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Document and Entity Information - shares	3 Months Ended
Mar. 31, 2017	May 05, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Eldorado Resorts, Inc.
Entity Central Index Key	0001590895
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		75,673,852
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	ERI

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 44,574	$ 61,029
Restricted cash	2,062	2,414
Accounts receivable, net	8,829	14,694
Inventories	11,306	11,055
Prepaid income taxes		69
Prepaid expenses and other	13,915	12,492
Total current assets	80,686	101,753
ESCROW CASH	376,750
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	1,064	1,286
PROPERTY AND EQUIPMENT, NET	605,734	612,342
GAMING LICENSES AND OTHER INTANGIBLES, NET	487,020	487,498
GOODWILL	66,826	66,826
NON-OPERATING REAL PROPERTY	14,219	14,219
OTHER ASSETS, NET	13,504	10,120
Total assets	1,645,803	1,294,044
CURRENT LIABILITIES:
Current portion of long-term debt	4,552	4,545
Accounts payable	16,369	21,576
Due to affiliates	235	259
Accrued property, gaming and other taxes	12,151	18,790
Accrued payroll and related	12,179	14,588
Accrued interest	4,628	14,634
Income taxes payable	67
Accrued other liabilities	35,514	27,648
Total current liabilities	85,695	102,040
LONG-TERM DEBT, LESS CURRENT PORTION	1,160,814	795,881
DEFERRED INCOME TAXES	90,730	90,385
OTHER LONG-TERM LIABILITIES	7,104	7,287
Total liabilities	1,344,343	995,593
COMMITMENTS AND CONTINGENCIES (Notes 1 and 10)
STOCKHOLDERS' EQUITY:
Paid-in capital	175,867	173,879
Retained earnings	125,581	124,560
Accumulated other comprehensive income	12	12
Total stockholders’ equity	301,460	298,451
Total liabilities and stockholders’ equity	$ 1,645,803	$ 1,294,044

CONSOLIDATED INCOME STATEMENT - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED INCOME STATEMENT - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Casino	$ 162,784	$ 169,078
Pari-mutuel commissions	641	684
Food and beverage	29,513	33,739
Hotel	18,013	20,165
Other	8,595	10,885
Gross revenues	219,546	234,551
Less-promotional allowances	(18,621)	(20,985)
Net operating revenues	200,925	213,566
EXPENSES:
Casino	90,453	96,262
Pari-mutuel commissions	1,207	1,324
Food and beverage	17,421	19,728
Hotel	6,603	7,129
Other	5,279	6,074
Marketing and promotions	10,056	9,574
General and administrative	31,775	31,655
Corporate	6,574	6,904
Depreciation and amortization	15,604	16,204
Total operating expenses	184,972	194,854
GAIN ON SALE OR DISPOSAL OF PROPERTY	32	71
ACQUISITION CHARGES	(1,614)	(520)
EQUITY IN LOSS OF UNCONSOLIDATED AFFILIATE	(222)
OPERATING INCOME	14,149	18,263
OTHER EXPENSE:
Interest expense, net	(12,670)	(12,991)
Loss on early retirement of debt, net		(66)
Total other expense	(12,670)	(13,057)
NET INCOME BEFORE INCOME TAXES	1,479	5,206
PROVISION FOR INCOME TAXES	(458)	(1,836)
NET INCOME	$ 1,021	$ 3,370
Net Income per share of Common Stock:
Basic	$ 0.02	$ 0.07
Diluted	$ 0.02	$ 0.07
Weighted average number of shares outstanding:
Weighted Average Basic Shares Outstanding	47,120,751	46,933,094
Weighted Average Diluted Shares Outstanding	48,081,281	47,534,761

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,021	$ 3,370
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,604	16,204
Amortization of debt issuance costs and discount	877	847
Equity in loss of unconsolidated affiliate	222
Loss on early retirement of debt, net		66
Change in fair value of acquisition related contingencies	16	1
Stock-based compensation expense	1,733	1,454
Gain on sale or disposal of property	(32)	(71)
Provision for bad debts	218	145
Provision for deferred income taxes	414	1,706
Change in operating assets and liabilities:
Restricted cash	352	(3,783)
Accounts receivable	5,647	302
Inventories	(251)	423
Prepaid expenses and other	(1,423)	(1,162)
Accounts payable	(5,551)	3,591
Interest payable	(10,006)	(7,258)
Income taxes payable	67	130
Accrued and other liabilities and due to affiliates	(3,373)	(5,112)
Net cash provided by operating activities	5,535	10,853
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(6,206)	(10,624)
Proceeds from sale of property and equipment	32	88
Cash escrow related to acquisition	(376,750)
Reimbursement of capital expenditures from West Virginia regulatory authorities		1,692
(Increase) decrease in other assets, net	(148)	171
Net cash used in investing activities	(383,072)	(8,673)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Senior Notes	375,000
Payments under Term Loan	(1,063)	(1,063)
Borrowings under Revolving Credit Facility	23,000	14,000
Payments under Revolving Credit Facility	(29,000)	(48,500)
Principal payments on capital leases	(94)	(68)
Debt issuance costs	(7,016)	(194)
Taxes paid related to net share settlement of equity awards	(179)	(534)
Proceeds from exercise of stock options	434
Net cash provided by (used in) financing activities	361,082	(36,359)
DECREASE IN CASH AND CASH EQUIVALENTS	(16,455)	(34,179)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	61,029	78,278
CASH AND CASH EQUIVALENTS, END OF PERIOD	44,574	44,099
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	23,546	19,422
Cash refund received during period for income taxes	(20)
Payables for capital expenditures	$ 2,312	$ 95

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2017

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Organization

The accompanying unaudited consolidated financial statements include the accounts of Eldorado Resorts, Inc. (“ERI” or the “Company”), a Nevada corporation formed in September 2013, and its consolidated subsidiaries.

As of March 31, 2017, ERI owned and operated the following properties:


	•		Eldorado Resort Casino Reno (“Eldorado Reno”)—A 814-room hotel, casino and entertainment facility connected via an enclosed skywalk to Silver Legacy and Circus Reno located in downtown Reno, Nevada that includes 1,142 slot machines, 46 table games and an 11 table poker room;
	•		Silver Legacy Resort Casino (“Silver Legacy”)—A 1,711-room themed hotel and casino connected via an enclosed skywalk to Eldorado Reno and Circus Reno that includes 1,212 slot machines and 63 table games;
	•		Circus Circus Reno (“Circus Reno”)—A 1,571-room hotel-casino and entertainment complex connected via an enclosed skywalk to Eldorado Reno and Silver Legacy that includes 695 slot machines and 27 table games;
	•		Eldorado Resort Casino Shreveport (“Eldorado Shreveport”)—A 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino situated on the Red River in Shreveport, Louisiana that includes 1,387 slot machines, 52 table games and an eight table poker room;
•		Mountaineer Casino, Racetrack & Resort (“Mountaineer”)—A 354-room hotel, casino and entertainment facility and live thoroughbred horse racing located on the Ohio River at the northern tip of West Virginia’s northwestern panhandle that includes 1,510 slot machines, 36 table games and a 10 table poker room;
	•		Presque Isle Downs & Casino (“Presque Isle Downs”)—A casino and live thoroughbred horse racing facility with 1,594 slot machines, 32 table games and a seven table poker room located in Erie, Pennsylvania; and
	•		Eldorado Gaming Scioto Downs (“Scioto Downs”)—A modern “racino” offering 2,206 video lottery terminals (“VLT”) and harness racing located 15 minutes from downtown Columbus, Ohio.

The Company acquired Mountaineer, Presque Isle Downs and Scioto Downs in September 2014 pursuant to a merger (the “MTR Merger”) with MTR Gaming Group, Inc. (“MTR Gaming”) and in November 2015 it acquired Circus Reno and the interests in the Silver Legacy that it did not own prior to such date (the “Reno Acquisition”).

In addition, on May 1, 2017, the Company consummated its acquisition of Isle of Capri Casinos, Inc. and acquired the following properties:


	•		Isle Casino Hotel—Black Hawk—A land-based casino on an approximately 10-acre site in Black Hawk, Colorado that includes 1,086 slot machines, 25 table games, a nine table poker room and a 238-room hotel;


	•		Lady Luck Casino—Black Hawk—A land based casino across the intersection from Isle Casino Hotel in Black Hawk, Colorado, that includes 455 slot machines, 10 table games, five poker tables and a 164-room hotel with a parking structure connecting Isle Casino Hotel-Black Hawk and Lady Luck Casino-Black Hawk;


	•		Pompano—A casino and harness racing track on an approximately 223-acre owned site in Pompano Beach, Florida, that includes 1,446 slot machines and a 42 table poker room;


	•		Bettendorf—A land-based single-level casino located off of Interstate 74 in Bettendorf, Iowa that includes 969 slot machines and 19 table games with two hotel towers with 509 hotel rooms;


	•		Waterloo—A single-level land-based casino in Waterloo, Iowa that includes 948 slot machines, 25 table games, four poker tables and a 195-room hotel;


	•		Isle of Capri Casino Hotel Lake Charles—A gaming vessel on an approximately 19 acre site in Lake Charles, Louisiana, with 1,157 slot machines, 49 table games, including 13 poker tables and two hotels offering 493 rooms;


	•		Lula—Two dockside casinos in Lula, Mississippi with 885 slot machines and 21 table games, two on-site hotels with a total of 451 rooms and a 28-space RV Park;


	•		Vicksburg—A dockside casino in Vicksburg, Mississippi that includes 613 slot machines, 7 table games and a hotel with a total of 89 rooms;


	•		Boonville—A single-level dockside casino in Boonville, Missouri that includes 914 slot machines, 20 table games and a 140-room hotel;


	•		Cape Girardeau—A dockside casino and pavilion and entertainment center in Cape Girardeau, Missouri that includes 930 slot machines, 22 table games and 4 poker tables;


	•		Caruthersville—A riverboat casino located along the Mississippi River in Caruthersville, Missouri that includes 557 slot machines and nine table games;


	•		Kansas City—A dockside casino located close to downtown Kansas City, Missouri offering 977 slot machines and 18 table games; and


	•		Nemacolin—A casino property located on the 2,000 acre Nemacolin Woodlands Resort in Western Pennsylvania that includes 597 slot machines and 29 table games.

