Caesars Entertainment (CZR) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document and Entity Information Abstract
Entity Registrant Name	Eldorado Resorts, Inc.
Entity Central Index Key	1,590,895
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,075,635
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 44,099	$ 78,278
Restricted cash	9,054	5,271
Accounts receivable, net	9,534	9,981
Inventories	11,319	11,742
Prepaid income taxes		112
Prepaid expenses and other	11,956	10,795
Total current assets	85,962	116,179
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	1,286	1,286
PROPERTY AND EQUIPMENT, NET	618,121	625,416
GAMING LICENSES AND OTHER INTANGIBLES, NET	490,831	492,033
GOODWILL	66,826	66,826
NON-OPERATING REAL PROPERTY	16,259	16,314
OTHER ASSETS, net	6,783	6,954
Total assets	1,286,068	1,325,008
CURRENT LIABILITIES:
Current portion of long-term debt	4,527	4,524
Accounts payable	20,691	17,005
Due to affiliates	43	129
Accrued property, gaming and other taxes	12,006	19,424
Accrued payroll and related	15,187	17,852
Accrued interest	7,720	14,978
Income taxes payable	130
Accrued other liabilities	35,549	31,798
Total current liabilities	95,853	105,710
LONG-TERM DEBT, LESS CURRENT PORTION	826,798	861,713
DEFERRED INCOME TAXES	80,392	78,797
OTHER LONG-TERM LIABILITIES	8,069	8,121
Total liabilities	$ 1,011,112	$ 1,054,341
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Common stock, 100,000,000 shares authorized, 46,942,735 and 46,817,829 issued and outstanding, par value $0.00001 as of March 31, 2016 and December 31, 2015, respectively
Paid-in capital	$ 171,816	$ 170,897
Retained earnings	103,128	99,758
Accumulated other comprehensive income	12	12
Total stockholders’ equity	274,956	270,667
Total liabilities and stockholders' equity	$ 1,286,068	$ 1,325,008

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,942,735	46,817,829
Common stock, shares outstanding	46,942,735	46,817,829
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Casino	$ 169,078	$ 147,662
Pari-mutuel commissions	684	1,205
Food and beverage	33,739	22,182
Hotel	20,165	7,034
Other	10,885	4,726
Gross revenues	234,551	182,809
Less promotional allowances	(20,985)	(15,358)
Net operating revenues	213,566	167,451
EXPENSES:
Casino	96,262	86,818
Pari-mutuel commissions	1,324	1,696
Food and beverage	19,728	11,921
Hotel	7,129	2,190
Other	6,074	2,867
Marketing and promotions	9,574	7,101
General and administrative	31,655	23,544
Corporate	6,904	4,160
Depreciation and amortization	16,204	14,469
Total operating expenses	194,854	154,766
GAIN ON SALE OR DISPOSAL OF PROPERTY	71	1
ACQUISITION CHARGES	(520)	(84)
EQUITY IN LOSSES OF UNCONSOLIDATED AFFILIATE		(518)
OPERATING INCOME	18,263	12,084
OTHER EXPENSE:
Interest expense, net	(12,991)	(17,232)
Loss on early retirement of debt, net	(66)
Total other expense	(13,057)	(17,232)
NET INCOME (LOSS) BEFORE INCOME TAXES	5,206	(5,148)
PROVISION FOR INCOME TAXES	(1,836)	(1,016)
NET INCOME (LOSS)	$ 3,370	$ (6,164)
Net income (loss) per share of common stock:
Basic	$ 0.07	$ (0.13)
Diluted	$ 0.07	$ (0.13)
Weighted average number of shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	46,933,094	46,494,638
Weighted Average Number of Shares Outstanding, Diluted	47,534,761	46,494,638

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ 3,370	$ (6,164)
Other Comprehensive Income (Loss), net of tax:
Other Comprehensive Income	0	0
Comprehensive Income (Loss), net of tax	$ 3,370	$ (6,164)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 3,370	$ (6,164)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	16,204	14,469
Amortization of debt issuance costs and (premium) discount	847	(2,523)
Equity in losses of unconsolidated affiliate		518
Loss on early retirement of debt, net	66
Change in fair value of acquisition related contingencies	1	16
Stock-based compensation expense	1,454	590
Gain on sale or disposal of property	(71)	(1)
Provision for bad debts	145	116
Provision for deferred income taxes	1,706	634
Change in operating assets and liabilities:
Restricted cash	(3,783)	(2,623)
Accounts receivable	302	1,438
Inventories	423	85
Prepaid expenses and other	(1,162)	815
Accounts payable	3,591	(2,655)
Interest payable	(7,258)	(12,497)
Income taxes payable	130	286
Accrued and other liabilities and due to affiliates	(5,112)	(1,003)
Net cash provided by (used in) operating activities	10,853	(8,499)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(10,624)	(7,495)
Proceeds from sale of property and equipment	88	2
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,692
(Increase) decrease in other assets, net	171	304
Net cash used in investing activities	(8,673)	(7,189)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments under New Term Loan	(1,063)
Borrowings under New Revolving Credit Facility	14,000
Payments under New Revolving Credit Facility	(48,500)
Payments on capital leases	(68)	(3)
Debt issuance costs	(194)
Taxes paid related to net share settlement of equity awards	(534)
Net cash used in financing activities	(36,359)	(3)
DECREASE IN CASH AND CASH EQUIVALENTS	(34,179)	(15,691)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	78,278	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	44,099	71,913
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	19,422	32,238
Cash paid during period for income taxes		360
Payables for capital expenditures	$ 95	$ 247

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Organization The accompanying unaudited consolidated financial statements include the accounts of Eldorado Resorts, Inc. (“ERI” or the “Company”), a Nevada corporation formed in September 2013, and its consolidated subsidiaries. ERI was formed in September 2013 to be the parent company following the merger of wholly owned subsidiaries of the Company into Eldorado HoldCo LLC (“HoldCo”), a Nevada limited liability company formed in 2009 that is the parent company of Eldorado Resorts LLC (“Resorts”), and MTR Gaming Group, Inc. (“MTR Gaming”), a Delaware corporation incorporated in 1988 (the “Merger”). Effective upon the consummation of the Merger on September 19, 2014 (the “Merger Date”), MTR Gaming and HoldCo each became a wholly owned subsidiary of ERI and, as a result of such transactions, Resorts became an indirect wholly owned subsidiary of ERI. The Merger has been accounted for as a reverse acquisition of MTR Gaming by HoldCo under accounting principles generally accepted in the United States (“US GAAP”). As a result, HoldCo is considered the acquirer of MTR Gaming for accounting purposes. Intercompany accounts and transactions have been eliminated in consolidation. On November 24, 2015 (the “Acquisition Date”), Resorts consummated the acquisition of all of the assets and properties of Circus Circus Reno (“Circus Reno”) and the 50% membership interest in the joint venture (the “Silver Legacy Joint Venture”) owned by Galleon, Inc. (collectively, the “Circus Reno/Silver Legacy Purchase” or the “Acquisition”) pursuant to a Purchase and Sale Agreement, dated as of July 7, 2015 (the “Purchase Agreement”), entered into with Circus Circus Casinos, Inc. and Galleon, Inc., each an affiliate of MGM Resorts International, with respect to the acquisition. On the Acquisition Date, Eldorado Resorts LLC also exercised its right to acquire the 3.8% interest in Eldorado Limited Liability Company (“ELLC”) held by certain affiliates and shareholders of the Company. As a result of these transactions, ELLC and CC-Reno, LLC, a newly formed Nevada limited liability company, became wholly-owned subsidiaries of ERI, and Silver Legacy Joint Venture became an indirect wholly ‑owned subsidiary of ERI. The accompanying unaudited consolidated financial statements for periods prior to the Acquisition Date do not include the results of operations for Circus Reno and account the Silver Legacy Joint Venture as an investment in an unconsolidated affiliate. Resorts owns and operates the Eldorado Resort Casino Reno, a premier hotel, casino and entertainment facility centrally located in downtown Reno, Nevada (the “Eldorado Reno”), which opened for business in 1973. Resorts also owns Eldorado Resort Casino Shreveport (“Eldorado Shreveport”), a 403 ‑room all suite art deco ‑style hotel and a tri ‑level riverboat dockside casino complex situated on the Red River in Shreveport, Louisiana, which commenced operations under its previous owners in December 2000. Prior to the Acquisition Date, Resorts owned a 48.1% interest in the Silver Legacy Joint Venture which owns the Silver Legacy Resort Casino (the “Silver Legacy”), a major themed hotel and casino situated between and seamlessly connected at the mezzanine level to the Eldorado Reno and Circus Reno. Resorts acquired the remaining interest in Silver Legacy in 2015 as well as acquiring Circus Reno. MTR Gaming operates as a hospitality and gaming company with racetrack, gaming and hotel properties in West Virginia, Pennsylvania and Ohio. MTR Gaming, through its wholly owned subsidiaries, owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia (“Mountaineer”), Presque Isle Downs & Casino in Erie, Pennsylvania (“Presque Isle Downs”), and Eldorado Gaming Scioto Downs (“Scioto Downs”) in Columbus, Ohio. Scioto Downs, through its subsidiary, RacelineBet, Inc., also operates Racelinebet.com, a national account wagering service that offers online and telephone wagering on horse races as a marketing affiliate of TwinSpires.com, an affiliate of Churchill Downs, Inc. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance under accounting principles generally accepted in the United States (“US GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation and have been included herein. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The executive decision makers of our Company review operating results, assess performance and make decisions on a “significant market” basis. The Company’s management views each of its properties as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in three geographic regions: Nevada, Louisiana and parts of the eastern United States. The Company has aggregated its operations into three reportable segments based on the similar characteristics of the operating segments within the regions in which they operate. We, therefore, consider Eldorado Reno, Silver Legacy and Circus Reno as Nevada, Eldorado Shreveport as Louisiana, and Scioto Downs, Presque Isle Downs and Mountaineer as Eastern. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation. Recently Issued Accounting Pronouncements In March 2016, The FASB issued Accounting Standard Update (ASU) 2016-09, “Compensation—Stock Compensation.” The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. These areas include income tax consequences, classification of awards as either equity or a liability, and classification on the statement of cash flow. The effective date is for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We elected to early adopt this ASU prospectively in the first quarter of 2016. Under the new guidance, we recognized a reduction in income tax expense of $0.4 million in the first quarter of 2016 as a result of excess tax benefits. There were no excess tax benefits in the first quarter of 2015. In February 2016, the FASB issued an ASU which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Further, the new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and liabilities, which no longer provides a source for off balance sheet financing. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2016. We have adopted this guidance, and it had no impact on our consolidated financial statements for the three months ended March 31, 2016. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory”, which requires that inventory within the scope of ASU 2015-11 be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact on our financial statements and disclosures. In April 2015, the FASB issued an ASU which changes the presentation of debt issuance costs in financial statements. Under the new standard, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of the costs is reported as interest expense. In August 2015, the FASB issued an accounting standards update which clarifies that companies may continue to present unamortized debt issuance costs associated with line of credit arrangements as an asset. The new guidance should be applied on a retrospective basis, wherein the balance sheet of each individual period should be adjusted to reflect the period-specific effects of applying the new guidance. The effective dates for these updates were for the annual and interim periods beginning after December 15, 2015. We elected to early adopt this guidance during the third quarter of 2015. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We elected to early adopt this guidance during the fourth quarter of 2015. In January 2015, the FASB issued ASU No. 2015 ‑1, “Income Statement—Extraordinary and Unusual Items” (Subtopic 225 ‑20) which eliminates the concept of accounting of Extraordinary Items, previously defined as items that are both unusual and infrequent, which were reported as a separate item on the income statement, net of tax, after income from continuing operations. The elimination of this concept is intended to simplify accounting for unusual items and more closely align with international accounting practices. This amendment is effective for annual periods ending after December 15, 2015 and for subsequent interim and annual periods thereafter. Early adoption is permitted. We believe that the effects, if any, of the adoption of this guidance will not have a material impact on our consolidated financial statements.

