Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2016

Condensed Consolidating Financial Information [Abstract]

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

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	$	—	$	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)

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	$	(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