under participation agreements , the business location holds the applicable gaming license and retains a percentage of the gaming revenue that it generates from our gaming devices . our branded taverns offer a casually upscale environment catering to local patrons offering superior food , beer and other alcoholic beverages and typically include 15 onsite gaming devices . as of december 31 , 2015 , we operated 48 taverns , which offered a total of 764 onsite gaming devices . most of our taverns are located in the greater las vegas , nevada metropolitan area and cater to locals seeking to avoid the congestion of the las vegas strip . our tavern brands include pt 's pub , pt 's gold , pt 's place , sierra gold and sean patrick 's . our taverns also serve as an incubator for new games and technology that can then be rolled out to our third party distributed gaming customers within the segment and to our casinos segment . we also opened our first brewery in las vegas , pt 's brewing company , during the first quarter of 2016 to produce craft beer for our taverns and casinos , as well as other establishments licensed to sell liquor for on-premises consumption . 23 casinos we own and operate rocky gap in flintstone , maryland and , as a result of the merger , three casinos in pahrump , nevada : pahrump nugget , gold town casino and lakeside casino & rv park . pahrump is located approximately 60 miles from las vegas and is a gateway to death valley national park . all of our casinos emphasize gaming device play . we acquired rocky gap in august 2012 , and converted the then-existing convention center into a gaming facility which opened to the public in may 2013. rocky gap is situated on approximately 270 acres in the rocky gap state park , which are leased from the maryland dnr under a 40-year operating ground lease expiring in 2052 ( plus a 20-year option renewal ) . as of december 31 , 2015 , rocky gap offered 631 gaming devices , 19 table games , two casino bars , three restaurants , a spa and the only jack nicklaus signature golf course in maryland . rocky gap is a aaa four diamond award® winning resort with approximately 200 hotel rooms , as well as an event and conference center that opened in the fourth quarter of 2013. as of december 31 , 2015 , our pahrump nugget casino offered 513 gaming devices , as well as 14 table games ( which include four live poker tables ) , a race and sports book , a 208-seat bingo facility and a bowling center . pahrump nugget also features pahrump 's only aaa three diamond award® winning hotel with approximately 70 hotel rooms . as of december 31 , 2015 , our gold town casino offered 288 gaming devices and a 125-seat bingo facility . our lakeside casino & rv park offered 192 gaming devices and a recreational vehicle park surrounding a lake with approximately 160 rv hook-up sites as of december 31 , 2015. results of operations the following discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this annual report on form 10-k for the year ended december 31 , 2015. replace_table_token_2_th 24 year ended december 31 , 2015 compared to year ended december 28 , 2014 net revenues net revenues were $ 177.0 million for the year ended december 31 , 2015 compared to $ 55.2 million for the prior year period . the increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of five months of net revenues related to sartini gaming 's distributed gaming and casino businesses during 2015. net revenues related to our distributed gaming segment were $ 103.6 million for the year ended december 31 , 2015 , all of which related to sartini gaming 's distributed gaming business acquired through the merger . there were no net revenues related to our distributed gaming segment during the prior year period . net revenues related to our casinos segment were $ 73.2 million for the year ended december 31 , 2015 compared to $ 55.0 million for the prior year period . the $ 18.2 million increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of approximately $ 14.0 million of net revenues related to sartini gaming 's casino business during 2015 , as well as an increase of approximately $ 4.2 million in net revenues related to our rocky gap casino compared to the prior year period . property operating expenses property operating expenses were $ 120.9 million for the year ended december 31 , 2015 compared to $ 31.9 million for the prior year period . the $ 89.0 million increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of five months of property operating expenses related to sartini gaming 's distributed gaming and casino businesses during 2015. included in gaming expenses and food and beverage expenses for the year ended december 31 , 2015 were $ 72.0 million