Acquisition and Preliminary Pur

Acquisition and Preliminary Purchase Accounting	3 Months Ended
	Mar. 31, 2016
Acquisition and Preliminary Purchase Accounting.
Acquisition and Preliminary Purchase Accounting	Note 2. Acquisition and Preliminary Purchase Accounting On November 24, 2015, the Company acquired all of the assets and properties of Circus Reno and the 50% membership interest in the Silver Legacy Joint Venture owned by Galleon, Inc. The total estimated purchase consideration is $ 224.9 million . The purchase consideration and allocation are still considered preliminary pending the update of a final valuation report from third-party valuation specialists resulting from the final determination of the income tax implications of the Acquisition on the fair values, and the finalization and approval by all parties of the purchase price allocation including working capital adjustments required under the Purchase and Sale Agreement. Purchase consideration calculation (dollars in thousands) Silver Legacy Circus Reno Total Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note $ $ $ Fair value of ERI’s preexisting 50% equity interest — Settlement of Silver Legacy’s long term debt (1) — Closing Silver Legacy and Circus Reno net working capital (2) Purchase consideration $ $ $ (1) Represents $5.0 million of short-term debt, $75.5 million of long-term debt, the remaining 50% of the $11.5 million of member notes (net of discount), and accrued interest. (2) Per the Purchase and Sale Agreement, the purchase price was $72.5 million plus the Final Closing Net Working Capital (as defined in the Purchase and Sale Agreement). The preliminary working capital adjustment was $8.0 million. The transaction was accounted for using the acquisition method. Accordingly, goodwill if any, will be measured as the excess of the total consideration over the amounts assigned to the identifiable assets acquired and liabilities assumed. Preliminary Purchase Price Allocation – Silver Legacy and Circus Reno The following table summarizes the preliminary allocation of the estimated purchase consideration to the identifiable assets acquired and liabilities assumed in the Circus Reno/Silver Legacy Purchase. The fair values were based on management’s analysis, including preliminary work performed by third ‑party valuation specialists . The following table summarizes the preliminary purchase price allocation of the acquired assets and assumed liabilities as of March 31, 2016 (dollars in thousands): Silver Legacy Circus Reno Total Current and other assets, net $ $ $ Property and equipment Intangible assets (1) Other noncurrent assets — Net assets acquired $ $ $ (1) Intangible assets consist of trademarks which are non-amortizable and loyalty programs which are amortized over one year. Fair valuation methods used for the identifiable net assets acquired in the Acquisition make use of quoted prices in active markets and discounted cash flows using current interest rates and are provisional pending development of a final valuation. Trade receivables and payables, inventory and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented the fair value of those items at the Acquisition, based on management’s judgments and estimates. The fair value estimate of property and equipment utilized a combination of the cost and market approaches, depending on the characteristics of the asset classification. The fair value of land was determined using the market approach, which considers sales of comparable assets and applies compensating factors for any differences specific to the particular assets. With respect to personal property components of the assets (gaming equipment, furniture, fixtures and equipment, computers, and vehicles) the cost approach was used, which is based on replacement or reproduction costs of the asset. Building and site improvements were valued using the cost approach using a direct cost model built on estimates of replacement cost. Trademarks were valued using the relief ‑from ‑royalty method. The loyalty program was valued using a comparative business valuation method. Management has assigned trademarks an indefinite useful life, in accordance with its review of applicable guidance of ASC Topic No. 350, Intangibles—Goodwill and Other . The standard required management to consider, among other things, the expected use of the asset, the expected useful life of other related asset or asset group, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. In that analysis, management determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets. The loyalty program is being amortized on a straight ‑line basis over a one year useful life. Unaudited Pro Forma Information The following unaudited pro forma information presents the results of operations of the Company for the period ended March 31, 2015, as if the Acquisition had occurred on January 1, 2015 (in thousands except per share data). For the Quarter Ended March 31, 2015 Net revenues $ Net loss Net loss per common share: Basic $ Diluted $ Weighted shares outstanding: Basic Diluted 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, 2015, nor are they indicative of the results of operations for future periods. The pro forma amounts include the historical operating results of the Company, the Silver Legacy and Circus Reno prior to the Acquisition, with adjustments directly attributable to the Acquisition.

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2016
Investment in Unconsolidated Affiliates
Investment in Unconsolidated Affiliates	Note 3. Investment in Unconsolidated Affiliates Hotel Partnership. The Company holds a 42.1% variable interest in a partnership with other investors to develop a new 118 -room Hampton Inn & Suites hotel to be developed at Scioto Downs. Pursuant to the terms of the partnership agreement, the Company contributed $1 million of cash and 2.4 acres of a leasehold immediately adjacent to The Brew Brothers microbrewery and restaurant at Scioto Downs. The partnership will be responsible for the construction of the hotel at an estimated cost of $15.0 million and other investor members have been identified to operate the hotel upon completion. The Company is not the primary beneficiary, and therefore, the entity is accounted for under the equity method of accounting. At March 31, 2016, the Company’s investment in the partnership was $1.3 million, classified as “Investment in and advances to unconsolidated affiliates” in the consolidated balance sheets, representing the Company’s maximum exposure to loss. Silver Legacy Joint Venture. Effective March 1, 1994, ELLC and Galleon, (each a “Partner” and, together, the “Partners”), entered into the Silver Legacy Joint Venture pursuant to a joint venture agreement (the “Joint Venture Agreement”) to develop the Silver Legacy. The Silver Legacy consists of a casino and hotel located in Reno, Nevada, which began operations on July 28, 1995. Prior to the Acquisition Date, each partner owned a 50% interest in the Silver Legacy Joint Venture. Prior to the Merger Date, the Company owned a 48.1% interest in the Silver Legacy Joint Venture by means of its 96.2% ownership of ELLC, which owned a 50% interest in the Silver Legacy Joint Venture. On the Acquisition Date, Resorts consummated the Acquisition of the other 50% membership interest in the Silver Legacy Joint Venture owned by Galleon, Inc. pursuant to the Purchase Agreement and also exercised its right to acquire the 3.8% interest in ELLC held by certain affiliates of the Company. As a result of these transactions, ELLC became a wholly-owned subsidiary of ERI and Silver Legacy became an indirect wholly ‑owned subsidiary of ERI. In conjunction with the Acquisition, we recorded a $35.6 million gain related to the valuation of our pre-acquisition investment in the Silver Legacy Joint Venture. As consideration for the noncontrolling interest, the Company issued 373,135 shares of common stock. Subsequent to this action, the Company owned 100% of ELLC. The Company valued the shares at the market price on the day the shares were issued to the noncontrolling interest holders. The value of the total consideration paid was $3.6 million. On December 16, 2013, the Silver Legacy Joint Venture entered into a new senior secured term loan facility totaling $90.5 million (the “New Silver Legacy Credit Facility”) to refinance its indebtedness under its then existing senior secured term loan and Silver Legacy Second Lien Notes. The New Silver Legacy Credit Facility was scheduled to mature on November 16, 2017, which was the maturity date of the original Silver Legacy credit facility. In connection with the Circus Reno/Silver Legacy Purchase, all amounts outstanding under the Silver Legacy Credit Facility were paid in full and the cash collateral securing such obligations were released. Equity in loss related to the Silver Legacy Joint Venture for the three months ended March 31, 2015 was $0.5 million. Summarized results of operations for the Silver Legacy Joint Venture in 2015 prior to the Acquisition are as follows (in thousands): Three Months Ended March 31, 2015 (unaudited) Net revenues $ Operating expenses Operating income Other expense Net loss $

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock-Based Compensation Abstract
Stock-Based Compensation	Note 4. Stock-Based Compensation The Company has authorized common stock of 100,000,000 shares, par value $0.00001 per share. The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Total stock-based compensation expense recognized was $1.5 million and $0.6 million during the three months ended March 31, 2016 and 2015, respectively. These amounts are included in corporate expenses in the Company’s consolidated statements of operations. The Board of Directors (“BOD”) adopted the Eldorado Resorts, Inc. 2015 Equity Incentive Plan (“2015 Plan”) on January 23, 2015 and our shareholders subsequently approved the adoption of the 2015 Plan on June 23, 2015. The Plan permits the granting of stock options, including incentive stock options (“ERI Stock Options”), stock appreciation rights (“SARs”), restricted stock or restricted stock units (“RSUs”), performance awards, and other stock-based awards and dividend equivalents. ERI Stock Options primarily vest ratably over three years and RSUs granted to employees and executive officers primarily vest and become non-forfeitable upon the third anniversary of the date of grant. RSUs granted to non-employee directors vest immediately and are delivered upon the date that is the earlier of termination of service on the BOD or the consummation of a change of control of the Company. The performance awards relate to the achievement of defined levels of performance and are generally measured over a one or two -year performance period depending upon the award agreement. If the performance award levels are achieved, the awards earned will vest and become payable at the end of the vesting period, defined as either a one or two calendar year period following the performance period. Payout ranges are from 0% up to 200% of the award target. On January 22, 2016, the Company granted 367,519 RSUs to executive officers and 34,920 RSUs to non-employee members of the BOD under the 2015 Plan. The RSUs had a fair value of $10.77 per unit which was the NASDAQ closing price on that date. An additional 4,147 of RSUs were subsequently granted to key employees during the three months ended March 31, 2016. A summary of the RSU activity for the three months ended March 31, 2016 is as follows: Weighted-Average Weighted-Average Equity Grant Date Remaining Aggregate Awards Fair Value Contractual Life Fair Value (in years) (in millions) Unvested outstanding as of December 31, 2015 (1) $ Granted (2) Vested Unvested outstanding as of March 31, 2016 $ $ (1) Includes 475,409 of performance awards awarded at 135% of target and time-based awards at 100% of target. (2) Includes 178,172 of performance awards 100% of target and 228,414 time-based awards at 100% of target. As of March 31, 2016, the Company had approximately $5.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of approximately 2.16 years . During the first quarter of 2016, the Company’s chief operating officer terminated employment and the chief financial officer retired. In conjunction with the termination and retirement, unvested RSUs totaling 167,511 , which were outstanding as of December 31, 2015, immediately vested representing an additional $0.5 million included in stock compensation expense during the first quarter of 2016. Additionally, severance costs totaling $1.4 million were recognized during the first quarter of 2016. On September 19, 2014, as a result of the Merger, all outstanding MTR Gaming stock options (“MTR Stock Options”) vested (to the extent not already vested) and converted into an option or right to purchase the same number of shares of ERI common stock (at the same exercise price per share as in effect prior to such conversion). All other terms, except vesting requirements, applicable to such stock options remain the same. A summary of the ERI Stock Option activity for the years ended December 31, 2014 and 2015 and the three months ended March 31, 2016 is as follows: Weighted-Average Range of Weighted-Average Remaining Aggregate Options Exercise Prices Exercise Price Contractual Life Intrinsic Value (in years) (in millions) Outstanding and Exercisable as of December 31, 2014 $ - $16.27 $ Exercised Expired $11.30 $ Outstanding and Exercisable as of December 31, 2015 $ - $16.27 $ $ Exercised $2.78 $ Outstanding and Exercisable as of March 31, 2016 $ - $16.27 $ $

