Page 49 - 2008_2009_Annual_Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year ended March 31, 2009
047
11. Capital Lease Obligations (continued)
The minimum lease payments under the capital lease obligation are as follows:
2009
2008
2010
$ 5,842,226
$ 2,248,477
2011
5,872,885
2,248,477
2012
5,872,885
2,248,477
2013
5,872,885
2,248,477
2014
5,872,885
2,248,477
2015 and subsequent
77,506,395
31,853,428
Total minimum lease payments
106,840,161
43,095,813
Amount representing interest
at rates between 12.18% and 13.72%
(65,194,181)
(26,503,140)
Balance of the obligation
41,645,980
16,592,673
Less current portion
(600,090)
(230,645)
$ 41,045,890
$ 16,362,028
Due to the related party nature of the capital lease obligation, fair value information has not been disclosed as fair
value cannot be reliably measured.
12. Commitments
Leases
SIGA has obligations under operating leases for buildings, equipment and vehicles. The minimum lease payments
required under these operating leases over the next five years are as follows:
2010
$ 4,409,512
2011
3,568,347
2012
3,399,610
2013
3,260,074
2014
2,976,256
The above commitments include amounts committed to related parties of $1,173,614 for years 2010 through 2014.
Slot machines
The Casino Operating Agreement requires SLGA to supply slot machines and the slot management system to SIGA for
use in its casinos and for SIGA to reimburse to SLGA the cost of these machines over the estimated useful life of the
equipment. Included in expenses is $13,107,879 (2008 – $11,894,319) for reimbursement of the purchase of slot
machines and the slot machine management system. SIGA estimates total costs over the next five years, based on the
machines currently in use, as follows:
2010
$ 9,922,000
2011
9,755,000
2012
8,339,000
2013
2,697,000
2014
604,000