0001564590-19-041280 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 04, 2019
Cover [Abstract]
Entity Registrant Name	ELDORADO RESORTS, INC.
Entity Central Index Key	0001590895
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		77,769,501
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	ERI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-36629
Entity Tax Identification Number	46-3657681
Entity Address, Address Line One	100 West Liberty Street
Entity Address, Address Line Two	Suite 1150
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	775
Local Phone Number	328‑0100
Entity Incorporation, State or Country Code	NV
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $.00001 par value
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 208,831	$ 230,752
Restricted cash and investments	22,242	24,892
Marketable securities	20,433	16,957
Accounts receivable, net	48,150	60,169
Due from affiliates	2,823	327
Inventories	17,684	20,595
Income taxes receivable		15,731
Prepaid expenses	37,429	48,002
Assets held for sale	605,947	155,771
Total current assets	963,539	573,196
Investment in and advances to unconsolidated affiliates	129,796	1,892
Property and equipment, net	2,635,111	2,882,606
Gaming licenses and other intangibles, net	1,118,855	1,362,006
Goodwill	909,717	1,008,316
Right-of-use assets	245,344
Other assets, net	78,879	83,446
Total assets	6,081,241	5,911,462
CURRENT LIABILITIES:
Current portion of long-term debt	238	462
Accounts payable	50,024	58,524
Accrued property, gaming and other taxes	54,628	51,931
Accrued payroll and related	72,999	87,332
Accrued interest	34,637	42,780
Income taxes payable	15,425	47,475
Short-term lease obligation	21,963
Accrued other liabilities	108,999	102,982
Liabilities related to assets held for sale	56,058	10,691
Total current liabilities	414,971	402,177
Long-term financing obligation to GLPI	967,982	959,835
Long-term debt, less current portion	2,950,955	3,261,273
Deferred income taxes	224,877	200,010
Long-term lease obligation	229,297
Other long-term liabilities	166,381	59,014
Total liabilities	4,954,463	4,882,309
Commitments and contingencies (Note 14)
STOCKHOLDERS' EQUITY:
Common stock, 200,000,000 shares authorized, 77,545,678 and 77,215,066 issued and outstanding, net of treasury shares, par value $0.00001 as of September 30, 2019 and December 31, 2018, respectively	1	1
Paid-in capital	756,225	748,076
Retained earnings	379,682	290,206
Treasury stock at cost, 223,823 shares held at September 30, 2019 and December 31, 2018	(9,131)	(9,131)
Accumulated other comprehensive income	1	1
Total stockholders’ equity	1,126,778	1,029,153
Total liabilities and stockholders’ equity	$ 6,081,241	$ 5,911,462

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	77,545,678	77,215,066
Common stock, shares outstanding	77,545,678	77,215,066
Common stock, par value	$ 0.00001	$ 0.00001
Treasury stock, shares	223,823	223,823

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES:
Net revenues	$ 663,181	$ 487,253	$ 1,936,125	$ 1,384,247
EXPENSES:
Other	12,092	9,315	34,064	25,030
Marketing and promotions	33,292	23,122	97,673	66,255
General and administrative	122,767	75,599	360,086	223,546
Corporate	13,014	9,217	50,819	33,018
Impairment charges		3,787	958	13,602
Depreciation and amortization	52,592	35,760	166,882	99,204
Total operating expenses	524,033	396,220	1,582,972	1,155,318
(Loss) gain on sale or disposal of property and equipment	(284)	(110)	21,668	(393)
Proceeds from terminated sales		5,000		5,000
Transaction expenses	(12,442)	(4,091)	(21,628)	(10,043)
Loss from unconsolidated affiliates	(1,515)	(63)	(2,132)	(116)
Operating (loss) income	124,907	91,769	351,061	223,377
OTHER EXPENSE:
Interest expense, net	(71,897)	(34,085)	(217,205)	(96,579)
Loss on early retirement of debt, net	(1,204)		(1,204)	(162)
Unrealized gain on restricted investments	3,318		460
Total other expense	(69,783)	(34,085)	(217,949)	(96,741)
Income before income taxes	55,124	57,684	133,112	126,636
Provision for income taxes	(18,069)	(19,980)	(38,892)	(31,281)
Net income	$ 37,055	$ 37,704	$ 94,220	$ 95,355
Net income per share of common stock:
Basic	$ 0.48	$ 0.49	$ 1.21	$ 1.23
Diluted	$ 0.47	$ 0.48	$ 1.20	$ 1.22
Weighted average number of shares outstanding:
Weighted average basic shares outstanding	77,721,353	77,522,664	77,657,553	77,445,611
Weighted average diluted shares outstanding	78,449,747	78,283,588	78,588,517	78,208,040
Casino and pari-mutuel Commissions
REVENUES:
Net revenues	$ 458,000	$ 368,169	$ 1,385,848	$ 1,060,417
EXPENSES:
Cost of goods and services	202,555	180,062	616,101	519,558
Food and Beverage
REVENUES:
Net revenues	78,435	58,153	229,072	164,644
Net revenues	78,435	58,153	229,072	164,644
EXPENSES:
Cost of goods and services	60,406	45,381	180,288	134,927
Hotel
REVENUES:
Net revenues	94,318	44,780	237,493	114,447
Net revenues	94,318	44,780	237,493	114,447
EXPENSES:
Cost of goods and services	27,315	13,977	76,101	40,178
Other
REVENUES:
Net revenues	32,428	16,151	83,712	44,739
Net revenues	$ 32,428	$ 16,151	$ 83,712	$ 44,739

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 37,055	$ 37,704	$ 94,220	$ 95,355
Comprehensive income, net of tax	$ 37,055	$ 37,704	$ 94,220	$ 95,355

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning Balance at Dec. 31, 2017	$ 941,597		$ 746,547	$ 194,971	$ 79
Beginning Balance (in shares) at Dec. 31, 2017		76,825,966
Issuance of restricted stock units	3,679		3,679
Issuance of restricted stock units (in shares)		645,047
Net income	20,855			20,855
Shares withheld related to net share settlement of stock awards	(7,502)		(7,502)
Shares withheld related to net share settlement of stock awards (in shares)		(229,898)
Ending Balance at Mar. 31, 2018	958,629		742,724	215,826	79
Ending Balance (in shares) at Mar. 31, 2018		77,241,115
Beginning Balance at Dec. 31, 2017	941,597		746,547	194,971	79
Beginning Balance (in shares) at Dec. 31, 2017		76,825,966
Net income	95,355
Ending Balance at Sep. 30, 2018	1,036,151	$ 1	745,745	290,326	79
Ending Balance (in shares) at Sep. 30, 2018		77,391,244
Beginning Balance at Mar. 31, 2018	958,629		742,724	215,826	79
Beginning Balance (in shares) at Mar. 31, 2018		77,241,115
Issuance of restricted stock units	3,472	$ 1	3,471
Issuance of restricted stock units (in shares)		64,833
Net income	36,796			36,796
Exercise of stock options (in shares)		50,336
Shares withheld related to net share settlement of stock awards	(2,175)		(2,175)
Shares withheld related to net share settlement of stock awards (in shares)		(19,674)
Ending Balance at Jun. 30, 2018	996,722	$ 1	744,020	252,622	79
Ending Balance (in shares) at Jun. 30, 2018		77,336,610
Issuance of restricted stock units	2,495		2,495
Issuance of restricted stock units (in shares)		61,535
Net income	37,704			37,704
Exercise of stock options	154		154
Exercise of stock options (in shares)		17,000
Shares withheld related to net share settlement of stock awards	(924)		(924)
Shares withheld related to net share settlement of stock awards (in shares)		(23,901)
Ending Balance at Sep. 30, 2018	1,036,151	$ 1	745,745	290,326	79
Ending Balance (in shares) at Sep. 30, 2018		77,391,244
Beginning Balance at Dec. 31, 2018	1,029,153	$ 1	748,076	290,206	1	$ (9,131)
Beginning Balance (in shares) at Dec. 31, 2018		77,438,889				223,823
Cumulative change in accounting principle, net of tax	(4,744)			(4,744)
Issuance of restricted stock units	4,948		4,948
Issuance of restricted stock units (in shares)		330,641
Net income	38,229			38,229
Shares withheld related to net share settlement of stock awards	(4,322)		(4,322)
Shares withheld related to net share settlement of stock awards (in shares)		(106,542)
Ending Balance at Mar. 31, 2019	1,063,264	$ 1	748,702	323,691	1	$ (9,131)
Ending Balance (in shares) at Mar. 31, 2019		77,662,988				223,823
Beginning Balance at Dec. 31, 2018	1,029,153	$ 1	748,076	290,206	1	$ (9,131)
Beginning Balance (in shares) at Dec. 31, 2018		77,438,889				223,823
Net income	94,220
Ending Balance at Sep. 30, 2019	1,126,778	$ 1	756,225	379,682	1	$ (9,131)
Ending Balance (in shares) at Sep. 30, 2019		77,769,501				223,823
Beginning Balance at Mar. 31, 2019	1,063,264	$ 1	748,702	323,691	1	$ (9,131)
Beginning Balance (in shares) at Mar. 31, 2019		77,662,988				223,823
Issuance of restricted stock units	6,509		6,509
Issuance of restricted stock units (in shares)		169,248
Net income	18,936			18,936
Shares withheld related to net share settlement of stock awards	(3,190)		(3,190)
Shares withheld related to net share settlement of stock awards (in shares)		(65,312)
Ending Balance at Jun. 30, 2019	1,085,519	$ 1	752,021	342,627	1	$ (9,131)
Ending Balance (in shares) at Jun. 30, 2019		77,766,924				223,823
Issuance of restricted stock units	4,266		4,266
Issuance of restricted stock units (in shares)		3,377
Net income	37,055			37,055
Shares withheld related to net share settlement of stock awards	(62)		(62)
Shares withheld related to net share settlement of stock awards (in shares)		(800)
Ending Balance at Sep. 30, 2019	$ 1,126,778	$ 1	$ 756,225	$ 379,682	$ 1	$ (9,131)
Ending Balance (in shares) at Sep. 30, 2019		77,769,501				223,823

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 37,055	$ 37,704	$ 94,220	$ 95,355
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,592	35,760	166,882	99,204
Amortization of deferred financing costs, discount and debt premium			13,861	3,753
Deferred revenue			(4,966)
Unrealized gain on restricted investment	(3,318)		(460)
Loss on early retirement of debt	1,204		1,204	162
Lease amortization			2,367	1,285
Stock compensation expense	4,300	2,500	15,723	9,645
(Gain) loss on sale or disposal of property and equipment	284	110	(21,668)	393
Impairment charges		3,787	958	13,602
Provision for deferred income taxes			26,080	28,345
Loss from unconsolidated affiliates	1,515	63	2,132	116
Other			1,204	1,119
Change in operating assets and liabilities:
Accounts receivable			10,147	(441)
Prepaid expenses and other assets			5,489	1,602
Income taxes payable			(30,318)	4,398
Accounts payable and accrued other liabilities			(22,772)	4,910
Net cash provided by operating activities			260,083	263,448
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net			(135,016)	(89,082)
Sale of restricted investments			4,962
Proceeds from sale of businesses, property and equipment, net of cash sold			169,361	920
Net cash used in business combinations				(306,274)
Investment in and loans to unconsolidated affiliates			(815)	(698)
Net cash provided by (used in) investing activities			38,492	(395,134)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Term Loan			(70,000)
Net (payments) borrowings under Revolving Credit Facility			(245,000)	180,000
Debt issuance costs			(458)	(5,401)
Taxes paid related to net share settlement of equity awards			(7,574)	(10,601)
Proceeds from exercise of stock options				154
Payments on other long-term payables			(372)	(501)
Net cash (used in) provided by financing activities			(323,404)	763,651
(Decrease) Increase in cash, cash equivalents and restricted cash			(24,829)	631,965
Cash, cash equivalents and restricted cash, beginning of period			246,691	147,749
Cash, cash equivalents and restricted cash, end of period	221,862	779,714	221,862	779,714
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	208,831	164,086	208,831	164,086
Restricted cash	6,437	1,622	6,437	1,622
Restricted and escrow cash included in other noncurrent assets	6,594	614,006	6,594	614,006
Cash, cash equivalents and restricted cash, end of period	$ 221,862	$ 779,714	221,862	779,714
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid			213,719	86,964
Income taxes paid, net			43,053	3,953
NON-CASH FINANCING ACTIVITIES:
Payables for capital expenditures			$ 11,292	11,190
6% Senior Notes due 2026
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of 6% Senior Notes due 2026				$ 600,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018	Sep. 20, 2018
6% Senior Notes due 2026
Interest rate on senior notes	6.00%	6.00%	6.00%	6.00%

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2019

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. The Company acquired Mountaineer, Presque Isle Downs and Scioto Downs in September 2014 pursuant to a 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.

On May 1, 2017, the Company completed its acquisition of Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”) pursuant to the Agreement and Plan of Merger dated as of September 19, 2016 (“Isle Merger”) with Isle. As a result of the Isle Merger, Isle became a wholly-owned subsidiary of ERI.

On August 7, 2018, the Company completed its acquisition of the outstanding partnership interests of Elgin Riverboat Resort – Riverboat Casino d/b/a Grand Victoria Casino, an Illinois partnership (“Elgin”), the owner of Grand Victoria Casino, located in Elgin, Illinois (the “Elgin Acquisition”). On October 1, 2018, the Company completed its acquisition of Tropicana Entertainment, Inc. (“Tropicana”), and added seven properties to its portfolio (the “Tropicana Acquisition”).

On January 11, 2019 and March 8, 2019, respectively, the Company closed on its sales of Presque Isle Downs & Casino (“Presque Isle Downs”) and Lady Luck Casino Nemacolin (“Nemacolin”), which are both located in Pennsylvania.

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2019:


Segment	Property	Date Acquired	State
West	Eldorado Resort Casino Reno ("Eldorado Reno")	(a)	Nevada
	Silver Legacy Resort Casino ("Silver Legacy")	(a)	Nevada
	Circus Circus Reno ("Circus Reno")	(a)	Nevada
	MontBleu Casino Resort & Spa ("MontBleu")	October 1, 2018	Nevada
	Tropicana Laughlin Hotel & Casino ("Laughlin")	October 1, 2018	Nevada
	Isle Casino Hotel - Blackhawk ("Isle Black Hawk")	May 1, 2017	Colorado
	Lady Luck Casino - Black Hawk ("Lady Luck Black Hawk")	May 1, 2017	Colorado

Midwest	Isle Casino Waterloo ("Waterloo")	May 1, 2017	Iowa
	Isle Casino Bettendorf ("Bettendorf")	May 1, 2017	Iowa
	Isle of Capri Casino Boonville ("Boonville")	May 1, 2017	Missouri
	Isle Casino Cape Girardeau ("Cape Girardeau")	May 1, 2017 (c)	Missouri
	Lady Luck Casino Caruthersville ("Caruthersville")	May 1, 2017 (c)	Missouri
	Isle of Capri Casino Kansas City ("Kansas City")	May 1, 2017 (c)	Missouri

South	Isle Casino Racing Pompano Park ("Pompano")	May 1, 2017	Florida
	Eldorado Resort Casino Shreveport ("Eldorado Shreveport")	(a)	Louisiana
	Isle of Capri Casino Hotel Lake Charles ("Lake Charles")	May 1, 2017	Louisiana
	Belle of Baton Rouge Casino & Hotel ("Baton Rouge")	October 1, 2018	Louisiana
	Isle of Capri Casino Lula ("Lula")	May 1, 2017	Mississippi
	Lady Luck Casino Vicksburg ("Vicksburg")	May 1, 2017 (c)	Mississippi
	Trop Casino Greenville ("Greenville")	October 1, 2018	Mississippi

East (b)	Eldorado Gaming Scioto Downs ("Scioto Downs")	(a)	Ohio
	Mountaineer Casino, Racetrack & Resort ("Mountaineer")	(a) (c)	West Virginia
	Tropicana Casino and Resort, Atlantic City ("Trop AC")	October 1, 2018	New Jersey

Central	Grand Victoria Casino ("Elgin")	August 7, 2018	Illinois
	Lumière Place Casino ("Lumière")	October 1, 2018	Missouri
	Tropicana Evansville ("Evansville")	October 1, 2018	Indiana

(a)	Property was aggregated into segment prior to January 1, 2016.

(b)	Presque Isle Downs was sold on January 11, 2019 and Nemacolin was sold on March 8, 2019. Both properties were previously reported in the East segment.

(c)	Property currently pending sale (see Note 5).

Reclassifications

Certain reclassifications of prior year presentations have been made to conform to the current period 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. 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 maker of our Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of our casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Elgin and Tropicana acquisitions, the Company’s principal operating activities occurred in four geographic regions and reportable segments. Following the Elgin and Tropicana acquisitions, a fifth segment, Central, was added. The reportable segments are based on the similar characteristics of the operating segments within the regions in which they operate: West, Midwest, South, East, and Central. (See the table above for a listing of properties included in each segment).

The presentation of information herein for periods prior to our acquisitions of Elgin and Tropicana and after our dispositions of Presque Isle Downs and Nemacolin are not fully comparable because the results of operations for Elgin and Tropicana are not included for periods prior to August 7, 2018 and October 1, 2018, respectively. Additionally, the results of operations for Presque Isle Downs and Nemacolin are not included for periods after the sales date. The Company closed on its sales of Presque Isle Downs and Nemacolin in January 2019 and March 2019, respectively. (See Note 5).

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, 2018.

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2019

In February 2016 (as amended through December 2018), the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 codified as Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) which addresses the recognition and measurement of leases. Under the new guidance, for all leases, at the commencement date, lessees were required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease. The liability is measured on a discounted basis. Lessees also recognized a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to control the use of a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The effective date was for annual and interim periods beginning after December 15, 2018. ASC 842 required a transition adoption election using either 1) a modified retrospective approach with periods prior to the adoption date being recast or 2) a prospective approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods continuing to be reported under prior lease accounting guidance.

The Company adopted ASC 842 on January 1, 2019 using the prospective approach, and therefore, comparative periods will continue to be reported under prior lease accounting guidance consistent with previously issued financial statements. The Company elected the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allowed us to carry forward the historical lease identification, lease classification and treatment of initial direct costs for leases entered into prior to January 1, 2019. The Company also made an accounting policy election to not record short-term leases with an initial term of 12 months or less on the balance sheet for all classes of underlying assets. The Company has also elected to not adopt the hindsight practical expedient for determining lease terms.

The Company’s operating leases, in which the Company is the lessee, are recorded on the balance sheet as a ROU asset with a corresponding lease liability. The lease liability will be remeasured each reporting period with a corresponding change to the ROU asset. The adoption of this guidance did not have an impact on net income; however, upon adoption the Company recorded a cumulative adjustment to our retained earnings of $4.7 million, net of tax, primarily related to the Company’s lease and management agreements at its Bettendorf location. (See Note 2). Adoption of this guidance did not have a material impact on the Company’s other financing leases.

Pronouncements to Be Implemented in Future Periods

In June 2016 (modified in November 2018), the FASB issued ASU No 2016-13, Financial Instruments – Credit Losses related to timing of recognizing impairment losses on financial assets. The new guidance lowers the threshold on when losses are incurred, from a determination that a loss is probable to a determination that a loss is expected. The change in guidance will be applicable to our evaluation of the CRDA investments (see Note 8). The guidance is effective for interim and annual periods beginning after December 15, 2019. Adoption of the guidance requires a modified-retrospective approach and a cumulative adjustment to retained earnings to the first reporting period that the update is effective. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effects of the new guidance and currently does not expect a cumulative effect on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This generally means that an intangible asset is recognized for the software license and, to the extent that the payments attributable to the software license are made over time, a liability also is recognized. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. This generally means that the fees associated with the hosting element (service) of the arrangement are expensed as incurred. The amendment is effective for annual and interim periods beginning after December 15, 2019, with early adoption allowed. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effects of the new guidance and currently does not believe it will have a significant impact on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU No 2018-14, Compensation –Retirement Benefits – Defined Benefit Plans – General. This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020 with early adoption allowed. The Company anticipates adopting this amendment during the first quarter of 2021, and currently does not expect it to have a significant impact on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This amendment modifies the disclosure requirements for fair value measurements and is effective for annual and interim periods beginning after December 15, 2019 with early adoption allowed. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Financial Statements.

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Note 2. Leases

The Company’s management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.

Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expense for operating leases with minimum lease payments is recognized on a straight-line basis over the expected lease term.

The Company’s lease arrangements have lease and non-lease components. For leases in which the Company is the lessee, the Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets. Leases, in which the Company is the lessor, are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately, which is consistent with the Company’s historical accounting. Leases with an expected or initial term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.

The Company has operating and finance leases for various real estate and equipment. Certain of the Company’s lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation and rental payments based on usage. The Company’s leases include options to extend the lease term one month to 60 years. Except for the GLPI Master Lease (see Note 10), the Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Leases recorded on the balance sheet consist of the following (in thousands):

Leases	Classification on the Balance Sheet	September 30, 2019
ASSETS
Operating lease ROU assets		$	245,344
Finance lease ROU assets	Property and equipment, net(1)	$	646,353
LIABILITIES
Current:
Operating		$	21,963
Finance	Current portion of long-term debt	$	133
Noncurrent:
Operating		$	229,297
Finance	Long-term financing obligation and debt	$	968,138

(1)

Finance lease ROU assets are recorded net of accumulated depreciation of $12.4 million as of September 30, 2019.

Other information related to lease terms and discount rates are as follows:

	September 30, 2019
Weighted Average Remaining Lease Term
Operating leases		34.1 years
Finance leases		34.0 years
Weighted Average Discount Rate
Operating leases(1)		7.2%
Finance leases		10.2%

(1)

Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.

The components of lease expense are as follows (in thousands):

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Operating lease cost:
Operating lease cost	$	7,674	$	22,729
Short-term and variable lease cost		1,573		5,211
Finance lease cost:
Interest expense on lease liabilities		24,696		73,931
Amortization of ROU assets		2,628		7,766
Total lease cost	$	36,571	$	109,637

Supplemental cash flow information related to leases is as follows (in thousands):

	Nine Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	19,382
Operating cash flows for finance leases	$	65,785

Maturities of lease liabilities are summarized as follows (in thousands):

	Operating Leases			Finance Leases
Year ending December 31,
2019 (excluding the nine months ended September 30, 2019)	$	8,462		$	22,314
2020		19,666			89,246
2021		20,786			90,463
2022		19,784			91,756
2023		19,823			92,990
Thereafter		821,046			3,506,672
Total future minimum lease payments		909,567			3,893,441
Less: amount representing interest		(658,307	)		(3,345,270	)
Present value of future minimum lease payments		251,260			548,171
Less: current lease obligations		(21,963	)		(133	)
Plus: residual values - GLPI		—			420,100
Long-term lease obligations	$	229,297		$	968,138

Revenue Recognition

9 Months Ended

Sep. 30, 2019

Revenue From Contract With Customer [Abstract]

Revenue Recognition

Note 3. Revenue Recognition

The Company recognizes as casino revenue the net win from gaming activities, which is the difference between gaming wins and losses, not the total amount wagered. Progressive jackpots are accrued and charged to revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of certain cash and free play incentives. Pari-mutuel commissions consist of commissions earned from thoroughbred and harness racing and importing of simulcast signals from other race tracks and are recognized at the time wagers are made. Such commissions are a designated portion of the wagering handle as determined by state racing commissions and are shown net of the taxes assessed by state and local agencies, as well as purses and other contractual amounts paid to horsemen associations. The Company recognizes revenues from fees earned through the exporting of simulcast signals to other race tracks at the time wagers are made and recorded on a gross basis. Such fees are based upon a predetermined percentage of handle as contracted with the other race tracks.

Hotel, food and beverage services have been determined to be separate, stand-alone performance obligations and are recorded as revenue as the good or service is transferred to the customer over the customer’s stay at the hotel or when the delivery is made for the food and beverage. Advance deposits for future hotel occupancy, convention space or food and beverage services contracts are recorded as deferred income until the revenue recognition criteria has been met. The Company also provides goods and services that may include multiple performance obligations, such as for packages, for which revenues are allocated on a pro rata basis based on each service's stand-alone selling price.

The Company offers programs at its properties whereby participating customers can accumulate points for wagering that can be redeemed for credits for free play on slot machines, lodging, food and beverage, merchandise and, in limited situations, cash. The incentives earned by customers under these programs are based on previous revenue transactions and represent separate performance obligations. Points earned, less estimated breakage, are recorded as a reduction of casino revenues at the standalone selling price of the points when earned based upon the retail value of the benefits, historical redemption rates and estimated breakage and recognized as departmental revenue based on where such points are redeemed upon fulfillment of the performance obligation. The player loyalty program liability represents a deferral of revenue until redemption occurs, which is typically less than one year.

The Company offers discretionary coupons and other discretionary complimentaries to customers outside of the player loyalty program. The retail value of complimentary food, beverage, hotel rooms and other services provided to customers is recognized as a reduction to the revenues for the department which issued the complimentary and a credit to the revenue for the department redeemed. Complimentaries provided by third parties at the discretion and under the control of the Company is recorded as an expense when incurred.

The Company’s consolidated statement of operations presents net revenue disaggregated by type or nature of the good or service (i.e., casino, pari-mutuel, food and beverage, hotel and other, including revenues associated with the Company’s interests in William Hill and The Stars Group Inc. (“TSG”)). A summary of net revenues disaggregated by type of revenue and reportable segment is presented below (amounts in thousands). Refer to Notes 1 and 16 for additional information on the Company’s reportable segments.