On August 22, 2016, Isle entered an agreement to sell Isle of Capri Casino Hotel Lake Charles for aggregate consideration of $134.5 million, subject to certain adjustments. The transaction is expected to be completed in 2017, subject to Louisiana Gaming Board approval and other customary closing conditions.

Acquisition of Isle of Capri Casinos, Inc.

On May 1, 2017, the Company completed its acquisition of Isle of Capri Casinos, Inc. pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of September 19, 2016 with Isle of Capri Casinos, Inc., a Delaware corporation (“Isle” or “Isle of Capri”), Eagle I Acquisition Corp., a Delaware corporation and a direct wholly-owned subsidiary of the Company, and Eagle II Acquisition Company LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company (the “Isle Acquisition” or the “Isle Merger”). As a result of the Merger, Isle became a wholly-owned subsidiary of ERI and each outstanding share of Isle’s stock converted into the right to receive $23.00 in cash or 1.638 shares of ERI common stock, at the election of the applicable Isle shareholder and subject to proration such that the outstanding shares of Isle common stock were exchanged for aggregate consideration comprised of 58% cash, or $552.0 million, and 42% ERI common stock, or 28.5 million newly issued shares of ERI common stock.

Acquisition charges totaling $1.6 million, attributed to the Isle Acquisition, are reported on the accompanying statement of operations related to legal, accounting, financial advisory services and other costs during the quarter ended March 31, 2017. Additionally, $7.8 million of accrued costs and expenses related to the Isle Acquisition are included in accrued other liabilities as of March 31, 2017.

In connection with the Isle Acquisition, the Company completed a debt financing transaction comprised of: (a) a senior secured credit facility in an aggregate principal amount of $1.75 billion with a (i) term loan facility of $1.45 billion and (ii) revolving credit facility of $300 million and (b) $375 million of senior unsecured notes. The proceeds of such borrowings were used (w) to pay consideration in the Isle Merger, (x) refinance all of Isle’s existing credit facilities and senior and senior subordinated notes, (y) refinance the Company’s existing credit facility and (z) pay transaction fees and expenses related to the foregoing. (See Note 6 for further discussion of the terms of such indebtedness and the timing related to the escrow funding on the new $375 million senior unsecured notes).

Basis of Presentation

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

The executive decision makers of our Company review operating results, assess performance and make decisions on a “significant market” basis. The Company’s management views each of its properties 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 parts of the eastern United States. 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.

These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Reclassifications

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

Recently Issued Accounting Pronouncements

In May 2014 (amended January 2017), the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014‑09, “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 eliminates existing industry guidance, including revenue recognition guidance specific to the gaming industry. The FASB has also recently issued several amendments to the standard, including narrow-scope improvements and practical expedients (ASU 2016-12) and clarification on accounting for and identifying performance obligations (ASU 2016-10). The core principle of the revenue model indicates 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 interim and annual periods beginning after December 15, 2017, and should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. While early adoption is permitted for interim and annual periods beginning after December 15, 2016, we anticipate adopting this standard on January 1, 2018. We are currently in the process of evaluating the full impact adoption of ASU 2014‑09 (as amended) will have on our consolidated financial statements; however, we anticipate this new standard will likely have a material impact on our consolidated financial statements.

We expect the most significant effect upon adoption of ASU 2014-09 (as amended) will likely be related to 1) the accounting for our customer loyalty program (no longer be recorded at cost, and a deferred revenue model will likely be used to account for the classification and timing of revenue recognized as well as the classification of related expenses for loyalty point redemptions) and 2) the elimination of promotional allowances (the presentation of goods and services provided to our customers without charge, included in gross revenue with a corresponding reduction in promotional allowances, will no longer be reported as revenue and will be recognized based on relative standalone selling prices for transactions with more than one performance obligation). As a result, we expect that gaming revenues will be reduced with a corresponding increase, in total, to food and beverage, hotel, and other revenues. Given our evaluation process is ongoing, the quantitative effects of these changes have not yet been fully determined and are still being analyzed.

In January 2017, the FASB issued Accounting Standards Update ASU No. 2017-04, “Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment.” This amended guidance is intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of goodwill. Under the amended guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The elimination of Step 2 from the goodwill impairment test should reduce the cost and complexity of evaluating goodwill for impairment. Amendments should be applied on a prospective basis disclosing the nature of and reason for the change in accounting principle upon transition. Disclosure should be provided in the first annual period and in the interim period in which the entity initially adopts the amendments. Updated amendments are effective for the interim and annual periods beginning after December 15, 2019, and early adoption is permitted. We currently plan to implement the updated guidance when we perform our annual goodwill impairment assessment as of October 1, or earlier, if impairment indicators are identified.

In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations – Clarifying the Definition of a Business.” This amendment is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The amendments are effective for interim and annual periods beginning after December 15, 2017. Early adoption is allowed as follows: (1) transactions for which acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (2) transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. We anticipate adopting this standard on January 1, 2018 and that, following adoption, acquisitions that do not involve substantive processes will be accounted for as asset acquisitions.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows – Restricted Cash.” This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and cash equivalents. The amendments in this update are effective for the interim and annual periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We currently anticipate adopting this accounting standard during the first quarter of 2018 and we are currently evaluating the impact on our consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” This new guidance is intended to reduce diversity in practice in how certain cash receipts and payments are classified in the statement of cash flows, including debt prepayment or extinguishment costs, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, and distributions from certain equity method investees. The guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires application using a retrospective transition method. We currently anticipate adopting this accounting standard during the first quarter of 2018 and we are currently evaluating the impact of adopting this guidance on our consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “Accounting for Credit Losses,” which amends the guidance on the impairment of financial instruments. This update adds an impairment model (known as the current expected credit losses model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses. The effective date for this update is for the annual and interim periods beginning after December 15, 2019 and early adoption is permitted beginning after December 15, 2018. We are currently evaluating the impact of adopting this guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02 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 (“ROU”) 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 consolidated financial statements.

Currently, we do not have any material capital leases nor any material operating leases where we are the lessor. Our operating leases, primarily relating to certain ground leases and slot machines or video lottery terminals (VLTs), will be recorded on the balance sheet as an ROU asset with a corresponding lease liability, which will be amortized using the effective interest rate method as payments are made. The ROU asset will be depreciated on a straight-line basis and recognized as lease expense. The qualitative and quantitative effects of adoption of ASU 2016-02 are still being analyzed, and we are in the process of evaluating the full effect the new guidance will have on our consolidated financial statements.

In July 2015, the FASB issued ASU No. 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. As of March 31, 2017, we adopted this guidance which had no significant impact on our consolidated financial statements and disclosures.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Share Based Compensation [Abstract]

Stock-Based Compensation

Note 3. Stock-Based Compensation

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 $1.7 million and $1.5 million for the three months ended March 31, 2017 and 2016, respectively. These amounts are included in corporate expenses in the Company’s consolidated statements of operations. We recognized a reduction in income tax expense of $0.1 million and $0.4 million for the three months ended March 31, 2017 and 2016, respectively, for excess tax benefits related to stock-based compensation.

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, 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.

On January 27, 2017, the Company granted 298,761 RSUs to executive officers and key employees, and 46,282 RSUs to non-employee members of the BOD under the 2015 Plan. The RSUs had a fair value of $15.50 per unit which was the NASDAQ closing price on that date. An additional 2,982 RSUs were also granted to key employees during the three months ended March 31, 2017.

A summary of the RSU activity for the three months ended March 31, 2017 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, 2016		982,370			$	6.45		1.41	$	6.33
Granted		348,025		⁽¹⁾			15.50
Vested		(69,906	)			12.19
Unvested outstanding as of March 31, 2017		1,260,489			$		8.63	1.58	$		10.87

(1)	Includes 100,581 of performance awards at 100% of target and 247,444 time-based awards at 100% of target.

As of March 31, 2017, the Company had approximately $6.2 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of approximately 1.58 years.

During the three months ended March 31, 2016, the Company’s chief operating officer terminated employment and the chief financial officer retired. In conjunction with the termination and retirement, unvested RSUs totaling 167,511, which were outstanding as of December 31, 2015, immediately vested representing an additional $0.5 million included in stock compensation expense during the first quarter of 2016. Additionally, severance costs totaling $1.4 million were recognized in the first quarter of 2016.

A summary of the ERI Stock Option activity for the three months ended March 31, 2017 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 and Exercisable as of December 31, 2016		169,300		$	2.44	-	$	16.27	$	9.94		0.86	$	1.2
Expired		(51,700	)	$	2.44	-	$	3.94		2.97
Exercised		(25,000	)	$	14.79	-	$	16.27	$	13.22
Outstanding and Exercisable as of March 31, 2017		92,600		$	3.94	-	$	16.27	$	11.55		1.03	$	0.5

Other and Intangible Assets, Net

3 Months Ended

Mar. 31, 2017

Other And Intangible Assets Net Disclosure [Abstract]

Other and Intangible Assets, Net

Note 4. Other and Intangible Assets, net

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

	March 31,			December 31,
	2017			2016
	(unaudited)
Goodwill	$	66,826		$	66,826
Gaming license (indefinite-lived)	$	482,074		$	482,074
Trade names		9,800			9,800
Loyalty programs		7,700			7,700
Subtotal		499,574			499,574
Accumulated amortization trade names		(4,854	)		(4,376	)
Accumulated amortization loyalty programs		(7,700	)		(7,700	)
Total gaming licenses and other intangible assets	$	487,020		$	487,498
Non-operating real property	$	14,219		$	14,219

Land held for development	$	906		$	906
Other		12,598			9,214
Total other assets, net	$	13,504		$	10,120

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 March 31, 2017.

Included in gaming licenses is the Eldorado Shreveport gaming license recorded at $20.6 million at both March 31, 2017 and December 31, 2016. The license represents an intangible asset acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate in the jurisdiction. Also included in gaming licenses are the gaming and racing licenses of Mountaineer, Presque Isle Downs and Scioto Downs totaling $461.5 million at March 31, 2017 and December 31, 2016. These gaming license rights are not subject to amortization as the Company has determined that they have an indefinite useful life.

Trade names related to the MTR Merger are amortized on a straight‑line basis over a 3.5 year useful life. Trade names related to the Reno Acquisition are non-amortizable, and loyalty programs are amortized on a straight‑line basis over a one year useful life. Amortization expense with respect to trade names and the loyalty program for the three months ended March 31, 2017 amounted to $0.5 million and $0.0 million, respectively, and $1.2 million and $1.9 million for the three months ended March 31, 2016, respectively, which is included in depreciation and amortization expense in the consolidated statements of operations. Such amortization expense is expected to be $1.4 million for the remainder of December 31, 2017 and $0.4 million for the year ended December 31, 2018.

