Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and estimated fair values by input level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:

	June 30, 2019
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	378,766	$	378,766	$	378,766	$	—	$	—
Held-to-maturity securities	$	7,466	$	7,763	$	—	$	7,763	$	—
Promissory notes	$	16,853	$	17,267	$	—	$	17,267	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	2,056,100	$	2,081,977	$	2,081,977	$	—	$	—
5.625% Notes	$	399,374	$	399,500	$	399,500	$	—	$	—
Other long-term obligations	$	96,644	$	89,405	$	—	$	89,405	$	—
Other liabilities	$	27,246	$	27,239	$	—	$	2,807	$	24,432

	December 31, 2018
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	479,598	$	479,598	$	479,598	$	—	$	—
Held-to-maturity securities	$	7,466	$	7,879	$	—	$	7,879	$	—
Promissory notes	$	16,853	$	17,415	$	—	$	17,415	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,907,932	$	1,886,333	$	1,886,333	$	—	$	—
5.625% Notes	$	399,332	$	360,000	$	360,000	$	—	$	—
Other long-term obligations	$	104,583	$	96,338	$	—	$	96,338	$	—
Other liabilities	$	21,863	$	21,857	$	—	$	2,815	$	19,042

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:

	Other Liabilities
(in thousands)	Contingent Purchase Price
Balance as of January 1, 2019	$	19,042
Payments	(367		)
Included in earnings (1)	5,757
Balance as of June 30, 2019	$	24,432

(1)

The expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations.

Summary of significant unobservable inputs used in calculating Level 3 assets and liabilities

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of June 30, 2019:

	Valuation Technique	Unobservable Input	Discount Rate
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	7.14%