We are the country’s premier source of online account wagering for horseracing events and are the largest legal online gaming platform in the U.S.
is headquartered in Mountain View, California and operates our Advance Deposit Wagering ('ADW') business. We reclassified $2.3 million of severance and other benefit costs that were previously reported in selling, general and administrative expense in 2014 into Calder exit costs. We expect to incur additional demolition costs of approximately $3.2 million, which will continue to be expensed as incurred during 2016. We expect to obtain operational efficiencies as a result of the demolition including savings in property taxes, repair and maintenance, utilities, permitting and environmental maintenance expenditures.
In 2015, we recognized Calder exit costs of $13.9 million consisting of a non-cash impairment charge of $12.7 million to reduce the net book value of the grandstand assets to zero and $1.2 million for demolition costs related to the removal of the grandstand and the barns and to prepare the stable area for alternate future uses. Based on our analysis, we razed the barns that were not associated with the TSG agreement and commenced the demolition of the grandstand and certain ancillary facilities. In 2015, we continued our assessment of potential alternative uses of the Calder property that is not associated with the TSG lease agreement.
