Prepaid Expenses and Other Assets

MRMI has participated in the New York State Empire Zones real estate tax credit program for over 10 years. Under this program, the Company receives a refund for real estate taxes paid during the year. Beginning in 2014, the amount of the tax credit received is reduced by 20% each year until the tax credit ends for the Company at December 31, 2017. For the year ending December 31, 2017, the Company will receive a 20% refund for real estate taxes paid. The amounts of the expected real estate tax credits are included in prepaid expenses and other current assets on the accompanying Condensed Consolidated Balance Sheet at September 30, 2017 and December 31, 2016, and were approximately $814,000 and $1.3 million, respectively. Beginning in fiscal 2018, the Company will no longer receive a refund on any portion of real estate taxes paid by MRMI.

Prepaid expenses and other current assets, as presented on the Condensed Consolidated Balance Sheet, are comprised of the following at September 30, 2017 and December 31, 2016:



	September 30, 2017		December 31, 2016
	(in thousands)

Empire Zones real estate tax credit	$	814	$	1,325
Prepaid real estate taxes	873		558
Prepaid insurance	465		919
Inventory	180		177
Prepaid gaming expenses	233		61
Development escrow and security refundable deposit	632		623
Prepaid other	541		672
Total prepaid expenses and other current assets	$	3,738	$	4,335