Page 51 - SIGA_2010-11 Annual Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year Ended March 31, 2011
49
9. DUE TO SASKATCHEWAN LIQUOR AND GAMING AUTHORITY
2011
2010
Net income related to slot operations (Note 15)
$ 80,121,813
$ 75,467,780
Net loss related to table operations (Note 15)
(4,248,236)
(3,755,229)
Net loss related to ancillary operations (Note 15)
(11,779,406)
(11,471,812)
64,094,171
60,240,739
Balance, beginning of year
51,274,319
33,353,951
Payments to Saskatchewan Liquor and Gaming Authority
(69,232,195)
(42,320,371)
$ 46,136,295 $ 51,274,319
10. 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 $365,497 (2010 – $313,158). Also, $4,912,394 (2010 – $4,093,932) is due to SLGA for
slot machine and operating system reimbursement is included in accounts payable and accrued liabilities.
11. 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.
The long-term financing agreement is secured by a general security agreement and mortgage of leasehold interests of SIGA’s casinos.
The long-term debt obligations are as follows:
2011
2010
Construction Facility Tranche B repayable in monthly instalments of $117,762 plus
interest at bankers acceptance rate plus 1%, maturity August 2024.
$ 19,077,536 $ 20,419,511
Construction Facility Tranche C repayable in monthly instalments of $88,889 plus
interest at bankers acceptance rate plus 1%, maturity August 2024.
14,399,998
15,537,835
Term Loan Tranche D – Fixed Rate repayable in monthly instalments of $165,355
including interest at 5.68%, maturity April 2023.
17,296,962
18,242,183
Term Loan Tranche D – Floating Rate repayable in monthly instalments of $116,667
plus interest at bankers acceptance rate plus 1%, maturity April 2023.
16,916,667
18,316,667
Term Loan Tranche A – Fixed Rate repayable in monthly instalments of $4,460 plus
interest at 2.50%, maturity March 2019.
528,859
582,376
68,220,022
73,098,572
Less current portion
(4,970,718)
(5,497,985)
$ 63,249,304 $ 67,600,587