Other and Intangible Assets, ne

Other and Intangible Assets, net	3 Months Ended
	Mar. 31, 2016
Other and Intangible Assets, net
Other and Intangible Assets, net	Note 5. Other and Intangible Assets, net Other and intangible assets, net, consisted of the following amounts (in thousands): March 31, December 31, 2016 2015 (unaudited) Goodwill $ $ Gaming license (indefinite-lived) $ $ Trade names Loyalty programs Subtotal Accumulated amortization trade names Accumulated amortization loyalty programs Total gaming licenses and other intangible assets $ $ Land held for development $ $ Other Total other assets, net $ $ Goodwill, the excess of the purchase price of acquiring MTR Gaming over the fair market value of the net assets acquired, in the amount of $66.8 million was recorded as of March 31, 2016 . For financial reporting purposes, goodwill is not amortized, but is reviewed no less than annually or when events or circumstances indicate the carrying value might exceed the market value to determine if there has been an impairment in the recorded value. Included in gaming licenses is the Eldorado Shreveport gaming license recorded at $20.6 million at both March 31, 2016 and December 31, 2015. The license represents an intangible asset acquired from the purchase of a gaming entity located in a gaming jurisdiction where competition is limited, such as when only a limited number of gaming operators are allowed to operate. Also included in gaming licenses are the gaming and racing licenses of Mountaineer, Presque Isle Downs and Scioto Downs totaling $482.1 million, which reflects the fair value of the licenses calculated as of March 31, 2016 and December 31, 2015. Gaming license rights are not subject to amortization as the Company has determined that they have an indefinite useful life. Trade names are amortized on a straight ‑line basis over a 3.5 year useful life and the loyalty program is amortized on a straight ‑line basis over a one year useful life. Amortization expense with respect to trade names and the loyalty program amounted to $1.2 million and $1.9 million, respectively, for the three months ended March 31, 2016 and 2015, which is included in depreciation and amortization in the consolidated statements of operations. Such amortization expense is expected to be $3.3 million during the remainder of 2016, $1.9 million for the year ended December 31, 2017, and $0.4 million for the year ended December 31, 2018.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes
Income Taxes	Note 6. Income Taxes Prior to the Merger Date, HoldCo was taxed as a partnership under the Internal Revenue Code pursuant to which income taxes were primarily the responsibility of the partners. On September 19, 2014, in connection with the Merger, the Company became a C corporation subject to federal and state corporate-level income taxes at prevailing corporate tax rates. The Company and its subsidiaries file US federal tax returns and various state and local income tax returns. With few exceptions, the Company is no longer subject to US federal or state and local tax examinations by tax authorities for years before 2012. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. For years prior to 2016, the income tax provision resulted in an effective tax rate that had an unusual relation to pretax income (loss). This was due to the federal and state valuation allowances on deferred tax assets as discussed below. For the three months ended March 31, 2016, the difference between the effective rate and the statutory rate is attributed primarily to state and local income taxes less the benefit of the early adoption of ASU 2016-09 (Stock Compensation). For the three months ended March 31, 2015, the difference between the effective rate and the statutory rate is attributed primarily to the federal and state valuation allowances on deferred tax assets. As a result of net operating losses and the net deferred tax asset position (after exclusion of certain deferred tax liabilities that generally cannot be offset against deferred tax assets, known as “ Naked Credits ” ), the Company provided for a full valuation allowance against substantially all of the net federal and state deferred tax assets. For income tax purposes the Company amortizes or depreciates certain assets that have been assigned an indefinite life for book purposes. The incremental amortization or depreciation deductions for income tax purposes result in an increase in certain deferred tax liabilities that cannot be used as a source of future taxable income for purposes of measuring the Company's need for a valuation allowance against the net deferred tax assets. Therefore, we expect to record non cash deferred tax expense as we amortize these assets for tax purposes. During the three months ended March 31, 2016 and 2015 , the Company ’ s tax expense was $1.8 million and $1.0 million, respectively. As of March 31, 2016 and 2015 , there were no unrecognized tax benefits and the Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits within the next twelve months.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure
Long-Term Debt	Note 7. Long ‑Term Debt Long ‑term debt consisted of the following (in thousands): March 31, December 31, 2016 2015 (unaudited) Senior Notes $ $ Less: Unamortized debt issuance costs Net New Term Loan Less: Unamortized discount and debt issuance costs Net New Revolving Credit Facility Less: Unamortized debt issuance costs Net Capital leases Less: Current portion Total long-term debt $ $ Scheduled maturities of long ‑term debt are $59.0 million in 2020, $395.3 million in 2022 and $375.0 million in 2023. Debt issuance costs and the discount associated with the issuance of the Senior Notes, New Term Loan and New Revolving Credit Facility (as such terms are defined below) in July 2015 totaled $26.0 million. Amortization of debt issuance costs is computed using the effective interest method and is included in interest expense. Amortization of the debt issuance costs and the discount associated with the Senior Notes and New Credit Facility (as defined below) totaled $0.8 million for the three months ended March 31, 2016. In 2015, amortization of Resorts’ bond costs was computed using the straight ‑line method, which approximated the effective interest method, over the term of the bonds, and was included in interest expense. Amortization expense with respect to deferred financing costs on Resorts senior secured notes amounted to $0.2 million for three months ended March 31, 2015. Refinancing Transaction and Senior Notes On July 23, 2015, the Company issued $375 million in aggregate principal amount of 7.0% senior notes due 2023 (“Senior Notes”) pursuant to the indenture, dated as of July 23, 2015 (the “Indenture”), at an issue price equal to 100.0% of the aggregate principal amount of the Senior Notes. The Senior Notes are guaranteed by all of the Company’s direct and indirect restricted subsidiaries other than immaterial subsidiaries, CC-Reno and the Silver Legacy Joint Venture. CC-Reno, LLC and the Silver Legacy Joint Venture will become guarantors upon receipt of the requisite gaming approvals expected to occur in May 2016. The Senior Notes will mature on August 1, 2023, with interest payable semi-annually in arrears on February 1 and August 1 of each year. The Company used the net proceeds from the Senior Notes offering together with borrowings under the New Term Loan and the New Revolving Credit Facility (as defined below) to (i) purchase or otherwise redeem (a) all of the outstanding Resorts senior secured notes and (b) all of the outstanding MTR second lien notes, (ii) pay a portion of the purchase price for the Circus Reno/Silver Legacy Purchase and repay all amounts outstanding under the Silver Legacy Joint Venture credit facility, and (iii) pay fees and costs associated with such transactions. Net proceeds from the Senior Notes offering totaling $50.0 million were used for the Circus Reno/Silver Legacy Purchase on the Acquisition Date. As a result of the July 2015 refinancing, we recognized a $2.0 million net loss on the early retirement of debt. On or after August 1, 2018, the Company may redeem all or a portion of the Senior Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest, if any, on the Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve month period beginning on August 1 of the years indicated below: Year Percentage 2018 % 2019 % 2020 % 2021 and thereafter % Prior to August 1, 2018, the Company may redeem all or a portion of the Senior Notes at a price equal to 100% of the Senior Notes redeemed plus accrued and unpaid interest to the redemption date, plus a make-whole premium. At any time prior to August 1, 2018, the Company is also entitled to redeem up to 35% of the original aggregate principal amount of the Senior Notes with proceeds of certain equity financings at a redemption price equal to 107% of the principal amount of the Senior Notes redeemed, plus accrued and unpaid interest. If the Company experiences certain change of control events (as defined in the Indenture), it must offer to repurchase the Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company must offer to repurchase the Senior Notes at 100% of their principal amount, plus accrued and unpaid interest to the applicable repurchase date. The Senior Notes are subject to redemption imposed by gaming laws and regulations of applicable gaming regulatory authorities. The Indenture contains certain covenants limiting, among other things, the Company’s ability and the ability of its subsidiaries (other than its unrestricted subsidiaries) to: · pay dividends or distributions or make certain other restricted payments or investments; · incur or guarantee additional indebtedness or issue disqualified stock or create subordinated indebtedness that is not subordinated to the Senior Notes or the guarantees of the Senior Notes; · create liens; · transfer and sell assets; · merge, consolidate, or sell, trainer or otherwise dispose of all or substantially all of the Company’s assets; · enter into certain transactions with affiliates; · engage in lines of business other than the Company’s core business and related businesses; and · create restrictions on dividends or other payments by restricted subsidiaries. These covenants are subject to a number of exceptions and qualifications as set forth in the Indenture. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such Senior Notes to be declared due and payable. As of March 31, 2016, the Company was in compliance with all of the covenants under the Indenture relating to the Senior Notes. New Credit Facility On July 23, 2015, the Company entered into a new $425.0 million seven year term loan (the “New Term Loan”) and a new $150.0 million five year revolving credit facility (the “New Revolving Credit Facility” and, together with the New Term Loan, the “New Credit Facility”). As of March 31, 2016, the Company had $421.8 million outstanding on the New Term Loan and $59.0 million in borrowings outstanding under the New Revolving Credit Facility. The Company had $91.0 million of available borrowing capacity under its New Revolving Credit Facility as of March 31, 2016. At March 31, 2016, the interest rate on the New Term Loan was 4.25% , and the interest rate on the New Revolving Credit Facility was 3.95% . The New Term Loan bears interest at a rate per annum of, at the Company’s option, either (x) LIBOR plus 3.25% , with a LIBOR floor of 1.0% , or (y) a base rate plus 2.25% . Borrowings under the New Revolving Credit Facility bear interest at a rate per annum of, at the Company’s option, either (x) LIBOR plus a spread ranging from 2.5% to 3.25% or (y) a base rate plus a spread ranging from 1.5% to 2.25% , in each case with the spread determined based on the Company’s total leverage ratio. Additionally, the Company pays a commitment fee on the unused portion of the New Revolving Credit Facility not being utilized in the amount of 0.50% per annum. The New Credit Facility is secured by substantially all of the Company’s personal property assets and substantially all personal property assets of each subsidiary that guaranties the New Credit Facility (other than certain subsidiary guarantors designated as immaterial or restricted subsidiaries) (the “ New Credit Facility Guarantors”), whether owned on the closing date of the New Credit Facility or thereafter acquired, and mortgages on the real property and improvements owned or leased us or the New Credit Facility Guarantors. The New Credit Facility is also secured by a pledge of all of the equity owned by us and the New Credit Facility Guarantors (subject to certain gaming law restrictions). The credit agreement governing the New Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability and the ability of the New Credit Facility Guarantors to incur additional indebtedness, create liens on collateral, engage in mergers, consolidations or asset dispositions, make distributions, make investments, loans or advances, engage in certain transactions with affiliates or subsidiaries or make capital expenditures. The credit agreement governing the New Credit Facility also includes requirements the Company maintains a maximum total leverage ratio and a minimum interest coverage ratio (adjusting over time). The Company is required to maintain a maximum total leverage ratio of 6.00 to 1.00 from January 1, 2016 to December 31, 2017 and 5.00 to 1.00 thereafter. In addition, the Company is required to maintain a minimum interest coverage ratio of 2.75 to 1.00 from January 1, 2016 through December 31, 2016 and 3.00 to 1.00 thereafter. A default of the financial ratio covenants shall only become an event of default under the New Term Loan if the lenders providing the New Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. The credit agreement governing the New Credit Facility contains a number of customary events of default, including, among others, for the non-payment of principal, interest or other amounts, the inaccuracy of certain representations and warranties, the failure to perform or observe certain covenants, a cross default to other indebtedness including the Senior Notes, certain events of bankruptcy or insolvency; certain ERISA events, the invalidity of certain loan documents, certain changes of control and the loss of certain classes of licenses to conduct gaming. If any event of default occurs, the lenders under the New Credit Facility would be entitled to take various actions, including accelerating amounts due thereunder and taking all actions permitted to be taken by a secured creditor. As of March 31, 2016, the Company was in compliance with the covenants under the New Credit Facility.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 8. Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there is a three ‑tier fair value hierarchy, which prioritizes the inputs used in measuring fair values as follows: · Level 1 : Quoted market prices in active markets for identical assets or liabilities. · Level 2 : Observable market ‑based inputs or unobservable inputs that are corroborated by market data. · Level 3 : Unobservable inputs that are not corroborated by market data. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practical to estimate fair value: Cash and Cash Equivalents : Cash equivalents include investments in money market funds. Investments in this category can be redeemed immediately at the current net asset value per share. A money market fund is a mutual fund whose investments are primarily in short ‑term debt securities designed to maximize current income with liquidity and capital preservation, usually maintaining per share net asset value at a constant amount, such as one dollar. The carrying amounts approximate the fair value because of the short maturity of those instruments. Restricted Cash: Restricted cash includes unredeemed winning tickets from the Company’s racing operations, funds related to horsemen’s fines and certain simulcasting funds that are restricted to payments for improving horsemen’s facilities and racing purses at Scioto Downs, cash deposits that serve as collateral for letters of credit surety bonds and short-term certificates of deposit that serve as collateral for certain bonding requirements. Restricted cash is classified as Level 1 as its carrying value approximates market prices. Long ‑term Debt : The Senior Notes are classified as Level 2 based upon market inputs. The New Term Loan under the credit facility is classified as Level 2 as it is tied to market rates of interest and its carrying value approximates market value. The fair value of the Senior Notes was based on quoted market prices at March 31, 2016. Acquisition-Related Contingent Considerations: Contingent consideration related to the July 2003 acquisition of Scioto Downs represents the estimate of amounts to be paid to former stockholders of Scioto Downs under certain earn-out provisions. The Company considers the acquisition related contingency’s fair value measurement, which includes forecast assumptions, to be Level 3 within the fair value hierarchy. The estimated fair values of the Company’s financial instruments are as follows (amounts in thousands): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ $ $ $ Restricted cash Financial liabilities: 7.0% Senior Notes $ $ $ $ New Term Loan New Revolving Credit Facility Acquisition-related contingent considerations The following table represents the change in acquisition-related contingent consideration liabilities for the period December 31, 2015 to March 31, 2016: Balance as of December 31, 2015 $ Amortization of present value discount (1) Balance as of March 31, 2016 $ (1) Changes in present value are included as a component of interest expense in the consolidated statements of operations.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings per Share
Earnings per Share	Note 9. Earnings per Share The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations during the three months ended March 31, 2016 and 2015 (dollars in thousands, except per share amounts): Quarter Ended March 31, 2016 2015 (unaudited) Net income (loss) available to common stockholders $ $ Shares outstanding: Weighted average shares outstanding - basic Effect of dilutive securities: Stock options — RSU's — Weighted average shares outstanding - diluted Basic net income (loss) per common share $ $ Diluted net income (loss) per common share $ $