	Three Months Ended September 30, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	62,081	$	84,249	$	87,331	$	129,244	$	95,095	$	—	$	458,000
Food and beverage		32,897		5,570		12,049		16,280		11,639		—		78,435
Hotel		41,352		4,240		6,647		33,039		9,040		—		94,318
Other		15,088		1,807		1,990		7,999		3,636		1,908		32,428
Net revenues	$	151,418	$	95,866	$	108,017	$	186,562	$	119,410	$	1,908	$	663,181

	Three Months Ended September 30, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	60,912	$	86,331	$	86,153	$	113,075	$	21,698	$	—	$	368,169
Food and beverage		27,502		6,867		12,492		9,359		1,933		—		58,153
Hotel		31,583		4,720		6,169		2,308		—		—		44,780
Other		9,095		1,916		1,755		2,980		266		139		16,151
Net revenues	$	129,092	$	99,834	$	106,569	$	127,722	$	23,897	$	139	$	487,253

	Nine Months Ended September 30, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	170,980	$	254,641	$	291,552	$	378,246	$	290,429	$	—	$	1,385,848
Food and beverage		90,084		17,553		39,815		45,960		35,660		—		229,072
Hotel		102,804		11,962		19,822		77,372		25,533		—		237,493
Other		33,373		5,734		6,480		21,671		11,053		5,401		83,712
Net revenues	$	397,241	$	289,890	$	357,669	$	523,249	$	362,675	$	5,401	$	1,936,125

	Nine Months Ended September 30, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	168,342	$	262,138	$	278,655	$	329,584	$	21,698	$	—	$	1,060,417
Food and beverage		76,524		20,527		38,936		26,724		1,933		—		164,644
Hotel		77,234		12,775		18,462		5,976		—		—		114,447
Other		24,450		5,795		5,559		8,292		266		377		44,739
Net revenues	$	346,550	$	301,235	$	341,612	$	370,576	$	23,897	$	377	$	1,384,247

Contract and Contract Related Liabilities

The Company records contract or contract-related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) player loyalty program obligations, which represents the deferred allocation of revenue relating to player loyalty program incentives earned, as discussed above, and (3) customer deposits and other deferred revenue, which is primarily funds deposited by customers related to gaming play, advance payments on goods and services yet to be provided (such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers), and deferred revenues associated with the Company’s interests in William Hill and TSG (see Note 7 and Note 8). Except for deferred revenues related to William Hill and TSG, these liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Accrued other liabilities” on the Company’s Consolidated Balance Sheets.

The following table summarizes the activity related to contract and contract-related liabilities (in thousands):

	Outstanding Chip Liability					Player Loyalty Liability						Customer Deposits and Other Deferred Revenue
	2019			2018		2019			2018			2019		2018
Balance at January 1	$	8,930		$	4,743	$	17,639		$	11,752		$	27,588	$	5,487
Balance at September 30		8,494			5,481		14,122			11,189			172,631		4,764
Increase / (decrease)	$	(436	)	$	738	$	(3,517	)	$	(563	)	$	145,043	$	(723	)

The September 30, 2019 balances exclude liabilities related to assets held for sale recorded in 2019 (see Note 5). The change in customer deposits and other deferred revenue during the nine months ended September 30, 2019 is primarily attributed to the Company’s interests in William Hill, which is recorded in other long-term liabilities on the Consolidated Balance Sheets (see Note 7).

Purchase Price Accounting and Pro Forma Information

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Purchase Price Accounting and Pro Forma Information

Note 4. Purchase Price Accounting and Pro Forma Information

Tropicana

Acquisition Summary

On April 15, 2018, the Company announced that it had entered into a definitive agreement to acquire Tropicana in a cash transaction valued at $1.9 billion. At the closing of the transaction on October 1, 2018, a subsidiary of the Company merged into Tropicana and Tropicana became a wholly-owned subsidiary of the Company. Immediately prior to the merger, Tropicana sold Tropicana Aruba Resort and Casino and Gaming and Leisure Properties, Inc. (“GLPI”) acquired substantially all of Tropicana’s real estate, other than the real estate underlying MontBleu and Lumière, for approximately $964 million. The Company acquired Tropicana’s operations and certain real estate for $927.3 million. Substantially concurrently with the acquisition of the real estate portfolio by GLPI, the Company also entered into a triple net master lease with GLPI (the “Master Lease”) (see Note 10). The Company funded the purchase of the real estate underlying Lumière with the proceeds of a $246 million loan (see Note 11) and funded the remaining consideration payable with cash on hand at the Company and Tropicana, borrowings under the Company’s revolving credit facility and proceeds from the Company’s offering of $600 million in aggregate principal amount of 6% senior notes due 2026.

Transaction expenses related to the Tropicana Acquisition totaled $0.8 million and $2.0 million for the three months ended September 30, 2019 and 2018, respectively, and $3.3 million and $5.5 million for the nine months ended September 30, 2019 and 2018, respectively.

Final Purchase Price Accounting - Tropicana

The total purchase consideration for the Tropicana Acquisition was $927.3 million. The purchase consideration in the acquisition was determined with reference to its acquisition date fair value.

Purchase consideration calculation (dollars in thousands)
Cash consideration paid	$	640,000
Lumière Loan		246,000
Cash paid to retire Tropicana's long-term debt		35,000
ERI portion of taxes due		6,333
Purchase consideration	$	927,333

The fair values are based on management’s analysis including work performed by third party valuation specialists. The following table summarizes the final allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Tropicana, with the excess recorded as goodwill as of September 30, 2019 (dollars in thousands):

Current and other assets	$	178,581
Property and equipment		436,416
Property subject to the financing obligation		957,300
Goodwill		211,232
Intangible assets (i)		247,976
Other noncurrent assets		54,570
Total assets		2,086,075
Current liabilities		(174,847	)
Financing obligation to GLPI		(957,300	)
Noncurrent liabilities		(26,595	)
Total liabilities		(1,158,742	)
Net assets acquired	$	927,333

(i)

Intangible assets consist of gaming licenses valued at $124.9 million, trade names valued at $67.1 million and player loyalty programs valued at $55.9 million.

During the three months ended September 30, 2019, the Company finalized its valuation procedures and adjusted the Tropicana preliminary purchase price accounting, as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018, to their final values. The net impact of these changes was a $9.3 million decrease to goodwill. Changes included a $16.3 million increase to other noncurrent assets primarily related to certain long-term receivables offset by $7.0 million of other immaterial changes to liabilities.

Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Tropicana Acquisition make use of Level 3 inputs including discounted cash flows.

Trade receivables and payables, inventories and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the estimated fair value of those items at the Tropicana Acquisition date.

The fair value of land (excluding the real property acquired by GLPI) was determined using the market approach, which arrives at an indication of value by comparing the site being valued to sites that have been recently acquired in arm’s-length transactions. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. Building and site improvements were valued under the cost approach using a direct cost model built on estimates of replacement cost. Personal property assets with an active and identifiable secondary market such as riverboats, gaming equipment, computer equipment and vehicles were valued using the market approach. Other personal property assets such as furniture, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based on replacement or reproduction costs of the asset. The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence. The income approach incorporates all tangible and intangible property and served as a ceiling for the fair values of the acquired assets of the ongoing business enterprise, while still taking into account the premise of highest and best use. In the instance where the business enterprise value developed via the income approach was exceeded by the initial fair values of the underlying assets, an adjustment to reflect economic obsolescence was made to the tangible assets on a pro rata basis to reflect the contributory value of each individual asset to the enterprise as a whole.

The real estate assets that were sold to GLPI and leased back by the Company were adjusted to fair value concurrently with the acquisition of Tropicana. The fair value of the properties was determined utilizing the direct capitalization method of the income approach. In allocating the fair value to the underlying acquired assets, a fair value for the buildings and improvements was determined using the above mentioned cost approach method. To determine the underlying land value, the extraction method was applied wherein the fair value of the building and improvements was deducted from the fair value of the property as derived from the direct capitalization approach to determine the fair value of the land. The fair value of GLPI’s real estate assets was determined to be $957.3 million.

The fair value of the gaming licenses was determined using the multi period excess earnings or replacement cost methodology, based on whether the license resides in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators. The excess earnings methodology is an income approach methodology that estimates the projected cash flows of the business attributable to the gaming license intangible asset, which is net of charges for the use of other identifiable assets of the business including working capital, fixed assets and other intangible assets. Under the respective state’s gaming legislation, the property specific licenses can only be acquired if a theoretical buyer were to acquire each existing facility. The existing licenses could not be acquired and used for a different facility. The properties’ estimated future cash flows were the primary assumption in the respective valuations. Cash flow estimates included net gaming revenue, gaming operating expenses, general and administrative expenses, and tax expense. The replacement cost methodology is a cost approach methodology based on replacement or reproduction cost of the gaming license as an indicator of fair value.

The Company has assigned an indefinite useful life to the gaming licenses, in accordance with its review of the applicable guidance of ASC 350. The Company considered, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. The Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets. Tropicana had licenses in New Jersey, Missouri, Mississippi, Nevada, Indiana, and Louisiana. The renewal of each state’s gaming license depends on a number of factors, including payment of certain fees and taxes, providing certain information to the state’s gaming regulator, and meeting certain inspection requirements. However, the Company’s historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew each license. No other competitive, contractual, or economic factor limits the useful lives of these assets. Accordingly, the Company has concluded that the useful lives of these licenses are indefinite.

Trade names were valued using the relief from royalty method, which presumes that without ownership of such trademarks, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the Company’s ownership of the brand name. The primary assumptions in the valuation included revenue, pre-tax royalty rate, and tax expense. The Company has assigned an indefinite useful life to the trade names after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. In that analysis, the Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets.

Player loyalty programs were valued using the cost approach and the incremental cash flow method under the income approach. The incremental cash flow method is used to estimate the fair value of an intangible asset based on a residual cash flow notion. This method measures the benefits (e.g., cash flows) derived from ownership of an acquired intangible asset as if it were in place, as compared to the acquirer’s expected cash flows as if the intangible asset were not in place (i.e., with-and-without). The residual or net cash flows of the two models is ascribable to the intangible asset. The Company has estimated a 3-year useful life on the player loyalty programs.

Goodwill is the result of expected synergies from combining operations of the acquired and acquirer. The goodwill acquired is fully amortizable for tax purposes.

For the period from January 1, 2019 through September 30, 2019, Tropicana generated net revenues of $643.8 million and net income of $14.7 million.

Elgin

Acquisition Summary

On August 7, 2018, the Company completed its acquisition of one hundred percent of the partnership interests in Elgin. As a result of the Elgin Acquisition, Elgin became an indirect wholly-owned subsidiary of the Company. The Company purchased Elgin for $327.5 million plus a $1.3 million working capital adjustment. The Elgin Acquisition was financed using cash on hand and borrowings under the Company’s revolving credit facility.

Transaction expenses related to the Elgin Acquisition totaled $0.1 million and $2.1 million for the three months ended September 30, 2019 and 2018, respectively and $0.1 million and $3.4 million for the nine months ended September 30, 2019 and 2018, respectively.

Final Purchase Price Accounting – Elgin

The total purchase consideration for the Elgin Acquisition was $328.8 million. The purchase consideration in the acquisition was determined with reference to its acquisition date fair value.

Purchase consideration calculation (dollars in thousands)
Cash consideration paid	$	327,500
Working capital and other adjustments		1,304
Purchase consideration	$	328,804

The fair values are based on management’s analysis including work performed by third party valuation specialists. No changes were recorded during the nine months ended September 30, 2019. The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Elgin, with the excess recorded as goodwill as of September 30, 2019 (dollars in thousands):

Cash and cash equivalents	$	25,349
Property and equipment		60,792
Goodwill		59,774
Intangible assets (i)		205,296
Other noncurrent assets		915
Total assets		352,126
Current liabilities		(21,572	)
Noncurrent liabilities		(1,750	)
Total liabilities		(23,322	)
Net assets acquired	$	328,804

(i)

Intangible assets consist of gaming license valued at $163.9 million, trade names valued at $12.6 million and player relationships valued at $28.8 million.

Valuation methodologies under both a market and income approach used for the identifiable net assets acquired in the Elgin Acquisition made use of Level 3 inputs including discounted cash flows.

The fair value of land was determined using the market approach, which arrives at an indication of value by comparing the site being valued to sites that have been recently acquired in arm’s-length transactions. The market data is then adjusted for any significant differences, to the extent known, between the identified comparable sites and the site being valued. Building and site improvements were valued under the cost approach using a direct cost model built on estimates of replacement cost. Personal property assets with an active and identifiable secondary market such as riverboats, gaming equipment, computer equipment and vehicles were valued using the market approach. Other personal property assets such as furniture, fixtures, computer software, and restaurant equipment were valued using the cost approach which is based on replacement or reproduction costs of the asset.

The cost approach is an estimation of fair value developed by computing the current cost of replacing a property and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence, and/or economic obsolescence. The income approach incorporates all tangible and intangible property and served as a ceiling for the fair values of the acquired assets of the ongoing business enterprise, while still taking into account the premise of highest and best use.

The Company has assigned an indefinite useful life to the gaming licenses, in accordance with its review of the applicable guidance of ASC 350. The fair value of the gaming license was determined using the multi period excess earnings method. The excess earnings methodology, which is an income approach methodology that allocates the projected cash flows of the business to the gaming license intangible assets less charges for the use of other identifiable assets of Elgin including working capital, fixed assets and other intangible assets. This methodology was considered appropriate as the gaming license is the primary asset of Elgin. The property’s estimated future cash flows were the primary assumption in the respective valuations. Cash flow estimates included net gaming revenue, gaming operating expenses, general and administrative expenses, and tax expense. The renewal of the gaming license depends on a number of factors, including payment of certain fees and taxes, providing certain information to the state’s gaming regulator, and meeting certain inspection requirements. However, the Company’s historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew the license. No other competitive, contractual, or economic factor limits the useful lives of this asset. Accordingly, the Company has concluded that the useful life of this license is indefinite.

The player loyalty program was valued using the cost approach and the incremental cash flow method under the income approach. The incremental cash flow method is used to estimate the fair value of an intangible asset based on a residual cash flow notion. This method measures the benefits (e.g., cash flows) derived from ownership of an acquired intangible asset as if it were in place, as compared to the acquirer’s expected cash flows as if the intangible asset were not in place (i.e., with-and-without). The residual or net cash flows of the two models is ascribable to the intangible asset. The Company has estimated a 4-year useful life on the player loyalty programs.

The trade name was valued using the relief‑from‑royalty method. The primary assumptions in the valuation included revenue, pre-tax royalty rate, and tax expense. The Company has assigned the trade name an indefinite useful life after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. In that analysis, the Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets.

Goodwill is the result of expected synergies from combining operations of the acquired and acquirer. The goodwill acquired is fully amortizable for tax purposes.

For the period from January 1, 2019 through September 30, 2019, Elgin generated net revenues of $115.7 million and net income of $17.4 million.

Unaudited Pro Forma Information

Tropicana

The following unaudited pro forma information presents the results of operations of the Company for the nine months ended September 30, 2018, as if only the Tropicana Acquisition had occurred on January 1, 2017 (in thousands).

	Nine Months Ended
	September 30, 2018
Net operating revenues	$	2,063,604
Net income		78,730

These pro forma results do not necessarily represent the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017, nor are they indicative of the results of operations for future periods. The pro forma amounts include the historical operating results of the Company and Tropicana prior to the Tropicana Acquisition with adjustments directly attributable to the Tropicana Acquisition.

Elgin

The following unaudited pro forma information presents the results of operations of the Company for the nine months ended September 30, 2018, as if only the Elgin Acquisition had occurred on January 1, 2017 (in thousands).

	Nine Months Ended
	September 30, 2018
Net operating revenues	$	1,481,188
Net income		108,461

These pro forma results do not necessarily represent the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017, nor are they indicative of the results of operations for future periods. The pro forma amounts include the historical operating results of the Company and Elgin prior to the Elgin Acquisition with adjustments directly attributable to the Elgin Acquisition.

Assets Held for Sale

9 Months Ended

Sep. 30, 2019

Discontinued Operations And Disposal Groups [Abstract]

Assets Held for Sale

Note 5. Assets Held for Sale

Twin River Worldwide Holdings, Inc.

On July 10, 2019, the Company entered into a definitive agreement to sell the equity interests of Rainbow Casino Vicksburg Partnership, L.P. and IOC-Kansas City, L.L.C., the entities that hold Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City, to Twin River Worldwide Holdings, Inc. for approximately $230 million, subject to a working capital adjustment.

Century Casinos, Inc.

On June 17, 2019, the Company entered into definitive agreements to sell the real property relating to Mountaineer, Cape Girardeau, and Caruthersville to VICI Properties, Inc. (“VICI”) for approximately $278 million and, immediately following the consummation of the sale such real property, sell all of the outstanding equity interests of Mountaineer Park, Inc., IOC-Caruthersville, LLC and IOC-Cape Girardeau, LLC to Century Casinos, Inc. for approximately $107 million, subject to a customary working capital adjustment.

The sales of Mountaineer, Cape Girardeau, Caruthersville, Kansas City and Vicksburg met the requirements for presentation as assets held for sale under generally accepted accounting principles as of September 30, 2019. However, they did not meet the requirements for presentation as discontinued operations and are included in income from continuing operations.

The divestitures are subject to receipt of required regulatory approvals and other customary closing conditions. The divestitures are expected to close in early 2020 subject to satisfaction of closing conditions.

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2019 (in thousands):

	September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg		Total
Assets:
Accounts receivable, net	$	3,122	$	327	$	159	$	240	$	72	$	3,920
Due from affiliates		106		—		—		—		—		106
Inventories		1,058		716		233		46		131		2,184
Right-of-use assets		341		148		7		41,389		—		41,885
Prepaid expenses and other		14,583		294		148		273		4,210		19,508
Property and equipment, net		66,284		77,007		15,323		38,724		31,287		228,625
Goodwill		3,854		18,790		18,276		39,623		8,806		89,349
Other intangibles, net		44,400		27,788		55,145		90,329		2,708		220,370
Assets held for sale	$	133,748	$	125,070	$	89,291	$	210,624	$	47,214	$	605,947

Liabilities:
Accounts payable	$	409	$	495	$	252	$	206	$	169	$	1,531
Accrued payroll and related		1,131		531		250		435		234		2,581
Accrued property and other taxes		1,137		952		299		484		753		3,625
Short-term lease obligation		171		54		6		3,057		—		3,288
Long-term lease obligation		170		94		1		38,332		—		38,597
Accrued other liabilities		2,917		1,269		567		1,392		291		6,436
Liabilities related to assets held for sale	$	5,935	$	3,395	$	1,375	$	43,906	$	1,447	$	56,058

The following information presents the net operating revenues and net income for the Company’s properties that are held for sale (in thousands):

	Three Months ended September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg
Net operating revenues	$	32,658	$	14,097	$	8,821	$	15,278	$	5,006
Net income (loss)		3,205		2,165		1,317		2,672		(401	)

	Nine Months ended September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg
Net operating revenues	$	95,530	$	43,839	$	26,399	$	47,677	$	15,573
Net income (loss)		7,242		5,857		5,004		7,701		(1,195	)

Churchill Downs Incorporated

On February 28, 2018, the Company entered into definitive agreements to sell substantially all of the assets and liabilities of Presque Isle Downs and Vicksburg to Churchill Downs Incorporated (“CDI”). Under the terms of the agreements, CDI agreed to purchase Presque Isle Downs for approximately $178.9 million and Vicksburg for approximately $50.6 million, in each case subject to a customary working capital adjustment. In conjunction with the classification of Vicksburg’s operations as assets held for sale at June 30, 2018 as a result of the announced sale to CDI, an impairment charge totaling $9.8 million was recorded due to the carrying value exceeding the estimated net sales proceeds.

The definitive agreements provided that the divestitures were subject to receipt of required regulatory approvals, termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and other customary closing conditions, including, in the case of Presque Isle Downs, the prior closing of the sale of Vicksburg or the entry into an agreement to acquire another asset of the Company. On May 7, 2018, the Company and CDI each received a Request for Additional Information and Documentary Materials, often referred to as a “Second Request,” from the Federal Trade Commission in connection with its review of the Vicksburg acquisition.

On July 6, 2018, in consideration of the time and expense needed to reply to the Second Request, the Company and CDI entered into a termination agreement and release pursuant to which the parties agreed to terminate the asset purchase agreement with respect to Vicksburg and to enter into an asset purchase agreement pursuant to which CDI would acquire and assume the rights and obligations to operate Nemacolin (the “Vicksburg Termination Agreement”). The Vicksburg Termination Agreement also provided that CDI would pay the Company a $5.0 million termination fee upon execution of a definitive agreement with respect to the Nemacolin transaction, which was recorded as proceeds from terminated sale on the Consolidated Statements of Income. On August 10, 2018, the Company entered into a definitive agreement to sell substantially all of the assets and liabilities of Nemacolin to CDI. Under the terms of the agreement, CDI agreed to purchase Nemacolin for cash consideration of approximately $0.1 million, subject to a customary working capital adjustment. As a result of the agreement to sell Nemacolin, an impairment charge of $3.8 million was recorded in the third quarter of 2018 due to the carrying value of the net property and equipment being sold exceeding the estimated net sales proceeds.

The sale of Presque Isle Downs closed on January 11, 2019 resulting in a gain on sale of $22.1 million, net of final working capital adjustments, for the nine months ended September 30, 2019. The sale of Nemacolin closed on March 8, 2019 resulting in a gain on sale of $0.1 million, net of final working capital adjustments, for the nine months ended September 30, 2019.

Prior to the respective closing dates, the divestitures of Nemacolin and Presque Isle Downs, both of which were reported in the East segment, met the requirements for presentation as assets held for sale under generally accepted accounting principles. However, they did not meet the requirements for presentation as discontinued operations. Due to the termination of the Vicksburg sale, Vicksburg was no longer presented as an asset held for sale as of December 31, 2018.

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of December 31, 2018 (in thousands):

	December 31, 2018
	Nemacolin		Presque Isle Downs		Total
Assets:
Accounts receivable, net	$	272	$	2,208	$	2,480
Inventories		79		1,607		1,686
Prepaid expenses and other		370		773		1,143
Property and equipment, net		1,784		70,134		71,918
Goodwill		—		3,122		3,122
Other intangibles, net		—		75,422		75,422
Assets held for sale	$	2,505	$	153,266	$	155,771

Liabilities:
Accounts payable	$	147	$	683	$	830
Accrued payroll and related		838		596		1,434
Accrued property and other taxes		552		71		623
Accrued other liabilities		1,628		3,659		5,287
Other long-term liabilities		105		—		105
Long-term obligation		2,412		—		2,412
Liabilities related to assets held for sale	$	5,682	$	5,009	$	10,691

The following information presents the net operating revenues and net income (loss) of Presque Isle Downs and Nemacolin prior to the respective divestitures (in thousands):

	Three Months ended September 30, 2018							Nine Months ended September 30, 2018
	Presque Isle Downs			Nemacolin			Presque Isle Downs			Nemacolin
Net operating revenues	$	37,685		$	8,866		$		107,738	$	25,799
Net income (loss)		5,713			(2,745	)			11,909		(3,213	)

	Nine Months ended September 30, 2019
	Presque Isle Downs			Nemacolin
Net operating revenues	$	3,235		$	4,836
Net loss		(42	)		(754	)

These amounts include historical operating results, adjusted to eliminate the internal allocation of interest expense that was not be assumed by the buyer.

Stock-Based Compensation and Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Share Based Compensation [Abstract]

Stock-Based Compensation and Stockholders' Equity

Note 6. Stock-Based Compensation and Stockholders’ Equity

Share Repurchase Program

In November 2018, the Company’s Board of Directors authorized a $150 million common stock repurchase program (the “Share Repurchase Program”) pursuant to which the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the Share Repurchase Program.

The Company acquired 223,823 shares of common stock at an aggregate value of $9.1 million and an average of $40.80 per share during the year ended December 31, 2018. No shares were repurchased during the nine months ended September 30, 2019.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Total stock-based compensation expense in the accompanying Consolidated Statements of Income totaled $4.3 million and $2.5 million during the three months ended September 30, 2019 and 2018, respectively, and $15.7 million and $9.6 million during the nine months ended September 30, 2019 and 2018, respectively. These amounts are included in corporate expenses and, in the case of certain property positions, general and administrative expenses in the Company’s Consolidated Statements of Income. We recognized an increase in income tax expense of $21 thousand for the three months ended September 30, 2019, related to stock-based compensation. We recognized a reduction in income tax expense of $0.4 million for the three months ended September 30, 2018, for excess tax benefits related to stock-based compensation. We recognized a reduction in income tax expense of $1.3 million and $4.9 million during the nine months ended September 30, 2019 and 2018, respectively, for excess tax benefits related to stock-based compensation.

A summary of the restricted stock unit (RSU) activity for the nine months ended September 30, 2019 is presented in the following table:

	Restricted Stock Units
	Units				Weighted- Average Grant Date Fair Value
					(in millions)
Unvested outstanding as of December 31, 2018		1,283,372		$		23.93
Granted (1)		457,941				45.23
Vested		(520,183	)			18.69
Forfeited		(19,453	)			23.79
Unvested outstanding as of September 30, 2019		1,201,677		$		34.26

(1)

Included are 30,135 RSUs granted to non-employee members of the Board of Directors during the nine months ended September 30, 2019.

As of September 30, 2019 and 2018, the Company had $22.6 million and $11.8 million, respectively, of unrecognized compensation expense. The RSUs are expected to be recognized over a weighted-average period of 1.48 years and 1.15 years, respectively.

There was no ERI stock option activity for the nine months ended September 30, 2019. Outstanding options as of September 30, 2019 totaled 135,956, of which 125,331 options were exercisable.

Investments in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Note 7. Investments in and Advances to Unconsolidated Affiliates

Pompano Joint Venture

In April 2018, the Company entered into a joint venture with Cordish Companies (“Cordish”) to master plan and develop a mixed-use entertainment and hospitality destination expected to be located on unused land adjacent to the casino and racetrack at the Company’s Pompano property. As the managing member, Cordish will operate the business and manage the development, construction, financing, marketing, leasing, maintenance and day-to-day operation of the various phases of the project. Additionally, Cordish will be responsible for the development of the master plan for the project with the Company’s input and will submit it for the Company’s review and approval. The Company and Cordish have made cash contributions of $500,000 each and could be required to make additional contributions to a maximum of $2.0 million ($1.0 million per member) at the request of the managing member. The Company has agreed to contribute approximately 130 to 200 acres of land to the joint venture for the project. While the Company holds a 50% variable interest in the joint venture, it is not the primary beneficiary; as such the investment in the joint venture is accounted for using the equity method. The Company participates evenly with Cordish in the profits and losses of the joint venture, which is included in income (loss) from unconsolidated affiliates on the Consolidated Statements of Income. At September 30, 2019 and December 31, 2018, the Company’s investment in the joint venture including contributions and capitalized professional costs totaled $1.1 million and $0.6 million, respectively, recorded in investment in and advances to unconsolidated affiliates on the Consolidated Balance Sheets.

