Note 4 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2021			2020
Federal tax (benefit) expense at statutory rates	$	3,317,500		$	(40,000	)
Nondeductible lobbying expense		11,300			13,000
State expense, net of federal impact		747,700			3,000
Stock option expense		15,400			—
Long term incentive and restricted stock unit expense		(600	)		(14,000	)
Federal rate difference on NOL carrybacks		—			(1,213,000	)
Other		(91,900	)		155
	$	3,999,400		$	(1,250,845	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2021			2020
Current
Federal	$	3,228,800		$	(4,110,000	)
State		447,300			(84,000	)
		3,676,100			(4,194,000	)
Deferred, Federal		(175,800	)		2,860,155
Deferred, State		499,100			83,000
	$	3,999,400		$	(1,250,845	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2021			2020
Deferred tax assets:
Vacation accrual	$	60,500		$	55,700
Player rewards program accrual		112,200			166,900
Stock options		149,000			86,200
Long-Term Incentive Plan		38,100			32,500
Lease obligations		13,200			20,600
Charitable contribution carryovers		—			15,300
State net operating loss		—			374,000
Other		5,685			15,500
Total net deferred tax assets		378,685			766,700
Deferred tax liabilities:
Land, building and equipment - cost and depreciation		(4,341,400	)		(4,381,600	)
Investment in joint ventures		(3,202,500	)		(3,387,200	)
Prepaid Expenses		(125,500	)		(144,900	)
TIF receivable accrued interest		(380,300	)		(200,700	)
Total net deferred tax liabilities		(8,049,700	)		(8,114,400	)
Net long-term deferred tax liabilities	$	(7,671,015	)	$	(7,347,700	)