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NON-OPERATING REAL PROPERTY

9 Months Ended

Sep. 30, 2012

NON-OPERATING REAL PROPERTY

NON-OPERATING REAL PROPERTY

NOTE 5—NON-OPERATING REAL PROPERTY

We have designated certain assets, consisting principally of land and undeveloped properties, as non-operating real property and declared our intent to sell those assets. At December 31, 2011, we obtained independent appraisals for our non-operating properties and recorded an impairment charge to adjust the carrying values of those properties to their respective fair values. No developments have occurred subsequent to these appraisals that would indicate that further impairment recognition is necessary. The Company continues to actively market these properties for sale. These properties are included in non-operating real properties in our consolidated balance sheets as of September 30, 2012 and December 31, 2011.

In October 2004, we acquired 229 acres of real property, known as the International Paper site, as an alternative site to build Presque Isle Downs. The site was never developed and in October 2005, we sold 205 acres. In October 2012, we sold the remaining 24 acres sold for approximately $0.5 million, resulting in a gain of approximately $50,000. See Note 11 for additional discussion regarding current litigation and environmental contingencies regarding this site.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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