William Hill

In September 2018, the Company entered into a 25-year agreement, which became effective January 29, 2019, with William Hill PLC and William Hill US, its U.S. subsidiary (together, “William Hill”) pursuant to which the Company (i) granted to William Hill the right to conduct betting activities in retail channels and under the Company’s first skin and third skin for online channels with respect to the Company’s current and future properties located in the United States and the territories and possessions of the United States, including Puerto Rico and the U.S. Virgin Islands and (ii) agreed that William Hill will have the right to conduct real money online gaming activities utilizing the Company’s second skin available with respect to properties in such territories. Pursuant to the terms of the agreement, in January 2019 the Company received a 20% ownership interest in William Hill US as well as 13.4 million ordinary shares of William Hill PLC, which carry certain time restrictions on when they can be sold. Additionally, the Company receives a profit share from the operations of betting and other gaming activities associated with the Company’s properties. “Skin” in the context of this agreement refers to Eldorado’s ability to grant to William Hill an online channel that allows William Hill to operate online casino and sports gaming activities in reliance on, and utilizing the benefit of, any licenses granted to Eldorado or its subsidiaries. As of September 30, 2019, based on the Company’s existing sportsbook operations with William Hill, the Company’s receivable from William Hill totaled $2.7 million including $0.1 million in assets held for sale, the remaining balance is reflected in due from affiliates on the Consolidated Balance Sheets.

The Company is accounting for its investment in William Hill US under the equity method. The fair value of the Company’s initial investment in William Hill US of $128.9 million at January 29, 2019 was determined using Level 3 inputs. As of September 30, 2019, the carrying value of the Company’s interest in William Hill US was $127.5 million recorded in investment in and advances to unconsolidated affiliates on the Consolidated Balance Sheets.

As of September 30, 2019, the fair value of the William Hill PLC shares totaled $27.1 million, net of an unrealized loss of $0.2 million, and included in other assets, net on the Consolidated Balance Sheets. The Company also recorded deferred revenue associated with the William Hill US and William Hill PLC shares and is recognizing revenue on a straight-line basis over the 25-year agreement term. The Company recognized revenue of $1.5 million and $3.9 million during the three and nine months ended September 30, 2019, respectively. As of September 30, 2019, the balance of the William Hill deferred revenue totaled $143.6 million and is recorded in other long-term liabilities on the Consolidated Balance Sheets.

Intangible Assets, Net and Other Long Term Assets

9 Months Ended

Sep. 30, 2019

Other And Intangible Assets Net Disclosure [Abstract]

Intangible Assets, Net and Other Long Term Assets

Note 8. Intangible Assets, net and Other Long-Term Assets

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

	September 30,			December 31,
	2019			2018			Useful Life
Goodwill	$	909,717		$	1,008,316		Indefinite

Gaming licenses	$	893,271		$	1,090,682		Indefinite
Trade names		165,479			187,929		Indefinite
Player loyalty programs		97,035			105,005		3 - 4 years
Subtotal		1,155,785			1,383,616
Accumulated amortization player loyalty programs		(36,930	)		(21,610	)
Total gaming licenses and other intangible assets, net	$	1,118,855		$	1,362,006

Gaming licenses represent intangible assets 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. These gaming license rights are not subject to amortization as the Company has determined that they have indefinite useful lives.

Amortization expense with respect to player loyalty programs for the three months ended September 30, 2019 and 2018 totaled $7.6 million and $2.4 million, respectively, and $22.8 million and $5.1 million for the nine months ended September 30, 2019 and 2018, respectively, which is included in depreciation and amortization in the Consolidated Statements of Income. Such amortization expense is expected to be $7.7 million for the remainder of 2019 and $27.4 million, $21.2 million and $4.2 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Goodwill represents the excess of the purchase prices of acquiring MTR Gaming, Isle, Elgin and Tropicana over the fair market value of the net assets acquired. In conjunction with the classification of Vicksburg’s operations as assets held for sale at June 30, 2018 (see Note 5) as a result of the announced sale to CDI, an impairment charge totaling $9.8 million was recorded due to the carrying value exceeding the estimated net sales proceeds. The impairment reduced the value of goodwill in the South segment in 2018.

The September 30, 2019 balances exclude assets held for sale recorded in 2019 (see Note 5), as well as the assets associated with the Presque Isle Downs and Nemacolin divestitures, which accounts for the changes in goodwill and indefinite-lived intangible assets.

Other Assets, Net

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

	September 30,		December 31,
	2019		2018
CRDA bonds and deposits, net	$	4,974	$	6,694
Unamortized debt issuance costs - Revolving Credit Facility		7,903		9,533
Non-operating real property		1,957		17,880
Long-term prepaid rent		—		20,198
Restricted cash and investments		36,761		15,064
Other		27,284		14,077
Total other assets, net	$	78,879	$	83,446

The Casino Reinvestment Development Authority (“CRDA”) bonds have various contractual maturities that range up to 40 years. Actual maturities may differ from contractual maturities because of prepayment rights. The Company treats CRDA bonds as held-to-maturity since the Company has the ability and the intent to hold these bonds to maturity and under the CRDA, the Company is not permitted to do otherwise. The Company analyzes the CRDA bonds for recoverability on a quarterly basis based on management's historical collection experience and other information received from the CRDA. If indications exist that the CRDA bond is impaired, additional valuation allowances are recorded.

Non-operating real property consists principally of land and undeveloped properties for which the Company has designated as non-operating and has declared its intent to sell such assets. As a result of a pending sale offer for certain non-operating real property located in Pennsylvania, the Company recognized an impairment charge of $1.0 million for the nine months ended September 30, 2019. Non-operating land totaling $9.8 million associated with Mountaineer is included in assets held for sale as of September 30, 2019.

Approximately ten acres of the approximately 20 acres on which Tropicana Evansville is situated is subject to a lease with the City of Evansville, Indiana. Under the terms of the agreement, a pre-payment of lease rent of $25 million was due at the commencement of the construction project. The prepayments will be applied against future rent in equal monthly amounts over a period of 120 months which commenced upon the opening of the property in January 2018. The current term of the lease expires November 30, 2027. As of December 31, 2018, this prepaid rent was included in long-term prepaid rent. However, upon adoption of the new lease accounting guidance the prepaid rent is now included with the Company’s ROU assets.

In September 2018, we entered into a 25-year agreement, which became effective January 2019, with William Hill pursuant to which we received 13.4 million ordinary shares of William Hill PLC which carry certain time restrictions on when they can be sold. As of September 30, 2019, the fair value of the William Hill PLC shares totaled $27.1 million, net of an unrealized loss of $0.2 million, and is included in other assets, net on the Consolidated Balance Sheets.

Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

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 and nine months ended September 30, 2019, the Company’s tax expense was $18.1 million and $38.9 million, respectively, and for the three and nine months ended September 30, 2018, the Company’s tax expense was $20.0 million and $31.3 million, respectively. For the three and nine months ended September 30, 2019, the difference between the effective rate and the statutory rate is attributed primarily to excess tax benefits associated with stock compensation, state and local income taxes and changes in the valuation allowance. For the three and nine months ended September 30, 2018, the difference between the effective rate and the statutory rate is attributed primarily to non-deductible expenses and state and local income taxes.

As of September 30, 2019, there were no unrecognized tax benefits and the Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits within the next twelve months. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense.

The Company 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 2012.

Long-Term Financing Obligation

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Long-Term Financing Obligation

Note 10. Long-Term Financing Obligation

As of December 31, 2018, under the prior lease accounting standard the Company’s Master Lease with GLPI was accounted for as a failed sale-leaseback financing obligation equal to the fair value of the leased real estate assets and liabilities acquired in purchase accounting. Upon adoption of ASC 842 (see Note 2), the Company re-evaluated the Master Lease and determined this existing failed sale-leaseback transaction will continue to be accounted for as a financing obligation.

The fair value of the real estate assets and the related failed sale-leaseback financing obligations were estimated based on the present value of the estimated future lease payments over the lease term of 35 years, including renewal options, using an imputed discount rate of approximately 10.2%. The value of the failed sale-leaseback financing obligations is dependent upon assumptions regarding the amount of the lease payments and the estimated discount rate of the lease payments required by a market participant.

The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operation of the leased properties. The Master Lease provides for an initial term of fifteen years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five-year renewal terms beyond the initial 15-year term. If we elect to renew the term of the Master Lease, the renewal will be effective as to all, but not less than all, of the leased property then subject to the Master Lease. The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without GLPI’s consent.

The rent payable under the Master Lease is comprised of “Base Rent” and “Percentage Rent.” Base rent is the sum of:

•

Building Base Rent: a fixed component equal to $60.9 million during the first year of the Master Lease, and thereafter escalated annually by 2%, subject to a cap that would cause the preceding year’s adjusted revenue to rent ratio for the properties in the aggregate not to fall below 1.20:1.00 for the first five years of the Master Lease and 1.80:1.00 thereafter; plus

•

Land Base Rent: an additional fixed component equal to $13.4 million, subject to adjustment in the event of the termination of the Master Lease with respect to any of the leased properties.

The percentage rent payable under the Master Lease is adjusted every two years based on the actual net revenues of the leased properties during the two-year period then ended. The initial variable rent, which is fixed for the first two years, is $13.4 million per year. The actual percentage increase is based on actual performance and is subject to change.

The initial annual rent under the terms of the lease is approximately $87.6 million.

Under the Master Lease, the Company is required to pay the following, among other things: lease payments to the underlying ground lessor for properties that are subject to ground leases, facility maintenance costs, all insurance premiums for insurance with respect to the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties).

The estimated future lease payments include the minimum lease payments and were adjusted to reflect estimated lease payments as described in the agreements, including an annual escalator of up to 2%.

The future minimum payments related to the Master Lease financing obligation with GLPI at September 30, 2019 were as follows (in thousands):

2019 (excluding the nine months ended September 30, 2019)	$	22,214
2020		89,168
2021		90,417
2022		91,691
2023		92,990
Thereafter		3,506,672
Total future payments		3,893,152
Less: amounts representing interest at 10.2%		(3,345,270	)
Plus: residual values		420,100
Financing obligation to GLPI	$	967,982

Total payments and interest expense related to the Master Lease were $21.9 million and $24.6 million, respectively, for the three months ended September 30, 2019, and $65.7 million and $73.8 million, respectively, for the nine months ended September 30, 2019. For the initial periods of the Master Lease, cash payments are less than the interest expense recognized, which causes the failed sale-leaseback obligation to increase during the initial years of the lease term.

The Master Lease contains certain covenants, including minimum capital improvement expenditures. As of September 30, 2019, we were in compliance with all of the covenants under the Master Lease.

Long-Term Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Note 11. Long-Term Debt

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

	September 30,			December 31,
	2019			2018
Term Loan	$	886,750		$	956,750
Less: Unamortized discount and debt issuance costs		(14,968	)		(18,426	)
Net		871,782			938,324
6% Senior Notes due 2026		600,000			600,000
Less: Unamortized debt issuance costs		(18,487	)		(19,630	)
Net		581,513			580,370
6% Senior Notes due 2025		875,000			875,000
Plus: Unamortized debt premium		21,049			23,491
Less: Unamortized debt issuance costs		(16,570	)		(18,405	)
Net		879,479			880,086
7% Senior Notes due 2023		375,000			375,000
Less: Unamortized discount and debt issuance costs		(5,239	)		(6,075	)
Net		369,761			368,925
Revolving Credit Facility		—			245,000
Lumière Loan		246,000			246,000
Long-term notes and other payables		2,658			3,030
Less: Current portion		(238	)		(462	)
Total long-term debt	$	2,950,955		$	3,261,273

Amortization of the debt issuance costs and the discount and/or premium associated with our indebtedness totaled $1.9 million and $1.2 million for the three months ended September 30, 2019 and 2018, respectively, and $5.7 million and $3.8 million for the nine months ended September 30, 2019 and 2018, respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense.

Scheduled maturities of long‑term debt are $0.1 million for the remainder of 2019, $246.2 million in 2020, $0.2 million in 2021, $0.2 million in 2022, $375.1 million in 2023, and $2.4 billion thereafter.

Term Loan and Revolving Credit Facility

The Company is party to a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto dated as of April 17, 2017 (as amended the “Credit Facility”), consisting of a $1.45 billion term loan facility (the “Term Loan Facility” or “Term Loan”) and a $500.0 million revolving credit facility (the “Revolving Credit Facility”). The Company’s obligations under the Revolving Credit Facility will mature on October 1, 2023. The Company’s obligations under the Term Loan Facility will mature on April 17, 2024. The Company was required to make quarterly principal payments of $3.6 million on the Term Loan Facility on the last day of each fiscal quarter beginning on June 30, 2017 but satisfied this requirement as a result of the principal prepayment of $444.5 million on September 13, 2017 in conjunction with the issuance of the additional 6% Senior Notes due 2025. In addition, the Company is required to make mandatory payments of amounts outstanding under the 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 Credit Facility.

As of September 30, 2019, the Company had $886.8 million outstanding on the Term Loan and no outstanding balance under the Revolving Credit Facility. The Company had $483.7 million of available borrowing capacity, after consideration of $16.3 million in outstanding letters of credit under its Revolving Credit Facility as of September 30, 2019. The Company applied approximately $150.0 million of proceeds from the sale of Presque Isle Downs to repay amounts outstanding under the Revolving Credit Facility. Pursuant to the terms of the indentures governing the Company’s senior notes, the Company will be required to make an offer to purchase a portion of its outstanding senior notes with the excess proceeds from such sale unless it applies the net proceeds of such sale to either permanently repay outstanding indebtedness or make specified acquisitions or capital expenditures within 365 days of the sale of Presque Isle Downs. The Company anticipates applying the proceeds of the Presque Isle Downs sale to permanently repay indebtedness and make qualifying capital expenditures prior to the anniversary of the sale.

The interest rate per annum applicable to loans under the Revolving Credit Facility are, at our option, either LIBOR plus a margin ranging from 1.75% to 2.50% or a base rate plus a margin from 0.75% to 1.50%, the margin is based on our total leverage ratio. The interest rate per annum applicable to the loans under the Term Loan Facility is, at our option, either LIBOR plus 2.25%, or 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%. Additionally, the Company pays a commitment fee on the unused portion of the Revolving Credit Facility of 0.50% per annum. As of September 30, 2019, the weighted average interest rate on the Term Loan was 4.31%.

Senior Notes

6% Senior Notes due 2026

On September 20, 2018, Delta Merger Sub, Inc. (“Escrow Issuer”), a Delaware corporation and a wholly-owned subsidiary of the Company, issued $600 million aggregate principal amount of 6.0% senior notes due 2026 (the “6% Senior Notes due 2026”) pursuant to an indenture, dated as of September 20, 2018 (the “2026 Indenture”), between Escrow Issuer and U.S. Bank, National Association, as Trustee. Interest on the 6% Senior Notes due 2026 will be paid every semi-annually in arrears on March 15 and September 15.

The 6% Senior Notes due 2026 were general unsecured obligations of Escrow Issuer’s upon issuance and, upon the assumption of such obligations by the Company and the subsidiary guarantors (the “Guarantors”) upon consummation of the Tropicana Acquisition, became general unsecured obligations of the Company and the Guarantors, ranking senior in right of payment to all of the Company’s existing and future debt that is expressly subordinated in right of payment to the 6% Senior Notes due 2026 and the guarantees, ranking equally in right of payment with all of the applicable obligor’s existing and future senior liabilities, including the obligations under the Company’s existing 7% Senior Notes due 2023 and 6% Senior Notes due 2025, and are effectively subordinated to all of the applicable obligor’s existing and future secured debt, including indebtedness under the Company’s Term Loan and Revolving Credit Facility and the Lumière Note (as defined in the 2026 Indenture), in each case, to the extent of the value of the collateral securing such debt. In addition, the 6% Senior Notes due 2026 and the related guarantees are structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries and other entities in which the Company has an equity interest that do not guarantee the 6% Senior Notes due 2026 (other than indebtedness and liabilities owed to the Company or the Guarantors).

6% Senior Notes due 2025

On March 29, 2017, the Company issued at par $375.0 million aggregate principal amount of 6.0% senior notes due 2025 (the “6% Senior Notes due 2025”) pursuant to an indenture, dated as of March 29, 2017 (the “2025 Indenture”), between Eagle II and U.S. Bank, National Association, as Trustee. The 6% Senior Notes due 2025 will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1. In connection with the consummation of the Isle Acquisition on May 1, 2017, the Company assumed Eagle II’s obligations under the 6% Senior Notes due 2025 and the 2025 Indenture and certain of the Company’s subsidiaries (including Isle and certain of its subsidiaries) executed guarantees of the Company’s obligations under the 6% Senior Notes due 2025.

On September 13, 2017, the Company issued an additional $500.0 million principal amount of its 6% Senior Notes due 2025 at an issue price equal to 105.5% of the principal amount of the 6% Senior Notes due 2025. The additional notes were issued pursuant to the 2025 Indenture that governs the 6% Senior Notes due 2025. The Company used the proceeds of the offering to repay $78.0 million of outstanding borrowings under the previous revolving credit facility and used the remainder to repay $444.5 million outstanding borrowings under the previous term loan facility and related accrued interest.

7% Senior Notes due 2023

On July 23, 2015, the Company issued at par $375.0 million in aggregate principal amount of 7.0% senior notes due 2023 (“7% Senior Notes due 2023”) pursuant to an indenture, dated as of July 23, 2015 (the “2023 Indenture”), between the Company and U.S. Bank, National Association, as Trustee. The 7% Senior Notes due 2023 will mature on August 1, 2023, with interest payable semi-annually in arrears on February 1 and August 1 of each year.

Lumière Loan

We borrowed $246 million from GLPI to fund the purchase price of the real estate underlying Lumière. The Lumière Loan bears interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until October 1, 2020, and matures on October 1, 2020. The Lumière Loan was secured by a first priority mortgage on the Lumière real property that was released pursuant to its terms on October 1, 2019. In connection with the issuance of the Lumière Loan, we agreed to use our commercially reasonable efforts to transfer one or more of the Grand Victoria Casino, Isle Casino Bettendorf, Isle Casino Hotel Waterloo, Isle of Capri Lula, Lady Luck Casino Vicksburg and Mountaineer Casino, Racetrack and Resort or such other property or properties mutually acceptable to us and GLPI, provided that the aggregate value of such property, individually or collectively, is at least $246 million (the “Replacement Property”), to GLPI with a simultaneous leaseback to us of such Replacement Property. In connection with such Replacement Property sale, (i) we and GLPI will enter into an amendment to the Master Lease to revise the economic terms to include the Replacement Property, (ii) GLPI, or one of its affiliates, will assume the Lumière Loan and Tropicana St. Louis RE’s obligations under the Lumière Loan in consideration of the acquisition of the Replacement Property and our obligations under the Lumière Loan will be deemed to have been satisfied, and (iii) in the event the value of the Replacement Property is greater than the our outstanding obligations under the Lumière Loan, GLPI will pay us the difference between the value of the Replacement Property and the amount of outstanding obligations under the Lumière Loan. If such Replacement Property transaction is not consummated prior to the maturity date of the Lumière Loan, other than as a result of certain failures to perform by GLPI, then the amounts outstanding will be paid in full and the rent under the Master Lease will automatically increase, subject to certain escalations.

Debt Covenant Compliance

As of September 30, 2019, we were in compliance with all of the covenants under the 7% Senior Notes due 2023, 6% Senior Notes due 2025, 6% Senior Notes due 2026, the Credit Facility and the Lumière Loan.

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 12. Fair Value Measurements

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

•

Level 1 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 cash held in money market funds and investments that 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. Cash and cash equivalents also include cash maintained for gaming operations. The carrying amounts approximate the fair value because of the short maturity of those instruments (Level 1).

Restricted Cash and Investments and Other Liabilities related to Restricted Investments: The estimated fair values of our restricted cash and investments are based upon quoted prices available in active markets (Level 1), or quoted prices for similar assets in active and inactive markets (Level 2), or quoted prices available in active markets adjusted for time restrictions related to the sale of the investment (Level 3) and represent the amounts we would expect to receive if we sold our restricted cash and investments.

Marketable Securities: Marketable securities consist primarily of trading securities held the Company’s captive insurance subsidiary. The estimated fair values of the Company’s marketable securities are determined on an individual asset basis based upon quoted prices of identical assets available in active markets (Level 1), quoted prices of identical assets in inactive markets, or quoted prices for similar assets in active and inactive markets (Level 2), and represent the amounts we would expect to receive if we sold these marketable securities.

Long‑term Debt: The fair value of our long-term debt or other long-term obligations is estimated based on the quoted market price of the underlying debt issue (Level 1) or, when a quoted market price is not available, the discounted cash flow of future payments utilizing current rates available to us for the debt of similar remaining maturities (Level 2). Debt obligations with a short remaining maturity have a carrying amount that approximates fair value.

Acquisition‑Related Contingent Considerations: Contingent consideration related to the July 2003 acquisition of Scioto Downs represents the estimate of amounts to be paid to former stockholders of Scioto Downs under certain earn-out provisions. Acquisition related contingent consideration of $0.4 million and $0.5 million is included in accrued other liabilities on the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018, respectively.

Items Measured at Fair Value on a Recurring Basis: The following table sets forth the assets measured at fair value on a recurring basis, by input level, in the Consolidated Balance Sheets at September 30, 2019 and December 31, 2018 (amounts in thousands):

	September 30, 2019
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	13,857	$	2,221	$	42,925	$	59,003
Marketable securities		12,665		7,768		—		20,433

Liabilities:
Other liabilities related to restricted investments		—		—		7,903		7,903

	December 31, 2018
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	19,481	$	4,467	$	16,008	$	39,956
Marketable securities		9,515		7,442		—		16,957

The change in restricted cash and investments valued using Level 3 inputs for the nine months ended September 30, 2019 is as follows:

	Level 3 Investments			Level 3 Other Liabilities
Fair value of investment and liabilities at December 31, 2018	$	16,008		$	—
Value of additional investment received		27,329			8,774
Unrealized loss		(412	)		(871	)
Fair value at September 30, 2019	$	42,925		$	7,903

In November 2018, we entered into a 20-year agreement with TSG pursuant to which we agreed to provide TSG with options to obtain access to our second skin for online sports wagering and third skin for real money online gaming and poker, in each case with respect to our properties in the United States. Under the terms of the agreement, we will receive a revenue share from the operation of the applicable verticals by TSG under our licenses. Pursuant to the terms of the TSG agreement, we received 1.1 million TSG common shares, and an additional $5.0 million in TSG common shares became payable to us upon TSG’s exercise of its first option, which shares we expect to receive in the fourth quarter of 2019. We may also receive additional TSG common shares in the future based on TSG net gaming revenue generated in our markets. The initial 1.1 million TSG common shares are subject to a restriction on transfer and may not be sold until November 2019, and the TSG common shares that are payable to us in connection with TSG’s exercise of its first option may not be sold for a period of one year from the date such shares are issued.

At September 30, 2019, the fair value of the Company’s shares of TSG totaled $15.8 million and is included in restricted cash and investments on the Consolidated Balance Sheets. Upon entry into the TSG agreement, the Company also recorded deferred revenue associated with the shares received and recognized revenue of $0.3 million and $1.0 million during the three and nine months ended September 30, 2019, respectively. As of September 30, 2019, the balance of the TSG deferred revenue totaled $17.7 million and is recorded in other long-term liabilities on the Consolidated Balance Sheets. As part of the agreement with William Hill (see Note 7), the Company is obligated to pay William Hill US 50% of the proceeds received from selling the TSG shares. At September 30, 2019, the estimated obligation was $7.9 million and is included in accrued other liabilities on the Consolidated Balance Sheets.

There were no transfers between Level 1 and Level 2 investments.

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

	September 30, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
7% Senior Notes due 2023	$	369,761	$	392,813	$	368,925	$	385,312
6% Senior Notes due 2025		879,479		923,125		880,086		840,000
6% Senior Notes due 2026		581,513		660,000		580,370		567,000
Term Loan		871,783		884,533		938,324		916,088
Revolving Credit Facility		—		—		245,000		245,000
Lumière Loan		246,000		246,000		246,000		246,000
Other long-term debt		2,657		2,657		3,030		3,030

- 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

Earnings per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share Basic And Diluted [Abstract]

Earnings per Share

Note 13. Earnings per Share

The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income available to common stockholders	$	37,055	$	37,704	$	94,220	$	95,355
Shares outstanding:
Weighted average shares outstanding – basic		77,721,353		77,522,664		77,657,553		77,445,611
Effect of dilutive securities:
Stock options		103,337		93,530		105,036		125,861
RSUs		625,057		667,394		825,928		636,568
Weighted average shares outstanding – diluted		78,449,747		78,283,588		78,588,517		78,208,040
Net income per common share attributable to common stockholders – basic:	$	0.48	$	0.49	$	1.21	$	1.23
Net income per common share attributable to common stockholders – diluted:	$	0.47	$	0.48	$	1.20	$	1.22

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

Litigation. The Company is a party to various legal and administrative proceedings, which have arisen in the normal course of its business. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on its results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s consolidated financial condition or results of operations. Further, no assurance can be given that the Company’s existing insurance coverage will be sufficient to cover losses, if any, arising from such proceedings.

As of November 6, 2019, eight putative class action lawsuits have been filed in connection with the Merger. The Company has been named as a party in three of such actions: Stein v. Caesars Entertainment Corp., et al, Civil Action No. 1:19-cv-01656, United States District Court for the District of Delaware (9/5/2019), Romaniuk v. Caesars Entertainment Corp., et al, Civil Action No 1:19-cv-17871, United States District Court for the District of New Jersey (9/11/2019), and Biasi v. Caesars Entertainment Corp., et al, Civil Action No. 1:19-cv-08547, United States District Court for the Southern District of New York (9/13/2019). In general, the complaints assert claims under sections 14(a), 20(a) and Rule 14a-9 of the Securities Exchange Act of 1934 challenging the adequacy of certain disclosures in the joint proxy statement/prospectus filed in connection with the Merger. In addition, one of the complaints, in which the Company has not been named a party, alleges state law breach of fiduciary duty claims against the Caesars directors. The complaints seek, among other relief, an injunction preventing consummation of the Merger, damages in the event that the Merger is consummated and attorneys’ fees. The Company intends to vigorously defend itself against these claims.