The Company’s goodwill, indefinite-lived gaming licenses and trade names are reviewed no less than annually or when events or circumstances indicate the carrying value might exceed the market value to determine if there has been an impairment in the recorded value.

Non-operating real property totaled $14.2 million at March 31, 2017 and at December 31, 2016.

As of March 31, 2017 and December 31, 2016, other assets includes $7.1 million and $3.8 million, respectively, in costs paid associated with the refinancing transactions. (See Note 6 for more information).

Long-Term Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt

Note 6. Long‑Term Debt

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

	March 31,			December 31,
	2017			2016
	(unaudited)
6% Senior Notes	$	375,000		$	—
Less: Unamortized debt issuance costs		(3,780	)		—
Net		371,220			—
7% Senior Notes		375,000			375,000
Less: Unamortized debt issuance costs		(7,919	)		(8,141	)
Net		367,081			366,859
Term Loan		417,563			418,625
Less: Unamortized discount and debt issuance costs		(12,066	)		(12,578	)
Net		405,497			406,047
Revolving Credit Facility		23,000			29,000
Less: Unamortized debt issuance costs		(1,881	)		(2,023	)
Net		21,119			26,977
Capital leases		449			543
Less: Current portion		(4,552	)		(4,545	)
Total long-term debt	$	1,160,814		$	795,881

Scheduled maturities of long‑term debt are $23.0 million in 2020, $395.3 million in 2022, $375.0 million in 2023, and $375.0 million in 2025. Debt issuance costs and the discount associated with the issuance of the 7% Senior Notes, Term Loan and Revolving Credit Facility (as such terms are defined below) in July 2015 totaled $26.3 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 7% Senior Notes and Credit Facility (as defined below) totaled $0.9 million and $0.8 million for the three months ended March 31, 2017 and 2016, respectively.

We are a holding company with no independent assets or operations. Our 6% Senior Notes and 7% Senior Notes (each as defined below) are fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries. Any subsidiaries which have not guaranteed such notes are “minor” (as defined in Rule 3-10(h) of Regulation S-X). As of March 31, 2017, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries.

In conjunction with the closing of the Isle Acquisition we incurred additional financing costs associated with the related financing transactions (as defined below). Such costs are commensurate with the transaction, a portion of which will be recorded as additional debt issuance costs.

Senior Notes

7.0% Senior Notes

On July 23, 2015, the Company issued $375.0 million in aggregate principal amount of 7.0% senior notes due 2023 (“7% 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 7% Senior Notes. The 7% Senior Notes are guaranteed by all of the Company’s direct and indirect restricted subsidiaries. CC-Reno, LLC and the Silver Legacy Joint Venture became guarantors in June 2016 upon receipt of the required gaming regulatory approval which occurred in May 2016. The 7% Senior Notes will mature on August 1, 2023, with interest payable semi-annually in arrears on February 1 and August 1 of each year.

On or after August 1, 2018, the Company may redeem all or a portion of the 7% 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 7% 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 7% Senior Notes at a price equal to 100% of the 7% 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 7% Senior Notes with proceeds of certain equity financings at a redemption price equal to 107% of the principal amount of the 7% 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 7% 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 7% Senior Notes at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date.

The 7% 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 7% Senior Notes or the guarantees of the 7% Senior Notes;

•

create liens;

•

transfer and sell assets;

•

merge, consolidate, or sell, transfer 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 7% Senior Notes to be declared due and payable. As of March 31, 2017, the Company was in compliance with all of the covenants under the Indenture relating to the 7% Senior Notes.

6.0% Senior Notes

On March 29, 2017, Eagle II Acquisition Company LLC (“Eagle II”), a wholly-owned subsidiary of the Company, issued $375.0 million aggregate principal amount of 6% Senior Notes due 2025 (the “6% Senior Notes”) pursuant to an indenture, dated as of March 29, 2017 (the “New Indenture”), between Eagle II and U.S. Bank, National Association, as Trustee. The 6% Senior Notes will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1, commencing October 1, 2017. The proceeds of the offering, and additional funds in the amount of $1.9 million in respect of interest expected to be accrued on the 6% Notes, were placed in escrow pending satisfaction of certain conditions, including consummation of the Isle Acquisition. In connection with the consummation of the Isle Acquisition on May 1, 2017, the escrowed funds were released and ERI assumed Eagle II’s obligations under the 6% Senior Notes and the New Indenture and certain of ERI’s subsidiaries (including Isle and certain of its subsidiaries) executed guarantees of ERI’s obligations under the 6% Senior Notes.

On or after April 1, 2020, the Issuer may redeem all or a portion of the 6% 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 6% Senior Notes redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on April 1 of the years indicated below:

Year	Percentage
2020		104.500	%
2021		103.000	%
2022		101.500	%
2023 and thereafter		100.000	%

Prior to April 1, 2020, the Company may redeem all or a portion of the 6% Senior Notes at a price equal to 100% of the 6% 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 6% Senior Notes with proceeds of certain equity financings at a redemption price equal to 106% of the principal amount of the 6% 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 6% 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 6% Senior Notes at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date.

The 6% Senior Notes are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities.

The New 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 6% Senior Notes or the guarantees of the 6% Senior Notes;

•

create liens;

•

transfer and sell assets;

•

merge, consolidate, or sell, transfer 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 6% Senior Notes to be declared due and payable. As of March 31, 2017, the Company was in compliance with all of the covenants under the Indenture relating to the 6% Senior Notes.

Term Loan and Revolving Credit Facility

Credit Facility

On July 23, 2015, the Company entered into a new $425.0 million seven year term loan (the “Term Loan”) and a new $150.0 million five year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facility”).

As of March 31, 2017, the Company had $417.6 million outstanding on the Term Loan and $23.0 million in borrowings outstanding under the Revolving Credit Facility. The Company had $127.0 million of available borrowing capacity under its Revolving Credit Facility as of March 31, 2017. At March 31, 2017, the interest rate on the Term Loan was 4.25%, and the weighted average interest rate on the Revolving Credit Facility was 6.0% based upon the weighted average interest rate of borrowings outstanding on our Revolving Credit Facility as of March 31, 2017. Borrowings under the Revolving Credit Facility bear interest at a rate per annum of, at the Company’s option, either LIBOR or base rate plus a an applicable spread.

The 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 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 Revolving Credit Facility not being utilized in the amount of 0.50% per annum.

The 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 Credit Facility (other than certain subsidiary guarantors designated as immaterial) (the “Credit Facility Guarantors”), whether owned on the closing date of the Credit Facility or thereafter acquired, and mortgages on the real property and improvements owned or leased us or the Credit Facility Guarantors. The Credit Facility is also secured by a pledge of all of the equity owned by us and the Credit Facility Guarantors (subject to certain gaming law restrictions). The credit agreement governing the 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 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 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 6.00 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 2.75 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 Term Loan if the lenders providing the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants.

The credit agreement governing the 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 7% 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 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 March 31, 2017, the Company was in compliance with the covenants under the Credit Facility.

On May 1, 2017, all of the outstanding amounts under the Credit Facility were repaid with proceeds of borrowings under the New Credit Facility and the Credit Facility was terminated.

New Credit Facility

On April 17, 2017, Eagle II entered a new Credit Agreement by and among Eagle II, as initial borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto dated as of April 17, 2017 (the “New Credit Facility”), consisting of a $1.45 billion term loan facility (the “New Term Loan Facility”) and a $300.0 million revolving credit facility (the “New Revolving Credit Facility”), which was undrawn at closing. The proceeds of the New Term Loan Facility, and additional funds in the amount of $4.5 million in respect of interest expected to be accrued on the New Term Loan Facility, were placed in escrow pending satisfaction of certain conditions, including consummation of the Isle Acquisition. In connection with the consummation of the Isle Acquisition on May 1, 2017, the escrowed funds were released and ERI assumed Eagle II’s obligations under the New Credit Facility and certain of ERI’s subsidiaries (including Isle and certain of its subsidiaries) executed guarantees of ERI’s obligations under the New Credit Facility.

The Company applied the net proceeds of the New Term Loan Facility and borrowings under the New Revolving Credit Facility totaling $135 million, together with the proceeds of the 6% Senior Notes, and cash on hand, to (i) pay the cash portion of the consideration payable in the Isle Acquisition, (ii) refinance all of the debt outstanding under Isle’s existing credit facility, (iii) redeem or otherwise repurchase all of Isle’s outstanding 5.875% Senior Notes due 2021 and 8.875% Senior Subordinated Notes due 2020, (iv) repay all amounts outstanding under the Company’s Credit Facility and (v) pay fees and costs associated with the Isle Acquisition and such financing transactions.

The Company’s obligations under the New Revolving Credit Facility will mature on April 17, 2022. The Company’s obligations under the New Term Loan Facility will mature on April 17, 2024. The Company will be required to make quarterly principal payments in an amount equal to $3,625,000 on the New Term Loan Facility on the last day of each fiscal quarter beginning on June 30, 2017. In addition, the Company will be required to make mandatory payments of amounts outstanding under the New Credit Facility with the proceeds of certain casualty events, debt issuances, and asset sales and, depending on its consolidated total leverage ratio, the Company may be required to apply a portion of its excess cash flow to repay amounts outstanding under the New Credit Facility.

The interest rate per annum applicable to loans under the New Revolving Credit Facility are, at our option, either (i) LIBOR plus a margin ranging from 1.75% to 2.50% or (ii) a base rate plus a margin ranging from 0.75% to 1.50%, which margin will be based on our total leverage ratio. The interest rate per annum applicable to the loans under the New Term Loan Facility will be, at our option, either (i) LIBOR plus 2.25%, or (ii) a base rate plus 1.25%; provided, however, that in no event will LIBOR be less than zero or the base rate be less than 1.00% over the term of the New Term Loan Facility or the New Revolving Credit Facility. Additionally, we will be subject to fees on the unused portion of the New Revolving Credit Facility. The initial margin applicable to the New Revolving Credit Facility for LIBOR loans and base rate loans is expected to be 2.25% and 1.25%, respectively.

