0001564590-20-007599 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2019	Feb. 24, 2020	Jun. 28, 2019
Cover [Abstract]
Entity Registrant Name	ELDORADO RESORTS, INC.
Entity Central Index Key	0001590895
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-36629
Entity Incorporation, State or Country Code	NV
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 Public Float			$ 3.0
Entity Common Stock, Shares Outstanding		77,796,891
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	ERI
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $.00001, par value
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A in connection with the Registrant’s Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2019.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 206,317	$ 230,752
Restricted cash and investments	3,507	24,892
Marketable securities	34,634	16,957
Accounts receivable, net	53,899	60,169
Due from affiliates	3,806	327
Inventories	18,379	20,595
Income taxes receivable		15,731
Prepaid expenses	30,966	48,002
Assets held for sale	253,135	155,771
Total current assets	604,643	573,196
Investments in and advances to unconsolidated affiliates	135,828	1,892
Property and equipment, net	2,614,524	2,882,606
Gaming licenses and other intangibles, net	1,111,398	1,362,006
Goodwill	909,717	1,008,316
Right-of-use assets	188,219
Other assets, net	76,224	83,446
Total assets	5,640,553	5,911,462
CURRENT LIABILITIES:
Current portion of long-term debt	246,175	462
Accounts payable	61,951	58,524
Accrued property, gaming and other taxes	43,050	51,931
Accrued payroll and related	62,337	87,332
Accrued interest	36,480	42,780
Income taxes payable	23,898	47,475
Short-term lease obligation	19,991
Accrued other liabilities	157,079	102,982
Liabilities related to assets held for sale	37,485	10,691
Total current liabilities	688,446	402,177
Long-term financing obligation to GLPI	970,519	959,835
Long-term debt, less current portion	2,324,541	3,261,273
Deferred income taxes	197,266	200,010
Long-term lease obligation	176,932
Other long-term liabilities	165,592	59,014
Total liabilities	4,523,296	4,882,309
Commitments and contingencies (Note 18)
STOCKHOLDERS' EQUITY:
Common stock, 200,000,000 shares authorized, 77,569,117 and 77,215,066 issued and outstanding, net of treasury shares, par value $0.00001 as of December 31, 2019 and December 31, 2018, respectively	1	1
Paid-in capital	759,547	748,076
Retained earnings	366,463	290,206
Treasury stock at cost, 223,823 shares held at December 31, 2019 and 2018	(9,131)	(9,131)
Accumulated other comprehensive income	377	1
Total stockholders’ equity	1,117,257	1,029,153
Total liabilities and stockholders’ equity	$ 5,640,553	$ 5,911,462

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	77,569,117	77,215,066
Common stock, shares outstanding	77,569,117	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	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Net revenues	$ 2,528,249	$ 2,056,007	$ 1,480,798
EXPENSES:
Other	45,938	38,676	32,156
Marketing and promotions	129,373	106,161	83,174
General and administrative	476,751	349,598	241,037
Corporate	65,996	46,632	30,739
Impairment charges	958	13,602	38,016
Depreciation and amortization	221,525	157,429	105,891
Total operating expenses	2,080,752	1,729,014	1,312,525
Gain (loss) on sale of businesses and disposal of property and equipment	49,575	(835)	(319)
Proceeds from terminated sales		5,000	20,000
Transaction expenses	(84,658)	(20,842)	(92,777)
Loss from unconsolidated affiliates	(2,441)	(213)	(367)
Operating (loss) income	409,973	310,103	94,810
OTHER EXPENSE:
Interest expense, net	(286,248)	(171,732)	(99,769)
Loss on early retirement of debt, net	(7,512)	(162)	(38,430)
Unrealized gain (loss) on restricted investment	8,765	(2,587)
Total other expense	(284,995)	(174,481)	(138,199)
Net income (loss) before income taxes	124,978	135,622	(43,389)
(Provision) benefit for income taxes	(43,977)	(40,387)	116,769
Net income	$ 81,001	$ 95,235	$ 73,380
Net income per share of common stock:
Basic	$ 1.04	$ 1.23	$ 1.09
Diluted	$ 1.03	$ 1.22	$ 1.08
Weighted average number of shares outstanding:
Weighted average basic shares outstanding	77,677,265	77,458,902	67,133,531
Weighted average diluted shares outstanding	78,593,819	78,282,101	68,102,814
Casino and pari-mutuel Commissions
REVENUES:
Net revenues	$ 1,808,186	$ 1,553,378	$ 1,099,027
EXPENSES:
Cost of goods and services	802,327	749,289	561,089
Food and Beverage
REVENUES:
Net revenues	301,417	247,339	198,246
Net revenues	301,417	247,339	198,246
EXPENSES:
Cost of goods and services	238,661	202,618	169,848
Hotel
REVENUES:
Net revenues	299,908	183,804	133,338
Net revenues	299,908	183,804	133,338
EXPENSES:
Cost of goods and services	99,223	65,009	50,575
Other
REVENUES:
Net revenues	118,738	71,486	50,187
Net revenues	$ 118,738	$ 71,486	$ 50,187

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 81,001	$ 95,235	$ 73,380
Other comprehensive income (loss), net of tax:
Defined benefit pension plan—amortization of net income (loss), net of tax of $116, $(1) and $36, respectively	376	(78)	67
Other comprehensive income (loss)	376	(78)	67
Comprehensive income, net of tax	$ 81,377	$ 95,157	$ 73,447

- 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 COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Defined benefit pension plan-amortization of net income (loss), tax	$ 116	$ (1)	$ 36

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, 2016	$ 295,969		$ 173,879	$ 122,078	$ 12
Beginning Balance (in shares) at Dec. 31, 2016		47,105,744
Isle common stock exchanged at merger	574,811		574,811
Isle common stock exchanged at merger (in shares)		28,468,182
Issuance of restricted stock units	6,322		6,322
Issuance of restricted stock units (in shares)		1,070,552
Other	(487)			(487)
Net income	73,380			73,380
Other comprehensive (loss) income	67				67
Exercise of stock options	$ 2,900		2,900
Exercise of stock options (in shares)	1,185,745	1,185,745
Shares withheld related to net share settlement of stock awards	$ (11,365)		(11,365)
Shares withheld related to net share settlement of stock awards (in shares)		(1,004,257)
Ending Balance at Dec. 31, 2017	941,597		746,547	194,971	79
Ending Balance (in shares) at Dec. 31, 2017		76,825,966
Issuance of restricted stock units	13,084	$ 1	13,083
Issuance of restricted stock units (in shares)		848,737
Purchase of treasury shares	(9,131)	$ (9,100)				$ (9,131)
Purchase of treasury shares, (in shares)		223,823				223,823
Net income	95,235			95,235
Other comprehensive (loss) income	(78)				(78)
Exercise of stock options	$ 154		154
Exercise of stock options (in shares)	120,120	67,336
Shares withheld related to net share settlement of stock awards	$ (11,708)		(11,708)
Shares withheld related to net share settlement of stock awards (in shares)		(303,150)
Ending Balance at Dec. 31, 2018	1,029,153	$ 1	748,076	290,206	1	$ (9,131)
Ending 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	19,719		19,719
Issuance of restricted stock units (in shares)		540,753
Purchase of treasury shares, (in shares)		0
Net income	81,001			81,001
Other comprehensive (loss) income	$ 376				376
Exercise of stock options (in shares)	0
Shares withheld related to net share settlement of stock awards	$ (8,248)		(8,248)
Shares withheld related to net share settlement of stock awards (in shares)		(186,702)
Ending Balance at Dec. 31, 2019	$ 1,117,257	$ 1	$ 759,547	$ 366,463	$ 377	$ (9,131)
Ending Balance (in shares) at Dec. 31, 2019		77,792,940				223,823

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 81,001	$ 95,235	$ 73,380
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	221,525	157,429	105,891
Amortization of deferred financing costs, discount and debt premium	18,267	8,175	6,289
Deferred revenue	(7,140)
Equity in loss of unconsolidated affiliates	2,441	213	367
Loss on early retirement of debt	7,512	162	38,430
Lease amortization	3,096	675
Unrealized (gain) loss on restricted investment	(8,765)	2,587
Stock compensation expense	19,719	13,084	6,322
Loss (gain) on sale of businesses and disposal of property and equipment	(49,575)	835	319
Impairment charges	958	13,602	38,016
(Benefit) provision for deferred income taxes	(1,649)	33,865	(112,561)
Other	1,962	1,483	567
Change in operating assets and liabilities:
Accounts receivable	4,586	6,104	(19,110)
Prepaid expenses and other assets	9,531	56	(423)
Income taxes (receivable) payable	(21,847)	6,945	(470)
Accounts payable and accrued other liabilities	30,904	(17,170)	(7,131)
Net cash provided by operating activities	312,526	323,280	129,886
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net	(170,766)	(147,415)	(83,161)
Purchase of restricted investments		(8,008)
Proceeds from sale of businesses, property and equipment, net of cash sold	536,133	1,002	135
Proceeds from sale of investments	4,944
Net cash used in business combinations		(1,113,227)	(1,313,051)
Investments in and loans to unconsolidated affiliates	(771)	(581)	(604)
Net cash provided by (used in) investing activities	369,540	(1,268,229)	(1,396,681)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		846,000	2,325,000
Borrowings under Revolving Credit Facility	33,000	315,358	207,953
Payments under long-term debt			(911,875)
Payments under Revolving Credit Facility	(278,000)	(70,358)	(236,953)
Payments on Term Loan	(458,000)
Debt premium proceeds			27,500
Debt issuance costs	(456)	(25,758)	(51,526)
Taxes paid related to net share settlement of equity awards	(8,247)	(11,708)	(11,365)
Proceeds from exercise of stock options	0	154	2,900
Purchase of treasury stock		(9,131)
Payments on other long-term payables	(476)	(666)	(533)
Net cash (used in) provided by financing activities	(712,179)	1,043,891	1,351,101
(Decrease) increase in cash, cash equivalents and restricted cash	(30,113)	98,942	84,306
Cash, cash equivalents and restricted cash, beginning of period	246,691	147,749	63,443
Cash, cash equivalents and restricted cash, end of period	216,578	246,691	147,749
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	206,317	230,752	134,596
Restricted cash	3,507	8,884	3,267
Restricted cash included in other noncurrent assets	$ 6,754	$ 7,055	$ 9,886
Restricted Cash,Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Cash, cash equivalents and restricted cash, end of period	$ 216,578	$ 246,691	$ 147,749
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	277,250	166,007	84,604
Income taxes (refunded) paid	51,131	(4,134)	246
NON-CASH FINANCING ACTIVITIES:
Payables for capital expenditures	$ 10,676	$ 11,694	$ 9,079

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

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

The Company is a geographically diversified gaming and hospitality company with 23 gaming facilities in 11 states as of December 31, 2019. The Company’s properties, which are located in Ohio, Louisiana, Nevada, New Jersey, Colorado, Florida, Iowa, Mississippi, Illinois, Indiana and Missouri, feature approximately 23,900 slot machines, video lottery terminals (“VLTs”) and e-tables, approximately 660 table games and approximately 11,300 hotel rooms. The Company’s primary source of revenue is generated by gaming operations, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.

The Company was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. In 1993, the Company partnered with MGM Resorts International to build Silver Legacy Resort Casino, the first mega-themed resort in Reno. In 2005, the Company acquired its first property outside of Reno when it purchased a casino in Shreveport, Louisiana, now known as Eldorado Shreveport. In September 2014, the Company merged with MTR Gaming Group, Inc. and acquired its three gaming and racing facilities in Ohio, Pennsylvania and West Virginia. The following year, in November 2015, the Company acquired Circus Circus Reno (“Circus Reno”) and the 50% membership interest in the Silver Legacy that was owned by MGM Resorts International. On May 1, 2017 (the “Isle Acquisition Date”), the Company completed its acquisition of Isle of Capri Casinos, Inc. (“Isle” or “Isle of Capri”), adding 13 gaming properties to its portfolio (the “Isle Acquisition”). On August 7, 2018, the Company acquired the Elgin Riverboat Resort – Riverboat Casino d/b/a Grand Victoria Casino (“Elgin”) (“Elgin Acquisition”). On October 1, 2018, the Company completed its acquisition of Tropicana Entertainment, Inc. (“Tropicana”), adding seven properties to its portfolio (the “Tropicana Acquisition”).

On January 11, 2019 and March 8, 2019, respectively, we completed our sales of Presque Isle Downs & Casino (“Presque”) and Lady Luck Casino Nemacolin (“Nemacolin”), which are both located in Pennsylvania. On December 6, 2019 we completed our sales of Mountaineer Casino, Racetrack and Resort (“Mountaineer”), Isle Casino Cape Girardeau (“Cape Girardeau”) and Lady Luck Casino Caruthersville (“Caruthersville”). Mountaineer is located in West Virginia and Cape Girardeau and Caruthersville are located in Missouri.

On June 24, 2019, we 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”). In connection with the execution of the Merger Agreement, the Company also 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 to consummate one or more sale and leaseback transactions with VICI and/or its affiliates with respect to certain property described in the MTA. Consummation of the Merger is subject to the satisfaction or waiver of certain conditions, including anti-trust and regulatory approvals. The Company expects that the Merger will be consummated in the first half of 2020.

On July 10, 2019, we 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. The definitive agreement provides that the consummation of the sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals. The transaction is expected to be consummated in the first half of 2020. (See Note 6).

On January 13, 2020, we entered into a definitive agreement to sell Eldorado Resort Casino Shreveport. The definitive agreement provides that the consummation of the sale is subject to receipt of required regulatory approvals, the prior or concurrent closing of the Merger and other customary conditions. The transaction is expected to be consummated in 2020. (See Note 22).

The following table sets forth certain information regarding our properties (listed by segment in which each property is reported) as of December 31, 2019:

Segment	Property	Date Acquired	State
West	Eldorado Resort Casino Reno ("Eldorado Reno")	(a)	Nevada
	Silver Legacy Resort Casino ("Silver Legacy")	(a)	Nevada
	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 (b)	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 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) (c)	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
	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 was sold on January 11, 2019, Nemacolin was sold on March 8, 2019 and Mountaineer was sold on December 6, 2019. All three properties were previously reported in the East segment. Cape Girardeau and Caruthersville were sold on December 6, 2019. Both properties were previously reported in the Midwest segment.

(c)	We have entered into agreements to sell Kansas City, Vicksburg and Eldorado Shreveport. The Kansas City and Vicksburg sales are expected to close in the first half of 2020. The Eldorado Shreveport sale is expected to close in 2020.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

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

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

Cash and Cash Equivalents. Cash equivalents include investments in money market funds 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. Restricted cash includes cash and certificates of deposit and restricted investments consist primarily of trading securities held by the Company’s captive insurance subsidiary. The trading securities are primarily debt and equity securities that are purchased with the intention to resell in the near term. The trading securities are carried at fair value with changes in fair value recognized in current period income. Additionally, balances are reserved for unredeemed winning tickets from the Company’s racing operations, funds related to horsemen’s fines and certain simulcasting funds that are restricted to payments for improving horsemen’s facilities and racing purses, cash deposits that serve as collateral for letters of credit, surety bonds and certificates of deposit that serve as collateral for certain bonding requirements, and serve as security for certain insurance coverage and land leases.

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 unobservable inputs that are not corroborated by market data (Level 3) and represent the amounts we would expect to receive if we sold our restricted cash and investments. Restricted cash and investments are reported on the face of the Consolidated Balance Sheets and in Other assets, net.

Marketable Securities. Marketable securities consist of trading securities which are primarily debt and equity securities that are carried at fair value with changes in fair value recognized in current period income.

CRDA Investments. The New Jersey Casino Reinvestment Development Authority (“CRDA”) cash deposits made by Trop AC are carried at fair value. The CRDA bonds are classified as held-to-maturity securities and are carried at amortized cost less any adjustments for other than temporary impairments.

Accounts Receivable and Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit to approved casino customers following background checks and assessments of creditworthiness. Trade receivables, including casino and hotel receivables, are typically non‑interest bearing. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2019 and 2018, no significant concentrations of credit risk related to receivables existed.

Inventories. Inventories are stated at the lower of average cost, using a first‑in, first‑out basis, or net realizable value. Inventories consist primarily of food and beverage, retail merchandise and operating supplies.

Corporate Expense. Corporate expense represents unallocated payroll, travel costs, professional fees and various other expenses not directly related to the Company’s casino operations. In addition, corporate expense includes costs associated with the Company’s evaluation and pursuit of new business opportunities which are expensed as incurred.

Preopening and Start-up Expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. Expenses are reported in operating expenses on the Consolidated Statements of Income.

Property and Equipment. Property and equipment are stated at cost, except for assets acquired in our business combinations which were adjusted for fair value under ASC 805. Depreciation is computed using the straight‑line method over the estimated useful life of the asset as noted in the table below, or the term of the lease, whichever is less. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in operating income.


Buildings and improvements		10 to 40 years
Land improvements		10 to 20 years
Furniture, fixtures and equipment		3 to 20 years
Riverboats		5 to 25 years

The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. For the year ended December 31, 2018, an impairment charge of $3.8 million was recorded related to the property and equipment held for sale at Nemacolin; no impairment was recorded related to property and equipment held and used for the years ended December 31, 2019 and 2017.

Investments in and Advances to Unconsolidated Affiliates. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method and are included in other assets, net. The Company does have variable interests in variable interest entities; however, is not the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. Estimated fair value is determined using a discounted cash flow analysis based on estimated future results of the investee. There were no impairments of the Company’s equity method investments for the years ended 2019, 2018 or 2017.

Goodwill and Other Intangible Assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests as of October 1 of each fiscal year. As a result of the annual impairment review for goodwill and indefinite-lived intangible assets, no impairments were indicated for the years ended 2019 or 2018; however, in conjunction with the classification of Vicksburg’s operations as assets held for sale at March 31, 2018, an impairment charge totaling $9.8 million to goodwill was recorded. The Company recorded impairment charges of $34.9 million and $3.1 million related to goodwill and trade names, respectively, for the year ended 2017.

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

Finite-lived intangible assets consist of trade names and player loyalty programs acquired in business combinations. Amortization is recorded using the straight-line method over the estimated useful life of the asset. The Company evaluates for impairment whenever indicators of impairment exist. When indicators are noted, the Company then compares estimated future cash flows, undiscounted, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is recorded. No impairment charges were recorded for the years ended December 31, 2019, 2018 and 2017.

Non‑Operating Real Properties. We have designated certain assets, consisting principally of land and undeveloped properties, as non‑operating real property and have declared our intent to sell those assets. However, we do not anticipate that we will sell the majority of the assets within the next twelve months. As such, these properties are not classified as held‑for‑sale as of December 31, 2019. For undeveloped properties, including non‑operating real properties, when indicators of impairment are present, properties are evaluated for impairment and losses are recorded when undiscounted cash flows estimated to be generated by an asset or market comparisons are less than the asset’s carrying amount. The amount of the impairment loss is calculated as the excess of the asset’s carrying value over its fair value, which is determined using a discounted cash flow analysis, management estimates or market comparisons. As a result of the sale of certain non-operating real property located in Pennsylvania, the Company recognized an impairment charge of $1.0 million during the year ended December 31, 2019. No impairment indicators were recorded for the years ended December 31, 2018 and 2017.

Financing Obligation with GLPI. Substantially concurrently with the consummation of the Tropicana Acquisition, the Company entered into the Master Lease with Gaming and Leisure Properties Inc. (“GLPI”). The Master Lease was evaluated as a sale-leaseback of real estate; however, based on certain prohibited forms of continuing involvement in the leased assets, the Master Lease did not qualify for sale-leaseback accounting and was accounted for as a financing obligation. Under a failed sale-leaseback transaction, the real estate assets generally remain on the consolidated balance sheet at their historical net book value and are depreciated over their remaining useful lives with a failed sale-leaseback financing obligation recognized for the proceeds received. However, in the absence of cash proceeds, the value of the failed sale-leaseback financing obligations recognized is determined to be the fair value of the leased real estate assets. As a result, the Company calculated a financing obligation at the inception of the Master Lease based on the fair value of the real estate assets subject to the Master Lease (see Note 11).

As described above, for failed sale-leaseback transactions, the Company continues to reflect the real estate assets on the Consolidated Balance Sheets as if the Company were the legal owner, and the Company continues to recognize depreciation expense over the estimated useful lives. We do not recognize rent expense related to these leased assets, rather we have recorded a liability for the failed sale-leaseback obligation and the minimum lease payments are recognized as interest expense. In the initial periods, cash payments are less than the interest expense recognized in the Consolidated Statements of Income, which causes the failed sale-leaseback obligation to increase during the initial years of the lease term (see Note 11).

Self‑Insurance Reserves. The Company is self‑insured for various levels of general liability, employee medical insurance coverage and workers’ compensation coverage. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. We utilize independent consultants to assist management in its determination of estimated insurance liabilities. While the total cost of claims incurred depends on future developments, in managements’ opinion, recorded reserves are adequate to cover future claims payments. Self-insurance reserves for employee medical claims and workers’ compensations are included in accrued payroll and related on the Consolidated Balance Sheets. Self-insurance reserves for general liability claims are included in accrued other liabilities on the Consolidated Balance Sheets.

Treasury Shares. We account for the repurchase of our shares at the amount of consideration paid. The repurchased shares are classified as treasury shares and are presented as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is presented within additional paid-in capital.

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

Player Loyalty Program. 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 loyalty program liability represents a deferral of revenue until redemption occurs, which is typically less than one year.

Complimentaries. The Company offers discretionary coupons and other discretionary complimentaries to customers outside of the loyalty program. The retail value of complimentary food, beverage, hotel rooms and other services provided to customers is recognized as a reduction of revenues for the department which issued the complimentary and 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 revenues included complimentaries and loyalty point redemptions totaling $291.9 million, $210.8 million and $172.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Casino Revenue and Pari-mutuel Commissions. 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 are recorded on a gross basis. Such fees are based upon a predetermined percentage of handle as contracted with the other race tracks.

Non-gaming Revenue. Hotel, food and beverage, and other operating revenues are recognized as services are performed and is the net amount collected from the customer for such goods and services. Hotel, food and beverage services have been determined to be separate, stand-alone performance obligations and is 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’s Consolidated Statements of Income presents net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below (amounts in thousands). Refer to Note 20 for a discussion of the Company’s reportable segments.

	Year Ended December 31, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	223,179	$	332,389	$	377,080	$	491,185	$	384,353	$	—	$	1,808,186
Food and beverage		119,986		23,078		51,612		58,978		47,763		—		301,417
Hotel		130,334		15,240		25,952		95,512		32,870		—		299,908
Other		51,222		7,870		8,489		29,083		14,775		7,299		118,738
Net revenues	$	524,721	$	378,577	$	463,133	$	674,758	$	479,761	$	7,299	$	2,528,249

	Year Ended December 31, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	230,558	$	345,499	$	375,748	$	485,047	$	116,526	$	—	$	1,553,378
Food and beverage		109,045		27,364		52,924		43,167		14,839		—		247,339
Hotel		108,333		16,365		24,792		26,694		7,620		—		183,804
Other		35,596		7,780		7,717		16,364		3,500		529		71,486
Net revenues	$	483,532	$	397,008	$	461,181	$	571,272	$	142,485	$	529	$	2,056,007

	Year Ended December 31, 2017
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	186,779	$	231,366	$	268,680	$	412,202	$	—	$	—	$	1,099,027
Food and beverage		102,244		20,452		42,114		33,436		—		—		198,246
Hotel		91,811		12,177		21,459		7,891		—		—		133,338
Other		29,485		4,884		6,006		9,306		—		506		50,187
Net revenues	$	410,319	$	268,879	$	338,259	$	462,835	$	—	$	506	$	1,480,798

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 17). 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 December 31		9,770		8,930		13,461			17,639		171,641		27,588
Increase / (decrease)	$	840	$	4,187	$	(4,178	)	$	5,887	$	144,053	$	22,101

The December 31, 2019 balances exclude liabilities related to assets held for sale recorded in 2019 (see Note 6). The change in customer deposits and other deferred revenue during the year ended December 31, 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 12).

Advertising. Advertising costs are expensed in the period the advertising initially takes place and are included in marketing and promotions expenses. Advertising costs included in marketing and promotion expenses were $28.9 million, $33.9 million and $33.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.

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

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

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

Reclassifications

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

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 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 3). 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 9). 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

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Note 3. 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 11), 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	December 31, 2019
ASSETS
Operating lease ROU assets	Right-of-use assets	$	188,219
Finance lease ROU assets	Property and equipment, net(1)	$	936,547
LIABILITIES
Current:
Operating	Short-term lease obligation	$	19,991
Finance	Current portion of long-term debt	$	68
Noncurrent:
Operating	Long-term lease obligation	$	176,932
Finance	Long-term financing obligation to GLPI and debt	$	970,662

(1)	Finance lease ROU assets are recorded net of accumulated depreciation of $20.9 million as of December 31, 2019.

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

	December 31, 2019
Weighted Average Remaining Lease Term
Operating leases		34.0 years
Finance leases		33.75 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):

			Year Ended
	Classification on the Income Statement		December 31, 209
Operating lease expense:
Operating lease expense	Operating expenses	$		20,436
Short-term and variable lease expense	Operating expenses			42,159
Finance lease expense:
Interest expense on lease liabilities	Interest expense, net			98,690
Amortization of ROU assets	Depreciation and amortization expense			16,795
Total lease expense		$		178,080

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

	Year Ended December 31, 2019
	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	24,372
Operating cash flows for finance leases	$	88,006

In addition to the payments made for operating leases noted above, the Company paid $42.2 million in short term and variable leases.

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

	Operating Leases			Finance Leases
Year ending December 31,
2020	$	19,991		$	89,287
2021		18,935			90,471
2022		17,814			91,729
2023		17,635			92,990
2024		15,470			94,315
Thereafter		561,602			3,412,357
Total future minimum lease payments		651,447			3,871,149
Less: amount representing interest		(454,524	)		(3,320,519	)
Present value of future minimum lease payments		196,923			550,630
Less: current lease obligations		(19,991	)		(68	)
Plus: residual values - GLPI		—			420,100
Long-term lease obligations	$	176,932		$	970,662

Acquisitions, Purchase Price Accounting and Pro forma Information

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions, Purchase Price Accounting and Pro forma Information

Note 4. Acquisitions, 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 11). The Company funded the purchase of the real estate underlying Lumière with the proceeds of a $246 million loan (see Note 12) 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 $4.0 million and $18.3 million for the year ended December 31, 2019 and 2018, respectively.