On September 23, 2019, the Company and certain of its officers were named as defendants in a putative class action complaint filed in the United States District Court for the District of New Jersey and captioned as Elberts v. Eldorado Resorts, Inc., Case No. 2:19-cv-18230-SRC-CLW. The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated under the Securities Exchange Act of 1934. The complaint alleges that the Company made material misstatements and/or omissions during the period from March 1, 2019 through September 2, 2019. The allegations relate to the subpoenas that certain of the Company’s directors and officers received from the SEC, which have been previously disclosed in the proxy statement/prospectus filed by the Company relating to the pending transaction with Caesars. The complaint seeks unspecified damages on behalf of all persons and entities who purchased the Company’s securities during the period from March 1, 2019 through September 2, 2019. The Company intends to vigorously defend itself against these claims.

Agreements with Horsemen and Pari-mutuel Clerks. The Federal Interstate Horse Racing Act and the state racing laws in West Virginia and Ohio 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. 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. In Ohio, we must have an agreement with the representative of the horse owners. We currently have all the requisite agreements in place referenced in this sub section at Mountaineer and Scioto Downs. Certain agreements referenced above may be terminated upon written notice by either party.

Related Affiliates

9 Months Ended

Sep. 30, 2019

Related Affiliates

Note 15. Related Affiliates

REI

As of September 30, 2019, Recreational Enterprises, Inc. (“REI”) owned approximately 14.4% of outstanding common stock of the Company. The directors of REI are the Company’s Executive Chairman of the Board, Gary L. Carano, its Chief Executive Officer and Board member, Thomas R. Reeg, and its former Senior Vice President of Regional Operations, Gene Carano. In addition, Gary L. Carano also serves as the Vice President of REI and Gene Carano also serves as the Secretary and Treasurer of REI. Members of the Carano family, including Gary L. Carano and Gene Carano, own the equity interests in REI. As such, the Carano family has the ability to significantly influence the affairs of the Company. During the three and nine months ended September 30, 2019 and 2018, there were no related party transactions between the Company and the Carano family other than compensation, including salary and equity incentives, and the CSY Lease listed below.

C. S. & Y. Associates

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 which is an entity partially owned by REI (the “CSY Lease”). The CSY Lease expires on June 30, 2057. Rent pursuant to the CSY Lease is $0.6 million annually and paid quarterly during the year. As of September 30, 2019 and December 31, 2018, there were no amounts due to or from C.S. & Y. Associates.

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Note 16. Segment Information

The executive decision maker of our Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of our casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Elgin and Tropicana acquisitions, the Company’s principal operating activities occurred in four geographic regions and reportable segments. As referenced in Note 1, following the Elgin and Tropicana acquisitions a fifth segment, Central, was added in the third quarter of 2018. The reportable segments are based on the similar characteristics of the operating segments within the regions in which they operate. See Note 1 for a summary of these segments.

The following table sets forth, for the periods indicated, certain operating data for our five reportable segments.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(in thousands)
Revenues and expenses
West:
Net operating revenues	$	151,418		$	129,092		$	397,241		$	346,550
Depreciation and amortization		13,935			9,476			40,585			27,045
Operating income		35,358			31,894			66,772			63,898
Midwest:
Net operating revenues		95,866			99,834			289,890			301,235
Depreciation and amortization		4,515			8,605			20,650			24,654
Operating income		30,221			26,637			87,066			80,725
South:
Net operating revenues		108,017			106,569			357,669			341,612
Depreciation and amortization		9,000			9,703			29,865			26,343
Operating income		15,185			16,176			61,723			50,099
East:
Net operating revenues		186,562			127,722			523,249			370,576
Depreciation and amortization		11,630			4,486			36,019			15,253
Operating income		45,341			23,637			107,715			67,164
Central:
Net operating revenues		119,410			23,897			362,675			23,897
Depreciation and amortization		11,626			2,215			34,317			2,215
Operating income		25,793			2,868			80,896			2,868
Corporate:
Net operating revenues		1,908			139			5,401			377
Depreciation and amortization		1,886			1,275			5,446			3,694
Operating expense		(26,991	)		(9,443	)		(53,111	)		(41,377	)
Total Reportable Segments
Net operating revenues	$	663,181		$	487,253		$	1,936,125		$	1,384,247
Depreciation and amortization	$	52,592		$	35,760		$	166,882		$	99,204
Operating income	$	124,907		$	91,769		$	351,061		$	223,377
Reconciliations to consolidated net income:
Operating income	$	124,907		$	91,769		$	351,061		$	223,377
Unallocated income and expenses:
Interest expense, net		(71,897	)		(34,085	)		(217,205	)		(96,579	)
Loss on early retirement of debt, net		(1,204	)		—			(1,204	)		(162	)
Unrealized gain on restricted investments		3,318			—			460			—
Provision for income taxes		(18,069	)		(19,980	)		(38,892	)		(31,281	)
Net income	$	37,055		$	37,704		$	94,220		$	95,355

	Nine Months Ended September 30,
	2019		2018
	(in thousands)
Capital Expenditures, Net
West	$	67,787	$	49,060
Midwest		11,175		14,516
South		15,035		12,307
East		28,280		8,953
Central		8,521		237
Corporate		4,218		4,009
Total	$	135,016	$	89,082

		West		Midwest		South		East		Central		Corporate, Other & Eliminations			Total
Balance sheet as of September 30, 2019	(in thousands)
Total assets		$	1,862,752	$	1,327,369	$	1,161,263	$	2,006,147	$	1,540,086	$	(1,816,376	)	$	6,081,241
Goodwill			220,934		246,056		204,791		162,816		75,120		—			909,717

Balance sheet as of December 31, 2018
Total assets		$	1,710,375	$	1,245,521	$	1,068,258	$	2,166,730	$	1,457,961	$	(1,737,383	)	$	5,911,462
Goodwill			220,861		322,745		213,150		177,486		74,074		—			1,008,316

Consolidating Condensed Financial Information

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Financial Information [Abstract]

Consolidating Condensed Financial Information

Note 17. Consolidating Condensed Financial Information

Certain of our wholly-owned subsidiaries have fully and unconditionally guaranteed on a joint and several basis, the payment of all obligations under our 7% Senior Notes due 2023, 6% Senior Notes due 2025, 6% Senior Notes due 2026 and Credit Facility.

As of September 30, 2019, following wholly-owned subsidiaries of the Company are guarantors, on a joint and several basis, under the 7% Senior Notes due 2023, 6% Senior Notes due 2025, 6% Senior Notes due 2026 and Credit Facility: Isle of Capri Casinos LLC; Eldorado Holdco LLC; Eldorado Resorts LLC; Eldorado Shreveport #1, LLC; Eldorado Shreveport #2, LLC; Eldorado Casino Shreveport Joint Venture; MTR Gaming Group, Inc.; Mountaineer Park, Inc.; Old PID, Inc. (f/k/a Presque Isle Downs, Inc.); Scioto Downs, Inc.; Eldorado Limited Liability Company; Circus and Eldorado Joint Venture, LLC; CC-Reno, LLC; CCR Newco, LLC; Black Hawk Holdings, L.L.C.; IC Holdings Colorado, Inc.; CCSC/Blackhawk, Inc.; Isle of Capri Black Hawk, L.L.C.; IOC-Black Hawk Distribution Company, LLC; IOC-Black Hawk County, Inc.; Isle of Capri Bettendorf, L.C.; PPI, Inc.; Pompano Park Holdings, L.L.C.; IOC-Lula, Inc.; IOC-Kansas City, Inc.; IOC-Boonville, Inc.; IOC-Caruthersville, LLC; IOC Cape Girardeau, LLC; IOC-Vicksburg, Inc.; IOC-Vicksburg, L.L.C.; Rainbow Casino-Vicksburg Partnership, L.P.; IOC Holdings L.L.C.; St. Charles Gaming Company, L.L.C; Elgin Riverboat Resort–Riverboat Casino; Elgin Holdings I LLC; Elgin Holdings II LLC, PPI Development Holdings LLC; PPI Development LLC; Tropicana Entertainment, Inc.; New Tropicana Holdings, Inc.; New Tropicana OpCo, Inc.; TLH LLC; TropWorld Games LLC; TEI R7 Investment LLC; TEI Management Services LLC; Tropicana St. Louis LLC; TEI (ST. LOUIS RE), LLC; TEI (STLH), LLC; TEI (ES), LLC; Aztar Riverboat Holding Company, LLC; Aztar Indiana Gaming Company, LLC ; New Jazz Enterprises, LLC; Catfish Queen Partnership in Commendam; Centroplex Centre Convention Hotel, L.L.C.; Columbia Properties Tahoe, LLC; MB Development, LLC; Lighthouse Point, LLC; Tropicana Atlantic City Corp.; Tropicana St. Louis RE LLC, Tropicana Laughlin, LLC, ELDO FIT, LLC and CRS ANNEX, LLC. Each of the subsidiaries’ guarantees is joint and several with the guarantees of the other subsidiaries.

The consolidating condensed balance sheet as of September 30, 2019 is as follows:

Balance Sheet	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Current assets	$	78,612	$	864,016	$	20,911	$	—		$	963,539
Intercompany receivables		—		438,466		32,402		(470,868	)		—
Investment in and advances to unconsolidated affiliates		127,480		2,316		—		—			129,796
Investments in subsidiaries		3,847,795		—		—		(3,847,795	)		—
Property and equipment, net		17,544		2,616,883		684		—			2,635,111
Other assets		72,945		2,299,720		15,868		(35,738	)		2,352,795
Total assets	$	4,144,376	$	6,221,401	$	69,865	$	(4,354,401	)	$	6,081,241

Current liabilities	$	75,851	$	321,286	$	17,834	$	—		$	414,971
Intercompany payables		445,868		—		25,000		(470,868	)		—
Long-term financing obligation to GLPI		—		967,982		—		—			967,982
Long-term debt, less current maturities		2,329,800		621,155		—		—			2,950,955
Deferred income tax liabilities		—		260,449		166		(35,738	)		224,877
Other liabilities		166,080		229,598		—		—			395,678
Stockholders’ equity		1,126,777		3,820,931		26,865		(3,847,795	)		1,126,778
Total liabilities and stockholders’ equity	$	4,144,376	$	6,221,401	$	69,865	$	(4,354,401	)	$	6,081,241

The consolidating condensed balance sheet as of December 31, 2018 is as follows:

Balance Sheet	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Current assets	$	48,268	$	497,309	$	27,619	$	—		$	573,196
Intercompany receivables		—		7,831		28,042		(35,873	)		—
Investment in and advances to unconsolidated affiliates		—		1,892		—		—			1,892
Investments in subsidiaries		3,648,961		—		—		(3,648,961	)		—
Property and equipment, net		18,555		2,863,311		740		—			2,882,606
Other assets		35,072		2,423,807		26,674		(31,785	)		2,453,768
Total assets	$	3,750,856	$	5,794,150	$	83,075	$	(3,716,619	)	$	5,911,462

Current liabilities	$	48,579	$	328,319	$	25,279	$	—		$	402,177
Intercompany payables		10,873		—		25,000		(35,873	)		—
Long-term financing obligation to GLPI		—		959,835		—		—			959,835
Long-term debt, less current maturities		2,640,046		621,193		34		—			3,261,273
Deferred income tax liabilities		—		231,795		—		(31,785	)		200,010
Other liabilities		22,206		36,808		—		—			59,014
Stockholders’ equity		1,029,152		3,616,200		32,762		(3,648,961	)		1,029,153
Total liabilities and stockholders’ equity	$	3,750,856	$	5,794,150	$	83,075	$	(3,716,619	)	$	5,911,462

The consolidating condensed statement of operations for the three months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—			457,852		$	148		$	—		$	458,000
Non-gaming		1,785			202,018			1,378			—			205,181
Net revenues		1,785			659,870			1,526			—			663,181

Operating expenses:
Gaming and pari-mutuel commissions		—			202,555			—			—			202,555
Non-gaming		—			99,813			—			—			99,813
Marketing and promotions		—			33,291			1			—			33,292
General and administrative		—			122,802			(35	)		—			122,767
Corporate		13,490			(541	)		65			—			13,014
Management fee		(6,401	)		6,401			—			—			—
Depreciation and amortization		1,311			51,225			56			—			52,592
Total operating expenses		8,400			515,546			87			—			524,033

Loss on sale or disposal of property and equipment		—			(284	)		—			—			(284	)
Transaction expenses		(12,442	)		—			—			—			(12,442	)
(Loss) income from unconsolidated affiliates		(1,552	)		37			—			—			(1,515	)
Operating (loss) income		(20,609	)		144,077			1,439			—			124,907
Other Expense:
Interest expense, net		(35,600	)		(35,948	)		(349	)		—			(71,897	)
Loss on early retirement of debt, net		(1,204	)		—			—			—			(1,204	)
Unrealized gain on restricted investments		3,318			—			—			—			3,318
Subsidiary income (loss)		71,256			—			—			(71,256	)		—
Income (loss) before income taxes		17,161			108,129			1,090			(71,256	)		55,124
Income tax benefit (provision)		19,894			(37,633	)		(330	)		—			(18,069	)
Net income (loss)	$	37,055		$	70,496		$	760		$	(71,256	)	$	37,055

The consolidating condensed statement of operations for the three months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	359,897		$	8,272		$	—		$	368,169
Non-gaming		10			116,639			2,435			—			119,084
Net revenues		10			476,536			10,707			—			487,253

Operating expenses:
Gaming and pari-mutuel commissions		—			174,602			5,460			—			180,062
Non-gaming		—			68,046			627			—			68,673
Marketing and promotions		—			22,687			435			—			23,122
General and administrative		—			73,755			1,844			—			75,599
Corporate		8,596			94			527			—			9,217
Impairment charges		—			—			3,787			—			3,787
Management fee		(7,067	)		7,067			—			—			—
Depreciation and amortization		923			34,782			55			—			35,760
Total operating expenses		2,452			381,033			12,735			—			396,220

Loss on sale of asset or disposal of property and equipment		—			(101	)		(9	)		—			(110	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(4,090	)		(1	)		—			—			(4,091	)
Equity in loss of unconsolidated affiliate		—			(63	)		—			—			(63	)
Operating (loss) income		(1,532	)		95,338			(2,037	)		—			91,769
Other Expense:
Interest expense, net		(27,582	)		(6,088	)		(415	)		—			(34,085	)
Subsidiary income (loss)		61,964			—			—			(61,964	)		—
Income (loss) before income taxes		32,850			89,250			(2,452	)		(61,964	)		57,684
Income tax benefit (provision)		4,854			(25,778	)		944			—			(19,980	)
Net income (loss)	$	37,704		$	63,472		$	(1,508	)	$	(61,964	)	$	37,704

The consolidating condensed statement of operations for the nine months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	1,381,231		$	4,617		$	—		$	1,385,848
Non-gaming		4,966			540,394			4,917			—			550,277
Net revenues		4,966			1,921,625			9,534			—			1,936,125

Operating expenses:
Gaming and pari-mutuel commissions		—			612,937			3,164			—			616,101
Non-gaming		—			290,053			400			—			290,453
Marketing and promotions		—			97,422			251			—			97,673
General and administrative		—			358,884			1,202			—			360,086
Corporate		50,352			166			301			—			50,819
Impairment charges		—			958			—			—			958
Management fee		(16,956	)		16,956			—			—			—
Depreciation and amortization		3,701			163,125			56			—			166,882
Total operating expenses		37,097			1,540,501			5,374			—			1,582,972

Gain on sale or disposal of property and equipment		409			21,193			66			—			21,668
Transaction expenses		(20,470	)		(913	)		(245	)		—			(21,628	)
(Loss) income from unconsolidated affiliates		(2,281	)		149			—			—			(2,132	)
Operating (loss) income		(54,473	)		401,553			3,981			—			351,061
Other Expense:
Interest expense, net		(108,617	)		(107,507	)		(1,081	)		—			(217,205	)
Loss on early retirement of debt, net		(1,204	)		—			—			—			(1,204	)
Unrealized gain on restricted investments		460			—			—			—			460
Subsidiary income (loss)		203,531			—			—			(203,531	)		—
Income (loss) before income taxes		39,697			294,046			2,900			(203,531	)		133,112
Income tax benefit (provision)		54,523			(92,515	)		(900	)		—			(38,892	)
Net income (loss)	$	94,220		$	201,531		$	2,000		$	(203,531	)	$	94,220

The consolidating condensed statement of operations for the nine months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	1,036,650		$	23,767		$	—		$	1,060,417
Non-gaming		10			316,216			7,604			—			323,830
Net revenues		10			1,352,866			31,371			—			1,384,247

Operating expenses:
Gaming and pari-mutuel commissions		—			503,741			15,817			—			519,558
Non-gaming		—			198,113			2,022			—			200,135
Marketing and promotions		—			64,943			1,312			—			66,255
General and administrative		—			218,054			5,492			—			223,546
Corporate		30,148			751			2,119			—			33,018
Impairment charges		—			9,815			3,787			—			13,602
Management fee		(19,234	)		19,234			—			—			—
Depreciation and amortization		2,646			96,180			378			—			99,204
Total operating expenses		13,560			1,110,831			30,927			—			1,155,318

Loss on sale of asset or disposal of property and equipment		—			(386	)		(7	)		—			(393	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(9,543	)		(500	)		—			—			(10,043	)
Equity in loss of unconsolidated affiliate		—			(116	)		—			—			(116	)
Operating (loss) income		(18,093	)		241,033			437			—			223,377
Other Expense:
Interest expense, net		(76,927	)		(18,293	)		(1,359	)		—			(96,579	)
Loss on early retirement of debt, net		(162	)		—			—			—			(162	)
Subsidiary income (loss)		166,040			—			—			(166,040	)		—
Income (loss) before income taxes		70,858			222,740			(922	)		(166,040	)		126,636
Income tax benefit (provision)		24,497			(56,519	)		741			—			(31,281	)
Net income (loss)	$	95,355		$	166,221		$	(181	)	$	(166,040	)	$	95,355

The consolidating condensed statement of cash flows for the nine months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(83,572	)	$	342,979		$	676		$	—	$	260,083
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(3,510	)		(131,506	)		—			—		(135,016	)
Sale of restricted investments		—			—			4,962			—		4,962
Proceeds from sale of property and equipment, net of cash sold		33			171,398			(2,070	)		—		169,361
Investments in and loans to unconsolidated affiliates		(815	)		—			—			—		(815	)
Net cash (used in) provided by investing activities		(4,292	)		39,892			2,892			—		38,492
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		434,993			(430,633	)		(4,360	)		—		—
Payments on Term Loan		(70,000	)		—			—			—		(70,000	)
Net payments under Revolving Credit Facility		(245,000	)		—			—			—		(245,000	)
Debt issuance costs		(458	)		—			—			—		(458	)
Taxes paid related to net share settlement of equity awards		(7,574	)		—			—			—		(7,574	)
Dividends received (paid)		—			7,900			(7,900	)		—		—
Payments on other long-term payables		(72	)		(36	)		(264	)				(372	)
Net cash provided by (used in) financing activities		111,889			(422,769	)		(12,524	)		—		(323,404	)
Increase (decrease) in cash, cash equivalents and restricted cash		24,025			(39,898	)		(8,956	)		—		(24,829	)
Cash, cash equivalents and restricted cash, beginning of period		12,844			222,672			11,175			—		246,691
Cash, cash equivalents and restricted cash, end of period	$	36,869		$	182,774		$	2,219		$	—	$	221,862

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	36,869			169,819			2,143		$	—	$	208,831
Restricted cash		—			6,361			76			—		6,437
Restricted and escrow cash included in other noncurrent assets		—			6,594			—			—		6,594
Total cash, cash equivalents and restricted cash	$	36,869		$	182,774		$	2,219		$	—	$	221,862

The consolidating condensed statement of cash flows for the nine months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(22,743	)	$	283,410		$	2,781		$	—	$	263,448
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(2,620	)		(86,405	)		(57	)		—		(89,082	)
Proceeds from sale of property and equipment		—			920			—			—		920
Net cash (used in) provided by business combinations		(328,925	)		22,651			—			—		(306,274	)
Investment in and loans to unconsolidated affiliates		—			(698	)		—			—		(698	)
Net cash used in investing activities		(331,545	)		(63,532	)		(57	)		—		(395,134	)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		208,772			(214,023	)		5,251			—		—
Proceeds from issuance of New Term Loan		—			—			—			—		—
Proceeds from issuance of 6% Senior Notes due 2026		—			—			600,000			—		600,000
Net borrowings under Revolving Credit Facility		180,000			—			—			—		180,000
Debt issuance costs		(5,401	)		—			—			—		(5,401	)
Taxes paid related to net share settlement of equity awards		(10,601	)		—			—			—		(10,601	)
Proceeds from exercise of stock options		154			—			—			—		154
Payments on other long-term payables		(67	)		(217	)		(217	)		—		(501	)
Net cash provided by (used in) financing activities		372,857			(214,240	)		605,034			—		763,651
Increase in cash, cash equivalents and restricted cash		18,569			5,638			607,758			—		631,965
Cash, cash equivalents and restricted cash, beginning of period		13,837			118,483			15,429			—		147,749
Cash, cash equivalents and restricted cash, end of period	$	32,406		$	124,121		$	623,187		$	—	$	779,714

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	31,688		$	122,451		$	9,947		$	—	$	164,086
Restricted cash		718			670			234			—		1,622
Restricted and escrow cash included in other noncurrent assets		—			1,000			613,006			—		614,006
Total cash, cash equivalents and restricted cash	$	32,406		$	124,121		$	623,187		$	—	$	779,714

Pending Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Pending Acquisitions

Note 18. Pending Acquisitions

Caesars Entertainment Corporation

On June 24, 2019, the Company entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of August 15, 2019, and as it may be further amended from time to time, the “Merger Agreement”) with Caesars Entertainment Corporation (“Caesars”) pursuant to which a wholly-owned subsidiary of the Company will merge with and into Caesars, with Caesars surviving as a wholly-owned subsidiary of the Company (the “Merger”). Based on the terms and subject to the conditions set forth in the Merger Agreement, the aggregate consideration payable by the Company in respect of outstanding shares of common stock of Caesars will be (a) an amount of cash equal to (i) the sum of (A) $8.40 plus (B) if applicable closing conditions set forth in the Merger Agreement are not satisfied by March 25, 2020, an amount equal to $0.003333 for each day (provided that such amount will not be payable if the waiting period under the HSR Act has expired or been terminated but (to the extent required) the consents of the holders of Caesars’ 5.00% convertible senior notes due 2024 have not been obtained) from March 25, 2020 until the closing date of the Merger, multiplied by (ii) a number of shares of Caesars common stock equal to (A) 682,161,838 (which includes 8,271,660 shares being held in escrow trust to satisfy unsecured claims pursuant to the Third Amended Joint Plan of Reorganization, filed with the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago on January 13, 2017, at Docket No. 6318, which

shares are not entitled to vote) plus (B) the number of shares of Caesars common stock (the “Aggregate Caesars Share Amount”) issued after June 24, 2019 and prior to the effective time of the Merger pursuant to the exercise of certain equity awards issued under Caesars stock plans or conversion of Caesars’ outstanding convertible notes and (b) a number of shares of common stock of Eldorado equal to 0.0899 multiplied by the Aggregate Caesars Share Amount (such amount per share of Caesars common stock, the “Merger Consideration”). Following the consummation of the Merger (assuming that all Caesars convertible notes are converted immediately following consummation of the Merger into $8.40 in cash and 0.0899 shares of common stock of Eldorado for each share of Caesars common stock into which such Caesars convertible notes were convertible immediately prior to the Merger), Eldorado and former Caesars stockholders will hold approximately 51% and 49%, respectively, of the combined company's outstanding shares of common stock.

The Merger Agreement contains customary representations and warranties by each of Caesars and Eldorado, and each party has agreed to customary covenants.

The Merger Agreement also contains termination rights for each of Caesars and Eldorado under certain circumstances. If the Merger Agreement is terminated in certain circumstances relating to changes in the recommendation of the board of directors of Caesars in favor of the Merger, entry by Caesars into an alternative transaction or in certain circumstances following the failure of Caesars stockholders to approve the Merger, Caesars will be required to pay Eldorado a termination fee of approximately $418.4 million. If the Merger Agreement is terminated in certain circumstances relating to changes in the recommendation of the board of directors of Eldorado in favor of the issuance of shares of Eldorado common stock in the Merger or in certain circumstances following the failure of Eldorado stockholders to approve such issuance, then Eldorado will be required to pay Caesars a termination fee of approximately $154.9 million. In addition, each party will be obligated to reimburse the other party’s expenses for an amount not to exceed $50.0 million if the Merger Agreement is terminated because of the failure to obtain the required approval of such party’s stockholders (creditable against any termination fee that may subsequently be paid by such party). The Merger Agreement also provides that Eldorado will be obligated to pay a termination fee of approximately $836.8 million to Caesars if the Merger Agreement is terminated (i) due to a law or order relating to gaming or antitrust laws that prohibits or permanently enjoins the consummation of the transactions, (ii) because the required regulatory approvals were not obtained prior to June 24, 2020 (subject to extension to a date no later than December 24, 2020 pursuant to the Merger Agreement) or (iii) due to Eldorado willfully and materially breaching certain obligations with respect to the actions required to be taken by Eldorado to obtain required antitrust approvals.

Consummation of the Merger is subject to the satisfaction or waiver of certain conditions, including, among others, (1) the expiration or termination of any applicable waiting period under the HSR Act, and receipt of required gaming approvals, (2) the absence of any governmental order or law prohibiting the consummation of the Merger, (3) adoption of the Merger Agreement by holders of a majority of the outstanding shares of Caesars common stock, (4) the approval of the issuance of shares of Eldorado common stock in the Merger, (5) the effectiveness of the registration statement for Eldorado common stock to be issued in the Merger and the authorization for listing of those shares on the Nasdaq Stock Market, (6) absence of a material adverse effect on the other party, (7) the accuracy of the other party’s representations and warranties, subject to customary materiality standards, (8) compliance of the other party with its respective covenants under the Merger Agreement in all material respects and (9) conversion or certain amendments of, or another mutually agreed arrangement with respect to, Caesars’ 5.00% convertible senior notes due 2024.

