Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Measurements

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 September 30, 2017 and December 31, 2016 are as follows (in thousands):

	September 30, 2017
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	264,907	$	264,907	$	264,907	$	—	$	—
Loans to the Jamul Tribe		75,478		62,060		—		—		62,060
Financial liabilities:
Long-term debt
Senior secured credit facility		798,607		832,271		792,271		40,000		—
Senior unsecured notes		399,229		413,000		413,000		—		—
Other long-term obligations		119,537		120,525		—		120,525		—
Other liabilities		12,818		12,818		—		—		12,818

	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	$	—	$	—
Loans to the 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 the fair value of the Company’s Level 3 liabilities (in thousands):

	Nine Months Ended
	September 30, 2017
	Liabilities
	Contingent
	Purchase Price
Balance at January 1, 2017	$	48,244
Unamortized discount		—
Additions		905
Payments		(19,537)
Included in earnings		(16,794)
Balance at September 30, 2017	$	12,818

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

	Valuation	Unobservable
	Technique	Input	Discount Rate
Contingent purchase price - Plainridge	Discounted cash flow	Discount rate	8.30	%