryanston Group in the amount of approximately $1.2 million on February 12, 2015 from funds legally available to the Company to effect such payment. As a result of the Settlement Agreement on June 30, 2013, and pursuant to ASC 480, the Series E Preferred Stock became contractually redeemable subject to the terms and conditions of the Settlement Agreement and has been classified as a liability on the accompanying balance sheet. The amount of the liability recorded on the balance sheet is the amount at which it would be settled if the redemption occurred as of the balance sheet date. The difference between the redemption amount and the amount recorded in the balance sheet as of the date of the Settlement Agreement has been reflected as a deemed dividend on that date. Changes in the redemption value of the liability subsequent to the date of the Settlement Agreement are recorded as interest expense. On March 7, 2016, the Company redeemed the outstanding Series E Preferred Stock held by the Bryanston Group for approximately $30.7 million pursuant to the terms of the Settlement Agreement. Because the event that caused the entire liability to become due occurred during 2016, the liability has been recorded pursuant to the payment terms in place at December 31, 2015 which was $1.5 million as a current liability and the remainder as a long term liability on the accompanying balance sheet. Interest expense associated with the change in the redemption amount of the liability were $1.2 million , $7.7 million and $0 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Authorized Capital On February 16, 2011, Empire filed an amended and restated certificate of incorporation (the “Amended Charter”) with the Secretary of State of the State of Delaware. The Amended Charter amended Empire’s prior Amended and Restated Certificate of Incorporation, by: (1) increasing Empire’s authorized capital stock from 100 million shares, consisting of 95 million shares of common stock and 5 million shares of preferred stock, to a total of 155 million shares, consisting of 150 million shares of common stock and 5 million shares of preferred stock (the “Authorized Capital Amendment”); and(2) eliminating the classified board provisions and providing for the annual election of all directors (the “Declassification Amendment”). The Authorized Capital Amendment and the Declassification Amendment were each approved by the requisite vote of Empire’s stockholders at a special meeting of stockholders held on February 16, 2011. Common Stock January 2016 Rights Offering On January 4, 2016, we commenced a rights offering (the “January 2016 Rights Offering”) of transferable subscription rights to holders of record of our common stock and Series B Preferred Stock as of January 4, 2016 to purchase up to 20,138,888 shares of our common stock. The subscription rights were listed for trading on The Nasdaq Stock Market under the symbol "NYNYR" for the duration of the January 2016 Rights Offering. In connection with the January 2016 Rights Offering, on December 31, 2015, we and Kien Huat Realty III Limited (“Kien Huat”), our largest stockholder, entered into a standby purchase agreement (the “January 2016 Standby Purchase Agreement”). Pursuant to the January 2016 Standby Purchase Agreement, Kien Huat agreed to (i) exercise its basic subscription rights to acquire approximately $30 million of our common stock within ten ( 10 ) days of the commencement of the January 2016 Rights Offering with a closing proximate thereto and (ii) to exercise the remainder of its basic subscription rights prior to the expiration date of the January 2016 Rights Offering. In addition, Kien Huat agreed it would exercise all rights not otherwise exercised by the other holders in the January 2016 Rights Offering, which we refer to as the standby purchase, upon the same terms as other holders in an aggregate amount not to exceed $290 million . Pursuant to the January 2016 Standby Purchase Agreement, we paid Kien Huat a commitment fee in the amount of $1,450,000 , which is equal to 0.5% of the maximum amount of the January 2016 Rights Offering, and reimbursed Kien Huat for its expenses in an amount not exceeding $50,000 . The net proceeds of the January 2016 Rights Offering will be used for (i) the expenses relating to the development of the Casino Project, (ii) to redeem the outstanding shares of the Series E preferred stock of the Company in accordance with the terms of an existing settlement agreement and (iii) the expenses related to the development of the Golf Course and the Entertainment Village that are part of the initial phase of Adelaar and to support the working capital needs of the Company. The January 2016 Rights Offering closed on February 17, 2016. The Company issued a total of 20,138,888 shares of common stock for aggregate gross proceeds of approximately $290 million . This includes 176,086 shares issued to holders upon exercise of their basic subscription and over-subscription rights and 13,136,817 shares issued to Kien Huat upon exercise of its basic subscription rights. Kien Huat also acquired the remaining 6,825,985 shares not sold in the January 2016 Rights Offering pursuant to the January 2016 Standby Purchase Agreement. The net proceeds of the January 2016 Rights Offering were approximately $285.9 million following the deduction of expenses. After giving effect to the January 2016 Rights Offering (including the standby purchase pursuant to the January 2016 Standby Purchase Agreement) and the Note Conversion, Kien Huat owns approximately 88.7% of the outstanding shares of the Company’s common stock. Preferred Stock and Dividends The Company’s Series B Preferred Stock has voting rights of 0.16 votes per share and each share is convertible into 0.054 shares of its common stock. It has a liquidation value of $29 per share and is entitled to annual cumulative dividends of $2.90 per share payable quarterly in cash. The Company has the right to pay the dividends on an annual basis by issuing shares of its common stock at the rate of $3.77 per share. The value of common shares issued as payment is based upon the average closing price for the common shares for the 20 trading days preceding January 30 of the year following that for which the dividends are due. At December 31, 2015 and 2014, there were 44,258 shares of Series B Preferred Shares outstanding. On March 2, 2016, our Board authorized the cash payment of dividends due for the year ended December 31, 2015 on our Series B Preferred Stock in the amount of approximately $167,000 . At December 31, 2015, the Company had undeclared cash dividends on the Series B Preferred Stock of approximately $167,000 and payment was made the same day. The cash dividend was calculated as if it were a dividend issued in shares of our comment stock, which in accordance with the terms of the Series B Preferred stock, means the amount of the cash payment is the annual cash dividend value (if it had been paid quarterly) multiplied by 1.3 . On February 9, 2015, our Board authorized the issuance of 5,102 shares of our common stock in payment of dividends due for the year ended December 31, 2014 on our Series B Preferred Stock. The recorded value of these shares was approximately $159,000 . At December 31, 2014, the Company had undeclared dividends on the Series B Preferred Stock of approximately $159,000 . On February 19, 2014, our Board authorized the issuance of 6,167 shares of our common stock in payment of dividends due for the year ended December 31, 2013 on our Series B Preferred Stock. The recorded value of these shares was approximately $218,000 . At December 31, 2013, the Company had undeclared dividends on the Series B Preferred Stock of approximately $218,000 . The Company’s Series E Preferred Stock is non-convertible and, except as set forth in Note G, has no fixed date for redemption or liquidation. It has a redemption value of $10 per share plus accrued but unpaid dividends. It is entitled to cumulative dividends at the annual rate of 8% of redemption value and the holders of these shares are entitled to voting rights of 0.25 per share. Dividends on common stock and certain other uses of the Company’s cash are subject to restrictions for the benefit of holders of the Series E Preferred Stock. On June 30, 2013 all Preferred Stock held by Stanley Tollman was redeemed for approximately $1.5 million . On December 31, 2013, the Company paid Stanley Tollman cumulative undeclared dividends on the Series E Preferred Stock of $1.3 million that he held prior to it being redeemed. At December 31, 2014, the Company had cumulative undeclared dividends on its Series E Preferred Stock of approximately $ 524,000 . At December 31, 2015, the Company did not have any cumulative undeclared dividends on its Series E Preferred Stock. There can be no assurance that we will have, at any time, sufficient surplus under Delaware law to be able to pay any dividends. |
Stock Options and Warrants
Stock Options and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options And Warrants | Option Matching Rights, Warrants and Options Option Matching Rights Pursuant to the Letter Agreement, on February 17, 2016, the Company provided written notice to Kien Huat regarding Kien Huat's election to exercise certain Option Matching Rights. On February 17, 2016, Kien Huat declined to exercise the Option Matching Rights to purchase 204,706 shares of common stock. Warrants During 2015, the Company issued an aggregate of 83,334 shares of common stock at $30.00 per share from the exercise of warrants from a warrant holder. The Company received proceeds of $2.5 million from the exercise of these warrants. As of December 31, 2015, there are outstanding warrants to purchase an aggregate of 133,333 shares of Empire’s common stock at $30.00 per share with an expiration date of May 10, 2020. Options Second Amended and Restated 2005 Equity Incentive Plan In May 2015, the Company's Second Amended and Restated 2005 Equity Incentive Plan (the “2005 Equity Incentive Plan”) expired. Options to purchase 56,619 shares of common stock were outstanding as of December 31, 2015 under the 2005 Equity Incentive Plan. Although the 2005 Equity Incentive Plan expired, the 56,619 options still outstanding under such plan are still exercisable. 2015 Equity Incentive Plan In September 2015, our board approved, and in November 2015, our stockholders approved the Company's new 2015 Equity Incentive Plan (the "2015 Equity Incentive Plan"). The 2015 Equity Incentive Plan provides for an aggregate of 952,498 shares of common stock to be available for Awards. However, subject to adjustments based on the terms of the Plan, on the 90th day after the Company is awarded a Gaming Facility License by the NYSGC with respect to the Montreign Resort Casino (the “Trigger Date”), the maximum shares of Common stock available for Awards will automatically increase by the lesser of: (i) 1,633,209 shares of common stock; (ii) such number of shares as will increase the aggregate number of shares of Common stock available for Awards equal to 10% of the issued and outstanding shares of Common stock as of the Trigger Date; and (iii) such number of shares of Common stock as the Compensation Committee otherwise determines. Stock-based compensation expense was approximately $596,000 , $636,000 and $385,000 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was approximately $3.1 million of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the Company’s plan. That cost is expected to be recognized over the remaining vesting period of 2.75 years. This expected cost does not include the impact of any future stock-based compensation awards. In 2015, 2014 and 2013 the Company received approximately $160,000 , $2.8 million and $1.0 million , respectively, in proceeds from shares of Common stock issued as a result of the exercise of stock options. The following table sets forth the weighted average assumptions used in applying the Black Sholes option pricing model to the option grants in 2014 and 2013. No options were granted in 2015. 