Discontinued Operations

12 Months Ended

Apr. 24, 2016

Discontinued Operations

Discontinued Operations

3. Discontinued Operations

        Natchez, Mississippi—On October 19, 2015, we closed our casino property in Natchez, Mississippi and completed the previously announced sale of the hotel and certain related non-gaming assets to Casino Holding Investment Partners, LLC for net cash proceeds of $11,448. As a result, we recorded a net gain of $2,000 in discontinued operations in fiscal 2016. The net gain consisted of a gain on the sale of the hotel and related non-gaming assets of $6,424, offset by a non-cash pretax charge of $4,424 related to the write-off of the Natchez gaming vessel and certain other assets. The results of our Natchez casino operations are presented as discontinued operations for all periods presented.

        Davenport, Iowa—On December 4, 2013, we entered into a definitive asset purchase agreement to sell substantially all of the assets and for the assumption of certain liabilities related to our casino located in Davenport, Iowa, ("Davenport"). We completed the sale on February 3, 2014 for net cash proceeds of $48,727. Including closing costs, we recorded a loss of $459 in discontinued operations. The results of our Davenport casino operations are presented as discontinued operations for all periods presented.

        We adopted Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") on April 27, 2015. The disposition of our Natchez reporting unit qualifies for discontinued accounting treatment under ASU 2014-08 and as such, the operations of our Natchez property has been classified as discontinued operations and as assets held for sale for all periods presented.

        The Company incurred $258 and $1,215 for capital expenditures at our Natchez property during the fiscal year ending April 24, 2016 and April 26, 2015, respectively.

        The results of our discontinued operations are summarized as follows:

	Discontinued Operations Fiscal Year Ended
	April 24, 2016			April 26, 2015			April 27, 2014
Net revenues	$	7,992		$	19,233		$	49,349
Valuation charges		(4,424	)		—			(10,509	)
Depreciation expense		(346	)		(1,076	)		(2,668	)
Pretax loss from discontinued operations		(2,085	)		(2,113	)		(9,657	)
Income tax provision from discontinued operations		—			—			(1,226	)
Loss from discontinued operations		(2,085	)		(2,113	)		(10,883	)

        Interest expense of $6 for the fiscal year 2014 has been allocated to discontinued operations related to third-party debt at our former Davenport property.