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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Dec. 31, 2015	Mar. 02, 2016	Jun. 30, 2015
Document and Entity Information Abstract
Entity Registrant Name	Eldorado Resorts, Inc.
Entity Central Index Key	0001590895
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 230.1
Entity Common Stock, Shares Outstanding		46,850,583
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 78,278	$ 87,604
Restricted cash	5,271	5,734
Accounts receivable, net	9,981	7,112
Due from unconsolidated affiliates		362
Inventories	11,742	7,234
Prepaid income taxes	112
Prepaid expenses and other	10,795	9,447
Total current assets	116,179	117,493
Restricted cash		2,500
Investment in and advances to unconsolidated affiliates	1,286	14,009
Property and equipment, net	625,416	456,139
Gaming licenses and other intangibles. net	492,033	491,913
Goodwill	66,826	66,826
Non-operating real property	16,314	16,419
Other assets, net	6,954	6,260
Total assets	1,325,008	1,171,559
Current Liabilities:
Current portion of long-term debt	4,524	32
Accounts payable	17,005	12,021
Due to affiliates	129	187
Accrued interest	14,978	27,469
Income taxes payable		137
Accrued gaming taxes and assessments	19,424	15,782
Accrued payroll	17,852	9,443
Accrued other liabilities	31,798	24,165
Deferred income taxes		2,608
Total current liabilities	105,710	91,844
Long-term debt, less current maturities	861,713	775,059
Deferred income taxes	78,797	144,439
Other liabilities	8,121	8,595
Total liabilities	1,054,341	1,019,937
Commitments and Contingencies (Note 10)
Stockholders' Equity:
Common stock, 100,000,000 shares authorized, 46,817,829 and 46,426,714 issued and outstanding, par value $0.00001
Paid-in capital	170,897	165,857
Accumulated deficit	99,758	(14,425)
Accumulated other comprehensive income	12	87
Total stockholders’ equity	270,667	151,519
Non-controlling interest		103
Total stockholders’ equity	270,667	151,622
Total liabilities and stockholders' equity	$ 1,325,008	$ 1,171,559

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Casino	$ 614,227	$ 298,848	$ 192,379
Pari-mutuel commissions	9,031	1,986
Food and beverage	97,740	68,233	60,556
Hotel	37,466	28,007	26,934
Other	26,077	13,198	10,384
Gross revenues	784,541	410,272	290,253
Less promotional allowances	(64,757)	(48,449)	(43,067)
Net operating revenues	719,784	361,823	247,186
Expenses:
Casino	357,572	167,792	101,913
Pari-mutuel commissions	9,973	2,411
Food and beverage	52,606	37,411	28,982
Hotel	11,307	8,536	7,891
Other	15,325	9,348	7,290
Marketing and promotions	31,227	21,982	17,740
General and administrative	96,870	58,738	43,713
Corporate	16,469	4,617
Depreciation and amortization	56,921	28,643	17,031
Total operating expenses	648,270	339,478	224,560
Loss on sale or disposal of property	(6)	(84)	(226)
Acquisition charges	(2,452)	(7,411)	(3,173)
Equity in income of unconsolidated affiliates	3,460	2,705	3,355
Operating (loss) income	72,516	17,555	22,582
Other Income (Expense):
Interest expense	(61,558)	(30,734)	(15,665)
Gain on extinguishment of debt of unconsolidated affiliate			11,980
Gain on valuation of unconsolidated affiliate	35,582
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate		715
Loss on early retirement of debt	1,937	90
Total other expense	(27,913)	(30,109)	(3,685)
Net (loss) income before income taxes	44,603	(12,554)	18,897
Provision for income taxes	69,580	(1,768)	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	114,183	(14,322)	18,897
Non-controlling interest		103
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	$ 114,183	$ (14,425)	$ 18,897
Net income (loss) per share of common stock:
Basic	$ 2.45	$ (0.48)	$ 0.81
Diluted	$ 2.43	$ (0.48)	$ 0.81
Weighted average number of shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	46,550,042	29,901,405	23,311,492
Weighted Average Number of Shares Outstanding, Diluted	47,008,980	29,901,405	23,311,492

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)	MTR Gaming Common Stock Member	MTR Gaming Additional Paid-in Capital	MTR Gaming	Common Stock Member	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Accumulated Other Comprehensive Income	Total
BALANCE AT THE BEGINNING at Dec. 31, 2012					$ 61,003,000				$ 61,003,000
Beginning Balance (in shares) at Dec. 31, 2012				23,311,492
Net income (loss)					18,897,000				18,897,000
Net income (loss)									18,897,000
Minimum pension liability adjustment of unconsolidated affiliate								$ 1,772,000	1,772,000
Cash distributions to members					(6,097,000)				(6,097,000)
BALANCE AT THE END at Dec. 31, 2013					73,803,000			1,772,000	75,575,000
BALANCE AT THE END (in shares) at Dec. 31, 2013				23,311,492
Net income (loss)						$ (14,425,000)			(14,425,000)
Net income (loss) attributable to noncontrolling interest							$ 103,000		103,000
Net income (loss)									(14,322,000)
Pension other comprehensive gain, net of tax								87,000	87,000
Minimum pension liability adjustment of unconsolidated affiliate								(1,772,000)	(1,772,000)
Noncash distribution of Tamarack investment					(5,479,000)				(5,479,000)
Cash distributions to members					(575,000)				(575,000)
MTR Gaming shares converted upon reverse merger		$ 98,011,000	$ 98,011,000
MTR Gaming shares converted upon reverse merger (in shares)	23,100,140
Escrow shares returned to authorized and unissued (in shares)				(25,290)
Acquisition of non-controlling interest (in shares)	23,100,140
Exercise of stock options					245,000				245,000
Exercise of stock options (in shares)				76,633
Shares withheld related to net share settlement of stock awards					(148,000)				(148,000)
Shares withheld related to net share settlement of stock awards (in shares)				(36,261)
BALANCE AT THE END at Dec. 31, 2014									151,519,000
Balance at the end at Dec. 31, 2014					165,857,000	(14,425,000)	103,000	87,000	151,622,000
BALANCE AT THE END (in shares) at Dec. 31, 2014				46,426,714
Net income (loss)						114,183,000			114,183,000
Net income (loss)									114,183,000
Pension other comprehensive gain, net of tax								(75)	(75,000)
MTR Gaming shares converted upon reverse merger									224,894,000
MTR Gaming shares converted upon reverse merger (in shares)				373,135
Issuance of restricted stock units					(1,488,000)				$ (1,488,000)
Issuance of restricted stock units (in shares)				17,980,000
Acquisition of non-controlling interest (in shares)				373,135
Exercise of stock options (in shares)									0
BALANCE AT THE END at Dec. 31, 2015					170,897,000	$ 99,758,000		$ 12,000	$ 270,667,000
Balance at the end at Dec. 31, 2015									270,667,000
BALANCE AT THE END (in shares) at Dec. 31, 2015				46,817,829
Acquisition of non-controlling interest					$ (3,552,000)		$ 103,000		$ (3,449,000)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 114,183	$ (14,322)	$ 18,897
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	56,921	28,643	17,031
Amortization of debt issuance costs and (premium) discount	(4,372)	(2,261)	854
Equity in income of unconsolidated affiliates	(3,460)	(2,705)	(3,355)
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate		(715)
Gain on extinguishment of debt of unconsolidated affiliate			(11,980)
Gain (Loss )on early retirement of debt	1,937	90
Gain on valuation of unconsolidated affiliate	(35,582)
Distributions from unconsolidated affiliate		509	1,626
Change in fair value of acquisition related contingencies	52	16
Stock-based compensation expense	1,488
Loss on sale or disposal of property	6	84	226
(Benefit) provision for bad debts	(18)	1,070	847
(Benefit) provision for deferred income taxes	(70,773)	1,583
Change in operating assets and liabilities:
Restricted cash	(711)	2,273	83
Accounts receivable	2,955	358	(454)
Inventories	(71)	(12)	(264)
Prepaid expenses and other	2,094	2,503	(37)
Accounts payable	178	1,811	400
Interest payable	(14,112)	18,063
Income taxes payable	(137)	137
Accrued and other liabilities and due to unconsolidated affiliates	4,715	(973)	(172)
Net cash provided by operating activities	56,715	31,606	23,536
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(36,762)	(10,564)	(7,413)
Investment in unconsolidated affiliate	(1,010)
Net cash (used) acquired in business combinations	(125,016)	48,110
Proceeds from sale of property and equipment	153	3	19
Decrease in restricted cash due to credit support deposit	2,500	2,500
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,266	799
(Increase) decrease in other assets, net	115	(435)	(166)
Net cash (used in) provided by investing activities	(158,754)	40,413	(7,560)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Senior Notes	375,000
Payments from issuance of New Term Loan	425,000
Net borrowings on New Revolving Credit Facility	131,000
Principal payments under New Revolving Credit Facility	(37,500)
Retirement of long‑term debt	(728,664)	(13,525)	(5,000)
Principal payments on capital leases	(88)	(225)	(369)
Debt issuance costs	(25,820)
Call premium on early retirement of debt	(44,090)
Cash distributions to members		(575)	(6,097)
Proceeds from exercise of stock options	(2,125)	245
Repurchase of treasury stock		(148)
Net cash provided by (used in) financing activities	92,713	(14,228)	(11,466)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(9,326)	57,791	4,510
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	87,604	29,813	25,303
CASH AND CASH EQUIVALENTS, END OF YEAR	78,278	87,604	29,813
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	78,378	14,848	14,827
Cash paid during period for income taxes	1,198	360
Noncash distribution of Tamarack investment		5,479
Payables for purchase of property and equipment	500	$ 3,890	397
Capital lease obligations settled through deposits			68
Equipment acquired under capital leases	$ 870		$ 95

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation. The accompanying consolidated financial statements include the accounts of the Company as described in Note 1. All significant intercompany transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates incorporated into the Company’s consolidated financial statements include estimated useful lives for depreciable and amortizable assets, estimated allowance for doubtful accounts receivable, estimated cash flows in assessing the recoverability of long‑lived assets, self‑insurance reserves, players’ club liabilities, contingencies and litigation, claims and assessments, and fair value measurements related to the Company’s long‑term debt. Actual results could differ from these estimates.

Cash and Cash Equivalents. Cash and cash equivalents include all unrestricted, highly liquid investments purchased with a remaining maturity of 90 days or less. Cash and cash equivalents also includes cash maintained for gaming operations.

Restricted Cash. Restricted cash includes unredeemed winning tickets from our racing operations, funds related to horsemen’s fines and certain simulcasting funds that are restricted to payments for improving horsemen’s facilities and racing purses at Scioto Downs, cash deposits that serve as collateral for letters of credit surety bonds and short‑term certificates of deposit that serve as collateral for certain bonding requirements.

The Company also has two certificates of deposit which are used for security with the Nevada Department of Insurance for its self‑insured workers compensation. The certificates of deposit matured on January 31, 2016 and February 5, 2016 at which time they were renewed into one certificate of deposit and increased to $598,000 and the maturity date was extended to January 28, 2017.

Each of Resorts and Galleon were required to each deposit $5.0 million of cash into a bank account as collateral in favor of the lender under Silver Legacy Joint Venture credit agreement in November 2013. In conjunction with the Acquisition and repayment of Silver Legacy’s debt, the credit support obligation was eliminated.

Accounts Receivable and Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues markers to approved casino customers following background checks and assessments of creditworthiness. Trade receivables, including casino and hotel receivables, are typically non‑interest bearing. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well a historical collection experience and current economic and business conditions. Management believes that as of December 31, 2015 and 2014, no significant concentrations of credit risk existed.

Certain Concentrations of Risk. The Company’s operations are in limited market areas. Therefore, the Company is subject to risks inherent within those markets. To the extent that new casinos enter into the markets or hotel room capacity is expanded, competition will increase. The Company may also be affected by economic conditions in the United States and globally affecting the markets or trends in visitation or spending in the markets in which it operates. We maintain cash balances at certain financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation. In addition, we maintain significant cash balances on hand at our gaming facilities.

Inventories. Inventories are stated at the lower of average cost, using a first‑in, first‑out basis, or market. Inventories consist primarily of food and beverage, retail merchandise and operating supplies. Cost is determined primarily by the average cost method for food and beverage and operating supplies.

Property and Equipment. Property and equipment are stated at cost. Depreciation is computed using the straight‑line method over the estimated useful life of the asset or the term of the capitalized lease, whichever is less. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in operating income.

Investment in Unconsolidated Affiliates. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method. The Company does not have significant variable interests in variable interest entities. All intercompany balances and transactions have been eliminated in consolidation.

The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. Estimated fair value is determined using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rate. There were no impairments of the Company’s equity method investments during 2015, 2014 or 2013.

Goodwill and Other Intangible Assets and Non‑Operating Real Properties. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2015, 2014 and 2013.

We have designated certain assets, consisting principally of land and undeveloped properties, as non‑operating real property and have declared our intent to sell those assets. However, we do not anticipate that we will be able to sell the majority of the assets within the next twelve months. As such, these properties are not classified as held‑for‑sale as of December 31, 2015.

Indefinite‑Lived Intangible Assets. Indefinite‑lived intangible assets consist primarily of expenditures associated with obtaining racing and gaming licenses. Indefinite‑lived intangible assets are not subject to amortization, but are subject to an annual impairment test. If the carrying amount of an indefinite‑lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess amount.

Self‑Insurance Reserves. The Company is self‑insured for various levels of general liability, employee medical insurance coverage and workers’ compensation coverage. Self‑insurance reserves are estimated based on the Company’s claims experience and are included in accrued other liabilities on the consolidated balance sheets. At December 31, 2015 and 2014, accrued insurance and medical claims reserves were $3.5 million and $1.3 million, respectively.

Outstanding Chip Liability. The Company recognizes the impact on gaming revenues on an annual basis to reflect an estimate of the change in the value of outstanding chips that are not expected to be redeemed. This estimate is determined by measuring the difference between the total value of chips placed in service less the value of chips in the inventory of chips under our control. This measurement is performed on an annual basis utilizing a methodology in which a consistent formula is applied to estimate the percentage value of chips not in custody that are not expected to be redeemed. In addition to the formula, certain judgments are made with regard to various denominations and souvenir chips.

Loyalty Program. The Company offers programs at its properties whereby our participating patrons can accumulate points for wagering that can be redeemed for credits for free play on slot machines, lodging, food and beverage, merchandise and in limited situations, cash. Based upon the estimated redemptions of frequent player program points, an estimated liability is established for the cost of redemption of earned but unredeemed points. The estimated cost of redemption utilizes estimates and assumptions of the mix of the various product offerings for which the points will be redeemed and costs of such product offerings. Changes in the programs, membership levels and changes in the redemption patterns of our participating patrons can impact this liability. The aggregate outstanding liability for the loyalty program was $3.4 million and $2.4 million at December 31, 2015 and 2014, respectively, and is included as a component of other accrued liabilities in our accompanying consolidated balance sheets.

Revenues and Promotional Allowances. The Company recognizes as casino revenue the net win from gaming activities, which is the difference between gaming wins and losses. Progressive jackpots are accrued and charged to revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of certain cash and free play incentives. Pari‑mutuel commissions consist of commissions earned from thoroughbred and harness racing and importing of simulcast signals from other race tracks and are recognized at the time wagers are made. Such commissions are a designated portion of the wagering handle as determined by state racing commissions, and are shown net of the taxes assessed by state and local agencies, as well as purses and other contractual amounts paid to horsemen associations. The Company recognizes revenues from fees earned through the exporting of simulcast signals to other race tracks at the time wagers are made. Such fees are based upon a predetermined percentage of handle as contracted with the other race tracks. Hotel, food and beverage, and other operating revenues are recognized as services are performed. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer.

The retail value of food, beverage, rooms and other services furnished to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. The Company rewards customers, through the use of our loyalty programs, with complimentaries based on amounts wagered or won that can be redeemed for a specified time period. The Company also offers discretionary coupons to our customers, the retail values of which are included as a component of promotional allowances in the accompanying consolidated statements of operations in accordance with Financial Accounting Standards Board (“FASB”) Section 605‑50 for revenue recognition.

The retail value of complimentaries included in promotional allowances is as follows (in thousands):


	For the Year Ended December 31,
	2015		2014		2013
Food and beverage	$	44,998	$	33,182	$	29,356
Hotel		15,711		12,582		11,386
Other		4,048		2,685		2,325
	$	64,757	$	48,449	$	43,067

The costs of providing such complimentary services are recorded in casino expenses in the accompanying consolidated statements of operations and are estimated as follows (in thousands):


	For the Year Ended December 31,
	2015		2014		2013
Food and beverage	$	31,220	$	25,190	$	22,873
Hotel		6,638		5,030		4,438
Other		2,330		1,860		1,608
	$	40,188	$	32,080	$	28,919

Advertising. Advertising costs are expensed in the period the advertising initially takes place and are included in marketing and promotions expenses. Advertising costs included in marketing and promotion expenses were $31.2 million, $22.0 million and $17.7 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Income Taxes. We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred income tax liabilities and deferred income tax assets for the difference between the book basis and tax basis of assets and liabilities. We have recorded valuation allowances related to net operating loss carry forwards and certain temporary differences. Recognizable future tax benefits are subject to a valuation allowance, unless such tax benefits are determined to be more likely than not realizable. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense.

Fair Value Measurements. 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.

Stock‑Based Compensation. We account for stock‑based compensation in accordance with Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. ASC 718 requires all share‑based payments to employees and non‑employee members of the Board of Directors, including grants of stock options and restricted stock units (“RSUs”), to be recognized in the consolidated statement of operations based on their fair values and that compensation expense be recognized for awards over the requisite service period of the award or until an employee’s eligible retirement date, if earlier.

Earnings per Share. Basic earnings per share is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares from the assumed exercise of stock options and the assumed vesting of restricted share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted share units were released and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period.

Segment Reporting. The executive decision makers of our Company review operating results, assess performance and make decisions on a “significant market” basis. The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in three geographic regions: Nevada, Louisiana and Eastern. The Company has aggregated its operations into three reportable segments based on the similar characteristics of the operating segments within the regions in which they operate. We, therefore, consider Eldorado Reno, Silver Legacy and Circus Reno as Nevada, Eldorado Shreveport as Louisiana, and Scioto Downs, Presque Isle Downs and Mountaineer as Eastern.

Capitalized Interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period. For the year ended December 31, 2015, the Company had $0.2 million of capitalized interest costs. The Company did not record capitalized interest costs in 2014 and 2013.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued an accounting standards update which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Further, the new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and liabilities, which no longer provides a source for off balance sheet financing. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, “Income Taxes—Balance Sheet Classification of Deferred Taxes”, which eliminates the guidance in Topic 740, Income Taxes, that required an entity to separate deferred tax liabilities and assets between current and noncurrent amounts in a classified balance sheet. The amendment require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. The amendment is effective for annual periods beginning after December 15, 2016. Early application is permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company applied this guidance in the accompanying consolidated financial statements with prospective application effective October 1, 2015.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2016. We are evaluating the effects, if any, that the adoption of this guidance will have on our consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory”, which requires that inventory within the scope of ASU 2015-11 be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact on our financial statements and disclosures.

In April 2015, the FASB issued an accounting standards update which changes the presentation of debt issuance costs in financial statements. Under the new standard, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of the costs is reported as interest expense. In August 2015, the FASB issued an accounting standards update which clarifies that companies may continue to present unamortized debt issuance costs associated with line of credit arrangements as an asset. The new guidance should be applied on a retrospective basis, wherein the balance sheet of each individual period should be adjusted to reflect the period-specific effects of applying the new guidance. The effective dates for these updates were for the annual and interim periods beginning after December 15, 2015. We elected to early adopt this guidance during the third quarter of 2015.

In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We elected to early adopt this guidance during the fourth quarter of 2015.

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. We believe that the effects, if any, of the adoption of this guidance will not have a material impact on our 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. We are currently evaluating the effects, if any, adoption of this guidance will have on our consolidated financial statements.

In June 2014, the FASB issued an accounting standards update with respect to performance share awards. This accounting standards update requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period or periods for which the requisite service has already been rendered. The effective date for this update is for the annual and interim periods beginning after December 15, 2015. Early adoption is permitted. We do not believe that the adoption of this accounting standard will have a material impact on our consolidated financial statements.

