CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 6.875% Notes, our 6.375% Notes and our 6.000% Notes (collectively, the "Notes") is presented below. The 6.875% Notes and 6.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

On June 25, 2018, the Company issued the 6.000% Notes, which are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our current and future domestic restricted subsidiaries. With the exception of one subsidiary, the guarantors of the 6.000% Notes are the same as for our 6.375% Notes and 6.875% Notes. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

The tables below present the condensed consolidating balance sheets as of June 30, 2018 and December 31, 2017, the condensed consolidating statements of operations for the three and six months ended June 30, 2018 and 2017, and the condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017. These tables reflect the impact of the adoption of the Revenue Standard and Update 2016-18 (see Note 2, Summary of Significant Accounting Policies) and the segregation of the wholly owned subsidiary that is a guarantor for the 6.875% Notes and 6.375% Notes and a non-guarantor for the 6.000% Notes.

Condensed Consolidating Balance Sheets



	June 30, 2018
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	446,831		$	169,803	$	—	$	16,174		$	—	$	—		$	632,808
Restricted cash	—			11,597		—		14,515			—		—			26,112
Other current assets	74,193			17,859		233		2,724			—		(2,349		)	92,660
Property and equipment, net	91,714			2,380,288		—		35,381			—		—			2,507,383
Investments in subsidiaries	5,210,840			—		—		2,140			—		(5,212,980		)	—
Intercompany receivable	—			1,850,202		374,065		—			—		(2,224,267		)	—
Other assets, net	29,011			29,687		—		38,230			—		—			96,928
Intangible assets, net	—			817,628		—		26,129			—		—			843,757
Goodwill, net	—			887,442		—		88,576			—		—			976,018
Total assets	$	5,852,589		$	6,164,506	$	374,298	$	223,869		$	—	$	(7,439,596	)	$	5,175,666

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	86	$	—	$	—		$	—	$	—		$	23,981
Other current liabilities	124,144			200,921		—		22,887			—		(2,194		)	345,758
Accumulated losses of subsidiaries in excess of investment	—			5,656		—		—			—		(5,656		)	—
Intercompany payable	1,165,444			—		—		1,058,701			—		(2,224,145		)	—
Long-term debt, net of current maturities and debt issuance costs	3,487,244			369		—		—			—		—			3,487,613
Other long-term liabilities	(93,298		)	275,982		900		(10,430		)	—		—			173,154

Total stockholders' equity (deficit)	1,145,160			5,681,492		373,398		(847,289		)	—		(5,207,601		)	1,145,160
Total liabilities and stockholders' equity	$	5,852,589		$	6,164,506	$	374,298	$	223,869		$	—	$	(7,439,596	)	$	5,175,666

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Balance Sheets - continued



	December 31, 2017
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	347		$	199,574	$	—	$	3,183		$	—	$	—		$	203,104
Restricted cash	—			14,389		—		9,786			—		—			24,175
Other current assets	78,226			20,687		234		2,782			—		(545		)	101,384
Property and equipment, net	88,464			2,424,361		—		26,961			—		—			2,539,786
Investments in subsidiaries	4,913,592			—		—		18,097			—		(4,931,689		)	—
Intercompany receivable	—			1,560,841		373,718		—			—		(1,934,559		)	—
Other assets, net	14,725			33,369		—		38,217			—		—			86,311
Intangible assets, net	—			818,887		—		24,059			—		—			842,946
Goodwill, net	—			887,442		—		782			—		—			888,224
Total assets	$	5,095,354		$	5,959,550	$	373,952	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	86	$	—	$	—		$	—	$	—		$	23,981
Other current liabilities	130,030			212,146		—		19,578			—		(264		)	361,490
Accumulated losses of subsidiaries in excess of investment	—			73,130		—		—			—		(73,130		)	—
Intercompany payable	888,444			—		—		1,046,114			—		(1,934,558		)	—
Long-term debt, net of current maturities and debt issuance costs	3,051,481			418		—		—			—		—			3,051,899
Other long-term liabilities	(95,723		)	256,584		900		(10,428		)	—		—			151,333

Total stockholders' equity (deficit)	1,097,227			5,417,186		373,052		(931,397		)	—		(4,858,841		)	1,097,227
Total liabilities and stockholders' equity	$	5,095,354		$	5,959,550	$	373,952	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations



	Three Months Ended June 30, 2018
									Non-			Non-
									Guarantor			Guarantor
							Subsidiary		Subsidiaries			Subsidiaries
				Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	21,286		$	607,569		$	—	$	13,745		$	—	$	(25,807	)	$	616,793
Operating costs and expenses
Operating	—			306,392			—		12,517			—		—			318,909
Selling, general and administrative	(3		)	85,913			—		2,131			—		—			88,041
Maintenance and utilities	—			28,331			—		342			—		—			28,673
Depreciation and amortization	4,347			48,245			—		1,331			—		—			53,923
Corporate expense	23,252			213			—		598			—		—			24,063
Project development, preopening and writedowns	2,640			1,017			—		2,144			—		—			5,801
Impairments of assets	993			—			—		—			—		—			993
Other operating items, net	48			84			—		—			—		—			132
Intercompany expenses	(199		)	26,006			—		—			—		(25,807		)	—
Total operating costs and expenses	31,078			496,201			—		19,063			—		(25,807		)	520,535
Equity in earnings (losses) of subsidiaries	82,365			(386		)	—		—			—		(81,979		)	—
Operating income (loss)	72,573			110,982			—		(5,318		)	—		(81,979		)	96,258
Other expense (income)
Interest expense, net	44,154			277			—		6			—		—			44,437
Other, net	(5		)	(2		)	—		(17		)	—		—			(24		)
Total other expense (income), net	44,149			275			—		(11		)	—		—			44,413
Income (loss) from continuing operations before income taxes	28,424			110,707			—		(5,307		)	—		(81,979		)	51,845
Income tax benefit (provision)	10,521			(24,785		)	—		1,017			—		—			(13,247		)
Income (loss) from continuing operations, net of tax	38,945			85,922			—		(4,290		)	—		(81,979		)	38,598
Income from discontinued operations, net of tax	—			—			347		—			—		—			347
Net income (loss)	$	38,945		$	85,922		$	347	$	(4,290	)	$	—	$	(81,979	)	$	38,945
Comprehensive income (loss)	$	38,639		$	85,616		$	347	$	(4,290	)	$	—	$	(81,673	)	$	38,639

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued



	Three Months Ended June 30, 2017
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	18,490	$	598,194		$	—		$	10,897		$	—	$	(23,457	)	$	604,124
Operating costs and expenses
Operating	—		307,139			—			9,469			—		—			316,608
Selling, general and administrative	17		91,129			—			1,908			—		(17		)	93,037
Maintenance and utilities	—		25,511			—			353			—		—			25,864
Depreciation and amortization	2,844		48,687			—			1,032			—		—			52,563
Corporate expense	22,506		375			—			370			—		—			23,251
Project development, preopening and writedowns	1,472		586			116			610			—		—			2,784
Other operating items, net	150		313			—			—			—		—			463
Intercompany expenses	301		23,139			—			—			—		(23,440		)	—
Total operating costs and expenses	27,290		496,879			116			13,742			—		(23,457		)	514,570
Equity in earnings (losses) of subsidiaries	85,416		(169		)	—			—			—		(85,247		)	—
Operating income (loss)	76,616		101,146			(116		)	(2,845		)	—		(85,247		)	89,554
Other expense (income)
Interest expense, net	41,961		306			—			6			—		—			42,273
Loss on early extinguishments and modifications of debt	378		—			—			—			—		—			378
Other, net	520		57			—			(18		)	—		—			559
Total other expense (income), net	42,859		363			—			(12		)	—		—			43,210
Income (loss) from continuing operations before income taxes	33,757		100,783			(116		)	(2,833		)	—		(85,247		)	46,344
Income tax benefit (provision)	14,952		(34,512		)	—			908			—		—			(18,652		)
Income (loss) from continuing operations, net of tax	48,709		66,271			(116		)	(1,925		)	—		(85,247		)	27,692
Income from discontinued operations, net of tax	—		—			21,017			—			—		—			21,017
Net income (loss)	$	48,709	$	66,271		$	20,901		$	(1,925	)	$	—	$	(85,247	)	$	48,709
Comprehensive income (loss)	$	49,244	$	66,806		$	20,901		$	(1,925	)	$	—	$	(85,782	)	$	49,244

