TERMINATION OF THE HILTON LICENSE AGREEMENT	6 Months Ended
Jun. 30, 2011
TERMINATION OF THE HILTON LICENSE AGREEMENT	Note 9. TERMINATION OF THE HILTON LICENSE AGREEMENT On June 22, 2011, the Company received notice from Hilton that it was exercising its right to terminate the License Agreement between the Company and Hilton. Pursuant to the License Agreement, either party may terminate the agreement without cause at any time after January 1, 2011. Unless the parties reach an agreement otherwise, the effective date of the termination will be January 3, 2012. Pursuant to the License Agreement, the Company licenses the right to use the Hilton mark and is part of Hilton’s reservation system and the Hilton “HHonors Program.” The Company is in discussions with other major hotel brands to explore the possibility of aligning the Company with a partner that better reflects the strategic direction the Company would like to take. The Company may also reach a similar understanding with Hilton and sign a new license agreement. If the Company is unable to enter into a license agreement with a major hotel brand, the Company’s financial condition, results of operations and cash flow would be adversely affected.

TERMINATION OF THE HILTON LICENSE AGREEMENT

6 Months Ended

Jun. 30, 2011

TERMINATION OF THE HILTON LICENSE AGREEMENT

Note 9. TERMINATION OF THE HILTON LICENSE AGREEMENT

On June 22, 2011, the Company received notice from Hilton that it was exercising its right to terminate the License Agreement between the Company and Hilton. Pursuant to the License Agreement, either party may terminate the agreement without cause at any time after January 1, 2011. Unless the parties reach an agreement otherwise, the effective date of the termination will be January 3, 2012.

Pursuant to the License Agreement, the Company licenses the right to use the Hilton mark and is part of Hilton’s reservation system and the Hilton “HHonors Program.”

The Company is in discussions with other major hotel brands to explore the possibility of aligning the Company with a partner that better reflects the strategic direction the Company would like to take. The Company may also reach a similar understanding with Hilton and sign a new license agreement.

If the Company is unable to enter into a license agreement with a major hotel brand, the Company’s financial condition, results of operations and cash flow would be adversely affected.

- Definition

Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2209026

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 6, 7-15, 17, 18, 19, 32, 34, 43-47
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 40
-URI http://asc.fasb.org/subtopic&trid=2209073

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 98
-Paragraph 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2208979

+ Details

COLONY RESORTS LVH ACQUISITIONS LLC 10-Q/A