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Other Intangible Assets
12 Months Ended
Dec. 31, 2011
Other Intangible Assets [Abstract]  
Other Intangible Assets

NOTE 8—OTHER INTANGIBLE ASSETS

The Company's other intangible assets are comprised of the following (in thousands):

 

     2011      2010  
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net
Carrying
Amount
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net
Carrying
Amount
 

Definite-lived intangible assets

               

Favorable contracts

   $ 11,000       $ (2,966   $ 8,034       $ 11,000       $ (2,319   $ 8,681   

Customer relationships

     47,280         (16,344     30,936         47,280         (7,662     39,618   

Slots gaming license

     2,250         (1,125     1,125         2,750         (1,375     1,375   

Other

     4,059         (237     3,822         4,059         (207     3,852   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
   $ 64,589       $ (20,672     43,917       $ 65,089       $ (11,563     53,526   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Indefinite-lived intangible assets

               

Slots gaming rights

          45,089              45,089   

Trademarks

          11,297              11,297   

Illinois Horseracing

               

Equity Trust

          3,307              3,307   

Other

          217              217   
       

 

 

         

 

 

 

Total intangible assets

        $ 103,827            $ 113,436   
       

 

 

         

 

 

 

 

Amortization expense for definite-lived intangible assets was approximately $11.9 million, $9.9 million and $2.1 million for the years ended December 31, 2011, 2010 and 2009, respectively, and is classified in operating expenses. The Company submitted payments of $2.3 million, $2.8 million and $3.3 million for the years ended December 31, 2011, 2010 and 2009, respectively, for annual license fees for Calder Casino. The initial payment was amortized to expense from the date of the opening of the slot facility until June 30, 2010, for the year ended December 31, 2010. Thereafter, payments will be amortized to expense over the annual license period.

Indefinite-lived intangible assets consist primarily of state gaming licenses in Mississippi and Florida, rights to participate in the Horse Racing Equity Fund and trademarks.

Future estimated amortization expense does not include additional payments of $2.3 million in 2012 and in each year thereafter for the ongoing amortization of future expected annual Florida slots gaming license fees not yet incurred or paid. Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in thousands):

 

 Year Ended
December 31,

   Estimated
Amortization
Expense
 

2012

   $     9,667   

2013

   $ 7,915   

2014

   $ 6,902   

2015

   $ 6,086   

2016

   $ 4,980