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies.
Commitments and Contingencies	Note 10. Commitments and Contingencies Litigation. The Company is a party to various lawsuits, which have arisen in the normal course of business. Estimated losses are accrued for these lawsuits and claims when the loss is probable and can be estimated. The current liability for the estimated losses associated with those lawsuits is not material to the consolidated financial condition and those estimated losses are not expected to have a material impact on the results of operations. Ohio Gaming Referendum Challenge . On October 21, 2011, the Ohio Roundtable filed a complaint in the Court of Common Pleas in Franklin County, Ohio against a number of defendants, including the Governor, the Ohio Lottery Commission and the Ohio Casino Control Commission. The complaint alleges a variety of substantive and procedural defects relative to the approval and implementation of video lottery terminals as well as several counts dealing with the taxation of standalone casinos. As interveners, we, along with four of the other racinos in Ohio, filed motions for judgment on the pleadings to supplement the position of the Racing Commission. In May 2012, the Court of Common Pleas dismissed the case; however, the plaintiffs filed an appeal and oral arguments were held on January 17, 2013 in the 10 th District Court of Appeals. In March 2013, the Court of Appeals upheld the ruling. The decision of the Appeals Court was appealed to the Ohio Supreme Court by the plaintiffs on April 30, 2013 and the Ohio Supreme Court has elected to accept the appeal. The Ohio Supreme Court temporarily stayed the appeal until it first ruled on a matter with similar procedural issues. A decision was issued on that case on June 10, 2014. In response to a motion to dismiss as improvidently granted which was filed jointly by Appellees, the remaining propositions of law were briefed by the parties and oral argument before the Ohio Supreme Court was held on June 23, 2015. A decision on this case was issued by the Ohio Supreme Court on March 24, 2016 finding that the parties did not meet the threshold for standing to challenge the installation of video lottery terminals, but a single plaintiff was permitted to proceed with his challenge against the casinos under an equal protection claim. Accordingly, this case has been concluded as it relates to the race track defendants . Environmental Remediation. In October 2004, the Company acquired 229 acres of real property, known as the International Paper site, as an alternative site to build Presque Isle Downs. In connection with the acquisition of the International Paper site, the Company entered into a consent order and decree (the “Consent Order”) with the PaDEP and International Paper insulating us from liability for certain pre ‑existing contamination, subject to compliance with the Consent Order, which included a proposed environmental remediation plan for the site, which was tied specifically to the use of the property as a racetrack. The proposed environmental remediation plan in the Consent Order was based upon a “baseline environmental report” and management estimated that such remediation would be subsumed within the cost of developing the property as a racetrack. The racetrack was never developed at this site. In October 2005, the Company sold 205 acres to GEIDC who assumed primary responsibility for the remediation obligations under the Consent Order relating to the property they acquired. However, the Company was advised by the PaDEP that it was not released from its liability and responsibility under the Consent Order. The Company also purchased an Environmental Risk Insurance Policy in the amount of $10.0 million with respect to the property, which was renewed in October 2015 for a period of one year. The Company believes that the insurance coverage is in excess of any exposure that we may have in this matter. Regulatory Gaming Assessments. The Pennsylvania Gaming Control Board (the “PGCB”), the Pennsylvania Department of Revenue and the Pennsylvania State Police (collectively “the Borrowers”), were required to fund the costs they incurred in connection with the initial development of the infrastructure to support gaming operations in Pennsylvania as well as the initial ongoing costs of the Borrowers. The initial funding of these costs was provided from a loan from the Pennsylvania General Fund in the amount of $36.1 million, and further funding was provided from additional loans from the Pennsylvania Property Tax Reserve Fund in the aggregate amount of $63.8 million. The Pennsylvania Department of Revenue will assess all licensees, including Presque Isle Downs, their proportionate share of amounts represented by the borrowings, which are in the aggregate amount of $99.9 million, once the designated number of Pennsylvania’s slot machine licensees is operational. On July 11, 2011, the PGCB issued an administrative order which established that payments associated with the $63.8 million that was borrowed from the Property Tax Reserve Fund would commence on January 1, 2012. The repayment allocation between all current licensees is based upon equal weighting of (1) cumulative gross slot revenue since inception in relation to the combined cumulative gross slot revenue for all licensees and (2) single year gross slot revenue (during the state’s fiscal year ending June 30) in relation to the combined single year gross slot revenue for all licensees; and amounts paid each year will be adjusted annually based upon changes in the licensee’s proportionate share of gross slot revenue. We have estimated that our total proportionate share of the aggregate $ 63.8 million to be assessed to the gaming facilities will be $4.1 million and will be paid quarterly over a ten ‑year period, which began effective January 1, 2012. For the $36.1 million that was borrowed from the General Fund, payment is scheduled to begin after all fourteen licensees are operational. Although we cannot determine when payment will begin, it has considered a similar repayment model for the General Fund borrowings and estimated that its total proportionate share of the aggregate $36.1 million to all fourteen gaming facilities will approximate between $2.0 million and $2.1 million, which has been accrued in the accompanying consolidated balance sheet at March 31, 2016 and December 31, 2015. The recorded estimate relative to the Property Tax Reserve Fund is subject to revision based upon future changes in the revenue assumptions utilized to develop the estimate. The estimated total obligation at March 31, 2016 and December 31, 2015, was $4.1 million and $4.3 million, respectively, of which the residual total amount, both current and long-term, of $2.1 million and $2.2 million at March 31, 2016 and December 31, 2015, respectively, are appropriately accrued in the accompanying consolidated balance sheet. The Company paid $0.1 million for the three months ended March 31, 2016. Agreements with Horsemen and Pari-mutuel Clerks. The Federal Interstate Horse Racing Act and the state racing laws in West Virginia, Ohio and Pennsylvania require that, in order to simulcast races, we have written agreements with the horse owners and trainers at those racetracks. In addition, in order to operate slot machines in West Virginia, we are required to enter into written agreements regarding the proceeds of the slot machines (a “proceeds agreement”) with a representative of a majority of the horse owners and trainers and with a representative of a majority of the pari ‑mutuel clerks. In Pennsylvania and Ohio, we must have an agreement with the representative of the horse owners. We have the requisite agreements in place with the horsemen at Mountaineer until December 31, 2018. With respect to the Mountaineer pari ‑mutuel clerks, we have a labor agreement in force until November 30, 2016 and a proceeds agreement until April 14, 2018. We are required to have a proceeds agreement in effect on July 1 of each year with the horsemen and the pari ‑mutuel clerks as a condition to renewal of our video lottery license for such year. If the requisite proceeds agreement is not in place as of July 1 of a particular year, Mountaineer’s application for renewal of its video lottery license could be denied, in which case Mountaineer would not be permitted to operate either its slot machines or table games. Scioto Downs has the requisite agreement in place with the OHHA until December 31, 2023, with automatic two ‑year renewals unless either party requests re ‑negotiation pursuant to its terms. Presque Isle Downs has the requisite agreement in place with the Pennsylvania Horsemen’s Benevolent and Protective Association until May 1, 2019. With the exception of the respective Mountaineer, Presque Isle Downs and Scioto Downs horsemen’s agreements and the agreement between Mountaineer and the pari ‑mutuel clerks’ union described above, each of the agreements referred to in this paragraph may be terminated upon written notice by either party.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2016
Related Parties
Related Parties	Note 11. Related Parties The Company owns the entire parcel on which Eldorado Reno is located, except for approximately 30,000 square feet which is leased from C. S. & Y. Associates, a general partnership of which Donald L. Carano is a general partner. As of March 31, 2016, the Company’s payable to C. S. & Y. Associates amounted to $0. 2 million . There were no payables to related parties as of December 31, 2015.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information
Segment Information	Note 12. Segment Information The following table sets forth, for the periods indicated, certain operating data for our reportable segments. Management views each of our properties as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company’s principal operating activities occur in three geographic regions: Nevada, Louisiana and parts of the eastern United States. The Company has aggregated its operating segments into three reportable segments: Eldorado Reno, Silver Legacy and Circus Reno as Nevada, Eldorado Shreveport as Louisiana, and Scioto Downs, Presque Isle and Mountaineer as Eastern. Three months ended March 31, 2016 2015 (in thousands, unaudited) Revenues and expenses Nevada: Net operating revenues $ $ Expenses, excluding depreciation and corporate Gain on sale or disposal of property — Equity in loss of unconsolidated affiliate — Other — Depreciation Operating income (loss)—Nevada $ $ Louisiana: Net operating revenues $ $ Expenses, excluding depreciation and amortization Gain on sale or disposal of property — Depreciation and amortization Operating income—Louisiana $ $ Eastern: Net operating revenues $ $ Expenses, excluding depreciation, amortization and corporate Gain on sale or disposal of property Depreciation and amortization Operating income—Eastern $ $ Corporate: Corporate expenses $ $ Acquisition charges Other — Depreciation and amortization Operating loss—Corporate $ $ Total Reportable Segments Net operating revenues $ $ Expenses, excluding depreciation and amortization Gain on sale or disposal of property Equity in loss of unconsolidated affiliate — Acquisition charges Depreciation and amortization Operating income—Total Reportable Segments $ $ Reconciliations to Consolidated Net Income (Loss): Operating Income — Total Reportable Segments $ $ Unallocated income and expenses: Interest expense Loss on early retirement of debt — Provision for income taxes Net income (loss) $ $ March 31, 2016 2015 (in thousands, unaudited) Capital Expenditures Nevada $ $ Louisiana Eastern (1) Corporate — Total $ $ (1) Gross of West Virginia reimbursements As of As of March 31, December 31, 2016 2015 (unaudited) (in thousands) Total Assets Nevada $ $ Louisiana Eastern Corporate Eliminating entries (1) Total $ $ (1) Reflects the following eliminations for the periods indicated: Reclass deferred tax assets against deferred tax liabilities $ — $ Accrued interest on the senior notes Net investment in MTR Net investment in Silver Legacy/Circus Circus Intercompany receivables/payables Net investment in and advances to Silver Legacy Net investment in and advances to Eldorado Shreveport $ $

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans
Employee Benefit Plans	Note 13. Employee Benefit Plans In August 2015, the Company’s Compensation Committee and Board of Directors approved the termination of then existing Resorts and MTR Gaming 401(k) plans and the establishment of a new consolidated ERI 401(k) plan which was effective in January 2016. The plan covering the Company’s employees allows for an employer contribution up to 50 percent of the first four percent of each participating employee’s contribution, up to a maximum of $1,000 , subject to statutory and certain other limits.

Consolidating Condensed Financi

Consolidating Condensed Financial Information	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information
Condensed Financial Statements [Text Block]	Note 14. Consolidating Condensed Financial Information All of our wholly owned subsidiaries, except for the subsidiaries acquired in the Acquisition, have fully and conditionally guaranteed on a joint and several basis, the payments of all obligations under our Senior Notes and New Credit Facility as of March 31, 2016. Silver Legacy Joint Venture, LLC and CC-Reno, LLC were not guarantors as of March 31, 2016, but will become guarantors upon receipt of the required regulatory approval which is expected to be received in May 2016. The consolidating condensed balance sheet as of March 31, 2016 is as follows: Balance Sheet Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Current assets $ $ $ $ $ Intercompany receivables — Investment in and advances to unconsolidated affiliates — — Investments in subsidiaries — — — Property and equipment, net — Other assets Total assets $ $ $ $ $ Current liabilities $ $ $ $ $ Intercompany payables — — — Long-term debt, less current maturities — Other accrued liabilities — Stockholders’ equity Total liabilities and stockholders’ equity $ $ $ $ $ The consolidating condensed balance sheet as of December 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Current assets $ $ $ $ $ Intercompany receivables — — — Investment in and advances to unconsolidated affiliates — — Investments in subsidiaries — — — Property and equipment, net — Other assets — Total assets $ $ $ $ $ Current liabilities $ $ $ $ $ Intercompany payables — — Long-term debt, less current maturities — Other accrued liabilities Stockholders’ equity Total liabilities and stockholders’ equity $ $ $ $ $ The consolidating condensed statement of operations for the three months ended March 31, 2016 is as follows: Statement of Operations Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Revenues: Gaming and pari-mutuel commissions $ — $ $ $ — $ Non-gaming — — Gross revenues — — Less: promotional allowances — — Net revenues — — Operating expenses: Gaming and pari-mutuel commissions — — Non-gaming — — Marketing and promotions — — General and administrative Depreciation and amortization — Total operating expenses Gain on disposal of assets — — Acquisition charges — — — Operating (loss) income Interest expense, net — Loss on early retirement of debt — — — Net (loss) income before income taxes Income tax provision — — — Net (loss) income $ $ $ $ $ The consolidating condensed statement of operations for the three months ended March 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Revenues: Gaming and pari-mutuel commissions $ — $ $ — $ — $ Non-gaming — — — Gross revenues — — — Less: promotional allowances — — — Net revenues — — — Operating expenses: Gaming and pari-mutuel commissions — — — Non-gaming — — — Marketing and promotions — — — General and administrative — — Depreciation and amortization — — Total operating expenses — — Gain on disposal of assets — — — Acquisition charges — — — Equity in loss of unconsolidated affiliate — — — Operating (loss) income — — Interest expense, net — — — Net (loss) income before income taxes — — Income tax benefit (provision) — — Net income (loss) $ $ $ — $ — $ The consolidating condensed statement of cash flows for the three months ended March 31, 2016 is as follows: Statement of Cash Flows Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Net cash (used in) provided by operating activities $ $ $ $ $ INVESTING ACTIVITIES: Capital expenditures, net of payables — Proceeds from sale of property and equipment — — — Reimbursement of capital expenditures from West Virginia regulatory authorities — — — (Increase) decrease in other assets, net — Advances from (to) subsidiaries — — — Net cash provided by (used in)investing activities FINANCING ACTIVITIES: Payments under Term Loan — — — Borrowings under New Revolving Credit Facility — — — Payments on capital leases — — — Debt issuance costs — — — Taxes paid related to net share settlement of equity awards — — — Net payments to related parties — — Net cash (used in) provided by financing activities INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR — CASH AND CASH EQUIVALENTS, END OF YEAR $ $ $ $ — $ The consolidating condensed statement of cash flows for the three months ended March 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Net cash provided by (used in) operating activities $ $ $ — $ — $ INVESTING ACTIVITIES: Capital expenditures, net of payables — — — Proceeds from sale of property and equipment — — — Reimbursement of capital expenditures from West Virginia regulatory authorities — — — — — Decrease in other assets, net — — — Advances from (to) subsidiaries — — — Net cash provided by (used in) investing activities — FINANCING ACTIVITIES: Payments on capital leases — — — Net payments to related parties — — — Net cash (used in) provided by financing activities — — INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR — — — CASH AND CASH EQUIVALENTS, END OF YEAR $ $ $ — $ — $