In connection with the execution of the Merger Agreement, on June 24, 2019, the Company entered into a debt financing commitment letter and related fee letters with JPMorgan Chase Bank, N.A., Credit Suisse AG, Cayman Islands Branch, Credit Suisse Loan Funding LLC, Macquarie Capital (USA) Inc. and Macquarie Capital Funding LLC (the “Initial Commitment Parties”). On July 19, 2019, the Company entered into an amended and restated commitment letter (the “A&R Commitment Letter”) and related fee letters, which amended and restated the Commitment Letter in its entirety to, among other things, add additional arrangers and lenders, including Bank of America, N.A., BofA Securities, Inc., Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Goldman Sachs Bank USA, SunTrust Bank, SunTrust Robinson Humphrey, Inc., U.S. Bank National Association, KeyBank National Association, KeyBanc Capital Markets Inc., Fifth Third Bank, and Citizens Bank, National Association (together with the Initial Commitment Parties, collectively, the “Commitment Parties”). Pursuant to the A&R Commitment Letter, the Commitment Parties committed to arrange and provide (i) the Company with: (w) a $1,000.0 million senior secured revolving credit facility, (x) a $3,000.0 million senior secured term loan B facility, (y) a $3,600.0 million senior secured 364-day bridge facility and (z) a $1,800.0 million senior unsecured bridge loan facility and (ii) a subsidiary of Caesars with a $2,400.0 million senior secured incremental term loan B facility (collectively, the “Debt Financing”). The proceeds of the Debt Financing will be used (a) to pay all or a portion of the cash consideration payable in the Merger, (b) to refinance all of the Company’s existing syndicated bank credit facilities and outstanding senior notes, (c) to refinance certain of Caesars’ and its subsidiaries’ existing debt, (d) to pay transaction fees and expenses related to the Merger and related transactions and (e) for working capital and general corporate purposes. The availability of the borrowings under the Debt Financing is subject to the satisfaction of certain customary conditions including the substantially concurrent closing of the Merger.

On July 19, 2019, the Company entered into a commitment and engagement letter (as amended, the “Increase Commitment Letter”) and related fee letters to, if elected by the Company, increase the total size of the Debt Financing, including an increase to the senior secured term loan B facility to be arranged on a commercially reasonable efforts basis by the Commitment Parties in an amount to be agreed upon by the parties and an increase to the revolving credit facility by $830.0 million, the proceeds of which, if the Company elects to incur such financing, may be used to refinance certain existing indebtedness of Caesars Resort Collection, LLC and its subsidiaries and for working capital and general corporate purposes upon consummation of the Merger. The Increase Commitment Letter and a related engagement letter also contemplate the possibility of new senior secured and/or senior unsecured notes to be issued by the Company.

In connection with the execution of the Merger Agreement, on June 24, 2019, the Company entered into a Master Transaction Agreement (the “MTA”) with VICI Properties L.P., a Delaware limited partnership (“VICI”), pursuant to which, among other things, the Company has agreed, subject to the consummation of the Merger and the other applicable conditions set forth therein and in any related documents, (i) through one or more of its subsidiaries (after giving effect to the Merger) to consummate one or more sale and leaseback transactions with VICI and/or its affiliates with respect to certain property described in the MTA, including Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City (or, under certain circumstances, if necessary, certain replacement properties specified in the MTA), (ii) through one or more of its subsidiaries (after giving effect to the Merger) to amend the CPLV Lease, the Non-CPLV Lease and the Joliet Lease (each as defined in the MTA) in accordance with the terms of the MTA and receive certain consideration from VICI or its affiliates in respect thereof, (iii) to provide a guaranty in respect of each of the CPLV Lease, the Non-CPLV Lease and the Joliet Lease in accordance with the terms of the MTA, (iv) to enter into (or cause its applicable subsidiaries (after giving effect to the Merger) to enter into) certain right of first refusal agreements and a put-call right agreement in accordance with the terms of the MTA and (v) to undertake certain related transactions in connection with or related to the foregoing. The Company expects to apply the proceeds of the VICI transactions to pay a portion of the cash consideration payable in the Merger and transaction expenses associated with the Merger and related transactions.

On September 26, 2019, the Company and VICI entered into definitive Purchase and Sale Agreements to effect the purchase and sale of Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City in connection with the transactions described in clause (i) of the preceding paragraph.

The Company expects that the Merger and related transactions will be consummated in the first half of 2020.

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation.
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. 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 maker of our Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of our casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Elgin and Tropicana acquisitions, the Company’s principal operating activities occurred in four geographic regions and reportable segments. Following the Elgin and Tropicana acquisitions, a fifth segment, Central, was added. The reportable segments are based on the similar characteristics of the operating segments within the regions in which they operate: West, Midwest, South, East, and Central. (See the table above for a listing of properties included in each segment). The presentation of information herein for periods prior to our acquisitions of Elgin and Tropicana and after our dispositions of Presque Isle Downs and Nemacolin are not fully comparable because the results of operations for Elgin and Tropicana are not included for periods prior to August 7, 2018 and October 1, 2018, respectively. Additionally, the results of operations for Presque Isle Downs and Nemacolin are not included for periods after the sales date. The Company closed on its sales of Presque Isle Downs and Nemacolin in January 2019 and March 2019, respectively. (See Note 5). 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, 2018.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements Implemented in 2019 In February 2016 (as amended through December 2018), the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 codified as Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) which addresses the recognition and measurement of leases. Under the new guidance, for all leases, at the commencement date, lessees were required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease. The liability is measured on a discounted basis. Lessees also recognized a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to control the use of a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The effective date was for annual and interim periods beginning after December 15, 2018. ASC 842 required a transition adoption election using either 1) a modified retrospective approach with periods prior to the adoption date being recast or 2) a prospective approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods continuing to be reported under prior lease accounting guidance. The Company adopted ASC 842 on January 1, 2019 using the prospective approach, and therefore, comparative periods will continue to be reported under prior lease accounting guidance consistent with previously issued financial statements. The Company elected the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allowed us to carry forward the historical lease identification, lease classification and treatment of initial direct costs for leases entered into prior to January 1, 2019. The Company also made an accounting policy election to not record short-term leases with an initial term of 12 months or less on the balance sheet for all classes of underlying assets. The Company has also elected to not adopt the hindsight practical expedient for determining lease terms. The Company’s operating leases, in which the Company is the lessee, are recorded on the balance sheet as a ROU asset with a corresponding lease liability. The lease liability will be remeasured each reporting period with a corresponding change to the ROU asset. The adoption of this guidance did not have an impact on net income; however, upon adoption the Company recorded a cumulative adjustment to our retained earnings of $4.7 million, net of tax, primarily related to the Company’s lease and management agreements at its Bettendorf location. (See Note 2). Adoption of this guidance did not have a material impact on the Company’s other financing leases. Pronouncements to Be Implemented in Future Periods In June 2016 (modified in November 2018), the FASB issued ASU No 2016-13, Financial Instruments – Credit Losses related to timing of recognizing impairment losses on financial assets. The new guidance lowers the threshold on when losses are incurred, from a determination that a loss is probable to a determination that a loss is expected. The change in guidance will be applicable to our evaluation of the CRDA investments (see Note 8). The guidance is effective for interim and annual periods beginning after December 15, 2019. Adoption of the guidance requires a modified-retrospective approach and a cumulative adjustment to retained earnings to the first reporting period that the update is effective. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effects of the new guidance and currently does not expect a cumulative effect on its Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This generally means that an intangible asset is recognized for the software license and, to the extent that the payments attributable to the software license are made over time, a liability also is recognized. If a cloud computing arrangement does not include a software license, the entity should account for the arrangement as a service contract. This generally means that the fees associated with the hosting element (service) of the arrangement are expensed as incurred. The amendment is effective for annual and interim periods beginning after December 15, 2019, with early adoption allowed. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effects of the new guidance and currently does not believe it will have a significant impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU No 2018-14, Compensation –Retirement Benefits – Defined Benefit Plans – General. This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020 with early adoption allowed. The Company anticipates adopting this amendment during the first quarter of 2021, and currently does not expect it to have a significant impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This amendment modifies the disclosure requirements for fair value measurements and is effective for annual and interim periods beginning after December 15, 2019 with early adoption allowed. The Company will adopt the new guidance on January 1, 2020. The Company is evaluating the qualitative and quantitative effect the new guidance will have on its Consolidated Financial Statements.

Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Information Regarding Properties Listed by Segment

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of September 30, 2019:


Segment	Property	Date Acquired	State
West	Eldorado Resort Casino Reno ("Eldorado Reno")	(a)	Nevada
	Silver Legacy Resort Casino ("Silver Legacy")	(a)	Nevada
	Circus Circus Reno ("Circus Reno")	(a)	Nevada
	MontBleu Casino Resort & Spa ("MontBleu")	October 1, 2018	Nevada
	Tropicana Laughlin Hotel & Casino ("Laughlin")	October 1, 2018	Nevada
	Isle Casino Hotel - Blackhawk ("Isle Black Hawk")	May 1, 2017	Colorado
	Lady Luck Casino - Black Hawk ("Lady Luck Black Hawk")	May 1, 2017	Colorado

Midwest	Isle Casino Waterloo ("Waterloo")	May 1, 2017	Iowa
	Isle Casino Bettendorf ("Bettendorf")	May 1, 2017	Iowa
	Isle of Capri Casino Boonville ("Boonville")	May 1, 2017	Missouri
	Isle Casino Cape Girardeau ("Cape Girardeau")	May 1, 2017 (c)	Missouri
	Lady Luck Casino Caruthersville ("Caruthersville")	May 1, 2017 (c)	Missouri
	Isle of Capri Casino Kansas City ("Kansas City")	May 1, 2017 (c)	Missouri

South	Isle Casino Racing Pompano Park ("Pompano")	May 1, 2017	Florida
	Eldorado Resort Casino Shreveport ("Eldorado Shreveport")	(a)	Louisiana
	Isle of Capri Casino Hotel Lake Charles ("Lake Charles")	May 1, 2017	Louisiana
	Belle of Baton Rouge Casino & Hotel ("Baton Rouge")	October 1, 2018	Louisiana
	Isle of Capri Casino Lula ("Lula")	May 1, 2017	Mississippi
	Lady Luck Casino Vicksburg ("Vicksburg")	May 1, 2017 (c)	Mississippi
	Trop Casino Greenville ("Greenville")	October 1, 2018	Mississippi

East (b)	Eldorado Gaming Scioto Downs ("Scioto Downs")	(a)	Ohio
	Mountaineer Casino, Racetrack & Resort ("Mountaineer")	(a) (c)	West Virginia
	Tropicana Casino and Resort, Atlantic City ("Trop AC")	October 1, 2018	New Jersey

Central	Grand Victoria Casino ("Elgin")	August 7, 2018	Illinois
	Lumière Place Casino ("Lumière")	October 1, 2018	Missouri
	Tropicana Evansville ("Evansville")	October 1, 2018	Indiana

(a)	Property was aggregated into segment prior to January 1, 2016.

(b)	Presque Isle Downs was sold on January 11, 2019 and Nemacolin was sold on March 8, 2019. Both properties were previously reported in the East segment.

(c)	Property currently pending sale (see Note 5).

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Leases Recorded on Balance Sheet

Leases recorded on the balance sheet consist of the following (in thousands):

Leases	Classification on the Balance Sheet	September 30, 2019
ASSETS
Operating lease ROU assets		$	245,344
Finance lease ROU assets	Property and equipment, net(1)	$	646,353
LIABILITIES
Current:
Operating		$	21,963
Finance	Current portion of long-term debt	$	133
Noncurrent:
Operating		$	229,297
Finance	Long-term financing obligation and debt	$	968,138

(1)

Finance lease ROU assets are recorded net of accumulated depreciation of $12.4 million as of September 30, 2019.

Schedule of Other Information Related to Lease Terms and Discount Rates

Other information related to lease terms and discount rates are as follows:

	September 30, 2019
Weighted Average Remaining Lease Term
Operating leases		34.1 years
Finance leases		34.0 years
Weighted Average Discount Rate
Operating leases(1)		7.2%
Finance leases		10.2%

(1)

Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.

Components of Lease Expense

The components of lease expense are as follows (in thousands):

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Operating lease cost:
Operating lease cost	$	7,674	$	22,729
Short-term and variable lease cost		1,573		5,211
Finance lease cost:
Interest expense on lease liabilities		24,696		73,931
Amortization of ROU assets		2,628		7,766
Total lease cost	$	36,571	$	109,637

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows (in thousands):

	Nine Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	19,382
Operating cash flows for finance leases	$	65,785

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities are summarized as follows (in thousands):

	Operating Leases			Finance Leases
Year ending December 31,
2019 (excluding the nine months ended September 30, 2019)	$	8,462		$	22,314
2020		19,666			89,246
2021		20,786			90,463
2022		19,784			91,756
2023		19,823			92,990
Thereafter		821,046			3,506,672
Total future minimum lease payments		909,567			3,893,441
Less: amount representing interest		(658,307	)		(3,345,270	)
Present value of future minimum lease payments		251,260			548,171
Less: current lease obligations		(21,963	)		(133	)
Plus: residual values - GLPI		—			420,100
Long-term lease obligations	$	229,297		$	968,138

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Disaggregation Of Revenue [Line Items]

Summary of Activity Related to Contract and Contract Related Liabilities

The following table summarizes the activity related to contract and contract-related liabilities (in thousands):

	Outstanding Chip Liability					Player Loyalty Liability						Customer Deposits and Other Deferred Revenue
	2019			2018		2019			2018			2019		2018
Balance at January 1	$	8,930		$	4,743	$	17,639		$	11,752		$	27,588	$	5,487
Balance at September 30		8,494			5,481		14,122			11,189			172,631		4,764
Increase / (decrease)	$	(436	)	$	738	$	(3,517	)	$	(563	)	$	145,043	$	(723	)

Adoption of ASC Topic 606

Disaggregation Of Revenue [Line Items]

Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment

	Three Months Ended September 30, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	62,081	$	84,249	$	87,331	$	129,244	$	95,095	$	—	$	458,000
Food and beverage		32,897		5,570		12,049		16,280		11,639		—		78,435
Hotel		41,352		4,240		6,647		33,039		9,040		—		94,318
Other		15,088		1,807		1,990		7,999		3,636		1,908		32,428
Net revenues	$	151,418	$	95,866	$	108,017	$	186,562	$	119,410	$	1,908	$	663,181

	Three Months Ended September 30, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	60,912	$	86,331	$	86,153	$	113,075	$	21,698	$	—	$	368,169
Food and beverage		27,502		6,867		12,492		9,359		1,933		—		58,153
Hotel		31,583		4,720		6,169		2,308		—		—		44,780
Other		9,095		1,916		1,755		2,980		266		139		16,151
Net revenues	$	129,092	$	99,834	$	106,569	$	127,722	$	23,897	$	139	$	487,253

	Nine Months Ended September 30, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	170,980	$	254,641	$	291,552	$	378,246	$	290,429	$	—	$	1,385,848
Food and beverage		90,084		17,553		39,815		45,960		35,660		—		229,072
Hotel		102,804		11,962		19,822		77,372		25,533		—		237,493
Other		33,373		5,734		6,480		21,671		11,053		5,401		83,712
Net revenues	$	397,241	$	289,890	$	357,669	$	523,249	$	362,675	$	5,401	$	1,936,125

	Nine Months Ended September 30, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	168,342	$	262,138	$	278,655	$	329,584	$	21,698	$	—	$	1,060,417
Food and beverage		76,524		20,527		38,936		26,724		1,933		—		164,644
Hotel		77,234		12,775		18,462		5,976		—		—		114,447
Other		24,450		5,795		5,559		8,292		266		377		44,739
Net revenues	$	346,550	$	301,235	$	341,612	$	370,576	$	23,897	$	377	$	1,384,247

Purchase Price Accounting and Pro Forma Information (Tables)

9 Months Ended

Sep. 30, 2019

Tropicana Entertainment Inc

Schedule of Purchase Consideration Calculation

The purchase consideration in the acquisition was determined with reference to its acquisition date fair value

Purchase consideration calculation (dollars in thousands)
Cash consideration paid	$	640,000
Lumière Loan		246,000
Cash paid to retire Tropicana's long-term debt		35,000
ERI portion of taxes due		6,333
Purchase consideration	$	927,333

Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed

Current and other assets	$	178,581
Property and equipment		436,416
Property subject to the financing obligation		957,300
Goodwill		211,232
Intangible assets (i)		247,976
Other noncurrent assets		54,570
Total assets		2,086,075
Current liabilities		(174,847	)
Financing obligation to GLPI		(957,300	)
Noncurrent liabilities		(26,595	)
Total liabilities		(1,158,742	)
Net assets acquired	$	927,333

(i)

Intangible assets consist of gaming licenses valued at $124.9 million, trade names valued at $67.1 million and player loyalty programs valued at $55.9 million.

Schedule of Unaudited Pro Forma Information

	Nine Months Ended
	September 30, 2018
Net operating revenues	$	2,063,604
Net income		78,730

Elgin Acquisition

Schedule of Purchase Consideration Calculation

Purchase consideration calculation (dollars in thousands)
Cash consideration paid	$	327,500
Working capital and other adjustments		1,304
Purchase consideration	$	328,804

Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed of Elgin, with the excess recorded as goodwill as of September 30, 2019 (dollars in thousands):

Cash and cash equivalents	$	25,349
Property and equipment		60,792
Goodwill		59,774
Intangible assets (i)		205,296
Other noncurrent assets		915
Total assets		352,126
Current liabilities		(21,572	)
Noncurrent liabilities		(1,750	)
Total liabilities		(23,322	)
Net assets acquired	$	328,804

(i)

Intangible assets consist of gaming license valued at $163.9 million, trade names valued at $12.6 million and player relationships valued at $28.8 million.

Schedule of Unaudited Pro Forma Information

	Nine Months Ended
	September 30, 2018
Net operating revenues	$	1,481,188
Net income		108,461

Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2019

Mountaineer, Cape Girardeau, Caruthersville, Kansas City and Vicksburg

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of September 30, 2019 (in thousands):

	September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg		Total
Assets:
Accounts receivable, net	$	3,122	$	327	$	159	$	240	$	72	$	3,920
Due from affiliates		106		—		—		—		—		106
Inventories		1,058		716		233		46		131		2,184
Right-of-use assets		341		148		7		41,389		—		41,885
Prepaid expenses and other		14,583		294		148		273		4,210		19,508
Property and equipment, net		66,284		77,007		15,323		38,724		31,287		228,625
Goodwill		3,854		18,790		18,276		39,623		8,806		89,349
Other intangibles, net		44,400		27,788		55,145		90,329		2,708		220,370
Assets held for sale	$	133,748	$	125,070	$	89,291	$	210,624	$	47,214	$	605,947

Liabilities:
Accounts payable	$	409	$	495	$	252	$	206	$	169	$	1,531
Accrued payroll and related		1,131		531		250		435		234		2,581
Accrued property and other taxes		1,137		952		299		484		753		3,625
Short-term lease obligation		171		54		6		3,057		—		3,288
Long-term lease obligation		170		94		1		38,332		—		38,597
Accrued other liabilities		2,917		1,269		567		1,392		291		6,436
Liabilities related to assets held for sale	$	5,935	$	3,395	$	1,375	$	43,906	$	1,447	$	56,058

The following information presents the net operating revenues and net income for the Company’s properties that are held for sale (in thousands):

	Three Months ended September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg
Net operating revenues	$	32,658	$	14,097	$	8,821	$	15,278	$	5,006
Net income (loss)		3,205		2,165		1,317		2,672		(401	)

	Nine Months ended September 30, 2019
	Mountaineer		Cape Girardeau		Caruthersville		Kansas City		Vicksburg
Net operating revenues	$	95,530	$	43,839	$	26,399	$	47,677	$	15,573
Net income (loss)		7,242		5,857		5,004		7,701		(1,195	)

Nemacolin and Presque Isle Downs

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value and Information of Net Operating Revenues and Net Income (Loss)

The assets and liabilities held for sale, accounted for at carrying value as it was lower than fair value, were as follows as of December 31, 2018 (in thousands):

	December 31, 2018
	Nemacolin		Presque Isle Downs		Total
Assets:
Accounts receivable, net	$	272	$	2,208	$	2,480
Inventories		79		1,607		1,686
Prepaid expenses and other		370		773		1,143
Property and equipment, net		1,784		70,134		71,918
Goodwill		—		3,122		3,122
Other intangibles, net		—		75,422		75,422
Assets held for sale	$	2,505	$	153,266	$	155,771

Liabilities:
Accounts payable	$	147	$	683	$	830
Accrued payroll and related		838		596		1,434
Accrued property and other taxes		552		71		623
Accrued other liabilities		1,628		3,659		5,287
Other long-term liabilities		105		—		105
Long-term obligation		2,412		—		2,412
Liabilities related to assets held for sale	$	5,682	$	5,009	$	10,691

The following information presents the net operating revenues and net income (loss) of Presque Isle Downs and Nemacolin prior to the respective divestitures (in thousands):

	Three Months ended September 30, 2018							Nine Months ended September 30, 2018
	Presque Isle Downs			Nemacolin			Presque Isle Downs			Nemacolin
Net operating revenues	$	37,685		$	8,866		$		107,738	$	25,799
Net income (loss)		5,713			(2,745	)			11,909		(3,213	)

	Nine Months ended September 30, 2019
	Presque Isle Downs			Nemacolin
Net operating revenues	$	3,235		$	4,836
Net loss		(42	)		(754	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Stock-Based Compensation and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Share Based Compensation [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Activity

A summary of the restricted stock unit (RSU) activity for the nine months ended September 30, 2019 is presented in the following table:

	Restricted Stock Units
	Units				Weighted- Average Grant Date Fair Value
					(in millions)
Unvested outstanding as of December 31, 2018		1,283,372		$		23.93
Granted (1)		457,941				45.23
Vested		(520,183	)			18.69
Forfeited		(19,453	)			23.79
Unvested outstanding as of September 30, 2019		1,201,677		$		34.26

(1)

Included are 30,135 RSUs granted to non-employee members of the Board of Directors during the nine months ended September 30, 2019.

Intangible Assets, Net and Other Long Term Assets (Tables)

9 Months Ended

Sep. 30, 2019

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):

	September 30,			December 31,
	2019			2018			Useful Life
Goodwill	$	909,717		$	1,008,316		Indefinite

Gaming licenses	$	893,271		$	1,090,682		Indefinite
Trade names		165,479			187,929		Indefinite
Player loyalty programs		97,035			105,005		3 - 4 years
Subtotal		1,155,785			1,383,616
Accumulated amortization player loyalty programs		(36,930	)		(21,610	)
Total gaming licenses and other intangible assets, net	$	1,118,855		$	1,362,006

Schedule of Other Assets, Net

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

	September 30,		December 31,
	2019		2018
CRDA bonds and deposits, net	$	4,974	$	6,694
Unamortized debt issuance costs - Revolving Credit Facility		7,903		9,533
Non-operating real property		1,957		17,880
Long-term prepaid rent		—		20,198
Restricted cash and investments		36,761		15,064
Other		27,284		14,077
Total other assets, net	$	78,879	$	83,446

Long-Term Financing Obligation (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Future Minimum Payments Related to Master Lease Financing Obligation

The future minimum payments related to the Master Lease financing obligation with GLPI at September 30, 2019 were as follows (in thousands):

2019 (excluding the nine months ended September 30, 2019)	$	22,214
2020		89,168
2021		90,417
2022		91,691
2023		92,990
Thereafter		3,506,672
Total future payments		3,893,152
Less: amounts representing interest at 10.2%		(3,345,270	)
Plus: residual values		420,100
Financing obligation to GLPI	$	967,982

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Long-term Debt

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

	September 30,			December 31,
	2019			2018
Term Loan	$	886,750		$	956,750
Less: Unamortized discount and debt issuance costs		(14,968	)		(18,426	)
Net		871,782			938,324
6% Senior Notes due 2026		600,000			600,000
Less: Unamortized debt issuance costs		(18,487	)		(19,630	)
Net		581,513			580,370
6% Senior Notes due 2025		875,000			875,000
Plus: Unamortized debt premium		21,049			23,491
Less: Unamortized debt issuance costs		(16,570	)		(18,405	)
Net		879,479			880,086
7% Senior Notes due 2023		375,000			375,000
Less: Unamortized discount and debt issuance costs		(5,239	)		(6,075	)
Net		369,761			368,925
Revolving Credit Facility		—			245,000
Lumière Loan		246,000			246,000
Long-term notes and other payables		2,658			3,030
Less: Current portion		(238	)		(462	)
Total long-term debt	$	2,950,955		$	3,261,273

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

	September 30, 2019
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	13,857	$	2,221	$	42,925	$	59,003
Marketable securities		12,665		7,768		—		20,433

Liabilities:
Other liabilities related to restricted investments		—		—		7,903		7,903

	December 31, 2018
Assets:	Level 1		Level 2		Level 3		Total
Restricted cash and investments	$	19,481	$	4,467	$	16,008	$	39,956
Marketable securities		9,515		7,442		—		16,957

Schedule of Change in Restricted Investments Valued Using Level 3 Inputs

The change in restricted cash and investments valued using Level 3 inputs for the nine months ended September 30, 2019 is as follows:

	Level 3 Investments			Level 3 Other Liabilities
Fair value of investment and liabilities at December 31, 2018	$	16,008		$	—
Value of additional investment received		27,329			8,774
Unrealized loss		(412	)		(871	)
Fair value at September 30, 2019	$	42,925		$	7,903

Schedule of Estimated Fair Value of Financial Instruments

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

	September 30, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
7% Senior Notes due 2023	$	369,761	$	392,813	$	368,925	$	385,312
6% Senior Notes due 2025		879,479		923,125		880,086		840,000
6% Senior Notes due 2026		581,513		660,000		580,370		567,000
Term Loan		871,783		884,533		938,324		916,088
Revolving Credit Facility		—		—		245,000		245,000
Lumière Loan		246,000		246,000		246,000		246,000
Other long-term debt		2,657		2,657		3,030		3,030

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share Basic And Diluted [Abstract]

Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Net Income Per Share Computations

