Document and Entity Information
| Document and Entity Information (USD $) | 12 Months Ended | ||
|---|---|---|---|
| Dec. 31, 2012 | Mar. 12, 2013 | Jun. 30, 2012 | |
| Document and Entity Information [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2012 | ||
| Document Fiscal Year Focus | 2012 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Registrant Name | CENTURY CASINOS INC /CO/ | ||
| Entity Central Index Key | 0000911147 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Entity Common Stock, Shares Outstanding | 24,128,114 | ||
| Entity Public Float | $ 57,300,505 | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
| Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Condensed Consolidated Balance Sheets [Abstract] | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 50,000,000 | 50,000,000 |
| Common stock, shares issued | 24,233,174 | 23,993,174 |
| Common stock, shares outstanding | 24,117,362 | 23,877,362 |
| Treasury stock, shares | 115,812 | 115,812 |
Consolidated Statements of Earnings
Consolidated Statements Comprehensive Earnings (Loss)
| Consolidated Statements Comprehensive Earnings (Loss) (USD $) In Thousands, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Consolidated Statements Comprehensive Earnings (Loss) | ||
| Net earnings | $ 4,091 | $ 3,021 |
| Other comprehensive income, net of tax: | ||
| Foreign currency translation adjustments | 1,278 | (1,670) |
| Other comprehensive income, net of tax | 1,278 | (1,670) |
| Comprehensive earnings | $ 5,369 | $ 1,351 |
Consolidated Statements Of Shareholder's Equity
| Consolidated Statements Of Shareholder's Equity (USD $) In Thousands, except Share data | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
|---|---|---|---|---|---|---|
| BALANCE AT at Dec. 31, 2010 | $ 240 | $ 74,930 | $ 4,961 | $ 31,126 | $ (282) | $ 110,975 |
| Shares, BALANCE AT at Dec. 31, 2010 | 23,861,249 | |||||
| Net earnings | 0 | 0 | 0 | 3,021 | 0 | 3,021 |
| Foreign currency translation adjustments | 0 | 0 | (1,670) | 0 | 0 | (1,670) |
| Amortization of stock based compensation | 0 | 199 | 0 | 0 | 0 | 199 |
| Exercise of stock options | 0 | 15 | 0 | 0 | 0 | 15 |
| Exercise of stock options, shares | 16,113 | 11,113 | ||||
| BALANCE AT at Dec. 31, 2011 | 240 | 75,144 | 3,291 | 34,147 | (282) | 112,540 |
| Shares, BALANCE AT at Dec. 31, 2011 | 23,877,362 | 23,877,362 | ||||
| Net earnings | 0 | 0 | 0 | 4,091 | 0 | 4,091 |
| Foreign currency translation adjustments | 0 | 0 | 1,278 | 0 | 0 | 1,278 |
| Amortization of stock based compensation | 0 | (4) | 0 | 0 | 0 | (4) |
| Exercise of stock options | 3 | 248 | 0 | 0 | 0 | 251 |
| Exercise of stock options, shares | 250,752 | 240,000 | ||||
| BALANCE AT at Dec. 31, 2012 | $ 243 | $ 75,388 | $ 4,569 | $ 38,238 | $ (282) | $ 118,156 |
| Shares, BALANCE AT at Dec. 31, 2012 | 24,128,114 | 24,117,362 |
Condensed Consolidated Statements of Cash Flows
Description Of Business
| Description Of Business | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description Of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description Of Business | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of December 31, 2012, the Company owned casino operations in North America, managed cruise ship-based casinos on international waters, and had a management contract to manage the casino in the Radisson Aruba Resort, Casino & Spa. The Company also owns a 33.3% ownership interest in Casinos Poland Ltd (“CPL”), the owner and operator of eight casinos in Poland.
On October 11, 2012, the Company’s subsidiary Century Casinos Europe GmbH (“CCE”), signed an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership interest in CPL. CCE has obtained a required approval from the co-shareholder in CPL, Polish Airports and from the Polish Minister of Finance. Upon closing of the transaction, CCE will own a 66.6% ownership interest in CPL. The purchase price is approximately $6.9 million, and the Company intends to pay for the investment by borrowing from the Company’s Bank of Montreal credit agreement (the “BMO Credit Agreement”).
The Company also continues to pursue other projects in various stages of development.
CCI serves as a holding company, providing corporate and administrative services to its subsidiaries.
CRC owns and operates Century Casino & Hotel in Cripple Creek, a limited-stakes gaming facility in Cripple Creek, Colorado.
CTI owns 100% of CTL. CTL owns and operates the Century Casino & Hotel, a limited-stakes gaming facility in Central City, Colorado.
CCE acquired CRI from CCI on December 31, 2012. The reorganization of CRI simplifies the Company’s corporate structure and reduces the complexity of intercompany financing and treasury functions. CCE acquired CCP on March 12, 2007 and VICCO on September 26, 2012. CCP owns 33.3% of all shares issued by CPL. CPL owns and operates nine casinos in Poland. CCE acquired CAL on January 13, 2010. CAL owns and operates the Century Casino Calgary, Alberta, Canada.
CRI owns 100% of CRA. CRA owns and operates the Century Casino & Hotel in Edmonton, Alberta, Canada. CRI also serves as a concessionaire of small casinos on luxury cruise vessels.
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Description Of Business (Tables)
| Description Of Business (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description Of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Ownership Percentage |
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Description Of Business (Narrative) (Details)
| Description Of Business (Narrative) (Details) (USD $) In Millions, unless otherwise specified | 12 Months Ended |
|---|---|
| Dec. 31, 2012 | |
| Description Of Business [Line Items] | |
| Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines | 33.30% |
| Percentage Of CCP Owned By CPL [Member] | |
| Description Of Business [Line Items] | |
| Ownership percentage | 33.30% |
| Casinos Poland Ltd [Member] | |
| Description Of Business [Line Items] | |
| Ownership percentage | 33.00% |
| Number of casinos owned and operated | 9 |
| Casinos Poland Ltd [Member] | |
| Description Of Business [Line Items] | |
| Ownership percentage | 33.30% |
| Purchase price of CPL | $ 6.9 |
| Subsequent Event [Member] | |
| Description Of Business [Line Items] | |
| Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines | 33.30% |
| Subsequent Event [Member] | Casinos Poland Ltd [Member] | |
| Description Of Business [Line Items] | |
| Ownership percentage | 66.60% |
| Purchase price of CPL | $ 6.9 |
Description Of Business (Schedule Of Ownership Percentage) (Details)
Significant Accounting Policies
| Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation – The accompanying consolidated financial statements include the accounts of CCI and its subsidiaries. Investments in unconsolidated affiliates that are 20% to 50% owned and do not meet the criteria for consolidation are accounted for under the equity method. All intercompany transactions and balances have been eliminated.
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: “Level 1” inputs, which are quoted prices in an active market; “Level 2” inputs, which are observable inputs for similar instruments other than prices included in “Level 1”; or “Level 3” inputs, which are unobservable inputs that are supported by little or no market activity and that are significant in determining fair value. Fair value measurements affect the Company’s impairment assessments of its long-lived assets, goodwill and equity investment.
Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. The Company calculates the fair value of financial instruments and includes this additional information in the notes to our consolidated financial statements. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, long-term debt and, from time to time, interest rate swap agreements. The Company had no outstanding interest rate swap agreements as of December 31, 2012 and 2011. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value at December 31, 2012 and 2011 due to their short-term nature. The carrying value of our long-term debt approximates fair value at December 31, 2012 and 2011 because it bears interest at the lender’s floating rate.
Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents.
Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk.
Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or market.
Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter.
The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. No long-lived asset impairment charges were recorded for the years ended December 31, 2012 or 2011.
Goodwill - Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company tests its recorded goodwill for impairment on an annual basis (as of October 1) or whenever events or circumstances indicate that the value may be impaired. There were no impairments to goodwill as a result of the Company’s annual impairment evaluation in 2012 and 2011 (see Note 5).