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Organization and Basis of Presentation Abstract
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance under accounting principles generally accepted in the United States (“US GAAP”) for interim financial information with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, all of which are normal and recurring, considered necessary for a fair presentation and have been included herein. The results of operations for these interim periods are not necessarily indicative of the operating results for other quarters, for the full year or any future period. The executive decision makers of our Company review operating results, assess performance and make decisions on a “significant market” basis. The Company’s management views each of its properties as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in three geographic regions: Nevada, Louisiana and parts of the eastern United States. The Company has aggregated its operations into three reportable segments based on the similar characteristics of the operating segments within the regions in which they operate. We, therefore, consider Eldorado Reno, Silver Legacy and Circus Reno as Nevada, Eldorado Shreveport as Louisiana, and Scioto Downs, Presque Isle Downs and Mountaineer as Eastern. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
Reclassifications	Reclassifications Certain reclassifications of prior year presentations have been made to conform to the current period presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, The FASB issued Accounting Standard Update (ASU) 2016-09, “Compensation—Stock Compensation.” The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. These areas include income tax consequences, classification of awards as either equity or a liability, and classification on the statement of cash flow. The effective date is for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We elected to early adopt this ASU prospectively in the first quarter of 2016. Under the new guidance, we recognized a reduction in income tax expense of $0.4 million in the first quarter of 2016 as a result of excess tax benefits. There were no excess tax benefits in the first quarter of 2015. In February 2016, the FASB issued an ASU which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Further, the new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and liabilities, which no longer provides a source for off balance sheet financing. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2016. We have adopted this guidance, and it had no impact on our consolidated financial statements for the three months ended March 31, 2016. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory”, which requires that inventory within the scope of ASU 2015-11 be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. ASU 2015-11 applies to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact on our financial statements and disclosures. In April 2015, the FASB issued an ASU which changes the presentation of debt issuance costs in financial statements. Under the new standard, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The amortization of the costs is reported as interest expense. In August 2015, the FASB issued an accounting standards update which clarifies that companies may continue to present unamortized debt issuance costs associated with line of credit arrangements as an asset. The new guidance should be applied on a retrospective basis, wherein the balance sheet of each individual period should be adjusted to reflect the period-specific effects of applying the new guidance. The effective dates for these updates were for the annual and interim periods beginning after December 15, 2015. We elected to early adopt this guidance during the third quarter of 2015. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We elected to early adopt this guidance during the fourth quarter of 2015. In January 2015, the FASB issued ASU No. 2015 ‑1, “Income Statement—Extraordinary and Unusual Items” (Subtopic 225 ‑20) which eliminates the concept of accounting of Extraordinary Items, previously defined as items that are both unusual and infrequent, which were reported as a separate item on the income statement, net of tax, after income from continuing operations. The elimination of this concept is intended to simplify accounting for unusual items and more closely align with international accounting practices. This amendment is effective for annual periods ending after December 15, 2015 and for subsequent interim and annual periods thereafter. Early adoption is permitted. We believe that the effects, if any, of the adoption of this guidance will not have a material impact on our consolidated financial statements.

Acquisition and Preliminary P22

Acquisition and Preliminary Purchase Accounting (Tables)	3 Months Ended
	Mar. 31, 2016
Acquisition and Preliminary Purchase Accounting.
Schedule of calculation of the purchase consideration calculation	Purchase consideration calculation (dollars in thousands) Silver Legacy Circus Reno Total Cash consideration paid by ERI for MGM’s 50% equity interest and MGM’s member note $ $ $ Fair value of ERI’s preexisting 50% equity interest — Settlement of Silver Legacy’s long term debt (1) — Closing Silver Legacy and Circus Reno net working capital (2) Purchase consideration $ $ $ (1) Represents $5.0 million of short-term debt, $75.5 million of long-term debt, the remaining 50% of the $11.5 million of member notes (net of discount), and accrued interest. (2) Per the Purchase and Sale Agreement, the purchase price was $72.5 million plus the Final Closing Net Working Capital (as defined in the Purchase and Sale Agreement). The preliminary working capital adjustment was $8.0 million.
Schedule of preliminary purchase price allocation	. The following table summarizes the preliminary purchase price allocation of the acquired assets and assumed liabilities as of March 31, 2016 (dollars in thousands): Silver Legacy Circus Reno Total Current and other assets, net $ $ $ Property and equipment Intangible assets (1) Other noncurrent assets — Net assets acquired $ $ $ (1) Intangible assets consist of trademarks which are non-amortizable and loyalty programs which are amortized over one year.
Schedule of unaudited pro forma financial results	The following unaudited pro forma information presents the results of operations of the Company for the period ended March 31, 2015, as if the Acquisition had occurred on January 1, 2015 (in thousands except per share data). For the Quarter Ended March 31, 2015 Net revenues $ Net loss Net loss per common share: Basic $ Diluted $ Weighted shares outstanding: Basic Diluted

Investment in Unconsolidated 23

Investment in Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2016
Silver Legacy Joint Venture
Summary of results of operations	Three Months Ended March 31, 2015 (unaudited) Net revenues $ Operating expenses Operating income Other expense Net loss $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Stock-Based Compensation Abstract
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Weighted-Average Weighted-Average Equity Grant Date Remaining Aggregate Awards Fair Value Contractual Life Fair Value (in years) (in millions) Unvested outstanding as of December 31, 2015 (1) $ Granted (2) Vested Unvested outstanding as of March 31, 2016 $ $ (1) Includes 475,409 of performance awards awarded at 135% of target and time-based awards at 100% of target. (2) Includes 178,172 of performance awards 100% of target and 228,414 time-based awards at 100% of target.
Schedule of Share-based Compensation, Stock Options, Activity	Weighted-Average Range of Weighted-Average Remaining Aggregate Options Exercise Prices Exercise Price Contractual Life Intrinsic Value (in years) (in millions) Outstanding and Exercisable as of December 31, 2014 $ - $16.27 $ Exercised Expired $11.30 $ Outstanding and Exercisable as of December 31, 2015 $ - $16.27 $ $ Exercised $2.78 $ Outstanding and Exercisable as of March 31, 2016 $ - $16.27 $ $

Other and Intangible Assets, 25

Other and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2016
Other and Intangible Assets, net
Schedule of other and intangible assets, net	March 31, December 31, 2016 2015 (unaudited) Goodwill $ $ Gaming license (indefinite-lived) $ $ Trade names Loyalty programs Subtotal Accumulated amortization trade names Accumulated amortization loyalty programs Total gaming licenses and other intangible assets $ $ Land held for development $ $ Other Total other assets, net $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure
Summary of long-term debt obligations	March 31, December 31, 2016 2015 (unaudited) Senior Notes $ $ Less: Unamortized debt issuance costs Net New Term Loan Less: Unamortized discount and debt issuance costs Net New Revolving Credit Facility Less: Unamortized debt issuance costs Net Capital leases Less: Current portion Total long-term debt $ $
Schedule of redemption prices of notes	Year Percentage 2018 % 2019 % 2020 % 2021 and thereafter %

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	The estimated fair values of the Company’s financial instruments are as follows (amounts in thousands): March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ $ $ $ Restricted cash Financial liabilities: 7.0% Senior Notes $ $ $ $ New Term Loan New Revolving Credit Facility Acquisition-related contingent considerations The following table represents the change in acquisition-related contingent consideration liabilities for the period December 31, 2015 to March 31, 2016: Balance as of December 31, 2015 $ Amortization of present value discount (1) Balance as of March 31, 2016 $

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings per Share
Schedule of reconciliation of the numerators and denominators of the basic and diluted net income per share computations	Quarter Ended March 31, 2016 2015 (unaudited) Net income (loss) available to common stockholders $ $ Shares outstanding: Weighted average shares outstanding - basic Effect of dilutive securities: Stock options — RSU's — Weighted average shares outstanding - diluted Basic net income (loss) per common share $ $ Diluted net income (loss) per common share $ $

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information
Schedule of operating data for reportable segments	Three months ended March 31, 2016 2015 (in thousands, unaudited) Revenues and expenses Nevada: Net operating revenues $ $ Expenses, excluding depreciation and corporate Gain on sale or disposal of property — Equity in loss of unconsolidated affiliate — Other — Depreciation Operating income (loss)—Nevada $ $ Louisiana: Net operating revenues $ $ Expenses, excluding depreciation and amortization Gain on sale or disposal of property — Depreciation and amortization Operating income—Louisiana $ $ Eastern: Net operating revenues $ $ Expenses, excluding depreciation, amortization and corporate Gain on sale or disposal of property Depreciation and amortization Operating income—Eastern $ $ Corporate: Corporate expenses $ $ Acquisition charges Other — Depreciation and amortization Operating loss—Corporate $ $ Total Reportable Segments Net operating revenues $ $ Expenses, excluding depreciation and amortization Gain on sale or disposal of property Equity in loss of unconsolidated affiliate — Acquisition charges Depreciation and amortization Operating income—Total Reportable Segments $ $ Reconciliations to Consolidated Net Income (Loss): Operating Income — Total Reportable Segments $ $ Unallocated income and expenses: Interest expense Loss on early retirement of debt — Provision for income taxes Net income (loss) $ $
Schedule of capital expenditures for reportable segments	March 31, 2016 2015 (in thousands, unaudited) Capital Expenditures Nevada $ $ Louisiana Eastern (1) Corporate — Total $ $
Reconciliation of total assets by reportable segment to consolidated total assets	As of As of March 31, December 31, 2016 2015 (unaudited) (in thousands) Total Assets Nevada $ $ Louisiana Eastern Corporate Eliminating entries (1) Total $ $
Summary of eliminating and reclassification entries	Reclass deferred tax assets against deferred tax liabilities $ — $ Accrued interest on the senior notes Net investment in MTR Net investment in Silver Legacy/Circus Circus Intercompany receivables/payables Net investment in and advances to Silver Legacy Net investment in and advances to Eldorado Shreveport $ $