Final Purchase Price Accounting

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 December 31, 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.

As of 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 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. 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 the Tropicana acquisition date of October 1, 2018 through December 31, 2018, Tropicana generated net revenues of $205.1 million and net loss of $8.7 million.

Elgin

Final Purchase Price Accounting

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 $0.2 million and $3.9 million for the year ended December 31, 2019 and 2018, respectively.

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. As of September 30, 2019, the Company finalized its valuation procedures and no changes were recorded to the acquisition date fair values as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018. 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 December 31, 2019 (dollars in thousands):

Current and other	$	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 licenses valued at $163.9 million, trade names valued at $12.6 million and player loyalty programs 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 Company has assigned an indefinite useful life to the gaming licenses. 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 the Elgin acquisition date of August 7, 2018 through December 31, 2018, Elgin generated net revenues of $63.0 million and net income of $7.6 million.

Isle

Final Purchase Price Accounting

The total purchase consideration in the Isle Acquisition was determined with reference to the fair value on the date of the Merger Agreement relating to the Isle Acquisition (the “Isle Merger Agreement”) as follows:

Purchase consideration calculation (dollars in thousands, except shares and stock price)	Shares		Per share
Cash paid for outstanding Isle common stock					$	552,050
Shares of ERI common stock issued for Isle common stock		28,468,182	$	19.12		544,312
Cash paid by ERI to retire Isle's long-term debt						828,000
Shares of ERI common stock for Isle equity awards						10,383
Purchase consideration					$	1,934,745

The following table summarizes the purchase accounting of the purchase consideration to the identifiable assets acquired and liabilities assumed in the Isle Acquisition as of the Isle Acquisition Date, with the excess recorded as goodwill. The fair values were based on management’s analysis, including work performed by third-party valuation specialists. The following table summarizes our final purchase price accounting of the acquired assets and liabilities as of December 31, 2018 (dollars in thousands):

Current and other assets, net	$	135,925
Property and equipment		908,816
Goodwill		709,087
Intangible assets (i)		517,470
Other noncurrent assets		15,082
Total assets		2,286,380
Current liabilities		(144,306	)
Deferred income taxes (ii)		(189,952	)
Other noncurrent liabilities		(17,377	)
Total liabilities		(351,635	)
Net assets acquired	$	1,934,745

(i)	Intangible assets consist of gaming licenses valued at $395.1 million, trade names valued at $108.3 million, and player loyalty programs valued at $14.1 million.

(ii)	Deferred tax liabilities were derived based on fair value adjustments for property and equipment and identified intangibles.

During the three months ended March 31, 2018, the Company finalized its valuation procedures and adjusted the Isle of Capri preliminary purchase price accounting, as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2017, to their updated values. Except for other long-term liabilities related to Bettendorf and Nemacolin and a corresponding goodwill adjustment totaling $6.1 million (net of tax), the finalization of our purchase price accounting resulted in minimal changes and refinements by management as of, and for the three months ended, March 31, 2018.

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

Trade receivables and payables, inventory 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 Isle Acquisition Date, based on management’s judgment and estimates.

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 using the cost approach using a direct cost model built on estimates of replacement cost. With respect to personal property components of the assets, 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 fair value of the gaming licenses was determined using the excess earnings or replacement cost methodology based on the respective states’ legislation. 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 Isle including working capital, fixed assets and other intangible assets. This methodology was considered appropriate as the gaming licenses are the primary asset of Isle and the licenses are linked to each respective facility. 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.

Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademarks, ERI 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, ERI avoids any such payments and record the related intangible value of ERI’s ownership of the brand name. The primary assumptions in the valuation included revenue, pre-tax royalty rate, and tax expense. ERI 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, ERI’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, ERI determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets.

ERI has assigned an indefinite useful life to the gaming licenses. The standard required ERI to consider, 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, ERI’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, ERI determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets. 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, ERI’s historical experience has not indicated, nor does ERI 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, ERI has concluded that the useful lives of these licenses are indefinite.

For the period from the Isle Acquisition date of May 1, 2017 through December 31, 2017, Isle and its subsidiaries generated net revenue of $600.1 million and net income of $102.5 million.

Unaudited Pro Forma Information

Tropicana

The following unaudited pro forma information presents the results of operations of the Company for the year ended December 31, 2018 and 2017, as if the Tropicana Acquisition had occurred on January 1, 2017 (in thousands).

	Year Ended			Year Ended
	December 31, 2018		December 31, 2017
Net operating revenues	$	2,735,760	$		2,361,372
Net income		92,556			16,651

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 year ended December 31, 2018 and 2017, as if the Elgin Acquisition had occurred on January 1, 2017 (in thousands).

	Year Ended			Year Ended
	December 31, 2018		December 31, 2017
Net operating revenues	$	2,152,948	$		1,644,907
Net income		105,689			79,158

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.

Isle

The following unaudited pro forma information presents the results of operations of the Company for the year ended December 31, 2017 as if the Isle Acquisition, which closed on May 1, 2017, had occurred on January 1, 2016 (in thousands).

	Year Ended
	December 31, 2017
Net operating revenues	$	1,810,815
Net income		173,027

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, 2016, 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 Isle prior to the Isle Acquisition with adjustments directly attributable to the Isle Acquisition.

Accounts Receivable

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Accounts Receivable

Note 5. Accounts Receivable

Components of accounts receivable, net are as follows (in thousands):

	December 31,
	2019			2018
Accounts receivable	$	58,527		$	63,843
Allowance for doubtful accounts		(4,628	)		(3,674	)
Total	$	53,899		$	60,169

Reserve for Uncollectible Accounts Receivable

We reserve an estimated amount for receivables that may not be collected. Methodologies for estimating bad debt reserves range from specific reserves to various percentages applied to aged receivables. Historical collection rates are considered, as are customer relationships, in determining specific reserves. As with many estimates, management must make judgments about potential actions by third parties in establishing and evaluating our reserves for bad debts. In the years ended December 31, 2019 and 2018, the Company’s bad debt expense totaled $1.5 million and $1.6 million, respectively.

Assets Held for Sale

12 Months Ended

Dec. 31, 2019

Discontinued Operations And Disposal Groups [Abstract]

Assets Held for Sale

Note 6. 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 the entities that hold Vicksburg and Kansas City, to Twin River Worldwide Holdings, Inc. for approximately $230 million, subject to a working capital adjustment.

Kansas City and Vicksburg met the requirements for presentation as assets held for sale under generally accepted accounting principles as of December 31, 2019. However, they did not meet the requirements for presentation as discontinued operations and are included in income from continuing operations.

The definitive agreement provides that the consummation of the sale is subject to satisfaction of customary conditions, including receipt of required regulatory approvals. The transaction is expected to close in the first half of 2020.

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, 2019 (in thousands):

	December 31, 2019
	Kansas City		Vicksburg		Total
Assets:
Accounts receivable, net	$	285	$	75	$	360
Inventories		52		119		171
Right-of-use assets		36,135		—		36,135
Prepaid expenses and other		216		4,168		4,384
Property and equipment, net		39,126		31,493		70,619
Goodwill		39,623		8,806		48,429
Other intangibles, net		90,329		2,708		93,037
Assets held for sale	$	205,766	$	47,369	$	253,135

Liabilities:
Accounts payable	$	307	$	188	$	495
Accrued payroll and related		567		327		894
Accrued property and other taxes		26		891		917
Short-term lease obligation		764		—		764
Long-term lease obligations		33,080		—		33,080
Accrued other liabilities		1,055		280		1,335
Liabilities related to assets held for sale	$	35,799	$	1,686	$	37,485

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

	Year Ended December 31, 2019
	Kansas City		Vicksburg
Net operating revenues	$	63,238	$	20,578
Net income (loss)		11,290		(1,448	)

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 for approximately $278 million and, immediately following the consummation of the sale such real property, sell all of the outstanding equity interests of Mountaineer, Caruthersville, and Cape Girardeau to Century Casinos, Inc. for approximately $107 million, subject to a finalized working capital adjustment. The sales were consummated on December 6, 2019.

Prior to the closing date, Mountaineer, Cape Girardeau and Caruthersville 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. Mountaineer was reported in the East segment and Cape Girardeau and Caruthersville were reported in Midwest segment.

The following information presents the net operating revenues and net income of Mountaineer, Cape Girardeau and Caruthersville prior to the respective divestitures (in thousands):

	Year Ended December 31, 2019
	Mountaineer		Cape Girardeau		Caruthersville
Net operating revenues	$	117,632	$	54,202	$	32,645
Net income		10,821		8,156		5,312

Churchill Downs Incorporated

On February 28, 2018, the Company entered into definitive agreements to sell substantially all of the assets and liabilities of Presque and Vicksburg to Churchill Downs Incorporated (“CDI”). Under the terms of the agreements, CDI agreed to purchase Presque 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 March 31, 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, 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 closed on January 11, 2019 resulting in a gain on sale of $22.1 million, net of final working capital adjustments, for the year ended December 31, 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 year ended December 31, 2019.

Prior to the respective closing dates, the divestitures of Nemacolin and Presque, 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		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 and Nemacolin prior to the respective divestitures (in thousands):

	Year Ended December 31, 2018
	Nemacolin			Presque
Net operating revenues	$	33,461		$	139,993
Net (loss) income		(3,571	)		13,935

	Year Ended December 31, 2019
	Nemacolin			Presque
Net operating revenues	$	4,836		$	3,235
Net loss		(754	)		(42	)

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

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 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. As of December 31, 2019, we have contributed approximately 20 acres to the joint venture at an approximate fair value of $6.6 million. 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 December 31, 2019 and 2018, the Company’s investment in the joint venture including contributions and capitalized professional costs totaled $7.6 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 December 31, 2019, based on the Company’s existing sportsbook operations with William Hill, the Company’s receivable from William Hill totaled $3.5 million, 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 December 31, 2019, the carrying value of the Company’s interest in William Hill US was $127.1 million recorded in investment in and advances to unconsolidated affiliates on the Consolidated Balance Sheets.

As of December 31, 2019, the fair value of the William Hill PLC shares totaled $29.3 million, net of an unrealized gain of $2.0 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 $5.4 million during the year ended December 31, 2019. As of December 31, 2019, the balance of the William Hill deferred revenue totaled $142.1 million and is recorded in other long-term liabilities on the Consolidated Balance Sheets.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment Net [Abstract]

Property and Equipment

Note 8. Property and Equipment

Property and equipment consisted of the following (in thousands):

	December 31,
	2019			2018
Non-Master Lease:
Land and improvements	$	275,000		$	316,456
Buildings and other leasehold improvements		1,334,740			1,472,516
Riverboats		57,199			81,762
Furniture, fixtures and equipment		624,812			586,404
Furniture, fixtures and equipment held under financing leases (Note 3)		345			193
Construction in progress		30,756			41,346
		2,322,852			2,498,677
Less—Accumulated depreciation and amortization		(644,718	)		(569,073	)
		1,678,134			1,929,604
Master Lease:
Land and improvements		377,150			377,150
Buildings and other leasehold improvements		578,250			578,250
Riverboats		1,900			1,900
		957,300			957,300
Less—Accumulated depreciation and amortization		(20,910	)		(4,298	)
		936,390			953,002
Property and equipment, net	$	2,614,524		$	2,882,606

Substantially all non-Master Lease property and equipment are pledged as collateral under our long‑term debt (see Note 12).

Depreciation expense, including amortization expense on financing leases, was $191.3 million, $144.7 million and $100.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Total depreciation and amortization expense includes $16.6 million and $4.3 million for the year ended December 31, 2019 and 2018, respectively, associated with the Master Lease assets. `

Intangible Assets, Net and Other Long Term Assets

12 Months Ended

Dec. 31, 2019

Other And Intangible Assets Net Disclosure [Abstract]

Intangible Assets, Net and Other Long Term Assets

Note 9. Intangible Assets, net and Other Long Term Assets

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

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

Gaming licenses	$	893,302		$	1,090,682		Indefinite
Trade names		165,479			187,929		Indefinite
Player loyalty programs		100,694			105,005		3 - 4 years
Subtotal		1,159,475			1,383,616
Accumulated amortization player loyalty programs		(48,077	)		(21,610	)
Total gaming licenses and other intangible assets, net	$	1,111,398		$	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 trade names and loyalty program for the years ended December 31, 2019, 2018 and 2017 totaled $30.3 million, $12.7 million and $5.1 million, respectively, which is included in depreciation and amortization in the Consolidated Statements of Income. Such amortization expense is expected to be $27.3 million, $21.2 million and $4.2 million for the years ended December 31, 2020, 2021 and 2022, respectively. Trade names and loyalty programs will be fully amortized in 2022.

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 6) 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 December 31, 2019 balances exclude assets held for sale recorded in 2019 (see Note 6), as well as the assets associated with the Presque, Nemacolin, Cape Girardeau, Caruthersville and Mountaineer divestitures, which accounts for the changes in goodwill and indefinite-lived intangible assets.

The following table presents changes to goodwill for the years ended December 31, 2019 and 2018 (in thousands):


	Goodwill			Accumulated Impairment			Goodwill, net
January 1, 2018	$	782,022		$	(34,916	)	$	747,106
Acquisitions		280,256			—			280,256
Finalization of purchase price accounting		(6,109	)		—			(6,109	)
Assets held for sale		(3,122	)		—			(3,122	)
Impairments		—			(9,815	)		(9,815	)
December 31, 2018		1,053,047			(44,731	)		1,008,316
Divestitures		(40,920	)		—			(40,920	)
Finalization of purchase price accounting		(9,250	)		—			(9,250	)
Assets held for sale		(48,429	)		—			(48,429	)
December 31, 2019	$	954,448		$	(44,731	)	$	909,717

On October 1, 2019 and 2018 the Company performed its annual impairment tests of its intangible assets by reviewing each of its reporting units. During the impairment test, no reporting units were noted to have a carrying value in excess of fair value. As a result, no impairments were indicated as a result of this testing for goodwill.

Other assets, net

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

		December 31,
	2019			2018
CRDA bonds and deposits	$		4,946	$	6,694
Unamortized debt issuance costs - Revolving Credit Facility			7,352		9,533
Non-operating real property			1,961		17,880
Long-term prepaid rent			-		20,198
Restricted cash and investments			39,102		15,064
Long-term receivables			14,258		2,022
Other			8,605		12,055
Total other assets, net	$		76,224	$	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 the sale of certain non-operating real property located in Pennsylvania, the Company recognized an impairment charge of $1.0 million for the year ended December 31, 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 reflected in the Company’s operating lease liability.

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 December 31, 2019, the fair value of the William Hill PLC shares totaled $29.3 million, net of an unrealized gain of $2.0 million, and is included in other assets, net on the Consolidated Balance Sheets.

Accrued Other Liabilities

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Accrued Other Liabilities

Note 10. Accrued Other Liabilities

Accrued other liabilities consisted of the following (in thousands):

	December 31,
	2019		2018
Accrued general liability claims	$	15,257	$	16,465
Unclaimed chips		9,770		8,930
Accrued purses and track related liabilities		3,085		1,899
Jackpot progressives and other accrued gaming liabilities		23,756		26,383
Player loyalty program point liability		13,461		17,639
Accrued Illinois donation liability		11,232		8,912
Accrued transaction expenses		56,302		522
Other		24,216		22,232
Total accrued other liabilities	$	157,079	$	102,982

In connection with the Company’s gaming license in the State of Illinois, the Company has agreed to contribute to both the County of Kane and the Grand Victoria Foundation, a foundation established for the benefit of education, environmental and economic development programs in the region, a donation equal to 20% of annual adjusted net operating income. The expense totaled $11.2 million for the year ended December 31, 2019 and $3.5 million for the period from the Elgin Acquisition date through December 31, 2018 and is included in general and administrative expense. Payment of the donation is due 120 days after the end of the fiscal year.

Total accrued transaction expenses were $56.3 million and $0.5 million as of December 31, 2019 and 2018, respectively. Pursuant to the Master Transaction Agreement with VICI Properties L.P., a Delaware limited partnership (“VICI”), the Company is required to reimburse VICI for 50% of any prepayment penalties in connection with VICI’s payoff related to its CPLV loan, regardless of whether the Merger closing occurs. The Company’s proportionate share of VICI’s prepayment penalty was approximately $55.4 million and is included in accrued transaction expenses as of December 31, 2019.

Long-Term Financing Obligation

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Long-Term Financing Obligation

Note 11. Long-Term Financing Obligation

As of December 31, 2019, 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 3), 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 was approximately $87.6 million, and subject to annual escalations as referenced in the table below.

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 December 31, 2019 are as follows (in thousands):

2020	$	89,168
2021		90,417
2022		91,691
2023		92,990
2024		94,315
Thereafter		3,412,357
Total future payments		3,870,938
Less: Amounts representing interest at 10.2%		(3,320,519	)
Plus: Residual values		420,100
Financing obligation to GLPI	$	970,519

Total payments and interest expense related to the Master Lease were $87.9 million and $98.6 million, respectively, for the year ended December 31, 2019. Total payments and interest expense related to the Master Lease were $21.9 million and $24.4 million, respectively, for the period from October 1, 2018 to December 31, 2018. 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 December 31, 2019, we were in compliance with all of the covenants under the Master Lease.

Long-Term Debt and Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt and Other Long-Term Liabilities

Note 12. Long‑Term Debt and Other Long-Term Liabilities

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

	December 31,			December 31,
	2019			2018
Term Loan	$	498,750		$	956,750
Less: Unamortized discount and debt issuance costs		(7,982	)		(18,426	)
Net		490,768			938,324
6% Senior Notes due 2026		600,000			600,000
Less: Unamortized debt issuance costs		(17,958	)		(19,630	)
Net		582,042			580,370
6% Senior Notes due 2025		875,000			875,000
Plus: Unamortized debt premium		20,214			23,491
Less: Unamortized debt issuance costs		(15,939	)		(18,405	)
Net		879,275			880,086
7% Senior Notes due 2023		375,000			375,000
Less: Unamortized discount and debt issuance costs		(4,923	)		(6,075	)
Net		370,077			368,925
Revolving Credit Facility		—			245,000
Lumière Loan		246,000			246,000
Long-term notes and other payables		2,554			3,030
Less: Current portion		(246,175	)		(462	)
Total long-term debt	$	2,324,541		$	3,261,273

Maturities of the principal amount of the Company’s long-term debt as of December 31, 2019 are as follows:


Years ending December 31,	(In thousands)
2020	$	246,175
2021		207
2022		178
2023		375,138
2024		498,900
Thereafter		1,476,705
	$	2,597,303

Additionally, as of December 31, 2019 and 2018, Other Long-Term Liabilities of $165.6 million and $59.0 million, respectively, primarily consists of deferred revenue related to the Company’s interests in William Hill and TSG (see Note 7 and Note 17) and other miscellaneous long-term liabilities. As of December 31, 2018, prior to the adoption of ASC-842, Other Long-Term Liabilities also included Long-Term Accrued Rent of $28.3 million.

Amortization of the debt issuance costs and the discount and premium associated with our indebtedness totaled $7.6 million, $5.6 million and $6.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense.

In accordance with ASC Topic 470-50, Debt Modifications and Extinguishments (“ASC 470-50”), the Company recognized a loss on the early retirement of debt totaling $7.5 million for the year ended December 31, 2019 related to a pro-rated write off of deferred financing costs associated with permanent payments on our Term Loan. The company recognized a loss of $27.3 million for the year ended December 31, 2017 as a result of the refinance of the prior credit facility in May 2017. The Company also recognized a loss totaling $11.1 million as a result of the issuance of additional 6% Senior Notes due 2025 (as defined below) in September 2017 resulting in a combined total loss of $38.4 million for the year ended December 31, 2017.

The Company is a holding company with no independent assets or operations. Our 6% Senior Notes due 2025, 6% Senior Notes due 2026 (as defined below) and 7% Senior Notes due 2023 (as defined below) are fully and unconditionally guaranteed, on a joint and several basis, by the subsidiary guarantors. As of December 31, 2019, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries.

Senior Notes

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 the 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.

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

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

If the Company experiences certain change of control events (as defined in the 2023 Indenture), it must offer to repurchase the 7% Senior Notes due 2023 at 101% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company must offer to repurchase the 7% Senior Notes due 2023 at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase dates.

The 7% Senior Notes due 2023 are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities.

The 2023 Indenture contains certain covenants limiting, among other things, the Company’s ability and the ability of its subsidiaries (other than its unrestricted subsidiaries) to:

•

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

•

incur or guarantee additional indebtedness or issue disqualified stock or create subordinated indebtedness that is not subordinated to the 7% Senior Notes due 2023 or the guarantees of the 7% Senior Notes due 2023;

•

create liens;

•

transfer and sell assets;

•

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

•

enter into certain transactions with affiliates;

•

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

•

create restrictions on dividends or other payments by restricted subsidiaries.

These covenants are subject to a number of exceptions and qualifications as set forth in the 2023 Indenture. The 2023 Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 7% Senior Notes due 2023 to be declared due and payable.

6% Senior Notes due 2025

On March 29, 2017, Eagle II Acquisition Company LLC (“Eagle II”), a wholly-owned subsidiary of the Company, issued $375.0 million in 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 will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1 of each year.

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.

On or after April 1, 2020, the Company may redeem all or a portion of the 6% Senior Notes due 2025 upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest, if any, on the 6% Senior Notes due 2025 redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on April 1 of the years indicated below:

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

Prior to April 1, 2020, the Company may redeem all or a portion of the 6% Senior Notes due 2025 at a price equal to 100% of the 6% Senior Notes due 2025 redeemed plus accrued and unpaid interest to the redemption date, plus a make-whole premium. At any time prior to April 1, 2020, the Company is also entitled to redeem up to 35% of the original aggregate principal amount of the 6% Senior Notes due 2025 with proceeds of certain equity financings at a redemption price equal to 106% of the principal amount of the 6% Senior Notes due 2025 redeemed, plus accrued and unpaid interest. If the Company experiences certain change of control events (as defined in the 2025 Indenture), it must offer to repurchase the 6% Senior Notes due 2025 at 101% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company must offer to repurchase the 6% Senior Notes due 2025 at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date.

The 6% Senior Notes due 2025 are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities.

The 2025 Indenture contains certain covenants limiting, among other things, the Company’s ability and the ability of its subsidiaries (other than its unrestricted subsidiaries) to:

•

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

•

incur or guarantee additional indebtedness or issue disqualified stock or create subordinated indebtedness that is not subordinated to the 6% Senior Notes due 2025 or the guarantees of the 6% Senior Notes due 2025;

•

create liens;

•

transfer and sell assets;

•

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

•

enter into certain transactions with affiliates;

•

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

•

create restrictions on dividends or other payments by restricted subsidiaries.

These covenants are subject to a number of exceptions and qualifications as set forth in the 2025 Indenture. The 2025 Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 6% Senior Notes due 2025 to be declared due and payable.

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 in 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 semi-annually in arrears on March 15 and September 15 of each year. The Company and the subsidiary guarantors assumed the obligations under the 2026 Indenture in connection with the consummation of the Tropicana Acquisition.

On or after September 15, 2021, the Company may redeem all or a portion of the 6% Senior Notes due 2026 upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest, if any, on the 6% Senior Notes due 2026 redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on September 15 of the years indicated below:

Year	Percentage
2021		104.500	%
2022		103.000	%
2023		101.500	%
2024 and thereafter		100.000	%

Prior to September 15, 2021, the Company may redeem all or a portion of the 6% Senior Notes due 2026 at a price equal to 100% of the 6% Senior Notes due 2026 redeemed plus accrued and unpaid interest to the redemption date, plus a make-whole premium. At any time prior to September 15, 2021, the Company is also entitled to redeem up to 35% of the original aggregate principal amount of the 6% Senior Notes due 2026 with proceeds of certain equity financings at a redemption price equal to 106% of the principal amount of the 6% Senior Notes due 2026 redeemed, plus accrued and unpaid interest. Upon the occurrence of a Change of Control (if the 6% Senior Notes due 2026 do not have investment grade status) or a Change of Control Triggering Event (each as defined in the 2026 Indenture), the Company must offer to repurchase the 6% Senior Notes due 2026 at 101% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date.

If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company must apply the net proceeds of such sale to make an offer to repurchase the 6% Senior Notes due 2026 at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date.

The 6% Senior Notes due 2026 are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities.

The 2026 Indenture contains certain covenants limiting, among other things, the Company’s ability to:

•

incur additional indebtedness;

•

create, incur or suffer to exist certain liens;

•

pay dividends or make distributions on capital stock or repurchase capital stock;

•

make certain investments;

•

place restrictions on the ability of subsidiaries to pay dividends or make other distributions to the Issuer;

•

sell certain assets or merge with or consolidate into other companies; and

•

enter into certain types of transactions with the stockholders and affiliates.

These covenants are subject to a number of exceptions and qualifications as set forth in the 2026 Indenture. The 2026 Indenture also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 6% Senior Notes due 2026 to be declared due and payable.

The Company applied the net proceeds of the sale of the 6% Senior Notes due 2026, together with borrowings under its existing revolving credit, cash on hand and Tropicana’s cash on hand, to pay the consideration payable by the Company pursuant to the merger agreement, repay all of the debt outstanding under Tropicana’s existing credit facility and pay fees and costs associated with the Tropicana Acquisition that closed on October 1, 2018.

Term Loan and Revolving Credit Facility

On April 17, 2017, Eagle II entered into a credit agreement by and among Eagle II, as initial borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto dated as of April 17, 2017 (the “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”), which was undrawn at closing.

As of December 31, 2019, the Company had $498.8 million of borrowings outstanding under the Term Loan and no outstanding balance under the Revolving Credit Facility. The Company had $482.0 million of available borrowing capacity, after consideration of $18.0 million in outstanding letters of credit, under our Revolving Credit Facility as of December 31, 2019. In 2019, we utilized $360.0 million of net proceeds from the sales of Presque, Mountaineer, Cape Girardeau and Caruthersville to repay a portion of amounts outstanding under the Term Loan.