In May 2014, the FASB issued 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 is not permitted. We are currently evaluating the impact of the adoption of ASU 2014‑09 on our consolidated financial statements.

Reclassifications

Certain reclassifications of prior year presentations have been made to conform to the current period presentation.

Acquisition and Purchase Accounting

12 Months Ended

Dec. 31, 2015

Acquisition and Purchase Accounting

Acquisition and Purchase Accounting

Note 3. Acquisition and Preliminary Purchase Accounting

Purchase of Silver Legacy and Circus Reno

On November 24, 2015, the Company acquired all of the assets and properties of Circus Reno and the 50% membership interest in the Silver Legacy Joint Venture owned by Galleon, Inc. The total estimated purchase consideration is $224.9 million. The purchase consideration and allocation are still considered preliminary pending receipt of a final valuation report from third-party valuation specialists, the final determination of the income tax implications of the acquisition and fair values, and the finalization and approval by all parties of the purchase price allocation and working capital adjustments required under the Purchase and Sale Agreement.


Purchase consideration calculation (dollars in thousands)	Silver Legacy		Circus Reno		Total
Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note	$	56,500	$	16,000	$	72,500
Fair value of ERI’s preexisting 50% equity interest		56,500		—		56,500
Settlement of Silver Legacy’s long term debt(1)		87,854		—		87,854
Closing Silver Legacy and Circus Reno net working capital(2)		6,124		1,916		8,040
Purchase consideration	$	206,978	$	17,916	$	224,894

(1) Represents $5.0 million of short-term debt, $75.5 million of long-term debt, the remaining 50% of the $11.5 million of member notes (net of discount), and accrued interest.

(2) Per the Purchase and Sale Agreement, the purchase price was $72.5 million plus the Final Closing Circus Reno Net Working Capital (as defined in the Purchase and Sale Agreement). The preliminary working capital adjustment was $8.0 million and is subject to final approval and possible adjustment.

The transaction was accounted for using the acquisition method. Accordingly, goodwill if any, will be measured as the excess of the total consideration over the amounts assigned to the identifiable assets acquired and liabilities assumed.

Preliminary Purchase Price Allocation – Silver Legacy and Circus Reno

The following table summarizes the preliminary allocation of the estimated purchase consideration to the identifiable assets acquired and liabilities assumed in the Circus Reno/Silver Legacy Purchase. The fair values were based on management’s analysis, including preliminary work performed by third‑party valuation specialists. The following table summarizes the preliminary purchase price allocation of the acquired assets and assumed liabilities as of December 31, 2015 (dollars in thousands):


	Silver Legacy		Circus Reno		Total
Current and other assets, net	$	21,625	$	2,115	$	23,740
Property and equipment		169,544		14,801		184,345
Intangible assets(1)		5,000		1,000		6,000
Other noncurrent assets		10,809		—		10,809
Net assets acquired	$	206,978	$	17,916	$	224,894

(1) Intangible assets consist of trademarks which are non amortizable and loyalty programs which are amortized over one year.

Fair valuation methods used for the identifiable net assets acquired in that acquisition make use of quoted prices in active markets and discounted cash flows using current interest rates and are provisional pending development of a final valuation.

Trade receivables and payables, inventory as well as other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the fair value of those items at December 31, 2015, based on management’s judgments and estimates.

The fair value estimate of property and equipment utilized a combination of the cost and market approaches, depending on the characteristics of the asset classification. The fair value of land was determined using the market approach, which considers sales of comparable assets and applies compensating factors for any differences specific to the particular assets. With respect to personal property components of the assets (gaming equipment, furniture, fixtures and equipment, computers, and vehicles) the cost approach was used, which is based on replacement or reproduction costs of the asset. Building and site improvements were valued using the cost approach using a direct cost model built on estimates of replacement cost.

Trademark were valued using the relief‑from‑royalty method. The loyalty program was valued using a comparative business valuation method. Management has assigned trademarks an indefinite useful life, in accordance with its review of applicable guidance of ASC Topic No. 350, Intangibles—Goodwill and Other. The standard required management to consider, among other things, the expected use of the asset, the expected useful life of other related asset or asset group, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. In that analysis, management determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets. The loyalty program is being amortized on a straight‑line basis over a one year useful life.

For the period from the Acquisition Date through December 31, 2015, the Silver Legacy generated net revenue of $13.5 million and a net loss of $0.3 million. Circus Reno generated net revenues of $8.3 million and net income of $1.4 million during the same period.

Unaudited Pro Forma Information

The following unaudited pro forma information presents the results of operations of the Company for the years ended December 31, 2015 and 2014, as if the Merger and Acquisition had both occurred on January 1, 2014 (in thousands except per share data).


	For the years ended December 31,
	2015		2014
Net revenues	$	901,455	$	908,415
Net income		97,783		40,552
Net income per common share:
Basic	$	2.10	$	0.87
Diluted	$	2.08	$	0.87
Weighted shares outstanding:
Basic		46,550,042		46,426,714
Diluted		47,008,980		46,509,008

These pro forma results do not necessarily represent the results of operations that would have been achieved if the acquisition had taken place on January 1, 2014, nor are they indicative of the results of operations for future periods. The pro forma amounts include the historical operating results of the Company, MTR Gaming, the Silver Legacy and Circus Reno prior to the Merger and Acquisition, with adjustments directly attributable to the Merger and Acquisition.

MTR Gaming Merger

Consideration Transferred

The total consideration paid was $103.0 million. The purchase consideration in a reverse acquisition is determined with reference to the value of equity that 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 is 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, is generally 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.

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 (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 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.

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-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
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-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
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-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
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-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
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-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
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-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
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2015

Investment in Unconsolidated Affiliates

Investment in Unconsolidated Affiliates

Note 5. Investment in Unconsolidated Affiliates

Hotel Partnership. The Company holds a 42.1% variable interest in a partnership with other investors to develop a new 118-room Hampton Inn & Suites hotel to be developed at Scioto Downs. Pursuant to the terms of the partnership agreement, the Company contributed $1 million of cash and 2.4 acres of a leasehold immediately adjacent to the Brew Brothers microbrewery and restaurant at Scioto Downs. The partnership will be responsible for the construction of the hotel at an estimated cost of $15.0 million and other investor members have been identified to operate the hotel upon completion. The Company is not the primary beneficiary, and therefore, the entity is accounted for under the equity method of accounting. At December 31, 2015, the Company’s investment in the partnership was $1.3 million, classified as “Investment in and advances to unconsolidated affiliates” in the consolidated balance sheets, representing the Company’s maximum exposure to loss.

Silver Legacy Joint Venture. 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 “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. Prior to the Acquisition Date, each partner owned a 50% interest in the Silver Legacy Joint Venture. Prior to the Merger Date, the Company owned a 48.1% interest in the Silver Legacy Joint Venture by means of its 96.2% ownership of ELLC, which owned a 50% interest in the Silver Legacy Joint Venture. The noncontrolling interest’s share of $103,000 in income was reflected in the accompanying consolidated statements of operations for the year ended December 31, 2014.

On the Acquisition Date, Resorts consummated the acquisition of the other 50% membership interest in the Silver Legacy Joint Venture owned by Galleon, Inc. pursuant to the Purchase Agreement and also exercised its right to acquire the 3.8% interest in ELLC held by certain affiliates of the Company. As a result of these transactions, ELLC became a wholly-owned subsidiary of ERI and Silver Legacy became an indirect wholly‑owned subsidiary of ERI. In conjunction with the Acquisition, we recorded a $35.6 million gain related to the valuation of our pre-acquisition investment in the Silver Legacy Joint Venture.

As consideration for the noncontrolling interest, the Company issued 373,135 shares of common stock. Subsequent to this action the Company owned 100% of ELLC. The Company valued the shares at the market price on the day the shares were issued to the noncontrolling interest holders. The value of the total consideration paid was $3.6 million.

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 each of ELLC and Galleon to $2.5 million each and resulted in the return of $2.5 million of the $5.0 million of cash collateral that Resorts previously provided as credit support for Silver Legacy’s obligations under its credit agreement. In August 2015, the remaining credit support obligation was released upon Silver Legacy’s deposit of an additional $5.0 million. The collateral deposit was included as noncurrent restricted cash in the amounts of $2.5 million in the accompanying consolidated balance sheets at 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 “New Silver Legacy Credit Facility”) to refinance its indebtedness under its then existing senior secured term loan and Silver Legacy Second Lien Notes. The New Silver Legacy Credit Facility was scheduled to mature on November 16, 2017, which was the maturity date of the original Silver Legacy credit facility. In connection with the Circus Reno/Silver Legacy Purchase, all amounts outstanding under the Silver Legacy Credit Facility were paid in full and the cash collateral securing such obligations were released.

Equity in income related to the Silver Legacy Joint Venture for the 2015 period prior to the Acquisition Date and for the years ended December 31, 2014 and 2013 amounted to $3.5 million, $2.0 million and 2.3 million, respectively.

Summarized information for the Company’s investment in and advances to the Silver Legacy Joint Venture for 2015 prior to its acquisition by the Company and for the years ended December 31, 2014 and 2013 are as follows (in thousands):


	Period from, January 1, 2015 through November 23,		For the year ended December 31,
	2015		2014		2013
Beginning balance	$	14,009	$	13,081	$	(2,198)
Equity in income of unconsolidated affiliate		3,460		1,985		2,261
Gain on early extinguishment of debt of unconsolidated affiliate		—		—		11,980
Gain on termination of supplemental executive retirement plan of unconsolidated affiliate		—		715		—
Other comprehensive (loss) income-minimum pension liability adjustment of unconsolidated affiliate		—		(1,772)		1,772
Valuation of unconsolidated affiliate		35,582		—		—
Net acquisition of non controlling interest		3,449		—		—
Member’s distribution		—		—		(734)
Ending balance	$	56,500	$	14,009	$	13,081

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


	December 31,
	2014

Current assets	$	30,563
Property and equipment, net		190,592
Other assets, net		6,412
Total assets	$	227,567
Current liabilities	$	18,707
Long-term liabilities		89,322
Partners’ equity		119,538
Total liabilities and partners’ equity	$	227,567

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



	Period from, January 1, 2015 through November 23,		For the year ended December 31,
	2015		2014		2013
Net revenues	$	117,029	$	127,095	$	125,841
Operating expenses		(90,608)		(112,086)		(112,558)
Operating income		26,421		15,009		13,283
Other income (expense)		(19,226)		(9,607)		15,606
Reorganization items		—		—		(407)
Net income	$	7,195	$	5,402	$	28,482

Tamarack. Prior to the Merger, Resorts owned a 21.3% interest in Tamarack, which owned and operated Tamarack Junction, a small casino in south Reno, Nevada. Donald L. Carano (“Carano”), who was the presiding member of Resorts’ Board of Managers and the Chief Executive Officer of Resorts, owned a 26.3% interest in Tamarack. Four members of Tamarack, including Resorts and three unaffiliated third parties, managed the business and affairs of Tamarack Junction. At December 31, 2013, Resorts’ financial investment in Tamarack was $5.3 million. Resorts’ capital contribution to Tamarack represented its proportionate share of the total capital contributions of the members. Resorts’ investment in Tamarack was accounted for using the equity method of accounting. Equity in income related to Tamarack for the period prior to its disposition in 2014 and for the year ended December 31, 2013 of $0.7 million and $1.1 million, respectively, is included as a component of operating income.

On September 1, 2014, and as a condition to closing the Merger, Resorts distributed to HoldCo and HoldCo subsequently distributed to its members, including members of the Carano family, on a pro rata basis Resorts’ interest in Tamarack. No gain or loss was recognized in the accompanying unaudited consolidated financial statements as a result of such distribution because the distribution was in the amount of the book value of Tamarack. The distributed interests in Tamarack had a carrying amount of $5.5 million.

Summarized information for the Company’s equity in Tamarack for 2014 prior to its disposition and for the year ended December 31, 2013 is as follows (in thousands):


	Period from,
	January 1, 2014		For the year ended
	through		December 31,
	September 1, 2014		2013

Beginning balance	$	5,268	$	5,066
Member’s distribution		(509)		(892)
Equity in net income of unconsolidated affiliate		720		1,094
Distribution of investment		(5,479)		—
Ending balance	$	—	$	5,268

Summarized unaudited results of operations for Tamarack are as follows (in thousands):


	Period from, January 1, 2014		For the year ended
	through		December 31,
	September 1, 2014		2013
Net revenues	$	12,908	$	21,548
Operating expenses		(9,431)		(16,172)
Operating income		3,477		5,376
Other expense		(45)		(97)
Net income	$	3,432	$	5,279

Long-Term Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure

Long-Term Debt

Note 9. Long‑Term Debt

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


	December 31,
	2015		2014
Senior Notes	$	375,000	$	—
Less: Unamortized debt issuance costs		(8,957)		—
Net		366,043		—

New Term Loan		422,875		—
Less: Unamortized discount and debt issuance costs		(14,465)		—
Net		408,410		—

New Revolving Credit Facility		93,500		—
Less: Unamortized debt issuance costs		(2,533)		—
Net		90,967		—

Resorts Senior Secured Notes		—		168,000
Less: Unamortized discount and debt issuance costs		—		(3,771)
Net		—		164,229

MTR Second Lien Notes		—		560,664
Add: Unamortized premium		—		50,163
Net		—		610,827

Capital leases		817		35
Less: Current portion		(4,524)		(32)
Total long-term debt	$	861,713	$	775,059

Scheduled maturities of long‑term debt are $93.5 million in 2020, $395.3 million in 2022 and $375.0 million in 2023. Debt issuance costs and the discount associated with the issuance of the Senior Notes, New Term Loan and New Revolving Credit Facility (as such terms are defined below) in July 2015 totaled $25.8 million. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. Amortization of the debt issuance costs and the discount associated with the Senior Notes and New Credit Facility (as defined below) totaled $1.5 million for the year ended December 31, 2015.

Amortization of Resorts’ bond costs was computed using the straight‑line method, which approximated the effective interest method, over the term of the bonds, and was included in interest expense. Amortization expense with respect to deferred financing costs on Resorts Senior Secured Notes (as defined below) amounted to $0.5 million and $0.9 million for years ended December 31, 2015 and 2014, respectively.

Refinancing Transaction and Senior Notes

On July 23, 2015, the Company issued $375 million in aggregate principal amount of 7.0% senior notes due 2023 (“Senior Notes”) pursuant to the indenture, dated as of July 23, 2015 (the “Indenture”), at an issue price equal to 100.0% of the aggregate principal amount of the Senior Notes. The Senior Notes are guaranteed by all of the Company’s direct and indirect restricted subsidiaries other than immaterial subsidiaries, CC-Reno and the Silver Legacy Joint Venture. CC-Reno, LLC and the Silver Legacy Joint Venture will become guarantors upon receipt of the requisite gaming approvals. The Senior Notes will mature on August 1, 2023, with interest payable semi-annually in arrears on February 1 and August 1 of each year.

The Company used the net proceeds from the Senior Notes offering together with borrowings under the New Term Loan and the New Revolving Credit Facility (as defined below) to (i) purchase or otherwise redeem (a) all of the outstanding Resorts Senior Secured Notes and (b) all of the outstanding MTR Second Lien Notes, (ii) pay a portion of the purchase price for the Circus Reno/Silver Legacy Purchase and repay all amounts outstanding under the Silver Legacy Joint Venture credit facility, and (iii) pay fees and costs associated with such transactions. Net proceeds from the Senior Notes offering totaling $50.0 million were used for the Circus Reno/Silver Legacy Purchase on the Acquisition Date. As a result of the July 2015 refinancing, we recognized a $1.9 million net loss on the early retirement of debt.

On or after August 1, 2018, the Company may redeem all or a portion of the Senior Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest, if any, on the Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve month period beginning on August 1 of the years indicated below:


Year	Percentage
2018	105.250	%
2019	103.500	%
2020	101.750	%
2021 and thereafter	100.000	%

Prior to August 1, 2018, the Company may redeem all or a portion of the Senior Notes at a price equal to 100% of the Senior Notes redeemed plus accrued and unpaid interest to the redemption date, plus a make-whole premium. At any time prior to August 1, 2018, the Company is also entitled to redeem up to 35% of the original aggregate principal amount of the Senior Notes with proceeds of certain equity financings at a redemption price equal to 107% of the principal amount of the Senior Notes redeemed, plus accrued and unpaid interest. If the Company experiences certain change of control events (as defined in the Indenture), it must offer to repurchase the Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company must offer to repurchase the Senior Notes at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. The Senior Notes are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities.

The Indenture contains certain covenants limiting, among other things, the Company’s ability and the ability of its subsidiaries (other than its unrestricted subsidiaries) to:

pay dividends or distributions or make certain other restricted payments or investments;

incur or guarantee additional indebtedness or issue disqualified stock or create subordinated indebtedness that is not subordinated to the Senior Notes or the guarantees of the Senior Notes;

create liens;

transfer and sell assets;

merge, consolidate, or sell, trainer or otherwise dispose of all or substantially all of the Company’s assets;

enter into certain transactions with affiliates;

engage in lines of business other than the Company’s core business and related businesses; and

create restrictions on dividends or other payments by restricted subsidiaries.

These covenants are subject to a number of exceptions and qualifications as set forth in the Indenture. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such Senior Notes to be declared due and payable. As of December 31, 2015, the Company was in compliance with all of the covenants under the Indenture relating to the Senior Notes.

New Credit Facility

On July 23, 2015, the Company entered into a new $425.0 million seven year term loan (the “New Term Loan”) and a new $150.0 million five year revolving credit facility (the “New Revolving Credit Facility” and, together with the New Term Loan, the “New Credit Facility”). Also on July 23, 2015, the Company borrowed $40.0 million under the New Revolving Credit Facility. As of December 31, 2015, the Company had $422.9 million outstanding on the New Term Loan and $93.5 million in borrowings outstanding under the New Revolving Credit Facility. The Company had $56.5 million of available borrowing capacity under its New Revolving Credit Facility as of December 31, 2015. At December 31, 2015, the interest rate on the New Term Loan was 4.25% and the average interest rate on the New Revolving Credit Facility was 3.7%.

The New Term Loan bears interest at a rate per annum of, at the Company’s option, either (x) LIBOR plus 3.25%, with a LIBOR floor of 1.0%, or (y) a base rate plus 2.25%. Borrowings under the New Revolving Credit Facility bear interest at a rate per annum of, at the Company’s option, either (x) LIBOR plus a spread ranging from 2.5% to 3.25% or (y) a base rate plus a spread ranging from 1.5% to 2.25%, in each case with the spread determined based on the Company’s total leverage ratio. Additionally, the Company pays a commitment fee on the unused portion of the New Revolving Credit Facility not being utilized in the amount of 0.50% per annum.

The New Credit Facility is secured by substantially all of the Company’s personal property assets and substantially all personal property assets of each subsidiary that guaranties the New Credit Facility (other than certain subsidiary guarantors designated as immaterial or restricted subsidiaries) (the ‘‘New Credit Facility Guarantors’’), whether owned on the closing date of the New Credit Facility or thereafter acquired, and mortgages on the real property and improvements owned or leased us or the New Credit Facility Guarantors. The New Credit Facility is also secured by a pledge of all of the equity owned by us and the New Credit Facility Guarantors (subject to certain gaming law restrictions). The credit agreement governing the New Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability and the ability of the New Credit Facility Guarantors to incur additional indebtedness, create liens on collateral, engage in mergers, consolidations or asset dispositions, make distributions, make investments, loans or advances, engage in certain transactions with affiliates or subsidiaries or make capital expenditures.

The credit agreement governing the New Credit Facility also includes requirements the Company maintains a maximum total leverage ratio and a minimum interest coverage ratio (adjusting over time). The Company is required to maintain a maximum total leverage ratio of 6.75 to 1.00 from the closing date through December 31, 2015, 6.00 to 1.00 from January 1, 2016 to December 31, 2017 and 5.00 to 1.00 thereafter. In addition, the Company is required to maintain a minimum interest coverage ratio of 2.50 to 1.00 from the closing date through December 31, 2015, and 2.75 to 1.00 from January 1, 2016 through December 31, 2016 and 3.00 to 1.00 thereafter. A default of the financial ratio covenants shall only become an event of default under the New Term Loan if the lenders providing the New Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants.