and $ 14.5 million , respectively , related to sartini gaming 's distributed gaming and casino businesses . property operating expenses comprise gaming , food and beverage , rooms and other operating expenses . selling , general and administrative expenses selling , general and administrative ( “ sg & a ” ) expenses were $ 38.7 million for the year ended december 31 , 2015 compared to $ 22.1 million for the prior year period . story_separator_special_tag we define “ adjusted ebitda ” as earnings before interest and other non-operating income ( expense ) , taxes , depreciation and amortization , preopening expenses , merger expenses , share-based compensation expenses , impairments and other gains and losses . the following table presents a reconciliation of adjusted ebitda to net income ( loss ) : replace_table_token_3_th story_separator_special_tag 0pt ; line-height : 1.25 `` > in december 2012 , we closed on the $ 17.5 million rocky gap financing facility to finance a portion of rocky gap project costs . in connection with the entry into the credit agreement on july 31 , 2015 and the borrowings thereunder , as more fully described above , on july 31 , 2015 we repaid all principal amounts outstanding under the rocky gap financing facility , which amounted to approximately $ 10.7 million , together with accrued interest . in connection with such repayment , we terminated the rocky gap financing facility . as a result of the payoff of the rocky gap financing facility , we recognized a loss on extinguishment of debt of $ 1.2 million , related to the unamortized discount under the facility , during the year ended december 31 , 2015. as of december 28 , 2014 , we had $ 11.7 million in principal amount of outstanding borrowings under the rocky gap financing facility . 30 sale of jamul tribe promissory note on december 9 , 2015 , we sold our $ 60.0 million jamul note to a subsidiary of penn national for $ 24.0 million in cash . we determined the fair value of the jamul note to be zero as of december 28 , 2014. under the terms of the merger agreement and subject to applicable law , the proceeds received from the sale of the jamul note , net of related costs , will be distributed in a cash dividend to our shareholders that hold shares as of the record date for such dividend ( other than shareholders that have waived their right to receive such dividend ) . under the terms of the merger agreement , sartini gaming 's former sole shareholder , for itself and any related party transferees of its shares ( which total approximately 8.0 million shares , in the aggregate ) , waived their right to receive such dividend with respect to their shares , except for a potential tax distribution , if any , unless their shares are sold to an unaffiliated third party prior to the record date for any such dividend . also in connection with the merger , holders of an additional approximately 0.5 million shares waived their right to receive such dividend , unless such shares are sold to an unaffiliated third party prior to the record date for any such dividend . we anticipate that the net proceeds received from the sale of the jamul note will be distributed to shareholders during the summer of 2016. the record date for such dividend will follow the board of directors ' declaration of any such dividend and will be announced at such time . commitments and contractual obligations the following table summarizes our contractual obligations as of december 31 , 2015 : replace_table_token_4_th ( 1 ) as of december 31 , 2015 , under the credit agreement , we had a $ 118.5 million in principal amount of outstanding term loan borrowings and $ 25.0 million in principal amount of outstanding borrowings under our revolving credit facility . the facilities mature on july 31 , 2020. see “ liquidity and capital resources – credit agreement , ” above , for a discussion of the credit agreement . ( 2 ) in 2012 , we entered into a 40-year operating ground lease with the maryland dnr for approximately 270 acres in the rocky gap state park in which rocky gap is situated . the lease expires in 2052 , with an option to renew for an additional 20 years . rent payments under the lease include variable amounts based on rocky gap gaming revenue and surcharges on amounts billed to and collected from guests . see note 17 , commitments and contingencies – rocky gap lease , in the accompanying consolidated financial statements for information regarding the lease . ( 3 ) we lease the approximately nine acres of land on which our gold town casino is located from several unrelated parties . ( 4 ) we lease taverns , equipment and vehicles under noncancelable operating leases . the terms of the leases range from one to 14 years , with various renewal options from one to 15 years . additionally , included in operating leases are our obligations under our space lease agreements to pay fixed monthly rental fees for the right to install , maintain and operate gaming devices as part of our distributed gaming business . ( 5 ) relates to notes payable on equipment purchases and previous tavern acquisitions . 