Investments in and Advances to Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2025

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Affiliates

11. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of March 31, 2025 and December 31, 2024 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 March 31, 2025, 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 $833.0 million.

Our investment in Rivers Des Plaines was $548.4 million and $547.1 million as of March 31, 2025 and December 31, 2024, respectively. The Company received distributions from Rivers Des Plaines of $20.9 million and $34.5 million for the three months ended March 31, 2025 and 2024, 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 $114.7 million and $114.1 million as of March 31, 2025 and December 31, 2024, respectively. The Company received distributions from MVG of $10.5 million in each of the three month periods ended March 31, 2025 and 2024.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates.

	Three Months Ended March 31,
(in millions)	2025		2024
Net revenue	$	205.3	$	216.9
Operating and SG&A expense	130.3		134.9
Depreciation and amortization	6.2		6.3
Operating income	68.8		75.7
Interest and other, net	(10.6)		(11.0)
Net income	$	58.2	$	64.7

(in millions)	March 31, 2025		December 31, 2024
Assets
Current assets	$	103.5	$	100.5
Property and equipment, net	324.4		325.6
Other assets, net	270.2		267.5
Total assets	$	698.1	$	693.6
Liabilities and Members' Deficit
Current liabilities	$	116.4	$	89.9
Long-term debt	816.5		839.8
Other liabilities	0.4		1.7
Members' deficit	(235.2)		(237.8)
Total liabilities and members' deficit	$	698.1	$	693.6