Note 4 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

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

	2024			2023
Federal tax expense at statutory rates	$	637,700		$	3,145,900
Nondeductible lobbying expense		32,000			30,200
State expense, net of federal impact		275,700			1,204,200
Stock-based compensation expense		4,900			(52,500	)
Other		(26,415	)		89,200
Total income tax expense	$	923,885		$	4,417,000

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

	2024			2023
Current
Federal	$	522,900		$	931,000
State		674,000			660,000
		1,196,900			1,591,000
Deferred, Federal		51,985			1,961,700
Deferred, State		(325,000	)		864,300
Total income tax expense	$	923,885		$	4,417,000

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

	2024			2023
Deferred tax assets:
Vacation accrual	$	82,300		$	47,600
Player rewards program accrual		94,800			116,800
Stock-based compensation expense		160,200			135,900
Other		1,700			2,785
Net deferred tax assets		339,000			303,085
Deferred tax liabilities:
Land, building and equipment - cost and depreciation		(5,523,200	)		(5,352,900	)
Investment in equity investments		(3,468,100	)		(4,314,400	)
Prepaid expenses		(231,600	)		(169,500	)
TIF receivable accrued interest		(962,100	)		(766,300	)
Net deferred tax liabilities		(10,185,000	)		(10,603,100	)
Net long-term deferred tax liabilities	$	(9,846,000	)	$	(10,300,015	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Unrecognized tax benefits — January 1, 2024	$	—
Gross increases — tax positions taken during the prior period		630,000
Gross decreases — tax positions taken during the current period		(449,000	)
Unrecognized tax benefits — December 31, 2024	$	181,000