Page 49 - 2009_2010_Annual_Report

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Saskatchewan Indian Gaming Authority
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NOTES TO THE FINANCIAL STATEMENTS
Year Ended March 31, 2010
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9. SOFTWARE
Accumulated
Net Book Value
Cost
Amortization
2010
2009
Software
$ 3,955,424
$ 2,283,437
$ 1,671,987
$ 2,226,723
Computer software is amortized over a one year period. The amortization expense for software for 2010 $554,736 (2009 – $247,251).
There were no write-downs of software due to impairments for the year ended March 31, 2010 (2009 – $nil).
10. DUE TO SASKATCHEWAN LIQUOR AND GAMING AUTHORITY
2010
2009
Net income related to slot operations (Note 16)
$ 80,979,608
$ 83,892,280
Net loss related to table operations (Note 16)
(3,755,229)
(2,066,267)
Net loss related to ancillary operations (Note 16)
(11,471,812)
(9,398,710)
Indigenous Gaming Regulators Inc. (Note 16)
(2,911,824)
(2,607,128)
Saskatoon Prairieland Park Corporation (Note 16)
(2,600,004)
(2,600,004)
60,240,739
67,220,171
Balance, beginning of year
33,353,951
37,805,428
Distribution relating to prior year’s loss on interest rate swaps
835,845
Payments to Saskatchewan Liquor and Gaming Authority
(42,320,371)
(72,507,493)
$ 51,274,319
$ 33,353,951
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
SIGA is required to pay SLGA an amount equivalent to the imputed Goods and Services Tax (“GST”) that is payable by SLGA
on gaming expenses incurred by SIGA related to its slot machine operations. Included in accounts payable and accrued liabilities
are amounts owing to SLGA for GST of $313,158 (2009 – $1,484,279). Also, $4,093,932 (2009 – $5,592,575) is due to SLGA
for slot machine and operating system reimbursement is included in accounts payable and accrued liabilities.
12. LONG-TERM DEBT
NEW CASINO PROJECTS FINANCING
In 2007, SIGA entered into a long-term financing agreement with a financial institution (“Bank”) for $79 million to finance all
of its new casino projects. The Bank syndicated this financing with a secondary lender to provide SIGA with $20 million. The Bank,
as the lead lender, is providing SIGA with the remaining $59 million.
SIGA has drawn on the remaining approved financing to complete the construction of new casinos.
During the year, the Bank advanced an additional $6,019,195 related to the construction of the Living Sky Casino and $5,059,135
related to construction of the Painted Hand Casino. These loans are referred to as Construction Facility Tranche B and Construction
Facility Tranche C respectively.
The long-term financing agreement is secured by a general security agreement and mortgage of leasehold interests of SIGA’s casinos.