The interest rate per annum applicable to loans under the Revolving Credit Facility is, 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 December 31, 2019, the weighted average interest rate on the Term Loan was 4.05%.

The Company applied the net proceeds of the Term Loan Facility and borrowings under the Revolving Credit Facility totaling $135 million, together with the proceeds of the 6% Senior Notes due 2025 and cash on hand, to (i) pay the cash portion of the consideration payable in our acquisition of Isle, (ii) refinance all of the debt outstanding under Isle’s existing credit facility, (iii) redeem or otherwise repurchase all of Isle’s outstanding 5.875% Senior Notes due 2021 and 8.875% Senior Subordinated Notes due 2020, (iv) repay all amounts outstanding under our prior credit facility and (v) pay fees and costs associated with our acquisition of Isle and such financing transactions.

Our obligations under the Revolving Credit Facility will mature on October 1, 2023. Our obligations under the Term Loan Facility will mature on April 17, 2024. The Company was required to make quarterly principal payments in an amount equal to $3.6 million on the Term Loan Facility on the last day of each fiscal quarter beginning on June 30, 2017. The Company 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 is required to apply a portion of its excess cash flow to repay amounts outstanding under the Credit Facility.

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

The Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, our ability and the ability of the subsidiary guarantors to incur debt; create liens; engage in mergers, consolidations or asset dispositions; pay dividends or make distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business.

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

The Credit Facility contains a number of customary events of default, including, among others, for the non-payment of principal, interest or other amounts, the inaccuracy of certain representations and warranties, the failure to perform or observe certain covenants, a cross default to our other indebtedness including the 6% Senior Notes due 2025 and 7% Senior Notes due 2023, certain events of bankruptcy or insolvency; certain ERISA events, the invalidity of certain loan documents, certain changes of control and the loss of certain classes of licenses to conduct gaming. If any event of default occurs, the lenders under the Credit Facility would be entitled to take various actions, including accelerating amounts outstanding thereunder and taking all actions permitted to be taken by a secured creditor.

On June 6, 2018, the Company executed an amendment that modified certain covenants in the Credit Facility to allow for considerations related to the acquisition of Tropicana. The borrowing capacity of the Revolving Credit Facility increased from $300.0 million to $500.0 million effective substantially concurrently with the consummation of the Tropicana Acquisition on October 1, 2018 and the maturity date of the Revolving Credit Facility extended to October 1, 2023.

Lumière Loan

In connection with the purchase of the real estate related to Lumière, GLPI, Tropicana St. Louis RE LLC, a Wholly owned subsidiary of the Company (“Tropicana St. Louis RE”), and the Company entered into a loan agreement, dated as of October 1, 2018 (the “Lumière Loan”), relating to a loan of $246 million by GLPI to Tropicana St. Louis RE to fund the entire purchase price of the real estate underlying Lumière and a guaranty by the Company of the amounts owed by Tropicana St. Louis RE. 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 is secured by a first priority mortgage on the Lumière Real Property until October 1, 2019. In connection with the issuance of the Lumière Loan, the Company agreed to use its 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 Tropicana St. Louis RE 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 the Company of such Replacement Property. In connection with such Replacement Property sale, (i) the Company 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 the obligations of Tropicana St. Louis RE and the Company under the Lumière Loan will be deemed to have been satisfied, (iii) the Lumière Real Property will be released from the lien placed on it in connection with the Lumière Loan (if such lien has not yet been released in accordance with the terms of the Lumière Loan) and (iv) in the event the value of the Replacement Property is greater than the outstanding obligations of Tropicana St. Louis RE under the Lumière Loan, GLPI will pay Tropicana St. Louis RE 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 December 31, 2019, the Company was 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.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized; (3) creating a new limitation on deductible interest expense; (4) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (5) bonus depreciation that will allow for full expensing of qualified property; and (6) limitations on the deductibility of certain executive compensation.

The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.

As of the fourth quarter of the year ended December 31, 2018, we completed our accounting for the effects of the Tax Act.

As of December 31, 2017, in connection with our initial analysis of the impact of the Tax Act, for certain of our net deferred tax liabilities, we recorded a decrease of $111.9 million, net of the related change in valuation allowance, with a corresponding net adjustment to deferred income tax benefit as a result of the corporate rate reduction. We recorded a provisional benefit for 2017 expenditures based on our intent to fully expense all qualifying expenditures. We made immaterial adjustments to the provisional amount as of December 31, 2018.

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 are presented below (amounts in thousands).

	2019			2018			2017
Current:
Federal	$	31,511		$	3,813		$	(3,959	)
State		13,516			2,445			380
Local		597			304			(627	)
Total current		45,624			6,562			(4,206	)
Deferred:
Federal		4,751			16,561			(104,400	)
State		(6,493	)		17,574			(186	)
Local		95			(310	)		(7,977	)
Total deferred		(1,647	)		33,825			(112,563	)
Income tax (benefit) expense	$	43,977		$	40,387		$	(116,769	)

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Federal statutory rate		21.0		%		21.0		%		35.0		%
State and local taxes		7.8		%		3.7		%		2.8		%
State tax rate adjustment		(2.3	)	%		8.9		%		5.7		%
Stock compensation		1.8		%		(1.8	)	%		0.8		%
Goodwill disposition		7.4		%		—		%		(27.1	)	%
Transaction expenses		—		%		—		%		(10.7	)	%
Tax Cuts and Jobs Act		—		%		(1.6	)	%		264.0		%
Valuation allowance		1.8		%		(0.3	)	%		(2.3	)	%
Tax credits		(1.1	)	%		(1.1	)	%		3.5		%
Other		(1.2	)	%		1.0		%		(2.6	)	%
Effective income tax rate		35.2		%		29.8		%		269.1		%

For the year ended December 31, 2019, the difference between the effective rate and the statutory rate is attributable primarily to changes in the effective state tax rate associated with the Divestitures, the disposal of Component 2 Goodwill related to dispositions and state non-deductible interest expense during the year. The Company continues to provide for a valuation allowance against net federal and state deferred tax assets associated with non-operating land, the sale of which could result in capital losses that can only be offset against capital gains. The Company also continues to provide for a valuation allowance against net state deferred tax assets relating to certain operations in a few states. Management determined it was not more-likely-than-not that the Company will realize these net deferred tax assets.

For the year ended December 31, 2018, the difference between the effective rate and the statutory rate is attributable primarily to state tax rate adjustment and changes in the effective state tax rate associated with the acquisitions of Elgin and Tropicana.

For the year ended December 31, 2017, the difference between the effective rate and the statutory rate is attributable primarily to the impact of the Tax Act, non-deductible asset impairment charges and non-deductible transaction costs incurred and changes in the effective state tax rate associated with the acquisition of Isle.

A valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Management must analyze all available positive and negative evidence regarding realization of the deferred tax assets and make an assessment of the likelihood of sufficient future taxable income. For the years ended December 31, 2019, 2018 and 2017, the Company increased its valuation allowance by $2.3 million and released valuation allowances of $0.5 million and $5.2 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes related to continuing operations at December 31, 2019 and 2018 are as follows (amounts in thousands):

	2019			2018
Deferred tax assets:
Loss carryforwards	$	25,795		$	31,880
Accrued expenses		56,896			19,306
Credit carryforwards		373			8,986
Financing obligation to GLPI		124,623			126,368
Long-term lease obligation		41,376			—
Other		3,925			9,623
		252,988			196,163
Deferred tax liabilities:
Identified intangibles		(151,039	)		(214,756	)
Fixed assets		(217,764	)		(149,491	)
Right-of-use assets		(41,137	)		—
Other		(12,663	)		(6,560	)
		(422,603	)		(370,807	)
Valuation allowance		(27,651	)		(25,366	)
Net deferred tax liabilities	$	(197,266	)	$	(200,010	)

As of December 31, 2019, the Company had federal and state net operating loss carryforwards of $29.2 million and $307.6 million, respectively. State net operating losses begin to expire in 2020 and federal net operating losses in 2032. As of December 31, 2019, the Company had federal jobs credit carryforwards of $0.2 million, which begin to expire in 2024.

The acquisitions of Elgin and Tropicana were treated as asset acquisitions for tax purposes and the assets and liabilities were stepped up to fair value. As a result, there are no deferred tax assets or liabilities recorded upon acquisition.

Utilization of net operating loss, credit, and other carryforwards are subject to annual limitations due to ownership changes as provided by the Internal Revenue Code of 1986, as amended and similar state provisions. An ownership change is defined as a greater than 50% change in ownership by 5% stockholders in any three‑year period. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, the Company had a “change in ownership” event that limits the utilization of net operating loss, credit, and other carryforwards that were previously available to Isle and the Company to offset future taxable income. The “change in ownership” event for Isle and the Company occurred on May 1, 2017 in connection with the merger with Isle of Capri. This limitation resulted in no significant loss of federal attributes, but did result in significant loss of state attributes. The federal and state net operating loss credit and other carryforwards are stated net of limitations.

As of December 31, 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 was notified by the Internal Revenue Service in October of 2016 that its federal tax return for the year ended December 31, 2014 had been selected for examination. In September 2017, the IRS informed the Company that they completed the examination of the tax return and made no changes. However, the Company may be subject to audit in the future and the outcome of tax audits cannot be predicted with certainty.

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 2008.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Employee Benefits And Share Based Compensation [Abstract]

Employee Benefit Plans

Note 14. Employee Benefit Plans

401(k) Plans

The Company offered several 401(k) plans to substantially all employees who are not covered by collective bargaining agreements, who meet certain eligibility requirements, namely terms of service. During 2018 and 2019, all existing 401(k) plans merged into a single plan. Under the combined plan, the employer matches contributions equal to 50% of the first 6%.

The Company’s matching contributions totaled $6.4 million, $2.7 million and $2.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Mountaineer’s qualified defined contribution plan (established by West Virginia legislation) covered substantially all of its employees. Contributions to the ERI 401(k) Plan for the benefit of Mountaineer employees were $1.1 million for each of the years ended December 31, 2018 and 2017. Mountaineer was sold on December 6, 2019.

Defined Benefit-Plan

Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. As of December 31, 2019, the fair value of the plan assets was $1.2 million, and the fair value of the benefit obligations was $0.8 million, resulting in an over-funded status of $0.4 million. The plan assets are comprised primarily of money market and mutual funds whose values are determined based on quoted market prices and are classified in Level 1 of the fair value hierarchy. We did not make cash contributions to the Scioto Downs pension plan during 2019, 2018 and 2017.

Trop AC Employees Variable Annuity Pension Plan

In connection with the collective bargaining agreement and related settlement agreement (the “Settlement Agreement”) that was executed in May 2014 between Trop AC and UNITE HERE Local 54 (“Local 54”), the parties agreed that Trop AC would establish a Variable Annuity Pension Plan (“VAPP”), a defined benefit pension plan, for certain Trop AC Local 54 employees.

Contributions to the VAPP through the end of the current collective bargaining agreement of February 29, 2020, will be calculated at $1.93 per straight time hour paid to employees covered by the agreement.

The components of net periodic benefit costs related to the VAPP for the year ended December 31, 2019 and the period beginning with the Tropicana Acquisition date of October 1, 2018 through December 31, 2018 consists of the following (in thousands):

		Year ended December 31, 2019				Period from October 1, 2018 through December 31, 2018
Service costs	$		3,254		$		808
Interest costs			629				150
Expected return on plan assets			(749	)			(178	)
Net periodic benefit cost	$		3,134		$		780

Net periodic benefit costs are reported in the various operation departments in the Consolidated Statements of Income.

The change in the projected benefit obligation, change in plan assets and funded status for the year ended December 31, 2019 and the period beginning with the Tropicana Acquisition date of October 1, 2018 through December 31, 2018 is as follows (in thousands):

		Year ended December 31, 2019				Period from October 1, 2018 through December 31, 2018
Change in benefit obligations:
Projected benefit obligation beginning of period	$		12,650		$		12,024
Service and interest cost during period			3,883				958
Benefit payments during period			(40	)			—
Expenses during period			(306	)			(29	)
Actuarial gain			(443	)			(303	)
Projected benefit obligation end of period	$		15,744		$		12,650
Change in plan assets:
Fair value of plan assets at beginning of period	$		14,330		$		14,283
Return on plan assets during period			770				76
Benefit payments during period			(40	)			—
Expenses during period			(306	)			(29	)
Employer contributions			3,179				—
Fair value of plan assets at end of period	$		17,933		$		14,330
Funded status at end of period	$		2,189		$		1,680

As of December 31, 2019 and 2018, the VAPP was in an overfunded status in the amount of $2.2 million and $1.7 million, respectively, which is included in other assets, net on the Consolidated Balance Sheets. Actuarial assumptions used to determine the benefit obligations for the VAPP include an expected rate of return on assets of 5%, discount rate of 5.0% pre-retirement and a discount rate of 3.0% post-retirement, which, as defined in the Settlement Agreement, will result in no adjustments to the plan benefit.

The plan assets are comprised primarily of money market and mutual funds whose value is determined based on quoted market prices and are classified as Level 1 within the fair value hierarchy.

Future estimated expected benefit payments for 2020 through 2029 are as follows (in thousands):

		Expected Benefit Payments
2020	$		193
2021			248
2022			350
2023			454
2024			553
2025 through 2029			4,581
	$		6,379

Trop AC’s net periodic pension cost for the year ended December 31, 2020 is expected to be approximately $3.0 million.

Stock-Based Compensation and Stockholder's Equity

12 Months Ended

Dec. 31, 2019

Share Based Compensation [Abstract]

Stock-Based Compensation

Note 15. Stock-Based Compensation and Stockholder’s Equity

Stock‑Based Awards

The Board of Directors (“BOD”) adopted the Eldorado Resorts, Inc. 2015 Equity Incentive Plan (“2015 Plan”) on January 23, 2015 and the Company’s stockholders subsequently approved the adoption of the 2015 Plan on June 23, 2015. On March 28, 2019, the Company’s BOD approved an amendment to the 2015 Plan and the Company’s stockholders subsequently approved the adoption of the amended and restated 2015 Plan on June 24, 2019. The amendment to the 2015 Plan allows for 3,060,000 shares available for grant, plus the number of shares available for issuance under the 2015 Plan on the date the Company’s stockholders approved the amendment. As of December 31, 2019, under the 2015 Plan the Company had 3,997,287 shares available for grant.

The 2015 Plan permits the granting of stock options, including incentive stock options (“ERI Stock Options”), stock appreciation rights, restricted stock or restricted stock units (“RSUs”), performance awards, and other stock-based awards and dividend equivalents. ERI Stock Options primarily vest ratably over three years and RSUs granted to employees and executive officers primarily vest and become non-forfeitable upon the third anniversary of the date of grant. RSUs granted to non-employee directors vest immediately and are delivered upon the date that is the earlier of termination of service on the BOD or the consummation of a change of control of the Company. The performance awards relate to the achievement of defined levels of performance and are generally measured over a one or two-year performance period depending upon the award agreement. If the performance award levels are achieved, the awards earned will vest and become payable at the end of the vesting period, defined as either a one or two calendar year period following the performance period. Payout ranges are from 0% up to 200% of the award target.

The outstanding equity awards of Isle were converted into comparable equity awards of ERI stock upon consummation of the merger in May 2017.

A summary of the RSU activity, including performance awards and converted Isle awards, for the years ended December 31, 2017, 2018 and 2019 is as follows:

	Units				Weighted- Average Grant Date Fair Value		Weighted-Average Remaining Contractual Life			Aggregate Fair Value
					(in millions)					(in millions)
Unvested outstanding as of January 1, 2017		982,370		$		6.45		1.41	$		6.33
Granted (1)		600,206				20.91
Exchanged		860,557				18.94
Forfeited		(11,870	)			15.74
Vested		(851,764	)			18.37
Unvested outstanding as of December 31, 2017		1,579,499		$		12.25		0.92	$		19.35
Granted (1)		574,753				33.91
Vested		(860,995	)			9.79
Canceled		(9,885	)			19.13
Unvested outstanding as of December 31, 2018		1,283,372		$		23.93		1.41	$		30.71
Granted (1)		540,394				47.22
Vested		(557,672	)			20.55
Canceled		(19,453	)			28.17
Unvested outstanding as of December 31, 2019		1,246,641		$		35.56		1.32	$		44.33

(1)	Included are 30,135, 32,284, and 46,282 RSUs granted to non-employee members of the BOD during the years ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019 and 2018, the Company had $23.5 million and $18.0 million, respectively, of unrecognized compensation expense. The RSUs are expected to be recognized over a weighted-average period of 1.32 years and 1.41 years, as of December 31, 2019 and 2018, respectively.

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 was $19.7 million, $13.1 million and $6.3 million during the years ended December 31, 2019, 2018 and 2017, 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 a reduction in income tax expense of $1.5 million, $4.8 million and $1.0 million for the year ended December 31, 2019, 2018 and 2017, respectively, for excess tax benefits related to stock-based compensation.

A summary of the ERI Stock Option activity for the years ended December 31, 2017, 2018 and 2019:

				Weighted-
				Average
				Exercise
	Options			Price
Outstanding as of January 1, 2017 (1)		169,300		$	9.94
Exchanged		1,351,168			10.12
Expired		(62,871	)		4.63
Exercised		(1,185,745	)		10.45
Outstanding as of December 31, 2017 (1)		271,852			9.63
Expired		(15,776	)		10.89
Exercised		(120,120	)		9.09
Outstanding as of December 31, 2018 (1)		135,956			9.96
Expired		—			—
Exercised		—			—
Outstanding as of December 31, 2019 (1)		135,956		$	9.96

(1)	125,331, 119,505 and 228,143 options were exercisable as of December 31, 2019, 2018 and 2017, respectively. All outstanding options as of January 1, 2017 were exercisable.

No stock options were exercised for the year ended December 31, 2019. Cash received from the exercise of stock options was $0.2 million and $2.9 million for the years ended December 31, 2018 and 2017, respectively.

As a result of the Isle Acquisition, at December 31, 2017, 10,809 exchanged Isle Restricted Stock Awards were outstanding at a weighted average grant date fair value of $19.13. These awards become fully vested during 2018 and no restricted stock units were outstanding as of December 31, 2019 and 2018.

Share Repurchase Program

In November 2018 the BOD 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 year ended December 31, 2019.

Earnings per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share Basic And Diluted [Abstract]

Earnings per Share

Note 16. Earnings per Share

The following table illustrates the required disclosure of the reconciliation of the numerators and denominators of the basic and diluted net income per share computations during the years ended December 31, 2019, 2018 and 2017 (dollars in thousands, except per share amounts):

	2019		2018		2017
Net income available to common stockholders	$	81,001	$	95,235	$	73,380

Shares outstanding:
Weighted average shares outstanding – basic		77,677,265		77,458,902		67,133,531
Effect of dilutive securities:
Stock options		105,845		119,418		98,294
RSUs		810,709		703,781		870,989
Weighted average shares outstanding – diluted		78,593,819		78,282,101		68,102,814

Net income per common share attributable to common stockholders – basic:	$	1.04	$	1.23	$	1.09
Net income per common share attributable to common stockholders – diluted:	$	1.03	$	1.22	$	1.08

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 17. 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 and shares in a publicly traded company. 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.

Lumiere Loan: The fair value of the Lumiere Loan approximates the carrying value, as the Company expects to satisfy the loan in less than one year at an amount equivalent to its 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 considerations of $0.4 million and $0.5 million is included in accrued other liabilities on the Consolidated Balance Sheets as of December 31, 2019 and 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 December 31, 2019:

	December 31, 2019
Assets:	Level 1		Level 2			Level 3		Total
Restricted cash and investments	$	11,276	$	2,050	$		29,283	$	42,609
Marketable securities		27,103		7,531			—		34,634

	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 investments valued using Level 3 inputs for the years ended December 31, 2019 and 2018 are as follows:

	Level 3 Investment			Level 3 Other Liabilities
Fair value of investment and liabilities at December 31, 2017	$	—		$	—
Value of additional investment received		18,595			—
Unrealized loss		(2,587	)		—
Fair value at December 31, 2018		—			—
Fair value of investment and liabilities at December 31, 2018		16,008			—
Non-cash consideration		27,329			(8,774	)
Released from restrictions		(26,152	)		13,076
Unrealized gain (loss)		12,098			(4,302	)
Fair value at December 31, 2019	$	29,283		$	—

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 received 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 were subject to a restriction on transfer and could 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 December 31, 2019, the fair value of the Company’s shares of TSG totaled $14.0 million and is included in 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 $1.3 million during the year ended December 31, 2019. As of December 31, 2019, the balance of the TSG deferred revenue totaled $17.3 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. In December 2019 the Company sold approximately 0.5 million TSG common shares at the request of William Hill and in accordance with the terms of our agreement. Total net proceeds paid to William Hill after fees and estimated taxes was $12.6 million.

As noted above, the restriction on the TSG shares expired in November 2019. As such, the shares were transferred from a Level 3 investment to a Level 1 investment. There were no other transfers between Level 1, Level 2 and Level 3 investments.

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

	December 31, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
7% Senior Notes due 2023	$	370,077	$	390,938	$	368,925	$	385,312
6% Senior Notes due 2025		879,276		922,031		880,086		840,000
6% Senior Notes due 2026		582,042		662,250		580,370		567,000
Term Loan		490,768		498,127		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		2,553		2,553		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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18. Commitments and Contingencies

Litigation. We are parties to various legal proceedings. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Merger Litigation

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: Cazer v. Caesars Entertainment Corp., et al, Civil Action No. A-19-801900-C, Eighth Judicial District Court Clark County, Nevada (9/13/2019), Gershman v. Caesars Entertainment Corp., et al, Civil Action No 1:19-cv-01720-UNA, United States District Court for the District of Delaware (9/12/2019), and Palkon v. Caesars Entertainment Corp., et al, Civil Action No. 1:19-cv-01679-UNA, United States District Court for the District of Delaware (9/9/2019). 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 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 parties to the litigation have an agreement in principle to settle the claims. However, there can be no assurances that the claims will be settled on the expected terms or at all.

Securities Action

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 disclosure concerning 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 SEC Investigation is ongoing. 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 Boston Retirement System has been named as the lead plaintiff. The Company intends to vigorously defend itself against these claims.

General

In addition, we are a party to various legal and administrative proceedings, which have arisen in the normal course of our 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 our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations.

Collective Bargaining Agreements. As of December 31, 2019, we had approximately 15,500 employees and 18 collective bargaining agreements covering approximately 3,100 employees. Five collective bargaining agreements are scheduled to expire in 2020, and we are currently renegotiating one collective bargaining agreement that has expired. There can be no assurance that we will be able to extend or enter into replacement agreements. If we are able to extend or enter into replacement agreements, there can be no assurance as to whether the terms will be on comparable terms to the existing agreements.

Agreements with Horsemen and Pari-mutuel Clerks. The Federal Interstate Horse Racing Act and the state racing laws in Ohio and Florida require that, in order to simulcast races, we have written agreements with the horse owners and trainers at those racetracks. In Ohio and Florida, we must have an agreement with the representative of the horse owners. We have all the requisite agreements in place referenced in this sub section at Scioto Downs and Pompano. Certain agreements referenced above may be terminated upon written notice by either party.

Related Parties

12 Months Ended

Dec. 31, 2019

Related Parties

Note 19. Related Parties

REI

As of December 31, 2019, REI owned approximately 14.4% of outstanding common stock of the Company. The directors of REI are 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. Donald L. Carano, who was formerly the president and a director of REI, received remuneration in the amount of $0.3 million in 2017, for his service to ERI and its subsidiaries. For each of the years ended December 31, 2019, 2018 and 2017, 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.

Hotel Casino Management, Inc.

Prior to November 2017, Hotel Casino Management, Inc., which is beneficially owned by members of the Poncia family, including Raymond J. Poncia, owned more than 5% of the outstanding common stock of the Company. Raymond J. Poncia received remuneration in the amount of $0.2 million in each of 2019, 2018 and 2017 for services that he provided to ERI and its subsidiaries.

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 amounted to $0.6 million in each of the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019 and 2018 there were no amounts due to or from C.S. & Y. Associates.

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 20. 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. 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 tables set forth, for the periods indicated, certain operating data for our five reportable segments:

	Year ended
	Ended December 31,
	2019			2018			2017
	(in thousands)
Revenues and expenses
West:
Net operating revenues	$	524,721		$	483,532		$	410,319
Depreciation and amortization		55,035			40,131			26,950
Operating income		84,992			84,548			66,108
Midwest:
Net operating revenues		378,577			397,008			268,879
Depreciation and amortization		25,145			33,083			20,997
Operating income		114,180			105,809			62,071
South:
Net operating revenues		463,133			461,181			338,259
Depreciation and amortization		39,165			37,357			25,307
Operating income		74,622			64,851			3,680
East:
Net operating revenues		674,758			571,272			462,835
Depreciation and amortization		48,064			27,913			30,517
Operating income		133,317			97,963			68,101
Central:
Net operating revenues		479,761			142,485			—
Depreciation and amortization		46,849			13,583			—
Operating income		105,772			24,240			—
Corporate:
Net operating revenues		7,299			529			506
Depreciation and amortization		7,267			5,362			2,120
Operating loss		(102,910	)		(67,308	)		(105,150	)
Total Reportable Segments
Net operating revenues	$	2,528,249		$	2,056,007		$	1,480,798
Depreciation and amortization		221,525			157,429			105,891
Operating income	$	409,973		$	310,103		$	94,810
Reconciliations to consolidated net income:
Operating income	$	409,973		$	310,103		$	94,810
Unallocated income and expenses:
Interest expense, net		(286,248	)		(171,732	)		(99,769	)
Loss on early retirement of debt, net		(7,512	)		(162	)		(38,430	)
Unrealized gain (loss) on restricted investment		8,765			(2,587	)		—
(Provision) benefit for income taxes		(43,977	)		(40,387	)		116,769
Net income	$	81,001		$	95,235		$	73,380

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands)
Capital Expenditures, Net
West	$	83,643	$	75,297	$	44,952
Midwest		13,550		18,889		9,115
South		21,956		18,149		7,672
East		34,978		19,334		9,794
Central		11,166		3,868		—
Corporate		5,473		11,878		11,628
Total	$	170,766	$	147,415	$	83,161

	Balance Sheet as of December 31,
	2019			2018
	(in thousands)
Total Assets
West	$	1,816,033		$	1,710,375
Midwest		1,157,882			1,245,521
South		1,161,622			1,068,258
East		1,590,364			2,166,730
Central		1,539,894			1,457,961
Corporate, Other & Eliminations		(1,625,242	)		(1,737,383	)
Total	$	5,640,553		$	5,911,462

Consolidating Condensed Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Financial Information [Abstract]

Consolidating Condensed Financial Information

Note 21. 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.