Equity Investment – The Company holds a 33.3% ownership interest in and actively participates in the management of CPL. At CPL, day to day decision making is controlled by a management board consisting of three persons. Long-term decision making is controlled by a supervisory board consisting of three persons. The Company is the only shareholder with experience in the gaming industry. All material decisions require the unanimous consent of the boards and thus, no material decisions can be made without the Company’s consent, including the removal of the chairman of each board. The Company includes the equity in the earnings of CPL as a component of its operations because of its active involvement in the operations of the casinos. The Company completed an assessment of whether CPL is a variable interest entity in which it has a controlling financial interest. Based on this assessment, the Company concluded that CPL is not subject to consolidation under the guidance for variable interest entities. The Company evaluates its investment in CPL for impairment on an annual basis or whenever events or circumstances indicate that the carrying amount may not be recoverable. There were no impairments to the Company’s equity investment in CPL in 2012 and 2011 (see Note 3).
The Company completed an assessment of whether the management agreement at the Radisson Aruba Resort, Casino & Spa is a variable interest. The Company has concluded that its management agreement for Radisson Aruba Resort, Casino & Spa is a variable interest; however, the Company does not have a controlling financial interest and therefore the interest is not subject to consolidation.
Foreign Currency Translation – Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Gains and losses from intercompany foreign currency transactions that are of a long-term investment nature and are between entities of a consolidated group are recorded as translation adjustments to other comprehensive income. Foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than U.S. dollars are recognized in the statements of earnings.
Historical transactions that are denominated in a foreign currency are translated and presented in accordance with the U.S. dollar exchange rate in effect on the date of the transaction. The exchange rates used to translate balances at the end of each year are as follows:
Comprehensive Earnings (Loss) – Comprehensive earnings (loss) includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments.
Revenue Recognition – Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for chips in the customer’s possession. Hotel, bowling, food and beverage revenue is recognized when products are delivered or services are performed. Management fees are recognized as revenue when services are provided. The incremental amount of unpaid progressive jackpots is recorded as a liability and a reduction of casino revenue in the period during which the progressive jackpot increases. Revenue is recognized net of incentives related to gaming play and points earned in point-loyalty programs.
At the Company’s casinos in Edmonton and Calgary, the Alberta Gaming and Liquor Commission (“AGLC”) retains 85% of slot machine net win, of which 15% is allocated to licensed charities. For all table games, excluding poker and craps, the casino is required to allocate 50% of its net win to a charity designated by the AGLC. For poker and craps, 25% of the casino’s net win is allocated to the charity. The Century Casino & Hotel in Edmonton and the Century Casino Calgary record revenue net of the amounts retained by the AGLC and charities.
Hotel accommodations, bowling and food and beverage furnished without charge to customers are included in gross revenue at a value which approximates retail and are then deducted as complimentary services to arrive at net operating revenue.
The Company issues coupons for the purpose of generating future revenue. The cost of the coupons redeemed is applied against the revenue generated on the day of the redemption. In addition, members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The cost of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2012 and 2011, the outstanding balance of this liability was $1.0 million and $0.9 million, respectively.
Promotional allowances presented in the consolidated statement of earnings include the following:
Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of all option grants.
Advertising Expenses – Advertising costs are expensed when incurred by the Company. Advertising expenses were $1.6 million in each of the years ended December 31, 2012 and 2011.
Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment on a quarterly basis by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $2.6 million resulting from net operating losses in the U.S., $0.9 million resulting from the Calgary Casino purchase and $0.9 million from the Century Casinos Europe subsidiary have been fully reserved (see Note 10). The Company will assess the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future.
Earnings Per Share – The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the year ended December 31, 2012 and 2011 were as follows:
The following stock options are anti-dilutive and have not been included in the weighted- average shares outstanding calculation:
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Significant Accounting Policies (Policy)
| Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
| Principles Of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the accounts of CCI and its subsidiaries. Investments in unconsolidated affiliates that are 20% to 50% owned and do not meet the criteria for consolidation are accounted for under the equity method. All intercompany transactions and balances have been eliminated.
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| Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
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| Fair Value Measurements | Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: “Level 1” inputs, which are quoted prices in an active market; “Level 2” inputs, which are observable inputs for similar instruments other than prices included in “Level 1”; or “Level 3” inputs, which are unobservable inputs that are supported by little or no market activity and that are significant in determining fair value. Fair value measurements affect the Company’s impairment assessments of its long-lived assets, goodwill and equity investment.
Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. The Company calculates the fair value of financial instruments and includes this additional information in the notes to our consolidated financial statements. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, long-term debt and, from time to time, interest rate swap agreements. The Company had no outstanding interest rate swap agreements as of December 31, 2012 and 2011. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value at December 31, 2012 and 2011 due to their short-term nature. The carrying value of our long-term debt approximates fair value at December 31, 2012 and 2011 because it bears interest at the lender’s floating rate.
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| Cash and Cash Equivalents | Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents.
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| Concentrations Of Credit Risk | Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk.
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| Inventories | Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or market.
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| Property And Equipment | Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter.
The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. No long-lived asset impairment charges were recorded for the years ended December 31, 2012 or 2011.
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| Goodwill | Goodwill - Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company tests its recorded goodwill for impairment on an annual basis (as of October 1) or whenever events or circumstances indicate that the value may be impaired. There were no impairments to goodwill as a result of the Company’s annual impairment evaluation in 2012 and 2011 (see Note 5).
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| Equity Investment | Equity Investment – The Company holds a 33.3% ownership interest in and actively participates in the management of CPL. At CPL, day to day decision making is controlled by a management board consisting of three persons. Long-term decision making is controlled by a supervisory board consisting of three persons. The Company is the only shareholder with experience in the gaming industry. All material decisions require the unanimous consent of the boards and thus, no material decisions can be made without the Company’s consent, including the removal of the chairman of each board. The Company includes the equity in the earnings of CPL as a component of its operations because of its active involvement in the operations of the casinos. The Company completed an assessment of whether CPL is a variable interest entity in which it has a controlling financial interest. Based on this assessment, the Company concluded that CPL is not subject to consolidation under the guidance for variable interest entities. The Company evaluates its investment in CPL for impairment on an annual basis or whenever events or circumstances indicate that the carrying amount may not be recoverable. There were no impairments to the Company’s equity investment in CPL in 2012 and 2011 (see Note 3).
The Company completed an assessment of whether the management agreement at the Radisson Aruba Resort, Casino & Spa is a variable interest. The Company has concluded that its management agreement for Radisson Aruba Resort, Casino & Spa is a variable interest; however, the Company does not have a controlling financial interest and therefore the interest is not subject to consolidation.
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| Foreign Currency Translation | Foreign Currency Translation – Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Gains and losses from intercompany foreign currency transactions that are of a long-term investment nature and are between entities of a consolidated group are recorded as translation adjustments to other comprehensive income. Foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than U.S. dollars are recognized in the statements of earnings.
Historical transactions that are denominated in a foreign currency are translated and presented in accordance with the U.S. dollar exchange rate in effect on the date of the transaction. The exchange rates used to translate balances at the end of each year are as follows:
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| Comprehensive Earnings (Loss) | Comprehensive Earnings (Loss) – Comprehensive earnings (loss) includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments.
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| Revenue Recognition | Revenue Recognition – Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for chips in the customer’s possession. Hotel, bowling, food and beverage revenue is recognized when products are delivered or services are performed. Management fees are recognized as revenue when services are provided. The incremental amount of unpaid progressive jackpots is recorded as a liability and a reduction of casino revenue in the period during which the progressive jackpot increases. Revenue is recognized net of incentives related to gaming play and points earned in point-loyalty programs.
At the Company’s casinos in Edmonton and Calgary, the Alberta Gaming and Liquor Commission (“AGLC”) retains 85% of slot machine net win, of which 15% is allocated to licensed charities. For all table games, excluding poker and craps, the casino is required to allocate 50% of its net win to a charity designated by the AGLC. For poker and craps, 25% of the casino’s net win is allocated to the charity. The Century Casino & Hotel in Edmonton and the Century Casino Calgary record revenue net of the amounts retained by the AGLC and charities.
Hotel accommodations, bowling and food and beverage furnished without charge to customers are included in gross revenue at a value which approximates retail and are then deducted as complimentary services to arrive at net operating revenue.
The Company issues coupons for the purpose of generating future revenue. The cost of the coupons redeemed is applied against the revenue generated on the day of the redemption. In addition, members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The cost of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2012 and 2011, the outstanding balance of this liability was $1.0 million and $0.9 million, respectively.
Promotional allowances presented in the consolidated statement of earnings include the following:
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| Stock-Based Compensation | Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of all option grants.