2014 2013 Weighted average fair value of options granted $ 5.65 $ 3.78 Expected dividend yield —% —% Expected volatility 101.6 % 103.8 % Risk—free interest rate 1.64 % 1.47 % Expected life of options 5 years 5 years The following table reflects stock option activity in 2015, 2014 and 2013. Approximate number of shares Range of exercise prices per share Weighted average exercise price per share Weighted average remaining contractual life (years) Options outstanding at January 1, 2013 440,800 $ 42.25 2.26 Granted in 2013 10,000 $ 24.75 $ 24.75 4.87 Options exercised in 2013 (62,800 ) $13.95 - $23.55 $ 16.15 Canceled in 2013 (10,000 ) $23.55 - $213.75 $ 64.20 Options outstanding at December 31, 2013 378,000 $ 33.15 1.46 Granted in 2014 1,600 $ 35.85 $ 35.85 3.87 Options exercised in 2014 (153,600 ) $13.95 - $34.50 $ 23.35 Forfeited in 2014 (1,000 ) $ 24.75 $ 19.35 Canceled in 2014 (68,800 ) $15.00 - $213.75 $ 72.30 Options outstanding at December 31, 2014 156,200 $ 33.25 1.47 Options exercised in 2015 (81,600 ) $13.95-$27.15 Forfeited in 2015 (18,000 ) $13.95 -$127.95 Options outstanding at December 31, 2015 56,600 $ 48.50 2.61 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Empire and all of its subsidiaries file a consolidated income tax return. At December 31, 2015 and 2014, the estimated deferred income tax assets and liability were comprised of the following: (in thousands) 2015 2014 Deferred tax assets: Net operating loss carry forwards $ 57,177 $ 56,942 Stock—based compensation 6,706 7,636 Development costs 20,101 6,776 Other 2,108 1,301 86,092 72,655 Deferred tax liability: Depreciation — (551 ) Net deferred tax assets 86,092 72,104 Valuation allowance (86,092 ) (72,104 ) Deferred tax assets, net $ — $ — The valuation allowance increased approximately $ 14.0 million and $6.3 million during the years ended December 31, 2015 and 2014, respectively. Of the $144.3 million in net operating loss carry forwards approximately $59.8 million is readily available as of December 31, 2015. The following is a reconciliation of the federal statutory tax rate to the Company’s effective tax rate: Year ended December 31, 2015 2014 2013 Tax provision at federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net (0.1 )% — % (0.1 )% Non-deductible interest (1.2 )% (11.3 )% — % Permanent items (2.5 )% 1.8 % (0.3 )% Expiration of net operating loss carry forwards — % — % — % Change in valuation allowance (31.4 )% (25.5 )% (34.7 )% Other taxes — % — % — % Non-includable (income) expenses — % — % — % Effective tax rate (0.2 )% — % (0.1 )% There are limits on the Company’s ability to use its current net operating loss carry forwards, potentially increasing the future tax liability of the Company if it were to generate taxable income. As of December 31, 2015, the Company had net operating loss carry forwards of approximately $144.3 million that expire between 2018 and 2035. The 2004 merger of the Company’s operations with Catskills Development LLC and the investment by Kien Huat in 2009 will limit the amount usable in any year of its net operating losses due to the change in control of the Company within the meaning of the tax laws. As of December 31, 2015, the Company does not have any uncertain tax positions. As a result, there are no unrecognized tax benefits as of December 31, 2015. If the Company was to incur any interest and penalties in connection with income tax deficiencies, the Company would classify interest in the “interest expense” category and classify penalties in the “non-interest expense” category within the consolidated statements of operations. The Company files tax returns in the U.S. federal jurisdiction and in various states. All of its federal and state tax filings as of December 31, 2014 have been timely filed. The Company is subject to U.S. federal or state income tax examinations by tax authorities for years after 2010. During the periods open to examination, the Company has net operating loss and tax credit carry forwards that have attributes from closed periods. Since these net operating loss and tax credit carry forwards may be utilized in future periods, they remain subject to examination. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration | Concentration As of December 31, 2015, the Company has one debtor, that consists of Hawthorn OTB which represented 11.4% of the total net outstanding racing related accounts receivable. As of December 31, 2014, the Company had one debtor, that consists of Hawthorn OTB which represented 14.5% of the total net outstanding racing related accounts receivable. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan Our eligible employees may participate in a Company-sponsored 401(k) benefit plan (the “Plan”). The Plan covers substantially all employees not eligible for plans resulting from collective bargaining agreements and permits employees to defer up to 15% of their salary up to statutory maximums. Effective May 2011, the Company makes matching contributions for eligible, other than salaried, employees as follows: 100% matching contribution for an employee contribution of up to 3% of compensation, a matching contribution of 3% of compensation for an employee contribution of 3% to 3.99% , a matching contribution of 3.5% of compensation for an employee contribution of 4% to 4.99% and a matching contribution of 4% of compensation for an employee contribution of 5% or more. Eligible, other than salaried, employees shall be 100% vested in the portion of their accounts derived from the Company’s matching contributions. Matching contributions for the years ended December 31, 2015, 2014 and 2013 were approximately $96,000 , $92,000 and $94,000 , respectively. As of December 31, 2015, the Plan had 152 participants. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Monticello Raceway Management, Inc. v. Concord Associates L.P. On January 25, 2011, Empire’s subsidiary, MRMI, filed a complaint in the Sullivan County Court against Concord, an affiliate of Louis R. Cappelli who was a significant stockholder. The lawsuit seeks amounts that MRMI believes is owed to it under an agreement between Concord, MRMI and the MHHA (the “2008 MHHA Agreement”). Pursuant to the 2008 MHHA Agreement, until the earlier to occur of the commencement of operations at the gaming facilities to be developed by Concord at the site of the former Concord hotel and former Concord resort or July 31, 2011, MRMI was to continue to pay to the MHHA 8.75% of the net win from VGM activities at Monticello Casino and Raceway, and Concord was to pay the difference, if any, between $5 million per year and 8.75% of the net win from VGM activities (“VGM Shortfall”) during such period. As of December 31, 2010, MRMI believes Concord owed it approximately $300,000 for the VGM Shortfall. Concord has contested its responsibility to make such VGM Shortfall payments to MRMI. In its Decision and Order, dated January 15, 2014, the Sullivan County Supreme Court awarded damages to MRMI in the approximate amount of $308,000 plus interest and costs. On February 4, 2014, Concord filed a Notice of Appeal with the Appellate Division of the New York Supreme Court, Third Division ("Third Division"). The oral argument on the appeal was heard by the Third Department on April 28, 2015 and the Third Department determined that the damages to MRMI should be reduced to $122,562 . On July 8, 2015, we filed a Notice of Motion for Re-Argument and Leave to Appeal (the "Motion") regarding the decision of the Third Department. The Motion was denied by the Third Department on September 2, 2015. On October 9, 2015, we filed a Motion for Leave to Appeal with the Court of Appeals. In an opinion dated November 24, 2015, the Court of Appeals denied our Motion for Leave to Appeal. The Appellate Division had remanded the case to the trial court for a recomputation of the amount of the judgment. In an Order and Amended Judgment dated December 22, 2015, MRMI was awarded a judgment in the amount of $183,097. MRMI will aggressively pursue its judgment. Concord Associates, L.P. v. Entertainment Properties Trust On September 18, 2013, the United States District Court for the Southern District of New York (“SDNY”) granted Motions to Dismiss filed by the Company and all other defendants. This lawsuit was filed in March 2012, by Concord and various affiliates in the SDNY and asserted in an amended complaint various federal antitrust claims against the Company, EPR, EPT, Genting NY LLC and Kien Huat. The lawsuit arises out of the Company's exclusivity agreement and option agreement with EPT to develop the site of the EPT Property located in Sullivan County, New York. Concord brought federal antitrust claims alleging conspiracy in restraint of trade, conspiracy to monopolize and monopolization. Concord also brought state law claims for tortious interference with contract and business relations. Concord sought damages in an amount to be determined at trial but not less than subject to automatic trebling under federal antitrust laws), unspecified punitive damages and permanent injunctive relief. In its decision, the SDNY dismissed Concord’s federal antitrust claims with prejudice and dismissed Concord's state law claims without prejudice. On October 2, 2013, Concord filed a Motion for Reconsideration and on October 18, 2013, Concord filed a Notice of Appeal. On October 22, 2013, the United States Court of Appeals for the Second Circuit ("2nd Circuit Court") issued a Notice of Stay of Appeal pending the outcome of the Motion for Reconsideration. On November 3, 2014, SDNY denied Concord's Motion for Reconsideration. Oral argument was heard by the 2 nd Circuit Court on April 29, 2015. The Company believes this lawsuit is without merit and it will aggressively defend its interests. Other Proceedings The Company is a party from time to time to various other legal actions that arise in the normal course of business. In the opinion of management, the resolution of these other matters will not have a material and adverse effect on its consolidated financial position, results of operations or cash flows. Operating leases The following table represents the minimum lease payments: Payments due by Period (in thousands) Year ending December 31, Total Lease Payments 2016 $ 1,000 2017 10,000 2018 10,500 2019 7,750 2020 7,800 2021 to 2056 378,574 Total $ 415,624 See Note A, Organization and Nature of Business, for a discussion of these leases. Employment Agreements Future minimum payments applicable to employment contracts with the Company’s chief executive officer (“CEO”) and other Named Executive Officers ("NEO") are as follows (dollars in thousands): 2016 $ 1,097 2017 1,097 2018 1,097 Total $ 3,291 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets The Company participates in a real estate tax program called Empire Zone. The Company receives a refund for real estate taxes paid at the end of State of New York's fiscal year. The amount of the real estate tax credit included in prepaid expenses and other current assets on the accompanying consolidated balance sheet at December 31, 2015 and 2014 was approximately $1.9 million and $2.4 million , respectively. The Company anticipates the receivable of $1.9 million being received from the State of New York by December 31, 2016. Prepaid expenses and other current assets, as presented on the balance sheet are comprised of the following at December 31, 2015 and 2014: (in thousands) 2015 2014 Empire zone real estate tax credit $ 1,945 $ 2,407 Prepaid real estate taxes 548 551 Prepaid insurance 236 335 Prepaid rent payment 500 375 Inventory 207 200 Prepaid gaming expenses 46 118 Development escrow & security refundable deposit 911 — Prepaid other 448 311 Total prepaid expenses and other current assets $ 4,841 $ 4,297 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On December 9, 2013, the Company executed a letter agreement (the "Moelis Letter Agreement") pursuant to which it engaged Moelis & Company LLC ("Moelis") to act as its financial advisor in connection with the Adelaar Project and the Casino Project. Pursuant to the Moelis Letter Agreement, we agreed to pay Moelis a retainer fee in the aggregate amount of $250,000 , of which $150,000 was payable upon execution and $100,000 of which was paid within 90 days after execution. In the event a financing is consummated, the Moelis Letter Agreement contemplates additional transaction-based fees would be earned by Moelis. During 2014, we paid Moelis approximately $44,000 for professional services and travel. During 2015, we paid Moelis approximately $428,000 for professional services and travel and expenses. At the close of the January 2016 Rights Offering Moelis was paid approximately $2.1 million for financial advisory services in connection with the Casino Project pursuant to the Moelis letter Agreement. Gregg Polle, a director of the Company, is a Managing Director of Moelis. Mr. Polle refrained from participating in the discussion of the Moelis Letter Agreement and the determination of whether to enter into such agreement. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share As previously discussed in Note A, the Company completed a rights offering during January 2016. As per ASC 260-10-55-13 to ASC 260-10-55-14, a rights issue in which the exercise price at issuance is less than the fair value of the stock contains a bonus element that is somewhat similar to a stock dividend. If a rights issue contains a bonus element and the rights issue is offered to all existing shareholders, basic and diluted earnings per share shall be adjusted retroactively for the bonus element for all periods presented. Since the Company offered the right to all existing shareholders at a 20% discount, a bonus element was present. The Company determined the bonus element to be an additional 1.458 million shares which would be added to the denominator that was used in computing basic and diluted earnings per share in 2015, 2014 and 2013. The calculation of the bonus element gave rise to the following adjustments to the weighted average number of common shares and loss per common share for the years ended December 31, 2014 and 2013: Year ended December 31, 2014 2013 (in thousands, except per share) Weighted average number of common shares, as reported 7,828 7,043 Adjustment 1,458 1,458 Weighted average number of common shares, as adjusted 9,286 8,501 Loss per common share, as reported $ (3.08 ) $ (3.84 ) Adjustment $ (0.48 ) $ (0.66 ) Loss per common shares, as adjusted $ (2.60 ) $ (3.18 ) |
Summarized Quarterly Data (Unau
Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summarized Quarterly Data (Unaudited) | Summarized Quarterly Data (Unaudited) The following table summarizes the quarterly results of operations for the years ended December 31, 2015 and 2014: Fiscal Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2015 (in thousands, expect per share data) Net revenue $ 14,525 $ 17,852 $ 19,512 $ 16,277 Loss from operations (3,359 ) (7,000 ) (12,486 ) (11,115 ) Net loss (4,047 ) (7,650 ) (13,139 ) (11,774 ) Loss per common share: Loss per common share, basic $ (0.45 ) $ (0.8 ) $ (1.4 ) $ (0.77 ) Loss per common share, diluted $ (0.45 ) $ (0.8 ) $ (1.4 ) $ (0.77 ) 2014 Net revenue $ 14,607 $ 16,219 $ 18,773 $ 15,627 Loss from operations (2,283 ) (7,344 ) (2,320 ) (2,739 ) Net loss (5,349 ) (10,299 ) (4,848 ) (3,416 ) Loss per common share: Loss per common share, basic $ (0.75 ) $ (1.35 ) $ (0.6 ) $ (0.7 ) Loss per common share, diluted $ (0.75 ) $ (1.35 ) $ (0.6 ) $ (0.7 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Empire Resorts, Inc. and Subsidiaries Valuation and Qualifying Accounts December 31, 2015, 2014 and 2013 (in thousands) Description Balance at beginning of year Addition charged to costs and expenses Other additions (deductions) Less deductions Balance at end of year Year ended December 31, 2015 Allowance for doubtful accounts $ 161 $ 10 $ — $ — $ 171 Deferred tax asset valuation allowance $ 72,104 $ — $ 13,988 $ — $ 86,092 Year ended December 31, 2014 Allowance for doubtful accounts $ 166 $ — $ (5 ) $ — $ 161 Deferred tax asset valuation allowance $ 65,832 $ — $ 6,272 $ — $ 72,104 Year ended December 31, 2013 Allowance for doubtful accounts $ 202 $ — $ (36 ) $ — $ 166 Deferred tax asset valuation allowance $ 56,574 $ — $ 9,258 $ — $ 65,832 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Revenue recognition and Promotional allowances | Revenue recognition and Promotional allowances Gaming revenue is the net difference between gaming wagers and payouts for prizes from VGMs, non-subsidized free play and accruals related to the anticipated payout of progressive jackpots. Progressive jackpots contain base jackpots that increase at a progressive rate based on the credits played and are charged to revenue as the amount of the jackpots increase. The Company recognizes gaming revenues before deductions of such related expenses as NYSGC’s share of VGM revenue and the Monticello Harness Horsemen’s Association (the “MHHA”) and Agriculture and New York State Horse Breeding Development Fund’s contractually required percentages. Food, beverage, racing and other revenue, includes food and beverage sales, racing revenue earned from pari-mutuel wagering on live harness racing and simulcast signals to and from other tracks and miscellaneous income. The Company recognizes racing revenues before deductions of such related expenses as purses, stakes and awards. Some elements of the racing revenues from Off-Track Betting Corporations (“OTBs”) are recognized as collected, due to uncertainty of receipt of and timing of payments. Net revenues are recognized net of certain sales incentives in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”) 605-50, “Revenue Recognition—Customer Payments and Incentives”. The retail value of complimentary food, beverages and other items provided to the Company’s guests is included in gross revenues and then deducted as promotional allowances. The estimated cost of providing such food, beverage and other items as promotional allowances is included in food, beverage, racing and other expense. In addition, promotional allowances include non-subsidized free play offered to the Company’s guests based on their relative gaming worth and prizes included in certain promotional marketing programs. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include Empire’s accounts and their wholly-owned subsidiaries. All significant inter-company balances and transactions are eliminated in consolidation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on account, demand deposits and certificates of deposit with original maturities of three months or less at acquisition. The Company maintains significant cash balances with financial institutions, which are not covered by the Federal Deposit Insurance Corporation. The Company has not incurred any losses in such accounts and believes it is not exposed to any significant credit risk on cash. |
Restricted cash | Restricted cash The Company has four types of restricted cash accounts. |
Accounts receivable | Accounts receivable Accounts receivable, net of allowances, are stated at the amount the Company expects to collect. When required, an allowance for doubtful accounts is recorded based on information on the collectability of specific accounts. Accounts are considered past due or delinquent based on contractual terms, how recently payments have been received and the Company’s judgment of collectability. In the normal course of business, the Company settles wagers for other racetracks and is exposed to credit risk. These wagers are included in accounts receivable. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Property and equipment | Property and equipment Property and equipment is stated at cost less accumulated depreciation. The Company provides for depreciation on property and equipment used by applying the straight-line method over the following estimated useful lives: Assets Estimated Useful Lives Vehicles 5-10 years Furniture, fixtures and equipment 5-10 years Land improvements 5-20 years Building improvements 5-40 years Buildings 40 years |
Deferred financing costs | Deferred financing costs Deferred financing costs are amortized on the straight-line method over the term of the related debt. |
Deferred lease costs | Project Development Costs Prior to the enactment of the Gaming Act (defined below) in 2013 and the subsequent referendum approving a constitutional amendment in November 2013 to permit full-scale commercial casinos in New York, the Casino Project was being developed as a VGM facility. In such context, we were able to capitalize the expenditures relating to the Casino Project because development was probable as we would have transferred our existing license to operate a VGM facility from the Monticello Casino and Raceway to the Casino Project. Subsequent to the enactment of the Gaming Act, our subsidiary Montreign submitted an application to the Siting Board for a Gaming Facility License with respect to the Casino Project, which Gaming Facility License would allow the Casino Project to operate as a full-scale casino rather than a VGM facility. Because our application for a Gaming Facility License was submitted in a competitive environment and we could not be certain we would be awarded a Gaming Facility License, we could no longer capitalize the expenditures relating to the Casino Project incurred after November 2013. |
Impairment of long-lived assets | Impairment of long-lived assets The Company periodically reviews the carrying value of its long-lived assets in relation to historical results, as well as management’s best estimate of future trends, events and overall business climate. If such reviews indicate an issue as to whether that the carrying value of such assets may not be recoverable, the Company will then estimate the future cash flows generated by such assets (undiscounted and without interest charges). If such future cash flows are insufficient to recover the carrying amount of the assets, then impairment is triggered and the carrying value of any impaired assets would then be reduced to fair value. |
Loss contingencies | Loss contingencies There are times when non-recurring events may occur that require management to consider whether an accrual for a loss contingency is appropriate. Accruals for loss contingencies typically relate to certain legal proceedings, customer and other claims and litigation. As required by generally accepted accounting principles in the United States of America (“GAAP”), the Company determines whether an accrual for a loss contingency is appropriate by assessing whether a loss is deemed probable and can be reasonably estimated. The Company analyzes its legal proceedings and other claims based on available information to assess potential liability. The Company develops its views on estimated losses in consultation with outside counsel handling its defense in these matters, which involves an analysis of potential results assuming a combination of litigation and settlement strategies. No liability was accrued for loss contingencies at December 31, 2015 and 2014. |
Earnings (loss) per common share | Loss per common share The Company computes basic loss per share by dividing net loss applicable to common shares by the weighted-average common shares outstanding for the period. Diluted loss per share reflects the potential dilution of earnings that could occur if securities or contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. Since the effect of common stock equivalents is anti-dilutive with respect to losses, these common stock equivalents have been excluded from the Company’s computation of loss per common share. Therefore, basic and diluted loss per common share for the years ended December 31, 2015, 2014 and 2013 were the same. |
