Long-Term Debt

Long-term debt at June 30, 2011 and December 31, 2010 consists of the following:



	June 30, 2011			December 31, 2010
	(in millions)
Senior Secured Credit Facility	$	10.0		$	—
8.75% Senior Subordinated Notes due 2020	350.0			350.0
8.625% Senior Notes due 2017	444.8			444.5
7.50% Senior Subordinated Notes due 2015	381.8			381.5
Other secured and unsecured notes payable	0.7			0.7
	1,187.3			1,176.7
Less current maturities	(0.1		)	(0.1		)
	$	1,187.2		$	1,176.6

Senior Secured Credit Facility: On February 5, 2010, we entered into an amended and restated credit agreement for a $375 million revolving credit facility (the “Credit Facility”), which matures on March 31, 2014. As of June 30, 2011, we had $10 million in borrowings outstanding under the Credit Facility, and had $9.8 million committed under letters of credit for various self-insurance programs. On August 2, 2011, we entered into an amended and restated credit agreement which extended the maturity date to August 2016 from March 2014 and increased the size to $410 million from $375 million. For further details, see Note 10, Subsequent Events.

Loss on Early Extinguishment of Debt: During the six months ended June 30, 2011, we had no losses on early extinguishment of debt. During the six months ended June 30, 2010, we incurred a loss on early extinguishment of debt of $1.9 million related to the write off of unamortized debt issuance costs related to the execution of our Credit Facility on February 5, 2010.

Interest expense, net of capitalized interest was as follows:



	For the three months ended June 30,						For the six months ended June 30,
	2011			2010			2011			2010
	(in millions)
Interest expense before capitalization of interest	$	(27.0	)	$	(27.4	)	$	(54.0	)	$	(51.9	)
Less: capitalized interest	1.3			—			2.2			3.5
Total interest expense, net of capitalized interest	$	(25.7	)	$	(27.4	)	$	(51.8	)	$	(48.4	)

The increase in interest expense before capitalized interest for the six months ended June 30, 2011 from the same 2010 period was due to higher debt levels and the replacement of less expensive revolver borrowings with new, long-term notes. We believe the longer maturity, fixed interest rate and less-restrictive covenants of the new, long-term notes warranted the higher debt levels and interest rate. We stopped capitalizing interest on our River City Casino upon its opening in March 2010, contributing to the decrease in capitalized interest. We began capitalizing interest on our Baton Rouge project during the fourth quarter of 2010.

Fair Value of Financial Instruments: The estimated fair value of our long-term debt at June 30, 2011 was approximately $1.3 billion, with a book value of $1.2 billion. At December 31, 2010, the estimated fair value was approximately $1.3 billion, with a book value of $1.2 billion. The estimated fair value of our senior notes and senior subordinated notes was based on quoted market prices on or about June 30, 2011 and December 31, 2010. The fair value of our Credit Facility was based on estimated fair values of comparable debt instruments on or about June 30, 2011.