View Filing Data

Document and Entity Information	3 Months Ended
Mar. 31, 2015 shares
Document and Entity Information
Entity Registrant Name	Eldorado Resorts, Inc.
Entity Central Index Key	0001590895
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	46,516,614
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 71,913	$ 87,604
Restricted cash	8,357	5,734
Accounts receivable, net	5,608	7,112
Due from affiliates	312	362
Inventories	7,149	7,234
Prepaid expenses and other	8,632	9,447
Total current assets	101,971	117,493
Restricted cash	2,500	2,500
Investment in and advances to unconsolidated affiliates	13,491	14,009
Property and equipment, net	449,754	456,139
Gaming licenses and other intangibles. net	489,978	491,913
Non-operating real property	16,419	16,419
Goodwill	66,826	66,826
Other assets, net	9,513	10,031
Total assets	1,150,452	1,175,330
CURRENT LIABILITIES:
Current portion of capital lease obligations	31	32
Accounts payable	9,776	12,184
Interest payable	14,972	27,469
Income taxes payable	423	137
Accrued gaming taxes and assessments	8,560	12,998
Accrued payroll	10,389	9,441
Accrued other liabilities	27,716	26,788
Deferred income taxes	2,608	2,608
Due to affiliates	223	187
Total current liabilities	74,698	91,844
Long-term debt	776,090	778,827
Capital lease obligations, less current portion	1	3
Deferred income taxes	145,073	144,439
Other liabilities	8,542	8,595
Total liabilities	1,004,404	1,023,708
STOCKHOLDERS' EQUITY:
Common stock, 100,000,000 shares authorized, 46,426,714 issued and outstanding, par value $0.00001
Paid-in capital	166,447	165,857
Accumulated deficit	(20,589)	(14,425)
Accumulated other comprehensive income	87	87
Stockholders' equity before non-controlling interest	145,945	151,519
Non-controlling interest	103	103
Total stockholders' equity	146,048	151,622
Total liabilities and stockholders' equity	$ 1,150,452	$ 1,175,330

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Casino	$ 147,662	$ 44,669
Pari-mutuel commissions	1,205
Food and beverage	22,182	14,347
Hotel	7,034	5,887
Other	4,726	2,180
Gross operating revenues	182,809	67,083
Less: Promotional allowances	(15,358)	(10,053)
Net operating revenues	167,451	57,030
Expenses:
Casino	86,818	23,974
Pari-mutuel commissions	1,696
Food and beverage	11,921	7,021
Hotel	2,190	1,945
Other	2,867	1,649
Marketing and promotions	7,101	4,137
General and administrative	27,704	10,812
Depreciation and amortization	14,469	4,188
Total operating expenses	154,766	53,726
Gain on sale or disposal of property	1
Acquisition charges	(84)	(1,372)
Equity in income (losses) of unconsolidated affiliates	(518)	(380)
Operating income	12,084	1,552
Other Income (Expense):
Interest income	5	4
Interest expense	(17,237)	(3,889)
Total other expense	(17,232)	(3,885)
Net loss before income taxes	(5,148)	(2,333)
Provision for income taxes	(1,016)	0
Net loss	$ (6,164)	$ (2,333)
Net Loss per share of Common Stock:
Basic and diluted	$ (0.13)	$ (0.10)
Weighted Average Number of Shares Outstanding:
Basic and diluted	46,494,638	23,311,492

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (6,164)	$ (2,333)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	14,469	4,188
Amortization of debt issuance costs and (premium) discount	(2,523)	214
Equity in losses of unconsolidated affiliates	518	380
Distributions from unconsolidated affiliate		191
Stock-based compensation expense	590
Gain on sale or disposal of property	(1)
Provision for (recoveries of) bad debts	116	(204)
Provision for deferred income taxes	634
Change in fair value of acquisition related contingencies	16
Change in operating assets and liabilities:
Accounts receivable	1,438	(33)
Inventories	85	(94)
Prepaid expenses and other	815	(214)
Accounts payable	(2,655)	100
Interest payable	(12,497)	3,622
Income taxes payable	286
Accrued and other liabilities and due to affiliates	(1,003)	527
Net cash (used in) provided by operating activities	(5,876)	6,344
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(7,495)	(502)
Proceeds from sale of property and equipment	2
Increase in restricted cash	(2,623)
Increase in other assets, net	304	17
Net cash used in investing activities	(9,812)	(485)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt		(1,000)
Principal payments on capital leases	(3)	(68)
Net cash used in financing activities	(3)	(1,068)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(15,691)	4,791
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	87,604	29,813
CASH AND CASH EQUIVALENTS, END OF PERIOD	71,913	34,604
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	32,238	47
Payables for capital expenditures	$ 247	$ 275

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2015

Organization and Basis of Presentation

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Organization

The accompanying unaudited consolidated financial statements include the accounts of Eldorado Resorts, Inc. ("ERI" or the "Company"), a Nevada corporation formed in September 2013, and its consolidated subsidiaries. As explained in greater detail in Note 2, ERI was formed in September 2013 to be the parent company following the merger of wholly owned subsidiaries of the Company into Eldorado HoldCo LLC ("HoldCo"), a Nevada limited liability company formed in 2009 that is the parent company of Eldorado Resorts LLC ("Resorts") and MTR Gaming Group, Inc. ("MTR Gaming"), a Delaware corporation incorporated in 1988 (the "Merger"). Effective upon the consummation of the Merger on September 19, 2014 (the "Merger Date"), HoldCo and MTR Gaming each became a wholly owned subsidiary of ERI and, as a result of such transactions, Resorts became an indirect wholly owned subsidiary of ERI. The Merger was accounted for as a reverse acquisition of MTR Gaming by HoldCo under accounting principles generally accepted in the United States ("US GAAP"). As a result, HoldCo is considered the acquirer of MTR Gaming for accounting purposes. The accompanying unaudited consolidated financial statements for periods prior to the Merger Date are those of HoldCo and its subsidiaries, and for periods subsequent to the Merger Date, include MTR Gaming and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

Resorts owns and operates the Eldorado Hotel and Casino, a premier hotel, casino and entertainment facility centrally located in downtown Reno, Nevada (the "Eldorado Reno"), which opened for business in 1973. Resorts also owns Eldorado Resort Casino Shreveport ("Eldorado Shreveport"), a 403-room all suite art deco-style hotel and a tri-level riverboat dockside casino complex situated on the Red River in Shreveport, Louisiana, which commenced operations under its previous owners in December 2000.

Resorts also owns a 48.1% interest in the joint venture (the "Silver Legacy Joint Venture") which owns the Silver Legacy Resort Casino (the "Silver Legacy"), a major themed hotel and casino situated between and seamlessly connected at the mezzanine level to the Eldorado Reno and Circus Circus-Reno, a hotel and casino owned and operated by Galleon, Inc. ("Galleon"), an indirect, wholly owned subsidiary of MGM Resorts International. Galleon owns 50% of the interests of the Silver Legacy Joint Venture. Pursuant to a Retained Interest Agreement, subject to regulatory approval, entered into in connection with the Merger (see Note 3), Resorts has the right to acquire the remaining 1.9% interest in the Silver Legacy from Eldorado Limited Liability Company ("ELLC"), a Nevada limited liability company, on the terms and conditions described therein.

Resorts previously owned a 21.3% interest in Tamarack Crossing, LLC ("Tamarack"), a Nevada limited liability company that owned and operated Tamarack Junction, a casino in south Reno which commenced operations on September 4, 2001. On September 1, 2014, and as a condition to closing the Merger, Resorts distributed to HoldCo, and HoldCo subsequently distributed to its members on a pro rata basis, Resorts' interest in Tamarack. No gain or loss was recognized as a result of such distribution because the distribution was in the amount of the book value of Tamarack and totaled $5.5 million.

MTR Gaming is a hospitality and gaming company with racetrack, gaming and hotel properties in West Virginia, Pennsylvania and Ohio. MTR Gaming, through its wholly owned subsidiaries, owns and operates Mountaineer Casino Racetrack & Resort in Chester, West Virginia ("Mountaineer"), Presque Isle Downs & Casino in Erie, Pennsylvania ("Presque Isle Downs") and Scioto Downs in Columbus, Ohio. Scioto Downs, through its subsidiary, RacelineBet, Inc., also operates Racelinebet.com, a national account wagering service that offers online and telephone wagering on horse races as a marketing affiliate of TwinSpires.com, an affiliate of Churchill Downs, Inc.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with US GAAP for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation and have been included herein. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period.

The executive decision makers of the Company review operating results, assess performance and make decisions on a "significant market" basis. Accordingly, the Company considers the Eldorado Reno, Eldorado Shreveport and MTR Gaming properties to be operating segments.

These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-9, "Revenue from Contracts with Customers", which provides guidance for revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements

In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements—Going Concern" (Subtopic 205-40) which amends the current guidance in ASC Topic 205 by adding Subtopic 40. Subtopic 40 requires management to evaluate whether there are conditions or events that in aggregate would raise substantial doubt about an entity's ability to continue as a going concern for one year from the date the financial statements are issued or available to be issued. If substantial doubt existed, management would be required to make certain disclosures related to nature of the substantial doubt and under certain circumstances, how that substantial doubt would be mitigated. This amendment is effective for annual periods ending after December 15, 2016 and for subsequent interim and annual periods thereafter. Early adoption is permitted. The Company is currently evaluating the effects, if any, adoption of this guidance will have on its consolidated financial statements.