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income available to common stockholders	$	37,055	$	37,704	$	94,220	$	95,355
Shares outstanding:
Weighted average shares outstanding – basic		77,721,353		77,522,664		77,657,553		77,445,611
Effect of dilutive securities:
Stock options		103,337		93,530		105,036		125,861
RSUs		625,057		667,394		825,928		636,568
Weighted average shares outstanding – diluted		78,449,747		78,283,588		78,588,517		78,208,040
Net income per common share attributable to common stockholders – basic:	$	0.48	$	0.49	$	1.21	$	1.23
Net income per common share attributable to common stockholders – diluted:	$	0.47	$	0.48	$	1.20	$	1.22

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable Segments

The following table sets forth, for the periods indicated, certain operating data for our five reportable segments.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(in thousands)
Revenues and expenses
West:
Net operating revenues	$	151,418		$	129,092		$	397,241		$	346,550
Depreciation and amortization		13,935			9,476			40,585			27,045
Operating income		35,358			31,894			66,772			63,898
Midwest:
Net operating revenues		95,866			99,834			289,890			301,235
Depreciation and amortization		4,515			8,605			20,650			24,654
Operating income		30,221			26,637			87,066			80,725
South:
Net operating revenues		108,017			106,569			357,669			341,612
Depreciation and amortization		9,000			9,703			29,865			26,343
Operating income		15,185			16,176			61,723			50,099
East:
Net operating revenues		186,562			127,722			523,249			370,576
Depreciation and amortization		11,630			4,486			36,019			15,253
Operating income		45,341			23,637			107,715			67,164
Central:
Net operating revenues		119,410			23,897			362,675			23,897
Depreciation and amortization		11,626			2,215			34,317			2,215
Operating income		25,793			2,868			80,896			2,868
Corporate:
Net operating revenues		1,908			139			5,401			377
Depreciation and amortization		1,886			1,275			5,446			3,694
Operating expense		(26,991	)		(9,443	)		(53,111	)		(41,377	)
Total Reportable Segments
Net operating revenues	$	663,181		$	487,253		$	1,936,125		$	1,384,247
Depreciation and amortization	$	52,592		$	35,760		$	166,882		$	99,204
Operating income	$	124,907		$	91,769		$	351,061		$	223,377
Reconciliations to consolidated net income:
Operating income	$	124,907		$	91,769		$	351,061		$	223,377
Unallocated income and expenses:
Interest expense, net		(71,897	)		(34,085	)		(217,205	)		(96,579	)
Loss on early retirement of debt, net		(1,204	)		—			(1,204	)		(162	)
Unrealized gain on restricted investments		3,318			—			460			—
Provision for income taxes		(18,069	)		(19,980	)		(38,892	)		(31,281	)
Net income	$	37,055		$	37,704		$	94,220		$	95,355

Schedule of Capital Expenditures, Net for Reportable Segments

	Nine Months Ended September 30,
	2019		2018
	(in thousands)
Capital Expenditures, Net
West	$	67,787	$	49,060
Midwest		11,175		14,516
South		15,035		12,307
East		28,280		8,953
Central		8,521		237
Corporate		4,218		4,009
Total	$	135,016	$	89,082

Schedule of Balance Sheet Information for Reportable Segments

		West		Midwest		South		East		Central		Corporate, Other & Eliminations			Total
Balance sheet as of September 30, 2019	(in thousands)
Total assets		$	1,862,752	$	1,327,369	$	1,161,263	$	2,006,147	$	1,540,086	$	(1,816,376	)	$	6,081,241
Goodwill			220,934		246,056		204,791		162,816		75,120		—			909,717

Balance sheet as of December 31, 2018
Total assets		$	1,710,375	$	1,245,521	$	1,068,258	$	2,166,730	$	1,457,961	$	(1,737,383	)	$	5,911,462
Goodwill			220,861		322,745		213,150		177,486		74,074		—			1,008,316

Consolidating Condensed Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Balance Sheet

The consolidating condensed balance sheet as of September 30, 2019 is as follows:

Balance Sheet	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Current assets	$	78,612	$	864,016	$	20,911	$	—		$	963,539
Intercompany receivables		—		438,466		32,402		(470,868	)		—
Investment in and advances to unconsolidated affiliates		127,480		2,316		—		—			129,796
Investments in subsidiaries		3,847,795		—		—		(3,847,795	)		—
Property and equipment, net		17,544		2,616,883		684		—			2,635,111
Other assets		72,945		2,299,720		15,868		(35,738	)		2,352,795
Total assets	$	4,144,376	$	6,221,401	$	69,865	$	(4,354,401	)	$	6,081,241

Current liabilities	$	75,851	$	321,286	$	17,834	$	—		$	414,971
Intercompany payables		445,868		—		25,000		(470,868	)		—
Long-term financing obligation to GLPI		—		967,982		—		—			967,982
Long-term debt, less current maturities		2,329,800		621,155		—		—			2,950,955
Deferred income tax liabilities		—		260,449		166		(35,738	)		224,877
Other liabilities		166,080		229,598		—		—			395,678
Stockholders’ equity		1,126,777		3,820,931		26,865		(3,847,795	)		1,126,778
Total liabilities and stockholders’ equity	$	4,144,376	$	6,221,401	$	69,865	$	(4,354,401	)	$	6,081,241

The consolidating condensed balance sheet as of December 31, 2018 is as follows:

Balance Sheet	Eldorado Resorts, Inc. (Parent Obligor)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Current assets	$	48,268	$	497,309	$	27,619	$	—		$	573,196
Intercompany receivables		—		7,831		28,042		(35,873	)		—
Investment in and advances to unconsolidated affiliates		—		1,892		—		—			1,892
Investments in subsidiaries		3,648,961		—		—		(3,648,961	)		—
Property and equipment, net		18,555		2,863,311		740		—			2,882,606
Other assets		35,072		2,423,807		26,674		(31,785	)		2,453,768
Total assets	$	3,750,856	$	5,794,150	$	83,075	$	(3,716,619	)	$	5,911,462

Current liabilities	$	48,579	$	328,319	$	25,279	$	—		$	402,177
Intercompany payables		10,873		—		25,000		(35,873	)		—
Long-term financing obligation to GLPI		—		959,835		—		—			959,835
Long-term debt, less current maturities		2,640,046		621,193		34		—			3,261,273
Deferred income tax liabilities		—		231,795		—		(31,785	)		200,010
Other liabilities		22,206		36,808		—		—			59,014
Stockholders’ equity		1,029,152		3,616,200		32,762		(3,648,961	)		1,029,153
Total liabilities and stockholders’ equity	$	3,750,856	$	5,794,150	$	83,075	$	(3,716,619	)	$	5,911,462

Consolidating Condensed Statements of Operations

The consolidating condensed statement of operations for the three months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—			457,852		$	148		$	—		$	458,000
Non-gaming		1,785			202,018			1,378			—			205,181
Net revenues		1,785			659,870			1,526			—			663,181

Operating expenses:
Gaming and pari-mutuel commissions		—			202,555			—			—			202,555
Non-gaming		—			99,813			—			—			99,813
Marketing and promotions		—			33,291			1			—			33,292
General and administrative		—			122,802			(35	)		—			122,767
Corporate		13,490			(541	)		65			—			13,014
Management fee		(6,401	)		6,401			—			—			—
Depreciation and amortization		1,311			51,225			56			—			52,592
Total operating expenses		8,400			515,546			87			—			524,033

Loss on sale or disposal of property and equipment		—			(284	)		—			—			(284	)
Transaction expenses		(12,442	)		—			—			—			(12,442	)
(Loss) income from unconsolidated affiliates		(1,552	)		37			—			—			(1,515	)
Operating (loss) income		(20,609	)		144,077			1,439			—			124,907
Other Expense:
Interest expense, net		(35,600	)		(35,948	)		(349	)		—			(71,897	)
Loss on early retirement of debt, net		(1,204	)		—			—			—			(1,204	)
Unrealized gain on restricted investments		3,318			—			—			—			3,318
Subsidiary income (loss)		71,256			—			—			(71,256	)		—
Income (loss) before income taxes		17,161			108,129			1,090			(71,256	)		55,124
Income tax benefit (provision)		19,894			(37,633	)		(330	)		—			(18,069	)
Net income (loss)	$	37,055		$	70,496		$	760		$	(71,256	)	$	37,055

The consolidating condensed statement of operations for the three months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	359,897		$	8,272		$	—		$	368,169
Non-gaming		10			116,639			2,435			—			119,084
Net revenues		10			476,536			10,707			—			487,253

Operating expenses:
Gaming and pari-mutuel commissions		—			174,602			5,460			—			180,062
Non-gaming		—			68,046			627			—			68,673
Marketing and promotions		—			22,687			435			—			23,122
General and administrative		—			73,755			1,844			—			75,599
Corporate		8,596			94			527			—			9,217
Impairment charges		—			—			3,787			—			3,787
Management fee		(7,067	)		7,067			—			—			—
Depreciation and amortization		923			34,782			55			—			35,760
Total operating expenses		2,452			381,033			12,735			—			396,220

Loss on sale of asset or disposal of property and equipment		—			(101	)		(9	)		—			(110	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(4,090	)		(1	)		—			—			(4,091	)
Equity in loss of unconsolidated affiliate		—			(63	)		—			—			(63	)
Operating (loss) income		(1,532	)		95,338			(2,037	)		—			91,769
Other Expense:
Interest expense, net		(27,582	)		(6,088	)		(415	)		—			(34,085	)
Subsidiary income (loss)		61,964			—			—			(61,964	)		—
Income (loss) before income taxes		32,850			89,250			(2,452	)		(61,964	)		57,684
Income tax benefit (provision)		4,854			(25,778	)		944			—			(19,980	)
Net income (loss)	$	37,704		$	63,472		$	(1,508	)	$	(61,964	)	$	37,704

The consolidating condensed statement of operations for the nine months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	1,381,231		$	4,617		$	—		$	1,385,848
Non-gaming		4,966			540,394			4,917			—			550,277
Net revenues		4,966			1,921,625			9,534			—			1,936,125

Operating expenses:
Gaming and pari-mutuel commissions		—			612,937			3,164			—			616,101
Non-gaming		—			290,053			400			—			290,453
Marketing and promotions		—			97,422			251			—			97,673
General and administrative		—			358,884			1,202			—			360,086
Corporate		50,352			166			301			—			50,819
Impairment charges		—			958			—			—			958
Management fee		(16,956	)		16,956			—			—			—
Depreciation and amortization		3,701			163,125			56			—			166,882
Total operating expenses		37,097			1,540,501			5,374			—			1,582,972

Gain on sale or disposal of property and equipment		409			21,193			66			—			21,668
Transaction expenses		(20,470	)		(913	)		(245	)		—			(21,628	)
(Loss) income from unconsolidated affiliates		(2,281	)		149			—			—			(2,132	)
Operating (loss) income		(54,473	)		401,553			3,981			—			351,061
Other Expense:
Interest expense, net		(108,617	)		(107,507	)		(1,081	)		—			(217,205	)
Loss on early retirement of debt, net		(1,204	)		—			—			—			(1,204	)
Unrealized gain on restricted investments		460			—			—			—			460
Subsidiary income (loss)		203,531			—			—			(203,531	)		—
Income (loss) before income taxes		39,697			294,046			2,900			(203,531	)		133,112
Income tax benefit (provision)		54,523			(92,515	)		(900	)		—			(38,892	)
Net income (loss)	$	94,220		$	201,531		$	2,000		$	(203,531	)	$	94,220

The consolidating condensed statement of operations for the nine months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Eldorado Resorts, Inc. Consolidated
	(in thousands)
Revenues:
Gaming and pari-mutuel commissions	$	—		$	1,036,650		$	23,767		$	—		$	1,060,417
Non-gaming		10			316,216			7,604			—			323,830
Net revenues		10			1,352,866			31,371			—			1,384,247

Operating expenses:
Gaming and pari-mutuel commissions		—			503,741			15,817			—			519,558
Non-gaming		—			198,113			2,022			—			200,135
Marketing and promotions		—			64,943			1,312			—			66,255
General and administrative		—			218,054			5,492			—			223,546
Corporate		30,148			751			2,119			—			33,018
Impairment charges		—			9,815			3,787			—			13,602
Management fee		(19,234	)		19,234			—			—			—
Depreciation and amortization		2,646			96,180			378			—			99,204
Total operating expenses		13,560			1,110,831			30,927			—			1,155,318

Loss on sale of asset or disposal of property and equipment		—			(386	)		(7	)		—			(393	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(9,543	)		(500	)		—			—			(10,043	)
Equity in loss of unconsolidated affiliate		—			(116	)		—			—			(116	)
Operating (loss) income		(18,093	)		241,033			437			—			223,377
Other Expense:
Interest expense, net		(76,927	)		(18,293	)		(1,359	)		—			(96,579	)
Loss on early retirement of debt, net		(162	)		—			—			—			(162	)
Subsidiary income (loss)		166,040			—			—			(166,040	)		—
Income (loss) before income taxes		70,858			222,740			(922	)		(166,040	)		126,636
Income tax benefit (provision)		24,497			(56,519	)		741			—			(31,281	)
Net income (loss)	$	95,355		$	166,221		$	(181	)	$	(166,040	)	$	95,355

Consolidating Condensed Statement of Cash Flows

The consolidating condensed statement of cash flows for the nine months ended September 30, 2019 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(83,572	)	$	342,979		$	676		$	—	$	260,083
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(3,510	)		(131,506	)		—			—		(135,016	)
Sale of restricted investments		—			—			4,962			—		4,962
Proceeds from sale of property and equipment, net of cash sold		33			171,398			(2,070	)		—		169,361
Investments in and loans to unconsolidated affiliates		(815	)		—			—			—		(815	)
Net cash (used in) provided by investing activities		(4,292	)		39,892			2,892			—		38,492
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		434,993			(430,633	)		(4,360	)		—		—
Payments on Term Loan		(70,000	)		—			—			—		(70,000	)
Net payments under Revolving Credit Facility		(245,000	)		—			—			—		(245,000	)
Debt issuance costs		(458	)		—			—			—		(458	)
Taxes paid related to net share settlement of equity awards		(7,574	)		—			—			—		(7,574	)
Dividends received (paid)		—			7,900			(7,900	)		—		—
Payments on other long-term payables		(72	)		(36	)		(264	)				(372	)
Net cash provided by (used in) financing activities		111,889			(422,769	)		(12,524	)		—		(323,404	)
Increase (decrease) in cash, cash equivalents and restricted cash		24,025			(39,898	)		(8,956	)		—		(24,829	)
Cash, cash equivalents and restricted cash, beginning of period		12,844			222,672			11,175			—		246,691
Cash, cash equivalents and restricted cash, end of period	$	36,869		$	182,774		$	2,219		$	—	$	221,862

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	36,869			169,819			2,143		$	—	$	208,831
Restricted cash		—			6,361			76			—		6,437
Restricted and escrow cash included in other noncurrent assets		—			6,594			—			—		6,594
Total cash, cash equivalents and restricted cash	$	36,869		$	182,774		$	2,219		$	—	$	221,862

The consolidating condensed statement of cash flows for the nine months ended September 30, 2018 is as follows:

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(22,743	)	$	283,410		$	2,781		$	—	$	263,448
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(2,620	)		(86,405	)		(57	)		—		(89,082	)
Proceeds from sale of property and equipment		—			920			—			—		920
Net cash (used in) provided by business combinations		(328,925	)		22,651			—			—		(306,274	)
Investment in and loans to unconsolidated affiliates		—			(698	)		—			—		(698	)
Net cash used in investing activities		(331,545	)		(63,532	)		(57	)		—		(395,134	)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		208,772			(214,023	)		5,251			—		—
Proceeds from issuance of New Term Loan		—			—			—			—		—
Proceeds from issuance of 6% Senior Notes due 2026		—			—			600,000			—		600,000
Net borrowings under Revolving Credit Facility		180,000			—			—			—		180,000
Debt issuance costs		(5,401	)		—			—			—		(5,401	)
Taxes paid related to net share settlement of equity awards		(10,601	)		—			—			—		(10,601	)
Proceeds from exercise of stock options		154			—			—			—		154
Payments on other long-term payables		(67	)		(217	)		(217	)		—		(501	)
Net cash provided by (used in) financing activities		372,857			(214,240	)		605,034			—		763,651
Increase in cash, cash equivalents and restricted cash		18,569			5,638			607,758			—		631,965
Cash, cash equivalents and restricted cash, beginning of period		13,837			118,483			15,429			—		147,749
Cash, cash equivalents and restricted cash, end of period	$	32,406		$	124,121		$	623,187		$	—	$	779,714

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	31,688		$	122,451		$	9,947		$	—	$	164,086
Restricted cash		718			670			234			—		1,622
Restricted and escrow cash included in other noncurrent assets		—			1,000			613,006			—		614,006
Total cash, cash equivalents and restricted cash	$	32,406		$	124,121		$	623,187		$	—	$	779,714

Organization and Basis of Presentation - Additional information (Details) $ in Millions	6 Months Ended	9 Months Ended
	Jun. 30, 2018 Region segment	Sep. 30, 2019 USD ($) segment	Oct. 01, 2018 property
Organization and Basis of Presentation
Number of geographic regions \| Region	4
Number of reportable segments \| segment	4	5
Cumulative adjustment to retained earnings, net of tax \| $		$ 4.7
Isle of Capri
Organization and Basis of Presentation
Acquisition date		May 01, 2017
Elgin Acquisition
Organization and Basis of Presentation
Acquisition date		Aug. 07, 2018
Tropicana Entertainment Inc
Organization and Basis of Presentation
Acquisition date		Oct. 01, 2018
Number of properties added to portfolio \| property			7

Organization and Basis of Presentation - Summary of Information Regarding Properties Listed by Segment (Details)	9 Months Ended
	Sep. 30, 2019
West Segment \| Eldorado Reno \| NEVADA
Segment Reporting Information [Line Items]
Property	Eldorado Resort Casino Reno ("Eldorado Reno")
State	Nevada
West Segment \| Silver Legacy \| NEVADA
Segment Reporting Information [Line Items]
Property	Silver Legacy Resort Casino ("Silver Legacy")
State	Nevada
West Segment \| Circus Reno \| NEVADA
Segment Reporting Information [Line Items]
Property	Circus Circus Reno ("Circus Reno")
State	Nevada
West Segment \| MontBleu \| NEVADA
Segment Reporting Information [Line Items]
Property	MontBleu Casino Resort & Spa ("MontBleu")
Date Acquired	Oct. 01, 2018
State	Nevada
West Segment \| Laughlin \| NEVADA
Segment Reporting Information [Line Items]
Property	Tropicana Laughlin Hotel & Casino ("Laughlin")
Date Acquired	Oct. 01, 2018
State	Nevada
West Segment \| Isle Black Hawk \| COLORADO
Segment Reporting Information [Line Items]
Property	Isle Casino Hotel - Blackhawk ("Isle Black Hawk")
Date Acquired	May 01, 2017
State	Colorado
West Segment \| Lady Luck Black Hawk \| COLORADO
Segment Reporting Information [Line Items]
Property	Lady Luck Casino - Black Hawk ("Lady Luck Black Hawk")
Date Acquired	May 01, 2017
State	Colorado
Midwest Segment \| Waterloo \| IOWA
Segment Reporting Information [Line Items]
Property	Isle Casino Waterloo ("Waterloo")
Date Acquired	May 01, 2017
State	Iowa
Midwest Segment \| Bettendorf \| IOWA
Segment Reporting Information [Line Items]
Property	Isle Casino Bettendorf ("Bettendorf")
Date Acquired	May 01, 2017
State	Iowa
Midwest Segment \| Boonville \| Missouri
Segment Reporting Information [Line Items]
Property	Isle of Capri Casino Boonville ("Boonville")
Date Acquired	May 01, 2017
State	Missouri
Midwest Segment \| Cape Girardeau \| Missouri
Segment Reporting Information [Line Items]
Property	Isle Casino Cape Girardeau ("Cape Girardeau")
Date Acquired	May 01, 2017
State	Missouri
Midwest Segment \| Caruthersville \| Missouri
Segment Reporting Information [Line Items]
Property	Lady Luck Casino Caruthersville ("Caruthersville")
Date Acquired	May 01, 2017
State	Missouri
Midwest Segment \| Kansas City \| Missouri
Segment Reporting Information [Line Items]
Property	Isle of Capri Casino Kansas City ("Kansas City")
Date Acquired	May 01, 2017
State	Missouri
South Segment \| Pompano \| FLORIDA
Segment Reporting Information [Line Items]
Property	Isle Casino Racing Pompano Park ("Pompano")
Date Acquired	May 01, 2017
State	Florida
South Segment \| Eldorado Shreveport \| LOUISIANA
Segment Reporting Information [Line Items]
Property	Eldorado Resort Casino Shreveport ("Eldorado Shreveport")
State	Louisiana
South Segment \| Lake Charles \| LOUISIANA
Segment Reporting Information [Line Items]
Property	Isle of Capri Casino Hotel Lake Charles ("Lake Charles")
Date Acquired	May 01, 2017
State	Louisiana
South Segment \| Baton Rouge \| LOUISIANA
Segment Reporting Information [Line Items]
Property	Belle of Baton Rouge Casino & Hotel ("Baton Rouge")
Date Acquired	Oct. 01, 2018
State	Louisiana
South Segment \| Lula \| MISSISSIPPI
Segment Reporting Information [Line Items]
Property	Isle of Capri Casino Lula ("Lula")
Date Acquired	May 01, 2017
State	Mississippi
South Segment \| Vicksburg \| MISSISSIPPI
Segment Reporting Information [Line Items]
Property	Lady Luck Casino Vicksburg ("Vicksburg")
Date Acquired	May 01, 2017
State	Mississippi
South Segment \| Greenville \| MISSISSIPPI
Segment Reporting Information [Line Items]
Property	Trop Casino Greenville ("Greenville")
Date Acquired	Oct. 01, 2018
State	Mississippi
East Segment \| Mountaineer \| WEST VIRGINIA
Segment Reporting Information [Line Items]
Property	Mountaineer Casino, Racetrack & Resort ("Mountaineer")
State	West Virginia
East Segment \| Scioto Downs \| OHIO
Segment Reporting Information [Line Items]
Property	Eldorado Gaming Scioto Downs ("Scioto Downs")
State	Ohio
East Segment \| Trop AC \| NEW JERSEY
Segment Reporting Information [Line Items]
Property	Tropicana Casino and Resort, Atlantic City ("Trop AC")
Date Acquired	Oct. 01, 2018
State	New Jersey
Central Segment \| Elgin \| ILLINOIS
Segment Reporting Information [Line Items]
Property	Grand Victoria Casino ("Elgin")
Date Acquired	Aug. 07, 2018
State	Illinois
Central Segment \| Lumi?re \| Missouri
Segment Reporting Information [Line Items]
Property	Lumière Place Casino ("Lumière")
Date Acquired	Oct. 01, 2018
State	Missouri
Central Segment \| Tropicana Evansville \| Indiana
Segment Reporting Information [Line Items]
Property	Tropicana Evansville ("Evansville")
Date Acquired	Oct. 01, 2018
State	Indiana

Leases - Additional information (Details)	9 Months Ended
Leases - Additional information (Details)	Sep. 30, 2019
Lessee Lease Description [Line Items]
Operating lease expected or initial term	12 months
Minimum
Lessee Lease Description [Line Items]
Options to extend lease term	1 month
Maximum
Lessee Lease Description [Line Items]
Options to extend lease term	60 years

Leases - Schedule of Leases Recorded on Balance Sheet (Details) $ in Thousands	Sep. 30, 2019 USD ($)
ASSETS
Operating lease ROU assets	$ 245,344
Finance lease ROU assets	$ 646,353
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
LIABILITIES
Operating	$ 21,963
Finance	$ 133
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Operating	$ 229,297
Finance	$ 968,138
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	eri:LongTermFinancingObligationAndDebt

Leases - Schedule of Leases Recorded on Balance Sheet (Parenthetical) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
Finance lease ROU assets net of accumulated depreciation	$ 12.4

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted Average Remaining Lease Term, Operating leases	34 years 1 month 6 days
Weighted Average Remaining Lease Term, Finance leases	34 years
Weighted Average Discount Rate, Operating leases	7.20%
Weighted Average Discount Rate, Finance leases	10.20%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Operating lease cost:
Operating lease cost	$ 7,674	$ 22,729
Short-term and variable lease cost	1,573	5,211
Finance lease cost:
Interest expense on lease liabilities	24,696	73,931
Amortization of ROU assets	2,628	7,766
Total lease cost	$ 36,571	$ 109,637

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 19,382
Operating cash flows for finance leases	$ 65,785

Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Operating Leases
2019 (excluding the nine months ended September 30, 2019)	$ 8,462
2020	19,666
2021	20,786
2022	19,784
2023	19,823
Thereafter	821,046
Total future minimum lease payments	909,567
Less: amount representing interest	(658,307)
Present value of future minimum lease payments	251,260
Less: current lease obligations	(21,963)
Long-term lease obligation	229,297
Finance Leases
2019 (excluding the nine months ended September 30, 2019)	22,314
2020	89,246
2021	90,463
2022	91,756
2023	92,990
Thereafter	3,506,672
Total future minimum lease payments	3,893,441
Less: amount representing interest	(3,345,270)
Present value of future minimum lease payments	548,171
Less: current lease obligations	(133)
Plus: residual values - GLPI	420,100
Long-term lease obligations	$ 968,138