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| Advertising Expenses | Advertising Expenses – Advertising costs are expensed when incurred by the Company. Advertising expenses were $1.6 million in each of the years ended December 31, 2012 and 2011.
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| Income Taxes | Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment on a quarterly basis by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $2.6 million resulting from net operating losses in the U.S., $0.9 million resulting from the Calgary Casino purchase and $0.9 million from the Century Casinos Europe subsidiary have been fully reserved (see Note 10). The Company will assess the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future.
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| Earnings Per Share | Earnings Per Share – The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the year ended December 31, 2012 and 2011 were as follows:
The following stock options are anti-dilutive and have not been included in the weighted- average shares outstanding calculation:
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Significant Accounting Policies (Tables)
| Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
| Description Of Business [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule Of Depreciation Period Of Property And Equipment |
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| Exchange Rates |
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| Schedule Of Promotional Allowances |
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| Schedule Of Weighted Average Shares Outstanding |
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| Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding |
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Significant Accounting Policies (Narrative) (Details)
| Significant Accounting Policies (Narrative) (Details) (USD $) In Millions, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Percentage of net win retained by Alberta Gaming and Liquor Commission | 85.00% | |
| Percentage of net win retained by Alberta Gaming and Liquor Commission which is allocated to licensed charities | 15.00% | |
| Percentage of casino net win allocated to charities for table games excluding poker and craps | 50.00% | |
| Percentage of casino net win allocated to charities for poker and craps | 25.00% | |
| Advertising costs | $ 1.6 | $ 1.6 |
| Deferred tax asset resulting from net operating losses in the U.S. | 2.6 | |
| Deferred tax asset resulting from Calgary Casino purchase | 0.9 | |
| Deferred tax asset resulting from Century Casinos Europe subsidiary | $ 0.9 | |
| Casinos Poland Ltd [Member] | ||
| Ownership percentage | 33.30% | |
| Number of persons on management board | 3 | |
| Number of persons on supervisory board | 3 | |
| Maximum [Member] | ||
| Ownership percentage | 50.00% | |
| Minimum [Member] | ||
| Ownership percentage | 20.00% | |
Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details)
| Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details) | 12 Months Ended |
|---|---|
| Dec. 31, 2012 | |
| Maximum [Member] | Buildings And Improvements [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 39 years |
| Maximum [Member] | Gaming Equipment [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 7 years |
| Maximum [Member] | Furniture And Non-Gaming Equipment [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 7 years |
| Minimum [Member] | Buildings And Improvements [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 7 years |
| Minimum [Member] | Gaming Equipment [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 3 years |
| Minimum [Member] | Furniture And Non-Gaming Equipment [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Service lives of assets | 3 years |
Significant Accounting Policies (Exchange Rates) (Details)
| Significant Accounting Policies (Exchange Rates) (Details) | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Canadian Dollar [Member] | ||
| Description Of Business And Basis Of Presentation [Line Items] | ||
| Exchange rate | 0.9949 | 1.0170 |
| Euros [Member] | ||
| Description Of Business And Basis Of Presentation [Line Items] | ||
| Exchange rate | 0.7584 | 0.7709 |
| Polish Zloty [Member] | ||
| Description Of Business And Basis Of Presentation [Line Items] | ||
| Exchange rate | 3.0996 | 3.4174 |
Significant Accounting Policies (Promotional Allowances) (Details)
| Significant Accounting Policies (Promotional Allowances) (Details) (USD $) | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Promotional Allowances [Line Items] | ||
| Outstanding balance of promotional allowance liability | $ 1,000,000 | |
| Total Promotional Allowances | 8,439,000 | 8,183,000 |
| Hotel, Bowling, Food and Beverage [Member] | ||
| Promotional Allowances [Line Items] | ||
| Total Promotional Allowances | 3,826,000 | 3,573,000 |
| Free Plays Or Coupons [Member] | ||
| Promotional Allowances [Line Items] | ||
| Total Promotional Allowances | 2,110,000 | 2,049,000 |
| Player Points [Member] | ||
| Promotional Allowances [Line Items] | ||
| Total Promotional Allowances | $ 2,503,000 | $ 2,561,000 |
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details)
| Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details) | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Significant Accounting Policies [Abstract] | ||
| Weighted average common shares, basic | 24,004,166 | 23,891,874 |
| Dilutive effect of stock options | 100,450 | 178,760 |
| Weighted average common shares, diluted | 24,104,616 | 24,070,634 |
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details)
| Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) (Stock Options [Member]) | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Stock Options [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Stock options | 886,710 | 866,710 |
Equity Investment
| Equity Investment | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Investment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Investment | 3. EQUITY INVESTMENT Following is the summarized financial information of CPL as of December 31, 2012 and 2011:
The Company’s maximum exposure to losses at December 31, 2012 was $3.3 million, the value of its equity investment in CPL.
Changes in the carrying amount of the investment in CPL for the years ended December 31, 2012 and 2011 are as follows:
On October 11, 2012, CCE signed an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership interest in CPL. Upon closing of the transaction, CCE will own a 66.6% ownership interest in CPL. The purchase price is approximately $6.9 million. On February 21, 2013, the Company borrowed CAD 7.3 million (approximately $7.2 million based on the exchange rate in effect on February 21, 2013) from the BMO Credit Agreement to pay for the investment. CCE has obtained required approval from the co-shareholder in CPL, Polish Airports and from the Polish Minister of Finance. The Company anticipates closing the transaction in early April 2013. Once the transaction is final, the Company anticipates consolidating CPL as a majority-owned subsidiary for which the Company would have a controlling financial interest. The Company would account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest.
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Equity Investment (Tables)
| Equity Investment (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
| Equity Investment [Abstract] | |||||||||||||||||||||||||||||||||
| Summarized Financial Information |
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| Operating Results |
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| Changes In Carrying Amount Of Investment |
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Equity Investment (Narrative) (Details)
| Equity Investment (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 USD ($) | Dec. 31, 2011 USD ($) | Dec. 31, 2012 Casinos Poland Ltd [Member] USD ($) | Dec. 31, 2012 Polish Airports [Member] | Dec. 31, 2012 Subsequent Event [Member] USD ($) | Dec. 31, 2012 Subsequent Event [Member] CAD ($) | Dec. 31, 2012 Subsequent Event [Member] Casinos Poland Ltd [Member] USD ($) | |
| Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines | 33.30% | 33.30% | 33.30% | ||||
| Ownership interest | 33.30% | 33.30% | 66.60% | ||||
| Purchase price of CPL | $ 6,900,000 | $ 6,900,000 | |||||
| Borrowed to acquire additional interest in CPL | 7,200,000 | 7,300,000 | |||||
| Accumulated depreciation costs related to leasehold improvements | $ 45,867,000 | $ 43,526,000 | |||||
| Additional Ownership Percentage To Acquire | 33.30% | 33.30% | 33.30% | ||||
Equity Investment (Operating Results) (Details)
| Equity Investment (Operating Results) (Details) (USD $) | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Equity Investment [Abstract] | ||
| Net operating revenue | $ 44,015,000 | $ 49,836,000 |
| Net earnings | 1,279,000 | 1,768,000 |
| Maximum exposure | $ 3,300,000 | |
Equity Investment (Changes In Carrying Amount Of Investment) (Details)
| Equity Investment (Changes In Carrying Amount Of Investment) (Details) (USD $) In Thousands, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Equity Investment [Abstract] | ||
| Balance | $ 2,756 | $ 2,806 |
| Equity Earnings | 426 | 589 |
| Dividends | (163) | |
| Effect of foreign currency translation | 164 | (476) |
| Balance | $ 3,346 | $ 2,756 |
Equity Investment (Summarized Financial Information) (Details)
| Equity Investment (Summarized Financial Information) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Equity Investment [Abstract] | ||
| Current assets | $ 4,716 | $ 4,061 |
| Noncurrent assets | 14,876 | 9,523 |
| Current liabilities | 9,697 | 4,393 |
| Noncurrent liabilities | $ 2,255 | $ 3,230 |
Property And Equipment
| Property And Equipment | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | 4. PROPERTY AND EQUIPMENT
Property and equipment at December 31, 2012 and 2011 consist of the following:
Depreciation expense was $4.8 million for the year ended December 31, 2012 and $6.1 million for the year ended December 31, 2011.