Fair value | Fair value The Company follows the provisions of ASC 820, “Fair Value Measurement,” issued by the FASB for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value, requires certain disclosures and discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The Company chose not to elect the fair value option as prescribed by FASB, for its financial assets and liabilities that had not been previously carried at fair value. The Company’s financial instruments are comprised of current assets, current liabilities and a long-term loan. Current assets and current liabilities approximate fair value due to their short-term nature. As of December 31, 2015 and 2014, the Company’s management was unable to estimate reasonably the fair value of the long-term loan due to the inability to obtain quotes for similar credit facilities. |
Advertising | Advertising The Company records as current operating expense the costs of general advertising, promotion and marketing programs at the time those costs are incurred. |
Stock-based compensation | Stock-based compensation The cost of all share-based awards to employees, including grants of employee stock options and restricted stock, is recognized in the financial statements based on the fair value of the awards at grant date. The fair value of stock option awards is determined using the Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards is equal to the market price of Empire’s common stock on the date of grant. The fair value of share-based awards is recognized as stock-based compensation expense on a straight-line basis over the requisite service period from the date of grant. |
Income taxes | Income taxes The Company applies the asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates for the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Estimates and assumptions | Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from estimates. |
Recent accounting pronouncements | Recent accounting pronouncements In May 2014, the FASB issued new revenue recognition guidance, which will supersede nearly all existing revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, the new guidance implements a five-step process for customer contract revenue recognition. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is prohibited. On July 9, 2015, the FASB reaffirmed the guidance in its April 29, 2015 proposed Accounting Standards Update ("ASU") that defers the effective date of the new revenue recognition standard by one year and allows early adoption as of the original effective date. Entities can transition to the new guidance either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is assessing the impact that the new revenue recognition guidance will have on the consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating its leases against the requirements of this pronouncement. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of retail value amounts included in promotional allowances | The retail value amounts included in promotional allowances for the years ended December 31, 2015, 2014 and 2013 are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Food and beverage $ 1,553 $ 1,656 $ 1,835 Non-subsidized free play 1,720 2,476 3,106 Players club awards 195 156 516 Total retail value of promotional allowances $ 3,468 $ 4,288 $ 5,457 |
Summary of estimated cost of providing complimentary food, beverages and other items | The estimated cost of providing complimentary food, beverages and other items for the years ended December 31, 2015, 2014 and 2013 are as follows: Year ended December 31, 2015 2014 2013 (in thousands) Food and beverage $ 2,109 $ 2,206 $ 2,154 Non-subsidized free play 1,015 1,461 1,832 Players club awards 195 156 516 Total cost of promotional allowances $ 3,319 $ 3,823 $ 4,502 |
Summary of useful lives for property, plant and equipment | The Company provides for depreciation on property and equipment used by applying the straight-line method over the following estimated useful lives: Assets Estimated Useful Lives Vehicles 5-10 years Furniture, fixtures and equipment 5-10 years Land improvements 5-20 years Building improvements 5-40 years Buildings 40 years Property and equipment at December 31, 2015 and 2014 consists of: (in thousands) 12/31/2015 12/31/2014 Land $ 770 $ 770 Land improvements 1,732 1,681 Buildings 4,727 4,727 Building improvements 27,284 27,062 Vehicles 280 282 Furniture, fixtures and equipment 3,894 3,540 Construction in Progress 197 85 38,884 38,147 Less—Accumulated depreciation (13,095 ) (11,775 ) $ 25,789 $ 26,372 |
Summary of the approximate number of common stock equivalents outstanding | The following table shows the approximate number of common stock equivalents outstanding at December 31, 2015 and 2014 that could potentially dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share for the years ended December 31, 2015, 2014 and 2013, because their inclusion would have been anti-dilutive. Outstanding at December 31, 2015 2014 2013 Options 57,000 156,200 378,000 Warrants 133,000 216,600 216,600 Option Matching Rights 229,000 238,000 266,000 Restricted stock 137,000 37,000 32,600 Shares to be issued upon conversion of long-term loan, related party 1,332,000 1,332,000 1,332,000 Total 1,888,000 1,979,800 2,225,200 |
Property and Equipment Property
Property and Equipment Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The Company provides for depreciation on property and equipment used by applying the straight-line method over the following estimated useful lives: Assets Estimated Useful Lives Vehicles 5-10 years Furniture, fixtures and equipment 5-10 years Land improvements 5-20 years Building improvements 5-40 years Buildings 40 years Property and equipment at December 31, 2015 and 2014 consists of: (in thousands) 12/31/2015 12/31/2014 Land $ 770 $ 770 Land improvements 1,732 1,681 Buildings 4,727 4,727 Building improvements 27,284 27,062 Vehicles 280 282 Furniture, fixtures and equipment 3,894 3,540 Construction in Progress 197 85 38,884 38,147 Less—Accumulated depreciation (13,095 ) (11,775 ) $ 25,789 $ 26,372 |
Accrued Expenses and Other Cu28
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities, as presented on the balance sheet are comprised of the following at December 31, 2015 and 2014: (in thousands) 12/31/2015 12/31/2014 Liability for horseracing purses $ 529 $ 1,568 Accrued payroll 1,719 1,424 Series E payable 1,500 1,241 Accrued redeemable points 67 187 Liability to NYSGC 1,012 436 Liability for local progressive jackpot 927 776 Accrued Casino Project Development costs 10,811 89 Accrued professional fees 844 911 Federal tax withholding payable 154 114 Accrued other 1,664 1,352 Total accrued expenses and other current liabilities $ 19,227 $ 8,098 |
Stock Options and Warrants (Tab
Stock Options and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Fair Value Assumptions | The following table sets forth the weighted average assumptions used in applying the Black Sholes option pricing model to the option grants in 2014 and 2013. No options were granted in 2015. 2014 2013 Weighted average fair value of options granted $ 5.65 $ 3.78 Expected dividend yield —% —% Expected volatility 101.6 % 103.8 % Risk—free interest rate 1.64 % 1.47 % Expected life of options 5 years 5 years |
Schedule of Stock Option Activity | The following table reflects stock option activity in 2015, 2014 and 2013. Approximate number of shares Range of exercise prices per share Weighted average exercise price per share Weighted average remaining contractual life (years) Options outstanding at January 1, 2013 440,800 $ 42.25 2.26 Granted in 2013 10,000 $ 24.75 $ 24.75 4.87 Options exercised in 2013 (62,800 ) $13.95 - $23.55 $ 16.15 Canceled in 2013 (10,000 ) $23.55 - $213.75 $ 64.20 Options outstanding at December 31, 2013 378,000 $ 33.15 1.46 Granted in 2014 1,600 $ 35.85 $ 35.85 3.87 Options exercised in 2014 (153,600 ) $13.95 - $34.50 $ 23.35 Forfeited in 2014 (1,000 ) $ 24.75 $ 19.35 Canceled in 2014 (68,800 ) $15.00 - $213.75 $ 72.30 Options outstanding at December 31, 2014 156,200 $ 33.25 1.47 Options exercised in 2015 (81,600 ) $13.95-$27.15 Forfeited in 2015 (18,000 ) $13.95 -$127.95 Options outstanding at December 31, 2015 56,600 $ 48.50 2.61 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2015 and 2014, the estimated deferred income tax assets and liability were comprised of the following: (in thousands) 2015 2014 Deferred tax assets: Net operating loss carry forwards $ 57,177 $ 56,942 Stock—based compensation 6,706 7,636 Development costs 20,101 6,776 Other 2,108 1,301 86,092 72,655 Deferred tax liability: Depreciation — (551 ) Net deferred tax assets 86,092 72,104 Valuation allowance (86,092 ) (72,104 ) Deferred tax assets, net $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the federal statutory tax rate to the Company’s effective tax rate: Year ended December 31, 2015 2014 2013 Tax provision at federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net (0.1 )% — % (0.1 )% Non-deductible interest (1.2 )% (11.3 )% — % Permanent items (2.5 )% 1.8 % (0.3 )% Expiration of net operating loss carry forwards — % — % — % Change in valuation allowance (31.4 )% (25.5 )% (34.7 )% Other taxes — % — % — % Non-includable (income) expenses — % — % — % Effective tax rate (0.2 )% — % (0.1 )% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table represents the minimum lease payments: Payments due by Period (in thousands) Year ending December 31, Total Lease Payments 2016 $ 1,000 2017 10,000 2018 10,500 2019 7,750 2020 7,800 2021 to 2056 378,574 Total $ 415,624 |
Contractual Obligation, Fiscal Year Maturity Schedule | Future minimum payments applicable to employment contracts with the Company’s chief executive officer (“CEO”) and other Named Executive Officers ("NEO") are as follows (dollars in thousands): 2016 $ 1,097 2017 1,097 2018 1,097 Total $ 3,291 |
Prepaid Expenses and Other As32
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets, as presented on the balance sheet are comprised of the following at December 31, 2015 and 2014: (in thousands) 2015 2014 Empire zone real estate tax credit $ 1,945 $ 2,407 Prepaid real estate taxes 548 551 Prepaid insurance 236 335 Prepaid rent payment 500 375 Inventory 207 200 Prepaid gaming expenses 46 118 Development escrow & security refundable deposit 911 — Prepaid other 448 311 Total prepaid expenses and other current assets $ 4,841 $ 4,297 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of the bonus element gave rise to the following adjustments to the weighted average number of common shares and loss per common share for the years ended December 31, 2014 and 2013: Year ended December 31, 2014 2013 (in thousands, except per share) Weighted average number of common shares, as reported 7,828 7,043 Adjustment 1,458 1,458 Weighted average number of common shares, as adjusted 9,286 8,501 Loss per common share, as reported $ (3.08 ) $ (3.84 ) Adjustment $ (0.48 ) $ (0.66 ) Loss per common shares, as adjusted $ (2.60 ) $ (3.18 ) |
Summarized Quarterly Data (Un34
Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements | The following table summarizes the quarterly results of operations for the years ended December 31, 2015 and 2014: Fiscal Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2015 (in thousands, expect per share data) Net revenue $ 14,525 $ 17,852 $ 19,512 $ 16,277 Loss from operations (3,359 ) (7,000 ) (12,486 ) (11,115 ) Net loss (4,047 ) (7,650 ) (13,139 ) (11,774 ) Loss per common share: Loss per common share, basic $ (0.45 ) $ (0.8 ) $ (1.4 ) $ (0.77 ) Loss per common share, diluted $ (0.45 ) $ (0.8 ) $ (1.4 ) $ (0.77 ) 2014 Net revenue $ 14,607 $ 16,219 $ 18,773 $ 15,627 Loss from operations (2,283 ) (7,344 ) (2,320 ) (2,739 ) Net loss (5,349 ) (10,299 ) (4,848 ) (3,416 ) Loss per common share: Loss per common share, basic $ (0.75 ) $ (1.35 ) $ (0.6 ) $ (0.7 ) Loss per common share, diluted $ (0.75 ) $ (1.35 ) $ (0.6 ) $ (0.7 ) |
Organization And Nature Of Bu35
