Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

ASC Topic 820 – “Fair Value Measurements and Disclosures” (“ASC 820”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below:


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.


•	Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Balances Measured at Fair Value



	March 31, 2012							December 31, 2011
	Balance		Level 1		Level 2		Level 3	Balance		Level 1		Level 2		Level 3
Assets held for sale	$	1,941	$	1,941				$	—	$	—
CRDA investments, net	$	40,918			$	40,918		$	40,178			$	40,178

The fair value measurement related to our assets held for sale was determined using inputs within Level 1 of ASC 820's hierarchy due to the Agreement of Sale. The fair value measurements relating to our Casino Reinvestment Development Authority (“CRDA”) bonds and deposits were determined using inputs within Level 2 of ASC 820’s hierarchy. CRDA assets are discussed in Note 10.

Balances Disclosed at Fair Value

The carrying amounts of financial instruments included in current assets and current liabilities approximate their fair values due to their short-term nature. The carrying amounts of CRDA investments approximate their fair value as a result of allowances established to give effect to below-market interest rates.

The estimated fair values of other financial instruments are as follows:



	March 31, 2012
	Amount Outstanding		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Amended and Restated Credit Agreement	$	294,586	$	294,586	$	294,586	Level 2



	December 31, 2011
	Amount Outstanding		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Amended and Restated Credit Agreement	$	297,553	$	297,553	$	297,553	Level 2

The carrying amount of the Amended and Restated Credit Agreement approximates its fair value. The Company’s other long-term debt was not significant at March 31, 2012 and December 31, 2011.