The credit agreement governing the New Credit Facility contains a number of customary events of default, including, among others, for the non-payment of principal, interest or other amounts, the inaccuracy of certain representations and warranties, the failure to perform or observe certain covenants, a cross default to other indebtedness including the Senior Notes, certain events of bankruptcy or insolvency; certain ERISA events, the invalidity of certain loan documents, certain changes of control and the loss of certain classes of licenses to conduct gaming. If any event of default occurs, the lenders under the New Credit Facility would be entitled to take various actions, including accelerating amounts due thereunder and taking all actions permitted to be taken by a secured creditor. As of December 31, 2015, the Company was in compliance with the covenants under the New Credit Facility.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Taxes

Note 10. Income Taxes

The components of the Company’s provision for income taxes for the years ended December 31, 2015 and 2014 are presented below (amounts in thousands). For the year ended December 31, 2013, the Company was treated as a partnership for income tax purposes.


	2015		2014
Current:
Federal	$	(29)	$	10
State		665		120
Local		557		55
Total current		1,193		185
Deferred:
Federal		(68,103)		846
State		(2,691)		711
Local		21		26
Total deferred		(70,773)		1,583
Income tax (benefit) expense	$	(69,580)	$	1,768

The following is a reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate for the years ended December 31, 2015 and 2014:


	2015		2014
Federal statutory rate	35.0	%	(35.0)	%
State and local taxes	1.0	%	(4.4)	%
State tax rate adjustment	(3.3)	%	—	%
Permanent items	0.4	%	3.6	%
Valuation allowance	(180.5)	%	77.3	%
Minority interest	0.2	%	1.2	%
Change in tax status	18.2	%	(28.0)	%
Non-taxable gain on fair value adjustment	(27.9)	%	—	%
Other	0.9	%	(0.6)	%
(Benefit) provision for income taxes	(156.0)	%	14.1	%

For the year ended December 31, 2015, the difference between the effective rate and the statutory rate is attributable primarily to the release of most of the federal valuation allowance on the Company’s deferred tax assets and the non-taxable gain on the fair value adjustment of previously unconsolidated affiliate. The Company continues to provide for a valuation allowance against net federal and state deferred tax assets associated with non-operating land, the sale of which could result in capital losses that can only be offset against capital gains. The Company also continues to provide for a valuation allowance against net state deferred tax assets relating to operations in Pennsylvania and West Virginia. Management determined it was not more-likely-than-not that the Company will realize these net deferred tax assets.

For the year ended December 31, 2014, the difference between the effective rate and the statutory rate is attributed primarily to the federal and state valuation allowances on the Company’s deferred tax assets. As a result of the Company’s net operating losses and net deferred tax asset position as of December 31, 2014 (after exclusion of certain deferred tax liabilities that generally cannot be offset against deferred tax assets, known as “Naked Credits”), the Company provided for a full valuation allowance against substantially all of the net federal and the net state deferred tax assets.

A valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Management must analyze all available positive and negative evidence regarding realization of the deferred tax assets and make an assessment of the likelihood of sufficient future taxable income. For the year ended December 31, 2014, the Company was in a three-year cumulative loss position, which was significant negative evidence, and the Company did not have positive evidence to outweigh the negative evidence. For the year ended December 31, 2015, the Company’s position changed to a three-year cumulative income position. Additionally, due to positive evidence including reduction in interest expense and acquisitions of properties with positive operations, management believes it is more-likely-than-not to realize its federal, Louisiana and City of Columbus, Ohio deferred tax assets with the exception of non-operating land. The Company will continue to evaluate the realization of its deferred tax assets on a quarterly basis and make adjustments to its valuation allowance as appropriate.

Prior to September 19, 2014, HoldCo was taxed as a partnership under the Internal Revenue Code pursuant to which income taxes were primarily the responsibility of the partners. The Company is a C Corporation subject to the federal and state corporate‑level income taxes at prevailing corporate tax rates. As a result of this change in status, a state tax expense of $0.7 million was recognized by the Company during 2014.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes related to continuing operations at December 31, 2015 and 2014 are as follows (amounts in thousands):


	2015		2014
Deferred tax assets:
Loss and credit carryforwards	$	50,100	$	43,505
Accrued expenses		7,134		6,431
Fixed assets		8,697		10,956
Investment in partnerships		—		5,845
Debt		11,611		23,826
Stock-based compensation		701		179
Other		599		35
		78,842		90,777
Deferred tax liabilities:
Identified intangibles		(145,053)		(146,715)
Investment in partnerships		(2,008)		—
Prepaid expenses		(1,906)		(2,042)
Other		(97)		—
		(149,064)		(148,757)
Valuation allowance		(8,575)		(89,067)
Net deferred tax liabilities	$	(78,797)	$	(147,047)

At December 31, 2015, management determined it was more‑likely‑than‑not that the Company will realize its federal, Louisiana and Columbus, Ohio deferred tax assets. The recognition of the federal deferred tax assets during 2015 resulted in an income tax benefit of $80.3 million. Management has determined that it is not more-likely-than-not that the Company will realize its Pennsylvania and West Virginia deferred tax assets. Therefore, a full valuation allowance has been recognized against these deferred tax assets, excluding deferred tax liabilities related to indefinite‑lived assets. These indefinite‑lived assets primarily related to gaming licenses in various jurisdictions. These gaming licenses are not being amortized for book purposes, and will only reverse upon ultimate sale or book impairment. Due to the uncertain timing of such reversal, the temporary differences associated with indefinite‑lived intangibles and certain land improvements cannot be considered a source of future taxable income for purposes of determining the valuation allowance.

As of December 31, 2015, the Company had federal and state net operating loss carryforwards of $133.3 million and $40.0 million, respectively. The federal and state net operating losses begin to expire in 2027 and 2018, respectively. As of December 31, 2015, the Company had Alternative Minimum Tax credit carryforwards of $0.6 million, which can be carried forward indefinitely. As of December 31, 2015, the Company had federal jobs credit carryforwards of $0.8 million, which begin to expire in 2026.

Utilization of net operating loss, credit, and other carryforwards are subject to annual limitations due to ownership changes as provided by the Internal Revenue Code of 1986, as amended and similar state provisions. An ownership change is defined as a greater than 50% change in ownership by 5% shareholders in any three‑year period. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, the Company had a “change in ownership” event that limits the utilization of net operating loss, credit, and other carryforwards that were previously available to MTR Gaming Group to offset future taxable income. The “change in ownership” event occurred on September 19, 2014 in connection with the merger with MTR Gaming Group. This limitation resulted in no significant loss of federal attributes, but did result in significant loss of state attributes. The federal and state net operating loss credit and other carryforwards are stated net of limitations.

As of December 31, 2015, there were 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. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense.

The Company files a US federal 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 2012.

Common Stock and Incentive Awards

12 Months Ended

Dec. 31, 2015

Common Stock and Incentive Awards

Common Stock and Incentive Awards

Note 12. Common Stock and Incentive Awards

Common Stock and Stock‑Based Awards

The Company has authorized common stock of 100,000,000 shares, par value $0.00001 per share.

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Total stock-based compensation expense recognized was $1.5 million during the year ended December 31, 2015. There was no stock based compensation expense in 2014. These amounts are included in corporate expenses in the Company’s consolidated statements of operations.

The Board of Directors (“BOD”) adopted the Eldorado Resorts, Inc. 2015 Equity Incentive Plan (“2015 Plan”) on January 23, 2015 and our shareholders subsequently approved the adoption of the 2015 Plan on June 23, 2015. The Plan permits the granting of stock options, including incentive stock options (“ERI Stock Options”), stock appreciation rights (“SARs”), restricted stock or restricted stock units (“RSUs”), performance awards, and other stock-based awards and dividend equivalents. ERI Stock Options primarily vest ratably over three years and RSUs granted to employees and executive officers primarily vest and become non-forfeitable upon the third anniversary of the date of grant. RSUs granted to non-employee directors vest immediately and are delivered upon the date that is the earlier of termination of service on the BOD or the consummation of a change of control of the Company. The performance awards relate to the achievement of defined levels of performance and are generally measured over a one or two-year performance period depending upon the award agreement. If the performance award levels are achieved, the awards earned will vest and become payable at the end of the vesting period, defined as either a one or two calendar year period following the performance period. Payout ranges are from 0% up to 200% of the award target. Other stock-based awards will consist of any right which is not an ERI Stock Option, SAR, RSU, or performance award, and an award based on shares of the Company’s common stock.

On January 23, 2015, the Compensation Committee of the BOD of the Company approved the grant of 685,606 RSUs and performance awards with a fair value of $4.03 per unit, the NASDAQ average price per share on that date, to executive officers and certain key employees under the 2015 Plan, and the grant of 89,900 RSUs with a fair value of $4.03 per unit, the NASDAQ average price per share on that date, to non-employee members of the BOD under the 2015 Plan. Such awards became effective upon our shareholders’ approval of the 2015 Plan on June 23, 2015. Throughout 2015, an additional 9,171 RSUs were granted to certain employees under the 2015 Plan.

A summary of the RSU activity for the year ended December 31, 2015 is as follows:




		Weighted-Average		Weighted-Average
	Equity	Grant Date		Remaining	Aggregate
	Awards	Fair Value		Contractual Life	Fair Value
				(in years)		(in millions)
Unvested outstanding as of December 31, 2014	—	$	—	—		—
Granted (1)	917,283		4.08
Vested	(89,900)		4.03
Unvested outstanding as of December 31, 2015	827,383	$	4.09	2.12	$	3.4

(1) Includes 475,409 of performance awards expected to be awarded at 135% of target.

As of December 31, 2015, the Company had $2.4 million of unrecognized compensation expense, including performance awards at the 135% target, related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.12 years.

During the first quarter of 2016, an executive officer terminated employment with the Company. In conjunction with the termination, unvested RSU’s totaling 75,516, which were outstanding as of December 31, 2015, subsequently vested. As a result, stock compensation expense totaling $0.3 million and severance costs totaling $0.8 million were recognized during the first quarter of 2016.

On September 19, 2014, as a result of the Merger, all MTR Gaming common stock, par value $0.00001 per share (“MTR Stock”), all options and rights to receive MTR Gaming Stock (each, a “Stock Option”) granted under the MTR Gaming 2010 Long Term Incentive Plan (the “MTR Plan”), and all restricted stock units in respect of shares of MTR Gaming Stock (each, an “MTR RSU”) that were outstanding immediately prior to the Effective Time were converted into a right to receive shares of ERI Stock, or options to acquire ERI Stock, as follows:

5,785,123 shares of MTR Stock converted into a right to receive $6.05 in cash per each share of MTR Stock, and the remaining 22,600,961 shares of MTR Stock converted into the right to receive one share of ERI Common Stock per each share of MTR Stock.

All outstanding MTR Gaming Stock options vested (to the extent not already vested) and converted into an option or right to purchase the same number of shares of ERI Common Stock (at the same exercise price per share as in effect prior to such conversion). All other terms, except vesting requirements, applicable to such stock options remain the same.

Each MTR RSU that was outstanding under the MTR Plan (including any such MTR RSUs held in participant accounts under any employee benefit or compensation plan or arrangement of MTR Gaming) were settled in the same number of shares of ERI stock as the number of shares of MTR Stock that were subject to such MTR RSU immediately prior to the Effective Time. No further vesting, lapse, or other restrictions under the terms of the prior award agreement applicable to such MTR RSU will apply.

Upon consummation of the Mergers, the Company assumed the MTR Plan from MTR Gaming in accordance with the Plan’s terms. No future equity awards will be made pursuant to the MTR Plan. However, outstanding awards granted under the MTR Plan will continue unaffected. Due to the MTR Gaming Stock Options being fully vested immediately prior to the Mergers and no additional equity awards being issued by the Company subsequent to the Merger, the Company did not record any stock‑based compensation expense during the year ended December 31, 2014.

A summary of the Stock Option activity from the date of the Merger Date is as follows:


							Weighted-Average
		Range of			Weighted-Average		Remaining		Aggregate
	Options	Exercise Prices			Exercise Price		Contractual Life		Intrinsic Value
							(in years)		(in millions)
Outstanding as of Merger Date	474,833	$ 2.44	-	$16.27	$	7.13
Granted
Exercised	(76,633)	$ 2.44	-	$3.94	$	3.22
Expired	—			—		—
Forfeited	—			—		—
Outstanding and Exercisable as of December 31, 2014	398,200	$ 2.44	-	$16.27	$	7.88		4.54	$	0.2
Expired	(86,000)			$11.30	$	11.30
Outstanding and Exercisable as of December 31, 2015	312,200	$ 2.44	-	$16.27	$	6.94		3.47	$	1.3

There were no options exercised in 2015. Cash received from the exercise of stock options was $0.2 million for the year ended December 31, 2014. The Company did not recognize a tax benefit from the stock option exercises as the Company is in a net operating loss carryforward position.

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Fair Value Measurements

Note 15. Fair Value Measurements

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 was classified as Level 1 as its carrying value approximates market prices.

Advance to Silver Legacy Joint Venture: The $7.5 million note receivable, which was settled at the Acquisition Date as part of the Circus Reno/Silver Legacy Purchase, due to ELLC from the Silver Legacy Joint Venture (see Note 5) was classified as Level 2 based upon market‑based inputs.

Long‑term Debt: The $375 million in aggregate principal amount of Senior Notes, Resorts Senior Secured Notes and MTR Second Lien Notes were classified as Level 2 based upon market‑based inputs. The fair value of the Senior Notes was calculated based on management’s estimates of the borrowing rates available as of December 31, 2015, for debt with similar terms and maturities. The fair value of Resorts Senior Secured Notes and the MTR Second Lien Notes were based on quoted market prices as of December 31, 2014.

Term Loan: Resorts’ term loan under the New Credit Facility (see Note 9) is classified as Level 2 as it is tied to market rates of interest and its carrying value approximates market value.

Revolving Credit Facility: Resorts’ revolving credit facility under the New Credit Facility (see Note 9) is classified as Level 2 as it is tied to market rates of interest and its carrying value approximates market value.

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):


	December 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	78,278	$	78,278	$	87,604	$	87,604
Restricted cash		5,271		5,271		8,234		8,234
Advance to Silver Legacy Joint Venture		—		—		—		4,911
Financial liabilities:
7.0% Senior Notes	$	366,043	$	367,500	$	—	$	—
New Term Loan		408,410		419,796		—		—
New Revolving Credit Facility		90,967		93,500		—		—
8.625% Senior Secured Notes		—		—		164,229		174,720
11.5% Senior Secured Second Lien Notes		—		—		610,827		606,919
Acquisition-related contingent considerations		529		529		524		524

The following table represents the change in acquisition‑related contingent consideration liabilities during the period from the Merger Date to December 31, 2015 (amounts in thousands):


Balance as of Merger Date	$	508
Amortization of present value discount(1)		38
Fair value adjustment for change in consideration expected to be paid(2)		(22)
Settlements		—
Balance as of December 31, 2014		524
Amortization of present value discount(1)		52
Fair value adjustment for change in consideration expected to be paid(2)		38
Settlements		(85)
Balance as of December 31, 2015	$	529

(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 as a component of general and administrative expense in the consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies.

Commitments and Contingencies

Note 16. Commitments and Contingencies

Capital Leases. The Company leases certain equipment under agreements classified as capital leases. The future minimum lease payments, including interest, at December 31, 2015 are $0.3 million in 2016, 2017 and 2018. After reducing these amounts for interest of $0.1 million, the present value of the minimum lease payments at December 31, 2015 is $0.8 million.

Operating Leases. The Company leases land and certain equipment, including some of our slot machines, timing and photo finish equipment, videotape and closed circuit television equipment, and certain pari‑mutuel equipment, under operating leases. Future minimum payments under non‑cancellable operating leases with initial terms of one year or more consisted of the following at December 31, 2015 (in thousands):


	Leases
2016	$	2,782
2017		2,034
2018		1,702
2019		1,466
2020		1,287
Thereafter		25,942
	$	35,213

Total rental expense under operating leases (exclusive of the Shreveport ground lease described below) was $3.7 million, $2.3 million and $1.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. Additional rent for land upon which the Eldorado Reno resides of $0.6 million in each of the years ended December 31, 2015, 2014 and 2013 was paid to C. S. & Y. Associates, a general partnership of which Donald L. Carano is a general partner (see Note 17). This rental agreement expires June 30, 2027 and the rental payments are more fully described in Note 17, Related Parties.

Eldorado Shreveport is party to a ground lease with the City of Shreveport for the land on which the casino was built. The lease had an initial term which ended December 20, 2010 with subsequent renewals for up to an additional 40 years. The base rental amount during the initial ten-year lease term was $0.5 million per year. The Louisiana Partnership has extended the lease for the first five-year renewal term during which the base annual rental is $0.4 million. The annual base rental payment will increase by 15% during each of the second, third, fourth and fifth five‑year renewal terms with no further increases. The base rental portion of the ground lease is being amortized on a straight‑line basis. In addition to the base rent, the lease requires percentage rent based on adjusted gross receipts to the City of Shreveport and payments in lieu of admission fees to the City of Shreveport and the Bossier Parish School Board. Expenses under the terms of the ground lease are as follows (in thousands):


	For the year ended December 31,
	2015		2014		2013
Ground lease:
Base rent	$	585	$	585	$	585
Percentage rent		1,363		1,336		1,400
		1,948		1,921		1,985
Payment in lieu of admissions fees and school taxes	$	5,985	$	5,908	$	6,154

Bond Requirements. Mountaineer is required to maintain bonds in the aggregate amount of $1.1 million for the benefit of the West Virginia Lottery Commission, Presque Isle Downs is required to maintain a slot machine payment bond for the benefit of the Commonwealth of Pennsylvania in the amount of $1.0 million and Scioto Downs is required to maintain a VLT license bond for the benefit of the Ohio Lottery Commission in the amount of $1.0 million. The bonding requirements have been satisfied via the issuance of surety bonds.

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.

Collective Bargaining Agreements. As of December 31, 2015, we had approximately 7,800 employees. As of such date, we had 11 collective bargaining agreements covering approximately 1,100 employees.

Ohio Gaming Referendum Challenge. 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. In response to a motion to dismiss as improvidently granted which was filed jointly by Appellees, the remaining propositions of law were briefed by the parties and oral argument before the Ohio Supreme Court was held on June 23, 2015. A decision on the case has not been issued by the Ohio Supreme Court.

Environmental Remediation. In October 2004, the Company acquired 229 acres of real property, known as the International Paper site, as an alternative site to build Presque Isle Downs. In connection with the acquisition of the International Paper site, the Company 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, the Company sold 205 acres to GEIDC who assumed primary responsibility for the remediation obligations under the Consent Order relating to the property they acquired. However, the Company was advised by the PaDEP that it was not released from its liability and responsibility under the Consent Order. The Company also purchased an Environmental Risk Insurance Policy in the amount of $10.0 million with respect to the property, which was renewed in October 2015 for a period of one year. The Company believes that 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 $4.1 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 $2.1 million, which has been accrued in the accompanying consolidated balance sheet at December 31, 2015.

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 December 31, 2015 and 2014 was $4.3 million and $5.0 million, respectively and is accrued in the accompanying consolidated balance sheet. MTR Gaming paid $0.4 million in 2015 and $0.1 million during the 2014 period subsequent to the Merger Date.

Agreements with Horsemen and Pari-mutuel Clerks. The Federal Interstate Horse Racing Act and the state racing laws in West Virginia, Ohio and Pennsylvania require that, in order to simulcast races, we have written agreements with the horse owners and trainers at those racetracks. In addition, in order to operate slot machines in West Virginia, we are required to enter into written agreements regarding the proceeds of the slot machines (a “proceeds agreement”) with a representative of a majority of the horse owners and trainers and with a representative of a majority of the pari‑mutuel clerks. In Pennsylvania and Ohio, we must have an agreement with the representative of the horse owners. We have the requisite agreements in place with the horsemen at Mountaineer until December 31, 2018. With respect to the Mountaineer pari‑mutuel clerks, we have a labor agreement in force until November 30, 2016 and a proceeds agreement until April 14, 2018. We are required to have a proceeds agreement in effect on July 1 of each year with the horsemen and the pari‑mutuel clerks as a condition to renewal of our video lottery license for such year. If the requisite proceeds agreement is not in place as of July 1 of a particular year, Mountaineer’s application for renewal of its video lottery license could be denied, in which case Mountaineer would not be permitted to operate either its slot machines or table games. Scioto Downs has the requisite agreement in place with the OHHA until December 31, 2023, with automatic two‑year renewals unless either party requests re‑negotiation pursuant to its terms. Presque Isle Downs has the requisite agreement in place with the Pennsylvania Horsemen’s Benevolent and Protective Association until May 1, 2019. With the exception of the respective Mountaineer, Presque Isle Downs and Scioto Downs horsemen’s agreements and the agreement between Mountaineer and the pari‑mutuel clerks’ union described above, each of the agreements referred to in this paragraph may be terminated upon written notice by either party.

