Note 5. Goodwill, Intangible Assets, Non-Operating Real Property and Other, net

Goodwill, intangible assets, non-operating real property and other, net, consisted of the following amounts (in thousands):


	June 30,		December 31,
	2016		2015
	(unaudited)
Goodwill	$	66,826	$	66,826

Gaming license (indefinite-lived)	$	482,074	$	482,074
Trade names		9,800		9,800
Loyalty programs		7,700		7,700
Subtotal		499,574		499,574
Accumulated amortization trade names		(3,418)		(2,462)
Accumulated amortization loyalty programs		(6,526)		(5,079)
Total gaming licenses and other intangible assets	$	489,630	$	492,033

Non-operating real property	$	14,218	$	16,314

Land held for development	$	906	$	906
Other		5,871		6,048
Total other assets, net	$	6,777	$	6,954

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 June 30, 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 June 30, 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 in the jurisdiction. Also included in gaming licenses are the gaming and racing licenses of Mountaineer, Presque Isle Downs and Scioto Downs recorded at $461.5 million at both June 30, 2016 and December 31, 2015. Total gaming licenses of $482.1 million reflects the fair value of these licenses calculated as of June 30, 2016 and December 31, 2015, and these gaming license rights are not subject to amortization as the Company has determined that they have an indefinite useful life.

Trade names related to the Merger are amortized on a straight‑line basis over a 3.5 year useful life. Trade names related to the Acquisition are non-amortizable, and loyalty programs are amortized on a straight‑line basis over a one year useful life. Amortization expense with respect to trade names and the loyalty program for the three and six months ended June 30, 2016 amounted to $1.2 million and $2.4 million, respectively, and $1.7 million and $3.6 million for the three and six months ended June 30, 2015, respectively, which is included in depreciation and amortization expense in the consolidated statements of operations. Such amortization expense is expected to be $2.1 million for 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.

Non-operating real property totaled $14.2 million at June 30, 2016 and $16.3 million at December 31, 2015. The $2.1 million decrease was primarily due to the Company recording a $2.1 million sale of land (non-operating) at Presque Isle Downs during the three and six months ended June 30, 2016. This transaction resulted in a $0.1 million gain net of costs.