The management agreement has a term of seven years from the date of the opening of Graton Resort. The Company expects the remaining outstanding advances will be repaid from the operations of Graton Resort. At December 31, 2013, $63.9 million in advances remained outstanding, of which $17.0 million was included in receivables, net at Decemand was paid in January 2014. Effective August 2012, the advances bear interest at the rate of 11.625%, which was payable in-kind during the construction period and is payable in cash beginning in the second quarter of 2014. Upon completion of Graton Resort's third-party financing in 2012, the Company received a $194.2 million partial repayment of the advances, which exceeded the carrying amount due to fair value adjustments recognized by the Company pursuant to fresh-start reporting in 2011. Prior to securing third-party financing for the project, the Company made advances to the Graton Tribe for development of Graton Resort. Upon completion of Graton Resort on November 5, 2013, the Company earned a development fee of approximately $8.2 million representing 2% of the cost of the project, which is included in management fee revenue in the Consolidated Statement of Operations for the year ended December 31, 2013.
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