In January 2015, the FASB issued ASU No. 2015-1, "Income Statement—Extraordinary and Unusual Items" (Subtopic 225-20) which eliminates the concept of accounting of Extraordinary Items, previously defined as items that are both unusual and infrequent, which were reported as a separate item on the income statement, net of tax, after income from continuing operations. The elimination of this concept is intended to simplify accounting for unusual items and more closely align with international accounting practices. This amendment is effective for annual periods ending after December 15, 2015 and for subsequent interim and annual periods thereafter. Early adoption is permitted. The Company believes the effects, if any, of the adoption of this guidance will not have a material impact on its consolidated financial statements.

In February 2015, the FASB issued ASU No. 2015-2, "Consolidation: Amendments to the Consolidation Analysis" (Topic 810) which provides guidance to companies in evaluating whether certain legal entities should be included in their consolidated financial statements. This guidance is effective for annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company believes the effects, if any, of the adoption of this guidance will not have a material impact on its consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015 3, "Interest—Imputation of Interest" (Subtopic 835-30) which requires debt issuance costs be presented in the balance sheet as a direct reduction of the associated debt obligation, with the amortization of such costs being reported as a component of interest expense. The description of the debt obligation will also include the effective interest rate resulting from the amortization of debt issuance costs. This guidance is effective for annual periods beginning after December 15, 2015 and interim periods within such annual periods. Early adoption is permitted, including adoption in an interim period. The new guidance is to be adopted on a retrospective basis with appropriate disclosure reflecting a change in accounting principle. The Company believes the effects of the adoption of this guidance will not have a material impact on its consolidated financial statements.

Fair Value of Financial Instruments

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair values as follows:

•

Level 1:

Quoted market prices in active markets for identical assets or liabilities.

•

Level 2:

Observable market-based inputs or unobservable inputs that are corroborated by market data.

•

Level 3:

Unobservable inputs that are not corroborated by market data.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practical to estimate fair value:

Cash and Cash Equivalents: Cash equivalents include investments in money market funds. Investments in this category can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short-term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments.

Restricted Cash: The credit support deposit is classified as Level 1 as its carrying value approximates market prices.

Advance to Silver Legacy Joint Venture: The $7.5 million note receivable due to ELLC from the Silver Legacy Joint Venture (see Note 3) is classified as Level 2 based upon market-based inputs.

Long-term Debt: The 8.625% Senior Secured Notes due 2019 (the "Resorts Senior Secured Notes," see Note 7) and MTR Gaming 11.5% Senior Secured Second Lien Notes due August 1, 2019 (the "MTR Second Lien Notes", see Note 7) are classified as Level 2 based upon market inputs. The fair value of the Resorts Senior Secured Notes has been calculated based on management's estimates of the borrowing rates available as of March 31, 2015 and December 31, 2014 for debt with similar terms and maturities. The fair value of the MTR Second Lien Notes has been based on quoted market prices as of March 31, 2015.

Acquisition-Related Contingent Considerations: Contingent consideration related to the July 2003 acquisition of Scioto Downs represents the estimate of amounts to be paid to former stockholders of Scioto Downs under certain earn-out provisions. We consider the acquisition related contingency's fair value measurement, which includes forecast assumptions, to be Level 3 within the fair value hierarchy. The fair value of the acquisition-related contingent consideration was based on its fair value as of the Merger Date.

The estimated fair values of the Company's financial instruments are as follows (amounts in thousands):

	March 31, 2015 (unaudited)				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	71,913	$	71,913	$	87,604	$	87,604
Restricted cash		8,357		8,357		8,234		8,234
Advance to Silver Legacy Joint Venture		—		5,067		—		4,911
Financial liabilities:
8.625% Resorts Senior Secured Notes		168,000		175,980		168,000		174,720
11.5% MTR Second Lien Notes		608,090		608,321		610,827		606,919
Acquisition-Related Contingent Considerations		546		546		524		524

The following table represents the change in acquisition-related contingent consideration liabilities during the period December 31, 2014 to March 31, 2015:

Balance as of December 31, 2014	$	524
Amortization of present value discount(1)		16
Fair value adjustment for change in consideration expected to be paid(2)		6
Settlements		—

Balance as of March 31, 2015	$	546

(1)	Changes in present value are included as a component of interest expense in the consolidated statements of operations.
(2)	Fair value adjustments for changes in earn-out estimates are recorded to indefinite-lived intangibles in the consolidated balance sheets.

Reclassifications

Certain reclassifications, which have no effect on previously reported net loss, have been made to the unaudited consolidated statements of operations to conform to the 2015 presentation. Specifically, entertainment revenues ($0.7 million for the three months ended March 31, 2014) and entertainment expenses ($0.5 million for the three months ended March 31, 2014) have been reclassified from what was previously "Food, Beverage and Entertainment Revenues" and "Food, Beverage and Entertainment Expenses" to "Other Revenues" and "Other Expenses", respectively. Marketing and promotions costs have been reclassified to a separate line item from "Casino Expenses" ($3.5 million for the three months ended March 31, 2014) and from "General and Administrative Expenses" ($0.6 million for the three months ended March 31, 2014). Valet related expenses ($0.2 million for the three months ended March 31, 2014) have been reclassified to "Other Expenses" from "General and Administrative Expenses."

Acquisition and Purchase Accounting

3 Months Ended

Mar. 31, 2015

Acquisition and Purchase Accounting

Acquisition and Purchase Accounting

Note 2. Acquisition and Purchase Accounting

The Merger has been accounted for as a reverse acquisition of MTR Gaming by HoldCo under which HoldCo is considered the acquirer for accounting purposes.

Consideration Transferred

The total consideration paid was $103.0 million. The purchase consideration in a reverse acquisition was determined with reference to the value of equity the accounting acquirer, HoldCo, would have had to issue to the owners of the accounting acquiree, MTR Gaming, to give them the same percentage interest in the combined entity. However, in a reverse acquisition between a public company as the legal acquirer and a private company as the accounting acquirer, the fair value of the legal acquirer's publicly traded stock generally was a more reliable determination of the fair value of the purchase consideration than the fair value of the accounting acquirer's untraded equity security, and, as such, was used in calculating the purchase consideration. Accordingly, the following table provides the calculation of the purchase price using the fair value of the outstanding common stock of MTR Gaming based on the closing stock price of $4.43 on the Merger Date, as well as a reconciliation of the total shares outstanding on the Merger Date.

ERI Outstanding Share Calculation:
Shares issued to HoldCo(1)		23,286,202
Number of MTR Gaming shares outstanding on the Merger Date(2)		28,386,084
MTR Gaming RSUs that vested upon closing of the Merger(3)		499,179

Total ERI shares outstanding—before share repurchase		52,171,465
MTR Gaming shares acquired at $6.05 per share based on $35.0 million cash election(4)		(5,785,123	)

Total ERI shares outstanding at Merger Date(5)		46,386,342
Resorts % ownership		50.20	%
MTR Gaming % ownership		49.80	%
Consideration Transferred (dollars in thousands, except stock price)
Number of MTR Gaming shares outstanding at the Merger Date		28,386,084
MTR Gaming RSUs that vested upon closing of the Merger		499,179
MTR Gaming shares acquired at $6.05 per share based on $35.0 million cash election		(5,785,123	)

Total net MTR Gaming shares		23,100,140
FMV of MTR Gaming common stock at Merger Date	$	4.43

Fair value of MTR Gaming shares	$	102,334
Fair value of MTR Gaming stock options(3)		677

Total consideration transferred	$	103,011

(1)	The number of shares issued to members of HoldCo in the Mergers as merger consideration was determined pursuant to the terms of the Merger Agreement. The shares have been adjusted based upon the final review, as defined in the Merger Agreement. As a result, 25,290 escrow shares previously issued were returned to authorized and unissued prior to December 31, 2014.
(2)	Number of shares of MTR Gaming common stock issued and outstanding immediately prior to closing.
(3)	Pursuant to the MTR Gaming 2010 Long-Term Incentive Plan, immediately prior to closing, all outstanding stock options and MTR Gaming RSUs vested and became immediately exercisable. All vested MTR Gaming RSUs were exchanged for one share of ERI common stock. All outstanding stock options became exercisable for shares of ERI common stock with the same terms as the previous awards.
(4)	Total cash election includes $30.0 million paid by MTR Gaming and $5.0 million paid by HoldCo on the Merger Date.
(5)	The number of shares issued and outstanding, after settlement of the escrow shares, as determined pursuant to the terms of the Merger Agreement.

Final Purchase Price Allocation

The following table summarizes the fair values of the assets acquired and liabilities assumed at the Merger Date. The fair values were based on management's analysis, including work performed by third-party valuation specialists. The following table summarizes the final purchase price allocation of the acquired assets and assumed liabilities as recorded at fair value on the Merger Date (dollars in thousands):

Current and other assets	$	75,031
Property and equipment		289,211
Goodwill		66,826
Intangible assets(1)		473,000
Other noncurrent assets		20,381

Total assets		924,449

Current liabilities		46,446
Long-term debt(2)		624,877
Deferred income taxes(3)		143,104
Other noncurrent liabilities		7,011

Total liabilities assumed		821,438

Net assets acquired	$	103,011

(1)	Intangible assets consist of gaming licenses, trade names and customer loyalty programs.
(2)	Long-term debt was comprised of MTR Second Lien Notes totaling $570.7 million.
(3)	Deferred tax liabilities were derived based on fair value adjustments for property and equipment, identified intangibles, deferred financing costs, certain long term liabilities and long-term debt.

Goodwill, the excess of the purchase price of acquiring MTR Gaming over the fair market value of the net assets acquired, in the amount of $66.8 million, was recorded as of the Merger Date. The Company considers the goodwill to represent benefits expected to be realized as a result of the Merger.

