NON-OPERATING REAL PROPERTY	12 Months Ended
Dec. 31, 2012
NON-OPERATING REAL PROPERTY
NON-OPERATING REAL PROPERTY	4. 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. Annually, we obtained independent appraisals of the fair value of these assets. Based upon the results of the 2012 and 2010 appraisals, no adjustments to the carrying values of non-operating real properties were necessary. During the year ended December 31, 2011, we adjusted the carrying values of the assets, recognizing an impairment loss of $0.7 million. Although we continue to actively market these properties for sale, we do not anticipate that we will be able to sell the majority of the assets within the next twelve months. As such, these properties are not classified as held-for-sale as of December 31, 2012. 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 for approximately $0.5 million, resulting in a gain of $50,000. See Note 15 for additional discussion regarding current litigation and environmental contingencies regarding this site. During 2011, we completed the sale of 21 acres of non-operating real property land holdings in West Virginia for $0.4 million, after closing costs. This transaction resulted in a gain on sale of $0.2 million. Throughout 2010, we sold various parcels of non-operating real property land holdings located in West Virginia and Pennsylvania for aggregate records of $1.4 million, after closing costs. These transactions, when aggregated, resulted in a net gain on sale of $36,000.

4. 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. Annually, we obtained independent appraisals of the fair value of these assets. Based upon the results of the 2012 and 2010 appraisals, no adjustments to the carrying values of non-operating real properties were necessary. During the year ended December 31, 2011, we adjusted the carrying values of the assets, recognizing an impairment loss of $0.7 million.

Although we continue to actively market these properties for sale, we do not anticipate that we will be able to sell the majority of the assets within the next twelve months. As such, these properties are not classified as held-for-sale as of December 31, 2012.

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 for approximately $0.5 million, resulting in a gain of $50,000. See Note 15 for additional discussion regarding current litigation and environmental contingencies regarding this site.

During 2011, we completed the sale of 21 acres of non-operating real property land holdings in West Virginia for $0.4 million, after closing costs. This transaction resulted in a gain on sale of $0.2 million.

Throughout 2010, we sold various parcels of non-operating real property land holdings located in West Virginia and Pennsylvania for aggregate records of $1.4 million, after closing costs. These transactions, when aggregated, resulted in a net gain on sale of $36,000.