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Investments in and Advances to Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2023
Investments in and Advances to Affiliates [Abstract]  
Investments in and Advances to Unconsolidated Affiliates
13. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates as of September 30, 2023 primarily consisted of an interest in Rivers Casino Des Plaines ("Rivers Des Plaines"), an interest in Miami Valley Gaming and Racing ("MVG"), and an interest in RVA Entertainment Holdings, LLC ("RVA").
Rivers Des Plaines
The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3%, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, owns 36.0%, and (3) Casino Investors, LLC owns 2.7%. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to certain operating, investing and financing decisions. As a result, we account for Rivers Des Plaines using the equity method. As of September 30, 2023, the net aggregate basis difference between the Company’s investment in Rivers Des Plaines and the amounts of the underlying equity in net assets was $832.6 million.
Our investment in Rivers Des Plaines was $531.6 million and $544.9 million as of September 30, 2023 and December 31, 2022, respectively. The Company received distributions from Rivers Des Plaines of $93.1 million and $92.8 million for the nine months ended September 30, 2023 and 2022, respectively.
Miami Valley Gaming
The Company owns a 50% interest in MVG and Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest. Since both the Company and DNC have participating rights over MVG, and both must consent to certain operating, investing and financing decisions, we account for MVG using the equity method.
Our investment in MVG was $114.2 million and $114.4 million as of September 30, 2023 and December 31, 2022, respectively. The Company received distributions from MVG of $33.5 million and $25.0 million for the nine months ended September 30, 2023 and 2022, respectively.
RVA
The Company owns a 50% interest in RVA and Urban One owns the remaining 50% interest. Since both the Company and Urban One have participating rights over RVA, and both must consent to certain operating, investing and financing decisions, we account for RVA using the equity method.
Our investment in RVA was $14.2 million as of September 30, 2023.
Summarized Financial Results for our Unconsolidated Affiliates
Summarized below are the financial results for our unconsolidated affiliates.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Net revenue$208.9 $221.5 $648.2 $613.3 
Operating and SG&A expense135.1 131.5 407.3 380.4 
Depreciation and amortization5.9 5.9 17.5 17.5 
Total operating expense141.0 137.4 424.8 397.9 
Operating income67.9 84.1 223.4 215.4 
Interest and other, net(11.1)(10.6)(32.7)(13.8)
Net income$56.8 $73.5 $190.7 $201.6 
(in millions)September 30, 2023December 31, 2022
Assets
Current assets$127.7 $91.0 
Property and equipment, net340.3 345.7 
Other assets, net268.8 265.0 
Total assets$736.8 $701.7 
Liabilities and Members' Deficit
Current liabilities$120.9 $97.9 
Long-term debt846.8 838.6 
Other liabilities0.3 0.2 
Members' deficit(231.2)(235.0)
Total liabilities and members' deficit$736.8 $701.7