Operating Leases And Commitments

12 Months Ended

Dec. 31, 2012

Operating Leases And Commitments [Abstract]

8.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, 2012 and 2011 were $530,418 and $615,095, 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, 2012 and 2011 were $118,625 and $127,758, respectively. All such leases expire on or before December 31, 2014. Future lease payment obligations under these leases are provided in the table below:


Lease Obligations	TOTAL	2013	2014

Operating Lease Obligations	$ 102,900	$ 94,600	$ 8,300

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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