Condensed Consolidating Financi

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information [Abstract]
Condensed Balance Sheet	The consolidating condensed balance sheet as of March 31, 2016 is as follows: Balance Sheet Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Current assets $ $ $ $ $ Intercompany receivables — Investment in and advances to unconsolidated affiliates — — Investments in subsidiaries — — — Property and equipment, net — Other assets Total assets $ $ $ $ $ Current liabilities $ $ $ $ $ Intercompany payables — — — Long-term debt, less current maturities — Other accrued liabilities — Stockholders’ equity Total liabilities and stockholders’ equity $ $ $ $ $ The consolidating condensed balance sheet as of December 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Current assets $ $ $ $ $ Intercompany receivables — — — Investment in and advances to unconsolidated affiliates — — Investments in subsidiaries — — — Property and equipment, net — Other assets — Total assets $ $ $ $ $ Current liabilities $ $ $ $ $ Intercompany payables — — Long-term debt, less current maturities — Other accrued liabilities Stockholders’ equity Total liabilities and stockholders’ equity $ $ $ $ $
Condensed Income Statement	The consolidating condensed statement of operations for the three months ended March 31, 2016 is as follows: Statement of Operations Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Revenues: Gaming and pari-mutuel commissions $ — $ $ $ — $ Non-gaming — — Gross revenues — — Less: promotional allowances — — Net revenues — — Operating expenses: Gaming and pari-mutuel commissions — — Non-gaming — — Marketing and promotions — — General and administrative Depreciation and amortization — Total operating expenses Gain on disposal of assets — — Acquisition charges — — — Operating (loss) income Interest expense, net — Loss on early retirement of debt — — — Net (loss) income before income taxes Income tax provision — — — Net (loss) income $ $ $ $ $ The consolidating condensed statement of operations for the three months ended March 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Revenues: Gaming and pari-mutuel commissions $ — $ $ — $ — $ Non-gaming — — — Gross revenues — — — Less: promotional allowances — — — Net revenues — — — Operating expenses: Gaming and pari-mutuel commissions — — — Non-gaming — — — Marketing and promotions — — — General and administrative — — Depreciation and amortization — — Total operating expenses — — Gain on disposal of assets — — — Acquisition charges — — — Equity in loss of unconsolidated affiliate — — — Operating (loss) income — — Interest expense, net — — — Net (loss) income before income taxes — — Income tax benefit (provision) — — Net income (loss) $ $ $ — $ — $
Condensed Cash Flow Statement	The consolidating condensed statement of cash flows for the three months ended March 31, 2016 is as follows: Statement of Cash Flows Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Net cash (used in) provided by operating activities $ $ $ $ $ INVESTING ACTIVITIES: Capital expenditures, net of payables — Proceeds from sale of property and equipment — — — Reimbursement of capital expenditures from West Virginia regulatory authorities — — — (Increase) decrease in other assets, net — Advances from (to) subsidiaries — — — Net cash provided by (used in)investing activities FINANCING ACTIVITIES: Payments under Term Loan — — — Borrowings under New Revolving Credit Facility — — — Payments on capital leases — — — Debt issuance costs — — — Taxes paid related to net share settlement of equity awards — — — Net payments to related parties — — Net cash (used in) provided by financing activities INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR — CASH AND CASH EQUIVALENTS, END OF YEAR $ $ $ $ — $ The consolidating condensed statement of cash flows for the three months ended March 31, 2015 is as follows: Eldorado Resorts, Inc. (Parent Obligor) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Eldorado Resorts, Inc. Consolidated Net cash provided by (used in) operating activities $ $ $ — $ — $ INVESTING ACTIVITIES: Capital expenditures, net of payables — — — Proceeds from sale of property and equipment — — — Reimbursement of capital expenditures from West Virginia regulatory authorities — — — — — Decrease in other assets, net — — — Advances from (to) subsidiaries — — — Net cash provided by (used in) investing activities — FINANCING ACTIVITIES: Payments on capital leases — — — Net payments to related parties — — — Net cash (used in) provided by financing activities — — INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR — — — CASH AND CASH EQUIVALENTS, END OF YEAR $ $ $ — $ — $

Organization and Basis of Pre31

Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2016segment	Mar. 31, 2016item	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Jul. 28, 1995	Jul. 26, 1995	Feb. 28, 1994
Organization and Basis of Presentation
Ownership percentage allowed to be acquired	50.00%	50.00%	50.00%
Number of geographical regions | item		3
Number of reportable segments	3	3
Income tax benefit | $			$ 1,836,000	$ 1,016,000
Excess tax benefit | $			$ (400,000)	$ 0
Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)	50.00%	50.00%	50.00%		100.00%	48.10%
Resorts | Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership interest (as a percent)	48.10%	48.10%	48.10%
Eldorado Casino Shreveport Joint Venture
Organization and Basis of Presentation
Number of rooms in suite art deco-style hotel | item		403
ELLC
Organization and Basis of Presentation
Ownership percentage allowed to be acquired					3.80%
ELLC | Silver Legacy Joint Venture
Organization and Basis of Presentation
Ownership percentage allowed to be acquired					50.00%
Ownership interest (as a percent)							50.00%

Acquisition and Preliminary P32

Acquisition and Preliminary Purchase Accounting (Details) $ in Thousands	Nov. 24, 2015	Jul. 28, 1995USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Purchase Consideration Calculation Abstract
Closing Silver Legacy and Circus Reno net working capital			$ 8,000
Purchase consideration			72,500
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			23,740
Property and equipment			184,345
Goodwill			66,826	$ 66,826
Intangible assets			6,000
Other noncurrent assets			10,809
Net assets acquired			224,894
Silver Legacy Joint Venture
Purchase Consideration Calculation Abstract
Purchase consideration		$ 3,600
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			21,625
Property and equipment			169,544
Intangible assets			5,000
Other noncurrent assets			10,809
Net assets acquired			$ 206,978
Silver Legacy Joint Venture | Member notes
Purchase Consideration Calculation Abstract
Percentage of debt assumed			50
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			$ 11,500
Silver Legacy Joint Venture | Short-term Debt
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			5,000
Silver Legacy Joint Venture | Long-term Debt
Estimated fair values of the assets acquired and liabilities assumed
Long-term debt			75,500
Circus Reno
Estimated fair values of the assets acquired and liabilities assumed
Current and other assets			2,115
Property and equipment			14,801
Intangible assets			1,000
Net assets acquired			17,916
Resorts
Purchase Consideration Calculation Abstract
Cash consideration paid			72,500
Fair value of ERI’s preexisting 50% equity interest			56,500
Settlement of Silver Legacy’s long term debt (1)			87,854
Closing Silver Legacy and Circus Reno net working capital			8,040
Purchase consideration			224,894
Resorts | Silver Legacy Joint Venture
Purchase Consideration Calculation Abstract
Cash consideration paid			56,500
Fair value of ERI’s preexisting 50% equity interest			56,500
Settlement of Silver Legacy’s long term debt (1)			87,854
Closing Silver Legacy and Circus Reno net working capital			6,124
Purchase consideration			206,978
Resorts | Circus Reno
Purchase Consideration Calculation Abstract
Cash consideration paid			16,000
Closing Silver Legacy and Circus Reno net working capital			1,916
Purchase consideration			$ 17,916
Galleon | Silver Legacy Joint Venture
Acquisition and purchase accounting
Ownership interest held by former members of subsidiary (as a percent)	50.00%

Acquisition and Preliminary P33

Acquisition and Preliminary Purchase Accounting - Unaudited Pro Forma Information - (Details) - Resorts $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)$ / sharesshares
Pro Forma Information
Net revenues | $	$ 211,793
Net income | $	$ (5,543)
Net (loss) income per common share
Basic (in dollars per share) | $ / shares	$ (0.12)
Diluted (in dollars per share) | $ / shares	$ (0.12)
Weighted shares outstanding
Basic (in shares) | shares	46,550,042
Diluted (in shares) | shares	46,550,042

Investment in Unconsolidated 34

Investment in Unconsolidated Affiliates (Details) $ in Thousands	Jul. 28, 1995USD ($)shares	Mar. 31, 2016USD ($)aroom	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 16, 2013USD ($)	Jul. 26, 1995	Feb. 28, 1994
Investment in Unconsolidated Affiliates
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		$ 1,286		$ 1,286
Ownership percentage allowed to be acquired		50.00%
Total consideration paid		$ 72,500
Equity in income (loss) of unconsolidated affiliate			$ (518)
Other Investors
Investment in Unconsolidated Affiliates
Variable Interest Entity, Ownership Percentage		42.10%
Number of Rooms and Suites Hotel will have | room		118
Cash		$ 1,000
Land | a		2.4
Estimated cost of hotel construction		$ 15,000
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Total consideration paid	$ 3,600
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	100.00%	50.00%				48.10%
Acquisition of non-controlling interest (in shares) | shares	373,135
ELLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)						96.20%
ELLC
Investment in Unconsolidated Affiliates
Ownership percentage allowed to be acquired	3.80%
ELLC | Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)							50.00%
Ownership percentage allowed to be acquired	50.00%
Silver Legacy Joint Venture
Investment in Unconsolidated Affiliates
Valuation of unconsolidated affiliate		$ 35,600
Equity in income (loss) of unconsolidated affiliate			500
Unaudited results of operations
Net revenues			27,651
Operating expenses			(25,989)
Operating income			1,662
Other expense			(2,738)
Net income (loss)			$ (1,076)
Silver Legacy Joint Venture | New Silver Legacy Credit Facility
Investment in Unconsolidated Affiliates
New senior secured term loan facility					$ 90,500

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands	Jan. 22, 2016$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares
Stock-based compensation expense | $		$ 1,454	$ 590
Common Stock, Shares, Issued		46,942,735		46,817,829
Common Stock, Shares, Outstanding		46,942,735		46,817,829
Common Stock
Authorized Common Stock		100,000,000		100,000,000
Par Value per share | $ / shares		$ 0.00001		$ 0.00001
Options
Exercised - in shares		2.78
Expired (in shares)				(86,000)
Forfeited (in shares)				11.30
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares			$ 6.94	$ 6.94
Exercised (in dollars per share) | $ / shares		$ 2.78
Expired (in dollars per share) | $ / shares				11.30
Outstanding at the end of the period ( in dollars per share) | $ / shares		$ 7.04		$ 6.94
Outstanding at the end of the period (in dollars per share) | $ / shares					$ 6.94
Weighted- Average Remaining Contractual Life (in years)		3 years 2 months 19 days		3 years 5 months 19 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value | $		$ 1,400		$ 1,300
Summary of the RSU activity
Exercised - in shares		2.78
Forfeited				86,000
Weighted Average Grant Date Fair Value
Unvested outstanding as of beginning of period | $ / shares		$ 6.94
Outstanding at the end of the period ( in dollars per share) | $ / shares		$ 7.04		$ 6.94
Restricted stock units (RSUs)
Vesting Period		3 years
Fair Value | $ / shares	$ 10.77	$ 10.77
Recognition period of unrecognized compensation cost		2 years 1 month 28 days
Unrecognized Compensation Expense | $		$ 5,000
Options
Outstanding at the beginning of the Period (in shares)		827,383
Granted (in shares)		406,586
Outstanding at the end of the Period (in shares)		1,031,538		827,383
Weighted-Average Exercise Price
Outstanding at the end of the period ( in dollars per share) | $ / shares		$ 6.43		$ 4.09
Weighted- Average Remaining Contractual Life (in years)		2 years 1 month 28 days		2 years 1 month 13 days
Aggregate Intrinsic Value
Aggregate fair value | $		$ 6,600		$ 3,400
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)		827,383
Granted (in shares)		406,586
Vested		(202,431)
Outstanding at the end of the Period (in shares)		1,031,538		827,383
Weighted Average Grant Date Fair Value
Unvested outstanding as of beginning of period | $ / shares		$ 4.09
Granted | $ / shares	$ 10.77	10.77
Vested | $ / shares		5.56
Outstanding at the end of the period ( in dollars per share) | $ / shares		$ 6.43		$ 4.09
RSU And Performance Awards
Stock-based compensation expense | $		$ 1,500	$ 600
Stock options.
Vesting Period		3 years
Performance Awards
Percentage of target to be achieved to be eligible to receive performance awards		100		135
Options
Outstanding at the beginning of the Period (in shares)		475,409
Outstanding at the end of the Period (in shares)		178,172		475,409
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)		475,409
Outstanding at the end of the Period (in shares)		178,172		475,409
Time-based Awards
Percentage of target to be achieved to be eligible to receive time based awards		100.00%		100.00%
Options
Granted (in shares)		228,414
Summary of the RSU activity
Granted (in shares)		228,414
Outstanding as of beginning
Range of Exercise Price
Lower end of exercise price | $ / shares					2.44
Upper end of exercise price | $ / shares					$ 16.27
Granted
Options
Outstanding at the beginning of the Period (in shares)			398,200	398,200
Outstanding at the end of the Period (in shares)					398,200
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)			398,200	398,200
Outstanding at the end of the Period (in shares)					398,200
Expired
Options
Outstanding at the beginning of the Period (in shares)		312,200
Outstanding at the end of the Period (in shares)				312,200
Summary of the RSU activity
Outstanding at the beginning of the Period (in shares)		312,200
Outstanding at the end of the Period (in shares)				312,200
Forfeited
Options
Exercised - in shares		(7,747)
Summary of the RSU activity
Exercised - in shares		(7,747)
Outstanding as of the end
Options
Outstanding at the end of the Period (in shares)		304,453
Range of Exercise Price
Lower end of exercise price | $ / shares		$ 2.44		$ 2.44
Upper end of exercise price | $ / shares		$ 16.27		$ 16.27
Summary of the RSU activity
Outstanding at the end of the Period (in shares)		304,453
Ex Executive Officer
Severance Costs | $		$ 1,400
Ex Executive Officer | Restricted stock units (RSUs)
Stock-based compensation expense | $		$ 500
Summary of the RSU activity
Vested		(167,511)
Minimum
Performance Awards
Performance Period		1 year
Minimum | Plan 2015 Member
Payout range as a percent of award target		0.00%
Minimum | Performance Awards
Vesting Period		1 year
Maximum
Performance Awards
Performance Period		2 years
Maximum | Plan 2015 Member
Payout range as a percent of award target		200.00%
Maximum | Performance Awards
Vesting Period		2 years
Executive Officer [Member] | Restricted stock units (RSUs)
Granted (in shares)	367,519
Non Employee Board Member | Restricted stock units (RSUs)
Granted (in shares)	34,920	4,147