Revenue Recognition - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Net revenues	$ 663,181	$ 487,253	$ 1,936,125	$ 1,384,247
Casino
Disaggregation Of Revenue [Line Items]
Net revenues	458,000	368,169	1,385,848	1,060,417
Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	78,435	58,153	229,072	164,644
Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	94,318	44,780	237,493	114,447
Other
Disaggregation Of Revenue [Line Items]
Net revenues	32,428	16,151	83,712	44,739
Corporate
Disaggregation Of Revenue [Line Items]
Net revenues	1,908	139	5,401	377
Corporate \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	1,908	139	5,401	377
West Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues	151,418	129,092	397,241	346,550
West Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues	62,081	60,912	170,980	168,342
West Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	32,897	27,502	90,084	76,524
West Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	41,352	31,583	102,804	77,234
West Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	15,088	9,095	33,373	24,450
Midwest Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues	95,866	99,834	289,890	301,235
Midwest Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues	84,249	86,331	254,641	262,138
Midwest Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	5,570	6,867	17,553	20,527
Midwest Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	4,240	4,720	11,962	12,775
Midwest Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	1,807	1,916	5,734	5,795
South Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues	108,017	106,569	357,669	341,612
South Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues	87,331	86,153	291,552	278,655
South Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	12,049	12,492	39,815	38,936
South Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	6,647	6,169	19,822	18,462
South Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	1,990	1,755	6,480	5,559
East Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues	186,562	127,722	523,249	370,576
East Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues	129,244	113,075	378,246	329,584
East Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	16,280	9,359	45,960	26,724
East Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	33,039	2,308	77,372	5,976
East Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	7,999	2,980	21,671	8,292
Central Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues	119,410	23,897	362,675	23,897
Central Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues	95,095	21,698	290,429	21,698
Central Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues	11,639	1,933	35,660	1,933
Central Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues	9,040		25,533
Central Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues	$ 3,636	$ 266	$ 11,053	$ 266

Revenue Recognition - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Outstanding Chip Liability
Disaggregation Of Revenue [Line Items]
Balance at January 1	$ 8,930	$ 4,743
Balance at September 30	8,494	5,481
Increase / (decrease)	(436)	738
Player Loyalty Liability
Disaggregation Of Revenue [Line Items]
Balance at January 1	17,639	11,752
Balance at September 30	14,122	11,189
Increase / (decrease)	(3,517)	(563)
Customer Deposits and Other Deferred Revenue
Disaggregation Of Revenue [Line Items]
Balance at January 1	27,588	5,487
Balance at September 30	172,631	4,764
Increase / (decrease)	$ 145,043	$ (723)

Purchase Price Accounting and Pro Forma Information - Tropicana Acquisition - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 20, 2018	Apr. 15, 2018
6% Senior Notes due 2026
Business Acquisition [Line Items]
Proceeds from issuance of 6% Senior Notes due 2026	$ 600,000				$ 600,000
Interest rate (as a percent)	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%
Senior notes, maturity year	2026			2026
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Acquisition agreement date				Apr. 15, 2018
Acquisition date				Oct. 01, 2018
Business acquisition, consideration payable		$ 927,333		$ 927,333			$ 1,900,000
Cash consideration paid	$ 640,000
Purchase consideration	927,333
Business acquisition, transaction costs		800	$ 2,000	3,300	$ 5,500
Valuation finalizing adjustments on goodwill		9,300
Valuation finalizing adjustments on other noncurrent assets		16,300
Valuation finalizing adjustments on other immaterial changes to liabilities		$ 7,000
Net revenues generated from the acquisition date				643,800
Net income (loss) generated from the acquisition date				$ 14,700
Tropicana Entertainment Inc \| Player Loyalty Programs
Business Acquisition [Line Items]
Estimated useful life				3 years
Tropicana Entertainment Inc \| Tropicana Aruba Resort, Casino and GLPI
Business Acquisition [Line Items]
Cash consideration paid	964,000
Tropicana Entertainment Inc \| GLPI
Business Acquisition [Line Items]
Loan amount to fund real property	246,000
Fair value of real estate	$ 957,300

Purchase Price Accounting and Pro Forma Information - Schedule of Purchase Consideration Calculation (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Aug. 07, 2018
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Cash consideration paid	$ 640,000
Lumière Loan	246,000
Cash paid to retire Tropicana's long-term debt	35,000
ERI portion of taxes due	6,333
Purchase consideration	$ 927,333
Elgin Acquisition
Business Acquisition [Line Items]
Cash consideration paid		$ 327,500
Working capital and other adjustments		1,304
Purchase consideration		$ 328,804

Purchase Price Accounting and Pro Forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Apr. 15, 2018
Business Acquisition [Line Items]
Goodwill	$ 909,717	$ 1,008,316
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Current and other assets	178,581
Property and equipment	436,416
Property subject to the financing obligation	957,300
Goodwill	211,232
Intangible assets	247,976
Other noncurrent assets	54,570
Total assets	2,086,075
Current liabilities	(174,847)
Financing obligation to GLPI	(957,300)
Noncurrent liabilities	(26,595)
Total liabilities	(1,158,742)
Net assets acquired	927,333		$ 1,900,000
Elgin Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents	25,349
Property and equipment	60,792
Goodwill	59,774
Intangible assets	205,296
Other noncurrent assets	915
Total assets	352,126
Current liabilities	(21,572)
Noncurrent liabilities	(1,750)
Total liabilities	(23,322)
Net assets acquired	$ 328,804

Purchase Price Accounting and Pro Forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Intangible asset acquired	$ 247,976
Tropicana Entertainment Inc \| Player Loyalty Programs
Business Acquisition [Line Items]
Intangible asset acquired	55,900
Tropicana Entertainment Inc \| Gaming licenses
Business Acquisition [Line Items]
Intangible asset acquired	124,900
Tropicana Entertainment Inc \| Trade Names
Business Acquisition [Line Items]
Intangible asset acquired	67,100
Elgin Acquisition
Business Acquisition [Line Items]
Intangible asset acquired	205,296
Elgin Acquisition \| Player Relationships
Business Acquisition [Line Items]
Intangible asset acquired	28,800
Elgin Acquisition \| Gaming licenses
Business Acquisition [Line Items]
Intangible asset acquired	163,900
Elgin Acquisition \| Trade Names
Business Acquisition [Line Items]
Intangible asset acquired	$ 12,600

Purchase Price Accounting and Pro Forma Information - Elgin - Additional Information (Details) - Elgin Acquisition - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 07, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Acquisition date				Aug. 07, 2018
Cash consideration paid	$ 327,500
Percentage of partnership interest	100.00%
Working capital and other adjustments	$ 1,304
Business acquisition, transaction costs		$ 100	$ 2,100	$ 100	$ 3,400
Purchase consideration	$ 328,804
Net revenues generated from the acquisition date				115,700
Net income (loss) generated from the acquisition date				$ 17,400
Player Loyalty Programs
Business Acquisition [Line Items]
Estimated useful life				4 years

Purchase Price Accounting and Pro Forma Information - Unaudited Pro Forma Information - (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Net operating revenues	$ 2,063,604
Net income	78,730
Elgin Acquisition
Business Acquisition [Line Items]
Net operating revenues	1,481,188
Net income	$ 108,461

Assets Held for Sale - Additional information (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended	9 Months Ended
	Jul. 10, 2019	Jul. 06, 2018	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 17, 2019	Aug. 10, 2018	Feb. 28, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Impairment charges			$ 3,787		$ 958	$ 13,602
Nemacolin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain (loss) on sale					100
Disposal Group, Held-for-sale, Not Discontinued Operations \| Churchill Downs Incorporated
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Termination fee		$ 5,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| Nemacolin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash consideration on sale of assets and liabilities								$ 100
Impairment charge of net assets being sold			$ 3,800
Vicksburg's \| Churchill Downs Incorporated
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Impairment charges				$ 9,800
Mountaineer, Cape Girardeau, and Caruthersville \| Disposal Group, Held-for-sale, Not Discontinued Operations \| VICI Properties Inc
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Consideration for real property							$ 278,000
Mountaineer, Cape Girardeau, and Caruthersville \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Century Casinos, Inc
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Consideration for equity interests							$ 107,000
Presque Isle Downs
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain (loss) on sale					$ 22,100
Presque Isle Downs \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash consideration on sale of assets and liabilities									$ 178,900
Vicksburg \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash consideration on sale of assets and liabilities									$ 50,600
Twin River Worldwide Holdings Inc
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase consideration	$ 230,000

Assets Held for Sale - Schedule of Assets and Liabilities Held for Sale, Accounted Carrying Value Lower than Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Assets held for sale	$ 605,947	$ 155,771
Liabilities:
Liabilities related to assets held for sale	56,058	10,691
Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	3,920	2,480
Due from affiliates	106
Inventories	2,184	1,686
Right-of-use assets	41,885
Prepaid expenses and other	19,508	1,143
Property and equipment, net	228,625	71,918
Goodwill	89,349	3,122
Other intangibles, net	220,370	75,422
Assets held for sale	605,947	155,771
Liabilities:
Accounts payable	1,531	830
Accrued payroll and related	2,581	1,434
Accrued property and other taxes	3,625	623
Short-term lease obligation	3,288
Long-term lease obligation	38,597
Accrued other liabilities	6,436	5,287
Other long-term liabilities		105
Long-term obligation		2,412
Liabilities related to assets held for sale	56,058	10,691
Mountaineer \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	3,122
Due from affiliates	106
Inventories	1,058
Right-of-use assets	341
Prepaid expenses and other	14,583
Property and equipment, net	66,284
Goodwill	3,854
Other intangibles, net	44,400
Assets held for sale	133,748
Liabilities:
Accounts payable	409
Accrued payroll and related	1,131
Accrued property and other taxes	1,137
Short-term lease obligation	171
Long-term lease obligation	170
Accrued other liabilities	2,917
Liabilities related to assets held for sale	5,935
Cape Girardeau \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	327
Inventories	716
Right-of-use assets	148
Prepaid expenses and other	294
Property and equipment, net	77,007
Goodwill	18,790
Other intangibles, net	27,788
Assets held for sale	125,070
Liabilities:
Accounts payable	495
Accrued payroll and related	531
Accrued property and other taxes	952
Short-term lease obligation	54
Long-term lease obligation	94
Accrued other liabilities	1,269
Liabilities related to assets held for sale	3,395
Caruthersville \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	159
Inventories	233
Right-of-use assets	7
Prepaid expenses and other	148
Property and equipment, net	15,323
Goodwill	18,276
Other intangibles, net	55,145
Assets held for sale	89,291
Liabilities:
Accounts payable	252
Accrued payroll and related	250
Accrued property and other taxes	299
Short-term lease obligation	6
Long-term lease obligation	1
Accrued other liabilities	567
Liabilities related to assets held for sale	1,375
Kansas City \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	240
Inventories	46
Right-of-use assets	41,389
Prepaid expenses and other	273
Property and equipment, net	38,724
Goodwill	39,623
Other intangibles, net	90,329
Assets held for sale	210,624
Liabilities:
Accounts payable	206
Accrued payroll and related	435
Accrued property and other taxes	484
Short-term lease obligation	3,057
Long-term lease obligation	38,332
Accrued other liabilities	1,392
Liabilities related to assets held for sale	43,906
Vicksburg \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	72
Inventories	131
Prepaid expenses and other	4,210
Property and equipment, net	31,287
Goodwill	8,806
Other intangibles, net	2,708
Assets held for sale	47,214
Liabilities:
Accounts payable	169
Accrued payroll and related	234
Accrued property and other taxes	753
Accrued other liabilities	291
Liabilities related to assets held for sale	$ 1,447
Nemacolin \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net		272
Inventories		79
Prepaid expenses and other		370
Property and equipment, net		1,784
Assets held for sale		2,505
Liabilities:
Accounts payable		147
Accrued payroll and related		838
Accrued property and other taxes		552
Accrued other liabilities		1,628
Other long-term liabilities		105
Long-term obligation		2,412
Liabilities related to assets held for sale		5,682
Presque Isle Downs \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net		2,208
Inventories		1,607
Prepaid expenses and other		773
Property and equipment, net		70,134
Goodwill		3,122
Other intangibles, net		75,422
Assets held for sale		153,266
Liabilities:
Accounts payable		683
Accrued payroll and related		596
Accrued property and other taxes		71
Accrued other liabilities		3,659
Liabilities related to assets held for sale		$ 5,009

Assets Held for Sale - Schedule of Information of Net Operating Revenues and Net Income (Loss) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Mountaineer
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	$ 32,658		$ 95,530
Net income (loss)	3,205		7,242
Cape Girardeau
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	14,097		43,839
Net income (loss)	2,165		5,857
Caruthersville
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	8,821		26,399
Net income (loss)	1,317		5,004
Kansas City
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	15,278		47,677
Net income (loss)	2,672		7,701
Vicksburg
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	5,006		15,573
Net income (loss)	$ (401)		(1,195)
Presque Isle Downs
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues		$ 37,685	3,235	$ 107,738
Net income (loss)		5,713	(42)	11,909
Nemacolin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues		8,866	4,836	25,799
Net income (loss)		$ (2,745)	$ (754)	$ (3,213)

Stock-Based Compensation and Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Nov. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,300,000	$ 2,500,000	$ 15,723,000	$ 9,645,000
Increase (reduction) in income tax expense related to stock based compensation	$ 21,000	(400,000)	$ (1,300,000)	(4,900,000)
Options outstanding, shares	135,956		135,956
Options exercisable, shares	125,331		125,331
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 22,600,000	$ 11,800,000	$ 22,600,000	$ 11,800,000
Recognition period of unrecognized compensation cost			1 year 5 months 23 days	1 year 1 month 24 days
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 150,000,000
Common stock shares acquired			0		223,823
Common stock acquired value					$ 9,100,000
Common stock acquired average price per share					$ 40.80

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Restricted Stock Units
Outstanding at the beginning of the Period (in shares) \| shares	1,283,372
Granted (in shares) \| shares	457,941
Vested (in shares) \| shares	(520,183)
Forfeited (in shares) \| shares	(19,453)
Outstanding at the end of the Period (in shares) \| shares	1,201,677
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period \| $ / shares	$ 23.93
Granted \| $ / shares	45.23
Vested \| $ / shares	18.69
Forfeited \| $ / shares	23.79
Unvested outstanding as of end of period \| $ / shares	$ 34.26

Stock-Based Compensation and Stockholders' Equity - Schedule of Share-based Compensation, Restricted Stock Units Activity (Parenthetical) (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2019 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	457,941
Non-Employee Members of BOD
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	30,135

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) shares in Millions		1 Months Ended		3 Months Ended	9 Months Ended
	Jan. 29, 2019 USD ($)	Sep. 30, 2018	Apr. 30, 2018 USD ($) a	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jan. 31, 2019 shares	Dec. 31, 2018 USD ($)
Investment in Unconsolidated Affiliates
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				$ 129,796,000	$ 129,796,000		$ 1,892,000
Receivable from partnership				2,823,000	2,823,000		327,000
Assets held for sale				605,947,000	605,947,000		155,771,000
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Cash contributions in joint venture			$ 500,000
Variable interest entity, ownership percentage			50.00%
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				1,100,000	1,100,000		$ 600,000
Pompano Joint Venture \| Maximum
Investment in Unconsolidated Affiliates
Additional contributions cap in joint venture			$ 2,000,000.0
Land \| a			200
Pompano Joint Venture \| Minimum
Investment in Unconsolidated Affiliates
Land \| a			130
Cordish \| Pompano Joint Venture
Investment in Unconsolidated Affiliates
Cash contributions in joint venture			$ 500,000
Additional contributions cap per member in joint venture			$ 1,000,000.0
William Hill
Investment in Unconsolidated Affiliates
Agreement period		25 years
Agreement effective date	Jan. 29, 2019
Percentage of equity stake						20.00%
Equity stake value in ordinary shares \| shares						13.4
Receivable from partnership				2,700,000	2,700,000
Assets held for sale				100,000	$ 100,000
Recognizing revenue on straight-line basis over a period					25 years
Recognized revenue				1,500,000	$ 3,900,000
William Hill \| Other Long Term Liabilities
Investment in Unconsolidated Affiliates
Deferred revenue				143,600,000	143,600,000
William Hill US
Investment in Unconsolidated Affiliates
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				127,500,000	127,500,000
Fair value of initial investment	$ 128,900,000
William Hill PLC
Investment in Unconsolidated Affiliates
Agreement period		25 years
Equity stake value in ordinary shares \| shares						13.4
Fair value of restricted investments				$ 27,100,000	27,100,000
Unrealized loss					$ 200,000

Intangible Assets, Net and Other Long Term Assets - Schedule of Other and Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 909,717	$ 1,008,316
Goodwill, useful life	Indefinite
Intangible assets, excluding goodwill- gross	$ 1,155,785	1,383,616
Total gaming licenses and other intangible assets, net	1,118,855	1,362,006
Player Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-intangible assets, excluding goodwill- gross	97,035	105,005
Accumulated amortization	$ (36,930)	(21,610)
Player Loyalty Program \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	3 years
Player Loyalty Program \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived intangible asset, useful life	4 years
Trade Names-Indefinite
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite intangible assets, useful life	Indefinite
Indefinite intangible assets, excluding goodwill- gross	$ 165,479	187,929
Gaming licenses
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite intangible assets, useful life	Indefinite
Indefinite intangible assets, excluding goodwill- gross	$ 893,271	$ 1,090,682

Intangible Assets, Net and Other Long Term Assets - Additional Information (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 31, 2019 shares	Sep. 30, 2018	Sep. 30, 2019 USD ($) a	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) a	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges				$ 3,787		$ 958	$ 13,602
Contractual term maturity						40 years
Area of real property leased \| a			20			20
Pre-payment of lease rent								$ 20,198
Mountaineer \| Asset Held For Sale
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Non-operating land			$ 9,800			$ 9,800
Pennsylvania
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges						$ 1,000
Indiana \| Tropicana Evansville
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Area of real property leased \| a			10			10
Pre-payment of lease rent									$ 25,000
Future lease rent payment period						120 months
Lease expiration date						Nov. 30, 2027
William Hill PLC
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Agreement period		25 years
Agreement effective month and year	2019-01
Equity stake value in ordinary shares \| shares	13.4
Unrealized loss						$ 200
William Hill PLC \| Other Assets, Net
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Fair value, total			$ 27,100			27,100
Unrealized loss						200
Vicksburg's \| Churchill Downs Incorporated
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges					$ 9,800
Player Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expense			7,600	$ 2,400		22,800	$ 5,100
Remainder of 2019			7,700			7,700
2020			27,400			27,400
2021			21,200			21,200
2022			$ 4,200			$ 4,200

Intangible Assets, Net and Other Long Term Assets - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized debt issuance costs - Revolving Credit Facility	$ 7,903	$ 9,533
Non-operating real property	1,957	17,880
Long-term prepaid rent		20,198
Restricted cash and investments	36,761	15,064
Other	27,284	14,077
Total other assets, net	78,879	83,446
CRDA
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
CRDA bonds and deposits, net	$ 4,974	$ 6,694

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 18,069,000	$ 19,980,000	$ 38,892,000	$ 31,281,000
Unrecognized Tax Benefits	$ 0		$ 0

Long-Term Financing Obligation - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Sale Leaseback Transaction [Line Items]
Lease term		35 years
Imputed discount rate		10.20%
Lessee, Operating Lease, Term of Contract	12 months	12 months
Percentage of master lease on annual basic		2.00%
Master Lease
Sale Leaseback Transaction [Line Items]
Lessee, Operating Lease, Term of Contract	15 years	15 years
Lessee, operating lease, existence of option to extend		true
Lessee, operating lease, option to extend		The Master Lease provides for an initial term of fifteen years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five-year renewal terms beyond the initial 15-year term. If we elect to renew the term of the Master Lease, the renewal will be effective as to all, but not less than all, of the leased property then subject to the Master Lease.
Lessee, operating lease, option to terminate		The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without GLPI’s consent.
Base rent		$ 13.4
Master Lease \| Building
Sale Leaseback Transaction [Line Items]
Base rent		$ 60.9
Percentage of master lease on annual basic		2.00%
Revenue to rent ratio as base to compute building rent for first five years		120.00%
Revenue to rent ratio as base to compute building rent for thereafter		180.00%
Master Lease \| Land
Sale Leaseback Transaction [Line Items]
Base rent		$ 13.4
Percentage of rent payable adjusted on actual net revenues leased properties term		2 years
Master Lease \| GLPI
Sale Leaseback Transaction [Line Items]
Expected initial annual rent expense	$ 87.6	$ 87.6
Lease payments	21.9	65.7
Lease expense	$ 24.6	$ 73.8

Long-Term Financing Obligation - Schedule of Future Minimum Payments Related to Master Lease Financing Obligation (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Leases [Abstract]
2019 (excluding the nine months ended September 30, 2019)	$ 22,214
2020	89,168
2021	90,417
2022	91,691
2023	92,990
Thereafter	3,506,672
Total future payments	3,893,152
Less: amounts representing interest at 10.2%	(3,345,270)
Plus: residual values	420,100
Financing obligation to GLPI	$ 967,982

Long-Term Financing Obligation - Schedule of Future Minimum Payments Related to Master Lease Financing Obligation (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Interest rate	10.20%

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 20, 2018	Sep. 13, 2017	Mar. 29, 2017	Jul. 23, 2015
Long-term debt
Less: Unamortized debt issuance costs	$ (7,903)	$ (9,533)
Long-term notes and other payables	2,658	3,030
Less: Current portion	(238)	(462)
Long-term debt, noncurrent	2,950,955	3,261,273
Term Loan
Long-term debt
Long-term debt, gross	886,750	956,750
Less: Unamortized discount and debt issuance costs	(14,968)	(18,426)
Long-term Debt	871,782	938,324
6% Senior Notes due 2026
Long-term debt
Long-term debt, gross	600,000	600,000	$ 600,000
Less: Unamortized discount and debt issuance costs	(18,487)	(19,630)
Long-term Debt	581,513	580,370
6% Senior Notes due 2025
Long-term debt
Long-term debt, gross	875,000	875,000		$ 500,000	$ 375,000
Plus: Unamortized debt premium	21,049	23,491
Less: Unamortized debt issuance costs	(16,570)	(18,405)
Long-term Debt	879,479	880,086
7% Senior Notes due 2023
Long-term debt
Long-term debt, gross	375,000	375,000				$ 375,000
Less: Unamortized discount and debt issuance costs	(5,239)	(6,075)
Long-term Debt	369,761	368,925
Revolving Credit Facility
Long-term debt
Revolving Credit Facility		245,000
Lumière Loan
Long-term debt
Lumière Loan	$ 246,000	$ 246,000

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Amortization of deferred financing costs, discount and debt premium	$ 1.9	$ 1.2	$ 5.7	$ 3.8
Scheduled maturities of long-term debt for remainder of 2019	0.1		0.1
Scheduled maturities of long-term debt in 2020	246.2		246.2
Scheduled maturities of long-term debt in 2021	0.2		0.2
Scheduled maturities of long-term debt in 2022	0.2		0.2
Scheduled maturities of long-term debt in 2023	375.1		375.1
Scheduled maturities of long-term debt in thereafter	$ 2,400.0		$ 2,400.0

Long-Term Debt - Term Loan and Revolving Credit Facility - Additional Information (Details) - USD ($)		9 Months Ended
	Sep. 13, 2017	Sep. 30, 2019	Apr. 17, 2017	Mar. 29, 2017
Long-term debt
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%.
6% Senior Notes due 2025
Long-term debt
Interest rate (as a percent)	6.00%	6.00%		6.00%
Debt instrument interest rate terms		The 6% Senior Notes due 2025 will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1
Term Loan
Long-term debt
Credit facility			$ 1,450,000,000
Credit facility maturity date		Apr. 17, 2024
Credit facility quarterly principal payments		$ 3,600,000
Credit facility principal prepayment	$ 444,500,000
Amount outstanding		$ 886,800,000
Interest rates		4.31%
Term Loan \| LIBOR
Long-term debt
Spread on variable rate (as a percent)		2.25%
Term Loan \| Base rate
Long-term debt
Spread on variable rate (as a percent)		1.25%
Revolving Credit Facility
Long-term debt
Credit facility			$ 500,000,000.0
Credit facility maturity date		Oct. 01, 2023
Amount outstanding		$ 0
Available borrowing capacity		$ 483,700,000
Commitment fee on unused portion of the credit facility		0.50%
Revolving Credit Facility \| Presque Isle Downs
Long-term debt
Repayment of outstanding debt from property sale proceeds		$ 150,000,000.0
Revolving Credit Facility \| Minimum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)		1.75%
Revolving Credit Facility \| Minimum \| Base rate
Long-term debt
Spread on variable rate (as a percent)		0.75%
Revolving Credit Facility \| Maximum \| LIBOR
Long-term debt
Spread on variable rate (as a percent)		2.50%
Revolving Credit Facility \| Maximum \| Base rate
Long-term debt
Spread on variable rate (as a percent)		1.50%
Letter of Credit
Long-term debt
Amount outstanding		$ 16,300,000

Long-Term Debt - 6% Senior Notes due 2026 - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2018	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Sep. 20, 2018
Long-term debt
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%.
6% Senior Notes due 2026
Long-term debt
Long-term debt, gross		$ 600,000	$ 600,000		$ 600,000
Interest rate (as a percent)	6.00%	6.00%		6.00%	6.00%
Senior notes, maturity year	2026	2026
Debt instrument interest rate terms		Interest on the 6% Senior Notes due 2026 will be paid every semi-annually in arrears on March 15 and September 15.

