Insurance Recoveries

12 Months Ended

Dec. 31, 2016

Insurance Recoveries [Abstract]

Insurance Recoveries

13.INSURANCE RECOVERIES

During 2014, the Company incurred damage to buildings from multiple severe storms at the Racetrack. During the year ended December 31, 2015, the Company recognized as a reduction in operating expenses a  $495,000 insurance recoveries gain in the Consolidated Statements of Operations as “Gain on insurance recoveries”.  For the year ended December 31, 2016, the Company received additional insurance proceeds of $592,000 and recognized as a reduction in operating expenses as insurance recoveries gain in the Consolidated Statements of Operations as “Gain on insurance recoveries”. The Company has also concluded an additional $873,000 of insurance reimbursement will be received in 2017 when roof repair work is completed.  Because the claim has been settled and confirmed by the insurance company, that amount has been recognized as a gain on insurance recovery receivable in accordance with U.S. GAAP.  The storms did not cause any interruptions to the business or impact on the Company’s consolidated financial results of operations.