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Condensed Consolidated Statements of Cash Flows
9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Operating Activities:    
Net income $ 3,511,490 $ 1,773,313
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,866,975 1,738,900
Stock-based compensation expense 179,141 224,921
Deferred income taxes 1,215,433 (96,700)
Stock appreciation rights   141,686
Gain on disposal of assets   (347,348)
Gain sale of land (3,990,519)  
Gain on insurance proceeds (592,276) (120,090)
Tax benefit from exercise of stock-based awards 1,050 (4,060)
Changes in operating assets and liabilities:    
Increase in restricted cash (574,208) (115,456)
Decrease (increase) in accounts receivable (260,259) 277,145
(Increase) decrease in other current assets 62,183 (412,962)
Decrease (increase) in income taxes (payable) receivable 560,029 (433,252)
Increase in due from Minnesota horsemen associations (1,101,444) (476,524)
Increase in accounts payable 1,633,682 1,104,482
Increase in Card Casino accruals 791,329 540,097
Increase in accrued wages and payroll taxes (420,952) 296,418
Increase in accrued property taxes (181,060) 160,895
Increase in payable to horsepersons (158,032) (109,523)
Net cash provided by operating activities 2,542,562 4,141,942
Investing Activities:    
Additions to buildings and equipment (3,777,239) (3,841,087)
Proceeds from sale of RV Park   99,441
Proceeds from insurance claims   120,091
Purchase of investments (213) (465)
Net cash used in investing activities (3,777,452) (3,622,020)
Financing Activities    
Proceeds from issuance of common stock 371,564 109,540
Principle payments on capital lease obligations (1,887,349)  
Cash dividends to shareholders (1,072,470) (1,055,720)
Tax benefit from exercise of stock-based awards (1,015) 4,060
Net cash provided by (used in) financing activities (2,589,270) (942,120)
Net increase (decrease) in cash and cash equivalents (3,824,160) (422,198)
Cash and cash equivalents at beginning of period 8,274,112 8,761,925
Cash and cash equivalents at end of period 4,449,952 8,339,727
Schedule of non-cash investing and financing activities    
Additions to buildings and equipment funded through accounts payable 65,000 87,000
Dividend declared 215,000  
Issuance of promissory notes receivable 3,191,000  
Insurance recoveries proceeds receivable 592,000  
Proceeds from land sale remitted to qualified intermediary 1,051,000  
Principal payments of capital lease obligation remitted from qualified intermediary 1,051,000  
Supplemental disclosure of cash flow information:    
Income taxes paid, net of refunds $ 2,121,000 $ 1,852,000