NOTE 4 — INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

In March 2012, we entered into a 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. ("DNC") to develop a new harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio. Through the joint venture agreement, we formed a new company, MVG, to manage both our and DNC’s interests in the development and operation of the racetrack and VLT gaming facility. On December 21, 2012, MVG completed the purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. ("MVG Sellers") for total consideration of $60.0 million, of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of gaming operations. There is a potential contingent consideration payment of $10.0 million based on the financial performance of the facility during the seven-year period after casino operations commence.

On December 12, 2013, the new facility opened in Lebanon, Ohio on a 120-acre site. The facility includes a 5/8-mile harness racing track and a 186,000-square-foot casino facility with approximately 1,770 VLTs.

Since both we and DNC have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method. Summarized financial information for MVG is comprised of the following:



(in millions)	March 31, 2016		December 31, 2015
Assets
Current assets	$	16.0	$	24.5
Property and equipment, net	117.3		119.7
Other assets, net	107.0		106.6
Total assets	$	240.3	$	250.8

Liabilities and Members' Equity
Current liabilities	$	13.5	$	21.6
Current portion of long-term debt	8.3		8.3
Long-term debt, excluding current portion	18.9		20.5
Other liabilities	0.1		0.1
Members' equity	199.5		200.3
Total liabilities and members' equity	$	240.3	$	250.8



	Three Months Ended March 31,
(in millions)	2016			2015
Casino revenue	$	36.0		$	31.9
Non-casino revenue	2.0			2.0
Net revenue	38.0			33.9
Operating and SG&A expense	26.8			24.6
Depreciation & amortization expense	3.2			3.1
Operating income	8.0			6.2
Interest and other expense, net	(0.9		)	(1.1		)
Net income	$	7.1		$	5.1

The joint venture's long-term debt consists of a $50.0 million amortizing secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through November 2019 at a 5.0% interest rate. For the three months ended March 31, 2016, we received distributions from MVG totaling $4.0 million.

Our 50% share of MVG's results has been included in the Condensed Consolidated Statements of Comprehensive Income (Loss):



	Three Months Ended March 31,
(in millions)	2016		2015
Equity in income of unconsolidated investments	$	3.6	$	2.6