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Property And Equipment (Tables)
| Property And Equipment (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment |
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Property And Equipment (Details)
| Property And Equipment (Details) (USD $) In Thousands, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 145,393 | $ 143,131 |
| Less accumulated depreciation | (45,867) | (43,526) |
| Property and equipment, net | 99,526 | 99,605 |
| Depreciation | 4,757 | 6,144 |
| Land [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 30,639 | 30,439 |
| Buildings And Improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 80,308 | 78,381 |
| Gaming Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 16,746 | 16,438 |
| Furniture And Non-Gaming Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 16,922 | 17,432 |
| Capital Projects In Process [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 778 | $ 441 |
Goodwill
| Goodwill | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||||
| Goodwill [Abstract] | |||||||||||||||
| Goodwill | 5. GOODWILL
Changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2011 were as follows:
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Goodwill (Tables)
| Goodwill (Tables) | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||||
| Goodwill [Abstract] | |||||||||||||||
| Changes In The Carrying Amount Of Goodwill |
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Goodwill (Changes In The Carrying Amount Of Goodwill) (Details)
| Goodwill (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) In Thousands, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Goodwill [Abstract] | ||
| Balance | $ 4,833 | $ 4,942 |
| Effect of foreign currency translation | 108 | (109) |
| Balance | $ 4,941 | $ 4,833 |
Long-Term Debt
| Long-Term Debt | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | 6. LONG-TERM DEBT
Long-term debt at December 31, 2012 and 2011 consisted of the following:
Credit Agreement- Bank of Montreal
On May 23, 2012, the Company, through its subsidiaries CRA and CAL, entered into the CAD 28.0 million ($27.5 million) BMO Credit Agreement. Proceeds from the BMO Credit Agreement were used to repay the Company’s mortgage loan related to the Edmonton property (the “Edmonton Mortgage”) and will also be used to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. The BMO Credit Agreement has a term of five years and is guaranteed by the Company.
The BMO Credit Agreement consists of three credit facilities to be utilized as follows:
As of December 31, 2012, the Company had approximately CAD 24.5 million ($23.8 million) available for borrowing under the BMO Credit Agreement.
The BMO Credit Agreement bears interest based on credit facilities as follows:
On May 23, 2012, the Company repaid the outstanding balance of approximately $6.3 million on the Edmonton Mortgage. The repayment consisted of $6.1 million in principal and interest due on the Edmonton Mortgage and $0.2 million in prepayment penalties and unamortized deferred financing charges. This loan payoff was funded with a $3.7 million borrowing under the BMO Credit Agreement and $2.7 million of cash on hand. The repayment by the Company terminated the Edmonton Mortgage.
Deferred financing charges, which are reported as a component of other assets, are summarized as follows:
Amortization expense relating to deferred financing charges was $0.2 million for the year ended December 31, 2012 and $0.1 million for the year ended December 31, 2011, and is included in interest expense in the accompanying consolidated statements of earnings.
As of December 31, 2012, the Company was in compliance with all covenants related to its borrowings. Covenants under the BMO Credit Agreement include the following:
The consolidated weighted average interest rate on all borrowings for the Company was 13.2% for the year ended December 31, 2012. The Company currently pays a floating interest rate on its borrowings under the BMO Credit Agreement. The current interest rate is approximately 4.0%. The weighted average interest rate is higher than the 7.0% interest rate of the Edmonton Mortgage and the 4.0% interest rate under the BMO Credit Agreement because the Company wrote off $0.1 million in deferred financing costs and paid $0.2 million in prepayment penalties in May 2012 in connection with the repayment of the Edmonton Mortgage.
As of December 31, 2012, scheduled maturities of the long-term debt are as follows:
On February 21, 2013, the Company borrowed CAD 7.3 million (approximately $7.2 million based on the exchange rate in effect on February 21, 2013) from the BMO Credit Agreement to acquire an additional 33.3% ownership interest in CPL. The $7.2 million was borrowed under the BMO Credit Agreement credit facility B and has a floating interest rate of 3.75% .
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Long-Term Debt (Tables)
| Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt |
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| Schedule of Deferred Financing Charges |
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| Schedule of Maturities of Long-term Debt |
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Long-Term Debt (Narrative) (Details)
| Long-Term Debt (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 USD ($) | Dec. 31, 2011 USD ($) | Dec. 31, 2010 USD ($) | Dec. 31, 2012 Casinos Poland Ltd [Member] | Dec. 31, 2012 Edmonton Mortgage [Member] USD ($) | Dec. 31, 2012 BMO Credit Agreement [Member] CAD ($) | Dec. 31, 2012 BMO Credit Agreement [Member] USD ($) | May 23, 2012 BMO Credit Agreement [Member] USD ($) | May 23, 2012 BMO Credit Agreement [Member] CAD ($) | Dec. 31, 2012 CRA and CAL [Member] CAD ($) | Dec. 31, 2012 Credit Facility A [Member] CAD ($) | Dec. 31, 2012 Credit Facility B [Member] USD ($) | Dec. 31, 2012 Credit Facility B [Member] CAD ($) | Dec. 31, 2012 Credit Facility B [Member] Casinos Poland Ltd [Member] | Dec. 31, 2012 Credit Facility B [Member] BMO Credit Agreement [Member] USD ($) | Dec. 31, 2012 Credit Facility B [Member] BMO Credit Agreement [Member] CAD ($) | Dec. 31, 2012 Credit Facility B [Member] Advances At LIBOR Rate Fixed For 1 To 6 Months [Member] USD ($) | Dec. 31, 2012 Credit Facility B [Member] Advances At LIBOR Rate Fixed For 1 To 6 Months [Member] CAD ($) | Dec. 31, 2012 To Be Used To Repay Edmonton Mortgage [Member] CAD ($) | Dec. 31, 2012 Credit Facility C [Member] CAD ($) | Dec. 31, 2012 Amortization of Deferred Financing Charges [Member] USD ($) | Dec. 31, 2011 Amortization of Deferred Financing Charges [Member] USD ($) | Dec. 31, 2012 Maximum [Member] | Dec. 31, 2012 Maximum [Member] Credit Facility A [Member] BMO Credit Agreement [Member] CAD ($) | Dec. 31, 2012 Maximum [Member] Credit Facility B [Member] Advances At LIBOR Rate Fixed For 1 To 6 Months [Member] | Dec. 31, 2012 Minimum [Member] | Dec. 31, 2012 Minimum [Member] Credit Facility B [Member] BMO Credit Agreement [Member] USD ($) | Dec. 31, 2012 Minimum [Member] Credit Facility B [Member] BMO Credit Agreement [Member] CAD ($) | Dec. 31, 2012 Minimum [Member] Credit Facility B [Member] Advances At LIBOR Rate Fixed For 1 To 6 Months [Member] USD ($) | Dec. 31, 2012 Minimum [Member] Credit Facility B [Member] Advances At LIBOR Rate Fixed For 1 To 6 Months [Member] CAD ($) | |
| Long Term Debt [Line Items] | ||||||||||||||||||||||||||||||
| Repayment of mortgage | $ 6,300,000 | |||||||||||||||||||||||||||||
| Cash | 2,700,000 | |||||||||||||||||||||||||||||
| Secured Debt | 3,700,000 | |||||||||||||||||||||||||||||
| Principal and interest payment | 6,100,000 | |||||||||||||||||||||||||||||
| Early termination penalty | 200,000 | |||||||||||||||||||||||||||||
| Unamortized finance charges written off | 100,000 | |||||||||||||||||||||||||||||
| Amount of credit agreement | 27,500,000 | 28,000,000 | 1,000,000 | 25,000,000 | 11,000,000 | 2,000,000 | ||||||||||||||||||||||||
| Term of credit agreement | 5 years | |||||||||||||||||||||||||||||
| Line of credit facility amount drawn to repay Edmonton mortgage | 3,700,000 | 3,600,000 | ||||||||||||||||||||||||||||
| Line of credit facility amount available for borrowing | 24,500,000 | 23,800,000 | ||||||||||||||||||||||||||||
| Amortization of deferred financing costs | 154,000 | 56,000 | 200,000 | 100,000 | ||||||||||||||||||||||||||
| Weighted average interest rate on borrowings | 13.20% | |||||||||||||||||||||||||||||
| Interest rate | 7.00% | 4.00% | ||||||||||||||||||||||||||||