The 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.; 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-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.; TropWorld Games LLC; TEI R7 Investment 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 December 31, 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	$	79,522		$	516,500	$	21,725		$	(13,104	)	$	604,643
Intercompany receivables		(562,128	)		796,390		(1,786	)		(232,476	)		—
Investment in and advances to unconsolidated affiliates		127,062			8,769		(3	)		—			135,828
Investments in subsidiaries		3,854,405			—		—			(3,854,405	)		—
Property and equipment, net		17,552			2,596,344		628			—			2,614,524
Other assets		111,476			2,228,933		15,210			(70,061	)		2,285,558
Total assets	$	3,627,889		$	6,146,936	$	35,774		$	(4,170,046	)	$	5,640,553

Current liabilities	$	162,158		$	524,346	$	15,046		$	(13,104	)	$	688,446
Intercompany payables		232,473			3		—			(232,476	)		—
Long-term financing obligation to GLPI		—			970,519		—			—			970,519
Long-term debt, less current maturities		1,949,398			375,143		—			—			2,324,541
Deferred income tax liabilities		320			267,029		(22	)		(70,061	)		197,266
Other accrued liabilities		166,660			175,864		—			—			342,524
Stockholders’ equity		1,116,880			3,834,032		20,750			(3,854,405	)		1,117,257
Total liabilities and stockholders’ equity	$	3,627,889		$	6,146,936	$	35,774		$	(4,170,046	)	$	5,640,553

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 accrued 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 statements of income for the year ended December 31, 2019 is as follows:

Statements of Income:

	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	$	—		$	1,803,515		$	4,671		$	—		$	1,808,186
Non-gaming		6,751			707,063			6,249			—			720,063
Net revenues		6,751			2,510,578			10,920			—			2,528,249

Operating expenses:
Gaming and pari-mutuel commissions		—			799,163			3,164			—			802,327
Non-gaming		—			383,422			400			—			383,822
Marketing and promotions		—			129,123			250			—			129,373
General and administrative		—			475,549			1,202			—			476,751
Corporate		65,128			229			639			—			65,996
Impairment charges		—			958			—			—			958
Management fee		(22,334	)		22,334			—			—			—
Depreciation and amortization		5,076			216,337			112			—			221,525
Total operating expenses		47,870			2,027,115			5,767			—			2,080,752

Gain on sale of asset or disposal of property and equipment		29,032			20,476			67			—			49,575
Transaction expenses		(83,498	)		(914	)		(246	)		—			(84,658	)
(Loss) from equity in unconsolidated affiliate		(2,656	)		215			—			—			(2,441	)
Operating (loss) income		(98,241	)		503,240			4,974			—			409,973

Interest expense, net		(141,081	)		(159,275	)		14,108			—			(286,248	)
Loss on early retirement of debt, net		(7,512	)		—			—			—			(7,512	)
Unrealized gain on restricted investment		8,765			—			—			—			8,765
Subsidiary income (loss)		210,144			—			—			(210,144	)		—
Net (loss) income before income taxes		(27,925	)		343,965			19,082			(210,144	)		124,978
Income tax benefit (provision)		108,926			(148,308	)		(4,595	)		—			(43,977	)
Net income (loss)	$	81,001		$	195,657		$	14,487		$	(210,144	)	$	81,001

The consolidating condensed statements of income for the year ended December 31, 2018 is as follows:

Statements of Income:

	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	$	—		$	1,522,559		$	30,819		$	—		$	1,553,378
Non-gaming		11			492,692			9,926			—			502,629
Net revenues		11			2,015,251			40,745			—			2,056,007

Operating expenses:
Gaming and pari-mutuel commissions		—			728,709			20,580			—			749,289
Non-gaming		—			303,706			2,597			—			306,303
Marketing and promotions		—			104,402			1,759			—			106,161
General and administrative		—			342,185			7,413			—			349,598
Corporate		42,466			2,416			1,750			—			46,632
Impairment charges		—			9,815			3,787			—			13,602
Management fee		(25,340	)		25,340			—			—			—
Depreciation and amortization		3,655			153,396			378			—			157,429
Total operating expenses		20,781			1,669,969			38,264			—			1,729,014

Loss on sale of asset or disposal of property and equipment		—			(828	)		(7	)		—			(835	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(11,369	)		(9,473	)		—			—			(20,842	)
Loss from unconsolidated affiliate		—			(213	)		—			—			(213	)
Operating income (loss)		(27,139	)		334,768			2,474			—			310,103

Interest expense, net		(115,745	)		(54,226	)		(1,761	)		—			(171,732	)
Loss on early retirement of debt, net		(162	)		—			—			—			(162	)
Unrealized loss on restricted investment		(2,587	)		—									(2,587	)
Subsidiary income (loss)		201,353			—			—			(201,353	)		—
Net income (loss) before income taxes		55,720			280,542			713			(201,353	)		135,622
Income tax benefit (provision)		39,515			(80,474	)		572			—			(40,387	)
Net income (loss)	$	95,235		$	200,068		$	1,285		$	(201,353	)	$	95,235

The consolidating condensed statements of income for the year ended December 31, 2017 is as follows:

Statements of Income:

	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	$	—		$	1,076,957		$	22,070		$	—		$	1,099,027
Non-gaming		—			374,246			7,525			—			381,771
Net revenues		—			1,451,203			29,595			—			1,480,798
Operating expenses:
Gaming and pari-mutuel commissions		—			546,207			14,882			—			561,089
Non-gaming		—			250,160			2,419			—			252,579
Marketing and promotions		—			80,893			2,281			—			83,174
General and administrative		—			235,905			5,132			—			241,037
Corporate		31,620			(4,318	)		3,437			—			30,739
Impairment charges		—			38,016			—			—			38,016
Management fee		(31,620	)		31,620			—			—			—
Depreciation and amortization		1,030			104,454			407			—			105,891
Total operating expenses		1,030			1,282,937			28,558			—			1,312,525
Loss on sale of asset or disposal of property and equipment		(20	)		(299	)		—			—			(319	)
Proceeds from terminated sale		—			20,000									20,000
Transaction expenses		(70,865	)		(21,912	)		—			—			(92,777	)
Loss from unconsolidated affiliate		—			(367	)		—			—			(367	)
Operating income (loss)		(71,915	)		165,688			1,037			—			94,810

Interest expense, net		(73,448	)		(25,221	)		(1,100	)		—			(99,769	)
Loss on early retirement of debt, net		(38,430	)		—			—			—			(38,430	)
Subsidiary income (loss)		205,251			—			—			(205,251	)		—
Net income (loss) before income taxes		21,458			140,467			(63	)		(205,251	)		(43,389	)
Income tax benefit (provision)		51,922			69,787			(4,940	)		—			116,769
Net income (loss)	$	73,380		$	210,254		$	(5,003	)	$	(205,251	)	$	73,380

The consolidating condensed statement of cash flows for the year ended December 31, 2019 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(64,023	)	$	390,562		$	(14,013	)	$	—	$	312,526
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(5,380	)		(165,386	)		—			—		(170,766	)
Proceeds from sale of investments		—			—			4,944			—		4,944
Proceeds from sale of businesses, property and equipment, net of cash sold		(208,911	)		765,714			(20,670	)		—		536,133
Investments in and advances to unconsolidated affiliate		(771	)		—			—			—		(771	)
Net cash (used in) provided by investing activities		(215,062	)		600,328			(15,726	)		—		369,540
FINANCING ACTIVITIES:
Payments on Term Loan		(458,000	)		—			—			—		(458,000	)
Borrowings under Revolving Credit Facility		33,000			—			—			—		33,000
Payments under Revolving Credit Facility		(278,000	)		—			—			—		(278,000	)
Net proceeds from (payments to) related parties		1,021,818			(1,051,647	)		29,829			—		—
Debt issuance costs		(456	)		—			—			—		(456	)
Taxes paid related to net share settlement of equity awards		(8,247	)		—			—			—		(8,247	)
Payments on other long-term payables		(97	)		(50	)		(329	)		—		(476	)
Dividends (paid) received					7,900			(7,900	)
Net cash provided by (used in) financing activities		310,018			(1,043,797	)		21,600			—		(712,179	)
Increase in cash, cash equivalents and restricted cash		30,933			(52,907	)		(8,139	)		—		(30,113	)
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	$	43,777		$	169,765		$	3,036		$	—	$	216,578

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	43,777		$	159,739			2,801		$	—	$	206,317
Restricted cash		—			3,272			235			—		3,507
Restricted and escrow cash included in other noncurrent assets		—			6,754			—			—		6,754
Total cash, cash equivalents and restricted cash	$	43,777		$	169,765		$	3,036		$	—	$	216,578

The consolidating condensed statement of cash flows for the year ended December 31, 2018 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(65,836	)	$	387,576		$	1,540		$	—	$	323,280
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(8,467	)		(136,102	)		(2,846	)		—		(147,415	)
Purchase of restricted investments		—			—			(8,008	)		—		(8,008	)
Proceeds from sale of property and equipment		—			1,002			—			—		1,002
Cash (used in) provided by business combinations		(1,010,175	)		(103,052	)		—			—		(1,113,227	)
Investments in and advances to unconsolidated affiliate		—			(581	)		—			—		(581	)
Net cash used in investing activities		(1,018,642	)		(238,733	)		(10,854	)		—		(1,268,229	)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		600,000			246,000			—			—		846,000
Borrowings under Revolving Credit Facility		315,358			—			—			—		315,358
Payments under Revolving Credit Facility		(70,358	)		—			—			—		(70,358	)
Net proceeds from (payments to) related parties		285,026			(290,312	)		5,286			—		—
Debt issuance costs		(25,758	)		—			—			—		(25,758	)
Taxes paid related to net share settlement of equity awards		(11,708	)		—			—			—		(11,708	)
Proceeds from exercise of stock options		154			—			—			—		154
Purchase of treasury stock		(9,131	)		—			—			—		(9,131	)
Payments on other long-term payables		(92	)		(278	)		(296	)		—		(666	)
Net cash provided by (used in) financing activities		1,083,491			(44,590	)		4,990			—		1,043,891
Increase in cash, cash equivalents and restricted cash		(987	)		104,253			(4,324	)		—		98,942
Cash, cash equivalents and restricted cash, beginning of period		13,831			118,419			15,499			—		147,749
Cash, cash equivalents and restricted cash, end of period	$	12,844		$	222,672		$	11,175		$	—	$	246,691

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	12,127		$	208,697			9,928		$	—	$	230,752
Restricted cash		717			7,920			247			—		8,884
Restricted and escrow cash included in other noncurrent assets		—			6,055			1,000			—		7,055
Total cash, cash equivalents and restricted cash	$	12,844		$	222,672		$	11,175		$	—	$	246,691

The consolidating condensed statement of cash flows for the year ended December 31, 2017 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(44,737	)	$	170,553		$	4,070		$	—	$	129,886
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(11,073	)		(70,449	)		(1,639	)		—		(83,161	)
Proceeds from sale of property and equipment		—			135			—			—		135
Net cash (used in) provided by business combinations		(1,355,370	)		37,103			5,216			—		(1,313,051	)
Investments in and advances to unconsolidated affiliate		—			(604	)		—			—		(604	)
Net cash provided by (used in) investing activities		(1,366,443	)		(33,815	)		3,577			—		(1,396,681	)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		2,325,000			—			—			—		2,325,000
Borrowings under Revolving Credit Facility		207,953			—			—			—		207,953
Payments under long-term debt		(911,875	)		—			—			—		(911,875	)
Payments under Revolving Credit Facility		(236,953	)		—			—			—		(236,953	)
Net proceeds from (payments to) related parties		72,011			(79,634	)		7,623			—		—
Debt premium proceeds		27,500			—			—					27,500
Payments on other long-term payables		(43	)		(318	)		(172	)		—		(533	)
Debt issuance costs		(51,526	)		—			—			—		(51,526	)
Taxes paid related to net share settlement of equity awards		(11,365	)		—			—			—		(11,365	)
Proceeds from exercise of stock options		2,900			—			—			—		2,900
Net cash provided by (used in) financing activities		1,423,602			(79,952	)		7,451			—		1,351,101
Increase in cash, cash equivalents and restricted cash		12,422			56,786			15,098			—		84,306
Cash, cash equivalents and restricted cash, beginning of period		1,409			61,633			401			—		63,443
Cash, cash equivalents and restricted cash, end of period	$	13,831		$	118,419		$	15,499		$	—	$	147,749
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	13,202		$	114,925		$	6,469		$	—	$	134,596
Restricted cash		629			2,495			143			—		3,267
Restricted cash included in other noncurrent assets		—			999			8,887			—		9,886
Total cash, cash equivalents and restricted cash	$	13,831		$	118,419		$	15,499		$	—	$	147,749

Pending Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Pending Acquisitions and Divestitures

Note 22. Pending Acquisitions and Divestitures

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 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”). Based on the number of shares of ERI and Caesars outstanding as of December 31, 2019, 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 (plus any cash constituting Merger Consideration that may become payable after March 25, 2020) 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 50.5% and 49.5%, 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. The Merger Agreement provides that if it 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. It also provides that 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. Caesars’ stockholders adopted the Merger Agreement, and the Company’s stockholders approved the issues of shares of Eldorado common stock in the Merger, at separate special meetings of stockholders on November 15, 2019. In addition, on November 27, 2019, Caesars entered into certain amendments 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 (the “Initial 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 (as amended, the “A&R Commitment Letter”) and related fee letters, which amended and restated the Initial Commitment Letter and related fee letters in their 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 $3,250.0 million senior secured 364-day bridge facility and (z) a $1,800.0 million senior unsecured bridge loan facility and (ii) Caesars Resort Collection, LLC, 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 the MTA with 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.

Maverick Gaming LLC

On January 13, 2020, we entered into a definitive agreement to sell Eldorado Resort Casino Shreveport for cash consideration of approximately $230 million, subject to a working capital adjustment.

The definitive agreement provides that the consummation of the sale is subject to receipt of required regulatory approvals, the prior or concurrent closing of the Merger and other customary conditions. The transaction is expected to close in 2020.

Eldorado Shreveport met the requirements for presentation as assets held for sale under generally accepted accounting principles as of January 13, 2020 and is not presented as assets held for sale as of the year ended December 31, 2019. Additionally, it did not meet the requirements for presentation as discontinued operations and will be included in income from continuing operations.

Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Quarterly Data (Unaudited)

Note 23. Quarterly Data (Unaudited)

The following table sets forth certain consolidated quarterly financial information for the years ended December 31, 2019, 2018 and 2017. The quarterly information only includes the operations of Elgin from the Elgin Acquisition date through December 31, 2019, operations of Tropicana from the Tropicana Acquisition date through December 31, 2019 and operations of Isle from the Isle Acquisition Date through December 31, 2019.

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2019:
Net revenues		635,823		637,121		663,181		592,124
Operating expenses		533,248		525,691		524,033		497,780
Operating income		123,604		102,550		124,907		58,912
Net income (loss)	$	38,229	$	18,936	$	37,055	$	(13,219	)
Basic net income (loss) per common share	$	0.49	$	0.24	$	0.48	$	(0.17	)
Diluted net income (loss) per common share	$	0.49	$	0.24	$	0.47	$	(0.17	)
Weighted average shares outstanding—basic		77,567,147		77,682,759		77,721,353		77,735,826
Weighted average shares outstanding—diluted (1)		78,589,110		78,725,289		78,449,747		77,735,826

(1)	Excluded from “Weighted average shares outstanding-diluted” are 108,272 stock options and 765,050 RSUs for the three months ended December 31, 2019 as the inclusion of these shares would have an anti-dilutive effect.

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2018:
Net revenues		440,192		456,802		487,253		671,760
Operating expenses		382,659		376,439		396,220		573,696
Operating income		54,194		77,414		91,769		86,726
Net income (loss)	$	20,855	$	36,796	$	37,704	$	(120	)
Basic net income per common share	$	0.27	$	0.48	$	0.49	$	0.00
Diluted net income per common share	$	0.27	$	0.47	$	0.48	$	0.00
Weighted average shares outstanding—basic		77,353,730		77,458,584		77,522,664		77,503,732
Weighted average shares outstanding—diluted (2)		78,080,049		78,258,629		78,283,588		77,503,732

(2)	Excluded from “Weighted average shares outstanding-diluted” are 100,091 stock options and 905,420 RSUs for the three months ended December 31, 2018 as the inclusion of these shares would have an anti-dilutive effect

	Quarter Ended
	March 31,		June 30,			September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2017:
Net revenues		202,393	$	375,626		$	472,878	$	429,901
Operating expenses		186,561		320,480			389,273		416,211
Operating income (loss)		14,028		(30,467	)		81,493		29,756
Net income (loss)	$	945	$	(46,190	)	$	29,687	$	88,938
Basic net income (loss) per common share	$	0.02	$	(0.68	)	$	0.39	$	1.16
Diluted net income (loss) per common share	$	0.02	$	(0.68	)	$	0.38	$	1.14
Weighted average shares outstanding—basic		47,120,751		67,453,095			76,902,070		76,961,015
Weighted average shares outstanding—diluted (3)		48,081,281		67,453,095			77,959,689		77,998,742

(3)	Excluded from “Weighted average shares outstanding-diluted” are 78,435 stock options and 937,661 RSUs for the three months ended June 30, 2017 as the inclusion of these shares would have an anti-dilutive effect.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

ELDORADO RESORTS, INC.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2019, 2018 and 2017

(in thousands)

Column A	Column B Balance at Beginning of Period			Column C Acquisitions		Column D Additions(1)		Column E Deductions(2)		Column F Balance at End of Period
Year ended December 31, 2019:
Allowance for doubtful accounts	$	3,674	$		587	$	1,462	$	1,095	$	4,628
Year ended December 31, 2018:
Allowance for doubtful accounts	$	1,220	$		2,394	$	1,407	$	1,347	$	3,674
Year ended December 31, 2017:
Allowance for doubtful accounts	$	1,221	$		461	$	531	$	993	$	1,220

(1)	Amounts charged to costs and expenses, net of recoveries.

(2)	Uncollectible accounts written off, net of recoveries of $0.0 million, $0.1 million and $0.7 million in 2019, 2018 and 2017, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash and Investment

Marketable Securities

CRDA Investments

Accounts Receivable and Credit Risk

Inventories

Corporate Expense

Preopening and Start-up Expenses

Property and Equipment


Buildings and improvements		10 to 40 years
Land improvements		10 to 20 years
Furniture, fixtures and equipment		3 to 20 years
Riverboats		5 to 25 years

Investments in and Advances to Unconsolidated Affiliates

Goodwill and Other Intangible Assets

Non-Operating Real Properties

Financing Obligation with GLPI

Self-Insurance Reserves

Treasury Shares

Outstanding Chip Liability

Player Loyalty Program

Complimentaries

Casino Revenue and Pari-mutuel Commissions

Non-gaming Revenue

	Year Ended December 31, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	223,179	$	332,389	$	377,080	$	491,185	$	384,353	$	—	$	1,808,186
Food and beverage		119,986		23,078		51,612		58,978		47,763		—		301,417
Hotel		130,334		15,240		25,952		95,512		32,870		—		299,908
Other		51,222		7,870		8,489		29,083		14,775		7,299		118,738
Net revenues	$	524,721	$	378,577	$	463,133	$	674,758	$	479,761	$	7,299	$	2,528,249

	Year Ended December 31, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	230,558	$	345,499	$	375,748	$	485,047	$	116,526	$	—	$	1,553,378
Food and beverage		109,045		27,364		52,924		43,167		14,839		—		247,339
Hotel		108,333		16,365		24,792		26,694		7,620		—		183,804
Other		35,596		7,780		7,717		16,364		3,500		529		71,486
Net revenues	$	483,532	$	397,008	$	461,181	$	571,272	$	142,485	$	529	$	2,056,007

	Year Ended December 31, 2017
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	186,779	$	231,366	$	268,680	$	412,202	$	—	$	—	$	1,099,027
Food and beverage		102,244		20,452		42,114		33,436		—		—		198,246
Hotel		91,811		12,177		21,459		7,891		—		—		133,338
Other		29,485		4,884		6,006		9,306		—		506		50,187
Net revenues	$	410,319	$	268,879	$	338,259	$	462,835	$	—	$	506	$	1,480,798

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 December 31		9,770		8,930		13,461			17,639		171,641		27,588
Increase / (decrease)	$	840	$	4,187	$	(4,178	)	$	5,887	$	144,053	$	22,101

Advertising

Income Taxes

Stock-Based Compensation

Earnings per Share

Reclassifications

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

Recently Issued Accounting Pronouncements

Pronouncements Implemented in 2019

Pronouncements to Be Implemented in Future Periods

Organization and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019:

Segment	Property	Date Acquired	State
West	Eldorado Resort Casino Reno ("Eldorado Reno")	(a)	Nevada
	Silver Legacy Resort Casino ("Silver Legacy")	(a)	Nevada
	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 (b)	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 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) (c)	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
	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)

(c)	We have entered into agreements to sell Kansas City, Vicksburg and Eldorado Shreveport. The Kansas City and Vicksburg sales are expected to close in the first half of 2020. The Eldorado Shreveport sale is expected to close in 2020.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Property, Plant and Equipment, Estimated Useful Life


Buildings and improvements		10 to 40 years
Land improvements		10 to 20 years
Furniture, fixtures and equipment		3 to 20 years
Riverboats		5 to 25 years

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 December 31		9,770		8,930		13,461			17,639		171,641		27,588
Increase / (decrease)	$	840	$	4,187	$	(4,178	)	$	5,887	$	144,053	$	22,101

Adoption of ASC Topic 606

Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment

	Year Ended December 31, 2019
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	223,179	$	332,389	$	377,080	$	491,185	$	384,353	$	—	$	1,808,186
Food and beverage		119,986		23,078		51,612		58,978		47,763		—		301,417
Hotel		130,334		15,240		25,952		95,512		32,870		—		299,908
Other		51,222		7,870		8,489		29,083		14,775		7,299		118,738
Net revenues	$	524,721	$	378,577	$	463,133	$	674,758	$	479,761	$	7,299	$	2,528,249

	Year Ended December 31, 2018
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	230,558	$	345,499	$	375,748	$	485,047	$	116,526	$	—	$	1,553,378
Food and beverage		109,045		27,364		52,924		43,167		14,839		—		247,339
Hotel		108,333		16,365		24,792		26,694		7,620		—		183,804
Other		35,596		7,780		7,717		16,364		3,500		529		71,486
Net revenues	$	483,532	$	397,008	$	461,181	$	571,272	$	142,485	$	529	$	2,056,007

	Year Ended December 31, 2017
	West		Midwest		South		East		Central		Corporate and Other		Total
Casino	$	186,779	$	231,366	$	268,680	$	412,202	$	—	$	—	$	1,099,027
Food and beverage		102,244		20,452		42,114		33,436		—		—		198,246
Hotel		91,811		12,177		21,459		7,891		—		—		133,338
Other		29,485		4,884		6,006		9,306		—		506		50,187
Net revenues	$	410,319	$	268,879	$	338,259	$	462,835	$	—	$	506	$	1,480,798

Leases (Tables)

12 Months Ended

Dec. 31, 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	December 31, 2019
ASSETS
Operating lease ROU assets	Right-of-use assets	$	188,219
Finance lease ROU assets	Property and equipment, net(1)	$	936,547
LIABILITIES
Current:
Operating	Short-term lease obligation	$	19,991
Finance	Current portion of long-term debt	$	68
Noncurrent:
Operating	Long-term lease obligation	$	176,932
Finance	Long-term financing obligation to GLPI and debt	$	970,662

(1)	Finance lease ROU assets are recorded net of accumulated depreciation of $20.9 million as of December 31, 2019.

Schedule of Other Information Related to Lease Terms and Discount Rates

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

	December 31, 2019
Weighted Average Remaining Lease Term
Operating leases		34.0 years
Finance leases		33.75 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):

			Year Ended
	Classification on the Income Statement		December 31, 209
Operating lease expense:
Operating lease expense	Operating expenses	$		20,436
Short-term and variable lease expense	Operating expenses			42,159
Finance lease expense:
Interest expense on lease liabilities	Interest expense, net			98,690
Amortization of ROU assets	Depreciation and amortization expense			16,795
Total lease expense		$		178,080

Supplemental Cash Flow Information Related to Leases

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

	Year Ended December 31, 2019
	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	24,372
Operating cash flows for finance leases	$	88,006

Summary of Maturities of Lease Liabilities

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

	Operating Leases			Finance Leases
Year ending December 31,
2020	$	19,991		$	89,287
2021		18,935			90,471
2022		17,814			91,729
2023		17,635			92,990
2024		15,470			94,315
Thereafter		561,602			3,412,357
Total future minimum lease payments		651,447			3,871,149
Less: amount representing interest		(454,524	)		(3,320,519	)
Present value of future minimum lease payments		196,923			550,630
Less: current lease obligations		(19,991	)		(68	)
Plus: residual values - GLPI		—			420,100
Long-term lease obligations	$	176,932		$	970,662

Acquisitions, Purchase Price Accounting and Pro forma Information (Tables)

12 Months Ended

Dec. 31, 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

	Year Ended			Year Ended
	December 31, 2018		December 31, 2017
Net operating revenues	$	2,735,760	$		2,361,372
Net income		92,556			16,651

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 December 31, 2019 (dollars in thousands):

Current and other	$	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 licenses valued at $163.9 million, trade names valued at $12.6 million and player loyalty programs valued at $28.8 million.