Long-Term Debt - 6% Senior Notes due 2025 - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 13, 2017	Sep. 30, 2019	Dec. 31, 2018	Mar. 29, 2017
Long-term debt
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%.
Repayment of credit facility		$ 245,000
Prior Revolving Credit Facility
Long-term debt
Repayment of credit facility	$ 78,000
Term Loan
Long-term debt
Payments under Term Loan	444,500
Isle of Capri
Long-term debt
Acquisition date		May 01, 2017
6% Senior Notes due 2025
Long-term debt
Long-term debt, gross	$ 500,000	$ 875,000	$ 875,000	$ 375,000
Interest rate (as a percent)	6.00%	6.00%		6.00%
Senior notes, maturity date		Apr. 01, 2025
Debt instrument interest rate terms		The 6% Senior Notes due 2025 will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1
Percentage of issue price of principal amount	105.50%
6% Senior Notes due 2025 \| Isle of Capri
Long-term debt
Acquisition date		May 01, 2017

Long-Term Debt - 7% Senior Notes due 2023 - Additional Information (Details) - 7% Senior Notes due 2023 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Jul. 23, 2015
Long-term debt
Long-term debt, gross	$ 375,000	$ 375,000	$ 375,000
Interest rate (as a percent)	7.00%		7.00%
Senior notes, maturity date	Aug. 01, 2023

Long-Term Debt - Lumiere Loan - Additional Information (Details) - Lumière Loan - USD ($) $ in Thousands	Oct. 01, 2020	Oct. 01, 2019	Sep. 30, 2019	Dec. 31, 2018
Long-term debt
Loan amount to fund real property			$ 246,000	$ 246,000
Scenario Forecast
Long-term debt
Interest rate	9.27%
Subsequent Event
Long-term debt
Interest rate		9.09%
Minimum
Long-term debt
Loan amount to fund real property			246,000
Gaming and Leisure Properties
Long-term debt
Loan amount to fund real property			$ 246,000

Fair Value Measurements - Additional Information (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2018	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, Level 1 to Level 2 transfers amount		$ 0	$ 0
Fair value assets, Level 2 to Level 1 transfers amount		0	0
TSG
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Agreement period	20 years
Number of common shares received under agreement	1.1
Additional value of common shares receivable under agreement upon exercise of first option by TSG	$ 5,000,000.0
Number of initial common shares received under agreement restricted	1.1
Restriction expiration month and year on transfer that may not be sold	2019-11
Common shares, sales restriction period, upon exercise of first option	1 year
Recognized revenue		$ 300,000	$ 1,000,000.0
TSG \| William Hill US
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds received from selling TSG shares		50.00%	50.00%
Accrued Other Liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition related contingent considerations		$ 400,000	$ 400,000	$ 500,000
Accrued Other Liabilities \| TSG \| William Hill US
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated obligation		7,900,000	7,900,000
Restricted Cash and Investments \| TSG
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, total		15,800,000	15,800,000
Other Long Term Liabilities \| TSG
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deferred revenue		$ 17,700,000	$ 17,700,000

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Restricted cash and investments	$ 36,761	$ 15,064
Fair Value Recurring Basis
Assets:
Restricted cash and investments	59,003	39,956
Marketable securities	20,433	16,957
Liabilities:
Other liabilities related to restricted investments	7,903
Fair Value Recurring Basis \| Level 1
Assets:
Restricted cash and investments	13,857	19,481
Marketable securities	12,665	9,515
Fair Value Recurring Basis \| Level 2
Assets:
Restricted cash and investments	2,221	4,467
Marketable securities	7,768	7,442
Fair Value Recurring Basis \| Level 3
Assets:
Restricted cash and investments	42,925	$ 16,008
Liabilities:
Other liabilities related to restricted investments	$ 7,903

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Other Liabilities
Fair Value, Liabilities
Value of additional investment received	$ 8,774
Unrealized loss	(871)
Fair value liabilities, ending balance	7,903
Restricted Investments
Fair Value, Assets
Fair value assets, beginning balance	16,008
Value of additional investment received	27,329
Unrealized loss	(412)
Fair value assets, ending balance	$ 42,925

Fair Value Measurements - Summary of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount \| 7% Senior Notes due 2023
Financial liabilities:
Long-term debt	$ 369,761	$ 368,925
Carrying Amount \| 6% Senior Notes due 2025
Financial liabilities:
Long-term debt	879,479	880,086
Carrying Amount \| 6% Senior Notes due 2026
Financial liabilities:
Long-term debt	581,513	580,370
Carrying Amount \| Term Loan
Financial liabilities:
Long-term debt	871,783	938,324
Carrying Amount \| Revolving Credit Facility
Financial liabilities:
Long-term debt	0	245,000
Carrying Amount \| Lumière Loan
Financial liabilities:
Long-term debt	246,000	246,000
Carrying Amount \| Other long-term debt
Financial liabilities:
Long-term debt	2,657	3,030
Fair Value \| 7% Senior Notes due 2023
Financial liabilities:
Long-term debt	392,813	385,312
Fair Value \| 6% Senior Notes due 2025
Financial liabilities:
Long-term debt	923,125	840,000
Fair Value \| 6% Senior Notes due 2026
Financial liabilities:
Long-term debt	660,000	567,000
Fair Value \| Term Loan
Financial liabilities:
Long-term debt	884,533	916,088
Fair Value \| Revolving Credit Facility
Financial liabilities:
Long-term debt	0	245,000
Fair Value \| Lumière Loan
Financial liabilities:
Long-term debt	246,000	246,000
Fair Value \| Other long-term debt
Financial liabilities:
Long-term debt	$ 2,657	$ 3,030

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income available to common stockholders	$ 37,055	$ 37,704	$ 94,220	$ 95,355
Shares outstanding:
Weighted average shares outstanding – basic	77,721,353	77,522,664	77,657,553	77,445,611
Weighted average shares outstanding – diluted	78,449,747	78,283,588	78,588,517	78,208,040
Net income per common share attributable to common stockholders – basic:	$ 0.48	$ 0.49	$ 1.21	$ 1.23
Net income per common share attributable to common stockholders – diluted:	$ 0.47	$ 0.48	$ 1.20	$ 1.22
Stock Options
Shares outstanding:
Effect of dilutive securities	103,337	93,530	105,036	125,861
Restricted Stock Units (RSUs)
Shares outstanding:
Effect of dilutive securities	625,057	667,394	825,928	636,568

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 260
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Commitments and Contingencies - Additional Information (Details)	Nov. 06, 2019 Lawsuit
Subsequent Event
Loss Contingencies [Line Items]
Number of putative class action lawsuits filed	8

Related Affiliates - Additional Information (Details)	3 Months Ended		9 Months Ended
Related Affiliates - Additional Information (Details)	Sep. 30, 2019 USD ($) a	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) a	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Related affiliates
Area of real property leased \| a	20		20
REI
Related affiliates
Percentage of outstanding shares owned	14.40%		14.40%
Gary Carano Family
Related affiliates
Related party transactions	$ 0	$ 0	$ 0	$ 0
C. S. & Y. Associates
Related affiliates
Area of real property leased \| a	30,000		30,000
Lease expiration date			Jun. 30, 2057
Annual rent payable			$ 600,000
Due to related parties	$ 0		0		$ 0
Due from related parties	$ 0		$ 0		$ 0

Segment Information - Additional Information (Details)	6 Months Ended	9 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2018 Region segment	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of geographic regions \| Region	4
Number of reportable segments \| segment	4	5

Segment Information - Schedule of Operating Data for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and expenses
Net operating revenues	$ 663,181	$ 487,253	$ 1,936,125	$ 1,384,247
Depreciation and amortization	52,592	35,760	166,882	99,204
Operating income (expense)	124,907	91,769	351,061	223,377
Unallocated income and expenses:
Interest expense, net	(71,897)	(34,085)	(217,205)	(96,579)
Loss on early retirement of debt, net	(1,204)		(1,204)	(162)
Unrealized gain on restricted investments	3,318		460
Provision for income taxes	(18,069)	(19,980)	(38,892)	(31,281)
Net income	37,055	37,704	94,220	95,355
Operating Segment \| West Segment
Revenues and expenses
Net operating revenues	151,418	129,092	397,241	346,550
Depreciation and amortization	13,935	9,476	40,585	27,045
Operating income (expense)	35,358	31,894	66,772	63,898
Operating Segment \| Midwest Segment
Revenues and expenses
Net operating revenues	95,866	99,834	289,890	301,235
Depreciation and amortization	4,515	8,605	20,650	24,654
Operating income (expense)	30,221	26,637	87,066	80,725
Operating Segment \| South Segment
Revenues and expenses
Net operating revenues	108,017	106,569	357,669	341,612
Depreciation and amortization	9,000	9,703	29,865	26,343
Operating income (expense)	15,185	16,176	61,723	50,099
Operating Segment \| East Segment
Revenues and expenses
Net operating revenues	186,562	127,722	523,249	370,576
Depreciation and amortization	11,630	4,486	36,019	15,253
Operating income (expense)	45,341	23,637	107,715	67,164
Operating Segment \| Central Segment
Revenues and expenses
Net operating revenues	119,410	23,897	362,675	23,897
Depreciation and amortization	11,626	2,215	34,317	2,215
Operating income (expense)	25,793	2,868	80,896	2,868
Corporate
Revenues and expenses
Net operating revenues	1,908	139	5,401	377
Depreciation and amortization	1,886	1,275	5,446	3,694
Operating income (expense)	$ (26,991)	$ (9,443)	$ (53,111)	$ (41,377)

Segment Information - Schedule of Capital Expenditures, Net of Reportable Segments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Capital Expenditures, Net	$ 135,016	$ 89,082
Operating Segment \| West Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	67,787	49,060
Operating Segment \| Midwest Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	11,175	14,516
Operating Segment \| South Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	15,035	12,307
Operating Segment \| East Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	28,280	8,953
Operating Segment \| Central Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	8,521	237
Corporate
Segment Reporting Information [Line Items]
Capital Expenditures, Net	$ 4,218	$ 4,009

Segment Information - Schedule of Balance Sheet Information for Reportable Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 6,081,241	$ 5,911,462
Goodwill	909,717	1,008,316
Corporate, Other & Eliminations
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	(1,816,376)	(1,737,383)
West Segment
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	220,934	220,861
West Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,862,752	1,710,375
Midwest Segment
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	246,056	322,745
Midwest Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,327,369	1,245,521
South Segment
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	204,791	213,150
South Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,161,263	1,068,258
East Segment
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	162,816	177,486
East Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	2,006,147	2,166,730
Central Segment
Segment Reporting Asset Reconciling Item [Line Items]
Goodwill	75,120	74,074
Central Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 1,540,086	$ 1,457,961

Consolidating Condensed Financial Information - Additional Information (Details)	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018	Sep. 20, 2018	Sep. 13, 2017	Mar. 29, 2017	Jul. 23, 2015
7% Senior Notes Due 2023
Condensed Financial Statements Captions [Line Items]
Interest rate (as a percent)	7.00%						7.00%
6% Senior Notes due 2025
Condensed Financial Statements Captions [Line Items]
Interest rate (as a percent)	6.00%				6.00%	6.00%
6% Senior Notes due 2026
Condensed Financial Statements Captions [Line Items]
Interest rate (as a percent)	6.00%	6.00%	6.00%	6.00%

Consolidating Condensed Financial Information - Consolidating Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet
Current assets	$ 963,539			$ 573,196
Investment in and advances to unconsolidated affiliates	129,796			1,892
Property and equipment, net	2,635,111			2,882,606
Other assets	2,352,795			2,453,768
Total assets	6,081,241			5,911,462
Current liabilities	414,971			402,177
Long-term financing obligation to GLPI	967,982			959,835
Long-term debt, less current maturities	2,950,955			3,261,273
Deferred income tax liabilities	224,877			200,010
Other liabilities	395,678			59,014
Stockholders’ equity	1,126,778	$ 1,085,519	$ 1,063,264	1,029,153	$ 1,036,151	$ 996,722	$ 958,629	$ 941,597
Total liabilities and stockholders’ equity	6,081,241			5,911,462
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Condensed Balance Sheet
Current assets	78,612			48,268
Investment in and advances to unconsolidated affiliates	127,480
Investments in subsidiaries	3,847,795			3,648,961
Property and equipment, net	17,544			18,555
Other assets	72,945			35,072
Total assets	4,144,376			3,750,856
Current liabilities	75,851			48,579
Intercompany payables	445,868			10,873
Long-term debt, less current maturities	2,329,800			2,640,046
Other liabilities	166,080			22,206
Stockholders’ equity	1,126,777			1,029,152
Total liabilities and stockholders’ equity	4,144,376			3,750,856
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	864,016			497,309
Intercompany receivables	438,466			7,831
Investment in and advances to unconsolidated affiliates	2,316			1,892
Property and equipment, net	2,616,883			2,863,311
Other assets	2,299,720			2,423,807
Total assets	6,221,401			5,794,150
Current liabilities	321,286			328,319
Long-term financing obligation to GLPI	967,982			959,835
Long-term debt, less current maturities	621,155			621,193
Deferred income tax liabilities	260,449			231,795
Other liabilities	229,598			36,808
Stockholders’ equity	3,820,931			3,616,200
Total liabilities and stockholders’ equity	6,221,401			5,794,150
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	20,911			27,619
Intercompany receivables	32,402			28,042
Property and equipment, net	684			740
Other assets	15,868			26,674
Total assets	69,865			83,075
Current liabilities	17,834			25,279
Intercompany payables	25,000			25,000
Long-term debt, less current maturities				34
Deferred income tax liabilities	166
Stockholders’ equity	26,865			32,762
Total liabilities and stockholders’ equity	69,865			83,075
Consolidating and Eliminating Entries
Condensed Balance Sheet
Intercompany receivables	(470,868)			(35,873)
Investments in subsidiaries	(3,847,795)			(3,648,961)
Other assets	(35,738)			(31,785)
Total assets	(4,354,401)			(3,716,619)
Intercompany payables	(470,868)			(35,873)
Deferred income tax liabilities	(35,738)			(31,785)
Stockholders’ equity	(3,847,795)			(3,648,961)
Total liabilities and stockholders’ equity	$ (4,354,401)			$ (3,716,619)

Consolidating Condensed Financial Information - Consolidating Condensed Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Net revenues	$ 663,181	$ 487,253	$ 1,936,125	$ 1,384,247
Operating expenses:
Marketing and promotions	33,292	23,122	97,673	66,255
General and administrative	122,767	75,599	360,086	223,546
Corporate	13,014	9,217	50,819	33,018
Impairment charges		3,787	958	13,602
Depreciation and amortization	52,592	35,760	166,882	99,204
Total operating expenses	524,033	396,220	1,582,972	1,155,318
Gain (loss) on sale or disposal of property and equipment	(284)	(110)	21,668	(393)
Proceeds from terminated sale		5,000		5,000
Transaction expenses	(12,442)	(4,091)	(21,628)	(10,043)
(Loss) income from unconsolidated affiliates	(1,515)	(63)	(2,132)	(116)
Operating (loss) income	124,907	91,769	351,061	223,377
OTHER EXPENSE:
Interest expense, net	(71,897)	(34,085)	(217,205)	(96,579)
Loss on early retirement of debt, net	(1,204)		(1,204)	(162)
Unrealized gain on restricted investments	3,318		460
Income before income taxes	55,124	57,684	133,112	126,636
Income tax benefit (provision)	(18,069)	(19,980)	(38,892)	(31,281)
Net income	37,055	37,704	94,220	95,355
Gaming and Pari-mutuel Commissions
Revenues:
Gross revenues	458,000
Net revenues		368,169	1,385,848	1,060,417
Operating expenses:
Operating expenses	202,555	180,062	616,101	519,558
Non-gaming
Revenues:
Gross revenues	205,181
Net revenues		119,084	550,277	323,830
Operating expenses:
Operating expenses	99,813	68,673	290,453	200,135
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Revenues:
Net revenues	1,785	10	4,966	10
Operating expenses:
Corporate	13,490	8,596	50,352	30,148
Management fee	(6,401)	(7,067)	(16,956)	(19,234)
Depreciation and amortization	1,311	923	3,701	2,646
Total operating expenses	8,400	2,452	37,097	13,560
Gain (loss) on sale or disposal of property and equipment			409
Proceeds from terminated sale		5,000		5,000
Transaction expenses	(12,442)	(4,090)	(20,470)	(9,543)
(Loss) income from unconsolidated affiliates	(1,552)		(2,281)
Operating (loss) income	(20,609)	(1,532)	(54,473)	(18,093)
OTHER EXPENSE:
Interest expense, net	(35,600)	(27,582)	(108,617)	(76,927)
Loss on early retirement of debt, net	(1,204)		(1,204)	(162)
Unrealized gain on restricted investments	3,318		460
Subsidiary income (loss)	71,256	61,964	203,531	166,040
Income before income taxes	17,161	32,850	39,697	70,858
Income tax benefit (provision)	19,894	4,854	54,523	24,497
Net income	37,055	37,704	94,220	95,355
Reportable Legal Entities \| Guarantor Subsidiaries
Revenues:
Net revenues	659,870	476,536	1,921,625	1,352,866
Operating expenses:
Marketing and promotions	33,291	22,687	97,422	64,943
General and administrative	122,802	73,755	358,884	218,054
Corporate	(541)	94	166	751
Impairment charges			958	9,815
Management fee	6,401	7,067	16,956	19,234
Depreciation and amortization	51,225	34,782	163,125	96,180
Total operating expenses	515,546	381,033	1,540,501	1,110,831
Gain (loss) on sale or disposal of property and equipment	(284)	(101)	21,193	(386)
Transaction expenses		(1)	(913)	(500)
(Loss) income from unconsolidated affiliates	37	(63)	149	(116)
Operating (loss) income	144,077	95,338	401,553	241,033
OTHER EXPENSE:
Interest expense, net	(35,948)	(6,088)	(107,507)	(18,293)
Income before income taxes	108,129	89,250	294,046	222,740
Income tax benefit (provision)	(37,633)	(25,778)	(92,515)	(56,519)
Net income	70,496	63,472	201,531	166,221
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Revenues:
Net revenues	1,526	10,707	9,534	31,371
Operating expenses:
Marketing and promotions	1	435	251	1,312
General and administrative	(35)	1,844	1,202	5,492
Corporate	65	527	301	2,119
Impairment charges		3,787		3,787
Depreciation and amortization	56	55	56	378
Total operating expenses	87	12,735	5,374	30,927
Gain (loss) on sale or disposal of property and equipment		(9)	66	(7)
Transaction expenses			(245)
Operating (loss) income	1,439	(2,037)	3,981	437
OTHER EXPENSE:
Interest expense, net	(349)	(415)	(1,081)	(1,359)
Income before income taxes	1,090	(2,452)	2,900	(922)
Income tax benefit (provision)	(330)	944	(900)	741
Net income	760	(1,508)	2,000	(181)
Reportable Legal Entities \| Gaming and Pari-mutuel Commissions \| Guarantor Subsidiaries
Revenues:
Gross revenues	457,852
Net revenues		359,897	1,381,231	1,036,650
Operating expenses:
Operating expenses	202,555	174,602	612,937	503,741
Reportable Legal Entities \| Gaming and Pari-mutuel Commissions \| Non-Guarantor Subsidiaries
Revenues:
Gross revenues	148
Net revenues		8,272	4,617	23,767
Operating expenses:
Operating expenses		5,460	3,164	15,817
Reportable Legal Entities \| Non-gaming \| Eldorado Resorts, Inc. (Parent Obligor)
Revenues:
Gross revenues	1,785
Net revenues		10	4,966	10
Reportable Legal Entities \| Non-gaming \| Guarantor Subsidiaries
Revenues:
Gross revenues	202,018
Net revenues		116,639	540,394	316,216
Operating expenses:
Operating expenses	99,813	68,046	290,053	198,113
Reportable Legal Entities \| Non-gaming \| Non-Guarantor Subsidiaries
Revenues:
Gross revenues	1,378
Net revenues		2,435	4,917	7,604
Operating expenses:
Operating expenses		627	400	2,022
Consolidating and Eliminating Entries
OTHER EXPENSE:
Subsidiary income (loss)	(71,256)	(61,964)	(203,531)	(166,040)
Income before income taxes	(71,256)	(61,964)	(203,531)	(166,040)
Net income	$ (71,256)	$ (61,964)	$ (203,531)	$ (166,040)

Consolidating Condensed Financial Information - Consolidating Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities		$ 260,083	$ 263,448
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(135,016)	(89,082)
Sale of restricted investments		4,962
Proceeds from sale of businesses, property and equipment, net of cash sold		169,361	920
Net cash used in business combinations			(306,274)
Investment in and loans to unconsolidated affiliates		(815)	(698)
Net cash provided by (used in) investing activities		38,492	(395,134)
FINANCING ACTIVITIES:
Net borrowings under Revolving Credit Facility			180,000
Net payments under Revolving Credit Facility		(245,000)
Debt issuance costs		(458)	(5,401)
Taxes paid related to net share settlement of equity awards		(7,574)	(10,601)
Proceeds from exercise of stock options			154
Payments on other long-term payables		(372)	(501)
Net cash (used in) provided by financing activities		(323,404)	763,651
(Decrease) Increase in cash, cash equivalents and restricted cash		(24,829)	631,965
Cash, cash equivalents and restricted cash, beginning of period		246,691	147,749
Cash, cash equivalents and restricted cash, end of period		221,862	779,714
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents		208,831	164,086	$ 230,752
Restricted cash		6,437	1,622
Restricted and escrow cash included in other noncurrent assets		6,594	614,006
Cash, cash equivalents and restricted cash, end of period		221,862	779,714
Term Loan
FINANCING ACTIVITIES:
Payments on Term Loan		(70,000)
6% Senior Notes due 2026
FINANCING ACTIVITIES:
Proceeds from issuance of 6% Senior Notes due 2026	$ 600,000		600,000
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities		(83,572)	(22,743)
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(3,510)	(2,620)
Proceeds from sale of businesses, property and equipment, net of cash sold		33
Net cash used in business combinations			(328,925)
Investment in and loans to unconsolidated affiliates		(815)
Net cash provided by (used in) investing activities		(4,292)	(331,545)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		434,993	208,772
Net borrowings under Revolving Credit Facility			180,000
Net payments under Revolving Credit Facility		(245,000)
Debt issuance costs		(458)	(5,401)
Taxes paid related to net share settlement of equity awards		(7,574)	(10,601)
Proceeds from exercise of stock options			154
Payments on other long-term payables		(72)	(67)
Net cash (used in) provided by financing activities		111,889	372,857
(Decrease) Increase in cash, cash equivalents and restricted cash		24,025	18,569
Cash, cash equivalents and restricted cash, beginning of period		12,844	13,837
Cash, cash equivalents and restricted cash, end of period		36,869	32,406
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents		36,869	31,688
Restricted cash			718
Cash, cash equivalents and restricted cash, end of period		36,869	32,406
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities		342,979	283,410
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(131,506)	(86,405)
Proceeds from sale of businesses, property and equipment, net of cash sold		171,398	920
Net cash used in business combinations			22,651
Investment in and loans to unconsolidated affiliates			(698)
Net cash provided by (used in) investing activities		39,892	(63,532)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		(430,633)	(214,023)
Dividends received (paid)		7,900
Payments on other long-term payables		(36)	(217)
Net cash (used in) provided by financing activities		(422,769)	(214,240)
(Decrease) Increase in cash, cash equivalents and restricted cash		(39,898)	5,638
Cash, cash equivalents and restricted cash, beginning of period		222,672	118,483
Cash, cash equivalents and restricted cash, end of period		182,774	124,121
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents		169,819	122,451
Restricted cash		6,361	670
Restricted and escrow cash included in other noncurrent assets		6,594	1,000
Cash, cash equivalents and restricted cash, end of period		182,774	124,121
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities		676	2,781
INVESTING ACTIVITIES:
Purchase of property and equipment, net			(57)
Sale of restricted investments		4,962
Proceeds from sale of businesses, property and equipment, net of cash sold		(2,070)
Net cash provided by (used in) investing activities		2,892	(57)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties		(4,360)	5,251
Dividends received (paid)		(7,900)
Payments on other long-term payables		(264)	(217)
Net cash (used in) provided by financing activities		(12,524)	605,034
(Decrease) Increase in cash, cash equivalents and restricted cash		(8,956)	607,758
Cash, cash equivalents and restricted cash, beginning of period		11,175	15,429
Cash, cash equivalents and restricted cash, end of period		2,219	623,187
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents		2,143	9,947
Restricted cash		76	234
Restricted and escrow cash included in other noncurrent assets			613,006
Cash, cash equivalents and restricted cash, end of period		2,219	623,187
Reportable Legal Entities \| Term Loan \| Eldorado Resorts, Inc. (Parent Obligor)
FINANCING ACTIVITIES:
Payments on Term Loan		$ (70,000)
Reportable Legal Entities \| 6% Senior Notes due 2026 \| Non-Guarantor Subsidiaries
FINANCING ACTIVITIES:
Proceeds from issuance of 6% Senior Notes due 2026			$ 600,000

Consolidating Condensed Financial Information - Consolidating Condensed Statement of Cash Flows (Parenthetical) (Details)	Sep. 30, 2019	Oct. 01, 2018	Sep. 30, 2018	Sep. 20, 2018
6% Senior Notes due 2026
Condensed Statement of Cash Flows
Interest rate on senior notes	6.00%	6.00%	6.00%	6.00%

Pending Acquisitions - Additional Information (Details)	Jun. 24, 2019 USD ($) $ / shares shares	Sep. 30, 2019 shares	Jul. 19, 2019 USD ($)	Dec. 31, 2018 shares
Business Acquisition [Line Items]
Common stock, shares outstanding \| shares		77,545,678		77,215,066
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Common stock, shares outstanding \| shares	682,161,838
Common stock, shares held in escrow trust to satisfy unsecured claims \| shares	8,271,660
Caesars Entertainment Corporation
Business Acquisition [Line Items]
Date of merger agreement	Jun. 24, 2019
Right to receive per share \| $ / shares	$ 8.40
Merger agreement consideration payable date	Mar. 25, 2020
Merger agreement price per common stock \| $ / shares	$ 0.003333
Common stock conversion ratio	0.0899
Percentage of ownership on outstanding shares	51.00%
Termination fee on failure of stockholders to approve the merger	$ 418,400,000
Required to pay termination fee on failure of stockholders to approve issuance of share	154,900,000
Maximum of reimburse other party expenses	50,000,000.0
Obligated to pay termination fee	836,800,000
Caesars Entertainment Corporation \| Senior Secured Revolving Credit Facility
Business Acquisition [Line Items]
Credit facility	1,000,000,000.0
Increase in revolving credit facility if elected by company			$ 830,000,000.0
Caesars Entertainment Corporation \| Senior Secured Term Loan B Facility
Business Acquisition [Line Items]
Credit facility	3,000,000,000.0
Caesars Entertainment Corporation \| Senior Secured 364-day Bridge Facility
Business Acquisition [Line Items]
Credit facility	3,600,000,000.0
Caesars Entertainment Corporation \| Senior Unsecured Bridge Loan Facility
Business Acquisition [Line Items]
Credit facility	1,800,000,000.0
Caesars Entertainment Corporation \| Senior Secured Incremental Term Loan B Facility
Business Acquisition [Line Items]
Credit facility	$ 2,400,000,000.0
Caesars Entertainment Corporation \| 5.00% Convertible Senior Notes Due 2024
Business Acquisition [Line Items]
Interest rate on senior notes	5.00%
Senior notes, maturity year	2024
Interest rate (as a percent)	5.00%
Caesars Entertainment Corporation \| Former Caesars Stockholders
Business Acquisition [Line Items]
Percentage of ownership on outstanding shares	49.00%