Pro Forma Information

The following table includes the pro forma results for the three months ended March 31, 2014 which gives effect to the Merger as if it had occurred on January 1, 2013 and reflect proforma adjustments that are expected to have a continuing impact on the results of operations of the Company and are directly attributable to the Merger (amounts in thousands, except per share data):

	Three Months Ended March 31, 2014 (unaudited)
Net revenues	$	171,858
Net loss		(3,127	)
Net loss per common share:
Basic and diluted	$	(0.07	)
Weighted shares outstanding:
Basic and diluted		46,386,342

These pro forma results do not necessarily represent the results of operations that would have been achieved if the Merger had taken place on January 1, 2013, nor are they indicative of the results of operations for future periods. The pro forma amounts include the historical operating results of the Company and MTR Gaming prior to the acquisition, with adjustments directly attributable to the Merger.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Investment in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2015

Investment in Unconsolidated Affiliates

Investment in Unconsolidated Affiliates

Note 3. Investment in Unconsolidated Affiliates

Effective March 1, 1994, ELLC and Galleon, (each a "Partner" and, together, the "Partners"), entered into the Silver Legacy Joint Venture pursuant to a joint venture agreement (the "Original Joint Venture Agreement" and, as amended to date, the "Joint Venture Agreement") to develop the Silver Legacy. The Silver Legacy consists of a casino and hotel located in Reno, Nevada, which began operations on July 28, 1995. Each partner owned a 50% interest in the Silver Legacy Joint Venture. The Company owns a direct or indirect 48.1% interest in the Silver Legacy Joint Venture. The noncontrolling interest's share of $103,000 in income earned prior to the Merger Date is reflected in the accompanying consolidated statements of operations.

Under the Plan of Reorganization, each of Resorts through ELLC and Galleon retained its 50% interest in the Silver Legacy, but was required to advance $7.5 million to the Silver Legacy pursuant to a subordinated loan and provide credit support by depositing $5.0 million of cash into a bank account as collateral in favor of the lender under the Silver Legacy credit agreement. The $7.5 million note receivable from Resorts to the Silver Legacy was issued on November 16, 2012 with a stated interest rate of 5% per annum and a maturity date of May 16, 2018 and is included on the accompanying consolidated balance sheets in Investment in and Advances to Unconsolidated Affiliates at March 31, 2015 and December 31, 2014.

In December 2014, Silver Legacy deposited $5.0 million of cash into a cash collateral account securing its obligations under its credit agreement, which reduced the credit support obligation of ELLC and Galleon to $2.5 million each and resulted in the return of $2.5 million of the $5.0 million of collateral that Resorts previously provided as credit support for Silver Legacy's obligations under its credit agreement. The collateral deposit is included as noncurrent restricted cash in the amount of $2.5 million in the accompanying consolidated balance sheets at March 31, 2015 and December 31, 2014.

On December 16, 2013, the Silver Legacy Joint Venture entered into a new senior secured term loan facility totaling $90.5 million (the "Silver Legacy Credit Facility") to refinance its indebtedness under its then existing senior secured term loan and Silver Legacy Second Lien Notes. The Silver Legacy Credit Facility matures on November 16, 2017.

Equity in losses related to the Silver Legacy Joint Venture for the three months ended March 31, 2015 and 2014 amounted to $0.5 million and $0.7 million, respectively.

Summarized information for the Company's investment in and advances to the Silver Legacy Joint Venture as of and for the three months ended March 31, 2015 and 2014 is as follows (in thousands):

	March 31, 2015			March 31, 2014
	(unaudited)
Beginning balance	$	14,009		$	13,081
Equity in losses of unconsolidated affiliate		(518	)		(652	)

Ending balance	$	13,491		$	12,429

Summarized balance sheet information for the Silver Legacy Joint Venture is as follows (in thousands):

	March 31, 2015		December 31, 2014
	(unaudited)
Current assets	$	30,994	$	30,563
Property and equipment, net		188,747		190,592
Other assets, net		5,904		6,412

Total assets	$	225,645	$	227,567


Current liabilities	$	18,549	$	18,707
Long-term liabilities		88,634		89,322
Partners' equity		118,462		119,538

Total liabilities and partners' equity	$	225,645	$	227,567

Summarized unaudited results of operations for the Silver Legacy Joint Venture are as follows (in thousands):

	Three Months Ended March 31,
	2015			2014
	(unaudited)
Net revenues	$	27,651		$	27,577
Operating expenses		25,989			26,146

Operating income		1,662			1,431
Other expense		(2,738	)		(2,737	)

Net loss	$	(1,076	)	$	(1,306	)

Other and Intangible Assets, net

3 Months Ended

Mar. 31, 2015

Other and Intangible Assets, net

Other and Intangible Assets,net

Note 4. Other and Intangible Assets, net

Other and intangible assets, net, consisted of the following amounts (in thousands):

	March 31, 2015			December 31, 2014
	(unaudited)
Goodwill	$	66,826		$	66,826


Gaming license (Indefinite-lived)	$	482,074		$	482,074
Trade names		6,700			6,700
Customer loyalty programs		4,800			4,800

		493,574			493,574
Accumulated amortization trade names		(1,025	)		(547	)
Accumulated amortization customer loyalty programs		(2,571	)		(1,114	)

Total goodwill and other intangible assets	$	489,978		$	491,913


Land held for development	$	906		$	906
Bond offering costs, 8.625% Resorts Senior Secured Notes		6,851			6,851
Other		5,050			5,354

		12,807			13,111
Accumulated amortization bond costs 8.625% Senior Secured		(3,294	)		(3,080	)

Total Other Assets, net	$	9,513		$	10,031

Goodwill, the excess of the purchase price of acquiring MTR Gaming over the fair market value of the net assets acquired, in the amount of $66.8 million was recorded as of the Merger Date. For financial reporting purposes, goodwill is not amortized, but is reviewed no less than annually or when events or circumstances indicate the carrying value might exceed the market value to determine if there has been an impairment in the recorded value.

Included in gaming licenses is the Eldorado Shreveport gaming license recorded at $20.6 million at both March 31, 2015 and December 31, 2014. The license represents an intangible asset acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate. Gaming license rights are not subject to amortization as the Company has determined that they have an indefinite useful life.

Trade names are amortized on a straight-line basis over a 3.5 year useful life and the customer loyalty program is amortized on a straight-line basis over a one year useful life. Amortization expense with respect to trade names and the customer loyalty program amounted to $1.9 million for the three months ended March 31, 2015, which is included in depreciation and amortization in the accompanying unaudited consolidated statement of operations. There was no such amortization for the three months ended March 31, 2014. Based upon the amortizable intangible assets as of March 31, 2015, the estimated aggregate future amortization expense is $3.7 million for the remainder of 2015, $1.9 million for the year ended December 31, 2016, $1.9 million for the year ended December 31, 2017 and $0.4 million for the year ended December 31, 2018.

Amortization of Resorts' bond costs is computed using the straight-line method, which approximates the effective interest method, over the term of the bonds, and is included in interest expense on the accompanying unaudited consolidated statements of operations. Amortization expense with respect to deferred financing costs amounted to $0.2 million for each of the three months ended March 31, 2015 and 2014. Such amortization expense is expected to be $0.7 million during the remainder of 2015, $0.9 million during each of the years ended December 31, 2016 through 2018 and $0.4 million during 2019.

Long-Term Debt

3 Months Ended

Mar. 31, 2015

Long-Term Debt

Long-Term Debt

Note 7. Long-Term Debt

Long-term debt consisted of the following (in thousands):

	March 31, 2015		December 31, 2014
	(unaudited)
Resorts:
8.625% Senior Secured Notes	$	168,000	$	168,000

MTR Gaming:
11.5% MTR Second Lien Notes		560,664		560,664
Unamortized premium		47,426		50,163

		608,090		610,827

Total Long-Term Debt		776,090		778,827
Less—Current portion		—		—

	$	776,090	$	778,827

Scheduled maturities of long-term debt are $728.7 million in 2019.

Resorts' Debt Obligations

On June 1, 2011, Resorts completed the issuance of $180 million of 8.625% Senior Secured Notes due June 15, 2019 (the "Resorts Senior Secured Notes"). Interest on the Resorts Senior Secured Notes is payable semiannually each June 15 and December 15 to holders of record on the preceding June 1 or December 1, respectively.

The indenture relating to the Resorts Senior Secured Notes contains various restrictive covenants, including limitations on the payment of dividends and other restricted payments, making additional investments, additional liens, transactions with affiliates, covenants imposing limitations on additional debt, dispositions of property, mergers and similar transactions. As of March 31, 2015, Resorts was in compliance with all of the covenants under the indenture relating to the Resorts Senior Secured Notes.

The Resorts Senior Secured Notes are unconditionally guaranteed, jointly and severally, by all of Resorts' current and future domestic restricted subsidiaries other than Eldorado Capital Corp., an entity that was formed for the exclusive purpose of acting as co-issuer of debt issued by Resorts (collectively, the "Guarantors"). The Silver Legacy Joint Venture is not a subsidiary and did not guarantee the Resorts Senior Secured Notes. The Resorts Senior Secured Notes are secured by a first priority security interest on substantially all of Resorts' current and future assets (other than certain excluded assets, including gaming licenses and Resorts' interests the Silver Legacy Joint Venture). In addition, all of the membership interests in Resorts and equity interests in the Guarantors are subject to a pledge for the benefit of the holders of the Resorts Senior Secured Notes.