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Information

Segment Information

Note 18. 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: Nevada, Louisiana and parts of the eastern United States. The Company has aggregated its operating segments into three reportable segments: Eldorado Reno, Silver Legacy and Circus Reno as Nevada, Eldorado Shreveport as Louisiana, and Scioto Downs, Presque Isle and Mountaineer as Eastern. (Acquisition Date through December 31, 2015 and Merger Date through December 31, 2014).


	For the year ended December 31,
	2015		2014		2013
	(in thousands)
Revenues and expenses
Nevada:
Net operating revenues(a)	$	127,802	$	105,945	$	109,691
Expenses, excluding depreciation and corporate		(107,723)		(95,592)		(96,685)
Loss on sale or disposal of property		(3)		—		(14)
Equity in income of unconsolidated affiliates		3,460		2,705		3,355
Acquisition charges		—		(6,298)		(3,173)
Depreciation		(9,547)		(7,951)		(8,318)
Operating income (loss)—Nevada	$	13,989	$	(1,191)	$	4,856
Louisiana:
Net operating revenues	$	136,342	$	133,960	$	140,495
Expenses, excluding depreciation, amortization(a)		(107,316)		(112,068)		(113,844)
Gain (loss) on sale or disposal of property		18		(84)		(212)
Depreciation and amortization		(7,621)		(8,403)		(8,713)
Operating income—Louisiana	$	21,423	$	13,405	$	17,726
Eastern:
Net operating revenues	$	455,640	$	124,168	$	—
Expenses, excluding depreciation, amortization and corporate		(359,841)		(100,808)		—
Gain on sale or disposal of property		33		—		—
Depreciation and amortization		(39,341)		(12,274)		—
Operating income—Eastern	$	56,491	$	11,086	$	—
Corporate:
Corporate expenses	$	(16,469)	$	(4,617)	$	—
Acquisition charges		(2,452)		(1,113)		—
Loss on sale or disposal of property		(54)		—		—
Depreciation and amortization		(412)		(15)		—
Operating loss—Corporate	$	(19,387)	$	(5,745)	$	—


	For the year ended December 31,
	2015		2014		2013
		(in thousands)
Total Reportable Segments
Net operating revenues(a)	$	719,784	$	364,073	$	250,186
Expenses, excluding depreciation, amortization(a)		(591,349)		(313,085)		(210,529)
Loss on sale or disposal of property		(6)		(84)		(226)
Equity in income of unconsolidated affiliates		3,460		2,705		3,355
Acquisition charges		(2,452)		(7,411)		(3,173)
Depreciation and amortization		(56,921)		(28,643)		(17,031)
Operating income—Total Reportable Segments	$	72,516	$	17,555	$	22,582
Reconciliations to Consolidated Net Income (Loss):
Operating Income — Total Reportable Segments	$	72,516	$	17,555	$	22,582
Unallocated income and expenses:
Interest income		—		18		16
Interest expense		(61,558)		(30,752)		(15,681)
Gain on valuation of unconsolidated affiliate		35,582		—		—
Gain on extinguishment of debt of unconsolidated affiliate		—		—		11,980
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate		—		715		—
Loss on early retirement of debt		(1,937)		(90)		—
Non‑controlling interest		—		(103)		—
Benefit (provision) for income taxes		69,580		(1,768)		—
Net income (loss)	$	114,183	$	(14,425)	$	18,897

(a)

Net revenues for Nevada and expenses for Louisiana are net of the elimination of $2.3 million and $3.0 million of management and incentive fees received by Eldorado Reno and paid by Eldorado Shreveport for 2014 and 2013, respectively. There were no such fees paid in 2015.


	For the Year Ended December 31,
	2015		2014		2013
	(in thousands)
Capital Expenditures
Nevada	$	4,682	$	3,475	$	3,520
Louisiana		4,032		3,273		3,893
Eastern		26,556		3,816		—
Corporate		1,492		—		—
Total	$	36,762	$	10,564	$	7,413


	As of December 31,

	2015		2014
	(in thousands)
Total Assets
Nevada	$	376,760	$	235,170
Louisiana		135,403		141,317
Eastern		883,344		921,726
Corporate		495,202		—
Eliminating entries (a)		(565,701)		(126,654)
Total	$	1,325,008	$	1,171,559

(a)

Reflects the following eliminations for the periods indicated.


Proceeds from Resorts Senior Secured Notes loaned to Eldorado Shreveport	$	—	$	116,308
Reclass deferred tax assets against deferred tax liabilities		1,080		—
Accrued interest on the above intercompany loan		11,521		418
Intercompany receivables/payables		394,804		130
Net investment in Silver Legacy/Circus Reno		88,314		—
Net investment in and advances to MTR Gaming		5,000		5,000
Net investment in and advances to Silver Legacy		56,500		—
Net investment in and advances to Eldorado Shreveport		8,482		4,798
	$	565,701	$	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
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-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
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-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
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-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
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-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

Consolidating Condensd Financial Information

12 Months Ended

Dec. 31, 2015

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Note 19. Consolidating Condensed Financial Information

All of our wholly owned subsidiaries, except for the subsidiaries acquired in the Acquisition, have fully and conditionally guaranteed on a joint and several basis, the payments of all obligations under our Senior Notes and New Credit Facility as of December 31, 2015. Silver Legacy Joint Venture, LLC and CC-Reno, LLC were not guarantors as of December 31, 2015, but will become guarantors upon receipt of the required regulatory approval.

The consolidating condensed balance sheet as of December 31, 2015 is as follows:



Balance Sheet
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Current assets	$	2,248	$	87,976	$	31,102	$	(5,147)	$	116,179
Intercompany receivables		401,998		—		—		(401,998)		—
Investment in and advances to unconsolidated affiliates		—		62,786		—		(61,500)		1,286
Investments in subsidiaries		88,314		—		—		(88,314)		—
Property and equipment, net		2,553		439,640		183,223		—		625,416
Other assets		89		575,466		6,572		—		582,127
Total assets	$	495,202	$	1,165,868	$	220,897	$	(556,959)	$	1,325,008

Current liabilities	$	24,238	$	78,508	$	30,616	$	(27,652)	$	105,710
Intercompany payables		—		389,272		(8,149)		(381,123)		—
Long-term debt, less current maturities		486,171		325,542		50,000		—		861,713
Other accrued liabilities		4,905		151,910		2,525		(72,422)		86,918
Stockholders’ equity		(20,112)		220,636		145,905		(75,762)		270,667
Total liabilities and stockholders’ equity	$	495,202	$	1,165,868	$	220,897	$	(556,959)	$	1,325,008

The consolidating condensed statement of operations for the year ended December 31, 2015 is as follows:



Statement of Operations
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Revenues:
Gaming and pari-mutuel commissions	$	—	$	612,229	$	11,029	$	—	$	623,258
Non-gaming		—		147,894		13,389		—		161,283
Gross revenues		—		760,123		24,418		—		784,541
Less promotional allowances		—		(62,113)		(2,644)		—		(64,757)
Net revenues		—		698,010		21,774		—		719,784

Operating expenses:
Gaming and pari-mutuel commissions		—		362,011		5,534		—		367,545
Non-gaming		—		71,966		7,272		—		79,238
Marketing and promotions		—		30,100		1,127		—		31,227
General and administrative		13,738		109,808		3,553		(13,760)		113,339
Depreciation and amortization		369		54,893		1,659		—		56,921
Total operating expenses		14,107		628,778		19,145		(13,760)		648,270

Loss on disposal of assets		—		(6)		—		—		(6)
Acquisition charges		(2,368)		(84)		—		—		(2,452)
Equity in income of unconsolidated affiliates		—		3,460		—		—		3,460
Operating (loss) income		(16,475)		72,602		2,629		13,760		72,516

Interest expense, net		(10,613)		(49,409)		(1,536)		—		(61,558)
Gain on valuation of unconsolidated affiliate		—		35,582		—		—		35,582
Loss on early retirement of debt		(1,855)		(82)		—		—		(1,937)
Net (loss) income before income taxes		(28,943)		58,693		1,093		13,760		44,603
Income tax benefit		—		2,561		—		67,019		69,580
Net (loss) income	$	(28,943)	$	61,254	$	1,093	$	80,779	$	114,183

The consolidating Condensed Statement of Cash Flows for the year ended December 31, 2015 is as follows:



Statement of Cash Flows
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Net cash (used in) provided by operating activities	$	(856)	$	51,784	$	8,379	$	(2,592)	$	56,715
INVESTING ACTIVITIES:
Capital expenditures, net of payables		(2,602)		(33,920)		(240)		—		(36,762)
Reimbursement of capital expenditures from West Virginia regulatory authorities		—		1,266		—		—		1,266
Investment in unconsolidated affiliate		—		(1,010)		—		—		(1,010)
Proceeds from sale of property and equipment		—		153		—		—		153
Decrease in restricted cash due to credit support deposit		—		2,500		—		—		2,500
(Increase) Decrease in other assets, net		(89)		1,993		(42)		(1,747)		115
Net cash (used) acquired in business combinations		(211,813)		—		—		86,797		(125,016)
Net cash (used in) provided by investing activities		(214,504)		(29,018)		(282)		85,050		(158,754)
FINANCING ACTIVITIES:
Proceeds from long-term debt borrowings		800,000		—		—		—		800,000
Net borrowings on New Revolving Credit Facility		93,500		—		—		—		93,500
Principal payments under Senior Notes		(2,125)		—		—		—		(2,125)
Retirement of long-term debt		(649,538)		(79,126)		—		—		(728,664)
Principal payments on capital leases		—		(88)		—		—		(88)
Debt issuance costs		(25,820)		—		—		—		(25,820)
Call premium on early retirement of debt		—		(44,090)		—		—		(44,090)
Net proceeds from (payments to) related parties		—		73,036		(5,832)		(67,204)		—
Net cash provided by (used in) financing activities		216,017		(50,268)		(5,832)		(67,204)		92,713
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		657		(27,502)		2,265		15,254		(9,326)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		—		87,604		15,254		(15,254)		87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	$	657	$	60,102	$	17,519	$	—	$	78,278

Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Data (Unaudited)

Quarterly Data (Unaudited)

Note 20. Quarterly Data (Unaudited)

The following table sets forth certain consolidated quarterly financial information for the years ended December 31, 2015, 2014 and 2013. The quarterly information only includes the operations of Silver Legacy and Circus Reno from the Acquisition Date through December 31, 2015 and MTR Gaming from the Merger Date through December 31, 2015.


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2015:
Revenues	$	182,809	$	198,356	$	199,536	$	203,840
Less—promotional allowances		(15,358)		(15,723)		(15,996)		(17,680)
Net revenues		167,451		182,633		183,540		186,160
Operating expenses		154,766		160,430		161,610		171,464
Operating income		12,084		23,059		24,092		13,281
Net (loss) income	$	(6,164)	$	4,795	$	5,399	$	110,153
Basic net (loss) income per common share	$	(0.13)	$	0.10	$	0.12	$	2.36
Diluted net (loss) income per common share	$	(0.13)	$	0.10	$	0.12	$	2.33
Weighted average shares outstanding—basic		46,494,638		46,516,614		46,516,614		46,670,735
Weighted average shares outstanding—diluted		46,494,638		46,657,618		46,763,589		47,227,127

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2014:
Revenues	$	67,083	$	72,725	$	90,528	$	179,936
Less—promotional allowances		(10,053)		(10,976)		(11,579)		(15,841)
Net revenues		57,030		61,749		78,949		164,095
Operating expenses		53,726		56,054		72,943		156,755
Operating income		1,552		6,775		2,778		6,450
Net (loss) income	$	(2,333)	$	2,909	$	(4,064)	$	(10,834)
Basic and diluted net (loss) income per common share	$	(0.10)	$	0.12	$	(0.16)	$	(0.23)
Weighted average shares outstanding—basic and diluted		23,311,492		23,311,492		26,075,022		46,441,249

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2013:
Revenues	$	72,607	$	76,864	$	74,950	$	65,832
Less—promotional allowances		(10,428)		(11,036)		(11,319)		(10,284)
Net revenues		62,179		65,828		63,631		55,548
Operating expenses		55,448		57,301		57,283		54,528
Operating income		6,025		10,500		7,092		1,035
Net income	$	2,087	$	6,548	$	3,184	$	7,078
Basic and diluted net income per common share	$	0.09	$	0.28	$	0.14	$	0.30
Weighted average shares outstanding—basic and diluted		23,311,492		23,311,492		23,311,492		23,311,492

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable and Credit Risk

Certain Concentrations of Risk

Inventories

Property and Equipment

Investment in Unconsolidated Affiliates

Long-Lived and Finite-Lived Intangible Assets and Non-Operating Real Properties

Indefinite-Lived Intangible Assets

Self-Insurance Reserves

Outstanding Chip Liability

Frequent Players Program

Revenues and Promotional Allowances

Advertising

Income Taxes

Fair Value Measurements

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.

Stock-Based Compensation

Earnings per Share

Segment Reporting

Recently Issued Accounting Pronouncements

Reclassifications

Certain reclassifications of prior year presentations have been made to conform to the current period presentation

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Schedule of retail value of complimentary services


	For the Year Ended December 31,
	2015		2014		2013
Food and beverage	$	44,998	$	33,182	$	29,356
Hotel		15,711		12,582		11,386
Other		4,048		2,685		2,325
	$	64,757	$	48,449	$	43,067

Schedule of cost of complimentary services

The costs of providing such complimentary services are recorded in casino expenses in the accompanying consolidated statements of operations and are estimated as follows (in thousands):


	For the Year Ended December 31,
	2015		2014		2013
Food and beverage	$	31,220	$	25,190	$	22,873
Hotel		6,638		5,030		4,438
Other		2,330		1,860		1,608
	$	40,188	$	32,080	$	28,919

Schedule of change in acquisition-related contingent consideration liabilities

The following table represents the change in acquisition‑related contingent consideration liabilities during the period from the Merger Date to December 31, 2015 (amounts in thousands):


Balance as of Merger Date	$	508
Amortization of present value discount(1)		38
Fair value adjustment for change in consideration expected to be paid(2)		(22)
Settlements		—
Balance as of December 31, 2014		524
Amortization of present value discount(1)		52
Fair value adjustment for change in consideration expected to be paid(2)		38
Settlements		(85)
Balance as of December 31, 2015	$	529

(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 as a component of general and administrative expense in the consolidated statements of operations.

Acquisition and Purchase Accounting (Tables)

12 Months Ended

Dec. 31, 2015

Acquisition and Purchase Accounting

Schedule of calculation of the purchase consideration calculation


Purchase consideration calculation (dollars in thousands)	Silver Legacy		Circus Reno		Total
Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note	$	56,500	$	16,000	$	72,500
Fair value of ERI’s preexisting 50% equity interest		56,500		—		56,500
Settlement of Silver Legacy’s long term debt(1)		87,854		—		87,854
Closing Silver Legacy and Circus Reno net working capital(2)		6,124		1,916		8,040
Purchase consideration	$	206,978	$	17,916	$	224,894

(1) Represents $5.0 million of short-term debt, $75.5 million of long-term debt, the remaining 50% of the $11.5 million of member notes (net of discount), and accrued interest.

(2) Per the Purchase and Sale Agreement, the purchase price was $72.5 million plus the Final Closing Circus Reno Net Working Capital (as defined in the Purchase and Sale Agreement). The preliminary working capital adjustment was $8.0 million and is subject to final approval and possible adjustment.

Schedule of prelimnary purchase price allocation

The following table summarizes the preliminary purchase price allocation of the acquired assets and assumed liabilities as of December 31, 2015 (dollars in thousands):


	Silver Legacy		Circus Reno		Total
Current and other assets, net	$	21,625	$	2,115	$	23,740
Property and equipment		169,544		14,801		184,345
Intangible assets(1)		5,000		1,000		6,000
Other noncurrent assets		10,809		—		10,809
Net assets acquired	$	206,978	$	17,916	$	224,894

Schedule of unaudited pro forma financial results


	For the years ended December 31,
	2015		2014
Net revenues	$	901,455	$	908,415
Net income		97,783		40,552
Net income per common share:
Basic	$	2.10	$	0.87
Diluted	$	2.08	$	0.87
Weighted shares outstanding:
Basic		46,550,042		46,426,714
Diluted		47,008,980		46,509,008

Summary of the final purchase price allocation 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 (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 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.

Investment in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2015

Tamarack

Summary of information for the Company's equity investment

Summarized information for the Company’s equity in Tamarack for 2014 prior to its disposition and for the year ended December 31, 2013 is as follows (in thousands):


	Period from,
	January 1, 2014		For the year ended
	through		December 31,
	September 1, 2014		2013

Beginning balance	$	5,268	$	5,066
Member’s distribution		(509)		(892)
Equity in net income of unconsolidated affiliate		720		1,094
Distribution of investment		(5,479)		—
Ending balance	$	—	$	5,268

Summary of results of operations

Summarized unaudited results of operations for Tamarack are as follows (in thousands):


	Period from, January 1, 2014		For the year ended
	through		December 31,
	September 1, 2014		2013
Net revenues	$	12,908	$	21,548
Operating expenses		(9,431)		(16,172)
Operating income		3,477		5,376
Other expense		(45)		(97)
Net income	$	3,432	$	5,279

Silver Legacy Joint Venture

Summary of information for the Company's equity investment


	Period from, January 1, 2015 through November 23,		For the year ended December 31,
	2015		2014		2013
Beginning balance	$	14,009	$	13,081	$	(2,198)
Equity in income of unconsolidated affiliate		3,460		1,985		2,261
Gain on early extinguishment of debt of unconsolidated affiliate		—		—		11,980
Gain on termination of supplemental executive retirement plan of unconsolidated affiliate		—		715		—
Other comprehensive (loss) income-minimum pension liability adjustment of unconsolidated affiliate		—		(1,772)		1,772
Valuation of unconsolidated affiliate		35,582		—		—
Net acquisition of non controlling interest		3,449		—		—
Member’s distribution		—		—		(734)
Ending balance	$	56,500	$	14,009	$	13,081

Summary of balance sheet information

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


	December 31,
	2014

Current assets	$	30,563
Property and equipment, net		190,592
Other assets, net		6,412
Total assets	$	227,567
Current liabilities	$	18,707
Long-term liabilities		89,322
Partners’ equity		119,538
Total liabilities and partners’ equity	$	227,567

Summary of results of operations

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



	Period from, January 1, 2015 through November 23,		For the year ended December 31,
	2015		2014		2013
Net revenues	$	117,029	$	127,095	$	125,841
Operating expenses		(90,608)		(112,086)		(112,558)
Operating income		26,421		15,009		13,283
Other income (expense)		(19,226)		(9,607)		15,606
Reorganization items		—		—		(407)
Net income	$	7,195	$	5,402	$	28,482

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Long-term debt

Summary of long-term debt obligations

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


	December 31,
	2015		2014
Senior Notes	$	375,000	$	—
Less: Unamortized debt issuance costs		(8,957)		—
Net		366,043		—

New Term Loan		422,875		—
Less: Unamortized discount and debt issuance costs		(14,465)		—
Net		408,410		—

New Revolving Credit Facility		93,500		—
Less: Unamortized debt issuance costs		(2,533)		—
Net		90,967		—

Resorts Senior Secured Notes		—		168,000
Less: Unamortized discount and debt issuance costs		—		(3,771)
Net		—		164,229

MTR Second Lien Notes		—		560,664
Add: Unamortized premium		—		50,163
Net		—		610,827

Capital leases		817		35
Less: Current portion		(4,524)		(32)
Total long-term debt	$	861,713	$	775,059

Resorts

Long-term debt

Schedule of redemption prices of notes


Year	Percentage
2018	105.250	%
2019	103.500	%
2020	101.750	%
2021 and thereafter	100.000	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)


	2015		2014
Current:
Federal	$	(29)	$	10
State		665		120
Local		557		55
Total current		1,193		185
Deferred:
Federal		(68,103)		846
State		(2,691)		711
Local		21		26
Total deferred		(70,773)		1,583
Income tax (benefit) expense	$	(69,580)	$	1,768

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate for the years ended December 31, 2015 and 2014:


	2015		2014
Federal statutory rate	35.0	%	(35.0)	%
State and local taxes	1.0	%	(4.4)	%
State tax rate adjustment	(3.3)	%	—	%
Permanent items	0.4	%	3.6	%
Valuation allowance	(180.5)	%	77.3	%
Minority interest	0.2	%	1.2	%
Change in tax status	18.2	%	(28.0)	%
Non-taxable gain on fair value adjustment	(27.9)	%	—	%
Other	0.9	%	(0.6)	%
(Benefit) provision for income taxes	(156.0)	%	14.1	%

Schedule of Deferred Tax Assets and Liabilities


	2015		2014
Deferred tax assets:
Loss and credit carryforwards	$	50,100	$	43,505
Accrued expenses		7,134		6,431
Fixed assets		8,697		10,956
Investment in partnerships		—		5,845
Debt		11,611		23,826
Stock-based compensation		701		179
Other		599		35
		78,842		90,777
Deferred tax liabilities:
Identified intangibles		(145,053)		(146,715)
Investment in partnerships		(2,008)		—
Prepaid expenses		(1,906)		(2,042)
Other		(97)		—
		(149,064)		(148,757)
Valuation allowance		(8,575)		(89,067)
Net deferred tax liabilities	$	(78,797)	$	(147,047)

Common Stock and Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2015

Common Stock and Incentive Awards

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

A summary of the RSU activity for the year ended December 31, 2015 is as follows:




		Weighted-Average		Weighted-Average
	Equity	Grant Date		Remaining	Aggregate
	Awards	Fair Value		Contractual Life	Fair Value
				(in years)		(in millions)
Unvested outstanding as of December 31, 2014	—	$	—	—		—
Granted (1)	917,283		4.08
Vested	(89,900)		4.03
Unvested outstanding as of December 31, 2015	827,383	$	4.09	2.12	$	3.4

(1) Includes 475,409 of performance awards expected to be awarded at 135% of target.