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 subsidiary guarantors to incur debt; create liens on collateral; engage in mergers, consolidations or asset dispositions; pay dividends or make distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business.

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) (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 New Credit Facility also includes certain financial covenants, including the requirements that we maintain throughout the term of the New Credit Facility and measured as of the end of each fiscal quarter, and solely with respect to loans under the New Revolving Credit Facility, a maximum consolidated total leverage ratio of not more than 6.50 to 1.00 for the period beginning on the closing date and ending with the fiscal quarter ending December 31, 2018, 6.00 to 1.00 for the period beginning with the fiscal quarter ending January 1, 2019 and ending with the fiscal quarter ending December 31, 2019, and 5.50 to 1.00 for the period beginning with the fiscal quarter ending January 1, 2020 and thereafter. The Company will also be required to maintain an interest coverage ratio in an amount not less than 2.00 to 1.00 measured on the last day of each fiscal quarter beginning on the closing date, and ending with the fiscal quarter ending December 31, 2018, 2.50 to 1.00 for the period beginning with the fiscal quarter ending January 1, 2019 and ending with the fiscal quarter ending December 31, 2019, and 2.75 to 1.00 for the period beginning with the fiscal quarter ending January 1, 2020 and thereafter.

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 our other indebtedness including the 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 outstanding thereunder and taking all actions permitted to be taken by a secured creditor.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 7. Fair Value of Financial Instruments

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

•

Level 1 Inputs: Quoted market prices in active markets for identical assets or liabilities.

•

Level 2 Inputs: Observable market‑based inputs or unobservable inputs that are corroborated by market data.

•

Level 3 Inputs: Unobservable inputs that are not corroborated by market data.

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

Cash and Cash Equivalents: Cash equivalents include investments in money market funds. Investments in this category can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short‑term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).

Restricted Cash: Restricted cash includes unredeemed winning tickets from the Company’s 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. Restricted cash is classified as Level 1 as its carrying value approximates market prices.

Escrow Cash: Escrow cash represents the 6% Senior Notes proceeds and one month of associated interest placed into escrow pending satisfaction of certain conditions, including consummation of the Isle Acquisition. Escrow cash is classified as Level 1 as its carrying value approximates market prices.

Long‑term Debt: The 7% Senior Notes and 6% Senior Notes are classified as Level 2 based upon market inputs. The Term Loan under the credit facility is classified as Level 2 as it is tied to market rates of interest and its carrying value approximates market value. The fair value of the 7% Senior Notes and 6% Senior Notes were based on quoted market prices at March 31, 2017.

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. The Company considers the acquisition related contingency’s fair value measurement, which includes forecast assumptions, to be Level 3 within the fair value hierarchy.

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

	March 31, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	44,574	$	44,574	$	61,029	$	61,029
Restricted cash		2,062		2,062		2,414		2,414
Escrow cash		376,750		376,750		—		—
Financial liabilities:
7% Senior Notes	$	367,081	$	397,500	$	366,859	$	397,500
6% Senior Notes		371,220		379,688		—		—
Term Loan		405,497		417,563		406,047		423,858
Revolving Credit Facility		21,119		23,000		26,977		29,000
Acquisition-related contingent considerations		512		512		496		496

The following table represents the change in acquisition-related contingent consideration liabilities for the period December 31, 2016 to March 31, 2017:

Balance as of December 31, 2016	$	496
Amortization of present value discount⁽¹⁾		15
Fair value adjustment for change in consideration expected to be paid⁽²⁾		1
Balance as of March 31, 2017	$	512

(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 included in 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Litigation. The Company is a party to various lawsuits, which have arisen in the normal course of 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 the consolidated financial condition and those estimated losses are not expected to have a material impact on the results of operations. In connection with the Isle Merger, a class action lawsuit was filed by a purported stockholder of the Company alleging breach of fiduciary duty by the Company board of directors in connection with the Isle Merger. The case was filed on November 8, 2016 in the Second Judicial District Court of the State of Nevada and is captioned Assad v. Eldorado Resorts, Inc., et. al, case no. CV 16-02312. The case, which purports to be a class action on behalf of all of the stockholders of the Company, alleged, among other things, breach of fiduciary duty in failing to disclose all material information to stockholders in seeking approval of the issuance of shares of Company Common Stock in the Isle Merger and requested injunctive relief, which has since been withdrawn, and an award of attorneys’ fees and expenses. The Company opposes the application for an award of attorneys’ fees and expenses. 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 Pennsylvania Department of Environmental Protection (“PaDEP”) and International Paper insulating the Company 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 “South Yard and the Dunn Brickyard” parcels they acquired. However, the Company was advised by the PaDEP that it was not released from its liability and responsibility under the Consent Order for the “Main Site” parcel as its remediation was undertaken by the Company prior to the sale to GEIDC and nearly complete. Pursuant to the sale, the Company purchased an Environmental Risk Insurance Policy in the amount of $10.0 million with respect to the property. The Company secured an Act 2 Release of Liability for the Main Site on January 6, 2006. GEIDC subsequently obtained Act 2 releases for the South Yard and Dunn Brickyard parcels on March 26, 2013 and January 17, 2014, respectively. In October 2015, the Company renewed the insurance policy for a period of one year to seek an expert opinion regarding any continuing liability regarding the property. Having received such an opinion, the Company elected to no longer renew the insurance policy. 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. We have estimated that our total proportionate share of the aggregate $63.8 million to be assessed to the gaming facilities will be $4.0 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 we 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 $1.9 million, which has been accrued in the accompanying consolidated balance sheet at March 31, 2017 and December 31, 2016. The recorded estimate relative to the Property Tax Reserve Fund is subject to revision based upon future changes in the revenue assumptions utilized to develop the estimate. The estimated total obligation at March 31, 2017 and December 31, 2016, was $4.1 million, of which the residual total amount, both current and long-term, of $1.7 million and $1.8 million at March 31, 2017 and December 31, 2016, respectively, are appropriately accrued in the accompanying consolidated balance sheet. The Company paid $0.1 million during the three months ended March 31, 2017. 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, 2017, which will automatically renew for an additional one year period, 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

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

The following table sets forth, for the periods indicated, certain operating data for our reportable segments. We view each of our properties 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.

	Three months ended
	March 31,
	2017			2016
	(in thousands, unaudited)
Revenues and expenses
Nevada:
Net operating revenues	$	62,701		$	72,771
Expenses, excluding depreciation and corporate		(56,532	)		(61,777	)
Gain on sale or disposal of property		—			34
Depreciation		(4,643	)		(5,463	)
Operating income—Nevada	$	1,526		$	5,565
Louisiana:
Net operating revenues	$	31,911		$	34,442
Expenses, excluding depreciation and amortization		(24,061	)		(25,995	)
Gain on sale or disposal of property		—			1
Depreciation and amortization		(1,932	)		(1,946	)
Operating income—Louisiana	$	5,918		$	6,502
Eastern:
Net operating revenues	$	106,313		$	106,353
Expenses, excluding depreciation, amortization and corporate		(82,201	)		(83,974	)
Gain on sale or disposal of property		32			36
Equity in loss of unconsolidated affiliate		(222	)		—
Depreciation and amortization		(8,880	)		(8,684	)
Operating income—Eastern	$	15,042		$	13,731
Corporate:
Corporate expenses	$	(6,574	)	$	(6,904	)
Acquisition charges		(1,614	)		(520	)
Depreciation and amortization		(149	)		(111	)
Operating loss—Corporate	$	(8,337	)	$	(7,535	)
Total Reportable Segments
Net operating revenues	$	200,925		$	213,566
Expenses, excluding depreciation and amortization		(169,368	)		(178,650	)
Gain on sale or disposal of property		32			71
Equity in loss of unconsolidated affiliate		(222	)		—
Acquisition charges		(1,614	)		(520	)
Depreciation and amortization		(15,604	)		(16,204	)
Operating income—Total Reportable Segments	$	14,149		$	18,263
Reconciliations to Consolidated Net Income:
Operating Income—Total Reportable Segments	$	14,149		$	18,263
Unallocated income and expenses:
Interest expense		(12,670	)		(12,991	)
Loss on early retirement of debt		—			(66	)
Provision for income taxes		(458	)		(1,836	)
Net income	$	1,021		$	3,370

	Three Months Ended March 31,
	2017		2016
	(in thousands, unaudited)
Capital Expenditures
Nevada	$	4,154	$	2,842
Louisiana		547		1,350
Eastern⁽¹⁾		1,430		5,103
Corporate		75		1,329
Total	$	6,206	$	10,624

(1)	Amounts are before any West Virginia capital expenditure reimbursements.

	As of			As of
	March 31,			December 31,
	2017			2016
	(unaudited)
	(in thousands)
Total Assets
Nevada	$	365,818		$	377,688
Louisiana		128,155			128,427
Eastern		834,083			850,904
Corporate		762,969			407,557
Eliminating entries⁽¹⁾		(445,222	)		(470,532	)
Total	$	1,645,803		$	1,294,044

(1)	Reflects the following eliminations for the periods indicated:

Intercompany receivables/payables	$	283,300	$	302,047
Net investment in Silver Legacy/Circus Reno		88,314		88,314
Net investment in and advances to Silver Legacy		56,500		56,500
Accrued interest on the above intercompany loan		4,375		10,938
Net investment in and advances to Eldorado Shreveport		7,733		7,733
Net investment in and advances to MTR Gaming		5,000		5,000
	$	445,222	$	470,532