Resorts may redeem some or all of the Resorts Senior Secured Notes prior to June 15, 2015 at a redemption price of 100% of the principal amount thereof plus a "make whole premium" together with accrued and unpaid interest thereon. On or after June 15, 2015, Resorts may redeem the Resorts Senior Secured Notes at the following redemption prices (expressed as a percentage of principal amount) plus any accrued and unpaid interest thereon:

Year beginning June 15,	Percentage
2015		104.313	%
2016		102.156	%
2017 and thereafter		100.000	%

MTR Gaming Debt Obligations

On August 1, 2011, MTR Gaming completed the offering of $565.0 million in aggregate principal amount of senior secured second lien notes (the "MTR Second Lien Notes") due August 1, 2019 at an issue price equal to 97% of the aggregate principal amount of the MTR Second Lien Notes. The MTR Second Lien Notes mature on August 1, 2019, with interest payable semi-annually in arrears on February 1 and August 1 of each year.

The MTR Second Lien Notes and the guarantees are senior secured obligations and are jointly and severally, fully, and unconditionally guaranteed by MTR Gaming's current and future domestic restricted subsidiaries, other than MTR Gaming's immaterial subsidiaries. The MTR Second Lien Notes are secured by a second priority lien on substantially all of the assets of MTR Gaming and the guarantors, other than excluded property, as defined in the Senior Secured Second Lien Indenture. The MTR Second Lien Notes and the guarantees are effectively junior to any of MTR Gaming's and the guarantors' existing and future debt that is secured by senior or prior liens on the collateral to the extent of the value of the collateral securing such obligations.

The indenture governing the MTR Second Lien Notes contains a number of customary covenants, including limitations on the payment of distributions and other restricted payments, making additional investments, additional liens, transactions with affiliates, additional debt, dispositions of property, mergers and similar transactions, and events of default. In addition, if the consolidated total debt ratio of MTR Gaming is equal to or greater than 4.0 to 1.0 and such offer is permitted pursuant to the terms of MTR Gaming's credit facilities, MTR Gaming is required to repay debt under its credit facility or make an offer to purchase MTR Second Lien Notes with the excess cash flow amounts (as such term is defined in the indenture governing the MTR Second Lien Notes). As of March 31, 2015, MTR Gaming was in compliance with the covenants under the indenture relating to the MTR Second Lien Notes.

MTR Gaming may redeem some or all of the MTR Second Lien Notes prior to August 1, 2015 at a redemption price of 100% of the principal amount thereof plus a "make whole premium" together with accrued and unpaid interest thereon. On or after August 1, 2015, MTR Gaming may redeem the MTR Second Lien Notes at the following redemption prices (expressed as a percentage of principal amount) plus any accrued and unpaid interest thereon:

Year beginning August 1,	Percentage
2015		106.00	%
2016		103.00	%
2017 and thereafter		100.00	%

In October 2014, MTR Gaming repurchased $10 million in aggregate principal amount of its 11.5% MTR Second Lien Notes, at a price of $110.25 per $100 in principal amount of the purchased notes. The repurchase resulted in a $1.2 million annual savings in interest expense. After giving effect to the repurchase of the bonds in October 2014, the annual interest expense on the MTR Second Lien Notes approximates $64.5 million. Additionally, annual amortization of the premium on the MTR Second Lien Notes is $10.9 million.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies.
Commitments and Contingencies	Note 9. Commitments and Contingencies Litigation We are a party to various lawsuits, which have arisen in the normal course of our business. Estimated losses are accrued for these lawsuits and claims when the loss is probable and can be estimated. The current liability for the estimated losses associated with those lawsuits is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations. On April 17, 2010, Presque Isle Downs, Inc. initiated legal action in the Court of Common Pleas of Erie County, Pennsylvania, against defendants Dwayne Cooper Enterprises, Inc. ("DCE"), Turner Construction Company ("Turner"), and Rectenwald Buehler Architects, Inc. f/k/a Weborg Rectenwald Buehler Architects, Inc. ("RB") to recover damages arising out of failures of the surveillance system installed during the original construction of the casino facilities at Presque Isle Downs. DCE supplied and installed the surveillance system, RB acted as the project architect, and Turner served as the construction manager on the project. Shortly after Presque Isle Downs opened on February 28, 2007, it discovered that certain components of the surveillance system were defective, malfunctioning or missing. After efforts to remediate the deficiencies in the system were unsuccessful, it became necessary to replace certain components of the surveillance system at a cost of $1.9 million, and to write-off approximately $1.5 million related to the net book value of the equipment that was replaced. On April 5, 2011, Presque Isle Downs obtained a default judgment against DCE in the amount of $2.7 million. Efforts to enforce the judgment against DCE are ongoing but the assets of DCE appear to be modest and materially insufficient to pay the judgment. Any proceeds that may be received will be recorded as the amounts are realized. Defendant RB joined five additional vendors/subcontractors as additional defendants in the case. Each of the defendants and all but one of the additional defendants filed motions or objections requesting that the Court dismiss the claims against it. After these motions and objections were denied and the parties engaged in limited discovery, the parties agreed to submit the case to mediation. The mediation occurred on February 10, 2015, and resulted in an agreement under which the sum of $0.7 million would be paid to Presque Isle Downs, Inc. in exchange for a general release of the defendants (except DCE) and the additional defendants. A draft settlement agreement has been prepared and is currently under review by all parties. It is anticipated the settlement will be concluded and the case voluntarily dismissed by June 30, 2015. On October 21, 2011, the Ohio Roundtable filed a complaint in the Court of Common Pleas in Franklin County, Ohio against a number of defendants, including the Governor, the Ohio Lottery Commission and the Ohio Casino Control Commission. The complaint alleges a variety of substantive and procedural defects relative to the approval and implementation of video lottery terminals as well as several counts dealing with the taxation of standalone casinos. As interveners, we, along with four of the other racinos in Ohio, filed motions for judgment on the pleadings to supplement the position of the Racing Commission. In May 2012, the Court of Common Pleas dismissed the case; however, the plaintiffs filed an appeal and oral arguments were held on January 17, 2013 in the 10th District Court of Appeals. In March 2013, the Court of Appeals upheld the ruling. The decision of the Appeals Court was appealed to the Ohio Supreme Court by the plaintiffs on April 30, 2013 and the Ohio Supreme Court has elected to accept the appeal. The Ohio Supreme Court temporarily stayed the appeal until it first ruled on a matter with similar procedural issues. A decision was issued on that case on June 10, 2014. Accordingly, along with the State Appellees, a motion to dismiss as improvidently granted was filed which was partially granted. The remaining propositions of law have been briefed by both parties and oral argument is scheduled for June 23, 2015. Environmental Remediation In October 2004, we acquired 229 acres of real property, known as the International Paper site, as an alternative site to build Presque Isle Downs. In connection with our acquisition of the International Paper site, we entered into a consent order and decree (the "Consent Order") with the PaDEP and International Paper insulating us from liability for certain pre-existing contamination, subject to compliance with the Consent Order, which included a proposed environmental remediation plan for the site, which was tied specifically to the use of the property as a racetrack. The proposed environmental remediation plan in the Consent Order was based upon a "baseline environmental report" and management estimated that such remediation would be subsumed within the cost of developing the property as a racetrack. The racetrack was never developed at this site. In October 2005, we sold approximately 205 acres to GEIDC who assumed primary responsibility for the remediation obligations under the Consent Order relating to the property they acquired. However, we were advised by the PaDEP that we were not released from our liability and responsibility under the Consent Order. We also purchased an Environmental Risk Insurance Policy in the amount of $10.0 million with respect to the property, which expires in October 2015. We believe the insurance coverage is in excess of any exposure that we may have in this matter. Regulatory Gaming Assessments The Pennsylvania Gaming Control Board (the "PGCB"), the Pennsylvania Department of Revenue and the Pennsylvania State Police (collectively "the Borrowers"), were required to fund the costs they incurred in connection with the initial development of the infrastructure to support gaming operations in Pennsylvania as well as the initial ongoing costs of the Borrowers. The initial funding of these costs was provided from a loan from the Pennsylvania General Fund in the amount of $36.1 million, and further funding was provided from additional loans from the Pennsylvania Property Tax Reserve Fund in the aggregate amount of $63.8 million. The Pennsylvania Department of Revenue will assess all licensees, including Presque Isle Downs, their proportionate share of amounts represented by the borrowings, which are in the aggregate amount of $99.9 million, once the designated number of Pennsylvania's slot machine licensees is operational. On July 11, 2011, the PGCB issued an administrative order which established that payments associated with the $63.8 million that was borrowed from the Property Tax Reserve Fund would commence on January 1, 2012. The repayment allocation between all current licensees is based upon equal weighting of (1) cumulative gross slot revenue since inception in relation to the combined cumulative gross slot revenue for all licensees and (2) single year gross slot revenue (during the state's fiscal year ending June 30) in relation to the combined single year gross slot revenue for all licensees; and amounts paid each year will be adjusted annually based upon changes in the licensee's proportionate share of gross slot revenue. MTR Gaming has estimated that its total proportionate share of the aggregate $63.8 million to be assessed to the gaming facilities will be approximately $4.2 million and will be paid quarterly over a ten-year period, which began effective January 1, 2012. For the $36.1 million that was borrowed from the General Fund, payment is scheduled to begin after all fourteen licensees are operational. Although MTR Gaming cannot determine when payment will begin, it has considered a similar repayment model for the General Fund borrowings and estimated that its total proportionate share of the aggregate $36.1 million to all fourteen gaming facilities will approximate $2.2 million, which has been accrued in the accompanying consolidated balance sheets at March 31, 2015 and December 31, 2014. The recorded estimate is subject to revision based upon future changes in the revenue assumptions utilized to develop the estimate. The estimated total obligation at March 31, 2015 and December 31, 2014 was $4.9 million and $0.5 million, respectively, and is accrued in the accompanying consolidated balance sheets. As of and during the three months ended March 31, 2015, our total estimated liability increased as a result of changes in the forecasted assumptions utilized in the model by $20,000 and was recognized in gaming operating expenses. MTR Gaming paid approximately $0.1 million during the three months ended March 31, 2015.