Schedule of Share-based Compensation, Stock Options, Activity


							Weighted-Average
		Range of			Weighted-Average		Remaining		Aggregate
	Options	Exercise Prices			Exercise Price		Contractual Life		Intrinsic Value
							(in years)		(in millions)
Outstanding as of Merger Date	474,833	$ 2.44	-	$16.27	$	7.13
Granted
Exercised	(76,633)	$ 2.44	-	$3.94	$	3.22
Expired	—			—		—
Forfeited	—			—		—
Outstanding and Exercisable as of December 31, 2014	398,200	$ 2.44	-	$16.27	$	7.88		4.54	$	0.2
Expired	(86,000)			$11.30	$	11.30
Outstanding and Exercisable as of December 31, 2015	312,200	$ 2.44	-	$16.27	$	6.94		3.47	$	1.3

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

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


	December 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	78,278	$	78,278	$	87,604	$	87,604
Restricted cash		5,271		5,271		8,234		8,234
Advance to Silver Legacy Joint Venture		—		—		—		4,911
Financial liabilities:
7.0% Senior Notes	$	366,043	$	367,500	$	—	$	—
New Term Loan		408,410		419,796		—		—
New Revolving Credit Facility		90,967		93,500		—		—
8.625% Senior Secured Notes		—		—		164,229		174,720
11.5% Senior Secured Second Lien Notes		—		—		610,827		606,919
Acquisition-related contingent considerations		529		529		524		524

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents the change in acquisition‑related contingent consideration liabilities during the period from the Merger Date to December 31, 2015 (amounts in thousands):


Balance as of Merger Date	$	508
Amortization of present value discount(1)		38
Fair value adjustment for change in consideration expected to be paid(2)		(22)
Settlements		—
Balance as of December 31, 2014		524
Amortization of present value discount(1)		52
Fair value adjustment for change in consideration expected to be paid(2)		38
Settlements		(85)
Balance as of December 31, 2015	$	529

(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 as a component of general and administrative expense in the consolidated statements of operations.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Information

Schedule of operating data for reportable segments


	For the year ended December 31,
	2015		2014		2013
	(in thousands)
Revenues and expenses
Nevada:
Net operating revenues(a)	$	127,802	$	105,945	$	109,691
Expenses, excluding depreciation and corporate		(107,723)		(95,592)		(96,685)
Loss on sale or disposal of property		(3)		—		(14)
Equity in income of unconsolidated affiliates		3,460		2,705		3,355
Acquisition charges		—		(6,298)		(3,173)
Depreciation		(9,547)		(7,951)		(8,318)
Operating income (loss)—Nevada	$	13,989	$	(1,191)	$	4,856
Louisiana:
Net operating revenues	$	136,342	$	133,960	$	140,495
Expenses, excluding depreciation, amortization(a)		(107,316)		(112,068)		(113,844)
Gain (loss) on sale or disposal of property		18		(84)		(212)
Depreciation and amortization		(7,621)		(8,403)		(8,713)
Operating income—Louisiana	$	21,423	$	13,405	$	17,726
Eastern:
Net operating revenues	$	455,640	$	124,168	$	—
Expenses, excluding depreciation, amortization and corporate		(359,841)		(100,808)		—
Gain on sale or disposal of property		33		—		—
Depreciation and amortization		(39,341)		(12,274)		—
Operating income—Eastern	$	56,491	$	11,086	$	—
Corporate:
Corporate expenses	$	(16,469)	$	(4,617)	$	—
Acquisition charges		(2,452)		(1,113)		—
Loss on sale or disposal of property		(54)		—		—
Depreciation and amortization		(412)		(15)		—
Operating loss—Corporate	$	(19,387)	$	(5,745)	$	—


	For the year ended December 31,
	2015		2014		2013
		(in thousands)
Total Reportable Segments
Net operating revenues(a)	$	719,784	$	364,073	$	250,186
Expenses, excluding depreciation, amortization(a)		(591,349)		(313,085)		(210,529)
Loss on sale or disposal of property		(6)		(84)		(226)
Equity in income of unconsolidated affiliates		3,460		2,705		3,355
Acquisition charges		(2,452)		(7,411)		(3,173)
Depreciation and amortization		(56,921)		(28,643)		(17,031)
Operating income—Total Reportable Segments	$	72,516	$	17,555	$	22,582
Reconciliations to Consolidated Net Income (Loss):
Operating Income — Total Reportable Segments	$	72,516	$	17,555	$	22,582
Unallocated income and expenses:
Interest income		—		18		16
Interest expense		(61,558)		(30,752)		(15,681)
Gain on valuation of unconsolidated affiliate		35,582		—		—
Gain on extinguishment of debt of unconsolidated affiliate		—		—		11,980
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate		—		715		—
Loss on early retirement of debt		(1,937)		(90)		—
Non‑controlling interest		—		(103)		—
Benefit (provision) for income taxes		69,580		(1,768)		—
Net income (loss)	$	114,183	$	(14,425)	$	18,897

Schedule of capital expenditures for reportable segments


	For the Year Ended December 31,
	2015		2014		2013
	(in thousands)
Capital Expenditures
Nevada	$	4,682	$	3,475	$	3,520
Louisiana		4,032		3,273		3,893
Eastern		26,556		3,816		—
Corporate		1,492		—		—
Total	$	36,762	$	10,564	$	7,413

Reconciliation of total assets by reportable segment to consolidated total assets


	As of December 31,

	2015		2014
	(in thousands)
Total Assets
Nevada	$	376,760	$	235,170
Louisiana		135,403		141,317
Eastern		883,344		921,726
Corporate		495,202		—
Eliminating entries (a)		(565,701)		(126,654)
Total	$	1,325,008	$	1,171,559

Summary of eliminating and reclassification entries


Proceeds from Resorts Senior Secured Notes loaned to Eldorado Shreveport	$	—	$	116,308
Reclass deferred tax assets against deferred tax liabilities		1,080		—
Accrued interest on the above intercompany loan		11,521		418
Intercompany receivables/payables		394,804		130
Net investment in Silver Legacy/Circus Reno		88,314		—
Net investment in and advances to MTR Gaming		5,000		5,000
Net investment in and advances to Silver Legacy		56,500		—
Net investment in and advances to Eldorado Shreveport		8,482		4,798
	$	565,701	$	126,654

- Definition

The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.

+ References + Details

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Consolidating Financial Information [Abstract]

Condensed Balance Sheet

The consolidating condensed balance sheet as of December 31, 2015 is as follows:



Balance Sheet
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Current assets	$	2,248	$	87,976	$	31,102	$	(5,147)	$	116,179
Intercompany receivables		401,998		—		—		(401,998)		—
Investment in and advances to unconsolidated affiliates		—		62,786		—		(61,500)		1,286
Investments in subsidiaries		88,314		—		—		(88,314)		—
Property and equipment, net		2,553		439,640		183,223		—		625,416
Other assets		89		575,466		6,572		—		582,127
Total assets	$	495,202	$	1,165,868	$	220,897	$	(556,959)	$	1,325,008

Current liabilities	$	24,238	$	78,508	$	30,616	$	(27,652)	$	105,710
Intercompany payables		—		389,272		(8,149)		(381,123)		—
Long-term debt, less current maturities		486,171		325,542		50,000		—		861,713
Other accrued liabilities		4,905		151,910		2,525		(72,422)		86,918
Stockholders’ equity		(20,112)		220,636		145,905		(75,762)		270,667
Total liabilities and stockholders’ equity	$	495,202	$	1,165,868	$	220,897	$	(556,959)	$	1,325,008

Condensed Income Statement

The consolidating condensed statement of operations for the year ended December 31, 2015 is as follows:



Statement of Operations
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Revenues:
Gaming and pari-mutuel commissions	$	—	$	612,229	$	11,029	$	—	$	623,258
Non-gaming		—		147,894		13,389		—		161,283
Gross revenues		—		760,123		24,418		—		784,541
Less promotional allowances		—		(62,113)		(2,644)		—		(64,757)
Net revenues		—		698,010		21,774		—		719,784

Operating expenses:
Gaming and pari-mutuel commissions		—		362,011		5,534		—		367,545
Non-gaming		—		71,966		7,272		—		79,238
Marketing and promotions		—		30,100		1,127		—		31,227
General and administrative		13,738		109,808		3,553		(13,760)		113,339
Depreciation and amortization		369		54,893		1,659		—		56,921
Total operating expenses		14,107		628,778		19,145		(13,760)		648,270

Loss on disposal of assets		—		(6)		—		—		(6)
Acquisition charges		(2,368)		(84)		—		—		(2,452)
Equity in income of unconsolidated affiliates		—		3,460		—		—		3,460
Operating (loss) income		(16,475)		72,602		2,629		13,760		72,516

Interest expense, net		(10,613)		(49,409)		(1,536)		—		(61,558)
Gain on valuation of unconsolidated affiliate		—		35,582		—		—		35,582
Loss on early retirement of debt		(1,855)		(82)		—		—		(1,937)
Net (loss) income before income taxes		(28,943)		58,693		1,093		13,760		44,603
Income tax benefit		—		2,561		—		67,019		69,580
Net (loss) income	$	(28,943)	$	61,254	$	1,093	$	80,779	$	114,183

Condensed Cash Flow Statement

The consolidating Condensed Statement of Cash Flows for the year ended December 31, 2015 is as follows:



Statement of Cash Flows
	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
Net cash (used in) provided by operating activities	$	(856)	$	51,784	$	8,379	$	(2,592)	$	56,715
INVESTING ACTIVITIES:
Capital expenditures, net of payables		(2,602)		(33,920)		(240)		—		(36,762)
Reimbursement of capital expenditures from West Virginia regulatory authorities		—		1,266		—		—		1,266
Investment in unconsolidated affiliate		—		(1,010)		—		—		(1,010)
Proceeds from sale of property and equipment		—		153		—		—		153
Decrease in restricted cash due to credit support deposit		—		2,500		—		—		2,500
(Increase) Decrease in other assets, net		(89)		1,993		(42)		(1,747)		115
Net cash (used) acquired in business combinations		(211,813)		—		—		86,797		(125,016)
Net cash (used in) provided by investing activities		(214,504)		(29,018)		(282)		85,050		(158,754)
FINANCING ACTIVITIES:
Proceeds from long-term debt borrowings		800,000		—		—		—		800,000
Net borrowings on New Revolving Credit Facility		93,500		—		—		—		93,500
Principal payments under Senior Notes		(2,125)		—		—		—		(2,125)
Retirement of long-term debt		(649,538)		(79,126)		—		—		(728,664)
Principal payments on capital leases		—		(88)		—		—		(88)
Debt issuance costs		(25,820)		—		—		—		(25,820)
Call premium on early retirement of debt		—		(44,090)		—		—		(44,090)
Net proceeds from (payments to) related parties		—		73,036		(5,832)		(67,204)		—
Net cash provided by (used in) financing activities		216,017		(50,268)		(5,832)		(67,204)		92,713
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		657		(27,502)		2,265		15,254		(9,326)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		—		87,604		15,254		(15,254)		87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	$	657	$	60,102	$	17,519	$	—	$	78,278

Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Data (Unaudited)

Quarterly Data (Unaudited)


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2015:
Revenues	$	182,809	$	198,356	$	199,536	$	203,840
Less—promotional allowances		(15,358)		(15,723)		(15,996)		(17,680)
Net revenues		167,451		182,633		183,540		186,160
Operating expenses		154,766		160,430		161,610		171,464
Operating income		12,084		23,059		24,092		13,281
Net (loss) income	$	(6,164)	$	4,795	$	5,399	$	110,153
Basic net (loss) income per common share	$	(0.13)	$	0.10	$	0.12	$	2.36
Diluted net (loss) income per common share	$	(0.13)	$	0.10	$	0.12	$	2.33
Weighted average shares outstanding—basic		46,494,638		46,516,614		46,516,614		46,670,735
Weighted average shares outstanding—diluted		46,494,638		46,657,618		46,763,589		47,227,127

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2014:
Revenues	$	67,083	$	72,725	$	90,528	$	179,936
Less—promotional allowances		(10,053)		(10,976)		(11,579)		(15,841)
Net revenues		57,030		61,749		78,949		164,095
Operating expenses		53,726		56,054		72,943		156,755
Operating income		1,552		6,775		2,778		6,450
Net (loss) income	$	(2,333)	$	2,909	$	(4,064)	$	(10,834)
Basic and diluted net (loss) income per common share	$	(0.10)	$	0.12	$	(0.16)	$	(0.23)
Weighted average shares outstanding—basic and diluted		23,311,492		23,311,492		26,075,022		46,441,249

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2013:
Revenues	$	72,607	$	76,864	$	74,950	$	65,832
Less—promotional allowances		(10,428)		(11,036)		(11,319)		(10,284)
Net revenues		62,179		65,828		63,631		55,548
Operating expenses		55,448		57,301		57,283		54,528
Operating income		6,025		10,500		7,092		1,035
Net income	$	2,087	$	6,548	$	3,184	$	7,078
Basic and diluted net income per common share	$	0.09	$	0.28	$	0.14	$	0.30
Weighted average shares outstanding—basic and diluted		23,311,492		23,311,492		23,311,492		23,311,492

Summary of Significant Accounting Policies - Restricted cash - (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2015	Aug. 31, 2014	Aug. 30, 2014	Aug. 02, 2014	Nov. 30, 2013	Jul. 28, 1995	Jul. 27, 1995	Feb. 28, 1994
Restricted Cash
Collateral for certificates of deposit																$ 5,000,000
Certificates of deposit																			$ 598,000
Collateral deposits					$ 2,500,000									$ 2,500,000
Accounts Receivable and Credit Risk
Concentration Risk, Credit Risk, Financial Instruments													0	0
Investment in Unconsolidated Affiliates
Impairment charge													$ 0	$ 0	$ 0
Self-Insurance Reserves
Accrued insurance and medical claims reserves	$ 3,500,000				1,300,000								3,500,000	1,300,000
Frequent Players Program
Aggregate outstanding liability for the frequent players program	3,400,000				2,400,000								3,400,000	2,400,000
Revenues and Promotional Allowances
Promotional Allowances	$ 17,680,000	$ 15,996,000	$ 15,723,000	$ 15,358,000	$ 15,841,000	$ 11,579,000	$ 10,976,000	$ 10,053,000	$ 10,284,000	$ 11,319,000	$ 11,036,000	$ 10,428,000	64,757,000	48,449,000	43,067,000
Advertising
Advertising Costs													31,200,000	22,000,000	17,700,000
Capitalized Interest
Capitalized interest costs.													$ 200,000
Silver Legacy Joint Venture
Restricted Cash
Collateral deposits																				$ 5,000,000
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50.00%												50.00%								100.00%	48.10%
ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)																						96.20%
ELLC \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)																						50.00%
Resorts \| Silver Legacy Joint Venture
Restricted Cash
Collateral deposits																				5,000,000
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	48.10%												48.10%
Resorts \| Tamarack
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)																	21.30%	21.30%
Galleon \| Silver Legacy Joint Venture
Restricted Cash
Collateral deposits																				$ 5,000,000
Galleon \| ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)																							50.00%
Complimentaries
Revenues and Promotional Allowances
Promotional Allowances													$ 64,757,000	48,449,000	43,067,000
Costs and Expenses													40,188,000	32,080,000	28,919,000
Food and Beverage
Revenues and Promotional Allowances
Promotional Allowances													44,998,000	33,182,000	29,356,000
Costs and Expenses													31,220,000	25,190,000	22,873,000
Hotel
Revenues and Promotional Allowances
Promotional Allowances													15,711,000	12,582,000	11,386,000
Costs and Expenses													6,638,000	5,030,000	4,438,000
Others
Revenues and Promotional Allowances
Promotional Allowances													4,048,000	2,685,000	2,325,000
Costs and Expenses													$ 2,330,000	$ 1,860,000	$ 1,608,000

Acquisition and Purchase Accounting (Details) $ in Thousands			12 Months Ended
	Nov. 24, 2015	Jul. 28, 1995 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 19, 2014 USD ($)
Purchase Consideration Calculation Abstract
Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note			$ 72,500
Fair value of ERI’s preexisting 50% equity interest			56,500
Assumption of Silver Legacy’s long term debt(1)			87,854
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital			8,040
Purchase consideration			224,894
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			23,740
Property and equipment			184,345
Goodwill			66,826	$ 66,826
Intangible assets			6,000
Other noncurrent assets			10,809
Long-term debt			87,854
Net assets acquired			224,894
MTR Gaming
Purchase Consideration Calculation Abstract
Assumption of Silver Legacy’s long term debt(1)					$ 624,877
Purchase consideration			103,000
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
Silver Legacy Joint Venture
Purchase Consideration Calculation Abstract
Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note			56,500
Fair value of ERI’s preexisting 50% equity interest			56,500
Assumption of Silver Legacy’s long term debt(1)			87,854
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital			6,124
Purchase consideration		$ 3,600	206,978
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			21,625
Property and equipment			169,544
Intangible assets			5,000
Other noncurrent assets			10,809
Long-term debt			87,854
Net assets acquired			206,978
Silver Legacy Joint Venture \| Member notes
Purchase Consideration Calculation Abstract
Assumption of Silver Legacy’s long term debt(1)			$ 11,500
Percentage of debt assumed			50.00
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			$ 11,500
Silver Legacy Joint Venture \| Short-term Debt
Purchase Consideration Calculation Abstract
Assumption of Silver Legacy’s long term debt(1)			5,000
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			5,000
Silver Legacy Joint Venture \| Long-term Debt
Purchase Consideration Calculation Abstract
Assumption of Silver Legacy’s long term debt(1)			75,500
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			75,500
Circus Reno
Purchase Consideration Calculation Abstract
Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note			16,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital			1,916
Purchase consideration			17,916
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			2,115
Property and equipment			14,801
Intangible assets			1,000
Net assets acquired			$ 17,916
MTR Gaming
Purchase Consideration Calculation Abstract
Purchase consideration				$ 98,011
MTR Gaming \| 11.55 Senior Secured Second Lien Notes
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt, gross					$ 570,700
Galleon \| Silver Legacy Joint Venture
Acquisition and purchase accounting
Ownership interest held by former members of subsidiary (as a percent)	50.00%

