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Related Party Transactions
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions

On October 13, 2016, Montreign and Kien Huat entered into the KH Construction Loan Agreement. Pursuant to the KH Construction Loan Agreement, Kien Huat agreed to loan Montreign up to an aggregate of $50 million for the sole purpose of making payments under the construction contract for the Casino Project as they come due. Montreign may request an advance under the KH Construction Loan only in the event Montreign has insufficient other funds available to pay obligations under the construction contract for the Casino Project . The term of the KH Construction Loan Agreement shall expire on the earlier of (i) the consummation of financing in an amount no less than the remaining contract amount under the Casino Project construction contract and (ii) October 13, 2017. Beginning on January 1, 2017, Montreign shall make monthly interest payments of 7.5% of the outstanding principal of the KH Construction Loan. Montreign paid Kien Huat a commitment fee of $500,000 upon execution of the KH Construction Loan. With the availability of the KH Construction Loan, the Company believes it has sufficient resources to finance the construction of the Casino Project through February 2017.

On December 9, 2013, the Company executed a letter agreement (the "Moelis Letter Agreement") pursuant to which it engaged Moelis & Company LLC ("Moelis") to act as its financial advisor in connection with the Adelaar Project and the Casino Project. In the event a financing is consummated, the Moelis Letter Agreement contemplates additional transaction-based fees would be earned by Moelis.
During 2015, Moelis was paid approximately $428,000 for professional services and travel and expenses.
At the close of the January 2016 Rights Offering, Moelis was paid approximately $2.1 million for financial advisory services in connection with the Casino Project.
Gregg Polle, a director of the Company, is a Managing Director of Moelis. Mr. Polle recused himself from participating in the discussion of the Moelis Letter Agreement and the determination of whether to enter into such agreement.