idea #10 Dover Downs Gaming & Entertain (DDE)

Dover Downs is a giant entertainment & gambling center in Dover, Delaware.  It came up on value screens for multiple reasons: 

3 years investor exhaustion
share buybacks
cheap based on trailing earnings
cheap, close to book value
management cut their own salaries and has lots of skin in the game.

The reason it is cheap is because they have revolving loan that is coming due in parts, $25 million of which is due next year, then $25 million each year following(approximately).  It looks like they may have trouble  raising funds from operations.  Their cashflow from operations is barely $25 million per year.  They used the revolver to buyback shares (from what i can tell).  It looks like they pulled an RH Donelly (RIP!).

Other negatives:

they have a defined benefit pension plan that I can't figure out
"controlled corporation" CEO owns over 50% of stock.
State has been squeezing their gambling profits by asking for more royalties.

I can't figure out if one should be long or short this.  The revenues and gross margins have held up nicely over time.