| Maximum borrowing capacity | 100,000 | 500,000 | 500,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||
| Line of credit increments | 100,000 | 100,000 | 500,000 | 500,000 | ||||||||||||||||||||||||||
| Period for which interest rate is fixed at LIBOR | 6 months | 1 month | 1 month | |||||||||||||||||||||||||||
| Anticipated floating rate | 4.00% | |||||||||||||||||||||||||||||
| Senior funded debt to EBITDA ratio | 3.00 | |||||||||||||||||||||||||||||
| Minimum fixed charge coverage ratio | 1.20 | |||||||||||||||||||||||||||||
| Shareholder's equity | 118,156,000 | 112,540,000 | 110,975,000 | 20,000,000 | ||||||||||||||||||||||||||
| Maximum capital expenditures | 4,000,000 | |||||||||||||||||||||||||||||
| Line of credit facility description | Longer term fixed rates of interest, up to and including the full five year term of the BMO Credit Agreement, can be achieved through the use of interest rate swaps with a deemed risk up to the maximum amount of Credit Facility C. As of December 31, 2012, no interest rate swaps were in use by the Company. | Advances under Credit Facility A may be in the form of : Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement, and/or Advances denominated in USD and bearing interest at the lender's floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement, and/or Issuances of a CAD Letter of Credit (maximum face value CAD 100,000), bearing interest at a floating margin rate as defined by the BMO Credit Agreement. | Advances under Credit Facility B may be in the form of: Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement (CAD 500,000 minimum and CAD 100,000 increments thereafter); Advances denominated in USD and bearing interest at the lender's floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement ($500,000 minimum and $100,000 increments thereafter); Advances denominated in USD and bearing interest at the LIBOR rate fixed for 1 - 6 months ($1 million minimum and $500,000 increments thereafter); and/or A Bankers Acceptance denominated in CAD and bearing interest at a fixed rate as defined by the BMO Credit Agreement for 1 - 6 months (CAD 1 million minimum and CAD 500,000 increments thereafter). | Advances under Credit Facility B may be in the form of: Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement (CAD 500,000 minimum and CAD 100,000 increments thereafter); Advances denominated in USD and bearing interest at the lender's floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement ($500,000 minimum and $100,000 increments thereafter); Advances denominated in USD and bearing interest at the LIBOR rate fixed for 1 - 6 months ($1 million minimum and $500,000 increments thereafter); and/or A Bankers Acceptance denominated in CAD and bearing interest at a fixed rate as defined by the BMO Credit Agreement for 1 - 6 months (CAD 1 million minimum and CAD 500,000 increments thereafter). | ||||||||||||||||||||||||||
| Borrowing date | Feb. 21, 2013 | |||||||||||||||||||||||||||||
| Borrowed to acquire additional interest in CPL | $ 7,200,000 | $ 7,300,000 | ||||||||||||||||||||||||||||
| Ownership percentage | 33.30% | 33.30% | 50.00% | 20.00% | ||||||||||||||||||||||||||
| Interest rate | 3.75% | 3.75% | ||||||||||||||||||||||||||||
Long-Term Debt (Schedule of Long-term Debt) (Details)
| Long-Term Debt (Schedule of Long-term Debt) (Details) In Thousands, unless otherwise specified | Dec. 31, 2012 USD ($) | Dec. 31, 2012 CAD ($) | Dec. 31, 2011 USD ($) | Dec. 31, 2012 BMO Credit Agreement [Member] USD ($) | Dec. 31, 2011 BMO Credit Agreement [Member] USD ($) | Dec. 31, 2012 Edmonton Mortgage [Member] USD ($) | Dec. 31, 2011 Edmonton Mortgage [Member] USD ($) |
|---|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||||
| Total long-term debt | $ 3,564 | $ 3,546 | $ 9,100 | $ 3,564 | $ 0 | $ 0 | $ 9,100 |
| Less: current maturities of long-term debt obligations | (372) | (9,100) | |||||
| Long-term debt, less current portion | $ 3,192 | $ 0 |
Long-Term Debt (Schedule of Deferred Financing Charges) (Details)
| Long-Term Debt (Schedule of Deferred Financing Charges) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| BMO Credit Agreement [Member] | ||
| Debt Instrument [Line Items] | ||
| Deferred financing charges - current | $ 85 | $ 0 |
| Deferred financing charges - long-term | 288 | 0 |
| Total | 373 | 0 |
| Edmonton Mortgage [Member] | ||
| Debt Instrument [Line Items] | ||
| Deferred financing charges - current | 0 | 101 |
| Deferred financing charges - long-term | 0 | 0 |
| Total | $ 0 | $ 101 |
Long-Term Debt (Scheduled Maturities Of Long-Term Debt) (Details)
| Long-Term Debt (Scheduled Maturities Of Long-Term Debt) (Details) In Thousands, unless otherwise specified | Dec. 31, 2012 USD ($) | Dec. 31, 2012 CAD ($) | Dec. 31, 2011 USD ($) |
|---|---|---|---|
| Long-Term Debt [Abstract] | |||
| 2013 | $ 372 | $ 370 | |
| 2014 | 372 | 370 | |
| 2015 | 372 | 370 | |
| 2016 | 372 | 370 | |
| Thereafter | 2,076 | 2,066 | |
| Total long-term debt | $ 3,564 | $ 3,546 | $ 9,100 |
Other Balance Sheet Captions
| Other Balance Sheet Captions | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Balance Sheet Captions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Balance Sheet Captions | 7. OTHER BALANCE SHEET CAPTIONS
Accounts payable and accrued liabilities are composed of the following as of December 31, 2012 and 2011:
Accrued commissions (AGLC) include the portion of slot machine net sales and table games win owed to the AGLC as of December 31, 2012 and December 31, 2011.
Taxes payable are composed of the following as of December 31, 2012 and 2011:
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Other Balance Sheet Captions (Tables)
| Other Balance Sheet Captions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
| Other Balance Sheet Captions [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Payable and Accrued Liabilities |
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| Schedule Of Components Of Taxes Payable |
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Other Balance Sheet Captions (Schedule of Accounts Payable and Accrued Liabilities) (Detail)
| Other Balance Sheet Captions (Schedule of Accounts Payable and Accrued Liabilities) (Detail) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | $ 6,379 | $ 6,666 |
| Accounts Payable [Member] | ||
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | 1,305 | 1,237 |
| Accrued Commissions (AGLC) [Member] | ||
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | 1,946 | 2,090 |
| Progressive Slot And Table Liability [Member] | ||
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | 935 | 852 |
| Player Point Liability [Member] | ||
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | 1,017 | 905 |
| Other Accrued Liabilities [Member] | ||
| Accounts Payable And Accrued Liabilities [Line Items] | ||
| Accounts payable and accrued liabilities | $ 1,176 | $ 1,582 |
Other Balance Sheet Captions (Schedule Of Components Of Taxes Payable) (Details)
| Other Balance Sheet Captions (Schedule Of Components Of Taxes Payable) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Other Balance Sheet Captions [Abstract] | ||
| Accrued property taxes | $ 1,052 | $ 1,051 |
| Gaming taxes payable | 1,031 | 941 |
| Other taxes payable | 1,330 | 1,311 |
| Total | $ 3,413 | $ 3,303 |
Shareholder's Equity
| Shareholder's Equity | 12 Months Ended |
|---|---|
| Dec. 31, 2012 | |
| Stockholders' Equity Note [Abstract] | |
| Shareholder's Equity | 8. SHAREHOLDERS’ EQUITY
In March 2000, the Company’s board of directors approved a discretionary program to repurchase the Company’s outstanding common stock. In November 2009, the Company’s board of directors increased the amount available to be repurchased to $15.0 million. During 2010 and 2009, the Company repurchased 57,330 and 53,557 shares of its common stock, respectively. The weighted-average cost of the stock repurchased in 2010 and 2009 was $2.46 and $2.43 per share, respectively. During 2011 and 2012, the Company did not repurchase any shares of its common stock. The total remaining authorization under the repurchase program was $14.7 million as of December 31, 2012. The repurchase program has no set expiration or termination date.
The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the Board of Directors. At the present time, the Company intends to use any earnings that may be generated to finance the growth of its business.
The Company does not have any minimum capital requirements related to its status as a U.S. corporation in the state of Delaware.
