Related Party Transactions

6 Months Ended

Jun. 30, 2011

Related Party Transactions

11. Related Party Transactions

BFC Financial Corporation (“BFC”) beneficially owns approximately 52% of our common stock. In addition, Alan B. Levan and John E. Abdo, our Chairman and Vice Chairman, respectively, serve as Chairman, Chief Executive Officer and President of BFC and Vice Chairman of BFC, respectively, and may be deemed to control BFC by virtue of their ownership interest in BFC’s common stock.

We paid BFC or its affiliated entities approximately $1.2 million and $0.4 million during the three months ended June 30, 2010 and 2011, respectively, and $1.8 million and $0.7 million during the six months ended June 30, 2010 and 2011, respectively, for a variety of management services. The services provided to us by BFC or its affiliated entities included management advisory, risk management, administrative, as well as assistance with our efforts to explore potential additional sources of liquidity during 2010. In addition, in connection with our agreement with BFC to reimburse BFC for fees related to certain procedures performed by BFC’s independent registered public accounting firm at our company, we reimbursed BFC approximately $0.5 million during the three and six months ended June 30, 2011.

BFC holds a significant investment in Benihana Inc. (“Benihana”), and Alan B. Levan and John E. Abdo serve on Benihana’s Board of Directors. In 2009, we entered into a land lease with Benihana, which constructed and operates a restaurant at one of our resort properties and we receive lease payments from Benihana of approximately $0.1 million annually.