Yes, so that's what I thought - if PNK does take the Biloxi money and run, they pretty much forfeit any business interruption insurance. But since that was likely to be an order of magnitude less than the damage insurance, management may have just decided to write it off.
And yes, there is the whole problem of floods - but I was interested in the business interruption insurance here.
brig.. i think you erred on the conservative side.
yes replacement insurance will be more valuable, but that doesnt preclude pnk from extracting what it can from its biz interuptionn insurers as well.
even if pnk elects not to rebuild in biloxi (most likely at this pt), that doesnt change the fact that barring the weather catastrophe, it would be generating modest profits of $10MM-$20MM EBITDA annually in Biloxi. Accordingly, $10MM ought to be the absolute minimum of biz interuption insurance pnk receives for that property regardless of where the replacement facility is rebuilt.