Segment Information

3 Months Ended

Mar. 31, 2015

Segment Information

Segment Information

Note 11. Segment Information

The following table sets forth, for the period indicated, certain operating data for our reportable segments. Management views each of our casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company's principal operating activities occur in three geographic regions: Reno, Shreveport and the eastern states. The Company has aggregated its operating segments into three reportable segments: Eldorado Reno, Eldorado Shreveport and MTR Gaming.

	Three Months Ended March 31,
	2015			2014
	(in thousands, unaudited)
Revenues and expenses
Eldorado Reno
Net operating revenues(a)	$	23,753		$	23,166
Expenses, excluding depreciation		(21,322	)		(22,483	)
Corporate management fee		(384	)		—
Acquisition charges		—			(1,372	)
Equity in losses of unconsolidated affiliates		(518	)		(380	)
Depreciation		(1,932	)		(2,028	)

Operating loss—Eldorado Reno	$	(403	)	$	(3,097	)


Eldorado Shreveport
Net operating revenues	$	34,634		$	34,614
Expenses, excluding depreciation and amortization(a)		(27,516	)		(27,805	)
Corporate management fee		(496	)		—
Depreciation and amortization		(1,919	)		(2,160	)

Operating income—Eldorado Shreveport	$	4,703		$	4,649


MTR Gaming
Net operating revenues	$	109,064		$	—
Expenses, excluding depreciation and amortization		(88,189	)		—
Corporate management fee		(1,763	)		—
Gain on sale or disposal of property		1			—
Acquisition charges		(84	)		—
Depreciation and amortization		(10,539	)		—

Operating income—MTR Gaming	$	8,490		$	—


Eldorado Corporate
Expenses, excluding depreciation and amortization(a)	$	(3,270	)	$	—
Corporate management fee		2,643			—
Depreciation and amortization		(79	)		—

Operating income—Eldorado Corporate	$	(706	)	$	—


Total Reportable Segments
Net operating revenues(a)	$	167,451		$	57,780
Expenses, excluding depreciation and amortization(a)		(140,297	)		(50,288	)
Gain on sale or disposal of property		1			—
Acquisition charges		(84	)		(1,372	)
Equity in losses of unconsolidated affiliates		(518	)		(380	)
Depreciation and amortization		(14,469	)		(4,188	)

Operating income—Total Reportable Segments	$	12,084		$	1,552


Reconciliations to Consolidated Net Loss
Operating Income—Total Reportable Segments	$	12,084		$	1,552
Unallocated income and expenses:
Interest income		5			4
Interest expense		(17,237	)		(3,889	)
Provision for income taxes		(1,016	)		—

Net loss	$	(6,164	)	$	(2,333	)

(a)	Excludes intercompany management fee revenues earned by Eldorado Reno and expensed by Eldorado Shreveport amounting to $0.8 million for the three months ended March 31, 2014.

	Three Months Ended March 31,
	2015		2014
	(in thousands, unaudited)
Capital Expenditures
Eldorado Reno	$	1,389	$	321
Eldorado Shreveport		620		181
MTR Gaming		5,486		—

Total	$	7,495	$	502

	As of March 31, 2015			As of December 31, 2014
	(unaudited)
	(in thousands)
Total Assets(a)
Eldorado Reno	$	236,788		$	236,330
Eldorado Shreveport		146,811			143,928
Eldorado Corporate		5,942			—
MTR Gaming		895,184			921,726
Eliminating and reclassification entries(b)		(134,273	)		(126,654	)

Total	$	1,150,452		$	1,175,330

(a)	Total assets presented in this table are considered restricted under the Company's indenture described in Note 7.
(b)	Reflects the following for the periods indicated:

Proceeds from Resorts Senior Secured Notes loaned to Eldorado Shreveport	$	116,308	$	116,308
Accrued interest on the above intercompany loan		2,926		418
Intercompany receivables/payables		3,344		130
Reclassification of noncurrent deferred tax assets		1,897		—
Net investment in and advances to MTR Gaming		5,000		5,000
Net investment in and advances to Eldorado Shreveport		4,798		4,798

	$	134,273	$	126,654

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

•

Level 1:

Quoted market prices in active markets for identical assets or liabilities.

•

Level 2:

Observable market-based inputs or unobservable inputs that are corroborated by market data.

•

Level 3:

Unobservable inputs that are not corroborated by market data.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practical to estimate fair value:

Restricted Cash: The credit support deposit is classified as Level 1 as its carrying value approximates market prices.

Advance to Silver Legacy Joint Venture: The $7.5 million note receivable due to ELLC from the Silver Legacy Joint Venture (see Note 3) is classified as Level 2 based upon market-based inputs.

The estimated fair values of the Company's financial instruments are as follows (amounts in thousands):

	March 31, 2015 (unaudited)				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	71,913	$	71,913	$	87,604	$	87,604
Restricted cash		8,357		8,357		8,234		8,234
Advance to Silver Legacy Joint Venture		—		5,067		—		4,911
Financial liabilities:
8.625% Resorts Senior Secured Notes		168,000		175,980		168,000		174,720
11.5% MTR Second Lien Notes		608,090		608,321		610,827		606,919
Acquisition-Related Contingent Considerations		546		546		524		524

The following table represents the change in acquisition-related contingent consideration liabilities during the period December 31, 2014 to March 31, 2015:

Balance as of December 31, 2014	$	524
Amortization of present value discount(1)		16
Fair value adjustment for change in consideration expected to be paid(2)		6
Settlements		—

Balance as of March 31, 2015	$	546

(1)	Changes in present value are included as a component of interest expense in the consolidated statements of operations.
(2)	Fair value adjustments for changes in earn-out estimates are recorded to indefinite-lived intangibles in the consolidated balance sheets.

Reclassifications

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Significant Accounting Policies

Schedule of estimated fair values of the Company's financial instruments

The estimated fair values of the Company's financial instruments are as follows (amounts in thousands):

	March 31, 2015 (unaudited)				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	71,913	$	71,913	$	87,604	$	87,604
Restricted cash		8,357		8,357		8,234		8,234
Advance to Silver Legacy Joint Venture		—		5,067		—		4,911
Financial liabilities:
8.625% Resorts Senior Secured Notes		168,000		175,980		168,000		174,720
11.5% MTR Second Lien Notes		608,090		608,321		610,827		606,919
Acquisition-Related Contingent Considerations		546		546		524		524

Schedule of change in acquisition-related contingent consideration liabilities

Balance as of December 31, 2014	$	524
Amortization of present value discount(1)		16
Fair value adjustment for change in consideration expected to be paid(2)		6
Settlements		—

Balance as of March 31, 2015	$	546

(1)	Changes in present value are included as a component of interest expense in the consolidated statements of operations.
(2)	Fair value adjustments for changes in earn-out estimates are recorded to indefinite-lived intangibles in the consolidated balance sheets.

Acquisition and Purchase Accounting (Tables)

3 Months Ended

Mar. 31, 2015

Acquisition and Purchase Accounting

Schedule of calculation of the purchase price, which was calculated using the fair value of the outstanding common stock of MTR Gaming based on closing stock price and reconciliation of the total shares outstanding on the Merger Date

ERI Outstanding Share Calculation:
Shares issued to HoldCo(1)		23,286,202
Number of MTR Gaming shares outstanding on the Merger Date(2)		28,386,084
MTR Gaming RSUs that vested upon closing of the Merger(3)		499,179

Total ERI shares outstanding—before share repurchase		52,171,465
MTR Gaming shares acquired at $6.05 per share based on $35.0 million cash election(4)		(5,785,123	)

Total ERI shares outstanding at Merger Date(5)		46,386,342
Resorts % ownership		50.20	%
MTR Gaming % ownership		49.80	%
Consideration Transferred (dollars in thousands, except stock price)
Number of MTR Gaming shares outstanding at the Merger Date		28,386,084
MTR Gaming RSUs that vested upon closing of the Merger		499,179
MTR Gaming shares acquired at $6.05 per share based on $35.0 million cash election		(5,785,123	)

Total net MTR Gaming shares		23,100,140
FMV of MTR Gaming common stock at Merger Date	$	4.43

Fair value of MTR Gaming shares	$	102,334
Fair value of MTR Gaming stock options(3)		677

Total consideration transferred	$	103,011

(1)	The number of shares issued to members of HoldCo in the Mergers as merger consideration was determined pursuant to the terms of the Merger Agreement. The shares have been adjusted based upon the final review, as defined in the Merger Agreement. As a result, 25,290 escrow shares previously issued were returned to authorized and unissued prior to December 31, 2014.
(2)	Number of shares of MTR Gaming common stock issued and outstanding immediately prior to closing.
(3)	Pursuant to the MTR Gaming 2010 Long-Term Incentive Plan, immediately prior to closing, all outstanding stock options and MTR Gaming RSUs vested and became immediately exercisable. All vested MTR Gaming RSUs were exchanged for one share of ERI common stock. All outstanding stock options became exercisable for shares of ERI common stock with the same terms as the previous awards.
(4)	Total cash election includes $30.0 million paid by MTR Gaming and $5.0 million paid by HoldCo on the Merger Date.
(5)	The number of shares issued and outstanding, after settlement of the escrow shares, as determined pursuant to the terms of the Merger Agreement.