Organization And Nature Of Business (Details) | Apr. 01, 2016 | Mar. 07, 2016USD ($) | Mar. 01, 2016USD ($) | Feb. 17, 2016USD ($)$ / sharesshares | Jan. 04, 2016USD ($)shares | Dec. 28, 2015USD ($) | Sep. 22, 2015USD ($) | Sep. 21, 2015USD ($) | Sep. 18, 2015USD ($) | Sep. 17, 2015USD ($) | May. 26, 2015USD ($) | Feb. 06, 2015USD ($)$ / sharesshares | Jan. 05, 2015USD ($) | Jan. 02, 2015USD ($) | Jun. 20, 2014 | May. 06, 2014USD ($) | Mar. 19, 2013USD ($) | Mar. 08, 2013USD ($) | Dec. 21, 2011USD ($) | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($)shares | Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($)aft²restaurantroomtable_gamestoryslot_machine$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)shares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)ft² | Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($)aft²parking_spacevideo_gaming_machinevideo_lottery_terminalfood_courtrestaurantelectronic_table_gamemiroomtable_gamestoryemployeePatronseatdirectorslot_machine$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)aft²restaurantroomtable_gamestoryslot_machine$ / sharesshares | Jul. 22, 2014 | Apr. 23, 2014USD ($) | Apr. 02, 2014$ / sharesshares | Feb. 12, 2014shares | Feb. 16, 2011shares | Feb. 15, 2011shares |
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Class Of Warrant Or Right, Convertible Non-Transferable Right To Purchase Common Stock | shares | 0.0666 | ||||||||||||||||||||||||||||||||||||||||||
Size of Video Gaming Machine and Harness Horse Racing Facility | ft² | 45,000 | 45,000 | |||||||||||||||||||||||||||||||||||||||||
Distance from Location | mi | 90 | ||||||||||||||||||||||||||||||||||||||||||
Number of Video Gaming Machine | video_gaming_machine | 1,110 | ||||||||||||||||||||||||||||||||||||||||||
Number of Video Lottery Terminals | video_lottery_terminal | 1,070 | ||||||||||||||||||||||||||||||||||||||||||
Number of Electronic Table Game | electronic_table_game | 40 | ||||||||||||||||||||||||||||||||||||||||||
Assets, Current | $ 13,750,000 | $ 13,490,000 | $ 13,750,000 | $ 13,490,000 | $ 13,750,000 | ||||||||||||||||||||||||||||||||||||||
Liabilities, Current | 20,471,000 | 10,303,000 | 20,471,000 | 10,303,000 | 20,471,000 | ||||||||||||||||||||||||||||||||||||||
Development expenses | $ 16,000,000 | 32,514,000 | 12,207,000 | $ 18,009,000 | |||||||||||||||||||||||||||||||||||||||
Capitalized project development costs | 10,400,000 | 10,400,000 | $ 10,400,000 | ||||||||||||||||||||||||||||||||||||||||
Payment for Project Development Costs | 34,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Loss from operations | $ (11,115,000) | $ (12,486,000) | $ (7,000,000) | $ (3,359,000) | $ (2,739,000) | $ (2,320,000) | $ (7,344,000) | $ (2,283,000) | (33,960,000) | (14,686,000) | (20,120,000) | ||||||||||||||||||||||||||||||||
Project development costs incurred | 42,900,000 | $ 12,200,000 | 18,000,000 | ||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | $ 854,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Project Development, Minimum Capital Investment, Percent Bonded | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Covenant, Equity Investment Required | $ 301,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Commitment Fee, Percent of Amount Raised, Percent | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||||||
Capital | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price of right (usd per right) | $ / shares | $ 30 | $ 30 | $ 30 | $ 31.25 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Stock, Rights Issue, Net | $ 13,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 95,000,000 | ||||||||||||||||||||||||||||||||||||
Non Taxable Free Play Allowance on First $100 Million, Percent | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||
Application Fees, Gaming Facility License | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Non Taxable Free Play Allowance After First $100 Million, Percent | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||||
Maximum Number of Hours Permitted for Video Lottery | 20 hours | ||||||||||||||||||||||||||||||||||||||||||
Number of Months to Commence Operations | 24 months | ||||||||||||||||||||||||||||||||||||||||||
Minimum Number of Full Time Jobs | employee | 1,425 | ||||||||||||||||||||||||||||||||||||||||||
Minimum Number of Part Time Jobs | employee | 96 | ||||||||||||||||||||||||||||||||||||||||||
Number of Days to Notify Authorities of Litigation | 30 days | ||||||||||||||||||||||||||||||||||||||||||
Debt Threshold to Notify Authorities | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of Days Prior to Opening to Notify Authorities | 90 days | ||||||||||||||||||||||||||||||||||||||||||
Option Exercise Period End Date, Extension, Period | 12 months | ||||||||||||||||||||||||||||||||||||||||||
Project Development Costs Option Agreement Payment | $ 472,603 | $ 750,000 | $ 1,222,603 | $ 4,600,000 | $ 3,100,000 | $ 8,500,000 | |||||||||||||||||||||||||||||||||||||
Project Development Costs, Option Agreement Payments, Nonrefundable | $ 1,222,603 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Option Price, After Credit | $ 175,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Option Price, Before Credit | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Option Price, Credit | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Option, Period | 90 days | ||||||||||||||||||||||||||||||||||||||||||
Tax Rate On Slot Machines | 39.00% | ||||||||||||||||||||||||||||||||||||||||||
Tax Rate On Tables | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Annual Binding Supplemental Fee | $ 500 | ||||||||||||||||||||||||||||||||||||||||||
Estimated Tax Abatement Period Of Recognition | 16 years | ||||||||||||||||||||||||||||||||||||||||||
Estimated Tax Credit Allowable Related To Mortgages | $ 1,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Estimated Real Property Tax Abatement | 126,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Administrative Fee to Regulatory Body | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||
Deferred Escrow Payment | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Estimated Capital Tax Allowable | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.0666 | ||||||||||||||||||||||||||||||||||||||||||
Transferable Subscription Rights | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement To Exercise Additional Rights, Proceeds from Offering | 285,900,000 | 15,500,000 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Non-Transferable Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement To Exercise Additional Rights, Proceeds from Offering | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Agreement To Exercise Additional Rights, Proceeds from Offering, Percent of Total | 0.50% | ||||||||||||||||||||||||||||||||||||||||||
Shelf Registration [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 250,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Legal, Construction Manager Costs, Consultants, And Other Professional Services [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 2,700,000 | 5,100,000 | |||||||||||||||||||||||||||||||||||||||||
Agreement Payments [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 4,600,000 | 3,100,000 | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||
Architectural, Engineering, Construction Manager, and Subcontractor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Capitalized project development costs | $ 10,300,000 | 10,300,000 | 10,300,000 | ||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 24,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Professional Services [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 975,000 | 900,000 | 900,000 | ||||||||||||||||||||||||||||||||||||||||
Architectural Fees [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 2,100,000 | 10,400,000 | |||||||||||||||||||||||||||||||||||||||||
Application Fee [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Shared Development Expenses [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Legal Expense [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Capitalized project development costs | $ 127,000 | $ 127,000 | $ 127,000 | ||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | 2,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Construction Manager Costs [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project development costs incurred | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
EPT Concord II, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Area of Real Estate Property | a | 1,700 | 1,700 | 1,700 | ||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Equity Investment Commitment | 375,000,000 | $ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | License Grant Rights Offering [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement to Exercise Additional Rights, Participation Amount | $ 150,000,000 | $ 290,000,000 | |||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | Follow-On Rights Offering [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement to Exercise Additional Rights, Participation Amount | $ 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | Non-Transferable Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Commitment Fee, Portion Paid | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||
Commitment Fee, Expenses Reimbursed | $ 40,000 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | $ 651,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Project Development, Minimum Capital Investment, Percent Bonded | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Project Development, Minimum Capital Investment Deposit, Payment | $ 85,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale of Stock, Consideration Receivable for Future Issuances | $ 83,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Converted instrument, shares issued (in shares) | shares | 1,332,058 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Transferable Subscription Rights | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 290,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Value of subscription rights to be exercised, maximum | $ 290,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale of stock, commitment fee | 1,450,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale of stock, expenses reimbursed (not exceeding) | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 20,138,888 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Montreign [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Gaming Facility License Fee | $ 51,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Project Development, Minimum Capital Investment, Percent Bonded | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Project Development, Minimum Capital Investment, Amount Bonded | $ 65,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Credit Suisse AG [Member] | Senior Secured Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 545,000,000 | $ 478,000,000 | $ 478,000,000 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Reduction Amount | $ 70,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Execution of Commitment Letter [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Commitment Fee, Percent of Amount Raised, Percent | 0.50% | 0.50% | |||||||||||||||||||||||||||||||||||||||||
Rights Offering Launched [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Commitment Fee, Percent of Amount Raised, Percent | 0.50% | 0.50% | |||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issuance, shares | shares | 123,000 | 27,000 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Non-Transferable Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement To Exercise Additional Rights, Proceeds from Offering | $ 49,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Basic Subscription Rights, Exercise Period After Grant | 10 days | ||||||||||||||||||||||||||||||||||||||||||
Agreement To Exercise Additional Rights, Aggregate Amount Threshold | $ 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 1,408,451 | ||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 35.50 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | Subsequent Event | Transferable Subscription Rights | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 20,138,888 | ||||||||||||||||||||||||||||||||||||||||||