31 critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations discusses our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these financial statements requires us to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period . on an ongoing basis , we evaluate our estimates and judgments , including those related to revenue recognition and promotional allowances , short-term investments , investments in unconsolidated investees , litigation costs , income taxes and share-based compensation . we base our estimates and judgments on historical experience and on various other factors that are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ materially from

liquidity and capital resources as of december 31 , 2015 , we had $ 69.2 million in cash and cash equivalents and no short-term investments . we currently believe that our cash and cash equivalents , cash flows from operations and additional term loan or revolving credit borrowings will be sufficient to meet our capital requirements during the next 12 months . our operating results and performance depend significantly on national , regional and local economic conditions and their effect on consumer spending . declines in consumer spending would cause revenues generated in both our distributed gaming and casinos segments to be adversely affected . we incurred a total of approximately $ 12.0 million in transaction-related costs associated with the merger , which consist primarily of severance , financial advisor , legal , accounting and consulting costs . we incurred approximately $ 11.5 million and $ 0.5 million of transaction-related costs associated with the merger during the years ended december 31 , 2015 and december 28 , 2014 , respectively . 29 to further enhance our liquidity position or to finance any future acquisition or other business investment initiatives , in the near future we may obtain additional financing , which could consist of an increase in the size of our revolving credit facility or additional or increased term loans under our credit agreement and or other debt financing from credit and capital markets . credit agreement on july 31 , 2015 , we entered into a credit agreement with the lenders named therein and capital one , national association ( as administrative agent ) . the facilities under the credit agreement consist of a $ 120.0 million senior secured term loan ( “ term loan ” ) and a $ 40.0 million revolving credit facility ( together with the term loan facility , the “ facilities ” ) .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2015 , we had $ 69.2 million in cash and cash equivalents and no short-term investments . we currently believe that our cash and cash equivalents , cash flows from operations and additional term loan or revolving credit borrowings will be sufficient to meet our capital requirements during the next 12 months . our operating results and performance depend significantly on national , regional and local economic conditions and their effect on consumer spending . declines in consumer spending would cause revenues generated in both our distributed gaming and casinos segments to be adversely affected . we incurred a total of approximately $ 12.0 million in transaction-related costs associated with the merger , which consist primarily of severance , financial advisor , legal , accounting and consulting costs . we incurred approximately $ 11.5 million and $ 0.5 million of transaction-related costs associated with the merger during the years ended december 31 , 2015 and december 28 , 2014 , respectively . 29 to further enhance our liquidity position or to finance any future acquisition or other business investment initiatives , in the near future we may obtain additional financing , which could consist of an increase in the size of our revolving credit facility or additional or increased term loans under our credit agreement and or other debt financing from credit and capital markets . credit agreement on july 31 , 2015 , we entered into a credit agreement with the lenders named therein and capital one , national association ( as administrative agent ) . the facilities under the credit agreement consist of a $ 120.0 million senior secured term loan ( “ term loan ” ) and a $ 40.0 million revolving credit facility ( together with the term loan facility , the “ facilities ” ) .