Schedule of Unaudited Pro Forma Information

	Year Ended			Year Ended
	December 31, 2018		December 31, 2017
Net operating revenues	$	2,152,948	$		1,644,907
Net income		105,689			79,158

Isle of Capri

Schedule of Purchase Consideration Calculation

Purchase consideration calculation (dollars in thousands, except shares and stock price)	Shares		Per share
Cash paid for outstanding Isle common stock					$	552,050
Shares of ERI common stock issued for Isle common stock		28,468,182	$	19.12		544,312
Cash paid by ERI to retire Isle's long-term debt						828,000
Shares of ERI common stock for Isle equity awards						10,383
Purchase consideration					$	1,934,745

Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed

Current and other assets, net	$	135,925
Property and equipment		908,816
Goodwill		709,087
Intangible assets (i)		517,470
Other noncurrent assets		15,082
Total assets		2,286,380
Current liabilities		(144,306	)
Deferred income taxes (ii)		(189,952	)
Other noncurrent liabilities		(17,377	)
Total liabilities		(351,635	)
Net assets acquired	$	1,934,745

(i)	Intangible assets consist of gaming licenses valued at $395.1 million, trade names valued at $108.3 million, and player loyalty programs valued at $14.1 million.

(ii)	Deferred tax liabilities were derived based on fair value adjustments for property and equipment and identified intangibles.

Schedule of Unaudited Pro Forma Information

	Year Ended
	December 31, 2017
Net operating revenues	$	1,810,815
Net income		173,027

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of Accounts Receivable

Components of accounts receivable, net are as follows (in thousands):

	December 31,
	2019			2018
Accounts receivable	$	58,527		$	63,843
Allowance for doubtful accounts		(4,628	)		(3,674	)
Total	$	53,899		$	60,169

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 (in thousands):

	December 31, 2019
	Kansas City		Vicksburg		Total
Assets:
Accounts receivable, net	$	285	$	75	$	360
Inventories		52		119		171
Right-of-use assets		36,135		—		36,135
Prepaid expenses and other		216		4,168		4,384
Property and equipment, net		39,126		31,493		70,619
Goodwill		39,623		8,806		48,429
Other intangibles, net		90,329		2,708		93,037
Assets held for sale	$	205,766	$	47,369	$	253,135

Liabilities:
Accounts payable	$	307	$	188	$	495
Accrued payroll and related		567		327		894
Accrued property and other taxes		26		891		917
Short-term lease obligation		764		—		764
Long-term lease obligations		33,080		—		33,080
Accrued other liabilities		1,055		280		1,335
Liabilities related to assets held for sale	$	35,799	$	1,686	$	37,485

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

	Year Ended December 31, 2019
	Kansas City		Vicksburg
Net operating revenues	$	63,238	$	20,578
Net income (loss)		11,290		(1,448	)

Mountaineer, Cape Girardeau, and Caruthersville

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 following information presents the net operating revenues and net income of Mountaineer, Cape Girardeau and Caruthersville prior to the respective divestitures (in thousands):

	Year Ended December 31, 2019
	Mountaineer		Cape Girardeau		Caruthersville
Net operating revenues	$	117,632	$	54,202	$	32,645
Net income		10,821		8,156		5,312

Nemacolin and Presque

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		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 and Nemacolin prior to the respective divestitures (in thousands):

	Year Ended December 31, 2018
	Nemacolin			Presque
Net operating revenues	$	33,461		$	139,993
Net (loss) income		(3,571	)		13,935

	Year Ended December 31, 2019
	Nemacolin			Presque
Net operating revenues	$	4,836		$	3,235
Net loss		(754	)		(42	)

- 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
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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following (in thousands):

	December 31,
	2019			2018
Non-Master Lease:
Land and improvements	$	275,000		$	316,456
Buildings and other leasehold improvements		1,334,740			1,472,516
Riverboats		57,199			81,762
Furniture, fixtures and equipment		624,812			586,404
Furniture, fixtures and equipment held under financing leases (Note 3)		345			193
Construction in progress		30,756			41,346
		2,322,852			2,498,677
Less—Accumulated depreciation and amortization		(644,718	)		(569,073	)
		1,678,134			1,929,604
Master Lease:
Land and improvements		377,150			377,150
Buildings and other leasehold improvements		578,250			578,250
Riverboats		1,900			1,900
		957,300			957,300
Less—Accumulated depreciation and amortization		(20,910	)		(4,298	)
		936,390			953,002
Property and equipment, net	$	2,614,524		$	2,882,606

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

12 Months Ended

Dec. 31, 2019

Other And Intangible Assets Net Disclosure [Abstract]

Schedule of Intangible Assets, Net

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

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

Gaming licenses	$	893,302		$	1,090,682		Indefinite
Trade names		165,479			187,929		Indefinite
Player loyalty programs		100,694			105,005		3 - 4 years
Subtotal		1,159,475			1,383,616
Accumulated amortization player loyalty programs		(48,077	)		(21,610	)
Total gaming licenses and other intangible assets, net	$	1,111,398		$	1,362,006

Schedule of Change in Goodwill

The following table presents changes to goodwill for the years ended December 31, 2019 and 2018 (in thousands):


	Goodwill			Accumulated Impairment			Goodwill, net
January 1, 2018	$	782,022		$	(34,916	)	$	747,106
Acquisitions		280,256			—			280,256
Finalization of purchase price accounting		(6,109	)		—			(6,109	)
Assets held for sale		(3,122	)		—			(3,122	)
Impairments		—			(9,815	)		(9,815	)
December 31, 2018		1,053,047			(44,731	)		1,008,316
Divestitures		(40,920	)		—			(40,920	)
Finalization of purchase price accounting		(9,250	)		—			(9,250	)
Assets held for sale		(48,429	)		—			(48,429	)
December 31, 2019	$	954,448		$	(44,731	)	$	909,717

Schedule of Other Assets, Net

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

		December 31,
	2019			2018
CRDA bonds and deposits	$		4,946	$	6,694
Unamortized debt issuance costs - Revolving Credit Facility			7,352		9,533
Non-operating real property			1,961		17,880
Long-term prepaid rent			-		20,198
Restricted cash and investments			39,102		15,064
Long-term receivables			14,258		2,022
Other			8,605		12,055
Total other assets, net	$		76,224	$	83,446

Accrued Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Schedule of Accrued Other Liabilities

Accrued other liabilities consisted of the following (in thousands):

	December 31,
	2019		2018
Accrued general liability claims	$	15,257	$	16,465
Unclaimed chips		9,770		8,930
Accrued purses and track related liabilities		3,085		1,899
Jackpot progressives and other accrued gaming liabilities		23,756		26,383
Player loyalty program point liability		13,461		17,639
Accrued Illinois donation liability		11,232		8,912
Accrued transaction expenses		56,302		522
Other		24,216		22,232
Total accrued other liabilities	$	157,079	$	102,982

Long-Term Financing Obligation (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 are as follows (in thousands):

2020	$	89,168
2021		90,417
2022		91,691
2023		92,990
2024		94,315
Thereafter		3,412,357
Total future payments		3,870,938
Less: Amounts representing interest at 10.2%		(3,320,519	)
Plus: Residual values		420,100
Financing obligation to GLPI	$	970,519

Long-Term Debt and Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Long-term Debt

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

	December 31,			December 31,
	2019			2018
Term Loan	$	498,750		$	956,750
Less: Unamortized discount and debt issuance costs		(7,982	)		(18,426	)
Net		490,768			938,324
6% Senior Notes due 2026		600,000			600,000
Less: Unamortized debt issuance costs		(17,958	)		(19,630	)
Net		582,042			580,370
6% Senior Notes due 2025		875,000			875,000
Plus: Unamortized debt premium		20,214			23,491
Less: Unamortized debt issuance costs		(15,939	)		(18,405	)
Net		879,275			880,086
7% Senior Notes due 2023		375,000			375,000
Less: Unamortized discount and debt issuance costs		(4,923	)		(6,075	)
Net		370,077			368,925
Revolving Credit Facility		—			245,000
Lumière Loan		246,000			246,000
Long-term notes and other payables		2,554			3,030
Less: Current portion		(246,175	)		(462	)
Total long-term debt	$	2,324,541		$	3,261,273

Schedule of Maturities of Principal Amount of Long-term Debt

Maturities of the principal amount of the Company’s long-term debt as of December 31, 2019 are as follows:


Years ending December 31,	(In thousands)
2020	$	246,175
2021		207
2022		178
2023		375,138
2024		498,900
Thereafter		1,476,705
	$	2,597,303

7% Senior Notes due 2023

Schedule of Redemption Prices of Notes

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

6% Senior Notes due 2025

Schedule of Redemption Prices of Notes

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

6% Senior Notes due 2026

Schedule of Redemption Prices of Notes

Year	Percentage
2021		104.500	%
2022		103.000	%
2023		101.500	%
2024 and thereafter		100.000	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 are presented below (amounts in thousands).

	2019			2018			2017
Current:
Federal	$	31,511		$	3,813		$	(3,959	)
State		13,516			2,445			380
Local		597			304			(627	)
Total current		45,624			6,562			(4,206	)
Deferred:
Federal		4,751			16,561			(104,400	)
State		(6,493	)		17,574			(186	)
Local		95			(310	)		(7,977	)
Total deferred		(1,647	)		33,825			(112,563	)
Income tax (benefit) expense	$	43,977		$	40,387		$	(116,769	)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Federal statutory rate		21.0		%		21.0		%		35.0		%
State and local taxes		7.8		%		3.7		%		2.8		%
State tax rate adjustment		(2.3	)	%		8.9		%		5.7		%
Stock compensation		1.8		%		(1.8	)	%		0.8		%
Goodwill disposition		7.4		%		—		%		(27.1	)	%
Transaction expenses		—		%		—		%		(10.7	)	%
Tax Cuts and Jobs Act		—		%		(1.6	)	%		264.0		%
Valuation allowance		1.8		%		(0.3	)	%		(2.3	)	%
Tax credits		(1.1	)	%		(1.1	)	%		3.5		%
Other		(1.2	)	%		1.0		%		(2.6	)	%
Effective income tax rate		35.2		%		29.8		%		269.1		%

Schedule of Deferred Tax Assets and Liabilities

	2019			2018
Deferred tax assets:
Loss carryforwards	$	25,795		$	31,880
Accrued expenses		56,896			19,306
Credit carryforwards		373			8,986
Financing obligation to GLPI		124,623			126,368
Long-term lease obligation		41,376			—
Other		3,925			9,623
		252,988			196,163
Deferred tax liabilities:
Identified intangibles		(151,039	)		(214,756	)
Fixed assets		(217,764	)		(149,491	)
Right-of-use assets		(41,137	)		—
Other		(12,663	)		(6,560	)
		(422,603	)		(370,807	)
Valuation allowance		(27,651	)		(25,366	)
Net deferred tax liabilities	$	(197,266	)	$	(200,010	)

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefits And Share Based Compensation [Abstract]

Net Periodic Benefit Costs

		Year ended December 31, 2019				Period from October 1, 2018 through December 31, 2018
Service costs	$		3,254		$		808
Interest costs			629				150
Expected return on plan assets			(749	)			(178	)
Net periodic benefit cost	$		3,134		$		780

Projected Benefit Obligation, Change in Plan Assets

		Year ended December 31, 2019				Period from October 1, 2018 through December 31, 2018
Change in benefit obligations:
Projected benefit obligation beginning of period	$		12,650		$		12,024
Service and interest cost during period			3,883				958
Benefit payments during period			(40	)			—
Expenses during period			(306	)			(29	)
Actuarial gain			(443	)			(303	)
Projected benefit obligation end of period	$		15,744		$		12,650
Change in plan assets:
Fair value of plan assets at beginning of period	$		14,330		$		14,283
Return on plan assets during period			770				76
Benefit payments during period			(40	)			—
Expenses during period			(306	)			(29	)
Employer contributions			3,179				—
Fair value of plan assets at end of period	$		17,933		$		14,330
Funded status at end of period	$		2,189		$		1,680

Future Estimated Expected Benefit Payments

Future estimated expected benefit payments for 2020 through 2029 are as follows (in thousands):

		Expected Benefit Payments
2020	$		193
2021			248
2022			350
2023			454
2024			553
2025 through 2029			4,581
	$		6,379

Stock-Based Compensation and Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2019

Share Based Compensation [Abstract]

Summary of RSU Activity Including Performance Awards and Converted Isle Awards

A summary of the RSU activity, including performance awards and converted Isle awards, for the years ended December 31, 2017, 2018 and 2019 is as follows:

	Units				Weighted- Average Grant Date Fair Value		Weighted-Average Remaining Contractual Life			Aggregate Fair Value
					(in millions)					(in millions)
Unvested outstanding as of January 1, 2017		982,370		$		6.45		1.41	$		6.33
Granted (1)		600,206				20.91
Exchanged		860,557				18.94
Forfeited		(11,870	)			15.74
Vested		(851,764	)			18.37
Unvested outstanding as of December 31, 2017		1,579,499		$		12.25		0.92	$		19.35
Granted (1)		574,753				33.91
Vested		(860,995	)			9.79
Canceled		(9,885	)			19.13
Unvested outstanding as of December 31, 2018		1,283,372		$		23.93		1.41	$		30.71
Granted (1)		540,394				47.22
Vested		(557,672	)			20.55
Canceled		(19,453	)			28.17
Unvested outstanding as of December 31, 2019		1,246,641		$		35.56		1.32	$		44.33

(1)	Included are 30,135, 32,284, and 46,282 RSUs granted to non-employee members of the BOD during the years ended December 31, 2019, 2018 and 2017, respectively.

Schedule of Share-based Compensation, Stock Options Activity

A summary of the ERI Stock Option activity for the years ended December 31, 2017, 2018 and 2019:

				Weighted-
				Average
				Exercise
	Options			Price
Outstanding as of January 1, 2017 (1)		169,300		$	9.94
Exchanged		1,351,168			10.12
Expired		(62,871	)		4.63
Exercised		(1,185,745	)		10.45
Outstanding as of December 31, 2017 (1)		271,852			9.63
Expired		(15,776	)		10.89
Exercised		(120,120	)		9.09
Outstanding as of December 31, 2018 (1)		135,956			9.96
Expired		—			—
Exercised		—			—
Outstanding as of December 31, 2019 (1)		135,956		$	9.96

(1)	125,331, 119,505 and 228,143 options were exercisable as of December 31, 2019, 2018 and 2017, respectively. All outstanding options as of January 1, 2017 were exercisable.

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 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

	2019		2018		2017
Net income available to common stockholders	$	81,001	$	95,235	$	73,380

Shares outstanding:
Weighted average shares outstanding – basic		77,677,265		77,458,902		67,133,531
Effect of dilutive securities:
Stock options		105,845		119,418		98,294
RSUs		810,709		703,781		870,989
Weighted average shares outstanding – diluted		78,593,819		78,282,101		68,102,814

Net income per common share attributable to common stockholders – basic:	$	1.04	$	1.23	$	1.09
Net income per common share attributable to common stockholders – diluted:	$	1.03	$	1.22	$	1.08

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

	December 31, 2019
Assets:	Level 1		Level 2			Level 3		Total
Restricted cash and investments	$	11,276	$	2,050	$		29,283	$	42,609
Marketable securities		27,103		7,531			—		34,634

	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 investments valued using Level 3 inputs for the years ended December 31, 2019 and 2018 are as follows:

	Level 3 Investment			Level 3 Other Liabilities
Fair value of investment and liabilities at December 31, 2017	$	—		$	—
Value of additional investment received		18,595			—
Unrealized loss		(2,587	)		—
Fair value at December 31, 2018		—			—
Fair value of investment and liabilities at December 31, 2018		16,008			—
Non-cash consideration		27,329			(8,774	)
Released from restrictions		(26,152	)		13,076
Unrealized gain (loss)		12,098			(4,302	)
Fair value at December 31, 2019	$	29,283		$	—

Schedule of Estimated Fair Value of Financial Instruments

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

	December 31, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
7% Senior Notes due 2023	$	370,077	$	390,938	$	368,925	$	385,312
6% Senior Notes due 2025		879,276		922,031		880,086		840,000
6% Senior Notes due 2026		582,042		662,250		580,370		567,000
Term Loan		490,768		498,127		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		2,553		2,553		3,030		3,030

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Operating Data for Reportable Segments

The following tables set forth, for the periods indicated, certain operating data for our five reportable segments

	Year ended
	Ended December 31,
	2019			2018			2017
	(in thousands)
Revenues and expenses
West:
Net operating revenues	$	524,721		$	483,532		$	410,319
Depreciation and amortization		55,035			40,131			26,950
Operating income		84,992			84,548			66,108
Midwest:
Net operating revenues		378,577			397,008			268,879
Depreciation and amortization		25,145			33,083			20,997
Operating income		114,180			105,809			62,071
South:
Net operating revenues		463,133			461,181			338,259
Depreciation and amortization		39,165			37,357			25,307
Operating income		74,622			64,851			3,680
East:
Net operating revenues		674,758			571,272			462,835
Depreciation and amortization		48,064			27,913			30,517
Operating income		133,317			97,963			68,101
Central:
Net operating revenues		479,761			142,485			—
Depreciation and amortization		46,849			13,583			—
Operating income		105,772			24,240			—
Corporate:
Net operating revenues		7,299			529			506
Depreciation and amortization		7,267			5,362			2,120
Operating loss		(102,910	)		(67,308	)		(105,150	)
Total Reportable Segments
Net operating revenues	$	2,528,249		$	2,056,007		$	1,480,798
Depreciation and amortization		221,525			157,429			105,891
Operating income	$	409,973		$	310,103		$	94,810
Reconciliations to consolidated net income:
Operating income	$	409,973		$	310,103		$	94,810
Unallocated income and expenses:
Interest expense, net		(286,248	)		(171,732	)		(99,769	)
Loss on early retirement of debt, net		(7,512	)		(162	)		(38,430	)
Unrealized gain (loss) on restricted investment		8,765			(2,587	)		—
(Provision) benefit for income taxes		(43,977	)		(40,387	)		116,769
Net income	$	81,001		$	95,235		$	73,380

Schedule of Capital Expenditures, Net for Reportable Segments

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands)
Capital Expenditures, Net
West	$	83,643	$	75,297	$	44,952
Midwest		13,550		18,889		9,115
South		21,956		18,149		7,672
East		34,978		19,334		9,794
Central		11,166		3,868		—
Corporate		5,473		11,878		11,628
Total	$	170,766	$	147,415	$	83,161

Schedule of Balance Sheet Information for Reportable Segments

	Balance Sheet as of December 31,
	2019			2018
	(in thousands)
Total Assets
West	$	1,816,033		$	1,710,375
Midwest		1,157,882			1,245,521
South		1,161,622			1,068,258
East		1,590,364			2,166,730
Central		1,539,894			1,457,961
Corporate, Other & Eliminations		(1,625,242	)		(1,737,383	)
Total	$	5,640,553		$	5,911,462

Consolidating Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Balance Sheet

The consolidating condensed balance sheet as of December 31, 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	$	79,522		$	516,500	$	21,725		$	(13,104	)	$	604,643
Intercompany receivables		(562,128	)		796,390		(1,786	)		(232,476	)		—
Investment in and advances to unconsolidated affiliates		127,062			8,769		(3	)		—			135,828
Investments in subsidiaries		3,854,405			—		—			(3,854,405	)		—
Property and equipment, net		17,552			2,596,344		628			—			2,614,524
Other assets		111,476			2,228,933		15,210			(70,061	)		2,285,558
Total assets	$	3,627,889		$	6,146,936	$	35,774		$	(4,170,046	)	$	5,640,553

Current liabilities	$	162,158		$	524,346	$	15,046		$	(13,104	)	$	688,446
Intercompany payables		232,473			3		—			(232,476	)		—
Long-term financing obligation to GLPI		—			970,519		—			—			970,519
Long-term debt, less current maturities		1,949,398			375,143		—			—			2,324,541
Deferred income tax liabilities		320			267,029		(22	)		(70,061	)		197,266
Other accrued liabilities		166,660			175,864		—			—			342,524
Stockholders’ equity		1,116,880			3,834,032		20,750			(3,854,405	)		1,117,257
Total liabilities and stockholders’ equity	$	3,627,889		$	6,146,936	$	35,774		$	(4,170,046	)	$	5,640,553

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 accrued 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 Income

The consolidating condensed statements of income for the year ended December 31, 2019 is as follows:

Statements of Income:

	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	$	—		$	1,803,515		$	4,671		$	—		$	1,808,186
Non-gaming		6,751			707,063			6,249			—			720,063
Net revenues		6,751			2,510,578			10,920			—			2,528,249

Operating expenses:
Gaming and pari-mutuel commissions		—			799,163			3,164			—			802,327
Non-gaming		—			383,422			400			—			383,822
Marketing and promotions		—			129,123			250			—			129,373
General and administrative		—			475,549			1,202			—			476,751
Corporate		65,128			229			639			—			65,996
Impairment charges		—			958			—			—			958
Management fee		(22,334	)		22,334			—			—			—
Depreciation and amortization		5,076			216,337			112			—			221,525
Total operating expenses		47,870			2,027,115			5,767			—			2,080,752

Gain on sale of asset or disposal of property and equipment		29,032			20,476			67			—			49,575
Transaction expenses		(83,498	)		(914	)		(246	)		—			(84,658	)
(Loss) from equity in unconsolidated affiliate		(2,656	)		215			—			—			(2,441	)
Operating (loss) income		(98,241	)		503,240			4,974			—			409,973

Interest expense, net		(141,081	)		(159,275	)		14,108			—			(286,248	)
Loss on early retirement of debt, net		(7,512	)		—			—			—			(7,512	)
Unrealized gain on restricted investment		8,765			—			—			—			8,765
Subsidiary income (loss)		210,144			—			—			(210,144	)		—
Net (loss) income before income taxes		(27,925	)		343,965			19,082			(210,144	)		124,978
Income tax benefit (provision)		108,926			(148,308	)		(4,595	)		—			(43,977	)
Net income (loss)	$	81,001		$	195,657		$	14,487		$	(210,144	)	$	81,001

The consolidating condensed statements of income for the year ended December 31, 2018 is as follows:

Statements of Income:

	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	$	—		$	1,522,559		$	30,819		$	—		$	1,553,378
Non-gaming		11			492,692			9,926			—			502,629
Net revenues		11			2,015,251			40,745			—			2,056,007

Operating expenses:
Gaming and pari-mutuel commissions		—			728,709			20,580			—			749,289
Non-gaming		—			303,706			2,597			—			306,303
Marketing and promotions		—			104,402			1,759			—			106,161
General and administrative		—			342,185			7,413			—			349,598
Corporate		42,466			2,416			1,750			—			46,632
Impairment charges		—			9,815			3,787			—			13,602
Management fee		(25,340	)		25,340			—			—			—
Depreciation and amortization		3,655			153,396			378			—			157,429
Total operating expenses		20,781			1,669,969			38,264			—			1,729,014

Loss on sale of asset or disposal of property and equipment		—			(828	)		(7	)		—			(835	)
Proceeds from terminated sale		5,000			—			—			—			5,000
Transaction expenses		(11,369	)		(9,473	)		—			—			(20,842	)
Loss from unconsolidated affiliate		—			(213	)		—			—			(213	)
Operating income (loss)		(27,139	)		334,768			2,474			—			310,103

Interest expense, net		(115,745	)		(54,226	)		(1,761	)		—			(171,732	)
Loss on early retirement of debt, net		(162	)		—			—			—			(162	)
Unrealized loss on restricted investment		(2,587	)		—									(2,587	)
Subsidiary income (loss)		201,353			—			—			(201,353	)		—
Net income (loss) before income taxes		55,720			280,542			713			(201,353	)		135,622
Income tax benefit (provision)		39,515			(80,474	)		572			—			(40,387	)
Net income (loss)	$	95,235		$	200,068		$	1,285		$	(201,353	)	$	95,235

The consolidating condensed statements of income for the year ended December 31, 2017 is as follows:

Statements of Income:

	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	$	—		$	1,076,957		$	22,070		$	—		$	1,099,027
Non-gaming		—			374,246			7,525			—			381,771
Net revenues		—			1,451,203			29,595			—			1,480,798
Operating expenses:
Gaming and pari-mutuel commissions		—			546,207			14,882			—			561,089
Non-gaming		—			250,160			2,419			—			252,579
Marketing and promotions		—			80,893			2,281			—			83,174
General and administrative		—			235,905			5,132			—			241,037
Corporate		31,620			(4,318	)		3,437			—			30,739
Impairment charges		—			38,016			—			—			38,016
Management fee		(31,620	)		31,620			—			—			—
Depreciation and amortization		1,030			104,454			407			—			105,891
Total operating expenses		1,030			1,282,937			28,558			—			1,312,525
Loss on sale of asset or disposal of property and equipment		(20	)		(299	)		—			—			(319	)
Proceeds from terminated sale		—			20,000									20,000
Transaction expenses		(70,865	)		(21,912	)		—			—			(92,777	)
Loss from unconsolidated affiliate		—			(367	)		—			—			(367	)
Operating income (loss)		(71,915	)		165,688			1,037			—			94,810

Interest expense, net		(73,448	)		(25,221	)		(1,100	)		—			(99,769	)
Loss on early retirement of debt, net		(38,430	)		—			—			—			(38,430	)
Subsidiary income (loss)		205,251			—			—			(205,251	)		—
Net income (loss) before income taxes		21,458			140,467			(63	)		(205,251	)		(43,389	)
Income tax benefit (provision)		51,922			69,787			(4,940	)		—			116,769
Net income (loss)	$	73,380		$	210,254		$	(5,003	)	$	(205,251	)	$	73,380

