XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Development Projects Costs
9 Months Ended
Sep. 30, 2018
Project Development Costs [Abstract]  
Development Projects Costs
Development Projects Costs
Capitalized Project Development Costs
At September 30, 2018 and December 31, 2017, total Capitalized Project Development costs incurred were approximately $19.5 million and $566.8 million, respectively. Total Capitalized Development Project costs at September 30, 2018 consisted of $17.4 million of construction costs, site development, contractor insurance, general conditions, architectural fees and construction manager fees, and approximately $2.1 million of professional service fees including legal and accounting fees. Total Capitalized Project Development costs at December 31, 2017 consisted of $560.2 million of construction costs, site development, contractor insurance, general conditions, architectural fees and construction manager fees, and approximately $6.6 million of professional service fees, including legal and accounting fees, and is reflected on the balance sheet as Capitalized Development Project costs. The Casino opened for business on February 8, 2018, after receiving an operating certificate from the NYSGC.
ERREI entered into a standard contractor agreement with normal and customary terms with Petillo, Inc., related to the construction of the Golf Course Project, at a cost of approximately $21.2 million. The Company began construction in September 2018 and anticipates the Golf Course will be open for play during Summer 2019.
Cash Collateral for Deposit Bond
In February 2016 and June 2017, the Company deposited $15 million and $20 million, respectively, in performance bonds to guarantee the completion of the Development Projects. On December 28, 2017, the Company notified the NYSGC that it had expended 85% of the Company's required minimum capital investment in the Development Projects. On January 4, 2018, the NYSGC notified the Company that it had confirmed that such minimum capital investment criteria as required by the Gaming Act had been met and the funds returned to the Company were deposited into a lender-controlled account for use towards Development Projects expenses.