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 Suspicious Activity Report : under participation agreements , the business location holds the applicable gaming license and retains a percentage of the gaming revenue that it generates from our gaming devices . our branded taverns offer a casually upscale environment catering to local patrons offering superior food , beer and other alcoholic beverages and typically include 15 onsite gaming devices . as of december 31 , 2015 , we operated 48 taverns , which offered a total of 764 onsite gaming devices . most of our taverns are located in the greater las vegas , nevada metropolitan area and cater to locals seeking to avoid the congestion of the las vegas strip . our tavern brands include pt 's pub , pt 's gold , pt 's place , sierra gold and sean patrick 's . our taverns also serve as an incubator for new games and technology that can then be rolled out to our third party distributed gaming customers within the segment and to our casinos segment . we also opened our first brewery in las vegas , pt 's brewing company , during the first quarter of 2016 to produce craft beer for our taverns and casinos , as well as other establishments licensed to sell liquor for on-premises consumption . 23 casinos we own and operate rocky gap in flintstone , maryland and , as a result of the merger , three casinos in pahrump , nevada : pahrump nugget , gold town casino and lakeside casino & rv park . pahrump is located approximately 60 miles from las vegas and is a gateway to death valley national park . all of our casinos emphasize gaming device play . we acquired rocky gap in august 2012 , and converted the then-existing convention center into a gaming facility which opened to the public in may 2013. rocky gap is situated on approximately 270 acres in the rocky gap state park , which are leased from the maryland dnr under a 40-year operating ground lease expiring in 2052 ( plus a 20-year option renewal ) . as of december 31 , 2015 , rocky gap offered 631 gaming devices , 19 table games , two casino bars , three restaurants , a spa and the only jack nicklaus signature golf course in maryland . rocky gap is a aaa four diamond award® winning resort with approximately 200 hotel rooms , as well as an event and conference center that opened in the fourth quarter of 2013. as of december 31 , 2015 , our pahrump nugget casino offered 513 gaming devices , as well as 14 table games ( which include four live poker tables ) , a race and sports book , a 208-seat bingo facility and a bowling center . pahrump nugget also features pahrump 's only aaa three diamond award® winning hotel with approximately 70 hotel rooms . as of december 31 , 2015 , our gold town casino offered 288 gaming devices and a 125-seat bingo facility . our lakeside casino & rv park offered 192 gaming devices and a recreational vehicle park surrounding a lake with approximately 160 rv hook-up sites as of december 31 , 2015. results of operations the following discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this annual report on form 10-k for the year ended december 31 , 2015. replace_table_token_2_th 24 year ended december 31 , 2015 compared to year ended december 28 , 2014 net revenues net revenues were $ 177.0 million for the year ended december 31 , 2015 compared to $ 55.2 million for the prior year period . the increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of five months of net revenues related to sartini gaming 's distributed gaming and casino businesses during 2015. net revenues related to our distributed gaming segment were $ 103.6 million for the year ended december 31 , 2015 , all of which related to sartini gaming 's distributed gaming business acquired through the merger . there were no net revenues related to our distributed gaming segment during the prior year period . net revenues related to our casinos segment were $ 73.2 million for the year ended december 31 , 2015 compared to $ 55.0 million for the prior year period . the $ 18.2 million increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of approximately $ 14.0 million of net revenues related to sartini gaming 's casino business during 2015 , as well as an increase of approximately $ 4.2 million in net revenues related to our rocky gap casino compared to the prior year period . property operating expenses property operating expenses were $ 120.9 million for the year ended december 31 , 2015 compared to $ 31.9 million for the prior year period . the $ 89.0 million increase resulted primarily from the completion of the merger on july 31 , 2015 , which resulted in the inclusion of five months of property operating expenses related to sartini gaming 's distributed gaming and casino businesses during 2015. included in gaming expenses and food and beverage expenses for the year ended december 31 , 2015 were $ 72.0 million and $ 14.5 million , respectively , related to sartini gaming 's distributed gaming and casino businesses . property operating expenses comprise gaming , food and beverage , rooms and other operating expenses . selling , general and administrative expenses selling , general and administrative ( “ sg & a ” ) expenses were $ 38.7 million for the year ended december 31 , 2015 compared to $ 22.1 million for the prior year period . story_separator_special_tag we define “ adjusted ebitda ” as earnings before interest and other non-operating income ( expense ) , taxes , depreciation and amortization , preopening expenses , merger expenses , share-based compensation expenses , impairments and other gains and losses . the following table presents a reconciliation of adjusted ebitda to net income ( loss ) : replace_table_token_3_th story_separator_special_tag 0pt ; line-height : 1.25 `` > in december 2012 , we closed on the $ 17.5 million rocky gap financing facility to finance a portion of rocky gap project costs . in connection with the entry into the credit agreement on july 31 , 2015 and the borrowings thereunder , as more fully described above , on july 31 , 2015 we repaid all principal amounts outstanding under the rocky gap financing facility , which amounted to approximately $ 10.7 million , together with accrued interest . in connection with such repayment , we terminated the rocky gap financing facility . as a result of the payoff of the rocky gap financing facility , we recognized a loss on extinguishment of debt of $ 1.2 million , related to the unamortized discount under the facility , during the year ended december 31 , 2015. as of december 28 , 2014 , we had $ 11.7 million in principal amount of outstanding borrowings under the rocky gap financing facility . 30 sale of jamul tribe promissory note on december 9 , 2015 , we sold our $ 60.0 million jamul note to a subsidiary of penn national for $ 24.0 million in cash . we determined the fair value of the jamul note to be zero as of december 28 , 2014. under the terms of the merger agreement and subject to applicable law , the proceeds received from the sale of the jamul note , net of related costs , will be distributed in a cash dividend to our shareholders that hold shares as of the record date for such dividend ( other than shareholders that have waived their right to receive such dividend ) . under the terms of the merger agreement , sartini gaming 's former sole shareholder , for itself and any related party transferees of its shares ( which total approximately 8.0 million shares , in the aggregate ) , waived their right to receive such dividend with respect to their shares , except for a potential tax distribution , if any , unless their shares are sold to an unaffiliated third party prior to the record date for any such dividend . also in connection with the merger , holders of an additional approximately 0.5 million shares waived their right to receive such dividend , unless such shares are sold to an unaffiliated third party prior to the record date for any such dividend . we anticipate that the net proceeds received from the sale of the jamul note will be distributed to shareholders during the summer of 2016. the record date for such dividend will follow the board of directors ' declaration of any such dividend and will be announced at such time . commitments and contractual obligations the following table summarizes our contractual obligations as of december 31 , 2015 : replace_table_token_4_th ( 1 ) as of december 31 , 2015 , under the credit agreement , we had a $ 118.5 million in principal amount of outstanding term loan borrowings and $ 25.0 million in principal amount of outstanding borrowings under our revolving credit facility . the facilities mature on july 31 , 2020. see “ liquidity and capital resources – credit agreement , ” above , for a discussion of the credit agreement . ( 2 ) in 2012 , we entered into a 40-year operating ground lease with the maryland dnr for approximately 270 acres in the rocky gap state park in which rocky gap is situated . the lease expires in 2052 , with an option to renew for an additional 20 years . rent payments under the lease include variable amounts based on rocky gap gaming revenue and surcharges on amounts billed to and collected from guests . see note 17 , commitments and contingencies – rocky gap lease , in the accompanying consolidated financial statements for information regarding the lease . ( 3 ) we lease the approximately nine acres of land on which our gold town casino is located from several unrelated parties . ( 4 ) we lease taverns , equipment and vehicles under noncancelable operating leases . the terms of the leases range from one to 14 years , with various renewal options from one to 15 years . additionally , included in operating leases are our obligations under our space lease agreements to pay fixed monthly rental fees for the right to install , maintain and operate gaming devices as part of our distributed gaming business . ( 5 ) relates to notes payable on equipment purchases and previous tavern acquisitions . 31 critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations discusses our consolidated financial statements , which have been prepared in accordance with gaap . the preparation of these financial statements requires us to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period . on an ongoing basis , we evaluate our estimates and judgments , including those related to revenue recognition and promotional allowances , short-term investments , investments in unconsolidated investees , litigation costs , income taxes and share-based compensation . we base our estimates and judgments on historical experience and on various other factors that are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ materially from

