Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Discontinued operations consists of disposal groups classified as held for sale and measured at the lower of their carrying values or the fair value less cost to sell. The fair value of the assets to be sold was determined using a market approach using Level 2 inputs, as defined in Note 1, Summary of Significant Accounting Policies.

Lumiere Place Casino and Hotels: In August 2013, we entered into an Equity Interest Purchase Agreement with Tropicana St. Louis LLC, an affiliate of Tropicana Entertainment, Inc. (“Tropicana”), to sell the ownership interests in certain of our subsidiaries, which own and operate the Lumiére Place Casino and Hotels. In April 2014, we completed the sale of the ownership interests in these subsidiaries for net cash consideration of $252.3 million, net of approximately $11.0 million in cash acquired by the buyer, subject to a net working capital adjustment. In July 2014, we agreed to a final working capital adjustment in which we refunded approximately $2.0 million in cash proceeds back to the buyer.

Ameristar Casino Lake Charles: In July 2013, we entered into an agreement to sell all of the equity interests of Ameristar

Casino Lake Charles, LLC ("Ameristar Lake Charles"), which was developing the Ameristar Lake Charles development project. In November 2013, we closed the sale of the equity interests of Ameristar Lake Charles. At closing, we received approximately $180.0 million in cash that excludes $35.0 million of deferred consideration, of which $25.0 million is restricted cash subject to release by the Louisiana Gaming Control Board and $10.0 million is in the form of a note receivable from the buyer, due in July 2016. In April 2014, the Louisiana Gaming Control Board approved a resolution releasing us from the requirement to hold the $25.0 million of restricted cash.

Boomtown Reno: We continue to hold approximately 810 acres of remaining excess land surrounding Boomtown Reno as a discontinued operation. Other than minimal costs associated with the remaining excess land, we expect no material financial impact from the Boomtown Reno operations.

Atlantic City: During the third quarter of 2013, we completed the sale of our land holdings in Atlantic City, New Jersey for total consideration of approximately $29.5 million. We expect no material ongoing financial impact from Atlantic City.

Springfield, Massachusetts: We own approximately 40 acres of land in Springfield, Massachusetts, originally purchased by Ameristar in January 2012 for a possible future casino resort. During the first quarter of 2014, we entered into an option agreement to sell this land.

Total discontinued operations:Revenues and net loss from discontinued operations are summarized as follows:

	For the three months ended June 30,						For the six months ended, June 30,
	2014			2013			2014		2013
	(in millions)
Revenues	$	—		$	48.8		$	41.0	$	95.0
Income (loss) before income taxes	(0.1		)	5.1			0.2		9.2
Income tax benefit (expense)	0.1			(3.1		)	0.1		(4.8		)
Income from discontinued operations, net of taxes	$	—		$	2.0		$	0.3	$	4.4

Net assets for entities and operations included in discontinued operations are summarized as follows:

	June 30, 2014		December 31, 2013
	(in millions)
Assets:
Land, buildings, vessels and equipment, net	$	13.0	$	275.3
Other assets, net	12.6		47.2
Total assets	$	25.6	$	322.5
Liabilities:
Total liabilities	$	4.3	$	26.1
Net assets	$	21.3	$	296.4