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	$	6,370	$	60,323	$	20,955	$	(1,686)	$	85,962
Intercompany receivables		341,649		34,317		22,313		(398,279)		—
Investment in and advances to unconsolidated affiliates		—		62,786		—		(61,500)		1,286
Investments in subsidiaries		88,314		—		—		(88,314)		—
Property and equipment, net		3,778		432,246		182,097		—		618,121
Other assets		52,658		574,998		5,794		(52,751)		580,699
Total assets	$	492,769	$	1,164,670	$	231,159	$	(602,530)	$	1,286,068

Current liabilities	$	19,590	$	63,328	$	31,054	$	(18,119)	$	95,853
Intercompany payables		—		381,846		—		(381,846)		—
Long-term debt, less current maturities		451,327		325,471		50,000		—		826,798
Other accrued liabilities		—		138,659		2,553		(52,751)		88,461
Stockholders’ equity		21,852		255,366		147,552		(149,814)		274,956
Total liabilities and stockholders’ equity	$	492,769	$	1,164,670	$	231,159	$	(602,530)	$	1,286,068

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	$	2,248	$	87,976	$	31,102	$	(5,147)	$	116,179
Intercompany receivables		401,998		—		—		(401,998)		—
Investment in and advances to unconsolidated affiliates		—		62,786		—		(61,500)		1,286
Investments in subsidiaries		88,314		—		—		(88,314)		—
Property and equipment, net		2,553		439,640		183,223		—		625,416
Other assets		89		575,466		6,572		—		582,127
Total assets	$	495,202	$	1,165,868	$	220,897	$	(556,959)	$	1,325,008

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

The consolidating condensed statement of operations for the 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	$	—	$	145,460	$	24,302	$	—	$	169,762
Non-gaming		—		35,391		29,398		—		64,789
Gross revenues		—		180,851		53,700		—		234,551
Less: promotional allowances		—		(14,794)		(6,191)		—		(20,985)
Net revenues		—		166,057		47,509		—		213,566

Operating expenses:
Gaming and pari-mutuel commissions		—		85,419		12,167		—		97,586
Non-gaming		—		17,121		15,810		—		32,931
Marketing and promotions		—		6,957		2,617		—		9,574
General and administrative		6,729		27,822		10,409		(6,401)		38,559
Depreciation and amortization		104		12,496		3,604		—		16,204
Total operating expenses		6,833		149,815		44,607		(6,401)		194,854

Gain on disposal of assets		—		70		1		—		71
Acquisition charges		(520)		—		—		—		(520)
Operating (loss) income		(7,353)		16,312		2,903		6,401		18,263

Interest expense, net		(6,416)		(5,700)		(875)		—		(12,991)
Loss on early retirement of debt		(66)		—		—		—		(66)
Net (loss) income before income taxes		(13,835)		10,612		2,028		6,401		5,206
Income tax provision		(1,836)		—		—		—		(1,836)
Net (loss) income	$	(15,671)	$	10,612	$	2,028	$	6,401	$	3,370

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	$	—	$	148,867	$	—	$	—	$	148,867
Non-gaming		—		33,942		—		—		33,942
Gross revenues		—		182,809		—		—		182,809
Less: promotional allowances		—		(15,358)		—		—		(15,358)
Net revenues		—		167,451		—		—		167,451

Operating expenses:
Gaming and pari-mutuel commissions		—		88,514		—		—		88,514
Non-gaming		—		16,978		—		—		16,978
Marketing and promotions		—		7,101		—		—		7,101
General and administrative		627		27,077		—		—		27,704
Depreciation and amortization		79		14,390		—		—		14,469
Total operating expenses		706		154,060		—		—		154,766

Gain on disposal of assets		—		1		—		—		1
Acquisition charges		—		(84)		—		—		(84)
Equity in loss of unconsolidated affiliate		—		(518)		—		—		(518)
Operating (loss) income		(706)		12,790		—		—		12,084

Interest expense, net		—		(17,232)		—		—		(17,232)
Net (loss) income before income taxes		(706)		(4,442)		—		—		(5,148)
Income tax benefit (provision)		1,369		(2,385)		—		—		(1,016)
Net income (loss)	$	663	$	(6,827)	$	—	$	—	$	(6,164)

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	$	(12,580)	$	14,173	$	7,014	$	2,246	$	10,853
INVESTING ACTIVITIES:
Capital expenditures, net of payables		(1,329)		(7,934)		(1,361)		—		(10,624)
Proceeds from sale of property and equipment		—		88		—		—		88
Reimbursement of capital expenditures from West Virginia regulatory authorities		—		1,692		—		—		1,692
(Increase) decrease in other assets, net		(43)		159		55		—		171
Advances from (to) subsidiaries		50,659		—		—		(50,659)		—
Net cash provided by (used in)investing activities		49,287		(5,995)		(1,306)		(50,659)		(8,673)
FINANCING ACTIVITIES:
Payments under Term Loan		(1,063)		—		—		—		(1,063)
Borrowings under New Revolving Credit Facility		(34,500)		—		—		—		(34,500)
Payments on capital leases		—		(68)		—		—		(68)
Debt issuance costs		(194)		—		—		—		(194)
Taxes paid related to net share settlement of equity awards		(534)		—		—		—		(534)
Net payments to related parties		—		(32,453)		(15,960)		48,413		—
Net cash (used in) provided by financing activities		(36,291)		(32,521)		(15,960)		48,413		(36,359)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		416		(24,343)		(10,252)		—		(34,179)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		657		60,102		17,519		—		78,278
CASH AND CASH EQUIVALENTS, END OF YEAR	$	1,073	$	35,759	$	7,267	$	—	$	44,099

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	$	1,097	$	(9,596)	$	—	$	—	$	(8,499)
INVESTING ACTIVITIES:
Capital expenditures, net of payables		—		(7,495)		—		—		(7,495)
Proceeds from sale of property and equipment		—		2		—		—		2
Reimbursement of capital expenditures from West Virginia regulatory authorities		—		—		—		—		—
Decrease in other assets, net		—		304		—		—		304
Advances from (to) subsidiaries		1,491		—		—		(1,491)		—
Net cash provided by (used in) investing activities		1,491		(7,189)		—		(1,491)		(7,189)
FINANCING ACTIVITIES:
Payments on capital leases		—		(3)		—		—		(3)
Net payments to related parties		—		(1,491)		—		1,491		—
Net cash (used in) provided by financing activities		—		(1,494)		—		1,491		(3)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,588		(18,279)		—		—		(15,691)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		—		87,604		—		—		87,604
CASH AND CASH EQUIVALENTS, END OF YEAR	$	2,588	$	69,325	$	—	$	—	$	71,913