Page 52 - SIGA Annual Report 2013

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
year ended March 31, 2013
52
8.
PROPERTY AND EQUIPMENT
Leasehold
Casino
Furniture &
Construction
Improvements
Development
Equipment
in Progress
TOTAL
Cost
Balance at March 31, 2012
$ 41,255,482
$ 102,790,852
$ 36,053,897
$
97,822
$ 180,198,053
Additions
396,253
147,370
3,239,238
1,798,056
5,580,917
Disposals
Transfers
Balance at March 31, 2013
$ 41,651,735
$ 102,938,222
$ 39,293,135
$ 1,895,878
$ 185,778,970
Accumulated depreciation
and impairment
Balance at March 31, 2012
$ 21,175,761
$ 20,760,026
$ 28,986,954
$
$ 70,922,741
Depreciation expense
3,476,192
5,436,716
4,215,103
13,128,011
Balance at March 31, 2013
$ 24,651,953
$ 26,196,742
$ 33,202,057
$
$ 84,050,752
Net Book Value
Balance at March 31, 2012
$ 20,079,721
$ 82,030,826
$ 7,066,943
$
97,822
$ 109,275,312
Balance at March 31, 2013
$ 16,999,782
$ 76,741,480
$ 6,091,078
$ 1,895,878
$ 101,728,218
Construction in progress represents costs incurred for capital projects under construction at existing casinos and central office. Upon
completion, these costs are transferred into the appropriate capital asset category.
Included in casino development above are the following assets under finance lease:
Net carrying amount of leased assets
March 31, 2013
March 31, 2012
Base Building Costs
– Painted Hand Casino
$ 7,821,387
$ 10,027,397
– Living Sky Casino
13,157,013
15,870,340
– Dakota Dunes Casino
12,729,585
13,149,606
$ 33,707,985
$ 39,047,343
9.
DUE TO SASKATCHEWAN LIQUOR AND GAMING AUTHORITY
March 31, 2013
March 31, 2012
Balance, beginning of year
$ 60,277,788
$ 46,136,295
Income due to Saskatchewan Liquor and Gaming Authority
86,456,595
81,641,301
Payments to Saskatchewan Liquor and Gaming Authority
(91,874,093)
(67,499,808)
$ 54,860,290
$ 60,277,788
As described in Note 1, SIGA is required to remit to Saskatchewan Liquor and Gaming Authority (“SLGA”) the net income from the
operation of the slot machines in accordance with a formula as defined in the Agreement. According to the Agreement, unrealized gains
and losses on interest rate swaps are excluded from the calculation of net casino profits payable to SLGA.
Included in the above balance of the due to SLGA is the $5,000,000 that has been retained as a capital reserve as disclosed in Note 1.