Consolidating Condensed Statement of Cash Flows

The consolidating condensed statement of cash flows for the year ended December 31, 2019 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash (used in) provided by operating activities	$	(64,023	)	$	390,562		$	(14,013	)	$	—	$	312,526
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(5,380	)		(165,386	)		—			—		(170,766	)
Proceeds from sale of investments		—			—			4,944			—		4,944
Proceeds from sale of businesses, property and equipment, net of cash sold		(208,911	)		765,714			(20,670	)		—		536,133
Investments in and advances to unconsolidated affiliate		(771	)		—			—			—		(771	)
Net cash (used in) provided by investing activities		(215,062	)		600,328			(15,726	)		—		369,540
FINANCING ACTIVITIES:
Payments on Term Loan		(458,000	)		—			—			—		(458,000	)
Borrowings under Revolving Credit Facility		33,000			—			—			—		33,000
Payments under Revolving Credit Facility		(278,000	)		—			—			—		(278,000	)
Net proceeds from (payments to) related parties		1,021,818			(1,051,647	)		29,829			—		—
Debt issuance costs		(456	)		—			—			—		(456	)
Taxes paid related to net share settlement of equity awards		(8,247	)		—			—			—		(8,247	)
Payments on other long-term payables		(97	)		(50	)		(329	)		—		(476	)
Dividends (paid) received					7,900			(7,900	)
Net cash provided by (used in) financing activities		310,018			(1,043,797	)		21,600			—		(712,179	)
Increase in cash, cash equivalents and restricted cash		30,933			(52,907	)		(8,139	)		—		(30,113	)
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	$	43,777		$	169,765		$	3,036		$	—	$	216,578

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	43,777		$	159,739			2,801		$	—	$	206,317
Restricted cash		—			3,272			235			—		3,507
Restricted and escrow cash included in other noncurrent assets		—			6,754			—			—		6,754
Total cash, cash equivalents and restricted cash	$	43,777		$	169,765		$	3,036		$	—	$	216,578

The consolidating condensed statement of cash flows for the year ended December 31, 2018 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(65,836	)	$	387,576		$	1,540		$	—	$	323,280
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(8,467	)		(136,102	)		(2,846	)		—		(147,415	)
Purchase of restricted investments		—			—			(8,008	)		—		(8,008	)
Proceeds from sale of property and equipment		—			1,002			—			—		1,002
Cash (used in) provided by business combinations		(1,010,175	)		(103,052	)		—			—		(1,113,227	)
Investments in and advances to unconsolidated affiliate		—			(581	)		—			—		(581	)
Net cash used in investing activities		(1,018,642	)		(238,733	)		(10,854	)		—		(1,268,229	)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		600,000			246,000			—			—		846,000
Borrowings under Revolving Credit Facility		315,358			—			—			—		315,358
Payments under Revolving Credit Facility		(70,358	)		—			—			—		(70,358	)
Net proceeds from (payments to) related parties		285,026			(290,312	)		5,286			—		—
Debt issuance costs		(25,758	)		—			—			—		(25,758	)
Taxes paid related to net share settlement of equity awards		(11,708	)		—			—			—		(11,708	)
Proceeds from exercise of stock options		154			—			—			—		154
Purchase of treasury stock		(9,131	)		—			—			—		(9,131	)
Payments on other long-term payables		(92	)		(278	)		(296	)		—		(666	)
Net cash provided by (used in) financing activities		1,083,491			(44,590	)		4,990			—		1,043,891
Increase in cash, cash equivalents and restricted cash		(987	)		104,253			(4,324	)		—		98,942
Cash, cash equivalents and restricted cash, beginning of period		13,831			118,419			15,499			—		147,749
Cash, cash equivalents and restricted cash, end of period	$	12,844		$	222,672		$	11,175		$	—	$	246,691

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	12,127		$	208,697			9,928		$	—	$	230,752
Restricted cash		717			7,920			247			—		8,884
Restricted and escrow cash included in other noncurrent assets		—			6,055			1,000			—		7,055
Total cash, cash equivalents and restricted cash	$	12,844		$	222,672		$	11,175		$	—	$	246,691

The consolidating condensed statement of cash flows for the year ended December 31, 2017 is as follows:

Statement of Cash Flows

	Eldorado Resorts, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries		Eldorado Resorts, Inc. Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(44,737	)	$	170,553		$	4,070		$	—	$	129,886
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(11,073	)		(70,449	)		(1,639	)		—		(83,161	)
Proceeds from sale of property and equipment		—			135			—			—		135
Net cash (used in) provided by business combinations		(1,355,370	)		37,103			5,216			—		(1,313,051	)
Investments in and advances to unconsolidated affiliate		—			(604	)		—			—		(604	)
Net cash provided by (used in) investing activities		(1,366,443	)		(33,815	)		3,577			—		(1,396,681	)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		2,325,000			—			—			—		2,325,000
Borrowings under Revolving Credit Facility		207,953			—			—			—		207,953
Payments under long-term debt		(911,875	)		—			—			—		(911,875	)
Payments under Revolving Credit Facility		(236,953	)		—			—			—		(236,953	)
Net proceeds from (payments to) related parties		72,011			(79,634	)		7,623			—		—
Debt premium proceeds		27,500			—			—					27,500
Payments on other long-term payables		(43	)		(318	)		(172	)		—		(533	)
Debt issuance costs		(51,526	)		—			—			—		(51,526	)
Taxes paid related to net share settlement of equity awards		(11,365	)		—			—			—		(11,365	)
Proceeds from exercise of stock options		2,900			—			—			—		2,900
Net cash provided by (used in) financing activities		1,423,602			(79,952	)		7,451			—		1,351,101
Increase in cash, cash equivalents and restricted cash		12,422			56,786			15,098			—		84,306
Cash, cash equivalents and restricted cash, beginning of period		1,409			61,633			401			—		63,443
Cash, cash equivalents and restricted cash, end of period	$	13,831		$	118,419		$	15,499		$	—	$	147,749
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	13,202		$	114,925		$	6,469		$	—	$	134,596
Restricted cash		629			2,495			143			—		3,267
Restricted cash included in other noncurrent assets		—			999			8,887			—		9,886
Total cash, cash equivalents and restricted cash	$	13,831		$	118,419		$	15,499		$	—	$	147,749

Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Summary of Consolidated Quarterly Financial Information

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2019:
Net revenues		635,823		637,121		663,181		592,124
Operating expenses		533,248		525,691		524,033		497,780
Operating income		123,604		102,550		124,907		58,912
Net income (loss)	$	38,229	$	18,936	$	37,055	$	(13,219	)
Basic net income (loss) per common share	$	0.49	$	0.24	$	0.48	$	(0.17	)
Diluted net income (loss) per common share	$	0.49	$	0.24	$	0.47	$	(0.17	)
Weighted average shares outstanding—basic		77,567,147		77,682,759		77,721,353		77,735,826
Weighted average shares outstanding—diluted (1)		78,589,110		78,725,289		78,449,747		77,735,826

(1)	Excluded from “Weighted average shares outstanding-diluted” are 108,272 stock options and 765,050 RSUs for the three months ended December 31, 2019 as the inclusion of these shares would have an anti-dilutive effect.

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2018:
Net revenues		440,192		456,802		487,253		671,760
Operating expenses		382,659		376,439		396,220		573,696
Operating income		54,194		77,414		91,769		86,726
Net income (loss)	$	20,855	$	36,796	$	37,704	$	(120	)
Basic net income per common share	$	0.27	$	0.48	$	0.49	$	0.00
Diluted net income per common share	$	0.27	$	0.47	$	0.48	$	0.00
Weighted average shares outstanding—basic		77,353,730		77,458,584		77,522,664		77,503,732
Weighted average shares outstanding—diluted (2)		78,080,049		78,258,629		78,283,588		77,503,732

(2)	Excluded from “Weighted average shares outstanding-diluted” are 100,091 stock options and 905,420 RSUs for the three months ended December 31, 2018 as the inclusion of these shares would have an anti-dilutive effect

	Quarter Ended
	March 31,		June 30,			September 30,		December 31,
	(Dollars in thousands, except per share amounts)
2017:
Net revenues		202,393	$	375,626		$	472,878	$	429,901
Operating expenses		186,561		320,480			389,273		416,211
Operating income (loss)		14,028		(30,467	)		81,493		29,756
Net income (loss)	$	945	$	(46,190	)	$	29,687	$	88,938
Basic net income (loss) per common share	$	0.02	$	(0.68	)	$	0.39	$	1.16
Diluted net income (loss) per common share	$	0.02	$	(0.68	)	$	0.38	$	1.14
Weighted average shares outstanding—basic		47,120,751		67,453,095			76,902,070		76,961,015
Weighted average shares outstanding—diluted (3)		48,081,281		67,453,095			77,959,689		77,998,742

(3)	Excluded from “Weighted average shares outstanding-diluted” are 78,435 stock options and 937,661 RSUs for the three months ended June 30, 2017 as the inclusion of these shares would have an anti-dilutive effect.

Organization and Basis of Presentation - Additional information (Details)	12 Months Ended
	Dec. 31, 2019 Facility State property Game Hotel	Dec. 31, 2018	Oct. 01, 2018 property	May 01, 2017 property	Nov. 24, 2015	Sep. 30, 2014 Facility
Organization and Basis of Presentation
Number of gaming facilities \| Facility	23
Number of states gaming facilities are located \| State	11
Number of slot machines and video lottery terminals	23,900
Number of table games \| Game	660
Number of room in hotel \| Hotel	11,300
MTR Gaming Group, Inc
Organization and Basis of Presentation
Number of gaming and racing facilities acuired \| Facility						3
Isle of Capri
Organization and Basis of Presentation
Acquisition date	May 01, 2017
Number of properties added to portfolio				13
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	Oct. 01, 2018
Number of properties added to portfolio			7
Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest	50.00%				50.00%

Organization and Basis of Presentation - Summary of Information Regarding Properties Listed by Segment (Details)	12 Months Ended
	Dec. 31, 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 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 \| 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 \| 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 \| Lumière \| 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

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 24, 2015
Property and Equipment
Impairment charge of assets being held and used													$ 0		$ 0
Investment in Unconsolidated Affiliates
Impairment charge													0	$ 0	0
Goodwill and Intangible Asset Impairment
Impairment charges related to goodwill														9,815,000	34,900,000
Impairment charges related to trade names															3,100,000
Impairment of goodwill and indefinite-lived intangible assets													0	0
Impairment charges													958,000	13,602,000	38,016,000
Impairment charges													0	0	0
Impairment of non operating real property													1,000,000.0	0	0
Disaggregation of Revenue
Net revenues	$ 592,124,000	$ 663,181,000	$ 637,121,000	$ 635,823,000	$ 671,760,000	$ 487,253,000	$ 456,802,000	$ 440,192,000	$ 429,901,000	$ 472,878,000	$ 375,626,000	$ 202,393,000	2,528,249,000	2,056,007,000	1,480,798,000
Advertising
Advertising Costs													28,900,000	33,900,000	33,000,000.0
ASC Topic 842
Advertising
Cumulative adjustment to retained earnings, net of tax													4,700,000
Complimentaries and Loyalty Point Redemptions
Disaggregation of Revenue
Net revenues													$ 291,900,000	210,800,000	$ 172,400,000
Maximum
Loyalty Program
Loyalty program liability redemption period													1 year
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest	50.00%												50.00%			50.00%
Nemacolin \| Disposal Group, Held-for-sale, Not Discontinued Operations
Property and Equipment
Impairment charge of net assets being sold						$ 3,800,000								3,800,000
Churchill Downs Incorporated \| Vicksburg's
Goodwill and Intangible Asset Impairment
Impairment charges								$ 9,800,000					$ 9,800,000	9,800,000
Accounts Receivable
Accounts Receivable and Credit Risk
Concentration Risk, Credit Risk, Financial Instruments													$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2019
Buildings and Improvements \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Buildings and Improvements \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Furniture, Fixtures and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture, Fixtures and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Riverboats \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Riverboats \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	25 years

Summary of Significant Accounting Policies - Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation Of Revenue [Line Items]
Net revenues	$ 592,124	$ 663,181	$ 637,121	$ 635,823	$ 671,760	$ 487,253	$ 456,802	$ 440,192	$ 429,901	$ 472,878	$ 375,626	$ 202,393	$ 2,528,249	$ 2,056,007	$ 1,480,798
Casino
Disaggregation Of Revenue [Line Items]
Net revenues													1,808,186	1,553,378	1,099,027
Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													301,417	247,339	198,246
Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													299,908	183,804	133,338
Other
Disaggregation Of Revenue [Line Items]
Net revenues													118,738	71,486	50,187
Corporate
Disaggregation Of Revenue [Line Items]
Net revenues													7,299	529	506
Corporate \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													7,299	529	506
West Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues													524,721	483,532	410,319
West Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues													223,179	230,558	186,779
West Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													119,986	109,045	102,244
West Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													130,334	108,333	91,811
West Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													51,222	35,596	29,485
Midwest Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues													378,577	397,008	268,879
Midwest Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues													332,389	345,499	231,366
Midwest Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													23,078	27,364	20,452
Midwest Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													15,240	16,365	12,177
Midwest Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													7,870	7,780	4,884
South Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues													463,133	461,181	338,259
South Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues													377,080	375,748	268,680
South Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													51,612	52,924	42,114
South Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													25,952	24,792	21,459
South Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													8,489	7,717	6,006
East Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues													674,758	571,272	462,835
East Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues													491,185	485,047	412,202
East Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													58,978	43,167	33,436
East Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													95,512	26,694	7,891
East Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													29,083	16,364	$ 9,306
Central Segment \| Operating Segment
Disaggregation Of Revenue [Line Items]
Net revenues													479,761	142,485
Central Segment \| Operating Segment \| Casino
Disaggregation Of Revenue [Line Items]
Net revenues													384,353	116,526
Central Segment \| Operating Segment \| Food and Beverage
Disaggregation Of Revenue [Line Items]
Net revenues													47,763	14,839
Central Segment \| Operating Segment \| Hotel
Disaggregation Of Revenue [Line Items]
Net revenues													32,870	7,620
Central Segment \| Operating Segment \| Other
Disaggregation Of Revenue [Line Items]
Net revenues													$ 14,775	$ 3,500

Summary of Significant Accounting Policies - Summary of Activity Related to Contract and Contract Related Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Outstanding Chip Liability
Disaggregation Of Revenue [Line Items]
Balance at January 1	$ 8,930	$ 4,743
Balance at December 31	9,770	8,930
Increase / (decrease)	840	4,187
Player Loyalty Liability
Disaggregation Of Revenue [Line Items]
Balance at January 1	17,639	11,752
Balance at December 31	13,461	17,639
Increase / (decrease)	(4,178)	5,887
Customer Deposits and Other Deferred Revenue
Disaggregation Of Revenue [Line Items]
Balance at January 1	27,588	5,487
Balance at December 31	171,641	27,588
Increase / (decrease)	$ 144,053	$ 22,101

Leases - Additional information (Details) $ in Thousands	12 Months Ended
Leases - Additional information (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease expected or initial term	12 months
Operating Expenses
Lessee Lease Description [Line Items]
Short-term and variable lease expense	$ 42,159
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	Dec. 31, 2019 USD ($)
ASSETS
Operating lease ROU assets	$ 188,219
Finance lease ROU assets	$ 936,547
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
LIABILITIES
Operating	$ 19,991
Finance	$ 68
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Operating	$ 176,932
Finance	$ 970,662
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	eri:LongTermFinancingObligationAndDebt

Leases - Schedule of Leases Recorded on Balance Sheet (Parenthetical) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Finance lease ROU assets net of accumulated depreciation	$ 20.9

Leases - Schedule of Other Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted Average Remaining Lease Term, Operating leases	34 years
Weighted Average Remaining Lease Term, Finance leases	33 years 9 months
Weighted Average Discount Rate, Operating leases	7.20%
Weighted Average Discount Rate, Finance leases	10.20%

Leases - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Finance lease expense:
Total lease expense	$ 178,080
Operating Expenses
Operating lease expense:
Operating lease expense	20,436
Short-term and variable lease expense	42,159
Interest Expense, Net
Finance lease expense:
Interest expense on lease liabilities	98,690
Depreciation and Amortization Expense
Finance lease expense:
Amortization of ROU assets	$ 16,795

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 24,372
Operating cash flows for finance leases	$ 88,006

Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Leases
2020	$ 19,991
2021	18,935
2022	17,814
2023	17,635
2024	15,470
Thereafter	561,602
Total future minimum lease payments	651,447
Less: amount representing interest	(454,524)
Present value of future minimum lease payments	196,923
Less: current lease obligations	(19,991)
Long-term lease obligation	176,932
Finance Leases
2020	89,287
2021	90,471
2022	91,729
2023	92,990
2024	94,315
Thereafter	3,412,357
Total future minimum lease payments	3,871,149
Less: amount representing interest	(3,320,519)
Present value of future minimum lease payments	550,630
Less: current lease obligations	(68)
Plus: residual values - GLPI	420,100
Long-term lease obligations	$ 970,662

Acquisitions, Purchase Price Accounting and Pro forma Information - Tropicana Acquisition - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 30, 2019	Oct. 01, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 20, 2018	Apr. 15, 2018
Business Acquisition [Line Items]
Proceeds from issuance of senior notes					$ 846,000	$ 2,325,000
Valuation finalizing adjustments on goodwill				$ 9,250	$ 6,109
6% Senior Notes due 2026
Business Acquisition [Line Items]
Proceeds from issuance of senior notes		$ 600,000
Interest rate (as a percent)		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	Oct. 01, 2018
Business acquisition, consideration payable				$ 927,333				$ 1,900,000
Cash consideration paid		$ 640,000
Purchase consideration		927,333
Business acquisition, transaction costs				$ 4,000	$ 18,300
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			$ 205,100
Net income (loss) generated from the acquisition date			$ (8,700)
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

Acquisitions, Purchase Price Accounting and Pro forma Information - Schedule of Purchase Consideration Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 01, 2018	Aug. 07, 2018	May 01, 2017	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Shares of ERI common stock issued for Isle common stock, shares				77,569,117	77,215,066
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
Isle of Capri
Business Acquisition [Line Items]
Cash consideration paid			$ 552,050
Shares of ERI common stock issued for Isle common stock, shares			28,468,182
Shares of ERI common stock issued for Isle common stock, per share			$ 19.12
Shares of ERI common stock issued for Isle common stock			$ 544,312
Cash paid to retire Tropicana's long-term debt			828,000
Shares of ERI common stock for Isle equity awards			10,383
Purchase consideration			$ 1,934,745

Acquisitions, Purchase Price Accounting and Pro forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Apr. 15, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 909,717	$ 1,008,316		$ 747,106
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]
Current and other assets	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
Isle of Capri
Business Acquisition [Line Items]
Current and other assets		135,925
Property and equipment		908,816
Goodwill		709,087
Intangible assets		517,470
Other noncurrent assets		15,082
Total assets		2,286,380
Current liabilities		(144,306)
Deferred income taxes		(189,952)
Other noncurrent liabilities		(17,377)
Total liabilities		(351,635)
Net assets acquired		$ 1,934,745

Acquisitions, Purchase Price Accounting and Pro forma Information - Summary of Purchase Consideration to Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
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 Loyalty Programs
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
Isle of Capri
Business Acquisition [Line Items]
Intangible asset acquired		$ 517,470
Isle of Capri \| Player Loyalty Programs
Business Acquisition [Line Items]
Intangible asset acquired		14,100
Isle of Capri \| Trade Names
Business Acquisition [Line Items]
Intangible asset acquired		108,300
Isle of Capri \| Gaming Licenses
Business Acquisition [Line Items]
Intangible asset acquired		$ 395,100

Acquisitions, Purchase Price Accounting and Pro forma Information - Elgin - Additional Information (Details) - Elgin Acquisition - USD ($) $ in Thousands		5 Months Ended	12 Months Ended
	Aug. 07, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 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			$ 200	$ 3,900
Purchase consideration	$ 328,804
Net revenues generated from the acquisition date		$ 63,000
Net income (loss) generated from the acquisition date		$ 7,600
Player Loyalty Programs
Business Acquisition [Line Items]
Estimated useful life			4 years

Acquisitions, Purchase Price Accounting and Pro forma Information - Isle - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill adjustment			$ (9,250)	$ (6,109)
Isle of Capri
Business Acquisition [Line Items]
Goodwill adjustment	$ 6,100
Net revenues generated from the acquisition date		$ 600,100
Net income (loss) generated from the acquisition date		$ 102,500
Isle of Capri \| Player Loyalty Programs
Business Acquisition [Line Items]
Estimated useful life			3 years

Acquisitions, Purchase Price Accounting and Pro forma Information - Unaudited Pro Forma Information - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Tropicana Entertainment Inc
Business Acquisition [Line Items]
Net operating revenues	$ 2,735,760	$ 2,361,372
Net income	92,556	16,651
Elgin Acquisition
Business Acquisition [Line Items]
Net operating revenues	2,152,948	1,644,907
Net income	$ 105,689	79,158
Isle of Capri
Business Acquisition [Line Items]
Net operating revenues		1,810,815
Net income		$ 173,027

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounts receivable	$ 58,527	$ 63,843
Allowance for doubtful accounts	(4,628)	(3,674)
Total	$ 53,899	$ 60,169

Accounts Receivable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Bad debt expense	$ 1.5	$ 1.6

Assets Held for Sale - Additional information (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Jul. 10, 2019	Jul. 06, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	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					$ 958	$ 13,602	$ 38,016
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			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	9,800	$ 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
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain (loss) on sale					$ 22,100
Presque \| 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	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Assets held for sale	$ 253,135	$ 155,771
Liabilities:
Liabilities related to assets held for sale	37,485	10,691
Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	360	2,480
Inventories	171	1,686
Right-of-use assets	36,135
Prepaid expenses and other	4,384	1,143
Property and equipment, net	70,619	71,918
Goodwill	48,429	3,122
Other intangibles, net	93,037	75,422
Assets held for sale	253,135	155,771
Liabilities:
Accounts payable	495	830
Accrued payroll and related	894	1,434
Accrued property and other taxes	917	623
Short-term lease obligation	764
Long-term lease obligations	33,080
Accrued other liabilities	1,335	5,287
Liabilities related to assets held for sale	37,485	10,691
Other long-term liabilities		105
Long term obligation		2,412
Kansas City \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	285
Inventories	52
Right-of-use assets	36,135
Prepaid expenses and other	216
Property and equipment, net	39,126
Goodwill	39,623
Other intangibles, net	90,329
Assets held for sale	205,766
Liabilities:
Accounts payable	307
Accrued payroll and related	567
Accrued property and other taxes	26
Short-term lease obligation	764
Long-term lease obligations	33,080
Accrued other liabilities	1,055
Liabilities related to assets held for sale	35,799
Vicksburg \| Disposal Group, Held-for-sale, Not Discontinued Operations
ASSETS
Accounts receivable, net	75
Inventories	119
Prepaid expenses and other	4,168
Property and equipment, net	31,493
Goodwill	8,806
Other intangibles, net	2,708
Assets held for sale	47,369
Liabilities:
Accounts payable	188
Accrued payroll and related	327
Accrued property and other taxes	891
Accrued other liabilities	280
Liabilities related to assets held for sale	$ 1,686
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
Liabilities related to assets held for sale		5,682
Other long-term liabilities		105
Long term obligation		2,412
Presque \| 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Kansas City
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	$ 63,238
Net income (loss)	11,290
Vicksburg
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	20,578
Net income (loss)	(1,448)
Mountaineer
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	117,632
Net income (loss)	10,821
Cape Girardeau
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	54,202
Net income (loss)	8,156
Caruthersville
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	32,645
Net income (loss)	5,312
Nemacolin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	4,836	$ 33,461
Net income (loss)	(754)	(3,571)
Presque
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net operating revenues	3,235	139,993
Net income (loss)	$ (42)	$ 13,935

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) shares in Millions		1 Months Ended		12 Months Ended
	Jan. 29, 2019 USD ($)	Sep. 30, 2018	Apr. 30, 2018 USD ($) a	Dec. 31, 2019 USD ($) a	Jan. 31, 2019 shares	Dec. 31, 2018 USD ($)
Investment in Unconsolidated Affiliates
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				$ 135,828,000		$ 1,892,000
Receivable from partnership				$ 3,806,000		327,000
Pompano Joint Venture
Investment in Unconsolidated Affiliates
Cash contributions in joint venture			$ 500,000
Land \| a				20
Fair value of land				$ 6,600,000
Variable interest entity, ownership percentage			50.00%
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				7,600,000		$ 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				$ 3,500,000
Recognizing revenue on straight-line basis over a period				25 years
Recognized revenue				$ 5,400,000
William Hill \| Other Long Term Liabilities
Investment in Unconsolidated Affiliates
Deferred revenue				142,100,000
William Hill US
Investment in Unconsolidated Affiliates
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures including contributions and capitalized professional costs				127,100,000
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				29,300,000
Unrealized gain				$ 2,000,000.0

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 2,614,524	$ 2,882,606
Non Master Lease
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,322,852	2,498,677
Less—Accumulated depreciation and amortization	(644,718)	(569,073)
Property and equipment, net	1,678,134	1,929,604
Non Master Lease \| Land and Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	275,000	316,456
Non Master Lease \| Building and Other Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,334,740	1,472,516
Non Master Lease \| Riverboats
Property Plant And Equipment [Line Items]
Property and equipment, gross	57,199	81,762
Non Master Lease \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	624,812	586,404
Non Master Lease \| Furniture, Fixtures and Equipment Held Under Financing Leases
Property Plant And Equipment [Line Items]
Property and equipment, gross	345	193
Non Master Lease \| Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	30,756	41,346
Master Lease
Property Plant And Equipment [Line Items]
Property and equipment, gross	957,300	957,300
Less—Accumulated depreciation and amortization	(20,910)	(4,298)
Property and equipment, net	936,390	953,002
Master Lease \| Land and Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	377,150	377,150
Master Lease \| Building and Other Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	578,250	578,250
Master Lease \| Riverboats
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,900	$ 1,900

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Depreciation, depletion and amortization, nonproduction	$ 221,525	$ 157,429	$ 105,891
Master Lease
Property Plant And Equipment [Line Items]
Depreciation, depletion and amortization, nonproduction	16,600	4,300
Financing Leases
Property Plant And Equipment [Line Items]
Depreciation, depletion and amortization, nonproduction	$ 191,300	$ 144,700	$ 100,900