Investment in Unconsolidated Affiliates (Details) $ / shares in Units, $ in Thousands			1 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2014 item	Jul. 28, 1995 USD ($) shares	Dec. 31, 2014 USD ($) $ / shares	Aug. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2015 USD ($) a room $ / shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($)	Aug. 31, 2015 USD ($)	Aug. 30, 2014	Dec. 16, 2013 USD ($)	Nov. 30, 2013 USD ($)	Jul. 27, 1995	Feb. 28, 1994
Investment in Unconsolidated Affiliates
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			$ 14,009			$ 1,286	$ 14,009
Net Income (Loss) Attributable to Noncontrolling Interest							$ 103
Total consideration paid						$ 224,894
Par Value per share \| $ / shares			$ 0.00001			$ 0.00001	$ 0.00001
Net income (loss) attributable to noncontrolling interest							$ 103
Notes receivable			$ 14,009			$ 1,286	14,009
Collateral deposits									$ 5,000
Restricted cash			2,500				2,500
Summary of company's equity investment
Equity in income (loss) of unconsolidated affiliate						$ 3,460	2,705	$ 3,355
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate							715
Other comprehensive loss (minimum pension liability adjustment of unconsolidated affiliate)							(1,772)	1,772
Other Investors
Investment in Unconsolidated Affiliates
Variable Interest Entity, Ownership Percentage						42.10%
Number of Rooms and Suites Hotel will have \| room						118
Cash						$ 1,000
Land \| a						2.4
Estimated cost of hotel construction						$ 15,000
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Total consideration paid		$ 3,600				$ 206,978
Collateral deposits			5,000				5,000
Credit support obligation reduced			2,500
Return of collateral deposit			2,500
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		100.00%				50.00%							48.10%
Acquisition of non-controlling interest (in shares) \| shares		373,135
Restricted cash												$ 5,000
ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)													96.20%
Ownership percentage allowed to be acquired		3.80%
Tamarack
Summary of company's equity investment
Beginning balance				$ 5,268	$ 5,268		5,268	5,066
Equity in income (loss) of unconsolidated affiliate					720			1,094
Member's distribution					(509)			(892)
Liquidation of investment					(5,479)
Ending balance								5,268
Unaudited results of operations
Net revenues				12,908				21,548
Operating expenses				(9,431)				(16,172)
Operating income				3,477				5,376
Interest expense				45				97
Net income (loss)				3,432				5,279
Number of members from parent company managing business and affairs \| item	4
Number of unaffiliated third parties managing business and affairs \| item	3
ELLC \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)													50.00%
Galleon \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership percentage allowed to be acquired		50.00%
Restricted cash												5,000
Galleon \| ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)														50.00%
Silver Legacy Joint Venture
Summary of company's equity investment
Beginning balance				$ 13,081	$ 13,081	$ 14,009	13,081	(2,198)
Equity in income (loss) of unconsolidated affiliate						3,460	1,985	2,261
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate							(715)
Other comprehensive loss (minimum pension liability adjustment of unconsolidated affiliate)							(1,772)	1,772
Valuation of unconsolidated affiliate						35,582
Net acquisition of non-controlling interest						3,449
Member's distribution								(734)
Ending balance			14,009			56,500	14,009	13,081
Balance sheet information
Current assets			30,563				30,563
Property and equipment, net			190,592				190,592
Other assets, net			6,412				6,412
Total assets			227,567				227,567
Current liabilities			18,707				18,707
Long-term liabilities			89,322				89,322
Partners' equity			119,538				119,538
Total liabilities and partners' equity			$ 227,567				227,567
Unaudited results of operations
Net revenues						117,029	127,095	125,841
Operating expenses						(90,608)	(112,086)	(112,558)
Operating income						26,421	15,009	13,283
Other expense						(19,226)	(9,607)	15,606
Reorganization items								(407)
Net income (loss)						$ 7,195	5,402	28,482
Silver Legacy Joint Venture \| New Silver Legacy Credit Facility
Investment in Unconsolidated Affiliates
New senior secured term loan facility											$ 90,500
Resorts \| Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)						48.10%
Restricted cash												$ 5,000
Resorts \| Tamarack
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	21.30%			21.30%						21.30%
Summary of company's equity investment
Equity in income (loss) of unconsolidated affiliate							$ 700	1,100
Balance sheet information
Partners' equity								$ 5,300
Resorts \| Tamarack \| Carano
Investment in Unconsolidated Affiliates
Equity Ownership percentage	26.30%

Property and Equipment (Details) - USD ($)	12 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 324,547,000	$ 283,886,000
Property, Plant and Equipment, Gross	949,963,000	740,025,000
Property, Plant and Equipment, Net	625,416,000	456,139,000
Depreciation, Depletion and Amortization, Nonproduction	56,921,000	28,643,000	$ 17,031,000
Capital Expenditure reimbursed by West Virginia Racing Commission	1,266,000	799,000
Mountaineer
Property, Plant and Equipment [Line Items]
Capital expenditure submitted for reimbursement from the West Virginia Racing Commission	3,900,000
Capital Expenditure reimbursed by West Virginia Racing Commission	1,300,000
Amount of qualified capital expenditure reiumbursed by West Virginia lottery commission	1
Amount of qualified capital expenditure submitted for reiumbursement by West Viriginia lottery commission	2
Modernization Fund Grants Eligibility Fund	3,000,000
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	54,633,000	40,170,000
Building and Other Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 619,614,000	460,662,000
Building and Other Leasehold Improvements [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and Other Leasehold Improvements [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	45 years
Riverboat [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 39,027,000	39,023,000
Property, Plant and Equipment, Useful Life	25 years
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 229,798,000	193,448,000
Furniture, fixtures and equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, fixtures and equipment [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Furniture, fixtures and equipment held under capital leases [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,199,000	3,592,000
Furniture, fixtures and equipment held under capital leases [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, fixtures and equipment held under capital leases [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,692,000	3,130,000
Assets acquired under capital lease [Member]
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 3,300,000	$ 3,400,000

Other and Intangible Assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Trade names and customer loyalty program
Goodwill	$ 66,826	$ 66,826
Intangible Assets Gross including Goodwill	499,574	493,574
Total goodwill and other intangible assets	492,033	491,913
Land held for development	906	906
Other	6,048	5,354
Total Other Assets, net	6,954	6,260
Trade name
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	9,800	6,700
Accumulated Amortization	$ (2,462)	(547)
Finite-Lived Intangible Asset, Useful Life	3 years 6 months
Amortization expense	$ 1,900
Customer loyalty program
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	7,700	4,800
Accumulated Amortization	(5,079)	(1,114)
Amortization expense	4,000
Trade names and the customer loyalty program
Trade names and customer loyalty program
2016	1,900
2017	1,900
2018	400
Gaming licenses (Indefinite-lived)
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	482,074	482,074
Gaming licenses (Indefinite-lived) \| Eldorado Casino Shreveport Joint Venture
Trade names and customer loyalty program
Intangible Assets, Net (Excluding Goodwill)	$ 20,600	$ 20,600

Long-Term Debt (Details) $ in Thousands		12 Months Ended
Long-Term Debt (Details) $ in Thousands	Jul. 23, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 19, 2014 USD ($)
Long-term debt
Capital leases		$ 817	$ 35
Less: Current portion		(4,524)	(32)
Less-Current portion		(4,524)	(32)
Long-term debt, noncurrent		861,713	775,059
Interest Expense		61,558	30,734	$ 15,665
Scheduled maturities of long-term debt in 2020		93,500
Scheduled maturities of long-term debt in 2022		395,300
Scheduled maturities of long-term debt in 2023		375,000
Debt issuance costs and discount		25,800
Amortization of debt issuance costs and discount		$ 1,500
From the closing date through December 31, 2015
Long-term debt
Debt Instrument Covenant Leverage Ratio		6.75
From January 1, 2016 to December 31, 2017
Long-term debt
Debt Instrument Covenant Leverage Ratio		6.00
From January 1, 2018 and thereafter
Long-term debt
Debt Instrument Covenant Leverage Ratio		5.00
Senior Notes
Long-term debt
Long-term debt, gross		$ 375,000
Less: Unamortized debt issuance costs		(8,957)
Long-term Debt.		366,043
Interest rate (as a percent)	7.00%
Gain (loss) on retirement of debt		1,900
Proceeds from Debt, Net	$ 50,000
New Term Loan
Long-term debt
Long-term debt, gross	$ 425,000	422,875
Less: Unamortized discount and debt issuance costs		(14,465)
Long-term Debt.		$ 408,410
Interest rate (as a percent)		4.25%
Debt Instrument, Term	7 years
New Revolving Credit Facility
Long-term debt
Long-term debt, gross	$ 150,000	$ 93,500
Less: Unamortized debt issuance costs		(2,533)
Long-term Debt.		$ 90,967
Interest rate (as a percent)		3.70%
Debt Instrument, Term	5 years
Debt Instrument, Unused Borrowing Capacity, Amount		$ 56,500
Resorts Senior Secured Notes
Long-term debt
Long-term debt, gross			168,000
Less: Unamortized discount and debt issuance costs			(3,771)
Long-term Debt.			164,229
Amortization expense of deferred financing costs		$ 500	900
MTR Second Lien Notes
Long-term debt
Long-term debt, gross			560,664
Add: Unamortized premium			50,163
Long-term Debt.			610,827
Year beginning August 1, 2018 \| Senior Notes
Long-term debt
Redemption price (as a percent)		105.25%
Year beginning August 1, 2019 \| Senior Notes
Long-term debt
Redemption price (as a percent)		103.50%
Year beginning August 1, 2020 \| Senior Notes
Long-term debt
Redemption price (as a percent)		101.75%
Year beginning August 1, 2021 and thereafter \| Senior Notes
Long-term debt
Redemption price (as a percent)		100.00%
Resorts \| Prior to June 15, 2015 \| 8.625% Resorts Senior Secured Notes
Long-term debt
Redemption price (as a percent)		100.00%
MTR Gaming \| 11.55 Senior Secured Second Lien Notes
Long-term debt
Long-term debt, gross					$ 570,700
Silver Legacy Joint Venture
Long-term debt
Gain (loss) on retirement of debt				$ 11,980
New Credit Facility \| Resorts \| New Term Loan
Long-term debt
Long-term debt, gross		$ 861,713	$ 775,059

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ (29)	$ 10
State	665	120
Local	557	55
Total Current	1,193	185
Current State and Local Tax Expense (Benefit)		700
Deferred:
Federal	(68,103)	846
State	(2,691)	711
Local	21	26
Total Deferred	(70,773)	1,583
Income Tax Expense	$ (69,580)	$ 1,768	$ 0
Reconciliation of the expected statutory federal income tax provision
Federal statutory rate	35.00%	(35.00%)
State and local taxes	1.00%	(4.40%)
State tax rate adjustment	(3.30%)
Permanent items	0.40%	3.60%
Valuation allowance	(180.50%)	77.30%
Minority interest	0.20%	1.20%
Change in tax status	18.20%	(28.00%)
Non-taxable gain on fair value adjustment	(27.90%)
Other	0.90%	(0.60%)
Provision (benefit) for income taxes	(156.00%)	14.10%
State tax expense due to change in status from partnership to C corp.		$ 700
Deferred Tax Assets:
Loss and credit carryforwards	$ 50,100	43,505
Accrued expenses	7,134	6,431
Fixed assets	8,697	10,956
Investment in partnerships		5,845
Debt	11,611	23,826
Stock-based compensation	701	179
Other	599	35
Deferred tax assets	78,842	90,777
Deferred Tax Liabilities:
Identified intangibles	(145,053)	(146,715)
Investment in partnerships	(2,008)
Prepaid expenses	(1,906)	(2,042)
Other	(97)
Deferred tax liabilities	(149,064)	(148,757)
Valuation allowance	(8,575)	(89,067)
Net deferred tax liabilities	(78,797)	$ (147,047)
Alternative Minimum Tax credit carryforwards	600
Federal jobs credit carryforwards	800
Other	97
Recognition of the federal deferred tax assets during 2015 resulted in an income tax benefit	80,300
Federal
Deferred Tax Liabilities:
Net operating loss carryforwards	133,300
State
Deferred Tax Liabilities:
Net operating loss carryforwards	$ 40,000

Employee Benefit Plans (Details) - USD ($)			3 Months Ended		12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Jan. 01, 2016	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 1,000
Resorts
Defined Contribution Plan, Employer Matching Contribution, Percent of Match					25.00%
Matching Contributions					$ 500,000	$ 400,000	$ 200,000
Defined Contribution Plan, First Match Threshold, Percentage					4.00%
Resorts Plans
Age limit for inclusion in 401k plan					21 years
Limit of months of completed service for inclusion in 401k plan					6 months
Limit of hours of completed service for inclusion in 401k plan					1,000
Resorts \| Minimum
Defined Contribution Plan, Contributions Per Employee, Percent					1.00%
Resorts \| Maximum
Defined Contribution Plan, Contributions Per Employee, Percent					100.00%
MTR Gaming
Matching Contributions					$ 100,000	$ 100,000
MTR Gamings Plans
Race track and simulcast wagering handles - Percent						0.25%
Net win from gaming operations - Percent						1.00%
Excess Net Terminal Income threshold						$ 160,000,000
Mountaineer
Matching Contributions			$ 400,000
Eldorado Shreveport
Defined Contribution Plan, Employer Matching Contribution, Percent of Match					50.00%
Defined Contribution Plan, First Match Threshold, Percentage					6.00%
Scioto Downs
MTR Gamings Plans
Pension Income		$ 39,000		$ 39,000
Scioto Downs
Fair Value of Plan Assets					$ 1,100,000
Fair value of Benefit Obligations					900,000
Funded Status of Plan					$ 300,000

Common Stock and Incentive Awards (Details)			3 Months Ended	12 Months Ended		15 Months Ended
Common Stock and Incentive Awards (Details)	Jan. 23, 2015 $ / shares shares	Sep. 18, 2014 USD ($) $ / shares shares	Mar. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Sep. 19, 2014 $ / shares
Stock-based compensation expense \| $				$ 1,488,000
Common Stock, Shares, Issued				46,817,829	46,426,714	46,817,829
Common Stock, Shares, Outstanding				46,817,829	46,426,714	46,817,829
Unrecognized Compensation Expense \| $				$ 2,400,000		$ 2,400,000
Common Stock
Authorized Common Stock				100,000,000	100,000,000	100,000,000
Par Value per share \| $ / shares				$ 0.00001	$ 0.00001	$ 0.00001
Summary of Stock Option Activity
Proceeds from Stock Options Exercised \| $				$ (2,125,000)	$ 245,000
Options
Outstanding at the beginning of the Period (in shares)				398,200
Exercised - in shares				0
Expired (in shares)				(86,000)
Outstanding at the end of the Period (in shares)					398,200
Range of Exercise Price
Lower end of exercise price \| $ / shares					$ 2.44
Upper end of exercise price \| $ / shares				$ 11.30	16.27
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares				7.88
Expired (in dollars per share) \| $ / shares				$ 11.30
Outstanding at the end of the period (in dollars per share) \| $ / shares					$ 7.88
Weighted- Average Remaining Contractual Life (in years)					4 years 6 months 15 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value \| $					$ 200,000
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)				398,200
Exercised - in shares				0
Forfeited				86,000
Outstanding at the end of the Period (in shares)					398,200
Aggregate Fair Value
Cash received from the exercise of stock options \| $					$ 200,000
Restricted stock units (RSUs)
Fair Value \| $ / shares	$ 4.03
Granted (in shares)	89,900
Recognition period of unrecognized compensation cost				2 years 1 month 13 days
Options
Outstanding at the beginning of the Period (in shares)			827,383
Granted (in shares)				917,283
Vested (in shares)				89,900
Outstanding at the end of the Period (in shares)				827,383		827,383
Weighted-Average Exercise Price
Granted (in dollars per share) \| $ / shares				$ 4.08
Vested (in dollars per share) \| $ / shares				4.03
Outstanding at the end of the period ( in dollars per share) \| $ / shares				$ 4.09		$ 4.09
Weighted- Average Remaining Contractual Life (in years)				2 years 1 month 13 days
Aggregate Intrinsic Value
Aggregate fair value \| $				$ 3,400,000
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)			827,383
Granted (in shares)				917,283
Outstanding at the end of the Period (in shares)				827,383		827,383
Weighted Average Grant Date Fair Value
Unvested outstanding as of beginning of period \| $ / shares			$ 4.09
Granted \| $ / shares	$ 4.03
Outstanding at the end of the period ( in dollars per share) \| $ / shares				$ 4.09		$ 4.09
Restricted stock units (RSUs) \| Plan 2015 Member
Granted (in shares)				9,171
RSU And Performance Awards
Fair Value \| $ / shares	$ 4.03
Granted (in shares)	685,606
Weighted Average Grant Date Fair Value
Granted \| $ / shares	$ 4.03
Stock options.
Options
Outstanding at the beginning of the Period (in shares)			312,200			474,833
Exercised - in shares						(76,633)
Outstanding at the end of the Period (in shares)				312,200		312,200
Weighted-Average Exercise Price
Exercised (in dollars per share) \| $ / shares						$ 3.22
Outstanding at the end of the period (in dollars per share) \| $ / shares		$ 7.13
Outstanding and Exercisable (in dollars per share) \| $ / shares				$ 6.94		$ 6.94
Weighted- Average Remaining Contractual Life (in years)				3 years 5 months 19 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value \| $				$ 1,300,000
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)			312,200			474,833
Exercised - in shares						(76,633)
Outstanding at the end of the Period (in shares)				312,200		312,200
Performance Awards
Percentage of target to be achieved to be eligible to receive performance awards				135.00
Options
Granted (in shares)				475,409
Summary of the RSU activity
Granted (in shares)				475,409
Common Stock Member
Common Stock
Par Value per share \| $ / shares							$ 0.00001
MTR Gaming 2010 Long Term Incentive Plan
Right to receive per share \| $		$ 6.05
Converted to a right to receive $ 6.05 per share
Number of shares converted		5,785,123
Converted to a right to receive one share of ERI Stock
Number of shares converted		22,600,961
Number of shares granted on conversion (per share)		1
Outstanding as of beginning
Range of Exercise Price
Lower end of exercise price \| $ / shares		$ 2.44
Upper end of exercise price \| $ / shares		$ 16.27
Exercised
Range of Exercise Price
Lower end of exercise price \| $ / shares				$ 2.44
Upper end of exercise price \| $ / shares						$ 3.94
Outstanding as of the end
Range of Exercise Price
Lower end of exercise price \| $ / shares				2.44
Upper end of exercise price \| $ / shares				$ 16.27
Ex Executive Officer
Severance Costs \| $			$ 800,000
Ex Executive Officer \| Restricted stock units (RSUs)
Stock-based compensation expense \| $			$ 300,000
Summary of the RSU activity
Vested			75,516

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended												12 Months Ended
	Sep. 19, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings per Share
Net income (loss)														$ 114,183	$ (14,425)	$ 18,897
Shares outstanding:
Weighted average shares outstanding		46,670,735	46,516,614	46,516,614	46,494,638									46,550,042	29,901,405	23,311,492
Weighted Average Number of Shares Outstanding, Diluted	0	47,227,127	46,763,589	46,657,618	46,494,638									47,008,980	29,901,405	23,311,492
Weighted Average Number of Shares Outstanding, Basic and Diluted						46,441,249	26,075,022	23,311,492	23,311,492	23,311,492	23,311,492	23,311,492	23,311,492	46,550,042	29,901,405	23,311,492
Basic and diluted net (loss) income per common share						$ (0.23)	$ (0.16)	$ 0.12	$ (0.10)	$ 0.30	$ 0.14	$ 0.28	$ 0.09	$ 2.43	$ (0.48)	$ 0.81
Effect of dilutive securities														47,008,980	29,901,405	23,311,492
Diluted shares outstanding	0	47,227,127	46,763,589	46,657,618	46,494,638									47,008,980	29,901,405	23,311,492
Basic (in dollars per share)														$ 2.45	$ (0.48)	$ 0.81
Diluted (in dollars per share)		$ 2.33	$ 0.12	$ 0.10	$ (0.13)									$ 2.43	$ (0.48)	$ 0.81

