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Promissory Notes Receivable
9 Months Ended
Sep. 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 totaling $1,094,000 are due annually and the notes mature May 2019. The promissory notes are secured by the mortgage of approximately 24 acres and management believes no allowance for doubtful accounts is necessary.