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Promissory Notes Receivable
6 Months Ended
Jun. 30, 2016
Promissory Notes Receivable[Abstract]  
Promissory Notes Receivable

4.   PROMISSORY NOTES RECEIVABLE 

 

During May 2016, the Company sold approximately 24 acres of land adjacent to the Racetrack for a total consideration of approximately $4.3 million.  Promissory notes receivable consist of two promissory notes totaling $3,191,000 bearing interest at the mid-term applicable federal rate, which equaled 1.43%.  The payments are due annually totaling $1,094,000 and maturing May 2019. The promissory notes are secured by the mortgage of approximately 24 acres and management believes no allowance for doubtful accounts is necessary.