Warrant or Right [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issuance, shares | shares | 427,776 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Stock, Rights Issue, Net | $ 13,400,000 | ||||||||||||||||||||||||||||||||||||||||||
LP Ciminelli, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development Costs, Maximum Price | $ 511,000,000 | ||||||||||||||||||||||||||||||||||||||||||
County of Sullivan Industrial Development Agency [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Tax Benefit, Maximum Benefit | $ 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Rent | 166,000 | ||||||||||||||||||||||||||||||||||||||||||
Payment in Lieu of Tax, Amount | 65,000,000 | $ 53,500,000 | |||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Transaction Fee | $ 82,500 | ||||||||||||||||||||||||||||||||||||||||||
Monticello Harness Horsemens Association [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Agreement, Contractual Term | 2 years | ||||||||||||||||||||||||||||||||||||||||||
Agreement, Contractual Term Extension | 7 years | ||||||||||||||||||||||||||||||||||||||||||
Agreement, Shares Issuable | shares | 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Agreement, Warrants Issuable | shares | 60,000 | ||||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Minimum Number of Independent Directors | director | 3 | ||||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | Common Stock | Non-Transferable Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 864,360 | ||||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | Common Stock | Standby Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 533,433 | ||||||||||||||||||||||||||||||||||||||||||
Kien Huat Realty Limited [Member] | Common Stock | Subsequent Event | Standby Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 6,825,985 | ||||||||||||||||||||||||||||||||||||||||||
Basic Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issuance, shares | shares | 90,633 | ||||||||||||||||||||||||||||||||||||||||||
Basic Subscription Rights [Member] | Common Stock | Non-Transferable Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 10,658 | ||||||||||||||||||||||||||||||||||||||||||
Basic Subscription Rights [Member] | Common Stock | Subsequent Event | Transferable Subscription Rights | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 176,086 | ||||||||||||||||||||||||||||||||||||||||||
Basic Subscription Rights [Member] | Kien Huat Realty Limited [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issuance, shares | shares | 302,526 | ||||||||||||||||||||||||||||||||||||||||||
Over Subscription Rights [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock issuance, shares | shares | 34,617 | ||||||||||||||||||||||||||||||||||||||||||
Over Subscription Rights [Member] | Common Stock | Subsequent Event | Transferable Subscription Rights | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Shares, Issued | shares | 13,136,817 | ||||||||||||||||||||||||||||||||||||||||||
Kien Haut Note [Member] | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Converted instrument, shares issued (in shares) | shares | 1,332,058 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 76.440567 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 13.0820 | ||||||||||||||||||||||||||||||||||||||||||
Monticello Casino and Raceway [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of Video Gaming Machine | video_gaming_machine | 1,110 | ||||||||||||||||||||||||||||||||||||||||||
Number of Video Lottery Terminals | video_lottery_terminal | 1,070 | ||||||||||||||||||||||||||||||||||||||||||
Number of Electronic Table Game | electronic_table_game | 40 | ||||||||||||||||||||||||||||||||||||||||||
Number of Seats in Grandstand | seat | 3,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of Seats in Clubhouse | seat | 100 | ||||||||||||||||||||||||||||||||||||||||||
Number of Parking Spaces for Cars | parking_space | 2,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of Parking Spaces for Buses | parking_space | 10 | ||||||||||||||||||||||||||||||||||||||||||
Number of Outlet Food Courts | food_court | 2 | ||||||||||||||||||||||||||||||||||||||||||
Number of Patrons, Food Court | Patron | 350 | ||||||||||||||||||||||||||||||||||||||||||
Size of Multi-functional Space | ft² | 3,800 | ||||||||||||||||||||||||||||||||||||||||||
Number of Patrons, Entertainment Lounge | Patron | 75 | ||||||||||||||||||||||||||||||||||||||||||
Montreign Resort Casino [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Size of Multi-functional Space | ft² | 27,000 | ||||||||||||||||||||||||||||||||||||||||||
Area of Real Estate Property | ft² | 90,000 | 90,000 | 90,000 | ||||||||||||||||||||||||||||||||||||||||
Number of Slot Machine | slot_machine | 2,150 | 2,150 | 2,150 | ||||||||||||||||||||||||||||||||||||||||
Number of Table Games | table_game | 102 | 102 | 102 | ||||||||||||||||||||||||||||||||||||||||
Number of Slot Machines in VIP Area | slot_machine | 26 | ||||||||||||||||||||||||||||||||||||||||||
Number of Table Games in VIP Area | table_game | 8 | ||||||||||||||||||||||||||||||||||||||||||
Number of stories | story | 18 | 18 | 18 | ||||||||||||||||||||||||||||||||||||||||
Number of Rooms | room | 332 | 332 | 332 | ||||||||||||||||||||||||||||||||||||||||
Number of Garden Suite Units in Real Estate Property | room | 8 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||
Number of 1,800 sq ft Two-Story Villas in Real Estate Property | room | 7 | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||
Number of Penthouse Units in Real Estate Property | room | 12 | 12 | 12 | ||||||||||||||||||||||||||||||||||||||||
Number of VIP Gaming Salons | room | 6 | ||||||||||||||||||||||||||||||||||||||||||
Capacity of Multi-purpose Space | seat | 1,300 | ||||||||||||||||||||||||||||||||||||||||||
Area of Meeting Space | ft² | 7,000 | ||||||||||||||||||||||||||||||||||||||||||
Area of Spa | ft² | 7,500 | ||||||||||||||||||||||||||||||||||||||||||
Number of Restaurants | restaurant | 7 | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||
Number of Bars | restaurant | 4 | ||||||||||||||||||||||||||||||||||||||||||
Golf Course and Entertainment Village [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Area of Real Estate Property, Phase One | ft² | 50,000 | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||
Golf Course [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Golf Course [Member] | Project Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Entertainment Village [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Entertainment Village [Member] | Project Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Casino Project [Member] | Project Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | 611,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Waterpark [Member] | EPR Member [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Project Development, Future Minimum Capital Investment, Excluding License Fee | $ 120,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Regulated Revenue [Member] | Revenue from Monticello Casino and Raceway [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Percent of Video Game Machine Revenue Distributed to Casino | 41.00% | ||||||||||||||||||||||||||||||||||||||||||
Scenario, Forecast [Member] | Regulated Revenue [Member] | Revenue from Monticello Casino and Raceway [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Percent of Video Game Machine Revenue Distributed to Casino | 39.00% | ||||||||||||||||||||||||||||||||||||||||||
Minimum | Montreign [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Gaming Facility License Fee | $ 51,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Minimum | Montreign Resort Casino [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of Tables in Poker Room | table_game | 14 | ||||||||||||||||||||||||||||||||||||||||||
Number of Mezzanine Level Poker Tables | table_game | 14 | ||||||||||||||||||||||||||||||||||||||||||
Minimum | Golf Course and Entertainment Village [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Area of Real Estate Property | ft² | 150,000 | 150,000 | 150,000 | ||||||||||||||||||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Non Taxable Free Play Allowance on First $100 Million, Percent | 15.00% | 10.00% | 15.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||
Maximum | Montreign Resort Casino [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of Tables in Poker Room | table_game | 16 | ||||||||||||||||||||||||||||||||||||||||||
Number of Mezzanine Level Poker Tables | table_game | 16 | ||||||||||||||||||||||||||||||||||||||||||
Maximum | Golf Course and Entertainment Village [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Area of Real Estate Property | ft² | 200,000 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Casino Lease [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Monthly Fixed Rent | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Rate Escalation Percent | 8.00% | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Rent, Percent of Gaming Revenue | 5.00% | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Days Entitled to Abatement | 30 days | ||||||||||||||||||||||||||||||||||||||||||
Days to Exercise Purchase Option for Competitor Transfer | 30 days | ||||||||||||||||||||||||||||||||||||||||||
Days to Deliver Purchase Notice | 15 days | ||||||||||||||||||||||||||||||||||||||||||
Casino Lease [Member] | EPT Concord II, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Transfer Of Lease, Period After Gaming License Receipt | 60 days | ||||||||||||||||||||||||||||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Notice To Terminate Lease | 12 months | ||||||||||||||||||||||||||||||||||||||||||
Golf Course Lease [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, Before Opening | $ 0 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, First Ten Years | 150,000 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, After Ten Years | 250,000 | ||||||||||||||||||||||||||||||||||||||||||
Entertainment Village Lease [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, Before Opening | 0 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, First Ten Years | 150,000 | ||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Annual Fixed Rent, After Ten Years | $ 250,000 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Promotional Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total retail value of promotional allowances | $ 3,468 | $ 4,288 | $ 5,457 |
Total cost of promotional allowances | 3,319 | 3,823 | 4,502 |
Food and Beverage | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total retail value of promotional allowances | 1,553 | 1,656 | 1,835 |
Total cost of promotional allowances | 2,109 | 2,206 | 2,154 |
Non Subsidized Free Play | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total retail value of promotional allowances | 1,720 | 2,476 | 3,106 |
Total cost of promotional allowances | 1,015 | 1,461 | 1,832 |
Players Club Awards | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total retail value of promotional allowances | 195 | 156 | 516 |
Total cost of promotional allowances | $ 195 | $ 156 | $ 516 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)restricted_cash_account | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Number of restricted cash accounts | restricted_cash_account | 4 | |||
Uninsured cash amounts | $ 1,100,000 | |||
Allowance for doubtful accounts | 171,000 | $ 161,000 | ||
Development expenses | $ 16,000,000 | 32,514,000 | 12,207,000 | $ 18,009,000 |
Advertising expense | 1,000,000 | 977,000 | $ 885,000 | |
Total unrecognized compensation | $ 3,100,000 | |||
Vesting period for unrecognized compensation cost to be recognized (in years) | 2 years 9 months | |||