Summary of the preliminary estimated fair values of the assets acquired and liabilities assumed at the Merger Date

The following table summarizes the final purchase price allocation of the acquired assets and assumed liabilities as recorded at fair value on the Merger Date (dollars in thousands):

Current and other assets	$	75,031
Property and equipment		289,211
Goodwill		66,826
Intangible assets(1)		473,000
Other noncurrent assets		20,381

Total assets		924,449

Current liabilities		46,446
Long-term debt(2)		624,877
Deferred income taxes(3)		143,104
Other noncurrent liabilities		7,011

Total liabilities assumed		821,438

Net assets acquired	$	103,011

(1)	Intangible assets consist of gaming licenses, trade names and customer loyalty programs.
(2)	Long-term debt was comprised of MTR Second Lien Notes totaling $570.7 million.
(3)	Deferred tax liabilities were derived based on fair value adjustments for property and equipment, identified intangibles, deferred financing costs, certain long term liabilities and long-term debt.

Schedule of unaudited pro forma financial results

	Three Months Ended March 31, 2014 (unaudited)
Net revenues	$	171,858
Net loss		(3,127	)
Net loss per common share:
Basic and diluted	$	(0.07	)
Weighted shares outstanding:
Basic and diluted		46,386,342

Investment in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2015

Summary of unaudited results of operations

Summarized unaudited results of operations for the Silver Legacy Joint Venture are as follows (in thousands):

	Three Months Ended March 31,
	2015			2014
	(unaudited)
Net revenues	$	27,651		$	27,577
Operating expenses		25,989			26,146

Operating income		1,662			1,431
Other expense		(2,738	)		(2,737	)

Net loss	$	(1,076	)	$	(1,306	)

Silver Legacy Joint Venture

Summary of information for the Company's equity investment

Summarized information for the Company's investment in and advances to the Silver Legacy Joint Venture as of and for the three months ended March 31, 2015 and 2014 is as follows (in thousands):

	March 31, 2015			March 31, 2014
	(unaudited)
Beginning balance	$	14,009		$	13,081
Equity in losses of unconsolidated affiliate		(518	)		(652	)

Ending balance	$	13,491		$	12,429

Summary of balance sheet information

Summarized balance sheet information for the Silver Legacy Joint Venture is as follows (in thousands):

	March 31, 2015		December 31, 2014
	(unaudited)
Current assets	$	30,994	$	30,563
Property and equipment, net		188,747		190,592
Other assets, net		5,904		6,412

Total assets	$	225,645	$	227,567


Current liabilities	$	18,549	$	18,707
Long-term liabilities		88,634		89,322
Partners' equity		118,462		119,538

Total liabilities and partners' equity	$	225,645	$	227,567

Other and Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2015

Other and Intangible Assets, net

Schedule of other and intangible assets, net

Other and intangible assets, net, consisted of the following amounts (in thousands):

	March 31, 2015			December 31, 2014
	(unaudited)
Goodwill	$	66,826		$	66,826


Gaming license (Indefinite-lived)	$	482,074		$	482,074
Trade names		6,700			6,700
Customer loyalty programs		4,800			4,800

		493,574			493,574
Accumulated amortization trade names		(1,025	)		(547	)
Accumulated amortization customer loyalty programs		(2,571	)		(1,114	)

Total goodwill and other intangible assets	$	489,978		$	491,913


Land held for development	$	906		$	906
Bond offering costs, 8.625% Resorts Senior Secured Notes		6,851			6,851
Other		5,050			5,354

		12,807			13,111
Accumulated amortization bond costs 8.625% Senior Secured		(3,294	)		(3,080	)

Total Other Assets, net	$	9,513		$	10,031

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Long-term debt

Summary of long-term debt obligations

Long-term debt consisted of the following (in thousands):

	March 31, 2015		December 31, 2014
	(unaudited)
Resorts:
8.625% Senior Secured Notes	$	168,000	$	168,000

MTR Gaming:
11.5% MTR Second Lien Notes		560,664		560,664
Unamortized premium		47,426		50,163

		608,090		610,827

Total Long-Term Debt		776,090		778,827
Less—Current portion		—		—

	$	776,090	$	778,827

Resorts

Long-term debt

Schedule of redemption prices of notes

Year beginning June 15,	Percentage
2015		104.313	%
2016		102.156	%
2017 and thereafter		100.000	%

MTR Gaming

Long-term debt

Schedule of redemption prices of notes

Year beginning August 1,	Percentage
2015		106.00	%
2016		103.00	%
2017 and thereafter		100.00	%

Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Information

Schedule of operating data for reportable segments

	Three Months Ended March 31,
	2015			2014
	(in thousands, unaudited)
Revenues and expenses
Eldorado Reno
Net operating revenues(a)	$	23,753		$	23,166
Expenses, excluding depreciation		(21,322	)		(22,483	)
Corporate management fee		(384	)		—
Acquisition charges		—			(1,372	)
Equity in losses of unconsolidated affiliates		(518	)		(380	)
Depreciation		(1,932	)		(2,028	)

Operating loss—Eldorado Reno	$	(403	)	$	(3,097	)


Eldorado Shreveport
Net operating revenues	$	34,634		$	34,614
Expenses, excluding depreciation and amortization(a)		(27,516	)		(27,805	)
Corporate management fee		(496	)		—
Depreciation and amortization		(1,919	)		(2,160	)

Operating income—Eldorado Shreveport	$	4,703		$	4,649


MTR Gaming
Net operating revenues	$	109,064		$	—
Expenses, excluding depreciation and amortization		(88,189	)		—
Corporate management fee		(1,763	)		—
Gain on sale or disposal of property		1			—
Acquisition charges		(84	)		—
Depreciation and amortization		(10,539	)		—

Operating income—MTR Gaming	$	8,490		$	—


Eldorado Corporate
Expenses, excluding depreciation and amortization(a)	$	(3,270	)	$	—
Corporate management fee		2,643			—
Depreciation and amortization		(79	)		—

Operating income—Eldorado Corporate	$	(706	)	$	—


Total Reportable Segments
Net operating revenues(a)	$	167,451		$	57,780
Expenses, excluding depreciation and amortization(a)		(140,297	)		(50,288	)
Gain on sale or disposal of property		1			—
Acquisition charges		(84	)		(1,372	)
Equity in losses of unconsolidated affiliates		(518	)		(380	)
Depreciation and amortization		(14,469	)		(4,188	)

Operating income—Total Reportable Segments	$	12,084		$	1,552


Reconciliations to Consolidated Net Loss
Operating Income—Total Reportable Segments	$	12,084		$	1,552
Unallocated income and expenses:
Interest income		5			4
Interest expense		(17,237	)		(3,889	)
Provision for income taxes		(1,016	)		—

Net loss	$	(6,164	)	$	(2,333	)

(a)	Excludes intercompany management fee revenues earned by Eldorado Reno and expensed by Eldorado Shreveport amounting to $0.8 million for the three months ended March 31, 2014.

	Three Months Ended March 31,
	2015		2014
	(in thousands, unaudited)
Capital Expenditures
Eldorado Reno	$	1,389	$	321
Eldorado Shreveport		620		181
MTR Gaming		5,486		—

Total	$	7,495	$	502

	As of March 31, 2015			As of December 31, 2014
	(unaudited)
	(in thousands)
Total Assets(a)
Eldorado Reno	$	236,788		$	236,330
Eldorado Shreveport		146,811			143,928
Eldorado Corporate		5,942			—
MTR Gaming		895,184			921,726
Eliminating and reclassification entries(b)		(134,273	)		(126,654	)

Total	$	1,150,452		$	1,175,330

(a)	Total assets presented in this table are considered restricted under the Company's indenture described in Note 7.
(b)	Reflects the following for the periods indicated:

Proceeds from Resorts Senior Secured Notes loaned to Eldorado Shreveport	$	116,308	$	116,308
Accrued interest on the above intercompany loan		2,926		418
Intercompany receivables/payables		3,344		130
Reclassification of noncurrent deferred tax assets		1,897		—
Net investment in and advances to MTR Gaming		5,000		5,000
Net investment in and advances to Eldorado Shreveport		4,798		4,798

	$	134,273	$	126,654

Organization and Basis of Presentation (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 16, 2012	Jun. 01, 2011
Fair Value of Financial Instruments
Notes receivable	$ 13,491		$ 14,009
Reclassifications
Entertainment revenues reclassified from food, beverage and entertainment revenues		$ 700
Entertainment expenses reclassified from other expenses		500
Marketing and promotions costs reclassified to a separate line items from casino expenses		3,500
Marketing and promotions costs reclassified to a separate line items from general and administrative expenses		600
Valet related expenses reclassified to other expenses from general and administrative expenses		$ 200
Acquisition-Related Contingent Considerations
Change in acquisition-related contingent consideration liabilities
Balance at the beginning of the period	524
Amortization of present value discount	16
Fair value adjustment for change in consideration expected to be paid	6
Balance at the end of the period	546
Carrying Amount
Financial assets:
Cash and cash equivalents	71,913		87,604
Restricted cash	8,357		8,234
Financial liabilities:
Acquisition-related contingent considerations	546		524
Carrying Amount \| 8.625% Senior Secured Notes
Financial liabilities:
Long-term debt	168,000		168,000
Carrying Amount \| 11.5% Senior Secured Second Lien Notes
Financial liabilities:
Term loan	608,090		610,827
Fair Value
Financial assets:
Cash and cash equivalents	71,913		87,604
Restricted cash	8,357		8,234
Advance to Silver Legacy Joint Venture	5,067		4,911
Financial liabilities:
Acquisition-related contingent considerations	546		524
Fair Value \| 8.625% Senior Secured Notes
Financial liabilities:
Long-term debt	175,980		174,720
Fair Value \| 11.5% Senior Secured Second Lien Notes
Financial liabilities:
Term loan	$ 608,321		$ 606,919
ELLC \| Silver Legacy Joint Venture
Fair Value of Financial Instruments
Notes receivable				$ 7,500
8.625% Resorts Senior Secured Notes \| Resorts
Fair Value of Financial Instruments
Interest rate (as a percent)	8.625%		8.625%		8.625%
Senior Secured Second Lien Notes \| MTR Gaming
Fair Value of Financial Instruments
Interest rate (as a percent)	11.50%		11.50%
Level 2 \| 8.625% Resorts Senior Secured Notes \| Resorts
Fair Value of Financial Instruments
Interest rate (as a percent)	8.625%
Level 2 \| Senior Secured Second Lien Notes \| MTR Gaming
Fair Value of Financial Instruments
Interest rate (as a percent)	11.50%

