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Investments in and Advances to Unconsolidated Affiliates
 6 Months Ended
Jun. 30, 2024
Investments in and Advances to Affiliates [Abstract]  
Investments in and Advances to Unconsolidated Affiliates
12. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates as of June 30, 2024 and December 31, 2023 primarily consisted of interests in Rivers Casino Des Plaines ("Rivers Des Plaines") and Miami Valley Gaming and Racing ("MVG").
Rivers Casino 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 June 30, 2024, 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 $832.8 million.
Our investment in Rivers Des Plaines was $535.1 million and $541.2 million as of June 30, 2024 and December 31, 2023, respectively. The Company received distributions from Rivers Des Plaines of $58.7 million and $68.2 million for the six months ended June 30, 2024 and 2023, respectively.
Miami Valley Gaming and Racing
The Company owns a 50% interest in MVG and Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. 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 $113.7 million and $114.6 million as of June 30, 2024 and December 31, 2023, respectively. The Company received distributions from MVG of $23.0 million and $23.5 million for the six months ended June 30, 2024 and 2023, respectively.
Summarized Financial Results for our Unconsolidated Affiliates
Summarized below are the financial results for our unconsolidated affiliates.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Net revenue$215.9 $218.7 $432.8 $439.3 
Operating and SG&A expense132.2 135.0 267.1 272.2 
Depreciation and amortization7.0 5.9 13.3 11.6 
Total operating expense139.2 140.9 280.4 283.8 
Operating income76.7 77.8 152.4 155.5 
Interest and other, net(11.4)(10.7)(22.4)(21.6)
Net income$65.3 $67.1 $130.0 $133.9 
(in millions)June 30, 2024December 31, 2023
Assets
Current assets$91.9 $104.8 
Property and equipment, net334.3 339.4 
Other assets, net270.1 266.1 
Total assets$696.3 $710.3 
Liabilities and Members' Deficit
Current liabilities$103.7 $106.2 
Long-term debt847.0 847.2 
Other liabilities0.8 0.7 
Members' deficit(255.2)(243.8)
Total liabilities and members' deficit$696.3 $710.3