- 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation and have been included herein. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The executive decision makers of our Company review operating results, assess performance and make decisions on a “significant market” basis. The Company’s management views each of its properties 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 parts of the eastern United States. 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. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Reclassifications	Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014 (amended January 2017), the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014‑09, “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 eliminates existing industry guidance, including revenue recognition guidance specific to the gaming industry. The FASB has also recently issued several amendments to the standard, including narrow-scope improvements and practical expedients (ASU 2016-12) and clarification on accounting for and identifying performance obligations (ASU 2016-10). The core principle of the revenue model indicates 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 interim and annual periods beginning after December 15, 2017, and should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. While early adoption is permitted for interim and annual periods beginning after December 15, 2016, we anticipate adopting this standard on January 1, 2018. We are currently in the process of evaluating the full impact adoption of ASU 2014‑09 (as amended) will have on our consolidated financial statements; however, we anticipate this new standard will likely have a material impact on our consolidated financial statements. We expect the most significant effect upon adoption of ASU 2014-09 (as amended) will likely be related to 1) the accounting for our customer loyalty program (no longer be recorded at cost, and a deferred revenue model will likely be used to account for the classification and timing of revenue recognized as well as the classification of related expenses for loyalty point redemptions) and 2) the elimination of promotional allowances (the presentation of goods and services provided to our customers without charge, included in gross revenue with a corresponding reduction in promotional allowances, will no longer be reported as revenue and will be recognized based on relative standalone selling prices for transactions with more than one performance obligation). As a result, we expect that gaming revenues will be reduced with a corresponding increase, in total, to food and beverage, hotel, and other revenues. Given our evaluation process is ongoing, the quantitative effects of these changes have not yet been fully determined and are still being analyzed. In January 2017, the FASB issued Accounting Standards Update ASU No. 2017-04, “Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment.” This amended guidance is intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of goodwill. Under the amended guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The elimination of Step 2 from the goodwill impairment test should reduce the cost and complexity of evaluating goodwill for impairment. Amendments should be applied on a prospective basis disclosing the nature of and reason for the change in accounting principle upon transition. Disclosure should be provided in the first annual period and in the interim period in which the entity initially adopts the amendments. Updated amendments are effective for the interim and annual periods beginning after December 15, 2019, and early adoption is permitted. We currently plan to implement the updated guidance when we perform our annual goodwill impairment assessment as of October 1, or earlier, if impairment indicators are identified. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations – Clarifying the Definition of a Business.” This amendment is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The amendments are effective for interim and annual periods beginning after December 15, 2017. Early adoption is allowed as follows: (1) transactions for which acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and (2) transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. We anticipate adopting this standard on January 1, 2018 and that, following adoption, acquisitions that do not involve substantive processes will be accounted for as asset acquisitions. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows – Restricted Cash.” This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and cash equivalents. The amendments in this update are effective for the interim and annual periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We currently anticipate adopting this accounting standard during the first quarter of 2018 and we are currently evaluating the impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” This new guidance is intended to reduce diversity in practice in how certain cash receipts and payments are classified in the statement of cash flows, including debt prepayment or extinguishment costs, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, and distributions from certain equity method investees. The guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires application using a retrospective transition method. We currently anticipate adopting this accounting standard during the first quarter of 2018 and we are currently evaluating the impact of adopting this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Accounting for Credit Losses,” which amends the guidance on the impairment of financial instruments. This update adds an impairment model (known as the current expected credit losses model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses. The effective date for this update is for the annual and interim periods beginning after December 15, 2019 and early adoption is permitted beginning after December 15, 2018. We are currently evaluating the impact of adopting this guidance on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 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 (“ROU”) 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 consolidated financial statements. Currently, we do not have any material capital leases nor any material operating leases where we are the lessor. Our operating leases, primarily relating to certain ground leases and slot machines or video lottery terminals (VLTs), will be recorded on the balance sheet as an ROU asset with a corresponding lease liability, which will be amortized using the effective interest rate method as payments are made. The ROU asset will be depreciated on a straight-line basis and recognized as lease expense. The qualitative and quantitative effects of adoption of ASU 2016-02 are still being analyzed, and we are in the process of evaluating the full effect the new guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU No. 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. As of March 31, 2017, we adopted this guidance which had no significant impact on our consolidated financial statements and disclosures.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Share Based Compensation [Abstract]

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

A summary of the RSU activity for the three months ended March 31, 2017 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, 2016		982,370			$	6.45		1.41	$	6.33
Granted		348,025		⁽¹⁾			15.50
Vested		(69,906	)			12.19
Unvested outstanding as of March 31, 2017		1,260,489			$		8.63	1.58	$		10.87

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the ERI Stock Option activity for the three months ended March 31, 2017 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 and Exercisable as of December 31, 2016		169,300		$	2.44	-	$	16.27	$	9.94		0.86	$	1.2
Expired		(51,700	)	$	2.44	-	$	3.94		2.97
Exercised		(25,000	)	$	14.79	-	$	16.27	$	13.22
Outstanding and Exercisable as of March 31, 2017		92,600		$	3.94	-	$	16.27	$	11.55		1.03	$	0.5

Other and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2017

Other And Intangible Assets Net Disclosure [Abstract]

Schedule of Other and Intangible Assets, Net

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

	March 31,			December 31,
	2017			2016
	(unaudited)
Goodwill	$	66,826		$	66,826
Gaming license (indefinite-lived)	$	482,074		$	482,074
Trade names		9,800			9,800
Loyalty programs		7,700			7,700
Subtotal		499,574			499,574
Accumulated amortization trade names		(4,854	)		(4,376	)
Accumulated amortization loyalty programs		(7,700	)		(7,700	)
Total gaming licenses and other intangible assets	$	487,020		$	487,498
Non-operating real property	$	14,219		$	14,219

Land held for development	$	906		$	906
Other		12,598			9,214
Total other assets, net	$	13,504		$	10,120

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Long-Term Debt

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

	March 31,			December 31,
	2017			2016
	(unaudited)
6% Senior Notes	$	375,000		$	—
Less: Unamortized debt issuance costs		(3,780	)		—
Net		371,220			—
7% Senior Notes		375,000			375,000
Less: Unamortized debt issuance costs		(7,919	)		(8,141	)
Net		367,081			366,859
Term Loan		417,563			418,625
Less: Unamortized discount and debt issuance costs		(12,066	)		(12,578	)
Net		405,497			406,047
Revolving Credit Facility		23,000			29,000
Less: Unamortized debt issuance costs		(1,881	)		(2,023	)
Net		21,119			26,977
Capital leases		449			543
Less: Current portion		(4,552	)		(4,545	)
Total long-term debt	$	1,160,814		$	795,881

7% Senior Notes

Schedule of Redemption Prices of Notes

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

6% Senior Notes

Schedule of Redemption Prices of Notes

Year	Percentage
2020		104.500	%
2021		103.000	%
2022		101.500	%
2023 and thereafter		100.000	%

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of estimated fair value of financial instruments

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

	March 31, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	44,574	$	44,574	$	61,029	$	61,029
Restricted cash		2,062		2,062		2,414		2,414
Escrow cash		376,750		376,750		—		—
Financial liabilities:
7% Senior Notes	$	367,081	$	397,500	$	366,859	$	397,500
6% Senior Notes		371,220		379,688		—		—
Term Loan		405,497		417,563		406,047		423,858
Revolving Credit Facility		21,119		23,000		26,977		29,000
Acquisition-related contingent considerations		512		512		496		496

Schedule of change in acquisition-related contingent consideration liability

The following table represents the change in acquisition-related contingent consideration liabilities for the period December 31, 2016 to March 31, 2017:

Balance as of December 31, 2016	$	496
Amortization of present value discount⁽¹⁾		15
Fair value adjustment for change in consideration expected to be paid⁽²⁾		1
Balance as of March 31, 2017	$	512

(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 included in general and administrative expense in the consolidated statements of operations.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable Segments

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.

	Three months ended
	March 31,
	2017			2016
	(in thousands, unaudited)
Revenues and expenses
Nevada:
Net operating revenues	$	62,701		$	72,771
Expenses, excluding depreciation and corporate		(56,532	)		(61,777	)
Gain on sale or disposal of property		—			34
Depreciation		(4,643	)		(5,463	)
Operating income—Nevada	$	1,526		$	5,565
Louisiana:
Net operating revenues	$	31,911		$	34,442
Expenses, excluding depreciation and amortization		(24,061	)		(25,995	)
Gain on sale or disposal of property		—			1
Depreciation and amortization		(1,932	)		(1,946	)
Operating income—Louisiana	$	5,918		$	6,502
Eastern:
Net operating revenues	$	106,313		$	106,353
Expenses, excluding depreciation, amortization and corporate		(82,201	)		(83,974	)
Gain on sale or disposal of property		32			36
Equity in loss of unconsolidated affiliate		(222	)		—
Depreciation and amortization		(8,880	)		(8,684	)
Operating income—Eastern	$	15,042		$	13,731
Corporate:
Corporate expenses	$	(6,574	)	$	(6,904	)
Acquisition charges		(1,614	)		(520	)
Depreciation and amortization		(149	)		(111	)
Operating loss—Corporate	$	(8,337	)	$	(7,535	)
Total Reportable Segments
Net operating revenues	$	200,925		$	213,566
Expenses, excluding depreciation and amortization		(169,368	)		(178,650	)
Gain on sale or disposal of property		32			71
Equity in loss of unconsolidated affiliate		(222	)		—
Acquisition charges		(1,614	)		(520	)
Depreciation and amortization		(15,604	)		(16,204	)
Operating income—Total Reportable Segments	$	14,149		$	18,263
Reconciliations to Consolidated Net Income:
Operating Income—Total Reportable Segments	$	14,149		$	18,263
Unallocated income and expenses:
Interest expense		(12,670	)		(12,991	)
Loss on early retirement of debt		—			(66	)
Provision for income taxes		(458	)		(1,836	)
Net income	$	1,021		$	3,370

Schedule of Capital Expenditures for Reportable Segments

	Three Months Ended March 31,
	2017		2016
	(in thousands, unaudited)
Capital Expenditures
Nevada	$	4,154	$	2,842
Louisiana		547		1,350
Eastern⁽¹⁾		1,430		5,103
Corporate		75		1,329
Total	$	6,206	$	10,624

(1)	Amounts are before any West Virginia capital expenditure reimbursements.