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Shareholder's Equity (Details)
| Shareholder's Equity (Details) (USD $) In Millions, except Share data, unless otherwise specified | 12 Months Ended | ||
|---|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | |
| Stockholders' Equity Note [Abstract] | |||
| Amount of outstanding common stock available to be repurchased | $ 15.0 | ||
| Shares of common stock repurchased | 57,330 | 53,557 | |
| Weighted-average cost of stock repurchased, per share | $ 2.46 | $ 2.43 | |
| Total remaining authorization under the repurchase program | $ 14.7 | ||
Stock-Based Compensation
| Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 9. STOCK-BASED COMPENSATION
The board of directors of the Company adopted an Employees’ Equity Incentive Plan (the “EEIP”) in April 1994. The EEIP expired in April 2004. The EEIP continues to be administered for previously issued and outstanding options. Stockholders of the Company approved a new equity incentive plan (the “2005 Plan”) at the 2005 annual meeting of stockholders. The 2005 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provides for the issuance of up to 2,000,000 shares of common stock to eligible individuals through the various forms of permitted awards. The 2005 Plan limits the number of options that can be awarded to an eligible individual to 200,000 per year. Stock options may not be issued at an option price lower than fair market value at the date of grant. All stock options must have an exercise period not to exceed ten years. Through December 31, 2012, the Company has granted, under the EEIP and the 2005 Plan, shares of restricted common stock, incentive stock option awards (for which the option price was not less than the fair market value at the date of grant) and non-statutory options (which may be granted at any option price (as permitted under the EEIP)). Options granted to date have six-month, one-year, two-year or four-year vesting periods. Through December 31, 2012, all outstanding options have been issued at market value as of the date of the grant. The Company’s Incentive Plan Committee or, in the case of the 2005 Plan, any other committee as delegated by the board of directors, has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. Both plans also allow limited transferability of any non-statutory stock options to legal entities that are 100% owned or controlled by the optionee or to the optionee’s family trust.
Stock Options
As of December 31, 2012, there were 919,848 options outstanding to employees of the Company, of which 849,210 options were issued under the EEIP and 70,638 options were issued under the 2005 Plan.
No options were issued in 2012 or 2011. Activity in the Company’s stock-based compensation plans for employee stock options was as follows:
The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2012:
The aggregate intrinsic value represents the difference between the Company’s closing stock price of $2.84 per share as of December 31, 2012 and the exercise price multiplied by the number of options outstanding or exercisable as of that date.
No options were issued to independent directors of the Company during 2012 or 2011. As of December 31, 2012, there were 25,000 options outstanding to independent directors of the Company with a weighted-average exercise price of $9.00. During 2012, 10,752 shares were exercised by independent directors.
For the years ended December 31, 2012 and 2011, the Company recorded less than $0.1 million for stock-based compensation expense. This amount is included in general and administrative expenses.
At December 31, 2012, there was less than $0.1 million of total unrecognized compensation expense related to unvested stock options remaining to be recognized through 2014.
Cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows on the Company’s consolidated statement of cash flows. No excess tax benefits were recorded for the years ended December 31, 2012 and 2011.
Restricted Stock
In 2007, the Company issued 200,000 shares of restricted common stock with a fair value of $9.00 per share to each of its Co Chief Executive Officers. The restricted stock vested ratably over a four-year period. Of the 400,000 shares issued, 160,000 shares vested during the year ended December 31, 2011. As of December 31, 2011, there were no unvested shares remaining. For the year ended December 31, 2011 compensation expense related to restricted stock awards totaled $0.2 million. The Company did not issue restricted common stock during either of the years ended December 31, 2012 or 2011.
The impact of the amortization of all the Company’s stock-based compensation awards (pre-tax) to both basic and diluted earnings per share was less than $0.01 and $0.01 for the years ended December 31, 2012 and 2011, respectively.
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Stock-Based Compensation (Tables)
| Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Options Activity |
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| Stock Options Plans by Exercise Price Range |
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Stock-Based Compensation (Narrative) (Details)
| Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified | 12 Months Ended | 12 Months Ended | 12 Months Ended | 72 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 2005 Plan [Member] | Dec. 31, 2012 Employees' Equity Incentive Plan [Member] | Dec. 31, 2012 Maximum [Member] 2005 Plan [Member] | Dec. 31, 2012 One-Year [Member] 2005 Plan [Member] | Dec. 31, 2012 Two-Year [Member] 2005 Plan [Member] | Dec. 31, 2012 Minimum [Member] 2005 Plan [Member] | Dec. 31, 2011 Restricted Stock [Member] | Dec. 31, 2007 Restricted Stock [Member] | Dec. 31, 2012 Restricted Stock [Member] | Dec. 31, 2012 Independent Directors [Member] | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
| Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
| Number of shares authorized | 2,000,000 | ||||||||||||
| Maximum number of options that can be awarded to an eligible individual, per year | 200,000 | ||||||||||||
| Exercise period of options | 10 years | ||||||||||||
| Vesting period | 4 years | 1 year | 2 years | 6 months | 4 years | ||||||||
| Percentage of legal entity controlled by optionee | 100.00% | ||||||||||||
| Options outstanding | 919,848 | 1,164,848 | 1,175,961 | 70,638 | 849,210 | 25,000 | |||||||
| Closing stock price per share | $ 2.84 | ||||||||||||
| Weighted average exercise price per share of options outstanding | $ 9.00 | ||||||||||||
| Shares exercised | 240,000 | 11,113 | 10,752 | ||||||||||
| Stock-based compensation expense | $ 0.1 | $ 0.2 | |||||||||||
| Unrecognized compensation expense related to unvested stock options | $ 0.1 | ||||||||||||
| Shares issued | 200,000 | 400,000 | |||||||||||
| Fair value per share of restricted common stock | $ 9.00 | ||||||||||||
| Shares vested during the period | 160,000 | ||||||||||||
| Pre-tax impact to basic and diluted earnings per share | $ 0.01 | $ 0.01 | |||||||||||
Stock-Based Compensation (Stock Options Activity) (Details)
| Stock-Based Compensation (Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
|---|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
| Stock-Based Compensation [Abstract] | |||
| Option Shares, Outstanding | 1,164,848 | 1,175,961 | |
| Option Shares, Granted | 0 | 0 | |
| Option Shares, Exercised | (240,000) | (11,113) | |
| Cancelled or forfeited | (5,000) | 0 | |
| Option Shares, Outstanding | 919,848 | 1,164,848 | |
| Weighted Average Exercise Price, Beginning Balance | $ 2.54 | $ 2.53 | |
| Weighted Average Exercise Price, granted | $ 0.00 | $ 0.00 | |
| Weighted Average Exercise Price, exercised | $ 1.00 | $ 0.91 | |
| Weighted Average Exercise Price, cancelled or forfeited | $ 2.30 | $ 0.00 | |
| Weighted Average Exercise Price, Ending Balance | $ 2.94 | $ 2.54 | |
| Options Exercisable | 895,348 | 1,128,848 | 1,125,961 |
| Weighted-Average Exercise Price | $ 2.96 | $ 2.54 | $ 2.51 |
Stock-Based Compensation (Stock Options Plans by Exercise Price Range) (Details)
Income Taxes
| Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 10. INCOME TAXES
The Company’s provision (benefit) for income taxes is summarized as follows:
The Company’s effective income tax rate differs from the statutory federal income tax rate as follows:
The effective tax rates of the Company’s foreign properties are impacted by the movement of exchange rates primarily due to loans, which are denominated in U.S. dollars. Therefore, foreign currency gains or losses recorded in each property’s local currency do not impact the Company’s earnings reported in U.S. dollars. Also, foreign currency gains or losses can significantly impact each jurisdiction’s effective tax rate. The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income.
The Company assesses the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. The ultimate realization of deferred income tax assets depends on generation of future taxable income in the jurisdictions where the assets are located during the periods in which those temporary differences become deductible. If the Company concludes that its prospects for the realization of its deferred tax assets are more likely than not, the Company will then reduce its valuation allowance as appropriate and credit income tax expense after considering the following factors:
The Company’s deferred income taxes at December 31, 2012 and 2011 are summarized as follows:
The following table summarizes the Company’s U.S. pre-tax basis net operating loss carryforwards and related expiration dates at December 31, 2012:
The following table summarized the Company’s foreign pre-tax basis net operating loss carryforwards and related expiration dates at December 31, 2012:
The Company has analyzed filing positions in all of the U.S. federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its U.S. federal tax return, its state tax return in Colorado and its foreign tax returns in Canada and South Africa as “major” tax jurisdictions, as defined.