Other and Intangible Assets, 36

Other and Intangible Assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Trade names and customer loyalty program
Goodwill	$ 66,826		$ 66,826
Intangible assets, excluding goodwill- gross	499,574		499,574
Total goodwill and other intangible assets	490,831		492,033
Land held for development	906		906
Other	5,877		6,048
Total Other Assets, net	6,783		6,954
Trade name
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	9,800		9,800
Accumulated Amortization	$ (2,940)		(2,462)
Finite-Lived Intangible Asset, Useful Life	3 years 6 months
Loyalty program
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	$ 7,700		7,700
Accumulated Amortization	$ (5,803)		(5,079)
Finite-Lived Intangible Asset, Useful Life	1 year
Amortization expense	$ 1,200	$ 1,900
Trade names and the customer loyalty program
Trade names and customer loyalty program
Remainder of 2016	3,300
2,017	1,900
2,018	400
Gaming licenses (Indefinite-lived)
Trade names and customer loyalty program
Intangible assets, excluding goodwill- gross	482,074		$ 482,074
Gaming licenses (Indefinite-lived) | Eldorado Shreveport
Trade names and customer loyalty program
Intangible assets, excluding goodwill	20,600
Gaming licenses (Indefinite-lived) | MTR Gaming
Trade names and customer loyalty program
Intangible assets, excluding goodwill	$ 482,100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income tax expense	$ 1,836	$ 1,016
Unrecognized Tax Benefits	$ 0	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 23, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Long-term debt
Capital leases		$ 747		$ 817
Less-Current portion		(4,527)		(4,524)
Long-term debt, noncurrent		826,798		861,713
Scheduled maturities of long-term debt in 2020		59,000
Scheduled maturities of long-term debt in 2022		395,300
Scheduled maturities of long-term debt in 2023		375,000
Debt issuance costs and discount		26,000
Amortization of debt issuance costs and discount		800
Resorts Senior Secured Notes
Long-term debt
Amortization expense of deferred financing costs			$ 200
Senior Notes
Long-term debt
Long-term debt, gross		375,000
Interest rate (as a percent)	7.00%
Gain (loss) on retirement of debt		$ 2,000
Proceeds from Debt, Net	$ 50,000
Year beginning August 1, 2018
Long-term debt
Redemption price (as a percent)		105.25%
Year beginning August 1, 2019
Long-term debt
Redemption price (as a percent)		103.50%
Year beginning August 1, 2020
Long-term debt
Redemption price (as a percent)		101.75%
Year beginning August 1, 2021 and thereafter
Long-term debt
Redemption price (as a percent)		100.00%
Prior to August 1, 2018 | Notes
Long-term debt
Percentage of repurchase	100.00%
Percentage of issue price of principal amount	101.00%
Redemption price on notes redeemed (as a percent)	107.00%
Prior to August 1, 2018 | Senior Notes
Long-term debt
Redemption price on notes redeemed (as a percent)		100.00%
Maximum | Prior to August 1, 2018 | Notes
Long-term debt
Redemption price (as a percent)	35.00%
New Revolving Credit Facility | New Revolving Credit Facility
Long-term debt
Long-term debt, gross		$ 59,000		93,500
Less: Unamortized debt issuance costs		(2,416)		(2,533)
Long-term Debt.		56,584		90,967
New Term Loan | New Term Loan
Long-term debt
Long-term debt, gross		421,813		422,875
Less: Unamortized discount and debt issuance costs		(14,020)		(14,465)
Long-term Debt.		407,793		408,410
Senior Notes | Senior Notes
Long-term debt
Long-term debt, gross		375,000		375,000
Less: Unamortized debt issuance costs		(8,799)		(8,957)
Long-term Debt.		$ 366,201		$ 366,043

Long-Term Debt - Resorts Secure

Long-Term Debt - Resorts Secured Credit Facility - (Details) $ in Millions	Jul. 23, 2015USD ($)	Mar. 31, 2016USD ($)
From January 1, 2016 to December 31, 2017 | Maximum
Debt instruments
Leverage ratio	6
From January 1, 2018 and thereafter | Maximum
Debt instruments
Leverage ratio	5
From January 1, 2016 through December 31, 2016 | Minimum
Debt instruments
Leverage ratio	2.75
From January 1, 2017 and thereafter | Minimum
Debt instruments
Leverage ratio	3
New Term Loan
Debt instruments
New senior secured term loan facility	$ 425
Term of debt	7 years
Amount outstanding		$ 421.8
Interest rate		4.25%
New Term Loan | LIBOR
Debt instruments
Spread on variable rate (as a percent)	3.25%
Floor rate (as a percent)	1.00%
New Term Loan | Base rate
Debt instruments
Spread on variable rate (as a percent)	2.25%
New Revolving Credit Facility
Debt instruments
New senior secured term loan facility	$ 150
Term of debt	5 years
Amount outstanding		$ 59
Available borrowing capacity		$ 91
Interest rate		3.95%
Commitment fee on unused portion of the credit facility		0.50%
New Revolving Credit Facility | LIBOR | Minimum
Debt instruments
Spread on variable rate (as a percent)	2.50%
New Revolving Credit Facility | LIBOR | Maximum
Debt instruments
Spread on variable rate (as a percent)	3.25%
New Revolving Credit Facility | Base rate | Minimum
Debt instruments
Spread on variable rate (as a percent)	1.50%
New Revolving Credit Facility | Base rate | Maximum
Debt instruments
Spread on variable rate (as a percent)	2.25%

Fair Value of Financial Instr40

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Change in acquisition-related contingent consideration liabilities
Notes receivable	$ 1,286	$ 1,286
Carrying Amount
Financial assets:
Cash and cash equivalents	44,099	78,278
Restricted cash	9,054	5,271
Financial liabilities:
Acquisition-related contingent considerations	530	529
Fair Value
Financial assets:
Cash and cash equivalents	44,099	78,278
Restricted cash	9,054	5,271
Financial liabilities:
Acquisition-related contingent considerations	530	529
Acquisition-Related Contingent Considerations
Change in acquisition-related contingent consideration liabilities
Balance at the beginning of the period	529
Amortization of present value discount	1
Balance at the end of the period	530
8.625% Resorts Senior Secured Notes | Senior Notes | Carrying Amount
Financial liabilities:
Long-term debt, total	366,201	366,043
8.625% Resorts Senior Secured Notes | Senior Notes | Fair Value
Financial liabilities:
Long-term debt, total	387,188	367,500
New Term Loan | New Term Loan
Financial liabilities:
Long-term debt, total	407,793	408,410
New Term Loan | New Term Loan | Carrying Amount
Financial liabilities:
Long-term debt, total	407,793	408,410
New Term Loan | New Term Loan | Fair Value
Financial liabilities:
Long-term debt, total	424,470	419,796
New Revolving Credit Facility | New Revolving Credit Facility
Financial liabilities:
Long-term debt, total	56,584	90,967
New Revolving Credit Facility | New Revolving Credit Facility | Carrying Amount
Financial liabilities:
Long-term debt, total	56,584	90,967
New Revolving Credit Facility | New Revolving Credit Facility | Fair Value
Financial liabilities:
Long-term debt, total	$ 59,000	$ 93,500

Earnings per Share (Details)

Earnings per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Shares outstanding:
Weighted average shares outstanding - basic	46,933,094	46,494,638
Weighted average shares outstanding - diluted	47,534,761	46,494,638
Diluted (in shares)	47,534,761	46,494,638
Basic (in dollars per share)	$ 0.07	$ (0.13)
Diluted (in dollars per share)	$ 0.07	$ (0.13)
Stock options.
Shares outstanding:
Effect of dilutive securities	148,758
Restricted stock units (RSUs)
Shares outstanding:
Weighted average shares outstanding - diluted	47,534,761	46,494,638
Effect of dilutive securities	452,909
Diluted (in shares)	47,534,761	46,494,638

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Oct. 21, 2011item	Oct. 31, 2015	Oct. 31, 2005a	Mar. 31, 2016USD ($)ft²item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Capital Lease
Capital Lease Obligations				$ 747		$ 817
Operating Lease
GAIN ON SALE OR DISPOSAL OF PROPERTY				71	$ 1
Ohio Gaming Referendum Challenge
Number of racetracks in Ohio | item	4
Environmental Remediation
Amount of Environmental Risk Insurance Policy purchased				$ 10,000
C. S. & Y. Associates
Regulatory Gaming Assessments
Area of real property leased | ft²				30,000
MTR Gaming
Environmental Remediation
Area of real property sold (in acres) | a			205
Regulatory Gaming Assessments
Estimated total obligation for assessments				$ 4,100		4,300
Estimated total obligation residual amount, current and noncurrent				2,100		2,200
Obligations paid				100
Renewal Period of Environmental Risk Insurance Policy		1 year
MTR Gaming | Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Estimated total obligation for assessments				2,000		$ 2,100
MTR Gaming | Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Estimated total proportionate share of assessment upon gaming facilities				$ 4,100
Period for quarterly payments of proportionate share of funding for assessments				10 years
Presque Isle Downs
Environmental Remediation
Area of real property acquired (in acres) | a			229
The borrowers
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming				$ 99,900
The borrowers | Initial funding by Pennsylvania General Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming				$ 36,100
Number of licensees operational after which repayment of borrowing from General Fund would commence | item				14
The borrowers | Additional funding by Pennsylvania Property Tax Relief Reserve Fund
Regulatory Gaming Assessments
Borrowings to fund initial development of gaming				$ 63,800

Related Parties (Details)

Related Parties (Details)	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related parties
Payable to related parties			$ 0
Wine Purchases	$ 19,728,000	$ 11,921,000
Other Revenue, Net	10,885,000	$ 4,726,000
C. S. & Y. Associates
Related parties
Payable to related parties	$ 200,000
Area of real property leased | ft²	30,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2016USD ($)item	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment information
Number of geographic regions | item		3
Number of reportable segments	3	3
Revenues and expenses
Gain on sale or disposition of property			$ 71	$ 1
Equity in net income (losses) of unconsolidated affiliate				(518)
ACQUISITION CHARGES			(520)	(84)
Other Cost of Operating Revenue			6,074	2,867
Depreciation and amortization			(16,204)	(14,469)
OPERATING INCOME			18,263	12,084
Reconciliations to Consolidated Net Income (Loss)
Operating Income			18,263	12,084
Unallocated income and expenses:
Interest expense, net			(12,991)	(17,232)
Gain on early retirement of debt, net			(66)
Provision for income taxes			(1,836)	(1,016)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.			3,370	(6,164)
Capital Expenditures			10,624	7,495
Total Assets	$ 1,286,068	$ 1,286,068	1,286,068		$ 1,325,008
Eliminations for the period
Net investment in and advances to other segment	1,286	1,286	1,286		1,286
Nevada
Unallocated income and expenses:
Total Assets	358,406	358,406	358,406		376,760
Louisiana
Unallocated income and expenses:
Total Assets	131,514	131,514	131,514		135,403
Eastern
Unallocated income and expenses:
Capital Expenditures			5,103	5,486
Total Assets	859,318	859,318	859,318		883,344
Nevada | Nevada
Revenues and expenses
Other Cost of Operating Revenue				1
Eldorado Reno | Nevada
Unallocated income and expenses:
Capital Expenditures			2,842	1,389
Eldorado Shreveport | Louisiana
Unallocated income and expenses:
Capital Expenditures			1,350	620
Total Reportable Segments
Revenues and expenses
Revenue, Net			213,566	167,451
Expenses, excluding depreciation and amortization			(178,650)	(140,297)
Gain on sale or disposition of property			71	1
Equity in net income (losses) of unconsolidated affiliate				(518)
ACQUISITION CHARGES			(520)	(84)
Depreciation and amortization			(16,204)	(14,469)
OPERATING INCOME			18,263	12,084
Reconciliations to Consolidated Net Income (Loss)
Operating Income			18,263	12,084
Unallocated income and expenses:
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.			18,263	12,084
Corporate
Revenues and expenses
Other Cost of Operating Revenue				(1)
Unallocated income and expenses:
Interest expense, net			(12,991)	(17,232)
Gain on early retirement of debt, net			(66)
Provision for income taxes			(1,836)	(1,016)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.			3,370	(6,164)
Capital Expenditures			1,329
Total Assets	450,819	450,819	450,819		495,202
Operating segment | Nevada | Nevada
Revenues and expenses
Revenue, Net			72,771	23,753
Expenses, excluding depreciation and amortization			(61,777)	(21,322)
Gain on sale or disposition of property			34
Equity in net income (losses) of unconsolidated affiliate				(518)
Depreciation			(5,463)	(1,933)
OPERATING INCOME			5,565	(19)
Reconciliations to Consolidated Net Income (Loss)
Operating Income			5,565	(19)
Operating segment | Eldorado Shreveport | Louisiana
Revenues and expenses
Revenue, Net			34,442	34,634
Expenses, excluding depreciation and amortization			(25,995)	(27,516)
Gain on sale or disposition of property			1
Depreciation and amortization			(1,946)	(1,919)
OPERATING INCOME			6,502	5,199
Reconciliations to Consolidated Net Income (Loss)
Operating Income			6,502	5,199
Operating segment | MTR Gaming | Eastern
Revenues and expenses
Revenue, Net			106,353	109,064
Expenses, excluding depreciation and amortization			(83,974)	(87,299)
Gain on sale or disposition of property			36	1
Depreciation and amortization			(8,684)	(10,525)
OPERATING INCOME			13,731	11,241
Reconciliations to Consolidated Net Income (Loss)
Operating Income			13,731	11,241
Operating segment | Corporate
Revenues and expenses
Corporate expenses			(6,904)	(4,160)
ACQUISITION CHARGES			(520)	(84)
Depreciation and amortization			(111)	(92)
OPERATING INCOME			(7,535)	(4,337)
Reconciliations to Consolidated Net Income (Loss)
Operating Income			(7,535)	$ (4,337)
Eliminating entries
Unallocated income and expenses:
Total Assets	(513,989)	(513,989)	(513,989)		(565,701)
Eliminations for the period
Reclass deferred tax assets against deferred tax liabilities					1,080
Eliminating entries | Eldorado Shreveport
Eliminations for the period
Due from Affiliate, Current	8,482	8,482	8,482		8,482
Eliminating entries | MTR Gaming
Eliminations for the period
Due from Affiliate, Current	5,000	5,000	5,000		5,000
Eliminating entries | Corporate
Eliminations for the period
Accrued Interest on Intercompany Loan	4,375	4,375	4,375		11,521
Due from Affiliate, Current	351,318	351,318	351,318		394,804
Accrued interest on the above intercompany loan	4,375	4,375	4,375		11,521
Eliminating entries | Silver Legacy
Eliminations for the period
Net investment in and advances to other segment	56,500	56,500	56,500		56,500
Eliminating entries | Silver Legacy Circus Reno
Eliminations for the period
Due from Affiliate, Current	$ 88,314	$ 88,314	$ 88,314		$ 88,314

