Page 53 - SIGA_2010-11 Annual Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year Ended March 31, 2011
51
12. CAPITAL LEASE OBLIGATION (CONTINUED)
The minimum lease payments under the capital lease obligation are as follows:
2011
2010
2012
$ 6,471,046 $ 6,090,077
2013
6,471,046
6,090,077
2014
6,471,046
6,090,077
2015
6,471,046
6,090,077
2016
6,471,046
6,090,077
2017 and subsequent
76,738,887
75,916,079
Total minimum lease payments
109,094,115
106,366,464
Amount representing interest at rates between 12.18% and 13.72%
(63,571,987)
(62,909,832)
Balance of the obligation
45,522,128
43,456,632
Less current portion
(852,693)
(749,871)
$ 44,669,435 $ 42,706,761
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.
13. 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:
2012
$ 5,021,510
2013
4,281,423
2014
3,790,790
2015
3,168,145
2016
3,147,227
The above commitments include amounts committed to related parties of $16,701,588 for years 2012 through 2016.
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 $12,687,410 (2010 – $13,370,013) 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:
2012
$ 8,233,944
2013
5,439,701
2014
2,291,873
2015
691,399
2016
196,760