Schedule of Total Assets for Reportable Segments

	As of			As of
	March 31,			December 31,
	2017			2016
	(unaudited)
	(in thousands)
Total Assets
Nevada	$	365,818		$	377,688
Louisiana		128,155			128,427
Eastern		834,083			850,904
Corporate		762,969			407,557
Eliminating entries⁽¹⁾		(445,222	)		(470,532	)
Total	$	1,645,803		$	1,294,044

(1)	Reflects the following eliminations for the periods indicated:

Intercompany receivables/payables	$	283,300	$	302,047
Net investment in Silver Legacy/Circus Reno		88,314		88,314
Net investment in and advances to Silver Legacy		56,500		56,500
Accrued interest on the above intercompany loan		4,375		10,938
Net investment in and advances to Eldorado Shreveport		7,733		7,733
Net investment in and advances to MTR Gaming		5,000		5,000
	$	445,222	$	470,532

Organization and Basis of Presentation - Additional information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	May 01, 2017 USD ($) room Machine Game a Hotel $ / shares shares	Aug. 22, 2016 USD ($)	Mar. 31, 2017 USD ($) room Machine Game Terminal location segment	Mar. 31, 2016 USD ($)
Organization and Basis of Presentation
Acquisition charges \| $			$ 1,614	$ 520
Number of geographical regions \| location			3
Number of reportable segments \| segment			3
Isle Of Capri
Organization and Basis of Presentation
Acquisition charges \| $			$ 1,600
Accrued costs and expenses \| $			$ 7,800
Isle Casino Hotel \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	238
Number of slot machines \| Machine	1,086
Number of table games \| Game	25
Number of table poker room	9
Number of acre owned \| a	10
Lady Luck Casino \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	164
Number of slot machines \| Machine	455
Number of table games \| Game	10
Number of table poker room	5
Pompano \| Subsequent Event
Organization and Basis of Presentation
Number of slot machines \| Machine	1,446
Number of table poker room	42
Number of acre owned \| a	223
Bettendorf \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	509
Number of slot machines \| Machine	969
Number of table games \| Game	19
Number of towers in hotel	2
Waterloo \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	195
Number of slot machines \| Machine	948
Number of table games \| Game	25
Number of table poker room	4
Isle of Capri Casino Hotel Lake Charles
Organization and Basis of Presentation
Aggregate sales consideration \| $		$ 134,500
Isle of Capri Casino Hotel Lake Charles \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	493
Number of slot machines \| Machine	1,157
Number of table games \| Game	49
Number of table poker room	13
Number of acre owned \| a	19
Number of hotels \| Hotel	2
Lula \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	451
Number of slot machines \| Machine	885
Number of table games \| Game	21
Number of hotels \| Hotel	2
Vicksburg \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	89
Number of slot machines \| Machine	613
Number of table games \| Game	7
Boonville \| Subsequent Event
Organization and Basis of Presentation
Number of room in hotel	140
Number of slot machines \| Machine	914
Number of table games \| Game	20
Cape Girardeau \| Subsequent Event
Organization and Basis of Presentation
Number of slot machines \| Machine	930
Number of table games \| Game	22
Number of table poker room	4
Caruthersville \| Subsequent Event
Organization and Basis of Presentation
Number of slot machines \| Machine	557
Number of table games \| Game	9
Kansas City \| Subsequent Event
Organization and Basis of Presentation
Number of slot machines \| Machine	977
Number of table games \| Game	18
Nemacolin \| Subsequent Event
Organization and Basis of Presentation
Number of slot machines \| Machine	597
Number of table games \| Game	29
Number of acre owned \| a	2,000
Merger Agreement \| Subsequent Event \| Isle Of Capri
Organization and Basis of Presentation
Right to receive per share \| $ / shares	$ 23.00
Cash election exchange rate (as a percent)	58.00%
Aggregate consideration amount \| $	$ 552,000
Stock election exchange rate (as a percent)	42.00%
Newly issued shares of ERI common stock \| shares	28,500,000
Merger Agreement \| Subsequent Event \| Isle Of Capri \| Converted to a Right to Receive 1.638 Share of ERI Stock
Organization and Basis of Presentation
Number of shares granted on conversion (per share) \| shares	1.638
Commitment Letter \| Subsequent Event \| JP Morgan Chase Bank, N.A \| Senior Unsecured Notes
Organization and Basis of Presentation
Borrowing capacity \| $	$ 375,000
Commitment Letter \| Subsequent Event \| JP Morgan Chase Bank, N.A \| New Credit Facility
Organization and Basis of Presentation
Borrowing capacity \| $	1,750,000
Commitment Letter \| Subsequent Event \| JP Morgan Chase Bank, N.A \| New Term Loan
Organization and Basis of Presentation
Borrowing capacity \| $	1,450,000
Commitment Letter \| Subsequent Event \| JP Morgan Chase Bank, N.A \| New Revolving Credit Facility
Organization and Basis of Presentation
Borrowing capacity \| $	$ 300,000
Circus Reno
Organization and Basis of Presentation
Number of room in hotel			1,571
Number of slot machines \| Machine			695
Number of table games \| Game			27
Eldorado Reno
Organization and Basis of Presentation
Number of room in hotel			814
Number of slot machines \| Machine			1,142
Number of table games \| Game			46
Number of table poker room			11
Silver Legacy
Organization and Basis of Presentation
Number of slot machines \| Machine			1,212
Number of table games \| Game			63
Number of rooms in themed hotel			1,711
Eldorado Shreveport
Organization and Basis of Presentation
Number of slot machines \| Machine			1,387
Number of table games \| Game			52
Number of table poker room			8
Number of rooms in suite art deco-style hotel			403
Mountaineer
Organization and Basis of Presentation
Number of room in hotel			354
Number of slot machines \| Machine			1,510
Number of table games \| Game			36
Number of table poker room			10
Presque Isle Downs
Organization and Basis of Presentation
Number of slot machines \| Machine			1,594
Number of table games \| Game			32
Number of table poker room			7
Scioto Downs
Organization and Basis of Presentation
Number of video lottery terminals \| Terminal			2,206

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 27, 2017	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized		100,000,000			100,000,000
Common stock, par value per share		$ 0.00001			$ 0.00001
Stock-based compensation expense		$ 1,733	$ 1,454
Reduction in income tax expense related to stock based compensation		$ 100	400
Ex Executive Officer
Summary of the RSU activity
Severance costs			1,400
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		1 year
Minimum \| Plan 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percent of award target		0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		2 years
Maximum \| Plan 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percent of award target		200.00%
RSU and Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 1,700	1,500
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		100,581
Performance Awards \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Performance Awards \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		348,025
Fair value, per unit	$ 15.50
Unrecognized compensation expense		$ 6,200
Recognition period of unrecognized compensation cost				1 year 6 months 29 days
Restricted Stock Units (RSUs) \| Non Employee Board
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	46,282	2,982
Restricted Stock Units (RSUs) \| Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	298,761
Restricted Stock Units (RSUs) \| Ex Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 500
Summary of the RSU activity
Vested			167,511

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Equity Awards
Outstanding at the beginning of the Period (in shares)	982,370
Granted (in shares)	348,025
Vested	(69,906)
Outstanding at the end of the Period (in shares)	1,260,489	982,370
Weighted Average Grant Date Fair Value
Unvested outstanding as of December 31, 2016	$ 6.45
Granted	15.50
Vested	12.19
Unvested outstanding as of March 31, 2017	$ 8.63	$ 6.45
Weighted‑ Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life (in years)	1 year 6 months 29 days	1 year 4 months 28 days
Aggregate Intrinsic Value
Aggregate fair value	$ 10,870	$ 6,330

Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Options
Outstanding at the beginning of the Period (in shares)	169,300
Expired (in shares)	(51,700)
Exercised - in shares	(25,000)
Outstanding at the end of the Period (in shares)	92,600	169,300
Range of Exercise Price
Lower end of exercise price	$ 3.94	$ 2.44
Upper end of exercise price	16.27	16.27
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	9.94
Expired (in dollars per share)	2.97
Exercised (in dollars per share)	13.22
Outstanding at the end of the period ( in dollars per share)	$ 11.55	$ 9.94
Weighted‑ Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life (in years)	1 year 11 days	10 months 10 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 0.5	$ 1.2
Expired
Range of Exercise Price
Lower end of exercise price	$ 2.44
Upper end of exercise price	3.94
Exercised
Range of Exercise Price
Lower end of exercise price	14.79
Upper end of exercise price	$ 16.27

Other and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Trade names and customer loyalty program
Goodwill	$ 66,826		$ 66,826
NON-OPERATING REAL PROPERTY	14,219		14,219
Other assets	13,504		10,120
Refinancing Transactions Cost
Trade names and customer loyalty program
Other assets	$ 7,100		3,800
Trade Names
Trade names and customer loyalty program
Finite-lived intangible asset, useful life	3 years 6 months
Amortization expense	$ 500	$ 1,200
Loyalty Program
Trade names and customer loyalty program
Finite-lived intangible asset, useful life	1 year
Amortization expense	$ 0	$ 1,900
Trade Names and Loyalty Program
Trade names and customer loyalty program
Remainder of 2017	1,400
2018	400
Gaming licenses (Indefinite-lived)
Trade names and customer loyalty program
Indefinite intangible assets, excluding goodwill- gross	482,074		482,074
Gaming licenses (Indefinite-lived) \| Eldorado Shreveport
Trade names and customer loyalty program
Indefinite intangible assets, excluding goodwill- gross	20,600		20,600
Gaming licenses (Indefinite-lived) \| Mountaineer, Presque Isle Downs and Scioto Downs
Trade names and customer loyalty program
Indefinite intangible assets, excluding goodwill- gross	461,500		$ 461,500
MTR Gaming
Trade names and customer loyalty program
Goodwill	$ 66,800

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Jul. 23, 2015
Long-term debt
Capital leases	$ 449	$ 543
Less: Current portion	(4,552)	(4,545)
Long-term debt, noncurrent	1,160,814	795,881
6% Senior Notes
Long-term debt
Long-term debt, gross	375,000
Less: Unamortized debt issuance costs	(3,780)
Long-term Debt	371,220
7% Senior Notes
Long-term debt
Long-term debt, gross	375,000	375,000	$ 375,000
Less: Unamortized debt issuance costs	(7,919)	(8,141)
Long-term Debt	367,081	366,859
New Term Loan
Long-term debt
Long-term debt, gross	417,563	418,625
Less: Unamortized discount and debt issuance costs	(12,066)	(12,578)
Long-term Debt	405,497	406,047
New Revolving Credit Facility
Long-term debt
Long-term debt, gross	23,000	29,000
Less: Unamortized debt issuance costs	(1,881)	(2,023)
Long-term Debt	$ 21,119	$ 26,977