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2015
Change in acquisition-related contingent consideration liabilities
Balance at the beginning of the period	$ 508	$ 524
Amortization of present value discount	38	52
Fair value adjustment for change in consideration expected to be paid	(22)	38
Settlements		(85)
Balance at the end of the period	524	529
Notes receivable	14,009	1,286
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Resorts Senior Secured Notes and MTR Second Lien Notes		375,000
Silver Legacy Joint Venture \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Receivable, Fair Value Disclosure		7,500
Carrying Amount
Financial assets:
Cash and cash equivalents	87,604	78,278
Restricted cash	8,234	5,271
Financial liabilities:
Acquisition-related contingent considerations	524	529
Fair Value
Financial assets:
Cash and cash equivalents	87,604	78,278
Restricted cash	8,234	5,271
Advance to Silver Legacy Joint Venture	4,911
Financial liabilities:
Acquisition-related contingent considerations	524	529
8.625% Resorts Senior Secured Notes \| Carrying Amount
Financial liabilities:
Long-term debt, total	164,229
8.625% Resorts Senior Secured Notes \| Fair Value
Financial liabilities:
Long-term debt, total	174,720
11.55 Senior Secured Second Lien Notes \| Carrying Amount
Financial liabilities:
Long-term debt, total	610,827
11.55 Senior Secured Second Lien Notes \| Fair Value
Financial liabilities:
Long-term debt, total	606,919
Senior Notes
Financial liabilities:
Long-term debt, total		366,043
New Term Loan
Financial liabilities:
Long-term debt, total		408,410
New Term Loan \| Carrying Amount
Financial liabilities:
Long-term debt, total		408,410
New Term Loan \| Fair Value
Financial liabilities:
Long-term debt, total		419,796
New Revolving Credit Facility
Financial liabilities:
Long-term debt, total		90,967
New Revolving Credit Facility \| Carrying Amount
Financial liabilities:
Long-term debt, total		90,967
New Revolving Credit Facility \| Fair Value
Financial liabilities:
Long-term debt, total		93,500
Resorts Senior Secured Notes
Financial liabilities:
Long-term debt, total	164,229
MTR Second Lien Notes
Financial liabilities:
Long-term debt, total	$ 610,827
7% Senior Notes \| Carrying Amount
Financial liabilities:
Long-term debt, total		366,043
7% Senior Notes \| Fair Value
Financial liabilities:
Long-term debt, total		$ 367,500

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended		3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2014 USD ($)	Oct. 31, 2005 a	Oct. 31, 2004 a	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) a employee agreement item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Capital Lease
Capital Lease Obligations				$ 35	$ 817	$ 35
Future Minimum Lease Payments - 2015					300
Interest reduced to arrive at Present Value of Minimum Lease Payments					100
Present Value of Minimum Lease Payments					800
Expenses under the terms of the ground lease
Loss on sale or disposal of property					$ (6)	(84)	$ (226)
Bond Requirements
Entity number of employees \| employee					7,800
Number of collective bargaining agreements \| agreement					11
Number of employees covered under collective bargaining agreements \| employee					1,100
Environmental Remediation
Amount of Environmental Risk Insurance Policy purchased					$ 10,000
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming					99,900
Estimated total obligation for assessments				5,000	4,300	5,000
Obligations paid	$ 100			$ 100	400
C. S. & Y. Associates
Future minimum payments under non-cancellable operating leases
Rental Expense					600	600	600
Expenses under the terms of the ground lease
Base Rental					$ 600	600	600
Regulatory Gaming Assessments
Area of real property leased \| a					30,000
Shreveport Ground Operating Lease
Future minimum payments under non-cancellable operating leases
2016					$ 2,782
2017					2,034
2018					1,702
2019					1,466
2020					1,287
Thereafter					25,942
Total					35,213
Other Operating Leases [Member]
Future minimum payments under non-cancellable operating leases
Rental Expense					3,700	2,300	1,600
Expenses under the terms of the ground lease
Base Rental					3,700	2,300	1,600
Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming					36,100
Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming					63,800
MTR Gaming
Environmental Remediation
Area of real property sold (in acres) \| a		205
MTR Gaming \| Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Estimated total proportionate share of assessment upon gaming facilities					$ 2,100
MTR Gaming \| Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Period for quarterly payments of proportionate share of funding for assessments					10 years
Presque Isle Downs
Bond Requirements
Posted surety bond amount					$ 1,000
Environmental Remediation
Area of real property acquired (in acres) \| a			229
Scioto Downs
Bond Requirements
Posted surety bond amount					$ 1,000
The borrowers \| Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Number of licensees operational after which repayment of borrowing from General Fund would commence \| item					14
Eldorado Shreveport
Future minimum payments under non-cancellable operating leases
Rental Expense					$ 500
Expenses under the terms of the ground lease
Base Rent					585	585	585
Percentage Rent					1,363	1,336	1,400
Total					1,948	1,921	1,985
Payment in lieu of admissions fees and school taxes					$ 5,985	$ 5,908	$ 6,154
Lease term					10 years
Renewal Term					40 years
Base Rental					$ 500
Louisiana Partnership
Expenses under the terms of the ground lease
Base Rent					$ 400
Initial Renewal Term					5 years
Rent Escalation Percentage					15.00%
Mountaineer
Bond Requirements
Posted surety bond amount					$ 1,100

Related Parties (Details)			1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
Related Parties (Details)	Nov. 24, 2015 USD ($)	Jan. 01, 2015 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2014 USD ($)	Nov. 24, 2015 USD ($)	Dec. 31, 2015 USD ($) a	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Related parties
Receivables from related parties						$ 400,000
Payable to related parties						200,000
Wine Purchases						52,606,000	$ 37,411,000	$ 28,982,000
Other Revenue, Net						26,077,000	13,198,000	10,384,000
Eldorado Shreveport MTR Resorts
Related parties
Shared Administrative Costs Reimbursed						800,000	300,000	300,000
Silver Legacy
Related parties
Utilities	$ 100,000	$ 100,000					100,000	100,000
Cost of pasta and other products						$ 100,000
Labor and Laundry Supplies					$ 100,000		200,000	100,000
Shared Administrative Costs Reimbursed					$ 900,000		500,000	600,000
REI and HCM
Related parties
Maximum Management Fee Percentage Allowed			1.50%
Payment for Management Fee							500,000	600,000
REI and HCM \| Management agreement \| Maximum
Related parties
Maximum Annual Payment of Management Fee			$ 600,000
Carano Family
Related parties
Ownership interest percentage						23.80%
Poncia Family
Related parties
Ownership interest percentage						12.50%
C. S. & Y. Associates
Related parties
Area of real property leased \| a						30,000
Annual Rent Payable						$ 600,000	$ 600,000	$ 600,000
C. S. & Y. Associates \| Minimum
Related parties
Rent percentage of revenues						3.00
Rent Payable is 3% of						$ 6,500,000
Annual Rent Payable						$ 400,000
C. S. & Y. Associates \| Maximum
Related parties
Rent percentage of revenues						0.10
Rent Payable is 0.1% of						$ 75,000,000
Donald L Carano
Related parties
Financial Advisory Fees						400,000
Raymond J Poncia
Related parties
Financial Advisory Fees				$ 200,000
8.625% Resorts Senior Secured Notes
Related parties
Subordination Fees Paid						$ 100,000

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues and expenses
Net operating revenues	$ 186,160	$ 183,540	$ 182,633	$ 167,451	$ 164,095	$ 78,949	$ 61,749	$ 57,030	$ 55,548	$ 63,631	$ 65,828	$ 62,179
(Loss) gain on sale or disposition of property													$ (6)	$ (84)	$ (226)
Acquisition charges													(2,452)	(7,411)	(3,173)
Equity in net income (losses) of unconsolidated affiliate													3,460	2,705	3,355
Depreciation and amortization													(56,921)	(28,643)	(17,031)
Operating (loss) income	13,281	24,092	23,059	12,084	6,450	2,778	6,775	1,552	1,035	7,092	10,500	6,025	72,516	17,555	22,582
Reconciliations to Consolidated Net Income (Loss)
Operating Income	13,281	$ 24,092	$ 23,059	$ 12,084	6,450	$ 2,778	$ 6,775	$ 1,552	$ 1,035	$ 7,092	$ 10,500	$ 6,025	72,516	17,555	22,582
Unallocated income and expenses:
Interest expense													(61,558)	(30,734)	(15,665)
Gain on valuation of unconsolidated affiliate													35,582
Gain (Loss) On Extinguishment Of Debt Of Unconsolidated Affiliate															11,980
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate														715
Gain on early retirement of debt, net													(1,937)	(90)
Provision for income taxes													69,580	(1,768)	0
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													114,183	(14,425)	18,897
Capital Expenditures													36,762	10,564	7,413
Total Assets	1,325,008				1,171,559								1,325,008	1,171,559
Eliminations for the period
Net investment in and advances to other segment	1,286				14,009								1,286	14,009
Nevada
Revenues and expenses
Net operating revenues													127,802	105,945	109,691
Expenses, excluding depreciation and amortization													(107,723)	(95,592)	(96,685)
(Loss) gain on sale or disposition of property													(3)		(14)
Acquisition charges														(6,298)	(3,173)
Equity in net income (losses) of unconsolidated affiliate													3,460	2,705	3,355
Depreciation													9,547	7,951	8,318
Operating (loss) income													13,989	(1,191)	4,856
Reconciliations to Consolidated Net Income (Loss)
Operating Income													13,989	(1,191)	4,856
Louisiana
Revenues and expenses
Net operating revenues													136,342	133,960	140,495
Expenses, excluding depreciation and amortization													(107,316)	(112,068)	(113,844)
(Loss) gain on sale or disposition of property													18	(84)	(212)
Depreciation and amortization													(7,621)	(8,403)	(8,713)
Operating (loss) income													21,423	13,405	17,726
Reconciliations to Consolidated Net Income (Loss)
Operating Income													21,423	13,405	17,726
Eastern
Revenues and expenses
Net operating revenues													455,640	124,168
Expenses, excluding depreciation and amortization													(359,841)	(100,808)
(Loss) gain on sale or disposition of property													33
Depreciation and amortization													(39,341)	(12,274)
Operating (loss) income													56,491	11,086
Reconciliations to Consolidated Net Income (Loss)
Operating Income													56,491	11,086
Unallocated income and expenses:
Capital Expenditures													26,556	3,816
Total Assets	883,344				921,726								883,344	921,726
Eldorado Reno \| Nevada
Unallocated income and expenses:
Capital Expenditures													4,682	3,475	3,520
Total Assets	376,760				235,170								376,760	235,170
Eldorado Shreveport \| Louisiana
Unallocated income and expenses:
Capital Expenditures													4,032	3,273	3,893
Total Assets	135,403				141,317								135,403	141,317
Corporate
Revenues and expenses
Corporate expenses													(16,469)	(4,617)
(Loss) gain on sale or disposition of property													(54)
Acquisition charges													(2,452)	(1,113)
Depreciation and amortization													(412)	(15)
Operating (loss) income													(19,387)	(5,745)
Reconciliations to Consolidated Net Income (Loss)
Operating Income													(19,387)	(5,745)
Unallocated income and expenses:
Capital Expenditures													1,492
Total Assets	495,202												495,202
Eldorado Resorts, Inc. Consolidated
Revenues and expenses
(Loss) gain on sale or disposition of property													(6)
Acquisition charges													(2,452)
Equity in net income (losses) of unconsolidated affiliate													3,460
Depreciation and amortization													(56,921)
Operating (loss) income													72,516
Reconciliations to Consolidated Net Income (Loss)
Operating Income													72,516
Unallocated income and expenses:
Interest expense													(61,558)
Gain on valuation of unconsolidated affiliate													35,582
Gain on early retirement of debt, net													(1,937)
Provision for income taxes													69,580
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													114,183
Total Assets	1,325,008												1,325,008
Eliminations for the period
Net investment in and advances to other segment	1,286												1,286
Operating segment
Revenues and expenses
Net operating revenues													719,784	364,073	250,186
Expenses, excluding depreciation and amortization													(591,349)	(313,085)	(210,529)
(Loss) gain on sale or disposition of property													(6)	(84)	(226)
Acquisition charges													(2,452)	(7,411)	(3,173)
Equity in net income (losses) of unconsolidated affiliate													3,460	2,705	3,355
Depreciation and amortization													(56,921)	(28,643)	(17,031)
Operating (loss) income													72,516	17,555	22,582
Reconciliations to Consolidated Net Income (Loss)
Operating Income													72,516	17,555	22,582
Unallocated income and expenses:
Interest income														18	16
Interest expense													(61,558)	(30,752)	(15,681)
Gain on valuation of unconsolidated affiliate													35,582
Gain (Loss) On Extinguishment Of Debt Of Unconsolidated Affiliate															11,980
Gain on termination of supplemental executive retirement plan assets of unconsolidated affiliate														715
Gain on early retirement of debt, net													(1,937)	(90)
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest														(103)
Provision for income taxes													69,580	(1,768)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													114,183	(14,425)	$ 18,897
Eliminating entries
Unallocated income and expenses:
Total Assets	(565,701)				(126,654)								(565,701)	(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	11,521				418								11,521	418
Intercompany receivables/payables	394,804				130								394,804	130
Eliminating entries \| Eldorado Reno
Unallocated income and expenses:
Management fees included in net operating revenue													2,300	3,000
Eliminating entries \| Eldorado Shreveport
Eliminations for the period
Net investment in and advances to other segment	8,482				4,798								8,482	4,798
Eliminating entries \| MTR Gaming
Eliminations for the period
Net investment in and advances to other segment	5,000				$ 5,000								5,000	$ 5,000
Eliminating entries \| Silver Legacy
Eliminations for the period
Net investment in and advances to other segment	56,500												56,500
Eliminating entries \| Silver Legacy Circus Reno
Eliminations for the period
Net investment in and advances to other segment	$ 88,314												$ 88,314

Condensed Consolidating Financial Information Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Balance Sheet
Current assets	$ 116,179	$ 117,493
Investment in and advances to unconsolidated affiliates	1,286	14,009
Property and equipment, net	625,416	456,139
Total assets	1,325,008	1,171,559
Current liabilities	105,710	91,844
Long-term debt, less current maturities	861,713	775,059
Stockholders' equity	270,667	151,519	$ 75,575	$ 61,003
Total liabilities and stockholders' equity	1,325,008	$ 1,171,559
Eldorado Resorts, Inc. (Parent Obligor)
Condensed Balance Sheet
Current assets	2,248
Intercompany receivables	401,998
Advance to Silver Legacy Joint Venture	88,314
Property and equipment, net	2,553
Other assets	89
Total assets	495,202
Current liabilities	24,238
Long-term debt, less current maturities	486,171
Other accrued liabilities	4,905
Stockholders' equity	(20,112)
Total liabilities and stockholders' equity	495,202
Consolidating and Eliminating Entries
Condensed Balance Sheet
Current assets	(5,147)
Intercompany receivables	(401,998)
Investment in and advances to unconsolidated affiliates	(61,500)
Advance to Silver Legacy Joint Venture	(88,314)
Total assets	(556,959)
Current liabilities	(27,652)
Intercompany payables	(381,123)
Other accrued liabilities	(72,422)
Stockholders' equity	(75,762)
Total liabilities and stockholders' equity	(556,959)
Eldorado Resorts, Inc. Consolidated
Condensed Balance Sheet
Current assets	116,179
Investment in and advances to unconsolidated affiliates	1,286
Property and equipment, net	625,416
Other assets	582,127
Total assets	1,325,008
Current liabilities	105,710
Long-term debt, less current maturities	861,713
Other accrued liabilities	86,918
Stockholders' equity	270,667
Total liabilities and stockholders' equity	1,325,008
Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	87,976
Investment in and advances to unconsolidated affiliates	62,786
Property and equipment, net	439,640
Other assets	575,466
Total assets	1,165,868
Current liabilities	78,508
Intercompany payables	389,272
Long-term debt, less current maturities	325,542
Other accrued liabilities	151,910
Stockholders' equity	220,636
Total liabilities and stockholders' equity	1,165,868
Non-Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	31,102
Property and equipment, net	183,223
Other assets	6,572
Total assets	220,897
Current liabilities	30,616
Intercompany payables	(8,149)
Long-term debt, less current maturities	50,000
Other accrued liabilities	2,525
Stockholders' equity	145,905
Total liabilities and stockholders' equity	$ 220,897

Condensed Consolidating Financial Information Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Gross revenues													$ 784,541	$ 410,272	$ 290,253
Less promotional allowances	$ (17,680)	$ (15,996)	$ (15,723)	$ (15,358)	$ (15,841)	$ (11,579)	$ (10,976)	$ (10,053)	$ (10,284)	$ (11,319)	$ (11,036)	$ (10,428)	(64,757)	(48,449)	(43,067)
Net operating revenues	203,840	199,536	198,356	182,809	179,936	90,528	72,725	67,083	65,832	74,950	76,864	72,607	719,784	361,823	247,186
Operating expenses:
Marketing and promotions													31,227	21,982	17,740
General and administrative													96,870	58,738	43,713
Depreciation and amortization													56,921	28,643	17,031
Total operating expenses	171,464	161,610	160,430	154,766	156,755	72,943	56,054	53,726	54,528	57,283	57,301	55,448	648,270	339,478	224,560
Loss on disposal of assets													6	84	226
Acquisition charges													(2,452)	(7,411)	(3,173)
Equity in income of unconsolidated affiliates													3,460	2,705	3,355
Operating (loss) income	$ 13,281	$ 24,092	$ 23,059	$ 12,084	$ 6,450	$ 2,778	$ 6,775	$ 1,552	$ 1,035	$ 7,092	$ 10,500	$ 6,025	72,516	17,555	22,582
Interest expense, net													61,558	30,734	15,665
Gain on valuation of unconsolidated affiliate													(35,582)
Loss on early retirement of debt													(1,937)	(90)
Net (loss) income before income taxes													44,603	(12,554)	18,897
Provision for income taxes													69,580	(1,768)	0
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													114,183	$ (14,425)	$ 18,897
Eldorado Resorts, Inc. (Parent Obligor)
Operating expenses:
General and administrative													13,738
Depreciation and amortization													369
Total operating expenses													14,107
Acquisition charges													(2,368)
Operating (loss) income													(16,475)
Interest expense, net													10,613
Loss on early retirement of debt													(1,855)
Net (loss) income before income taxes													(28,943)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													(28,943)
Consolidating and Eliminating Entries
Operating expenses:
General and administrative													(13,760)
Total operating expenses													(13,760)
Operating (loss) income													13,760
Net (loss) income before income taxes													13,760
Provision for income taxes													67,019
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													80,779
Eldorado Resorts, Inc. Consolidated
Revenues:
Gaming and pari-mutuel comissions													623,258
Non-gaming													161,283
Gross revenues													784,541
Less promotional allowances													(64,757)
Net operating revenues													719,784
Operating expenses:
Gaming and pari-mutuel commissions													367,545
Non-gaming													79,238
Marketing and promotions													31,227
General and administrative													113,339
Depreciation and amortization													56,921
Total operating expenses													648,270
Loss on disposal of assets													6
Acquisition charges													(2,452)
Equity in income of unconsolidated affiliates													3,460
Operating (loss) income													72,516
Interest expense, net													61,558
Gain on valuation of unconsolidated affiliate													(35,582)
Loss on early retirement of debt													(1,937)
Net (loss) income before income taxes													44,603
Provision for income taxes													69,580
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													114,183
Guarantor Subsidiaries
Revenues:
Gaming and pari-mutuel comissions													612,229
Non-gaming													147,894
Gross revenues													760,123
Less promotional allowances													(62,113)
Net operating revenues													698,010
Operating expenses:
Gaming and pari-mutuel commissions													362,011
Non-gaming													71,966
Marketing and promotions													30,100
General and administrative													109,808
Depreciation and amortization													54,893
Total operating expenses													628,778
Loss on disposal of assets													6
Acquisition charges													(84)
Equity in income of unconsolidated affiliates													3,460
Operating (loss) income													72,602
Interest expense, net													49,409
Gain on valuation of unconsolidated affiliate													(35,582)
Loss on early retirement of debt													(82)
Net (loss) income before income taxes													58,693
Provision for income taxes													2,561
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													61,254
Non-Guarantor Subsidiaries
Revenues:
Gaming and pari-mutuel comissions													11,029
Non-gaming													13,389
Gross revenues													24,418
Less promotional allowances													(2,644)
Net operating revenues													21,774
Operating expenses:
Gaming and pari-mutuel commissions													5,534
Non-gaming													7,272
Marketing and promotions													1,127
General and administrative													3,553
Depreciation and amortization													1,659
Total operating expenses													19,145
Operating (loss) income													2,629
Interest expense, net													1,536
Net (loss) income before income taxes													1,093
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.													$ 1,093