Intangible Assets, Net and Other Long Term Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill	$ 909,717	$ 1,008,316	$ 747,106
Goodwill, useful life	Indefinite
Intangible assets, excluding goodwill- gross	$ 1,159,475	1,383,616
Total gaming licenses and other intangible assets, net	1,111,398	1,362,006
Player Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-intangible assets, excluding goodwill- gross	100,694	105,005
Accumulated amortization	$ (48,077)	(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	$ 893,302	$ 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	12 Months Ended
	Jan. 31, 2019 shares	Sep. 30, 2018	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 31, 2018 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges				$ 958	$ 13,602	$ 38,016
Contractual term maturity				40 years
Area of real property leased \| a				20
Pre-payment of lease rent					20,198
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
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
William Hill PLC \| Other Assets, Net
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Fair value, total				$ 29,300
Unrealized loss				2,000
Vicksburg's \| Churchill Downs Incorporated
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charges			$ 9,800	9,800	9,800
Trade Names and Loyalty Program
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expense				30,300	$ 12,700	$ 5,100
2020				27,300
2021				21,200
2022				$ 4,200

Intangible Assets, Net and Other Long Term Assets - Schedule of Changes to Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning Balance	$ 1,008,316	$ 747,106
Acquisitions		280,256
Divestitures	(40,920)
Finalization of purchase price accounting	(9,250)	(6,109)
Assets held for sale	(48,429)	(3,122)
Impairments		(9,815)	$ (34,900)
Ending Balance	909,717	1,008,316	747,106
Goodwill, gross	954,448	1,053,047	782,022
Accumulated Impairment	$ (44,731)	$ (44,731)	$ (34,916)

Intangible Assets, Net and Other Long Term Assets - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized debt issuance costs - Revolving Credit Facility	$ 7,352	$ 9,533
Non-operating real property	1,961	17,880
Long-term prepaid rent		20,198
Restricted cash and investments	39,102	15,064
Long-term receivables	14,258	2,022
Other	8,605	12,055
Total other assets, net	76,224	83,446
CRDA
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
CRDA bonds and deposits	$ 4,946	$ 6,694

Accrued Other Liabilities - Schedule of Accrued Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accrued general liability claims	$ 15,257	$ 16,465
Unclaimed chips	9,770	8,930
Accrued purses and track related liabilities	3,085	1,899
Jackpot progressives and other accrued gaming liabilities	23,756	26,383
Player loyalty program point liability	13,461	17,639
Accrued Illinois donation liability	11,232	8,912
Accrued transaction expenses	56,302	522
Other	24,216	22,232
Total accrued other liabilities	$ 157,079	$ 102,982

Accrued Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Accrued Other Liabilities [Line Items]
Donation percentage of annual adjusted net operating income		20.00%
Payment of donation due period		120 days
Accrued prepayment penalty on transaction expenses	$ 522	$ 56,302	$ 522
VICI Properties L.P. \| Master Transaction Agreement
Accrued Other Liabilities [Line Items]
Accrued prepayment penalty on transaction expenses		$ 55,400
Reimbursement percentage of prepayment penalties on transaction expenses		50.00%
Elgin Acquisition
Accrued Other Liabilities [Line Items]
Business acquisition, transaction costs		$ 200	$ 3,900
Elgin Acquisition \| General and Administrative Expense
Accrued Other Liabilities [Line Items]
Business acquisition, transaction costs	$ 3,500	$ 11,200

Long-Term Financing Obligation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Sale Leaseback Transaction [Line Items]
Lease term		35 years
Imputed discount rate		10.20%
Lessee, Operating Lease, Term of Contract		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
Lessee, operating lease, existence of option to extend		true
Lessee, operating lease, option to extend		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.
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
Lease payments	$ 21.9	87.9
Lease expense	$ 24.4	$ 98.6

Long-Term Financing Obligation - Schedule of Future Minimum Payments Related to Master Lease Financing Obligation (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 89,168
2021	90,417
2022	91,691
2023	92,990
2024	94,315
Thereafter	3,412,357
Total future payments	3,870,938
Less: Amounts representing interest at 10.2%	(3,320,519)
Plus: Residual values	420,100
Financing obligation to GLPI	$ 970,519

Long-Term Financing Obligation - Schedule of Future Minimum Payments Related to Master Lease Financing Obligation (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Interest rate	10.20%

Long-Term Debt and Other Long-Term Liabilities - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Sep. 20, 2018	Sep. 13, 2017	Mar. 29, 2017	Jul. 23, 2015
Long-term debt
Less: Unamortized debt issuance costs	$ (7,352)	$ (9,533)
Long-term Debt	2,597,303
Long-term notes and other payables	2,554	3,030
Less: Current portion	(246,175)	(462)
Long-term debt, noncurrent	2,324,541	3,261,273
Term Loan
Long-term debt
Long-term debt, gross	498,750	956,750
Less: Unamortized discount and debt issuance costs	(7,982)	(18,426)
Long-term Debt	490,768	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	(17,958)	(19,630)
Long-term Debt	582,042	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	20,214	23,491
Less: Unamortized debt issuance costs	(15,939)	(18,405)
Long-term Debt	879,275	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	(4,923)	(6,075)
Long-term Debt	370,077	368,925
Revolving Credit Facility
Long-term debt
Revolving Credit Facility		245,000
Lumière Loan
Long-term debt
Loan amount to fund real property	$ 246,000	$ 246,000

Long-Term Debt and Other Long-Term Liabilities - Schedule of Maturities of Principal Amount of Long-term Debt (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 246,175
2021	207
2022	178
2023	375,138
2024	498,900
Thereafter	1,476,705
Long-term Debt	$ 2,597,303

Long-Term Debt and Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term debt
Other long-term liabilities		$ 165,592	$ 59,014
Amortization of deferred financing costs, discount and debt premium		7,600	5,600	$ 6,300
Loss on early retirement of debt, net		$ (7,512)	(162)	(38,430)
6% Senior Notes Due 2025
Long-term debt
Loss on early retirement of debt, net	$ (11,100)			(38,400)
Credit Facility
Long-term debt
Loss on early retirement of debt, net				$ (27,300)
Other Long Term Liabilities
Long-term debt
Long-term accrued rent			$ 28,300

Long-Term Debt and Other Long-Term Liabilities - 7% Senior Notes due 2023 - Additional Information (Details) - 7% Senior Notes due 2023 - USD ($) $ in Thousands		12 Months Ended
	Jul. 23, 2015	Dec. 31, 2019	Dec. 31, 2018
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
Redemption period start date		Aug. 01, 2018
Percentage of issue price of principal amount	101.00%
Percentage of repurchase	100.00%
Minimum
Long-term debt
Notification period		30 days
Maximum
Long-term debt
Notification period		60 days

Long-Term Debt and Other Long-Term Liabilities - Schedule of Redemption Prices of Notes (Details)	12 Months Ended
	Dec. 31, 2019
7% Senior Notes due 2023 \| 2018
Long-term debt
Redemption price (as a percent)	105.25%
7% Senior Notes due 2023 \| 2019
Long-term debt
Redemption price (as a percent)	103.50%
7% Senior Notes due 2023 \| 2020
Long-term debt
Redemption price (as a percent)	101.75%
7% Senior Notes due 2023 \| 2021 and thereafter
Long-term debt
Redemption price (as a percent)	100.00%
6% Senior Notes due 2025 \| 2020
Long-term debt
Redemption price (as a percent)	104.50%
6% Senior Notes due 2025 \| 2021
Long-term debt
Redemption price (as a percent)	103.00%
6% Senior Notes due 2025 \| 2022
Long-term debt
Redemption price (as a percent)	101.50%
6% Senior Notes due 2025 \| 2023 and thereafter
Long-term debt
Redemption price (as a percent)	100.00%
6% Senior Notes due 2026 \| 2021
Long-term debt
Redemption price (as a percent)	104.50%
6% Senior Notes due 2026 \| 2022
Long-term debt
Redemption price (as a percent)	103.00%
6% Senior Notes due 2026 \| 2023
Long-term debt
Redemption price (as a percent)	101.50%
6% Senior Notes due 2026 \| 2024 and thereafter
Long-term debt
Redemption price (as a percent)	100.00%

Long-Term Debt and Other Long-Term Liabilities - 6% Senior Notes due 2025 - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 13, 2017	Mar. 29, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 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			$ 278,000	$ 70,358	$ 236,953
Notes \| Prior to April 1, 2020
Long-term debt
Redemption price on notes redeemed (as a percent)		100.00%
Prior Revolving Credit Facility
Long-term debt
Repayment of credit facility	$ 78,000
Term Loan
Long-term debt
Payments under Term Loan	444,500
6% Senior Notes due 2025
Long-term debt
Long-term debt, gross	$ 500,000	$ 375,000	$ 875,000	$ 875,000
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 will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1 of each year.
Percentage of issue price of principal amount	105.50%
6% Senior Notes Due 2025
Long-term debt
Interest rate (as a percent)			6.00%
Redemption period start date			Apr. 01, 2020
6% Senior Notes Due 2025 \| Prior to April 1, 2020
Long-term debt
Redemption price on notes redeemed (as a percent)		106.00%
Percentage of issue price of principal amount		101.00%
Percentage of repurchase		100.00%
6% Senior Notes Due 2025 \| Minimum
Long-term debt
Notification period			30 days
6% Senior Notes Due 2025 \| Maximum
Long-term debt
Notification period			60 days
6% Senior Notes Due 2025 \| Maximum \| Prior to April 1, 2020
Long-term debt
Redemption price (as a percent)		35.00%

Long-Term Debt and Other Long-Term Liabilities - 6% Senior Notes Due 2026 - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 01, 2018	Sep. 20, 2018	Dec. 31, 2019	Dec. 31, 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%.
Notes \| Prior to September 15, 2021
Long-term debt
Redemption price on notes redeemed (as a percent)		100.00%
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%
Senior notes, maturity year	2026		2026
Debt instrument interest rate terms			Interest on the 6% Senior Notes due 2026 will be paid semi-annually in arrears on March 15 and September 15 of each year.
Redemption period start date			Sep. 15, 2021
Percentage of repurchase			100.00%
6% Senior Notes due 2026 \| Prior to September 15, 2021
Long-term debt
Redemption price on notes redeemed (as a percent)		106.00%
Percentage of issue price of principal amount		101.00%
6% Senior Notes due 2026 \| Minimum
Long-term debt
Notification period			30 days
6% Senior Notes due 2026 \| Maximum
Long-term debt
Notification period			60 days
6% Senior Notes due 2026 \| Maximum \| Prior to September 15, 2021
Long-term debt
Redemption price (as a percent)		35.00%

Long-Term Debt and Other Long-Term Liabilities - Term Loan and Revolving Credit Facility - Additional Information (Details) - USD ($)			12 Months Ended
	Oct. 01, 2018	Sep. 13, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 06, 2018	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%.
Net proceeds of term loan facility and borrowings			$ 33,000,000	$ 315,358,000	$ 207,953,000
6% Senior Notes Due 2025
Long-term debt
Interest rate (as a percent)			6.00%
5.875% Senior Notes Due 2021
Long-term debt
Interest rate (as a percent)			5.875%
8.875% Senior Subordinate Notes Due 2020
Long-term debt
Interest rate (as a percent)			8.875%
6% Senior Notes due 2025
Long-term debt
Debt instrument interest rate terms			The 6% Senior Notes will mature on April 1, 2025, with interest payable semi-annually in arrears on April 1 and October 1 of each year.
Interest rate (as a percent)		6.00%	6.00%					6.00%
Term Loan
Long-term debt
Credit facility							$ 1,450,000,000
Amount outstanding			$ 498,800,000
Interest rates			4.05%
Credit facility maturity date			Apr. 17, 2024
Credit facility quarterly principal payments	$ 3,600,000
Credit facility principal prepayment		$ 444,500,000
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	$ 300,000,000.0
Amount outstanding			$ 0
Available borrowing capacity			$ 482,000,000.0
Commitment fee on unused portion of the credit facility			0.50%
Credit facility maturity date			Oct. 01, 2023
Credit facility extended maturity date			Oct. 01, 2023
Revolving Credit Facility \| Tropicana Entertainment Inc
Long-term debt
Credit facility	$ 500,000,000.0
Revolving Credit Facility \| Presque, Mountaineer, Cape Girardeau and Caruthersville
Long-term debt
Repayment of outstanding debt from property sale proceeds			$ 360,000,000.0
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			$ 18,000,000.0
Term Loan and Revolving Credit Facility
Long-term debt
Net proceeds of term loan facility and borrowings			$ 135,000,000
New Revolving Credit Facility
Long-term debt
Maximum required leverage ratio, year one			650.00%
Maximum required leverage ratio, year two			600.00%
Maximum required leverage ratio, after year two			550.00%
Minimum required interest coverage ratio, year one			200.00%
Minimum required interest coverage ratio, year two			250.00%
Minimum required interest coverage ratio, after year two			275.00%

Long-Term Debt and Other Long-Term Liabilities - Lumiere Loan - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 01, 2020	Oct. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2018
Lumière Loan
Long-term debt
Loan amount to fund real property			$ 246,000	$ 246,000
Tropicana Entertainment Inc
Long-term debt
Acquisition date			Oct. 01, 2018	Oct. 01, 2018
Tropicana Entertainment Inc \| Gaming and Leisure Properties
Long-term debt
Loan amount to fund real property					$ 246,000
Tropicana Entertainment Inc \| Lumière Loan
Long-term debt
Interest rate		9.09%
Tropicana Entertainment Inc \| Lumière Loan \| Forecast
Long-term debt
Interest rate	9.27%
Tropicana Entertainment Inc \| Lumière Loan \| Minimum
Long-term debt
Loan amount to fund real property					246,000
Tropicana Entertainment Inc \| Lumière Loan \| Gaming and Leisure Properties
Long-term debt
Loan amount to fund real property					$ 246,000

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective income tax rate	21.00%	21.00%	35.00%
Tax Cuts and Jobs Act of 2017 Accounting Complete		true
Decrease in net deferred tax liabilities			$ 111,900,000
Increase (decrease) in valuation allowances	$ 2,300,000	$ (500,000)	$ (5,200,000)
Federal jobs credit carryforwards	$ 200,000
Federal jobs credit carryforwards, expiration year	2024
Deferred tax liabilities	$ 197,266,000	$ 200,010,000
Limitation of loss carryforwards, minimum percentage for ownership change	50.00%
Percentage of shareholders holding change in ownership	5.00%
Change in ownership period by the stockholders	3 years
Operating loss carryforwards, limitations	Utilization of net operating loss, credit, and other carryforwards are subject to annual limitations due to ownership changes as provided by the Internal Revenue Code of 1986, as amended and similar state provisions. An ownership change is defined as a greater than 50% change in ownership by 5% stockholders in any three‑year period. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, the Company had a “change in ownership” event that limits the utilization of net operating loss, credit, and other carryforwards that were previously available to Isle and the Company to offset future taxable income. The “change in ownership” event for Isle and the Company occurred on May 1, 2017 in connection with the merger with Isle of Capri. This limitation resulted in no significant loss of federal attributes, but did result in significant loss of state attributes. The federal and state net operating loss credit and other carryforwards are stated net of limitations.
Unrecognized Tax Benefits	$ 0
Elgin and Tropicana
Deferred tax assets	0
Deferred tax liabilities	0
Federal
Net operating loss carryforwards	$ 29,200,000
Net operating loss, expiration year	2032
State
Net operating loss carryforwards	$ 307,600,000
Net operating loss, expiration year	2020

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 31,511	$ 3,813	$ (3,959)
State	13,516	2,445	380
Local	597	304	(627)
Total current	45,624	6,562	(4,206)
Deferred:
Federal	4,751	16,561	(104,400)
State	(6,493)	17,574	(186)
Local	95	(310)	(7,977)
Total deferred	(1,647)	33,825	(112,563)
Income tax (benefit) expense	$ 43,977	$ 40,387	$ (116,769)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the expected statutory federal income tax provision
Federal statutory rate	21.00%	21.00%	35.00%
State and local taxes	7.80%	3.70%	2.80%
State tax rate adjustment	(2.30%)	8.90%	5.70%
Stock compensation	1.80%	(1.80%)	0.80%
Goodwill disposition	7.40%		(27.10%)
Transaction expenses			(10.70%)
Tax Cuts and Jobs Act		(1.60%)	264.00%
Valuation allowance	1.80%	(0.30%)	(2.30%)
Tax credits	(1.10%)	(1.10%)	3.50%
Other	(1.20%)	1.00%	(2.60%)
Effective income tax rate	35.20%	29.80%	269.10%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Loss carryforwards	$ 25,795	$ 31,880
Accrued expenses	56,896	19,306
Credit carryforwards	373	8,986
Financing obligation to GLPI	124,623	126,368
Long-term lease obligation	41,376
Other	3,925	9,623
Deferred tax assets	252,988	196,163
Deferred tax liabilities:
Identified intangibles	(151,039)	(214,756)
Fixed assets	(217,764)	(149,491)
Right-of-use assets	(41,137)
Other	(12,663)	(6,560)
Deferred tax liabilities	(422,603)	(370,807)
Valuation allowance	(27,651)	(25,366)
Net deferred tax liabilities	$ (197,266)	$ (200,010)

Employee Benefit Plans - Additional Information (Details)		3 Months Ended	12 Months Ended
	Feb. 29, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) Employee	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2018 USD ($)
Employer matching contribution, percent of match				50.00%
Defined contribution plan, employer matching contribution, percent of employees				6.00%
Matching contributions				$ 6,400,000	$ 2,700,000	$ 2,400,000
Fair value of plan assets		$ 14,330,000		17,933,000	14,330,000			$ 14,283,000
Funded status of plan		1,680,000		2,189,000	1,680,000
Defined benefit plan net periodic benefit cost		780,000		3,134,000
Scenario, Forecast
Defined benefit plan net periodic benefit cost			$ 3,000,000.0
VAPP
Funded status of plan		$ 1,700,000		$ 2,200,000	1,700,000
Defined contribution plan per hour amount paid to regular employees	$ 1.93
Defined benefit plan, assumptions, description				Actuarial assumptions used to determine the benefit obligations for the VAPP include an expected rate of return on assets of 5%, discount rate of 5.0% pre-retirement and a discount rate of 3.0% post-retirement, which, as defined in the Settlement Agreement, will result in no adjustments to the plan benefit.
VAPP \| Pre Retirement
Actuarial assumptions used to determine the benefit obligations discount rate				5.00%
VAPP \| Post Retirement
Actuarial assumptions used to determine the benefit obligations discount rate				3.00%
VAPP \| Tropicana Atlantic City Employees Variable Annuity Pension Plan
Number of Participants \| Employee				54
Mountaineer
Matching contributions					$ 1,100,000	1,100,000
Scioto Downs
Fair value of plan assets				$ 1,200,000
Fair value of benefit obligations				800,000
Funded status of plan				400,000
Cash contributions to pension plan				$ 0		$ 0	$ 0

Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Service costs	$ 808	$ 3,254
Interest costs	150	629
Expected return on plan assets	(178)	(749)
Net periodic benefit cost	$ 780	$ 3,134

Employee Benefit Plans - Projected Benefit Obligation, Change in Plan Assets and Funded Status (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Change in benefit obligations:
Projected benefit obligation beginning of period	$ 12,024	$ 12,650
Service and interest cost during period	958	3,883
Benefit payments during period		(40)
Expenses during period	(29)	(306)
Actuarial gain	(303)	(443)
Projected benefit obligation end of period	12,650	15,744
Change in plan assets:
Fair value of plan assets at beginning of period	14,283	14,330
Return on plan assets during period	76	770
Benefit payments during period		(40)
Expenses during period	(29)	(306)
Employer contributions		3,179
Fair value of plan assets at end of period	14,330	17,933
Funded status of plan	$ 1,680	$ 2,189

Employee Benefit Plans - Future Estimated Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Expected Benefit Payments
2020	$ 193
2021	248
2022	350
2023	454
2024	553
2025 through 2029	4,581
Total	$ 6,379

Stock-Based Compensation and Stockholder's Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 28, 2019	Nov. 30, 2018	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 19,719,000	$ 13,084,000	$ 6,322,000
Reduction in income tax expense related to stock based compensation	1,500,000	4,800,000	1,000,000.0
Cash received from the exercise of stock options	$ 0	154,000	$ 2,900,000
Common stock acquired value		$ 9,131,000
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
Plan 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant	3,997,287			3,060,000
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 23,500,000	$ 18,000,000.0
Recognition period of unrecognized compensation cost	1 year 3 months 25 days	1 year 4 months 28 days
Number of outstanding of exchanged shares			860,557
Weighted average grant date fair value	$ 35,560,000	$ 23,930,000	$ 12,250,000			$ 6,450,000
Number of restricted stock units outstanding	1,246,641	1,283,372	1,579,499			982,370
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding of exchanged shares			10,809
Weighted average grant date fair value			$ 19.13
Number of restricted stock units outstanding	0	0
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	1 year
Minimum \| Plan 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percent of award target	0.00%
Minimum \| Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	2 years
Maximum \| Plan 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percent of award target	200.00%
Maximum \| Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years

Stock-Based Compensation and Stockholder's Equity - Summary of RSU Activity Including Performance Awards and Converted Isle Awards (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock Units
Outstanding at the beginning of the Period (in shares)	1,283,372	1,579,499	982,370
Granted (in shares)	540,394	574,753	600,206
Exchanged			860,557
Forfeited/Cancelled	(19,453)	(9,885)	(11,870)
Vested	(557,672)	(860,995)	(851,764)
Outstanding at the end of the Period (in shares)	1,246,641	1,283,372	1,579,499	982,370
Weighted-Average Grant Date Fair Value
Unvested outstanding as of beginning of period	$ 23,930	$ 12,250	$ 6,450
Granted	47,220	33,910	20,910
Exchanged			18,940
Forfeited	28,170	19,130	15,740
Vested	20,550	9,790	18,370
Unvested outstanding as of end of period	$ 35,560	$ 23,930	$ 12,250	$ 6,450
Weighted- Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life (in years)	1 year 3 months 25 days	1 year 4 months 28 days	11 months 1 day	1 year 4 months 28 days
Aggregate Intrinsic Value
Aggregate Fair Value	$ 44,330	$ 30,710	$ 19,350	$ 6,330

Stock-Based Compensation and Stockholder's Equity - Summary of RSU Activity Including Performance Awards and Converted Isle Awards (Parenthetical) (Details) - Restricted Stock Units (RSUs) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RSUs granted	540,394	574,753	600,206
Non-Employee Members of BOD
RSUs granted	30,135	32,284	46,282

Stock-Based Compensation and Stockholder's Equity - Schedule of Share-based Compensation, Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options
Outstanding at the beginning of the Period (in shares)	135,956	271,852	169,300
Exchanged (in shares)			1,351,168
Expired (in shares)	0	(15,776)	(62,871)
Exercised (in shares)	0	(120,120)	(1,185,745)
Outstanding at the end of the Period (in shares)	135,956	135,956	271,852
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 9.96	$ 9.63	$ 9.94
Exchanged (in dollars per share)			10.12
Expired (in dollars per share)	0	10.89	4.63
Exercised (in dollars per share)	0	9.09	10.45
Outstanding at the end of the period (in dollars per share)	$ 9.96	$ 9.96	$ 9.63

Stock-Based Compensation and Stockholder's Equity - Schedule of Share-based Compensation, Stock Options Activity (Parenthetical) (Details) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation [Abstract]
Options exercisable	125,331	119,505	228,143

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												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income available to common stockholders	$ (13,219)	$ 37,055	$ 18,936	$ 38,229	$ (120)	$ 37,704	$ 36,796	$ 20,855	$ 88,938	$ 29,687	$ (46,190)	$ 945	$ 81,001	$ 95,235	$ 73,380
Shares outstanding:
Weighted average shares outstanding – basic	77,735,826	77,721,353	77,682,759	77,567,147	77,503,732	77,522,664	77,458,584	77,353,730	76,961,015	76,902,070	67,453,095	47,120,751	77,677,265	77,458,902	67,133,531
Weighted average shares outstanding – diluted	77,735,826	78,449,747	78,725,289	78,589,110	77,503,732	78,283,588	78,258,629	78,080,049	77,998,742	77,959,689	67,453,095	48,081,281	78,593,819	78,282,101	68,102,814
Net income per common share attributable to common stockholders – basic:	$ (0.17)	$ 0.48	$ 0.24	$ 0.49	$ 0.00	$ 0.49	$ 0.48	$ 0.27	$ 1.16	$ 0.39	$ (0.68)	$ 0.02	$ 1.04	$ 1.23	$ 1.09
Net income per common share attributable to common stockholders – diluted:	$ (0.17)	$ 0.47	$ 0.24	$ 0.49	$ 0.00	$ 0.48	$ 0.47	$ 0.27	$ 1.14	$ 0.38	$ (0.68)	$ 0.02	$ 1.03	$ 1.22	$ 1.08
Stock Options
Shares outstanding:
Effect of dilutive securities													105,845	119,418	98,294
Restricted Stock Units (RSUs)
Shares outstanding:
Effect of dilutive securities													810,709	703,781	870,989

- Definition

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

+ References

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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

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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

Fair Value Measurements - Additional Information (Details) - USD ($) shares in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2019	Nov. 30, 2018	Dec. 31, 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
Fair value assets, Level 1 to Level 3 transfers amount	0		0
Fair value assets, Level 2 To Level 3 transfers amount	0		0
Fair value assets, Level 3 to Level 2 transfers amount	0		0
Fair value assets, Level 3 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			$ 1,300,000
TSG \| William Hill US
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of proceeds received from sale of shares	50.00%		50.00%
Number of common shares sold under agreement	0.5
Net proceeds paid	$ 12,600,000
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
Restricted Cash and Investments \| TSG
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, total	14,000,000.0		14,000,000.0
Other Long Term Liabilities \| TSG
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deferred revenue	$ 17,300,000		$ 17,300,000
Lumière Loan \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Term			1 year

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Restricted cash and investments	$ 39,102	$ 15,064
Fair Value Recurring Basis
Assets:
Restricted cash and investments	42,609	39,956
Marketable securities	34,634	16,957
Fair Value Recurring Basis \| Level 1
Assets:
Restricted cash and investments	11,276	19,481
Marketable securities	27,103	9,515
Fair Value Recurring Basis \| Level 2
Assets:
Restricted cash and investments	2,050	4,467
Marketable securities	7,531	7,442
Fair Value Recurring Basis \| Level 3
Assets:
Restricted cash and investments	$ 29,283	$ 16,008

