Operating Leases And Commitments

12 Months Ended

Dec. 31, 2011

Operating Leases And Commitments [Abstract]

9.	OPERATING LEASES AND COMMITMENTS

	Purchase Obligations

	In March 2008, the Company entered into a six-year service agreement with its totalizator provider. Pursuant to the agreement, the vendor provides totalizator equipment and computer programs which record and process all wagers and calculate odds and payoffs. In April 2009, the Company entered into a four-year service agreement to outsource its information technology (IT) function. Amounts charged to operations under these agreements for the years ended December 31, 2011 and 2010 were approximately $615,000 and $637,000, respectively.

	Operating Lease Obligations

	The Company has entered into operating leases for rental of office equipment, equipment to print certain publications, and track equipment to maintain the Racetrack. Amounts charged to operations under these agreements for the years ended December 31, 2011 and 2010 were approximately $128,000 and $140,000, respectively. All such leases expire on or before December 31, 2014. Future lease payment obligations under these leases are provided in the table below.


	FUTURE MINIMUM LEASE PAYMENTS

	The following table reflects our future minimum lease payments as of December 31, 2011:


	Payments Due by Period

*Lease Obligation*	TOTAL		2012		2013		2014

Operating Lease Obligations (1)	$	91,400	$	53,600	$	29,500	$	8,300


	(1)	Includes operating lease obligations for general office and printing equipment rental.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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