Condensed Consolidating Financial Information Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 56,715	$ 31,606	$ 23,536
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(36,762)	(10,564)	(7,413)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,266	799
Investment in unconsolidated affiliate	(1,010)
Proceeds from sale of property and equipment	153	3	19
Decrease in restricted cash due to credit support deposit	2,500	2,500
(Increase) decrease in other assets, net	115	(435)	(166)
Net Cash Used Acquired In Business Combination	(125,016)	48,110
Net cash (used in) provided by investing activities	(158,754)	40,413	(7,560)
FINANCING ACTIVITIES:
Net borrowings on New Revolving Credit Facility	131,000
Retirement of long‑term debt	728,664	13,525	5,000
Principal payments on capital leases	(88)	(225)	(369)
Debt issuance costs	25,820
Call premium on early retirement of debt	(44,090)
Net cash provided by (used in) financing activities	92,713	(14,228)	(11,466)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	87,604	29,813	25,303
CASH AND CASH EQUIVALENTS, END OF YEAR	78,278	87,604	$ 29,813
Eldorado Resorts, Inc. (Parent Obligor)
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	(856)
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(2,602)
(Increase) decrease in other assets, net	(89)
Net Cash Used Acquired In Business Combination	(211,813)
Net cash (used in) provided by investing activities	(214,504)
FINANCING ACTIVITIES:
Proceeds from long-term debt borrowings	800,000
Net borrowings on New Revolving Credit Facility	93,500
Principal payments under Senior Notes	(2,125)
Retirement of long‑term debt	649,538
Debt issuance costs	25,820
Net cash provided by (used in) financing activities	216,017
Cash and Cash Equivalents, Period Increase (Decrease)	657
CASH AND CASH EQUIVALENTS, END OF YEAR	657
Consolidating and Eliminating Entries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	(2,592)
INVESTING ACTIVITIES:
(Increase) decrease in other assets, net	(1,747)
Net Cash Used Acquired In Business Combination	86,797
Net cash (used in) provided by investing activities	85,050
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties	(67,204)
Net cash provided by (used in) financing activities	(67,204)
Cash and Cash Equivalents, Period Increase (Decrease)	15,254
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	(15,254)
CASH AND CASH EQUIVALENTS, END OF YEAR		(15,254)
Eldorado Resorts, Inc. Consolidated
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	56,715
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(36,762)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,266
Investment in unconsolidated affiliate	(1,010)
Proceeds from sale of property and equipment	153
Decrease in restricted cash due to credit support deposit	2,500
(Increase) decrease in other assets, net	115
Net Cash Used Acquired In Business Combination	(125,016)
Net cash (used in) provided by investing activities	(158,754)
FINANCING ACTIVITIES:
Proceeds from long-term debt borrowings	800,000
Net borrowings on New Revolving Credit Facility	93,500
Principal payments under Senior Notes	(2,125)
Retirement of long‑term debt	728,664
Principal payments on capital leases	(88)
Debt issuance costs	25,820
Call premium on early retirement of debt	(44,090)
Net cash provided by (used in) financing activities	92,713
Cash and Cash Equivalents, Period Increase (Decrease)	(9,326)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	78,278	87,604
Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	51,784
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(33,920)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,266
Investment in unconsolidated affiliate	(1,010)
Proceeds from sale of property and equipment	153
Decrease in restricted cash due to credit support deposit	2,500
(Increase) decrease in other assets, net	1,993
Net cash (used in) provided by investing activities	(29,018)
FINANCING ACTIVITIES:
Retirement of long‑term debt	79,126
Principal payments on capital leases	(88)
Call premium on early retirement of debt	(44,090)
Net proceeds from (payments to) related parties	73,036
Net cash provided by (used in) financing activities	(50,268)
Cash and Cash Equivalents, Period Increase (Decrease)	(27,502)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	60,102	87,604
Non-Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	8,379
INVESTING ACTIVITIES:
Capital expenditures, net of payables	(240)
(Increase) decrease in other assets, net	(42)
Net cash (used in) provided by investing activities	(282)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties	(5,832)
Net cash provided by (used in) financing activities	(5,832)
Cash and Cash Equivalents, Period Increase (Decrease)	2,265
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	15,254
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 17,519	$ 15,254

Quarterly Data Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended												12 Months Ended
	Sep. 19, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Data Unaudited
Revenues		$ 203,840	$ 199,536	$ 198,356	$ 182,809	$ 179,936	$ 90,528	$ 72,725	$ 67,083	$ 65,832	$ 74,950	$ 76,864	$ 72,607	$ 719,784	$ 361,823	$ 247,186
Less promotional allowances		(17,680)	(15,996)	(15,723)	(15,358)	(15,841)	(11,579)	(10,976)	(10,053)	(10,284)	(11,319)	(11,036)	(10,428)	(64,757)	(48,449)	(43,067)
Net Revenues		186,160	183,540	182,633	167,451	164,095	78,949	61,749	57,030	55,548	63,631	65,828	62,179
Operating expenses		171,464	161,610	160,430	154,766	156,755	72,943	56,054	53,726	54,528	57,283	57,301	55,448	648,270	339,478	224,560
Operating Income		13,281	24,092	23,059	12,084	6,450	2,778	6,775	1,552	1,035	7,092	10,500	6,025	$ 72,516	$ 17,555	$ 22,582
Net (loss) Income		$ 110,153	$ 5,399	$ 4,795	$ (6,164)	$ (10,834)	$ (4,064)	$ 2,909	$ (2,333)	$ 7,078	$ 3,184	$ 6,548	$ 2,087
Earnings Per Share, Basic [Abstract]
Basic net income per common share		$ 2.36	$ 0.12	$ 0.10	$ (0.13)
Weighted Average Number of Shares Outstanding, Basic		46,670,735	46,516,614	46,516,614	46,494,638									46,550,042	29,901,405	23,311,492
Weighted Average Number of Shares Outstanding, Diluted	0	47,227,127	46,763,589	46,657,618	46,494,638									47,008,980	29,901,405	23,311,492
Earnings Per Share, Diluted [Abstract]
Diluted net income per common share		$ 2.33	$ 0.12	$ 0.10	$ (0.13)									$ 2.43	$ (0.48)	$ 0.81
Weighted Average Number of Shares Outstanding, Diluted	0	47,227,127	46,763,589	46,657,618	46,494,638									47,008,980	29,901,405	23,311,492
Basic and diluted						$ (0.23)	$ (0.16)	$ 0.12	$ (0.10)	$ 0.30	$ 0.14	$ 0.28	$ 0.09	$ 2.43	$ (0.48)	$ 0.81
Weighted Average Number of Shares Outstanding, Basic and Diluted						46,441,249	26,075,022	23,311,492	23,311,492	23,311,492	23,311,492	23,311,492	23,311,492	46,550,042	29,901,405	23,311,492

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET (LOSS) INCOME	$ 114,183	$ (14,322)	$ 18,897
Defined benefit pension plan:
Defined benefit pension plan—amortization of net gain	(75)	87
Minimum pension liability adjustment of unconsolidated affiliate		(1,772)	1,772
Total Comprehensive Income (Loss)	114,108	(16,007)	20,669
Less: Comprehensive income attributable to noncontrolling interest		(103)
Comprehensive income (loss)	$ 114,108	$ (16,110)	$ 20,669

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2015
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation The accompanying 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 3, 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”), MTR Gaming and HoldCo 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 has been 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 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 also include MTR Gaming and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. On November 24, 2015 (the “Acquisition Date”), Resorts consummated the acquisition of all of the assets and properties of Circus Circus Reno (“Circus Reno”) and the 50% membership interest in the Silver Legacy Joint Venture owned by Galleon, Inc. (collectively, the “Circus Reno/Silver Legacy Purchase” or the “Acquisition”) pursuant to a Purchase and Sale Agreement, dated as of July 7, 2015 (the “Purchase Agreement”), entered into with Circus Circus Casinos, Inc. and Galleon, Inc., each an affiliate of MGM Resorts International, with respect to the acquisition. On the Acquisition Date, Eldorado Resorts LLC also exercised its right to acquire the 3.8% interest in Eldorado Limited Liability Company (“ELLC”) held by certain affiliates and shareholders of the Company. As a result of these transactions, ELLC and CC-Reno, LLC, a newly formed Nevada limited liability company, became wholly-owned subsidiaries of ERI, and Silver Legacy became an indirect wholly‑owned subsidiary of ERI. The accompanying consolidated financial statements for periods prior to the Acquisition Date do not include the results of operations for Circus Reno and account for Silver Legacy as an investment in unconsolidated affiliate. Resorts owns and operates the Eldorado Resorts Casino Reno, 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. Prior to the Acquisition Date, Resorts owned 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 Reno hotel and casino. Resorts acquired the remaining interest in Silver Legacy in 2015 as well as acquiring Circus Reno, previously owned and operated by Galleon, Inc., an indirect, wholly owned subsidiary of MGM Resorts International. 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, including members of the Carano family, on a pro rata basis Resorts’ interest in Tamarack. No gain or loss was recognized in the accompanying consolidated financial statements 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 operates as 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.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2015
Employee Benefit Plans
Employee Benefit Plans	Note 11. Employee Benefit Plans Resorts’ Plans. Resorts participates in a multi-employer savings plan (the “401(k) Plan”) qualified under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended. The 401(k) Plan in which Resorts participates functions as an aggregation of several single-employer plans in order to enable the participating employers to pool plan assets for investment purposes and to reduce the costs of plan administration. The 401(k) Plan maintains separate accounts for each employer so that each employer’s contributions provide benefits only for its employees. Generally, all employees of Resorts who are 21 years of age or older, who have completed six months and 1,000 hours of service and who are not covered by collective bargaining agreements, including the named executive officers, are eligible to participate in the 401(k) Plan. Employees who elect to participate in the 401(k) Plan may defer up to 100% but not less than 1% of their annual compensation, subject to statutory and certain other limits. Effective February 15, 2009, Resorts ceased making matching contributions to the 401(k) Plan. Effective February 1, 2014, Eldorado Reno reinstated an employer matching contribution up to 25 percent of the first four percent of each participating employee’s compensation. Employees of the Eldorado Shreveport also participate in Resorts’ 401(k) Plan. The plan covering Eldorado Shreveport’s employees allows for an employer contribution up to 50 percent of the first six percent of each participating employee’s contribution, subject to statutory and certain other limits. Resorts’ matching contributions were $0.5 million, $0.4 million and $0.2 million, respectively, for the years ended December 31, 2015, 2014 and 2013. MTR Gaming’s Plans. In December 2008, MTR Gaming established the MTR Gaming Group, Inc. Retirement Plan (the “MTR Retirement Plan”). At that time, the Mountaineer qualified defined contribution plan and the Scioto Downs’ 401(k) plan were merged into the MTR Retirement Plan. Additionally, the Retirement Plan provides 401(k) participation to Presque Isle Downs’ employees. Matching contributions by MTR Gaming were $0.1 million and $0.1 million for 2015 and the 2014 period subsequent to the Merger Date, respectively. Mountaineer’s qualified defined contribution plan (established by West Virginia legislation) covers substantially all of its employees and was merged as a component of the MTR Retirement Plan as previously discussed. Contributions to the plan are based on 1/4% of the race track and simulcast wagering handles and approximately 1% of the net win from gaming operations until the racetrack reaches its Excess Net Terminal Income threshold, which for Mountaineer is approximately $160 million per year based on the state’s June 30 fiscal year. Contributions to the MTR Retirement Plan for the benefit of Mountaineer employees were $1.3 million and $0.4 million for 2015 and for the 2014 period subsequent to the Merger Date, respectively. Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. Scioto Downs’ pension income during the 2014 period subsequent to the Merger Date was $39,000. As of December 31, 2015, the fair value of the plan assets was $1.1 million and the fair value of the benefit obligations was $0.9 million, resulting in an over-funded status of $0.3 million. The plan assets are comprised primarily of money market and mutual funds whose values are determined based on quoted market prices and are classified in Level 1 of the fair value hierarchy. We did not make cash contributions to the Scioto Downs pension plan during 2015. On January 1, 2016 the Company established a new multi‑employer savings plan for all of its employees. The plan covering Resorts’ employees allows for an employer contribution up to 50 percent of the first four percent of each participating employee’s contribution, up to a maximum of $1,000, subject to statutory and certain other limits.

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2015
Related Parties
Related Parties	Note 17. Related Parties REI and HCM Prior to the consummation of the Merger, Resorts was party to a management agreement (the “Eldorado Management Agreement”) with REI and HCM, pursuant to which REI and HCM (collectively, the “Managers”) agreed to (a) develop strategic plans for Resorts’ business, including preparing annual budgets and capital expenditure plans, (b) provide advice and oversight with respect to financial matters of Resorts, (c) establish and oversee the operation of financial accounting systems and controls and regularly review Resorts’ financial reports, (d) provide planning, design and architectural services to Resorts and (e) furnish advice and recommendations with respect to certain other aspects of Resorts’ operations. In consideration for such services, Resorts agreed to pay the Managers a management fee not to exceed 1.5% of Resorts’ annual net revenues, not to exceed $600,000 per year. The current term of the Eldorado Management Agreement was scheduled to continue in effect until July 1, 2017. During each of the years 2014 and 2013, the Company paid management fees to REI and HCM in the aggregate amount of $0.5 million and $0.6 million, respectively. REI is beneficially owned by members of the Carano family and HCM is beneficially owned by members of the Poncia family. The Carano family and Poncia family hold ownership interests in ERI of 23.8% and 12.5%, respectively, as of December 31, 2015. Management fees were not paid subsequent to the consummation of the Merger. Subsequent to the consummation of the Merger, Donald L. Carano and Raymond J. Poncia received remuneration in the amount of $0.4 million and $0.2 million in both 2015 and 2014, respectively, for their services as consultants to ERI and its subsidiaries in lieu of the management fees previously paid under the terms of the Eldorado Management Agreement. REI shares certain officers with the Company including Gary Carano who holds the title of Treasurer with REI, Gene Carano who is an Executive Vice President with REI and Glenn Carano who is the Secretary of REI. C. S. & Y. The Company owns the entire parcel on which Eldorado Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates, a general partnership of which Carano is a general partner (the “CSY Lease”). The CSY Lease expires on June 30, 2027. Annual rent is equal to the greater of (1) $0.4 million or (2) an amount based on a decreasing percentage of the Eldorado’s gross gaming revenues ranging from 3% of the first $6.5 million of gross gaming revenues to 0.1% of gross gaming revenues in excess of $75.0 million. Rent pursuant to the CSY Lease amounted to $0.6 million in each of the years ended December 31, 2015, 2014 and 2013. Additionally, a subordination fee of $0.1 million was paid annually during the term of the Resorts Senior Secured Notes. As a result of the July 2015 refinancing, the subordination was eliminated. Silver Legacy In 2015, all related party transactions between Silver Legacy and Resorts refer to the period of January 1, 2015 to the Acquisition Date at which time all transactions were eliminated in consolidation. As of December 31, 2014, the Company’s receivables from related parties amounted to $0.4 million. As of December 31, 2014, the Company’s payables to related parties amounted to $0.2 million. At December 31, 2015, there were no receivables or payables to related parties. Resorts owns the skywalk that connects the Silver Legacy with Eldorado Reno. The charges from the service provider for the utilities associated with this skywalk are billed to the Silver Legacy together with the charges for the utilities associated with the Silver Legacy. Such charges are paid to the service provider by Silver Legacy, and the Silver Legacy is reimbursed by Eldorado Reno for the portion of the charges allocable to the utilities provided to the skywalk. The charges for the utilities provided to the skywalk during January 1, 2015 through the Acquisition Date and during each year ended December 31, 2014 and 2013 were $0.1 million, respectively. In October 2005, the Silver Legacy began providing on-site laundry services for Eldorado Reno related to the cleaning of certain types of linens. Although there is no agreement obligating Eldorado Reno to utilize this service, it is anticipated that the Silver Legacy will continue to provide these laundry services in the future. The Silver Legacy charges Eldorado Reno for labor and laundry supplies on a per unit basis which totaled $0.1 million, $0.2 million and $0.1 million, respectively, during the period from January 1, 2015 through the Acquisition Date and the years ended December 31, 2014 and 2013. Since 1998, the Silver Legacy has purchased from Eldorado Reno homemade pasta and other products for use in the restaurants at Silver Legacy. For purchases of these products during the period from January 1, 2015 through the Acquisition Date and the years ended December 31, 2014 and 2013, which are billed to Silver Legacy at cost plus associated labor, the Silver Legacy paid Eldorado Reno $0.1 million. During the period from January 1, 2015 through the Acquisition Date and during 2014 and 2013, the Silver Legacy reimbursed Resorts $0.9 million, $0.5 million and $0.6 million, respectively, for Silver Legacy’s allocable portion of the shared administrative services costs associated with the operations performed at Eldorado Reno, Eldorado Shreveport and MTR and Resorts reimbursed the Silver Legacy $0.8 million in the 2015 period and $0.3 million in both 2014 and 2013 for Eldorado Reno’s allocable portion of the shared administrative services costs associated with the operations performed at Silver Legacy.

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued and Other Liabilities
Accrued insurance and medical claims	$ 3,472	$ 1,273
Unclaimed chips	2,320	938
Accrued purses and track related liabilities	3,758	4,303
Progressive slot liability and accrued gaming promotions	8,517	8,439
Construction project and equipment liabilities	1,911	2,333
Other	11,820	6,879
Accrued other liabilities, Current	$ 31,798	$ 24,165

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,817,829	46,426,714
Common stock, shares outstanding	46,817,829	46,426,714
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax	$ 50

Organization and Basis of Presentation (Details) $ in Millions		12 Months Ended
	Sep. 01, 2014 USD ($)	Dec. 31, 2015 item	Aug. 31, 2014	Aug. 30, 2014	Jul. 28, 1995	Jul. 27, 1995
Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)		50.00%			100.00%	48.10%
Galleon \| Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership percentage allowed to be acquired					50.00%
Resorts \| Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)		48.10%
Resorts \| Tamarack
Organization and Basis of Presentation
Ownership interest (as a percent)			21.30%	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%

Acquisition and Purchase Accounting - Unaudited Pro Forma Information - (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro Forma Information
Net revenues	$ 901,455	$ 908,415
Net income	$ 97,783	$ 40,552
Net (loss) income per common share
Basic (in dollars per share)	$ 2.10	$ 0.87
Diluted (in dollars per share)	$ 2.08	$ 0.87
Weighted shares outstanding
Basic (in shares)	46,550,042	46,426,714
Diluted (in shares)	47,008,980	46,509,008

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable	$ 12,055	$ 9,701
Allowance for doubtful accounts	2,074	2,589
Total	9,981	7,112
(Benefit) provision for bad debts	(18)	1,070	$ 847
Write-offs of accounts receivable	1,100	200	1,100
Recoveries of accounts receivable previously written	$ 200	$ 200
Maximum
Recoveries of accounts receivable previously written			$ 100

Long-Term Debt - Resorts Secured Credit Facility - (Details) $ in Millions		12 Months Ended
	Jul. 23, 2015	Dec. 31, 2015 USD ($)
New Term Loan
Debt instruments
Term of debt	7 years
New Revolving Credit Facility
Debt instruments
Term of debt	5 years
Available borrowing capacity		$ 56.5
Commitment fee on unused portion of the credit facility		0.50%
LIBOR \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		3.25%
Floor rate (as a percent)		1.00%
LIBOR \| Minimum \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		2.50%
LIBOR \| Maximum \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		3.25%
Base rate \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		2.25%
Base rate \| Minimum \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		1.50%
Base rate \| Maximum \| New Term Loan
Debt instruments
Spread on variable rate (as a percent)		2.25%
From the closing date through December 31, 2015
Debt instruments
Leverage ratio		6.75
From the closing date through December 31, 2015 \| Minimum
Debt instruments
Interest coverage ratio		2.50
From January 1, 2016 to December 31, 2017
Debt instruments
Leverage ratio		6.00
From January 1, 2018 and thereafter
Debt instruments
Leverage ratio		5.00
From January 1, 2016 through December 31, 2016 \| Minimum
Debt instruments
Interest coverage ratio		2.75
From January 1, 2017 and thereafter \| Minimum
Debt instruments
Interest coverage ratio		3.00

Accumulated Other Comprehensive (Loss) Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Change in accumulated other comprehensive income
Balance at the beginning of the period	$ 87
Other comprehensive income before reclassifications, net of tax of $50	(75)
Balance at the end of the period	12
Other comprehensive income before reclassifications, tax amount	$ 2