The Company’s tax returns for the following periods are subject to examination:
The Company has recognized a $0.1 million tax liability for uncertain tax positions taken on its U.S. tax return and has recognized a $0.2 million tax liability for an uncertain tax position on a foreign tax return. This adjustment has been recorded as a component of taxes payable in the accompanying consolidated balance sheet as of the year ended December 31, 2012.
The Company may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of earnings before income taxes. Penalties are recorded in general and administrative expenses and interest paid or received is recorded in interest expense or interest income, respectively, in the consolidated statement of earnings.
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Income Taxes (Tables)
| Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision For Income Taxes From Operations |
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| Tax Rate Reconciliation |
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| Deferred Income Taxes |
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| Net Operating Loss Carryforwards |
The following table summarizes the Company’s U.S. pre-tax basis net operating loss carryforwards and related expiration dates at December 31, 2012:
The following table summarized the Company’s foreign pre-tax basis net operating loss carryforwards and related expiration dates at December 31, 2012:
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| Tax Returns Subject To Examination, By Jurisdiction |
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Income Taxes (Provision For Income Taxes From Operations) (Details)
| Income Taxes (Provision For Income Taxes From Operations) (Details) (USD $) In Thousands, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Income Taxes [Abstract] | ||
| U.S. Federal - Current | $ 67 | $ 27 |
| U.S. Federal - Deferred | 0 | 0 |
| Provision for U.S. federal income taxes | 67 | 27 |
| Foreign - Current | 1,009 | 721 |
| Foreign - Deferred | (48) | (81) |
| Provision for foreign income taxes | 961 | 640 |
| Total provision for income taxes | $ 1,028 | $ 667 |
Income Taxes (Tax Rate Reconciliation) (Details)
| Income Taxes (Tax Rate Reconciliation) (Details) | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Income Taxes [Abstract] | ||
| U.S. Federal income tax statutory rate | 34.00% | 34.00% |
| Foreign income taxes | (10.00%) | (26.40%) |
| Equity in Polish investment | 0.20% | (0.60%) |
| State income tax (net of federal benefit) | 0.80% | (0.40%) |
| Effect of stock option exercises | 0.00% | 1.80% |
| Valuation allowance | (2.60%) | 1.70% |
| Permanent and other items | (2.30%) | 8.00% |
| Total provision for income taxes | 20.10% | 18.10% |
Income Taxes (Deferred Income Taxes) (Details)
| Income Taxes (Deferred Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Net deferred tax assets (liabilities) - current | $ 83 | $ 90 |
| Net deferred tax assets (liabilities) - non-current | 2,145 | 2,054 |
| Net deferred tax assets (liabilities) | (553) | (600) |
| U.S. Federal And State [Member] | ||
| Valuation allowance | (177) | (144) |
| Net deferred tax assets (liabilities) - current | (97) | (108) |
| Deferred tax assets - non-current | 4,929 | 5,419 |
| Valuation allowance - noncurrent | (4,832) | (5,001) |
| Net deferred tax assets (liabilities) - non-current | 97 | 108 |
| Net deferred tax assets (liabilities) | 0 | 0 |
| U.S. Federal And State [Member] | Accrued Liabilities And Other [Member] | ||
| Deferred tax assets - current | 181 | 156 |
| Deferred tax assets - non-current | 371 | 1,005 |
| U.S. Federal And State [Member] | Prepaid Expenses [Member] | ||
| Deferred tax (liabilities) - current | (101) | (120) |
| U.S. Federal And State [Member] | Amortization Of Goodwill For Tax [Member] | ||
| Deferred tax assets - non-current | 526 | 578 |
| U.S. Federal And State [Member] | Amortization Of Startup Costs [Member] | ||
| Deferred tax assets - non-current | 359 | 401 |
| U.S. Federal And State [Member] | Property And Equipment [Member] | ||
| Deferred tax assets - non-current | 1,089 | 1,333 |
| U.S. Federal And State [Member] | NOL Carryforward [Member] | ||
| Deferred tax assets - non-current | 2,584 | 2,102 |
| U.S. Federal And State [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
| Deferred tax (liabilities) - non-current | 0 | (310) |
| Foreign [Member] | ||
| Net deferred tax assets (liabilities) - current | 79 | 78 |
| Valuation allowance - noncurrent | (1,745) | (2,175) |
| Net deferred tax assets (liabilities) - non-current | (632) | (678) |
| Net deferred tax assets (liabilities) | (553) | (600) |
| Foreign [Member] | Accrued Liabilities And Other [Member] | ||
| Deferred tax assets - non-current | 322 | 443 |
| Foreign [Member] | Property And Equipment [Member] | ||
| Deferred tax assets - non-current | 621 | 620 |
| Deferred tax (liabilities) - non-current | (2,682) | (2,292) |
| Foreign [Member] | NOL Carryforward [Member] | ||
| Deferred tax assets - current | 0 | 13 |
| Deferred tax assets - non-current | 2,504 | 2,748 |
| Foreign [Member] | Other [Member] | ||
| Deferred tax assets - current | 79 | 65 |
| Deferred tax (liabilities) - non-current | 0 | (22) |
| Foreign [Member] | Tax Credits [Member] | ||
| Deferred tax assets - non-current | $ 348 | $ 0 |
Income Taxes (Net Operating Loss Carryforwards) (Details)
| Income Taxes (Net Operating Loss Carryforwards) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 |
|---|---|
| U.S. Federal And State [Member] | |
| Net operating loss carryforwards | $ 6,515 |
| U.S. Federal And State [Member] | 2027 [Member] | |
| Net operating loss carryforwards | 1,372 |
| U.S. Federal And State [Member] | 2028 [Member] | |
| Net operating loss carryforwards | 3,458 |
| U.S. Federal And State [Member] | 2029 [Member] | |
| Net operating loss carryforwards | 270 |
| U.S. Federal And State [Member] | 2031 [Member] | |
| Net operating loss carryforwards | 240 |
| U.S. Federal And State [Member] | 2032 [Member] | |
| Net operating loss carryforwards | 1,175 |
| Foreign [Member] | |
| Net operating loss carryforwards | 9,784 |
| Foreign [Member] | 2026 [Member] | |
| Net operating loss carryforwards | 113 |
| Foreign [Member] | 2027 [Member] | |
| Net operating loss carryforwards | 0 |
| Foreign [Member] | 2028 [Member] | |
| Net operating loss carryforwards | 1,518 |
| Foreign [Member] | 2029 [Member] | |
| Net operating loss carryforwards | 1,836 |
| Foreign [Member] | 2030 [Member] | |
| Net operating loss carryforwards | 1,516 |
| Foreign [Member] | 2031 [Member] | |
| Net operating loss carryforwards | 749 |
| Foreign [Member] | 2032 [Member] | |
| Net operating loss carryforwards | 1,196 |
| Foreign [Member] | Never [Member] | |
| Net operating loss carryforwards | $ 2,856 |
Income Taxes (Tax Returns Subject To Examination, By Jurisdiction) (Details)
| Income Taxes (Tax Returns Subject To Examination, By Jurisdiction) (Details) (USD $) In Millions, unless otherwise specified | 12 Months Ended |
|---|---|
| Dec. 31, 2012 | |
| U.S. Federal [Member] | |
| Liability for uncertain tax positions | $ 0.1 |
| Foreign [Member] | |
| Liability for uncertain tax positions | $ 0.2 |
| Maximum [Member] | U.S. Federal [Member] | |
| Period | 2011 |
| Maximum [Member] | U.S. State - Colorado [Member] | |
| Period | 2011 |
| Maximum [Member] | Canada [Member] | |
| Period | 2011 |
| Maximum [Member] | South Africa [Member] | |
| Period | 2009 |
| Minimum [Member] | U.S. Federal [Member] | |
| Period | 2005 |
| Minimum [Member] | U.S. State - Colorado [Member] | |
| Period | 2003 |
| Minimum [Member] | Canada [Member] | |
| Period | 2005 |
| Minimum [Member] | South Africa [Member] | |
| Period | 1999 |
Segment Information
| Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | 11. SEGMENT INFORMATION
The Company has determined that its operation of casino facilities, which includes the provision of gaming, hotel accommodations, dining facilities and other amenities, can be aggregated as one reportable segment.
