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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 10,075,642 $ 21,936,210
Restricted cash 3,611,776 3,905,544
Short-term investments 5,000,000 5,000,000
Accounts receivable, net of allowance of $7,670 at December 31, 2024 and 2023 439,121 484,092
Inventory 250,658 249,370
Prepaid expenses 1,849,015 645,422
Income taxes receivable and prepaid income taxes 3,186,465 4,083,364
Total Current Assets 24,412,677 36,304,002
LONG-TERM ASSETS    
Deposits 19,650 0
Other prepaid expenses 19,951 10,978
TIF receivable 18,898,445 13,972,875
Operating lease right-of-use assets 27,674 53,026
Equity investment (Note 11) 6,976,091 6,612,712
Other long-term receivables (Note 9) 1,597,463 0
Land held for development 2,183,930 1,756,914
Land, buildings, and equipment, net (Note 3) 51,042,988 42,442,090
Total Long-term Assets 85,510,105 68,374,666
TOTAL ASSETS 109,922,782 104,678,668
CURRENT LIABILITIES    
Accounts payable 3,665,155 4,599,391
Casino accruals 2,159,249 2,667,499
Accrued wages and payroll taxes 2,151,524 1,662,927
Cash dividend payable 351,373 346,125
Accrued property taxes 1,103,784 741,215
Deferred revenue 311,244 274,898
Payable to horsepersons 870,775 763,383
Current portion of finance lease obligations 32,950 1,604
Current portion of operating lease obligations 27,674 25,352
Total Current Liabilities 10,673,728 11,082,394
LONG-TERM LIABILITIES    
Deferred income taxes (Note 4) 9,846,000 10,300,015
Investee losses in excess of equity investment 5,016,198 1,464,218
Finance lease obligations, net of current portion 117,182 7,770
Operating lease obligations, net of current portion 0 27,674
Other long-term liabilities 181,000 0
Total Long-term Liabilities 15,160,380 11,799,677
TOTAL LIABILITIES 25,834,108 22,882,071
STOCKHOLDERS’ EQUITY (Note 5)    
Common stock, $.01 par value, 10,000,000 shares authorized, 5,036,717 and 4,962,573, respectively, shares issued and outstanding 50,367 49,626
Additional paid-in capital 28,940,887 27,351,509
Retained earnings 55,097,420 54,395,462
Total Stockholders’ Equity 84,088,674 81,796,597
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 109,922,782 104,678,668
Related Party [Member]    
CURRENT ASSETS    
Accounts receivable, net of allowance of $7,670 at December 31, 2024 and 2023 34,000 47,000
LONG-TERM ASSETS    
Related party receivable (Note 12) $ 4,743,913 $ 3,526,071