Employee Benefit Plans (Details

Employee Benefit Plans (Details)	1 Months Ended
	Jan. 31, 2016USD ($)
Employee Benefit Plans
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, First Match Threshold, Percentage	4.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 1,000

Condensed Consolidating Finan46

Condensed Consolidating Financial Information Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Condensed Balance Sheet
Current assets	$ 85,962	$ 116,179
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	1,286	1,286
Property and equipment, net	618,121	625,416
Total assets	1,286,068	1,325,008
Current liabilities	95,853	105,710
LONG-TERM DEBT, LESS CURRENT PORTION	826,798	861,713
Total liabilities and stockholders' equity	1,286,068	1,325,008
Consolidating and Eliminating Entries
Condensed Balance Sheet
Current assets	(1,686)	(5,147)
Intercompany receivables	(398,279)	(401,998)
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	(61,500)	(61,500)
Investments in subsidiaries	(88,314)	(88,314)
Other assets	(52,751)
Total assets	(602,530)	(556,959)
Current liabilities	(18,119)	(27,652)
Intercompany payables	(381,846)	(381,123)
Other accrued liabilities	(52,751)		$ (72,422)
Stockholders' equity	(149,814)		(75,762)
Total liabilities and stockholders' equity	(602,530)		(556,959)
Parent Company | Eldorado Resorts, Inc. (Parent Obligor)
Condensed Balance Sheet
Current assets	6,370	2,248
Intercompany receivables	341,649	401,998
Investments in subsidiaries	88,314	88,314
Property and equipment, net	3,778	2,553
Other assets	52,658	89
Total assets	492,769	495,202
Current liabilities	19,590	24,238
LONG-TERM DEBT, LESS CURRENT PORTION	451,327	486,171
Other accrued liabilities			4,905
Stockholders' equity	21,852		(20,112)
Total liabilities and stockholders' equity	492,769		495,202
Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	60,323	87,976
Intercompany receivables	34,317
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	62,786	62,786
Property and equipment, net	432,246	439,640
Other assets	574,998	575,466
Total assets	1,164,670	1,165,868
Current liabilities	63,328	78,508
Intercompany payables	381,846	389,272
LONG-TERM DEBT, LESS CURRENT PORTION	325,471	325,542
Other accrued liabilities	138,659		151,910
Stockholders' equity	255,366		220,636
Total liabilities and stockholders' equity	1,164,670		1,165,868
Non-Guarantor Subsidiaries
Condensed Balance Sheet
Current assets	20,955	31,102
Intercompany receivables	22,313
Property and equipment, net	182,097	183,223
Other assets	5,794	6,572
Total assets	231,159	220,897
Current liabilities	31,054	30,616
Intercompany payables		(8,149)
LONG-TERM DEBT, LESS CURRENT PORTION	50,000	50,000
Other accrued liabilities	2,553		2,525
Stockholders' equity	147,552		145,905
Total liabilities and stockholders' equity	231,159		220,897
Resorts | Eldorado Resorts, Inc. Consolidated
Condensed Balance Sheet
Current assets	85,962	116,179
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	1,286	1,286
Property and equipment, net	618,121	625,416
Other assets	580,699	582,127
Total assets	1,286,068	1,325,008
Current liabilities	95,853	105,710
LONG-TERM DEBT, LESS CURRENT PORTION	826,798	$ 861,713
Other accrued liabilities	88,461		86,918
Stockholders' equity	274,956		270,667
Total liabilities and stockholders' equity	$ 1,286,068		$ 1,325,008

Condensed Consolidating Finan47

Condensed Consolidating Financial Information Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Gross revenues	$ 234,551	$ 182,809
Less promotional allowances	(20,985)	(15,358)
Net operating revenues	213,566	167,451
Operating expenses:
Marketing and promotions	9,574	7,101
General and administrative	31,655	23,544
Depreciation and amortization	16,204	14,469
OPERATING INCOME	18,263	12,084
Interest expense, net	(12,991)	(17,232)
Loss on early retirement of debt, net	(66)
NET INCOME (LOSS) BEFORE INCOME TAXES	5,206	(5,148)
Provision for income taxes	(1,836)	(1,016)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	3,370	(6,164)
Consolidating and Eliminating Entries
Operating expenses:
General and administrative	(6,401)
Total operating expenses	(6,401)
OPERATING INCOME	6,401
NET INCOME (LOSS) BEFORE INCOME TAXES	6,401
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	6,401
Guarantor Subsidiaries
Revenues:
Gaming and pari-mutuel commissions	145,460	148,867
Non-gaming	35,391	33,942
Gross revenues	180,851	182,809
Less promotional allowances	(14,794)	(15,358)
Net operating revenues	166,057	167,451
Operating expenses:
Gaming and pari-mutuel commissions	85,419	88,514
Non-gaming	17,121	16,978
Marketing and promotions	6,957	7,101
General and administrative	27,822	27,077
Depreciation and amortization	12,496	14,390
Total operating expenses	149,815	154,060
Loss on disposal of assets	70	1
Acquisition charges		(84)
OPERATING INCOME	16,312	12,790
Interest expense, net	(5,700)	(17,232)
Gain on valuation of unconsolidated affiliate		(518)
NET INCOME (LOSS) BEFORE INCOME TAXES	10,612	(4,442)
Provision for income taxes		(2,385)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	10,612	(6,827)
Non-Guarantor Subsidiaries
Revenues:
Gaming and pari-mutuel commissions	24,302
Non-gaming	29,398
Gross revenues	53,700
Less promotional allowances	(6,191)
Net operating revenues	47,509
Operating expenses:
Gaming and pari-mutuel commissions	12,167
Non-gaming	15,810
Marketing and promotions	2,617
General and administrative	10,409
Depreciation and amortization	3,604
Total operating expenses	44,607
Loss on disposal of assets	1
OPERATING INCOME	2,903
Interest expense, net	(875)
NET INCOME (LOSS) BEFORE INCOME TAXES	2,028
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	2,028
Resorts | Eldorado Resorts, Inc. (Parent Obligor)
Operating expenses:
General and administrative	6,729	627
Depreciation and amortization	104	79
Total operating expenses	6,833	706
Acquisition charges	(520)
OPERATING INCOME	(7,353)	(706)
Interest expense, net	(6,416)
Loss on early retirement of debt, net	(66)
NET INCOME (LOSS) BEFORE INCOME TAXES	(13,835)	(706)
Provision for income taxes	(1,836)	1,369
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	(15,671)	663
Resorts | Eldorado Resorts, Inc. Consolidated
Revenues:
Gaming and pari-mutuel commissions	169,762	148,867
Non-gaming	64,789	33,942
Gross revenues	234,551	182,809
Less promotional allowances	(20,985)	(15,358)
Net operating revenues	213,566	167,451
Operating expenses:
Gaming and pari-mutuel commissions	97,586	88,514
Non-gaming	32,931	16,978
Marketing and promotions	9,574	7,101
General and administrative	38,559	27,704
Depreciation and amortization	16,204	14,469
Total operating expenses	194,854	154,766
Loss on disposal of assets	71	1
Acquisition charges	(520)	(84)
OPERATING INCOME	18,263	12,084
Interest expense, net	(12,991)	(17,232)
Gain on valuation of unconsolidated affiliate		(518)
Loss on early retirement of debt, net	(66)
NET INCOME (LOSS) BEFORE INCOME TAXES	5,206	(5,148)
Provision for income taxes	(1,836)	(1,016)
NET INCOME (LOSS) ATTRIBUTABLE TO ERI, INC.	$ 3,370	$ (6,164)

Condensed Consolidating Finan48

Condensed Consolidating Financial Information Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 10,853	$ (8,499)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(10,624)	(7,495)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,692
Proceeds from sale of property and equipment	88	2
(Increase) decrease in other assets, net	171	304
Net cash used in investing activities	(8,673)	(7,189)
FINANCING ACTIVITIES:
Borrowings under New Revolving Credit Facility	14,000
Payments on capital leases	(68)	(3)
Debt issuance costs	(194)
Net cash used in financing activities	(36,359)	(3)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	78,278	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	44,099	71,913
Consolidating and Eliminating Entries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	2,246
CASH FLOWS FROM INVESTING ACTIVITIES:
Advances from (to) subsidiaries	(50,659)	(1,491)
Net cash used in investing activities	(50,659)	(1,491)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties	48,413	1,491
Net cash used in financing activities	48,413	1,491
Eldorado Resorts, Inc. Consolidated
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	10,853	(8,499)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(10,624)	(7,495)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,692
Proceeds from sale of property and equipment	88	2
(Increase) decrease in other assets, net	171	304
Net cash used in investing activities	(8,673)	(7,189)
FINANCING ACTIVITIES:
Borrowings under New Revolving Credit Facility	(34,500)
Payments under Term Loan	(1,063)
Payments on capital leases	(68)	(3)
Debt issuance costs	(194)
Taxes paid related to net share settlement of equity awards	(534)
Net cash used in financing activities	(36,359)	(3)
Cash and Cash Equivalents, Period Increase (Decrease)	(34,179)	(15,691)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	78,278	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	44,099	71,913
Parent Company | Eldorado Resorts, Inc. (Parent Obligor)
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	(12,580)	1,097
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(1,329)
(Increase) decrease in other assets, net	(43)
Advances from (to) subsidiaries	50,659	1,491
Net cash used in investing activities	49,287	1,491
FINANCING ACTIVITIES:
Borrowings under New Revolving Credit Facility	(34,500)
Payments under Term Loan	(1,063)
Debt issuance costs	(194)
Taxes paid related to net share settlement of equity awards	(534)
Net cash used in financing activities	(36,291)
Cash and Cash Equivalents, Period Increase (Decrease)	416	2,588
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	657
CASH AND CASH EQUIVALENTS, END OF YEAR	1,073	2,588
Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	14,173	(9,596)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(7,934)	(7,495)
Reimbursement of capital expenditures from West Virginia regulatory authorities	1,692
Proceeds from sale of property and equipment	88	2
(Increase) decrease in other assets, net	159	304
Net cash used in investing activities	(5,995)	(7,189)
FINANCING ACTIVITIES:
Payments on capital leases	(68)	(3)
Net proceeds from (payments to) related parties	(32,453)	(1,491)
Net cash used in financing activities	(32,521)	(1,494)
Cash and Cash Equivalents, Period Increase (Decrease)	(24,343)	(18,279)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	60,102	87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	35,759	$ 69,325
Non-Guarantor Subsidiaries
Condensed Statement of Cash Flows
Net cash (used in) provided by operating activities	7,014
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net of payables	(1,361)
(Increase) decrease in other assets, net	55
Net cash used in investing activities	(1,306)
FINANCING ACTIVITIES:
Net proceeds from (payments to) related parties	(15,960)
Net cash used in financing activities	(15,960)
Cash and Cash Equivalents, Period Increase (Decrease)	(10,252)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	17,519
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 7,267