Long-Term Debt - Additional Information (Details) - USD ($)				3 Months Ended
	Apr. 17, 2017	Mar. 29, 2017	Jul. 23, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jul. 31, 2015
Long-term debt
Scheduled maturities of long-term debt in 2020				$ 23,000,000
Scheduled maturities of long-term debt in 2022				395,300,000
Scheduled maturities of long-term debt in 2023				375,000,000
Scheduled maturities of long-term debt in 2025				375,000,000
Debt issuance costs and discount							$ 26,300,000
ESCROW CASH				$ 376,750,000
Debt instrument interest rate terms				however, that in no event will LIBOR be less than zero or the base rate be less than 1.00% over the term of the New Term Loan Facility or the New Revolving Credit Facility.
Maximum required leverage ratio, from January 1, 2017 to December 31, 2017				600.00%
Maximum required leverage ratio, after December 31, 2017				500.00%
Minimum required interest coverage ratio, January 1, 2017 to December 31, 2017				275.00%
Minimum required interest coverage ratio, after December 31, 2017				300.00%
Borrowings under Revolving Credit Facility				$ 23,000,000	$ 14,000,000
Subsequent Event \| Isle Acquisition
Long-term debt
Acquisition date	May 01, 2017
7% Senior Notes \| Minimum
Long-term debt
Notification period on or after August 1, 2018				30 days
7% Senior Notes \| Maximum
Long-term debt
Notification period on or after August 1, 2018				60 days
New Term Loan
Long-term debt
New senior secured term loan facility			$ 425,000,000
Term of debt			7 years
Amount outstanding				$ 417,600,000
Interest rate				4.25%
New Term Loan \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				3.25%
Floor rate (as a percent)				1.00%
New Term Loan \| Base rate
Long-term debt
Spread on variable rate (as a percent)				2.25%
New Revolving Credit Facility
Long-term debt
New senior secured term loan facility			$ 150,000,000
Term of debt			5 years
Amount outstanding				$ 23,000,000
Available borrowing capacity				$ 127,000,000
Interest rate				6.00%
Commitment fee on unused portion of the credit facility				0.50%
New Revolving Credit Facility \| Minimum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				2.50%
New Revolving Credit Facility \| Minimum \| Base rate
Long-term debt
Spread on variable rate (as a percent)				1.50%
New Revolving Credit Facility \| Maximum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				3.25%
New Revolving Credit Facility \| Maximum \| Base rate
Long-term debt
Spread on variable rate (as a percent)				2.25%
New Term Loan Facility
Long-term debt
Credit facility maturity date				Apr. 17, 2024
Credit facility quarterly principal payments				$ 3,625,000
Credit facility, payment terms				The Company will be required to make quarterly principal payments in an amount equal to $3,625,000 on the New Term Loan Facility on the last day of each fiscal quarter beginning on June 30, 2017.
New Term Loan Facility \| Subsequent Event
Long-term debt
ESCROW CASH	$ 4,500,000
New senior secured term loan facility	1,450,000,000
New Term Loan Facility \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				2.25%
New Term Loan Facility \| Base rate
Long-term debt
Spread on variable rate (as a percent)				1.25%
New Revolving Credit Facility
Long-term debt
Maximum required leverage ratio, from January 1, 2017 to December 31, 2017				650.00%
Minimum required interest coverage ratio, January 1, 2017 to December 31, 2017				200.00%
Credit facility maturity date				Apr. 17, 2022
Maximum required leverage ratio, year two				600.00%
Maximum required leverage ratio, after year two				550.00%
Minimum required interest coverage ratio, year two				250.00%
Minimum required interest coverage ratio, after year two				275.00%
New Revolving Credit Facility \| Subsequent Event
Long-term debt
New senior secured term loan facility	$ 300,000,000
New Revolving Credit Facility \| LIBOR
Long-term debt
Debt instrument expected initial margin rate				2.25%
New Revolving Credit Facility \| Base rate
Long-term debt
Debt instrument expected initial margin rate				1.25%
New Revolving Credit Facility \| Minimum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				1.75%
New Revolving Credit Facility \| Minimum \| Base rate
Long-term debt
Spread on variable rate (as a percent)				0.75%
New Revolving Credit Facility \| Maximum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)				2.50%
New Revolving Credit Facility \| Maximum \| Base rate
Long-term debt
Spread on variable rate (as a percent)				1.50%
7% Senior Notes
Long-term debt
Long-term debt, gross			$ 375,000,000	$ 375,000,000		$ 375,000,000
Interest rate (as a percent)			7.00%
Percentage of issue price of principal amount			100.00%
Senior notes, maturity date				Aug. 01, 2023
7% Senior Notes \| Prior to August 1, 2018
Long-term debt
Redemption price on notes redeemed (as a percent)			107.00%
Percentage of issue price of principal amount			101.00%
Percentage of repurchase			100.00%
7% Senior Notes \| Prior to April 1, 2020
Long-term debt
Redemption price (as a percent)				101.75%
7% Senior Notes \| Maximum \| Prior to August 1, 2018
Long-term debt
Redemption price (as a percent)			35.00%
6% Senior Notes \| Subsequent Event
Long-term debt
Interest rate (as a percent)	6.00%
Borrowings under Revolving Credit Facility	$ 135,000,000
6% Senior Notes \| Eagle II Acquisition Company LLC
Long-term debt
Long-term debt, gross		$ 375,000,000
Interest rate (as a percent)		6.00%
Senior notes, maturity date				Apr. 01, 2025
ESCROW CASH		$ 1,900,000
Debt instrument interest rate terms				The 6% Senior Notes will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1, commencing October 1, 2017.
6% Senior Notes \| Prior to August 1, 2018
Long-term debt
Redemption price on notes redeemed (as a percent)		106.00%
Percentage of issue price of principal amount		101.00%
Percentage of repurchase		100.00%
6% Senior Notes \| Minimum
Long-term debt
Notification period on or after April 1, 2020				30 days
6% Senior Notes \| Maximum
Long-term debt
Notification period on or after April 1, 2020				60 days
6% Senior Notes \| Maximum \| Prior to August 1, 2018
Long-term debt
Redemption price (as a percent)		35.00%
5.875% Senior Notes \| Subsequent Event
Long-term debt
Interest rate (as a percent)	5.875%
Debt instrument maturity year	2021
8.875% Senior Notes \| Subsequent Event
Long-term debt
Interest rate (as a percent)	8.875%
Debt instrument maturity year	2020
7% Senior Notes
Long-term debt
Amortization of debt issuance costs and discount				$ 900,000	$ 800,000
Notes \| Prior to August 1, 2018
Long-term debt
Redemption price on notes redeemed (as a percent)			100.00%
Notes \| Prior to April 1, 2020
Long-term debt
Redemption price on notes redeemed (as a percent)		100.00%

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income available to common stockholders	$ 1,021	$ 3,370
Shares outstanding:
Weighted average shares outstanding - basic	47,120,751	46,933,094
Weighted average shares outstanding - diluted	48,081,281	47,534,761
Basic net income per common share	$ 0.02	$ 0.07
Diluted net income per common share	$ 0.02	$ 0.07
Stock Options
Shares outstanding:
Effect of dilutive securities	50,799	148,758
Restricted Stock Units (RSUs)
Shares outstanding:
Effect of dilutive securities	909,731	452,909

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2005 USD ($) a	Oct. 31, 2004 a	Mar. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)
Environmental remediation
Amount of environmental risk insurance policy purchased	$ 10.0
Mountaineer Pari-mutuel Clerks
Expenses under the terms of the ground lease
Renewal term			1 year
Presque Isle Downs
Environmental remediation
Area of real property acquired (in acres) \| a		229
GEIDC
Environmental remediation
Area of real property sold (in acres) \| a	205
The borrowers
Regulatory gaming assessments
Borrowings to fund initial development of gaming			$ 99.9
The borrowers \| Initial funding by Pennsylvania General Fund
Regulatory gaming assessments
Borrowings to fund initial development of gaming			$ 36.1
Number of licensees operational after which repayment of borrowing from general fund would commence \| item			14
The borrowers \| Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory gaming assessments
Borrowings to fund initial development of gaming			$ 63.8
MTR Gaming
Regulatory gaming assessments
Estimated total obligation for assessments			4.1	$ 4.1
Estimated total obligation residual amount, current and noncurrent			1.7	1.8
Obligations paid			0.1
MTR Gaming \| Initial funding by Pennsylvania General Fund
Regulatory gaming assessments
Estimated total obligation for assessments			1.9	$ 1.9
MTR Gaming \| Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory gaming assessments
Estimated total proportionate share of assessment upon gaming facilities			$ 4.0
Period for quarterly payments of proportionate share of funding for assessments			10 years
Scioto Downs
Expenses under the terms of the ground lease
Renewal term			2 years

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues and expenses
Net operating revenues	$ 200,925	$ 213,566
Expenses, excluding depreciation, amortization and corporate	(169,368)	(178,650)
Corporate expenses	(6,574)	(6,904)
Gain on sale or disposal of property	32	71
Equity in loss of unconsolidated affiliate	(222)
Acquisition charges	(1,614)	(520)
Depreciation and amortization	(15,604)	(16,204)
OPERATING INCOME	14,149	18,263
Reconciliations to Consolidated Net Income:
OPERATING INCOME	14,149	18,263
Unallocated income and expenses:
Interest expense, net	(12,670)	(12,991)
Loss on early retirement of debt		(66)
Provision for income taxes	(458)	(1,836)
Net income	1,021	3,370
Corporate
Revenues and expenses
Corporate expenses	(6,574)	(6,904)
Acquisition charges	(1,614)	(520)
Depreciation and amortization	(149)	(111)
OPERATING INCOME	(8,337)	(7,535)
Reconciliations to Consolidated Net Income:
OPERATING INCOME	(8,337)	(7,535)
Operating Segment \| Nevada
Revenues and expenses
Net operating revenues	62,701	72,771
Expenses, excluding depreciation, amortization and corporate	(56,532)	(61,777)
Gain on sale or disposal of property		34
Depreciation	(4,643)	(5,463)
OPERATING INCOME	1,526	5,565
Reconciliations to Consolidated Net Income:
OPERATING INCOME	1,526	5,565
Operating Segment \| Eldorado Shreveport \| Louisiana
Revenues and expenses
Net operating revenues	31,911	34,442
Expenses, excluding depreciation, amortization and corporate	(24,061)	(25,995)
Gain on sale or disposal of property		1
Depreciation and amortization	(1,932)	(1,946)
OPERATING INCOME	5,918	6,502
Reconciliations to Consolidated Net Income:
OPERATING INCOME	5,918	6,502
Operating Segment \| MTR Gaming \| Eastern
Revenues and expenses
Net operating revenues	106,313	106,353
Expenses, excluding depreciation, amortization and corporate	(82,201)	(83,974)
Gain on sale or disposal of property	32	36
Equity in loss of unconsolidated affiliate	(222)
Depreciation and amortization	(8,880)	(8,684)
OPERATING INCOME	15,042	13,731
Reconciliations to Consolidated Net Income:
OPERATING INCOME	15,042	13,731
Eldorado Resorts, Inc. Consolidated
Unallocated income and expenses:
Provision for income taxes	(458)	(1,836)
Net income	$ 1,021	$ 3,370

