This excerpt taken from the PNK 10-Q filed Aug 11, 2008.
Note 12Subsequent Events
In July 2008, we decided to sell or otherwise discontinue operations of The Casino at Emerald Bay in The Bahamas. This small casino is distant from our other operations and its success is heavily reliant on the neighboring Four Seasons hotel. The owner of such hotel is currently in receivership. Consequently, beginning in the third quarter of 2008, we will reflect the business as a discontinued operation and record the appropriate asset impairment charges. As of June 30, 2008, the net book value of our casino related assets was approximately $3.4 million.
On August 8, 2008, we entered into a guaranteed maximum price construction agreement with a general contractor for the construction of the first phase of our River City Casino and Resort. Among other things, the agreement establishes that the contractor will complete the construction of the casino hotel for a maximum price of approximately $149 million and that the project will be substantially complete, as defined in the agreement, eighteen months from and after the date of commencement of the work. For a more detailed description regarding the agreement, see Item 5 of Part II (Other Events).
The following discussion and analysis of financial condition, results of operations, liquidity and capital resources should be read in conjunction with, and is qualified in its entirety by, the unaudited Condensed Consolidated Financial Statements and the notes thereto included in this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Managements Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007.
This excerpt taken from the PNK 10-Q filed Aug 9, 2005.
Note 8Subsequent Events
In early 2005, the Chilean government passed a law to permit the issuance of seventeen new gaming licenses throughout the country, which will bring the total licenses awarded to twenty-four. Each license will permit the exclusive operation of a gaming facility within an approximate 40 mile radius. On August 4, 2005, the Company submitted bids for two of the seventeen available licenses. The Company expects there will be significant competition for both of the gaming licenses. The Company expects that the Chilean gaming authorities will award the licenses in 2006. The Company estimates that each of the Chilean projects would be similar in scope to the Companys new facility in Neuquen, Argentina, which cost approximately US$15 million exclusive of land acquisition. No assurances can be given that the Company will be awarded any gaming licenses that it is seeking in Chile.
In addition, on August 4, in connection with the filing of the two applications, the Company posted two letters of credit totaling approximately US$2 million. Such letters of credit are for the benefit of the Chilean Superintendent of Gaming in support of the Companys proposed projects. A letter of credit will only be drawn in the event the Company is awarded a gaming license and the Company is unable to full fill its construction obligations for the particular project.