New York State Racing, Pari-Mutual Wagering And Breeding Law [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | $ 35,000 | 49,000 | ||
VGM New York Governing Law [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | 629,000 | 405,000 | ||
Minimum reserve balance | 400,000 | 450,000 | ||
Monticello Harness Horsemens Association [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash and cash equivalents | $ 278,000 | $ 806,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Vehicles [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 5 years |
Vehicles [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 10 years |
Furniture, fixtures and equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 5 years |
Furniture, fixtures and equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 10 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 20 years |
Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 40 years |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment (in years) | 40 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Stock option equivalents (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 1,888,000 | 1,979,800 | 2,225,200 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 57,000 | 156,200 | 378,000 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 133,000 | 216,600 | 216,600 |
Option matching rights [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 229,000 | 238,000 | 266,000 |
Restricted stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 137,000 | 37,000 | 32,600 |
Shares to be issued upon conversion of convertible of long-term loan, related party [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total number of common stock equivalents outstanding (in shares) | 1,332,000 | 1,332,000 | 1,332,000 |
Property and Equipment Proper40
Property and Equipment Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 38,884 | $ 38,147 | |
Less—Accumulated depreciation | (13,095) | (11,775) | |
Property and equipment, net | 25,789 | 26,372 | |
Depreciation | 1,350 | 1,324 | $ 1,354 |
Capitalized project development costs | 10,400 | ||
Architectural, Engineering, Construction Manager, and Subcontractor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized project development costs | 10,300 | ||
Legal Expense [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized project development costs | 127 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 770 | 770 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,732 | 1,681 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,727 | 4,727 | |
Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 27,284 | 27,062 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 280 | 282 | |
Furniture, fixtures and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,894 | 3,540 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 197 | $ 85 |
Project Development Costs (Deta
Project Development Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Development Costs [Line Items] | ||||
Project development costs incurred | $ 42,900 | $ 12,200 | $ 18,000 | |
Capitalized project development costs | 10,400 | |||
Development expenses | $ 16,000 | 32,514 | 12,207 | 18,009 |
Legal, Construction Manager Costs, Consultants, And Other Professional Services [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 2,700 | 5,100 | ||
Agreement Payments [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 4,600 | 3,100 | 1,500 | |
Architectural, Engineering, Construction Manager, and Subcontractor [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 24,200 | |||
Capitalized project development costs | 10,300 | |||
Professional Services [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 975 | 900 | 900 | |
Architectural Fees [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 2,100 | 10,400 | ||
Application Fee [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | $ 1,000 | |||
Shared Development Expenses [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 1,900 | |||
Legal Expense [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | 2,300 | |||
Capitalized project development costs | $ 127 | |||
Construction Manager Costs [Member] | ||||
Development Costs [Line Items] | ||||
Project development costs incurred | $ 1,000 |
Accrued Expenses and Other Cu42
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||
Liability for horseracing purses | $ 529 | $ 1,568 | |
Accrued payroll | 1,719 | 1,424 | |
Series E payable | $ 1,300 | ||
Accrued redeemable points | 67 | 187 | |
Liability to NYSGC | 1,012 | 436 | |
Liability for local progressive jackpot | 927 | 776 | |
Accrued Casino Project Development costs | 10,811 | 89 | |
Accrued professional fees | 844 | 911 | |
Federal tax withholding payable | 154 | 114 | |
Accrued other | 1,664 | 1,352 | |
Total accrued expenses and other current liabilities | 19,227 | 8,098 | |
Series E | |||
Class of Stock [Line Items] | |||
Series E payable | $ 1,500 | $ 1,241 |
Long-Term Loan, Related Party (
Long-Term Loan, Related Party (Details) - USD ($) | Feb. 17, 2016 | Jan. 04, 2016 | Sep. 22, 2015 | May. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2015 | Feb. 16, 2011 | Feb. 15, 2011 | Nov. 17, 2010 |
Debt Instrument [Line Items] | ||||||||||||
Periodic payment, principal | $ 17,400,000 | $ 17,600,000 | ||||||||||
Interest expense | $ 2,616,000 | $ 9,128,000 | $ 1,331,000 | |||||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 95,000,000 | ||||||||
Kien Huat Realty Limited | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by parent | 88.70% | |||||||||||
Interest paid | $ 4,100,000 | |||||||||||
Foreign entity affiliate, interest, tax withholding percentage | 30.00% | |||||||||||
Interest paid, withholding tax payable | $ 1,200,000 | |||||||||||
Withholding tax payable, including interest on income tax | $ 1,300,000 | |||||||||||
Unrecognized tax benefits, interest on income taxes accrued | $ 114,000 | $ 154,000 | ||||||||||
Unrecognized tax benefits, income tax penalties accrued | $ 400,000 | |||||||||||
Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Converted instrument, shares issued (in shares) | 1,332,058 | |||||||||||
Subsequent Event | Kien Huat Realty Limited | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by parent | 88.70% | |||||||||||
Subsequent Event | Transferable Subscription Rights | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Common stock, shares authorized (in shares) | 20,138,888 | |||||||||||
Value of subscription rights to be exercised within 10 days of commencement | $ 30,000,000 | |||||||||||
Value of subscription rights to be exercised, maximum | 290,000,000 | |||||||||||
Sale of stock, commitment fee | $ 1,450,000 | |||||||||||
Sale of stock, commitment fee, percent | 0.50% | |||||||||||
Sale of stock, expenses reimbursed (not exceeding) | $ 50,000 | |||||||||||
Bridge Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount of promissory note | $ 35,000,000 | |||||||||||
Interest expense | $ 1,300,000 | |||||||||||
Kien Haut Note [Member] | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Converted instrument, shares issued (in shares) | 1,332,058 |
Bryanston Settlement (Details)
Bryanston Settlement (Details) - USD ($) $ in Thousands | Mar. 07, 2016 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Redemption of preferred stock | $ 1,500 | ||||
Shares redeemed | $ 534 | $ 25,619 | |||
Series E payable | 1,300 | ||||
Interest expense | 2,616 | $ 9,128 | 1,331 | ||
Series E | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Series E payable | 1,500 | 1,241 | |||
Mandatorily Redeemable Preferred Stock | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Dividends payable upon settlement event | 1,200 | ||||
Mandatorily Redeemable Preferred Stock | Series E | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Interest expense | 1,200 | $ 7,700 | 0 | ||
Preferred Stock | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Shares redeemed | $ 1,500 | ||||
Preferred Stock | Series E | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Shares redeemed | $ 1 | $ 6,854 | |||
Subsequent Event | Series E | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Payments for Repurchase of Private Placement | $ 30,700 | ||||
Redemption of preferred stock | $ 1,500 |
Stockholders Equity - Authorize
Stockholders Equity - Authorized Capital (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 16, 2011 | Feb. 15, 2011 |
Stockholders' Equity Note [Abstract] | ||||
Capital stock, shares authorized (in shares) | 155,000,000 | 100,000,000 | ||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 95,000,000 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Stockholders' Equity - Common a
Stockholders' Equity - Common and Preferred Stock (Details) | Mar. 02, 2016USD ($) | Feb. 17, 2016USD ($)shares | Jan. 04, 2016USD ($)shares | Feb. 06, 2015USD ($)shares | Dec. 31, 2015USD ($)vote_per_stock$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Mar. 07, 2016USD ($) | Feb. 09, 2015USD ($)shares | Feb. 19, 2014USD ($)shares | Jun. 30, 2013USD ($) | Feb. 16, 2011shares | Feb. 15, 2011shares |
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares Authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 95,000,000 | |||||||||
Proceeds from rights offering, net of expenses | $ 49,528,000 | $ 13,180,000 | $ 11,178,000 | ||||||||||
Common stock dividends (in shares) | shares | 5,102 | 6,167 | |||||||||||
Redemption of preferred stock | $ 1,500,000 | ||||||||||||
Series B | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting rights per stock (vote per stock) | vote_per_stock | 0.16 | ||||||||||||
Shares convertible for each stock (in shares) | shares | 0.054 | ||||||||||||
Preferred stock, per share liquidation value (usd per share) | $ / shares | $ 29 | $ 29 | |||||||||||
Dividends declared per share (usd per share) | $ / shares | $ 2.90 | ||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 44,258 | 44,258 | |||||||||||
Dividends, Preferred Stock, Cash | $ 167,000 | ||||||||||||
Dividends, Preferred Stock, Multiplier | 1.3 | ||||||||||||
Common stock dividends, declared and undeclared | $ 159,000 | $ 218,000 | |||||||||||
Common stock dividends, undeclared | $ 159,000 | 218,000 | |||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Price per share on issuable shares (usd per share) | $ / shares | $ 3.77 | ||||||||||||
Number of trading dates used to calculated price per share | 20 days | ||||||||||||
Series E | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting rights per stock (vote per stock) | vote_per_stock | 0.25 | ||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 0 | 27,000 | |||||||||||
Common stock dividends, undeclared | $ 1,300,000 | ||||||||||||
Preferred stock, per share redemption value (usd per share) | $ / shares | $ 10 | $ 10 | |||||||||||
Preferred stock, dividend rate | 8.00% | ||||||||||||
Cumulative dividends undeclared | $ 524,000 | ||||||||||||
Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from rights offering, net of expenses | $ 285,900,000 | ||||||||||||
Subsequent Event | Series B | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends, Preferred Stock, Cash | $ 167,000 | ||||||||||||
Subsequent Event | Series E | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redemption of preferred stock | $ 1,500,000 | ||||||||||||
Transferable Subscription Rights | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from Issuance of Private Placement | $ 50,000,000 | ||||||||||||
Transferable Subscription Rights | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares Authorized | shares | 20,138,888 | ||||||||||||
Proceeds from Issuance of Private Placement | $ 290,000,000 | ||||||||||||
Value of subscription rights to be exercised within 10 days of commencement | $ 30,000,000 | ||||||||||||
Value of subscription rights to be exercised, maximum | 290,000,000 | ||||||||||||
Sale of stock, commitment fee | $ 1,450,000 | ||||||||||||
Sale of stock, commitment fee, percent | 0.50% | ||||||||||||
Sale of stock, expenses reimbursed (not exceeding) | $ 50,000 | ||||||||||||