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	47,163,284	47,105,744
Common stock, shares outstanding	47,163,284	47,105,744
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

Investment in Unconsolidated Affiliates	3 Months Ended
Investment in Unconsolidated Affiliates	Mar. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Investment in Unconsolidated Affiliates	Note 2. Investment in Unconsolidated Affiliates Hotel Partnership. The Company holds a 42.1% variable interest in a partnership with other investors that developed a new 118-room Hampton Inn & Suites hotel at Scioto Downs that opened in March 2017. Pursuant to the terms of the partnership agreement, the Company contributed $1.0 million of cash and 2.4 acres of a leasehold immediately adjacent to The Brew Brothers microbrewery and restaurant at Scioto Downs. The partnership constructed the hotel at a cost of $16.0 million and other investor members operate the hotel. The Company is not the primary beneficiary, and therefore, the entity is accounted for under the equity method of accounting. At March 31, 2017, the Company’s investment in the partnership was $1.1 million, classified as “Investment in and advances to unconsolidated affiliates” in the consolidated balance sheets, representing the Company’s maximum exposure to loss.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 5. Income Taxes The Company and its subsidiaries file US federal income tax returns and various state and local income tax returns. The Company does not have tax sharing agreements with the other members within the consolidated ERI group. With few exceptions, the Company is no longer subject to US federal or state and local tax examinations by tax authorities for years before 2013. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. For the three months ended March 31, 2017 and 2016, the difference between the effective rate and the statutory rate is attributed primarily to state and local income taxes less excess tax benefits associated with stock compensation. For income tax purposes the Company amortizes or depreciates certain assets that have been assigned an indefinite life for book purposes. The incremental amortization or depreciation deductions for income tax purposes result in an increase in certain deferred tax liabilities that cannot be used as a source of future taxable income for purposes of measuring the Company's need for a valuation allowance against the net deferred tax assets. Therefore, we expect to record non-cash deferred tax expense as we amortize these assets for tax purposes. For the three months ended March 31, 2017 and 2016, the Company’s tax expense was $0.5 million and $1.8 million, respectively. As of March 31, 2017 and 2016, 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. The Company was notified by the Internal Revenue Service in October of 2016 that its federal tax return for the year ended December 31, 2014 had been selected for examination. As of March 31, 2017, there have been no proposed adjustments. We believe that our tax positions are appropriate and that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with our expectations, we would be required to adjust our provision for income taxes in the period such resolution occurs. While the Company believes its reported results are materially accurate, any significant adjustments could have a material adverse effect on the Company’s results of operations, cash flows and financial position if not resolved within expectations.

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Parties	Note 10. Related Parties 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 Donald L. Carano is a general partner. Mr. Carano is also a major shareholder in the Company. As of March 31, 2017 and December 31, 2016, the Company’s payable to C. S. & Y Associates amounted to $0.2 million and $0.3 million, respectively, and is reflected on the accompanying balance sheets under “due to affiliates”. There were no payables to other related parties as of March 31, 2017 and December 31, 2016.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events On May 1, 2017, the Company consummated its acquisition of Isle of Capri Casinos, Inc. and related financing transactions. (See Note 1 and Note 6 for more information related to these subsequent events).

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 1,021	$ 3,370
Other Comprehensive Income, net of tax:
Comprehensive Income, net of tax	$ 1,021	$ 3,370

Investment in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) a room
Investment in Unconsolidated Affiliates
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures	$ 1.1
Other Investors
Investment in Unconsolidated Affiliates
Variable interest entity, ownership percentage	42.10%
Number of new rooms developed \| room	118
Cash	$ 1.0
Land \| a	2.4
Cost of hotel construction	$ 16.0

Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2017 shares
Performance Awards
Summary of the RSU activity
Granted (in shares)	100,581
Percentage of target to be achieved to be eligible to receive performance awards	100.00%
Time-based Awards
Summary of the RSU activity
Granted (in shares)	247,444
Percentage of target to be achieved to be eligible to receive performance awards	100.00%

Other and Intangible Assets, Net - Schedule of Other and Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 66,826	$ 66,826
Intangible assets, excluding goodwill- gross	499,574	499,574
Total gaming licenses and other intangible assets	487,020	487,498
Non-operating real property	14,219	14,219
Land held for development	906	906
Other	12,598	9,214
Total other assets, net	13,504	10,120
Trade Names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite intangible assets, excluding goodwill- gross	9,800	9,800
Accumulated amortization	(4,854)	(4,376)
Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite intangible assets, excluding goodwill- gross	7,700	7,700
Accumulated amortization	(7,700)	(7,700)
Gaming licenses (Indefinite-lived)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite intangible assets, excluding goodwill- gross	$ 482,074	$ 482,074

Long-Term Debt - Schedule of Redemption Prices of Notes (Details)	3 Months Ended
	Mar. 31, 2017
7% Senior Notes \| Year Beginning August 1, 2018
Long-term debt
Redemption price (as a percent)	105.25%
7% Senior Notes \| Year Beginning August 1, 2019
Long-term debt
Redemption price (as a percent)	103.50%
7% Senior Notes \| Year Beginning August 1, 2020
Long-term debt
Redemption price (as a percent)	101.75%
7% Senior Notes \| Year Beginning August 1, 2021 and Thereafter
Long-term debt
Redemption price (as a percent)	100.00%
6% Senior Notes \| Year Beginning August 1, 2020
Long-term debt
Redemption price (as a percent)	104.50%
6% Senior Notes \| Year Beginning April 1, 2021
Long-term debt
Redemption price (as a percent)	103.00%
6% Senior Notes \| Year Beginning April 1, 2022
Long-term debt
Redemption price (as a percent)	101.50%
6% Senior Notes \| Year Beginning April 1, 2023 and Thereafter
Long-term debt
Redemption price (as a percent)	100.00%

Fair Value of Financial Instruments - Summary of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial assets:
ESCROW CASH	$ 376,750
7% Senior Notes
Financial liabilities:
Long-term debt	367,081	$ 366,859
Term Loan
Financial liabilities:
Long-term debt	405,497	406,047
Revolving Credit Facility
Financial liabilities:
Long-term debt	21,119	26,977
Carrying Amount
Financial assets:
Cash and cash equivalents	44,574	61,029
Restricted cash	2,062	2,414
ESCROW CASH	376,750
Financial liabilities:
Acquisition-related contingent considerations	512	496
Carrying Amount \| 7% Senior Notes
Financial liabilities:
Long-term debt	367,081	366,859
Carrying Amount \| 6% Senior Notes
Financial liabilities:
Long-term debt	371,220
Carrying Amount \| Term Loan
Financial liabilities:
Long-term debt	405,497	406,047
Carrying Amount \| Revolving Credit Facility
Financial liabilities:
Long-term debt	21,119	26,977
Fair Value
Financial assets:
Cash and cash equivalents	44,574	61,029
Restricted cash	2,062	2,414
ESCROW CASH	376,750
Financial liabilities:
Acquisition-related contingent considerations	512	496
Fair Value \| 7% Senior Notes
Financial liabilities:
Long-term debt	397,500	397,500
Fair Value \| 6% Senior Notes
Financial liabilities:
Long-term debt	379,688
Fair Value \| Term Loan
Financial liabilities:
Long-term debt	417,563	423,858
Fair Value \| Revolving Credit Facility
Financial liabilities:
Long-term debt	$ 23,000	$ 29,000

Fair Value of Financial Instruments - Summary of Change in Acquisition-Related Contingent Consideration Liability (Details) - Acquisition-Related Contingent Considerations $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Change in acquisition-related contingent consideration liabilities
Balance at the beginning of the period	$ 496
Amortization of present value discount	15
Fair value adjustment for change in consideration expected to be paid	1
Balance at the end of the period	$ 512

Related Parties - Additional Information (Details) $ in Millions	Mar. 31, 2017 USD ($) a	Dec. 31, 2016 USD ($)
Related parties
Payable to related parties	$ 0.0	$ 0.0
C. S. & Y. Associates
Related parties
Area of real property leased \| a	30,000
Payable to related parties	$ 0.2	$ 0.3

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2017 segment item
Segment Reporting [Abstract]
Number of geographic regions \| item	3
Number of reportable segments \| segment	3

Segment Information - Schedule of Capital Expenditures for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Capital Expenditures	$ 6,206	$ 10,624
Eastern
Segment Reporting Information [Line Items]
Capital Expenditures	1,430	5,103
Corporate
Segment Reporting Information [Line Items]
Capital Expenditures	75	1,329
Eldorado Reno \| Nevada
Segment Reporting Information [Line Items]
Capital Expenditures	4,154	2,842
Eldorado Shreveport \| Louisiana
Segment Reporting Information [Line Items]
Capital Expenditures	$ 547	$ 1,350

Segment Information - Schedule of Total Assets for Reportable Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	$ 1,645,803	$ 1,294,044
Nevada
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	365,818	377,688
Louisiana
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	128,155	128,427
Eastern
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	834,083	850,904
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	762,969	407,557
Eliminating Entries
Segment Reporting Asset Reconciling Item [Line Items]
Total Assets	$ (445,222)	$ (470,532)

Segment Information - Schedule of Total Assets for Reportable Segments (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Eliminations for the period
Net investment in and advances to other segment	$ 1,100
Total Assets	(1,645,803)	$ (1,294,044)
Eliminating Entries
Eliminations for the period
Intercompany receivables/payables	283,300	302,047
Accrued interest on the above intercompany loan	4,375	10,938
Total Assets	445,222	470,532
Eliminating Entries \| Silver Legacy Circus Reno
Eliminations for the period
Net investment in and advances to other segment	88,314	88,314
Eliminating Entries \| Silver Legacy
Eliminations for the period
Net investment in and advances to other segment	56,500	56,500
Eliminating Entries \| Eldorado Shreveport
Eliminations for the period
Intercompany receivables/payables	7,733	7,733
Eliminating Entries \| MTR Gaming
Eliminations for the period
Net investment in and advances to other segment	$ 5,000	$ 5,000