The following summary provides information regarding the Company’s principal geographic areas as of and for the years ended December 31:
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Segment Information (Tables)
| Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Lived Assets, by Geographical Areas |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue from External Customers, by Geographical Areas |
| ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information (Schedule of Long-Lived Assets, by Geographical Areas) (Details)
| Segment Information (Schedule of Long-Lived Assets, by Geographical Areas) (Details) (USD $) In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | $ 110,540 | $ 109,441 |
| United States [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | 55,442 | 56,294 |
| Canada [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | 49,754 | 48,423 |
| Europe [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | 4,157 | 3,228 |
| International Waters [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | 1,187 | 1,496 |
| International [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Long Lived Assets | $ 55,098 | $ 53,147 |
Segment Information (Schedule of Revenue from External Customers, by Geographical Areas) (Details)
| Segment Information (Schedule of Revenue from External Customers, by Geographical Areas) (Details) (USD $) In Thousands, unless otherwise specified | 3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | $ 17,745 | $ 18,723 | $ 17,791 | $ 17,569 | $ 17,603 | $ 18,146 | $ 18,002 | $ 17,115 | $ 71,828 | $ 70,866 |
| United States [Member] | ||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | 30,432 | 30,215 | ||||||||
| Canada [Member] | ||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | 34,465 | 34,112 | ||||||||
| International Waters [Member] | ||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | 6,601 | 6,132 | ||||||||
| Aruba [Member] | ||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | 322 | 407 | ||||||||
| International [Member] | ||||||||||
| Segment Reporting Information [Line Items] | ||||||||||
| Net Operating Revenue | $ 41,396 | $ 40,651 | ||||||||
Commitments, Contingencies And Other Matters
| Commitments, Contingencies And Other Matters | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||
| Commitments, Contingencies And Other Matters [Abstract] | |||||||||||||
| Commitments, Contingencies And Other Matters | 12. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS
Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations.
In March 2011, the Polish Internal Revenue Service (“Polish IRS”) conducted a tax audit of CPL to review the calculation and payment of personal income tax by CPL employees covering January 2011. Based on this audit, the Polish IRS concluded that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers. After proceedings between CPL and the Polish IRS, the Director of the Tax Chamber in Warsaw confirmed the opinion of the Polish IRS on November 19, 2012, and on November 30, 2012 CPL paid PLN 125,269 (less than $0.1 million) to the Polish IRS resulting from the decision. CPL appealed the decision to the Regional Administrative Court in Warsaw on December 21, 2012. A final decision is not expect to be reached in 2013 and could take longer. Similar litigation involving competitors concerning the treatment of tips is ongoing.
Financing Costs Related to UHA Loan – The Company paid $0.1 million in deferred financing costs related to legal fees for the United Horseman of Alberta Inc. (“UHA”) loan. In addition, the Company has placed $0.3 million in escrow related to the UHA loan. The $0.3 million is restricted cash and reported as other assets on the consolidated Balance Sheet.
Employee Benefit Plans – The Company provides its employees in Colorado with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six-year period. Effective January 1, 2012, the Company reinstated matching contributions that were suspended on December 1, 2008. For the year ended December 31, 2012, the Company contributed less than $0.1 million to the 401K plan.
The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan and Registered Pension Plan (“RSP and RPP Plans”). The RSP and RPP Plans allow eligible employee to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants of the RPP Plan become fully vested in employer contributions over a two-year period and participants of the RSP Plan become fully vested in employer contributions immediately. The Company contributed $0.1 million to the RSP and RPP Plans during the years ended December 31, 2012 and 2011.
Austrian Depository Certificates (“ADC”) Guarantee - The Company has issued a guarantee of $1.1 million (€0.8 million) to Bank Austria in connection with the listing of ADCs on the Vienna Stock Exchange. Bank Austria in turn issued a guarantee in the same amount to Oesterreichische Kontrollbank, the holder of the global certificate representing the ADCs. The guarantee is provided to reimburse Oesterreichisch Kontrollbank through Bank Austria for any amounts incurred by it as a result of claims or damages and lawsuits that an ADC holder may raise or file against the Company. The guarantee is required by the Oesterreichische Kontrollbank.
Operating Lease Commitments and Purchase Options – The Company has entered into certain noncancelable operating leases for real property and equipment. Rental expenses, including month-to-month rentals, was $0.8 million for the year ended December 31, 2012 and $0.8 million for the year ended December 31, 2011.
Following is a summary of operating lease commitments as of December 31, 2012:
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Commitments, Contingencies And Other Matters (Tables)
| Commitments, Contingencies And Other Matters (Tables) | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | |||||||||||||
| Commitments, Contingencies And Other Matters [Abstract] | |||||||||||||
| Operating Lease Commitments And Purchase Options |
|
Commitments, Contingencies And Other Matters (Details)
| Commitments, Contingencies And Other Matters (Details) | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
| Nov. 30, 2012 USD ($) | Nov. 30, 2012 PLN | Dec. 31, 2012 USD ($) | Dec. 31, 2011 USD ($) | Dec. 31, 2012 EUR (€) | Dec. 31, 2012 401K Plan [Member] USD ($) | Dec. 31, 2012 RSP And RPP Plans [Member] USD ($) item | |
| Personal income tax on tips to CPL employees paid to Polish IRS | $ 100,000 | 125,269 | |||||
| Deferred finance costs related to legal fees | 100,000 | ||||||
| Escrow related to UHA loan | 261,000 | 0 | |||||
| Contributed to plan | 100,000 | 100,000 | |||||
| Number of registered retirement plans in Canada | 2 | ||||||
| Vesting period for plan | 6 years | 2 years | |||||
| Austrian depository certificates guarantee | 1,100,000 | 800,000 | |||||
| Rental expenses | 800,000 | 800,000 | |||||
| 2013 | 172,000 | ||||||
| 2014 | 55,000 | ||||||
| 2015 | 33,000 | ||||||
| Total | $ 260,000 | ||||||
Transactions With Related Parties
| Transactions With Related Parties | 12 Months Ended |
|---|---|
| Dec. 31, 2012 | |
| Transactions With Related Parties [Abstract] | |
| Transactions With Related Parties | 13. TRANSACTIONS WITH RELATED PARTIES
The Company has entered into separate management agreements with Flyfish Casino Consulting AG (“Flyfish”), a management company controlled by Erwin Haitzmann’s family trust/foundation, and with Focus Lifestyle & Entertainment AG (“Focus”), a management company controlled by Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co-CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of earnings are charges from both Flyfish and Focus for a total of $1.0 million for the years ended December 31, 2012 and December 31, 2011.
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Transactions With Related Parties (Details)
| Transactions With Related Parties (Details) (USD $) In Millions, unless otherwise specified | 12 Months Ended | |
|---|---|---|
| Dec. 31, 2012 | Dec. 31, 2011 | |
| Transactions With Related Parties [Abstract] | ||
| Charges from Flyfish and Focus | $ 1.0 | $ 1.0 |
Summarized Quarterly Data
| Summarized Quarterly Data | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized Quarterly Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized Quarterly Data |
14. UNAUDITED SUMMARIZED QUARTERLY DATA
|
Summarized Quarterly Data (Tables)
| Summarized Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized Quarterly Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information |
|
Summarized Quarterly Data (Details)
| Summarized Quarterly Data (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified | 3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
| Summarized Quarterly Data [Abstract] | ||||||||||
| Net operating revenue | $ 17,745 | $ 18,723 | $ 17,791 | $ 17,569 | $ 17,603 | $ 18,146 | $ 18,002 | $ 17,115 | $ 71,828 | $ 70,866 |
| Earnings from operations | 894 | 1,615 | 1,695 | 1,572 | 984 | 1,548 | 977 | 756 | 5,776 | 4,265 |
| Net earnings | $ 624 | $ 1,186 | $ 1,148 | $ 1,133 | $ 590 | $ 1,423 | $ 644 | $ 364 | $ 4,091 | $ 3,021 |
| Basic earnings (loss) per share: | ||||||||||
| Net earnings (loss) | $ 0.03 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.03 | $ 0.06 | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.13 |
| Diluted earnings (loss) per share: | ||||||||||
| Net earnings (loss) | $ 0.03 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.03 | $ 0.06 | $ 0.03 | $ 0.02 | $ 0.17 | $ 0.13 |