Acquisition and Purchase Accounting (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Sep. 19, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Consideration Transferred
Escrow shares returned to authorized and unissued (in shares)		25,290
Estimated fair values of the assets acquired and liabilities assumed
Goodwill		$ 66,826		$ 66,826
Business Acquisition, Pro Forma Revenue			$ 171,858
Business Acquisition, Pro Forma Net Income (Loss)			$ (3,127)
Business Acquisition, Pro Forma Earnings Per Share, Basic			$ (0.07)
Business Acquisitions Weighted Average Basic Shares Outstanding Pro Forma			46,386,342
MTR Gaming
Acquisition and purchase accounting
Total consideration paid	$ 103,011
Outstanding Share Calculation
Number of shares outstanding on the Merger Date	28,386,084
Total shares outstanding-before share repurchase	52,171,465
Number of shares acquired at $6.05 per share based on $35.0 million cash election	(5,785,123)
Share price (in dollars per share)	$ 6.05
Amount of cash election	$ 35,000
Total ERI shares outstanding at Merger Date	46,386,342
Consideration Transferred
MTR Gaming shares acquired at $6.05 per share based on $35.0 million cash election	$ (5,785,123)
Fair value of shares	102,334
Fair value of stock options	$ 677
Number of ERI's shares to be received for each outstanding share or vested RSUs of the acquiree's	1
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets	$ 75,031
Property and equipment	289,211
Goodwill	66,826
Intangible assets	473,000
Other noncurrent assets	20,381
Total assets	924,449
Current liabilities	46,446
Long-term debt	624,877
Deferred income taxes	143,104
Other noncurrent liabilities	7,011
Total liabilities assumed	821,438
Net assets acquired	$ 103,011
MTR Gaming \| Members of Resorts
Outstanding Share Calculation
Shares issued (in shares)	23,286,202
Resorts
Outstanding Share Calculation
Ownership interest in combined entity (as a percent)	50.20%
Consideration Transferred
Amounts paid for cash election	$ 5,000
MTR Gaming
Outstanding Share Calculation
Ownership interest in combined entity (as a percent)	49.80%
Consideration Transferred
Number of MTR Gaming shares outstanding at the Merger Date	$ 28,386,084
Total net MTR Gaming shares	$ 23,100,140
FMV of Common stock (in dollars per share)	$ 4.43
Amounts paid for cash election	$ 30,000
MTR Gaming \| Senior Secured Second Lien Notes
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt, gross	$ 570,700
MTR Gaming \| Restricted stock units (RSUs)
Outstanding Share Calculation
RSUs that vested upon closing of the Merger (in shares)	499,179
Consideration Transferred
MTR Gaming RSUs that vested upon closing of the Merger	$ 499,179

Investment in Unconsolidated Affiliates (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 16, 2012	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 18, 2014	Dec. 16, 2013
Investment in Unconsolidated Affiliates
Par Value per share		$ 0.00001		$ 0.00001
Notes receivable		$ 13,491		$ 14,009
Summary of company's equity investment
Equity in income (loss) of unconsolidated affiliate		$ (518)	$ (380)
Member's distribution			(191)
ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)					50.00%
ELLC \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		50.00%
Notes receivable	$ 7,500
Collateral deposits	$ 5,000
Interest rate on note receivable	5.00%
Galleon \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		50.00%
Collateral deposits		$ 2,500	2,500	5,000
Summary of company's equity investment
Investment in joint venture	$ 7,500
Silver Legacy Joint Venture
Summary of company's equity investment
Beginning balance		14,009	13,081
Equity in income (loss) of unconsolidated affiliate		(518)	(652)
Ending balance		13,491	12,429
Balance sheet information
Current assets		30,994		30,563
Property and equipment, net		188,747		190,592
Other assets, net		5,904		6,412
Total assets		225,645		227,567
Current liabilities		18,549		18,707
Long-term liabilities		88,634		89,322
Partners' equity		118,462		119,538
Total liabilities and partners' equity		225,645		$ 227,567
Unaudited results of operations
Net revenues		27,651	27,577
Operating expenses		25,989	26,146
Operating income		1,662	1,431
Other expense		(2,738)	(2,737)
Net income (loss)		$ (1,076)	$ (1,306)
Silver Legacy Joint Venture \| New Silver Legacy Credit Facility
Investment in Unconsolidated Affiliates
Principal amount						$ 90,500
Resorts
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)					48.10%
Resorts \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		48.10%

Other and Intangible Assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 01, 2011
Trade names and customer loyalty program
Remainder of 2015	$ 3,700
2016	1,900
2017	1,900
2018	400
Deferred financing costs
Remainder of 2015	700
2016	900
2017	900
2018	900
2019	400
Goodwill	66,826		$ 66,826
Total goodwill and other intangible assets, gross	493,574		493,574
Total goodwill and other intangible assets	489,978		491,913
Land held for development	906		906
Other	5,050		5,354
Total Other Assets, gross	12,807		13,111
Total Other Assets, net	9,513		10,031
Amortization expense of deferred financing costs	200	$ 200
Remainder of 2015	3,700
8.625% Resorts Senior Secured Notes
Deferred financing costs
Accumulated amortization bond costs	(3,294)		(3,080)
Resorts \| 8.625% Resorts Senior Secured Notes
Deferred financing costs
Bond offering costs	$ 6,851		$ 6,851
Interest rate (as a percent)	8.625%		8.625%	8.625%
Trade name
Deferred financing costs
Intangible assets, excluding goodwill- gross	$ 6,700		$ 6,700
Accumulated Amortization	$ (1,025)	0	(547)
Finite-Lived Intangible Asset, Useful Life	3 years 6 months
Customer loyalty programs
Deferred financing costs
Intangible assets, excluding goodwill- gross	$ 4,800		4,800
Accumulated Amortization	$ (2,571)	$ 0	(1,114)
Finite-Lived Intangible Asset, Useful Life	1 year
Gaming licenses
Deferred financing costs
Intangible assets, excluding goodwill- gross	$ 482,074		482,074
Gaming licenses \| Eldorado Casino Shreveport Joint Venture
Deferred financing costs
Intangible assets, excluding goodwill	$ 20,600		$ 20,600

Long-Term Debt (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
Long-Term Debt (Details) - USD ($)	Oct. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 19, 2014	Aug. 01, 2011	Jun. 01, 2011
Long-term debt
Long-term Debt, Total		$ 776,090,000		$ 778,827,000
Long-term debt, noncurrent		776,090,000		778,827,000
Scheduled maturities of long-term debt in 2019		728,700,000
Interest Expense		17,237,000	$ 3,889,000
11.25% MTR Second Lien Notes
Long-term debt
Long-term Debt, Total	$ 10,000,000
Interest rate (as a percent)	11.50%
Debt Instrument, Repurchased Face Amount	$ 100
Debt Instrument Repurchase Price	110.25
Amortization of Debt Discount (Premium)				10,900,000
Interest Expense				64,500,000
Interest Expense Saved	$ 1,200,000
Resorts \| 8.625% Resorts Senior Secured Notes
Long-term debt
Long-term Debt, Total		$ 168,000,000		$ 168,000,000
Interest rate (as a percent)		8.625%		8.625%			8.625%
Face amount of debt							$ 180,000,000
Resorts \| 8.625% Resorts Senior Secured Notes \| Prior to June 15, 2015
Long-term debt
Redemption price (as a percent)		100.00%
Resorts \| 8.625% Resorts Senior Secured Notes \| Year beginning June 15, 2015
Long-term debt
Redemption price (as a percent)		104.313%
Resorts \| 8.625% Resorts Senior Secured Notes \| Year beginning June 15, 2016
Long-term debt
Redemption price (as a percent)		102.156%
Resorts \| 8.625% Resorts Senior Secured Notes \| Year beginning June 15, 2017 and thereafter
Long-term debt
Redemption price (as a percent)		100.00%
MTR Gaming \| 11.25% MTR Second Lien Notes
Long-term debt
Long-term debt, gross		$ 560,664,000		$ 560,664,000
MTR Gaming \| Senior Secured Second Lien Notes
Long-term debt
Long-term debt, gross					$ 570,700,000
Unamortized premium		47,426,000		50,163,000
Long-term Debt, Total		$ 608,090,000		$ 610,827,000
Interest rate (as a percent)		11.50%		11.50%
Face amount of debt						$ 565,000,000