Fair Value Measurements - Schedule of Change in Restricted Investments Valued Using Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities
Fair Value, Liabilities
Non-cash consideration	$ (8,774)
Released from restrictions	13,076
Unrealized gain (loss)	(4,302)
Restricted Investments
Fair Value, Assets
Fair value assets, beginning balance	16,008
Non-cash consideration	27,329
Value of additional investment received		$ 18,595
Released from restrictions	(26,152)
Unrealized gain (loss)	12,098	(2,587)
Fair value assets, ending balance	$ 29,283	$ 16,008

Fair Value Measurements - Summary of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount \| 7% Senior Notes due 2023
Financial liabilities:
Long-term debt	$ 370,077	$ 368,925
Carrying Amount \| 6% Senior Notes due 2025
Financial liabilities:
Long-term debt	879,276	880,086
Carrying Amount \| 6% Senior Notes due 2026
Financial liabilities:
Long-term debt	582,042	580,370
Carrying Amount \| Term Loan
Financial liabilities:
Long-term debt	490,768	938,324
Carrying Amount \| Lumière Loan
Financial liabilities:
Long-term debt	246,000	246,000
Carrying Amount \| Other long-term debt
Financial liabilities:
Long-term debt	2,553	3,030
Carrying Amount \| Revolving Credit Facility
Financial liabilities:
Long-term debt	0	245,000
Fair Value \| 7% Senior Notes due 2023
Financial liabilities:
Long-term debt	390,938	385,312
Fair Value \| 6% Senior Notes due 2025
Financial liabilities:
Long-term debt	922,031	840,000
Fair Value \| 6% Senior Notes due 2026
Financial liabilities:
Long-term debt	662,250	567,000
Fair Value \| Term Loan
Financial liabilities:
Long-term debt	498,127	916,088
Fair Value \| Lumière Loan
Financial liabilities:
Long-term debt	246,000	246,000
Fair Value \| Other long-term debt
Financial liabilities:
Long-term debt	2,553	3,030
Fair Value \| Revolving Credit Facility
Financial liabilities:
Long-term debt	$ 0	$ 245,000

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 Employee Lawsuit Agreement
Commitments And Contingencies Disclosure [Abstract]
Number of putative class action lawsuits filed \| Lawsuit	8
Bond requirements
Entity number of employees	15,500
Number of collective bargaining agreements \| Agreement	18
Number of employees covered under collective bargaining agreements	3,100

Related Parties - Additional Information (Details)	12 Months Ended
Related Parties - Additional Information (Details)	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 31, 2017
Related affiliates
Area of real property leased \| a	20
REI
Related affiliates
Percentage of outstanding shares owned	14.40%
Raymond J Poncial
Related affiliates
Financial advisory fees	$ 200,000	$ 200,000	$ 200,000
Donald L Carano
Related affiliates
Financial advisory fees			300,000
Gary Carano Family
Related affiliates
Related party transactions	$ 0	0	0
Hotel Casino Management, Inc. \| Raymond J Poncial \| Minimum
Related affiliates
Percentage of outstanding shares owned				5.00%
C. S. & Y. Associates
Related affiliates
Area of real property leased \| a	30,000
Lease expiration date	Jun. 30, 2057
Annual rent payable	$ 600,000	600,000	$ 600,000
Due to related parties	0	0
Due from related parties	$ 0	$ 0

Segment Information - Additional Information (Details)	6 Months Ended	12 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2018 Region segment	Dec. 31, 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												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues and expenses
Net operating revenues	$ 592,124	$ 663,181	$ 637,121	$ 635,823	$ 671,760	$ 487,253	$ 456,802	$ 440,192	$ 429,901	$ 472,878	$ 375,626	$ 202,393	$ 2,528,249	$ 2,056,007	$ 1,480,798
Depreciation and amortization													221,525	157,429	105,891
Operating income (loss)	58,912	124,907	102,550	123,604	86,726	91,769	77,414	54,194	29,756	81,493	(30,467)	14,028	409,973	310,103	94,810
Unallocated income and expenses:
Interest expense, net													(286,248)	(171,732)	(99,769)
Loss on early retirement of debt, net													(7,512)	(162)	(38,430)
Unrealized gain (loss) on restricted investment													8,765	(2,587)
(Provision) benefit for income taxes													(43,977)	(40,387)	116,769
Net income	$ (13,219)	$ 37,055	$ 18,936	$ 38,229	$ (120)	$ 37,704	$ 36,796	$ 20,855	$ 88,938	$ 29,687	$ (46,190)	$ 945	81,001	95,235	73,380
Operating Segment \| West Segment
Revenues and expenses
Net operating revenues													524,721	483,532	410,319
Depreciation and amortization													55,035	40,131	26,950
Operating income (loss)													84,992	84,548	66,108
Operating Segment \| Midwest Segment
Revenues and expenses
Net operating revenues													378,577	397,008	268,879
Depreciation and amortization													25,145	33,083	20,997
Operating income (loss)													114,180	105,809	62,071
Operating Segment \| South Segment
Revenues and expenses
Net operating revenues													463,133	461,181	338,259
Depreciation and amortization													39,165	37,357	25,307
Operating income (loss)													74,622	64,851	3,680
Operating Segment \| East Segment
Revenues and expenses
Net operating revenues													674,758	571,272	462,835
Depreciation and amortization													48,064	27,913	30,517
Operating income (loss)													133,317	97,963	68,101
Operating Segment \| Central Segment
Revenues and expenses
Net operating revenues													479,761	142,485
Depreciation and amortization													46,849	13,583
Operating income (loss)													105,772	24,240
Corporate
Revenues and expenses
Net operating revenues													7,299	529	506
Depreciation and amortization													7,267	5,362	2,120
Operating income (loss)													$ (102,910)	$ (67,308)	$ (105,150)

Segment Information - Schedule of Capital Expenditures, Net of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Capital Expenditures, Net	$ 170,766	$ 147,415	$ 83,161
Operating Segment \| West Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	83,643	75,297	44,952
Operating Segment \| Midwest Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	13,550	18,889	9,115
Operating Segment \| South Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	21,956	18,149	7,672
Operating Segment \| East Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	34,978	19,334	9,794
Operating Segment \| Central Segment
Segment Reporting Information [Line Items]
Capital Expenditures, Net	11,166	3,868
Corporate
Segment Reporting Information [Line Items]
Capital Expenditures, Net	$ 5,473	$ 11,878	$ 11,628

Segment Information - Schedule of Balance Sheet Information for Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 5,640,553	$ 5,911,462
Corporate, Other & Eliminations
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	(1,625,242)	(1,737,383)
West Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,816,033	1,710,375
Midwest Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,157,882	1,245,521
South Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,161,622	1,068,258
East Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	1,590,364	2,166,730
Central Segment \| Operating Segment
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 1,539,894	$ 1,457,961

Consolidating Condensed Financial Information - Additional Information (Details)	Dec. 31, 2019	Oct. 01, 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%

Consolidating Condensed Financial Information - Consolidating Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet
Current assets	$ 604,643	$ 573,196
Investment in and advances to unconsolidated affiliates	135,828	1,892
Property and equipment, net	2,614,524	2,882,606
Other assets	2,285,558	2,453,768
Total assets	5,640,553	5,911,462
Current liabilities	688,446	402,177
Long-term financing obligation to GLPI	970,519	959,835
Long-term debt, less current maturities	2,324,541	3,261,273
Deferred income tax liabilities	197,266	200,010
Other accrued liabilities	342,524	59,014
Stockholders’ equity	1,117,257	1,029,153	$ 941,597	$ 295,969
Total liabilities and stockholders’ equity	5,640,553	5,911,462
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Condensed Balance Sheet
Current assets	79,522	48,268
Intercompany receivables	(562,128)
Investment in and advances to unconsolidated affiliates	127,062
Investments in subsidiaries	3,854,405	3,648,961
Property and equipment, net	17,552	18,555
Other assets	111,476	35,072
Total assets	3,627,889	3,750,856
Current liabilities	162,158	48,579
Intercompany payables	232,473	10,873
Long-term debt, less current maturities	1,949,398	2,640,046
Deferred income tax liabilities	320
Other accrued liabilities	166,660	22,206
Stockholders’ equity	1,116,880	1,029,152
Total liabilities and stockholders’ equity	3,627,889	3,750,856
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	516,500	497,309
Intercompany receivables	796,390	7,831
Investment in and advances to unconsolidated affiliates	8,769	1,892
Property and equipment, net	2,596,344	2,863,311
Other assets	2,228,933	2,423,807
Total assets	6,146,936	5,794,150
Current liabilities	524,346	328,319
Intercompany payables	3
Long-term financing obligation to GLPI	970,519	959,835
Long-term debt, less current maturities	375,143	621,193
Deferred income tax liabilities	267,029	231,795
Other accrued liabilities	175,864	36,808
Stockholders’ equity	3,834,032	3,616,200
Total liabilities and stockholders’ equity	6,146,936	5,794,150
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	21,725	27,619
Intercompany receivables	(1,786)	28,042
Investment in and advances to unconsolidated affiliates	(3)
Property and equipment, net	628	740
Other assets	15,210	26,674
Total assets	35,774	83,075
Current liabilities	15,046	25,279
Intercompany payables		25,000
Long-term debt, less current maturities		34
Deferred income tax liabilities	(22)
Stockholders’ equity	20,750	32,762
Total liabilities and stockholders’ equity	35,774	83,075
Consolidating and Eliminating Entries
Condensed Balance Sheet
Current assets	(13,104)
Intercompany receivables	(232,476)	(35,873)
Investments in subsidiaries	(3,854,405)	(3,648,961)
Other assets	(70,061)	(31,785)
Total assets	(4,170,046)	(3,716,619)
Current liabilities	(13,104)
Intercompany payables	(232,476)	(35,873)
Deferred income tax liabilities	(70,061)	(31,785)
Stockholders’ equity	(3,854,405)	(3,648,961)
Total liabilities and stockholders’ equity	$ (4,170,046)	$ (3,716,619)

Consolidating Condensed Financial Information - Consolidating Condensed Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Net revenues	$ 592,124	$ 663,181	$ 637,121	$ 635,823	$ 671,760	$ 487,253	$ 456,802	$ 440,192	$ 429,901	$ 472,878	$ 375,626	$ 202,393	$ 2,528,249	$ 2,056,007	$ 1,480,798
Operating expenses:
Marketing and promotions													129,373	106,161	83,174
General and administrative													476,751	349,598	241,037
Corporate													65,996	46,632	30,739
Impairment charges													958	13,602	38,016
Depreciation and amortization													221,525	157,429	105,891
Total operating expenses	497,780	524,033	525,691	533,248	573,696	396,220	376,439	382,659	416,211	389,273	320,480	186,561	2,080,752	1,729,014	1,312,525
Gain (loss) on sale or disposal of property and equipment													49,575	(835)	(319)
Proceeds from terminated sales														5,000	20,000
Transaction expenses													(84,658)	(20,842)	(92,777)
(Loss) from equity in unconsolidated affiliate													(2,441)	(213)	(367)
Operating (loss) income	58,912	124,907	102,550	123,604	86,726	91,769	77,414	54,194	29,756	81,493	(30,467)	14,028	409,973	310,103	94,810
Interest expense, net													(286,248)	(171,732)	(99,769)
Loss on early retirement of debt, net													(7,512)	(162)	(38,430)
Unrealized gain (loss) on restricted investment													8,765	(2,587)
Net income (loss) before income taxes													124,978	135,622	(43,389)
Income tax benefit (provision)													(43,977)	(40,387)	116,769
Net income	$ (13,219)	$ 37,055	$ 18,936	$ 38,229	$ (120)	$ 37,704	$ 36,796	$ 20,855	$ 88,938	$ 29,687	$ (46,190)	$ 945	81,001	95,235	73,380
Gaming and Pari-mutuel Commissions
Revenues:
Net revenues													1,808,186	1,553,378	1,099,027
Operating expenses:
Operating expenses													802,327	749,289	561,089
Non-gaming
Revenues:
Net revenues													720,063	502,629	381,771
Operating expenses:
Operating expenses													383,822	306,303	252,579
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Revenues:
Net revenues													6,751	11
Operating expenses:
Corporate													65,128	42,466	31,620
Management fee													(22,334)	(25,340)	(31,620)
Depreciation and amortization													5,076	3,655	1,030
Total operating expenses													47,870	20,781	1,030
Gain (loss) on sale or disposal of property and equipment													29,032		(20)
Proceeds from terminated sales														5,000
Transaction expenses													(83,498)	(11,369)	(70,865)
(Loss) from equity in unconsolidated affiliate													(2,656)
Operating (loss) income													(98,241)	(27,139)	(71,915)
Interest expense, net													(141,081)	(115,745)	(73,448)
Loss on early retirement of debt, net													(7,512)	(162)	(38,430)
Unrealized gain (loss) on restricted investment													8,765	(2,587)
Subsidiary income (loss)													210,144	201,353	205,251
Net income (loss) before income taxes													(27,925)	55,720	21,458
Income tax benefit (provision)													108,926	39,515	51,922
Net income													81,001	95,235	73,380
Reportable Legal Entities \| Guarantor Subsidiaries
Revenues:
Net revenues													2,510,578	2,015,251	1,451,203
Operating expenses:
Marketing and promotions													129,123	104,402	80,893
General and administrative													475,549	342,185	235,905
Corporate													229	2,416	(4,318)
Impairment charges													958	9,815	38,016
Management fee													22,334	25,340	31,620
Depreciation and amortization													216,337	153,396	104,454
Total operating expenses													2,027,115	1,669,969	1,282,937
Gain (loss) on sale or disposal of property and equipment													20,476	(828)	(299)
Proceeds from terminated sales															20,000
Transaction expenses													(914)	(9,473)	(21,912)
(Loss) from equity in unconsolidated affiliate													215	(213)	(367)
Operating (loss) income													503,240	334,768	165,688
Interest expense, net													(159,275)	(54,226)	(25,221)
Net income (loss) before income taxes													343,965	280,542	140,467
Income tax benefit (provision)													(148,308)	(80,474)	69,787
Net income													195,657	200,068	210,254
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Revenues:
Net revenues													10,920	40,745	29,595
Operating expenses:
Marketing and promotions													250	1,759	2,281
General and administrative													1,202	7,413	5,132
Corporate													639	1,750	3,437
Impairment charges														3,787
Depreciation and amortization													112	378	407
Total operating expenses													5,767	38,264	28,558
Gain (loss) on sale or disposal of property and equipment													67	(7)
Transaction expenses													(246)
Operating (loss) income													4,974	2,474	1,037
Interest expense, net													14,108	(1,761)	(1,100)
Net income (loss) before income taxes													19,082	713	(63)
Income tax benefit (provision)													(4,595)	572	(4,940)
Net income													14,487	1,285	(5,003)
Reportable Legal Entities \| Gaming and Pari-mutuel Commissions \| Guarantor Subsidiaries
Revenues:
Net revenues													1,803,515	1,522,559	1,076,957
Operating expenses:
Operating expenses													799,163	728,709	546,207
Reportable Legal Entities \| Gaming and Pari-mutuel Commissions \| Non-Guarantor Subsidiaries
Revenues:
Net revenues													4,671	30,819	22,070
Operating expenses:
Operating expenses													3,164	20,580	14,882
Reportable Legal Entities \| Non-gaming \| Eldorado Resorts, Inc. (Parent Obligor)
Revenues:
Net revenues													6,751	11
Reportable Legal Entities \| Non-gaming \| Guarantor Subsidiaries
Revenues:
Net revenues													707,063	492,692	374,246
Operating expenses:
Operating expenses													383,422	303,706	250,160
Reportable Legal Entities \| Non-gaming \| Non-Guarantor Subsidiaries
Revenues:
Net revenues													6,249	9,926	7,525
Operating expenses:
Operating expenses													400	2,597	2,419
Consolidating and Eliminating Entries
Operating expenses:
Subsidiary income (loss)													(210,144)	(201,353)	(205,251)
Net income (loss) before income taxes													(210,144)	(201,353)	(205,251)
Net income													$ (210,144)	$ (201,353)	$ (205,251)

Consolidating Condensed Financial Information - Consolidating Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 312,526	$ 323,280	$ 129,886
INVESTING ACTIVITIES:
Purchase of property and equipment, net	(170,766)	(147,415)	(83,161)
Purchase of restricted investments		(8,008)
Proceeds from sale of property and equipment		1,002	135
Proceeds from sale of investments	4,944
Net cash (used in) provided by business combinations		(1,113,227)	(1,313,051)
Proceeds from sale of businesses, property and equipment, net of cash sold	536,133	1,002	135
Investments in and loans to unconsolidated affiliates	(771)	(581)	(604)
Net cash provided by (used in) investing activities	369,540	(1,268,229)	(1,396,681)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		846,000	2,325,000
Borrowings under Revolving Credit Facility	33,000	315,358	207,953
Payments under long-term debt			(911,875)
Payments under Revolving Credit Facility	(278,000)	(70,358)	(236,953)
Debt premium proceeds			27,500
Debt issuance costs	(456)	(25,758)	(51,526)
Taxes paid related to net share settlement of equity awards	(8,247)	(11,708)	(11,365)
Proceeds from exercise of stock options	0	154	2,900
Purchase of treasury stock		(9,131)
Payments on other long-term payables	(476)	(666)	(533)
Net cash (used in) provided by financing activities	(712,179)	1,043,891	1,351,101
(Decrease) increase in cash, cash equivalents and restricted cash	(30,113)	98,942	84,306
Cash, cash equivalents and restricted cash, beginning of period	246,691	147,749	63,443
Cash, cash equivalents and restricted cash, end of period	216,578	246,691	147,749
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	206,317	230,752	134,596
Restricted cash	3,507	8,884	3,267
Restricted and escrow cash included in other noncurrent assets	6,754	7,055
Restricted cash included in other noncurrent assets	6,754	7,055	9,886
Cash, cash equivalents and restricted cash, end of period	216,578	246,691	147,749
Restricted cash included in other noncurrent assets	6,754	7,055	9,886
Term Loan
FINANCING ACTIVITIES:
Payments on Term Loan	(458,000)
Reportable Legal Entities \| Eldorado Resorts, Inc. (Parent Obligor)
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	(64,023)	(65,836)	(44,737)
INVESTING ACTIVITIES:
Purchase of property and equipment, net	(5,380)	(8,467)	(11,073)
Net cash (used in) provided by business combinations		(1,010,175)	(1,355,370)
Proceeds from sale of businesses, property and equipment, net of cash sold	(208,911)
Investments in and loans to unconsolidated affiliates	(771)
Net cash provided by (used in) investing activities	(215,062)	(1,018,642)	(1,366,443)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		600,000	2,325,000
Borrowings under Revolving Credit Facility	33,000	315,358	207,953
Payments under long-term debt			(911,875)
Payments under Revolving Credit Facility	(278,000)	(70,358)	(236,953)
Net proceeds from (payments to) related parties	1,021,818	285,026	72,011
Debt premium proceeds			27,500
Debt issuance costs	(456)	(25,758)	(51,526)
Taxes paid related to net share settlement of equity awards	(8,247)	(11,708)	(11,365)
Proceeds from exercise of stock options		154	2,900
Purchase of treasury stock		(9,131)
Payments on other long-term payables	(97)	(92)	(43)
Net cash (used in) provided by financing activities	310,018	1,083,491	1,423,602
(Decrease) increase in cash, cash equivalents and restricted cash	30,933	(987)	12,422
Cash, cash equivalents and restricted cash, beginning of period	12,844	13,831	1,409
Cash, cash equivalents and restricted cash, end of period	43,777	12,844	13,831
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	43,777	12,127	13,202
Restricted cash		717	629
Cash, cash equivalents and restricted cash, end of period	43,777	12,844	13,831
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	390,562	387,576	170,553
INVESTING ACTIVITIES:
Purchase of property and equipment, net	(165,386)	(136,102)	(70,449)
Proceeds from sale of property and equipment		1,002	135
Net cash (used in) provided by business combinations		(103,052)	37,103
Proceeds from sale of businesses, property and equipment, net of cash sold	765,714
Investments in and loans to unconsolidated affiliates		(581)	(604)
Net cash provided by (used in) investing activities	600,328	(238,733)	(33,815)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		246,000
Net proceeds from (payments to) related parties	(1,051,647)	(290,312)	(79,634)
Payments on other long-term payables	(50)	(278)	(318)
Dividends (paid) received	7,900
Net cash (used in) provided by financing activities	(1,043,797)	(44,590)	(79,952)
(Decrease) increase in cash, cash equivalents and restricted cash	(52,907)	104,253	56,786
Cash, cash equivalents and restricted cash, beginning of period	222,672	118,419	61,633
Cash, cash equivalents and restricted cash, end of period	169,765	222,672	118,419
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	159,739	208,697	114,925
Restricted cash	3,272	7,920	2,495
Restricted and escrow cash included in other noncurrent assets	6,754	6,055
Restricted cash included in other noncurrent assets			999
Cash, cash equivalents and restricted cash, end of period	169,765	222,672	118,419
Restricted cash included in other noncurrent assets			999
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	(14,013)	1,540	4,070
INVESTING ACTIVITIES:
Purchase of property and equipment, net		(2,846)	(1,639)
Purchase of restricted investments		(8,008)
Proceeds from sale of investments	4,944
Net cash (used in) provided by business combinations			5,216
Proceeds from sale of businesses, property and equipment, net of cash sold	(20,670)
Net cash provided by (used in) investing activities	(15,726)	(10,854)	3,577
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties	29,829	5,286	7,623
Payments on other long-term payables	(329)	(296)	(172)
Dividends (paid) received	(7,900)
Net cash (used in) provided by financing activities	21,600	4,990	7,451
(Decrease) increase in cash, cash equivalents and restricted cash	(8,139)	(4,324)	15,098
Cash, cash equivalents and restricted cash, beginning of period	11,175	15,499	401
Cash, cash equivalents and restricted cash, end of period	3,036	11,175	15,499
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	2,801	9,928	6,469
Restricted cash	235	247	143
Restricted and escrow cash included in other noncurrent assets		1,000
Restricted cash included in other noncurrent assets			8,887
Cash, cash equivalents and restricted cash, end of period	3,036	$ 11,175	15,499
Restricted cash included in other noncurrent assets			$ 8,887
Reportable Legal Entities \| Term Loan \| Eldorado Resorts, Inc. (Parent Obligor)
FINANCING ACTIVITIES:
Payments on Term Loan	$ (458,000)

Pending Acquisitions and Divestitures - Additional Information (Details)	Jan. 13, 2020 USD ($)	Nov. 27, 2019	Jun. 24, 2019 USD ($) $ / shares shares	Dec. 31, 2019 shares	Jul. 19, 2019 USD ($)	Dec. 31, 2018 shares
Business Acquisition [Line Items]
Common stock, shares outstanding \| shares				77,569,117		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			50.50%
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			3,250,000,000.0
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 (as a percent)		5.00%	5.00%
Senior notes, maturity year		2024	2024
Caesars Entertainment Corporation \| Former Caesars Stockholders
Business Acquisition [Line Items]
Percentage of ownership on outstanding shares			49.50%
Maverick Gaming LLC \| Eldorado Shreveport \| Subsequent Event
Business Acquisition [Line Items]
Purchase consideration	$ 230,000,000

Quarterly Data (Unaudited) - Summary of Consolidated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 592,124	$ 663,181	$ 637,121	$ 635,823	$ 671,760	$ 487,253	$ 456,802	$ 440,192	$ 429,901	$ 472,878	$ 375,626	$ 202,393	$ 2,528,249	$ 2,056,007	$ 1,480,798
Operating expenses	497,780	524,033	525,691	533,248	573,696	396,220	376,439	382,659	416,211	389,273	320,480	186,561	2,080,752	1,729,014	1,312,525
Operating income (loss)	58,912	124,907	102,550	123,604	86,726	91,769	77,414	54,194	29,756	81,493	(30,467)	14,028	409,973	310,103	94,810
Net income	$ (13,219)	$ 37,055	$ 18,936	$ 38,229	$ (120)	$ 37,704	$ 36,796	$ 20,855	$ 88,938	$ 29,687	$ (46,190)	$ 945	$ 81,001	$ 95,235	$ 73,380
Earnings Per Share, Basic [Abstract]
Basic net income (loss) per common share	$ (0.17)	$ 0.48	$ 0.24	$ 0.49	$ 0.00	$ 0.49	$ 0.48	$ 0.27	$ 1.16	$ 0.39	$ (0.68)	$ 0.02	$ 1.04	$ 1.23	$ 1.09
Weighted average shares outstanding—basic	77,735,826	77,721,353	77,682,759	77,567,147	77,503,732	77,522,664	77,458,584	77,353,730	76,961,015	76,902,070	67,453,095	47,120,751	77,677,265	77,458,902	67,133,531
Earnings Per Share, Diluted [Abstract]
Diluted net income (loss) per common share	$ (0.17)	$ 0.47	$ 0.24	$ 0.49	$ 0.00	$ 0.48	$ 0.47	$ 0.27	$ 1.14	$ 0.38	$ (0.68)	$ 0.02	$ 1.03	$ 1.22	$ 1.08
Weighted average shares outstanding—diluted	77,735,826	78,449,747	78,725,289	78,589,110	77,503,732	78,283,588	78,258,629	78,080,049	77,998,742	77,959,689	67,453,095	48,081,281	78,593,819	78,282,101	68,102,814

Quarterly Data (Unaudited) - Summary of Consolidated Quarterly Financial Information (Parenthetical) (Details) - shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2017
Stock Options
Quarterly Data [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted	108,272	100,091	78,435
Restricted Stock Units (RSUs)
Quarterly Data [Line Items]
Anti-dilutive shares excluded from calculation of Weighted average shares outstanding – diluted	765,050	905,420	937,661

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance at Beginning of Period	$ 3,674	$ 1,220	$ 1,221
Acquisition	587	2,394	461
Additions	1,462	1,407	531
Deductions	1,095	1,347	993
Balance at End of Period	$ 4,628	$ 3,674	$ 1,220

Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts
Uncollectible accounts written off	$ 0.0	$ 0.1	$ 0.7