Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of carrying amount and estimated fair values of financial instruments

The carrying amounts and estimated fair values by input level of the Company’s financial instruments at March 31, 2017 and December 31, 2016 are as follows (in thousands):


	March 31, 2017
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	259,488	$	259,488	$	259,488	$	—	$	—
Advances to Jamul Tribe		92,334		98,198		—		—		98,198
Financial liabilities:
Long-term debt
Senior secured credit facility		896,539		934,750		803,750		131,000		—
Senior unsecured notes		399,228		394,000		394,000		—		—
Other long-term obligations		126,052		124,424		—		124,424		—
Other liabilities		50,783		50,783		—		—		50,783


	December 31, 2016
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	229,510	$	229,510	$	229,510	$	—	$	—
Advances to Jamul Tribe		92,100		98,000		—		—		98,000
Financial liabilities:
Long-term debt
Senior secured credit facility		962,703		976,092		785,092		191,000		—
Senior unsecured notes		296,895		312,000		312,000		—		—
Other long-term obligations		154,084		152,132		—		152,132		—
Other liabilities		48,244		48,244		—		—		48,244

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of the Company’s Level 3 liabilities (in thousands):


	Three Months Ended
	March 31, 2017
	Liabilities
	Contingent
	Purchase Price
Balance at January 1, 2017	$	48,244

Additions		—
Payments		(21)
Included in earnings		2,560
Balance at March 31, 2017	$	50,783

Summary of significant unobservable inputs used in calculating fair value Level 3 liabilities


	Valuation	Unobservable
	Technique	Input	Discount Rate		Volatility Rate
Contingent purchase price - Plainridge	Discounted cash flow	Discount rate	8.30	%	N/A	%
Contingent purchase price - Rocket Speed	Option pricing method	Discount rate, Volatility rate	12.00	%	83.11	%