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2015 USD ($) item	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)
Segment information
Number of reportable segments \| item	3
Revenues and expenses
Net operating revenues	$ 167,451	$ 57,030
(Loss) gain on sale or disposition of property	1
Acquisition charges	(84)	(1,372)
Equity in net income (losses) of unconsolidated affiliate	(518)	(380)
Depreciation and amortization	(14,469)	(4,188)
Operating income	12,084	1,552
Reconciliations to Consolidated Net Income
Operating Income	12,084	1,552
Unallocated income and expenses:
Interest income	5	4
Interest expense	(17,237)	(3,889)
Provision for income taxes	(1,016)	0
Net loss	(6,164)	(2,333)
Capital Expenditures	7,495	502
Total Assets	1,150,452		$ 1,175,330
Eliminations for the period
Reclassification of noncurrent deferred tax assets	1,897
Net investment in and advances to other segment	13,491		14,009
Eldorado Reno
Revenues and expenses
Corporate management fee	(384)
Unallocated income and expenses:
Capital Expenditures	1,389	321
Total Assets	236,788		236,330
Eldorado Shreveport
Revenues and expenses
Corporate management fee	(496)
Unallocated income and expenses:
Capital Expenditures	620	181
Total Assets	146,811		143,928
MTR Gaming
Revenues and expenses
Corporate management fee	(1,763)
(Loss) gain on sale or disposition of property	1
Unallocated income and expenses:
Capital Expenditures	5,486
Total Assets	895,184		921,726
Unallocated
Revenues and expenses
Expenses, excluding depreciation and amortization	(3,270)
Corporate management fee	2,643
Depreciation and amortization	(79)
Operating income	(706)
Reconciliations to Consolidated Net Income
Operating Income	(706)
Unallocated income and expenses:
Total Assets	5,942
Operating segment
Revenues and expenses
Net operating revenues	167,451	57,780
Expenses, excluding depreciation and amortization	(140,297)	(50,288)
(Loss) gain on sale or disposition of property	1
Acquisition charges	(84)	(1,372)
Equity in net income (losses) of unconsolidated affiliate	(518)	(380)
Depreciation and amortization	(14,469)	(4,188)
Operating income	12,084	1,552
Reconciliations to Consolidated Net Income
Operating Income	12,084	1,552
Operating segment \| Eldorado Reno
Revenues and expenses
Net operating revenues	23,753	23,166
Expenses, excluding depreciation and amortization	(21,322)	(22,483)
Acquisition charges		(1,372)
Equity in net income (losses) of unconsolidated affiliate	(518)	(380)
Depreciation	1,932	2,028
Operating income	(403)	(3,097)
Reconciliations to Consolidated Net Income
Operating Income	(403)	(3,097)
Operating segment \| Eldorado Shreveport
Revenues and expenses
Net operating revenues	34,634	34,614
Expenses, excluding depreciation and amortization	(27,516)	(27,805)
Depreciation and amortization	(1,919)	(2,160)
Operating income	4,703	4,649
Reconciliations to Consolidated Net Income
Operating Income	4,703	4,649
Operating segment \| MTR Gaming
Revenues and expenses
Net operating revenues	109,064
Expenses, excluding depreciation and amortization	(88,189)
Acquisition charges	(84)
Depreciation and amortization	(10,539)
Operating income	8,490
Reconciliations to Consolidated Net Income
Operating Income	8,490
Eliminating entries
Unallocated income and expenses:
Total Assets	(134,273)		(126,654)
Eliminations for the period
Proceeds from Resorts Senior Secured Notes loaned to Eldorado Shreveport	116,308		116,308
Accrued interest on the above intercompany loan	2,926		418
Intercompany receivables/payables	3,344		130
Eliminating entries \| Eldorado Reno
Unallocated income and expenses:
Management fees included in net operating revenue		800
Eliminating entries \| Eldorado Shreveport
Unallocated income and expenses:
Management fees cost	800	$ 800
Eliminations for the period
Net investment in and advances to other segment	4,798		4,798
Eliminating entries \| MTR Gaming
Eliminations for the period
Net investment in and advances to other segment	$ 5,000		$ 5,000

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income taxes
Income Taxes	Note 5. Income Taxes Prior to the Merger Date, the Company was taxed as a partnership under the Internal Revenue Code pursuant to which income taxes were primarily the responsibility of the partners. On September 18, 2014, as part of the Merger with MTR Gaming, the Company became a C corporation subject to federal and state corporate-level income taxes at prevailing corporate tax rates. The Company files a US federal tax return, and various state and local income tax returns. With few exceptions, the Company is no longer subject to US federal or state and local tax examinations by tax authorities for years before 2011. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. The Company is estimating its operating results will be at or about break-even, but incurs significant tax expense related to tax amortization of indefinite lived gaming licenses (i.e. Naked Credits) as noted below. This unusual circumstance may result in significant variations in the customary relationship between income tax expense and pretax accounting income in interim periods. The Company is applying the guidance of ASC 740-270-30-18 and applying the actual effective tax rate for the year to date operations as the best estimate of the annual effective tax rate. The income tax provision results in an effective tax rate that has an unusual relation to our pretax income (loss). This is due to the federal and state valuation allowances on deferred tax assets as discussed below. The difference between the effective rate and the statutory rate is attributed primarily to the federal and state valuation allowances on our deferred tax assets. As a result of net operating losses and the net deferred tax asset position (after exclusion of certain deferred tax liabilities that generally cannot be offset against deferred tax assets, known as "Naked Credits"), the Company expects to continue to provide for a full valuation allowance against substantially all of our net federal and state deferred tax assets. For income tax purposes the Company amortizes or depreciates certain assets that have been assigned an indefinite life for book purposes. The incremental amortization or depreciation deductions for income tax purposes result in an increase in certain deferred tax liabilities that cannot be used as a source of future taxable income for purposes of measuring our need for a valuation allowance against the net deferred tax assets. Therefore, we expect to record non cash deferred tax expense as we amortize these assets for tax purposes. During the three months ended March 31, 2015, the Company's tax expense was $1.0 million. There was no income tax expense during the three months ended March 31, 2014 because the Company was a partnership for income tax purposes. As of March 31, 2015, there are no unrecognized tax benefits and the Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits within the next twelve months.

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2015
Related Parties
Related Parties	Note 10. Related Parties As of March 31, 2015, the Company's receivables and payables to related parties amounted to $0.3 million and $0.2 million, respectively. As of December 31, 2014, the Company's receivables and payables to related parties amounted to $0.4 million and $0.2 million, respectively. These amounts represent amounts related to shared services and other transactions in the ordinary course of business between Resorts and Silver Legacy.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014
Income taxes
Income tax expense	$ 1,016	$ 0
Unrecognized Tax Benefits	$ 0
Distributions to members		$ 191

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Accrued and Other Liabilities
Accrued insurance and medical claims	$ 966	$ 1,273
Unclaimed chips	1,124	938
Accrued Purses and Track Related Liabilities	7,159	4,303
Accrued real estate and property taxes	1,741	2,578
Jackpot liabilities and other accrued gaming promotions	8,409	8,211
Construction project and equipment liabilities	736	2,333
Other	7,581	7,152
Accrued other liabilities, Current	$ 27,716	$ 26,788

Long-Term Debt (Details 2) - MTR Gaming - Senior Secured Second Lien Notes $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Aug. 01, 2011 USD ($)
Debt instruments
Debt issued			$ 565.0
Interest rate (as a percent)	11.50%	11.50%
Issue price as percentage of principal amount			97.00%
Prior to August 1, 2015
Debt instruments
Redemption price (as a percent)	100.00%
Year beginning August 1, 2015
Debt instruments
Redemption price (as a percent)	106.00%
Year beginning August 1, 2016
Debt instruments
Redemption price (as a percent)	103.00%
Year beginning August 1, 2017 and thereafter
Debt instruments
Redemption price (as a percent)	100.00%
Minimum
Debt instruments
Consolidated total debt ratio	4.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,426,714	46,426,714
Common stock, shares outstanding	46,426,714	46,426,714
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Loss	$ (6,164)	$ (2,333)
Comprehensive Loss, net of tax	$ (6,164)	$ (2,333)

Organization and Basis of Presentation (Details) $ in Millions		3 Months Ended
	Sep. 01, 2014 USD ($)	Mar. 31, 2015 item	Sep. 18, 2014	Aug. 31, 2014
Galleon \| Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)		50.00%
Resorts
Organization and Basis of Presentation
Ownership interest (as a percent)			48.10%
Resorts \| Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)		48.10%
Resorts \| Silver Legacy Joint Venture \| Retained Interest Agreement
Organization and Basis of Presentation
Ownership percentage allowed to be acquired		1.90%
Resorts \| Tamarack
Organization and Basis of Presentation
Ownership interest (as a percent)				21.30%
Gain (loss) on distribution of interest in equity method investment	$ 0.0
Equity Method Investment Distributed Carrying Amount	$ 5.5
Eldorado Casino Shreveport Joint Venture
Organization and Basis of Presentation
Number of rooms in suite art deco-style hotel \| item		403
ELLC \| Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)		50.00%

Commitments and Contingencies (Details) $ in Thousands			1 Months Ended		3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Apr. 05, 2011 USD ($)	Feb. 28, 2007 USD ($)	Oct. 31, 2005 USD ($) a	Oct. 31, 2004 a	Mar. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)
Operating Lease
Gain on sale or disposal of property					$ 1
Regulatory Gaming Assessments
Cost of surveillance system		$ 1,900
Write-off of assets replaced		$ 1,500
Default judgement amount to be paid	$ 2,700
MTR Gaming
Environmental Remediation
Area of real property acquired (in acres) \| a				229
Area of real property sold (in acres) \| a			205
Amount of Environmental Risk Insurance Policy purchased			$ 10,000
Regulatory Gaming Assessments
Estimated total obligation for assessments					4,900	$ 500
Obligations paid					100
MTR Gaming \| Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Estimated total proportionate share of assessment upon gaming facilities					2,200	2,200
MTR Gaming \| Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Estimated total proportionate share of assessment upon gaming facilities					$ 4,200	$ 4,200
Period for quarterly payments of proportionate share of funding for assessments					10 years
The borrowers
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming					$ 99,900
The borrowers \| Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming							$ 36,100
Number of licensees operational after which repayment of borrowing from General Fund would commence \| item					14
The borrowers \| Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming							$ 63,800

Related Parties (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Related Parties
Receivables from related parties	$ 0.3	$ 0.4
Payable to related parties	$ 0.2	$ 0.2