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Investment in and Advances to Unconsolidated Affiliates
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investment in and Advances to Unconsolidated Affiliates
15. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates as of December 31, 2023 and 2022 primarily consisted of interests in Rivers Casino Des Plaines ("Rivers Des Plaines") and Miami Valley Gaming and Racing ("MVG").
Rivers Des Plaines
The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3% interest in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Des Plaines, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC owns of 36.0% of Midwest Gaming, and (3) Casino Investors, LLC own 2.7% of Midwest Gaming. 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.
The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus the Company's accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. Following the point at which the Company gained 61.3% of Midwest Gaming, the carrying value of the Company’s investment was $835.0 million higher than the Company’s underlying equity in the net assets of Midwest Gaming. This equity method basis difference was comprised of $853.7 million related to goodwill and indefinite-lived intangible assets, $(13.7) million related to non-depreciable land, $(9.5) million related to buildings that will be accreted into income over a weighted average useful life of 35.3 years, and $4.5 million related to personal property that will be depreciated over a weighted average useful life of 3.7 years. As of December 31, 2023, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $832.6 million.
We also recognized a $103.2 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership stake in Midwest Gaming.
Our investment in Rivers Des Plaines was $541.2 million as of December 31, 2023 and $544.9 million as of December 31, 2022. The Company received distributions from Rivers Des Plaines of $111.1 million in 2023, $123.8 million in 2022 and $67.2 million in 2021.
Miami Valley Gaming
The Company owns 50% interest in MVG and Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest. Since both we 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 $114.6 million as of December 31, 2023 and $114.4 million as of December 31, 2022. The Company received distributions from MVG of $44.0 million in 2023, $33.0 million in 2022 and $42.0 million in 2021.
Summarized Financial Results for our Unconsolidated Affiliates
The financial results for our unconsolidated affiliates are summarized below. The summarized income statement information for 2023 and 2022 and summarized balance sheet information as of December 31, 2023 and 2022 includes the following equity investments: MVG and Rivers Des Plaines.
December 31,
(in millions)20232022
Assets
Current assets$104.8 $91.0 
Property and equipment, net339.4 345.7 
Other assets, net266.1 265.0 
Total assets$710.3 $701.7 
Liabilities and Members' Deficit
Current liabilities$106.2 $97.9 
Long-term debt847.2 838.6 
Other liabilities0.7 0.2 
Members' deficit(243.8)(235.0)
Total liabilities and members' deficit$710.3 $701.7 
Years Ended December 31,
(in millions)202320222021
Net revenue$864.8 $825.5 $740.0 
Operating and SG&A expense534.0 509.1 434.2 
Depreciation and amortization23.8 25.8 17.6 
Operating income307.0 290.6 288.2 
Interest and other expense, net(43.9)(24.8)(38.6)
Net income$263.1 $265.8 $249.6