Common Stock | Transferable Subscription Rights | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares, Issued | shares | 20,138,888 | ||||||||||||
Common Stock | Basic Subscription Rights [Member] | Transferable Subscription Rights | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares, Issued | shares | 176,086 | ||||||||||||
Common Stock | Over Subscription Rights [Member] | Transferable Subscription Rights | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares, Issued | shares | 13,136,817 | ||||||||||||
Kien Huat Realty Limited [Member] | Common Stock | Standby Purchase Agreement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares, Issued | shares | 533,433 | ||||||||||||
Kien Huat Realty Limited [Member] | Common Stock | Standby Purchase Agreement [Member] | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares, Issued | shares | 6,825,985 | ||||||||||||
Kien Huat Realty Limited [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 88.70% | ||||||||||||
Kien Huat Realty Limited [Member] | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 88.70% |
Stock Options and Warrants - Ri
Stock Options and Warrants - Rights and Warrants (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Apr. 02, 2014 | |
Class of Warrant or Right [Line Items] | |||
Number of shares that may be purchased by warrants (shares) | 83,334 | ||
Exercise price of right (usd per right) | $ 30 | $ 31.25 | |
Proceeds from warrant exercises | $ 2.5 | ||
Class of warrant or right, outstanding (in shares) | 133,333 | ||
Subsequent Event | |||
Class of Warrant or Right [Line Items] | |||
Number of securities declined to exercise (in shares) | 204,706 |
Stock Options and Warrants - Op
Stock Options and Warrants - Options and Equity Incentive Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2015 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options outstanding (in shares) | 56,600 | 156,200 | 378,000 | 440,800 | |
Stock-based compensation expense | $ 596 | $ 636 | $ 385 | ||
Total unrecognized compensation | $ 3,100 | ||||
Vesting period for unrecognized compensation cost to be recognized (in years) | 2 years 9 months | ||||
Proceeds from stock options exercised | $ 200 | $ 2,800 | $ 1,000 | ||
Second Amended And Restated 2005 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options outstanding (in shares) | 56,619 | ||||
Options exercisable (in shares) | 56,619 | ||||
2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 952,498 | ||||
Additional shares authorized after 90 days (in shares) | 1,633,209 | ||||
Additional shares authorized after 90 days, percent of total available | 10.00% |
Stock Options and Warrants - Sc
Stock Options and Warrants - Schedule of Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average fair value of options granted (in dollars per share) | $ 5.65 | $ 3.78 |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 101.60% | 103.80% |
Risk—free interest rate | 1.64% | 1.47% |
Expected life of options (in years) | 5 years | 5 years |
Stock Options and Warrants - 50
Stock Options and Warrants - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, beginning balance (shares) | 156,200 | 378,000 | 440,800 | |
Granted (shares) | 1,600 | 10,000 | ||
Exercised (shares) | (81,600) | (153,600) | (62,800) | |
Canceled (shares) | (68,800) | (10,000) | ||
Forfeited (shares) | (18,000) | (1,000) | ||
Options outstanding, ending balance (shares) | 56,600 | 156,200 | 378,000 | 440,800 |
Range of exercise prices granted (usd per share) | $ 35.85 | $ 24.75 | ||
Range of exercise price foreited (usd per share) | 24.75 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding, beginning balance (usd per share) | $ 33.25 | 33.15 | 42.25 | |
Granted (usd per share) | 35.85 | 24.75 | ||
Exercised (usd per share) | 23.35 | 16.15 | ||
Canceled (usd per share) | 72.30 | 64.20 | ||
Forfeited (usd per share) | 19.35 | |||
Options outstanding, ending balance (usd per share) | $ 48.50 | $ 33.25 | $ 33.15 | $ 42.25 |
Options outstanding, weighted average remaining contractual life (in years) | 1 year 5 months 19 days | 1 year 5 months 16 days | 2 years 3 months 4 days | |
Granted, weighted average remaining contractual life (in years) | 3 years 10 months 13 days | 4 years 10 months 13 days | ||
Options exercisable, weighted average remaining contractual life (in years) | 2 years 7 months 10 days | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Range of exercise prices exercised (usd per share) | $ 13.95 | $ 13.95 | $ 13.95 | |
Range of exercise prices cancelled (usd per share) | 15 | 23.55 | ||
Range of exercise price foreited (usd per share) | 13.95 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Range of exercise prices exercised (usd per share) | 27.15 | 34.50 | 23.55 | |
Range of exercise prices cancelled (usd per share) | $ 213.75 | $ 213.75 | ||
Range of exercise price foreited (usd per share) | $ 127.95 |
Income Taxes Income Taxes - Sch
Income Taxes Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 57,177 | $ 56,942 |
Stock—based compensation | 6,706 | 7,636 |
Development costs | 20,101 | 6,776 |
Other | 2,108 | 1,301 |
Total deferred tax assets, gross | 86,092 | 72,655 |
Deferred tax liability: | ||
Depreciation | 0 | (551) |
Net deferred tax assets | 86,092 | 72,104 |
Valuation allowance | (86,092) | (72,104) |
Deferred tax assets, net | $ 0 | $ 0 |
Income Taxes Income Taxes - S52
Income Taxes Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net | (0.10%) | 0.00% | (0.10%) |
Non-deductible interest | (1.20%) | (11.30%) | (0.00%) |
Permanent items | (2.50%) | 1.80% | (0.30%) |
Expiration of net operating loss carry forwards | 0.00% | 0.00% | 0.00% |
Change in valuation allowance | (31.40%) | (25.50%) | (34.70%) |
Other taxes | 0.00% | 0.00% | 0.00% |
Non-includable (income) expenses | 0.00% | 0.00% | 0.00% |
Effective tax rate | (0.20%) | 0.00% | (0.10%) |
Income Taxes Income Taxes - Nar
Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Increase (decrease) in valuation allowance | $ 14 | $ 6.3 |
Net operating loss carryforwards | 144.3 | |
Operating loss carryforwards, readily available | $ 59.8 |
Concentration (Details)
Concentration (Details) - Accounts Receivable - Credit Concentration Risk - debtor | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Number of debtors | 1 | 1 |
Hawthorne OTB | ||
Concentration Risk [Line Items] | ||
Concentration of risk | 11.40% | 14.50% |
Employee Benefit Plan Employee
Employee Benefit Plan Employee Benefit Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Maximum annual contribution | 15.00% | ||
Vesting percentage of employer contribution | 100.00% | ||
Costs recognized | $ | $ 96 | $ 92 | $ 94 |
Number of participants | employee | 152 | ||
Up To 3% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contribution, percent match on employee contribution | 100.00% | ||
Employer matching contribution on salary of employee | 3.00% | ||
3% to 3.99% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contribution, percent match on employee contribution | 3.00% | ||
3% to 3.99% | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution on salary of employee | 3.00% | ||
3% to 3.99% | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution on salary of employee | 3.99% | ||
4% to 4.99% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contribution, percent match on employee contribution | 3.50% | ||
4% to 4.99% | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution on salary of employee | 4.00% | ||
4% to 4.99% | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution on salary of employee | 4.99% | ||
5% Or More | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contribution, percent match on employee contribution | 4.00% | ||
Employer matching contribution on salary of employee | 5.00% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | Apr. 28, 2015 | Jan. 15, 2014 | Jul. 31, 2011 | Dec. 31, 2010 |
Empire | ||||
Commitments and Contingencies (Textual) [Abstract] | ||||
Percent of net win payable from VGM activities | 8.75% | |||
Amount of net win from VGM activities | $ 5,000,000 | |||
Concord | ||||
Commitments and Contingencies (Textual) [Abstract] | ||||
VGM Shortfall | $ 300,000 | |||
Damages in an amount | $ 308,000 | |||
Reduction in damages sought, value | $ 122,562 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,000 |
2,017 | 10,000 |
2,018 | 10,500 |
2,019 | 7,750 |
2,020 | 7,800 |
Thereafter | 378,574 |
Total | $ 415,624 |
Commitments and Contingencies58
Commitments and Contingencies Commitments and Contingencies - Contractual Obligations, Future Minimum Payments Due (Details) - Employment Compensation Contracts - Chief Executive Officer $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of Contractual Obligations [Line Items] | |
2,016 | $ 1,097 |
2,017 | 1,097 |
2,018 | 1,097 |
Total | $ 3,291 |
Prepaid Expenses and Other As59
Prepaid Expenses and Other Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid taxes | $ 1.9 | $ 2.4 |
Real estate tax refund receivable | $ 1.9 |
Prepaid Expenses and Other As60
Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Empire zone real estate tax credit | $ 1,945 | $ 2,407 |
Prepaid real estate taxes | 548 | 551 |
Prepaid insurance | 236 | 335 |
Prepaid rent payment | 500 | 375 |
Inventory | 207 | 200 |
Prepaid gaming expenses | 46 | 118 |
Development escrow & security refundable deposit | 911 | 0 |
Prepaid other | 448 | 311 |
Total prepaid expenses and other current assets | $ 4,841 | $ 4,297 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director - USD ($) $ in Thousands | Feb. 10, 2016 | Dec. 09, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction | ||||
Professional fees expensed | $ 250 | $ 428 | $ 44 | |
Professional fees, payable upon execution | 150 | |||
Professional fees, paid within 90 days | $ 100 | |||
Subsequent Event | ||||
Related Party Transaction | ||||
Professional fees expensed | $ 2,100 |
Loss Per Share (Details)
Loss Per Share (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Discount percent | 20.00% | ||
Weighted average number of common shares (in shares) | 9,286 | 8,501 | |
Loss per common share (in dollars per share) | $ (2.60) | $ (3.18) | |
Scenario, Previously Reported | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of common shares (in shares) | 7,828 | 7,043 | |
Loss per common share (in dollars per share) | $ (3.08) | $ (3.84) | |
Restatement Adjustment | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of common shares (in shares) | 1,458 | 1,458 | 1,458 |
Loss per common share (in dollars per share) | $ (0.48) | $ (0.66) |
Summarized Quarterly Data (Un63
Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Net revenue | $ 16,277 | $ 19,512 | $ 17,852 | $ 14,525 | $ 15,627 | $ 18,773 | $ 16,219 | $ 14,607 | $ 68,166 | $ 65,226 | $ 70,961 |
Loss from operations | (11,115) | (12,486) | (7,000) | (3,359) | (2,739) | (2,320) | (7,344) | (2,283) | (33,960) | (14,686) | (20,120) |
Net loss | $ (11,774) | $ (13,139) | $ (7,650) | $ (4,047) | $ (3,416) | $ (4,848) | $ (10,299) | $ (5,349) | $ (36,610) | $ (23,912) | $ (21,542) |
Loss per common share, basic (usd per share) | $ (0.77) | $ (1.40) | $ (0.80) | $ (0.45) | $ (0.70) | $ (0.60) | $ (1.35) | $ (0.75) | $ (3.42) | $ (2.60) | $ (3.18) |
Loss per common share, diluted (usd per share) | $ (0.77) | $ (1.40) | $ (0.80) | $ (0.45) | $ (0.70) | $ (0.60) | $ (1.35) | $ (0.75) | $ (3.42) | $ (2.60) | $ (3.18) |
Schedule II - Valuation and Q64
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 171 | $ 161 | $ 166 |
Addition charged to costs and expenses | 10 | 0 | 0 |
Other additions (deductions) | 0 | (5) | (36) |
Less deductions | 0 | 0 | 0 |
Balance at end of year | 161 | 166 | 202 |
Deferred tax asset valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 86,092 | 72,104 | 65,832 |
Addition charged to costs and expenses | 0 | 0 | 0 |
Other additions (deductions) | 13,988 | 6,272 | 9,258 |
Less deductions | 0 | 0 | 0 |
Balance at end of year | $ 72,104 | $ 65,832 | $ 56,574 |