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued



	Six Months Ended June 30, 2018
									Non-			Non-
									Guarantor			Guarantor
							Subsidiary		Subsidiaries			Subsidiaries
				Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	42,127		$	1,208,531		$	—	$	23,766		$	—	$	(51,513	)	$	1,222,911
Operating costs and expenses
Operating	—			610,225			—		22,147			—		—			632,372
Selling, general and administrative	8			171,634			—		3,993			—		(11		)	175,624
Maintenance and utilities	—			55,929			—		670			—		—			56,599
Depreciation and amortization	8,183			94,775			—		2,241			—		—			105,199
Corporate expense	48,500			216			—		1,204			—		—			49,920
Project development, preopening and writedowns	4,143			1,190			—		3,908			—		—			9,241
Impairments of assets	993			—			—		—			—		—			993
Other operating items, net	48			1,883			—		—			—		—			1,931
Intercompany expenses	102			51,400			—		—			—		(51,502		)	—
Total operating costs and expenses	61,977			987,252			—		34,163			—		(51,513		)	1,031,879
Equity in earnings of subsidiaries	164,009			(571		)	—		—			—		(163,438		)	—
Operating income (loss)	144,159			220,708			—		(10,397		)	—		(163,438		)	191,032
Other expense (income)
Interest expense, net	87,673			554			—		12			—		—			88,239
Loss on early extinguishments and modifications of debt	61			—			—		—			—		—			61
Other, net	(5		)	(366		)	—		(33		)	—		—			(404		)
Total other expense (income), net	87,729			188			—		(21		)	—		—			87,896
Income (loss) from continuing operations before income taxes	56,430			220,520			—		(10,376		)	—		(163,438		)	103,136
Income taxes benefit (provision)	23,914			(49,169		)	—		2,116			—		—			(23,139		)
Income (loss) from continuing operations, net of tax	80,344			171,351			—		(8,260		)	—		(163,438		)	79,997
Income from discontinued operations, net of tax	—			—			347		—			—		—			347
Net income (loss)	$	80,344		$	171,351		$	347	$	(8,260	)	$	—	$	(163,438	)	$	80,344
Comprehensive income (loss)	$	79,074		$	170,081		$	347	$	(8,260	)	$	—	$	(162,168	)	$	79,074

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued



	Six Months Ended June 30, 2017
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	37,200	$	1,202,307		$	—		$	21,702		$	—	$	(47,020	)	$	1,214,189
Operating costs and expenses
Operating	—		616,569			—			19,042			—		—			635,611
Selling, general and administrative	23		180,730			—			3,920			—		(23		)	184,650
Maintenance and utilities	—		51,612			—			651			—		—			52,263
Depreciation and amortization	5,526		98,970			—			2,031			—		—			106,527
Corporate expense	42,370		739			—			940			—		—			44,049
Project development, preopening and writedowns	2,727		1,427			154			1,448			—		—			5,756
Impairments of assets	—		—			—			—			—		—			—
Other operating items, net	225		724			—			—			—		—			949
Intercompany expenses	602		46,395			—			—			—		(46,997		)	—
Total operating costs and expenses	51,473		997,166			154			28,032			—		(47,020		)	1,029,805
Equity in earnings (losses) of subsidiaries	151,977		(298		)	—			—			—		(151,679		)	—
Operating income (loss)	137,704		204,843			(154		)	(6,330		)	—		(151,679		)	184,384
Other expense (income)
Interest expense, net	84,800		675			—			12			—		—			85,487
Loss on early extinguishments of debt	534		—			—			—			—		—			534
Other, net	520		184			—			(34		)	—		—			670
Total other expense (income), net	85,854		859			—			(22		)	—		—			86,691
Income (loss) from continuing operations before income taxes	51,850		203,984			(154		)	(6,308		)	—		(151,679		)	97,693
Income taxes benefit (provision)	32,310		(69,300		)	—			2,065			—		—			(34,925		)
Income (loss) from continuing operations, net of tax	84,160		134,684			(154		)	(4,243		)	—		(151,679		)	62,768
Income from discontinued operations, net of tax	—		—			21,392			—			—		—			21,392
Net income (loss)	$	84,160	$	134,684		$	21,238		$	(4,243	)	$	—	$	(151,679	)	$	84,160
Comprehensive income (loss)	$	85,266	$	135,790		$	21,238		$	(4,243	)	$	—	$	(152,785	)	$	85,266

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows



	Six Months Ended June 30, 2018
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)		Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(70,065	)	$	282,907		$	(135	)	$	5,405		$	—	$	(121	)	$	217,991
Cash flows from investing activities
Capital expenditures	(36,914		)	(26,059		)	—			(272		)	—		—			(63,245		)
Cash paid for acquisition, net of cash received	(100,713		)	—			—			—			—		—			(100,713		)
Net activity with affiliates	—			(289,361		)	(347		)	—			—		289,708			—
Other investing activities	(9,240		)	—			—			—			—		—			(9,240		)
Net cash from investing activities	(146,867		)	(315,420		)	(347		)	(272		)	—		289,708			(173,198		)
Cash flows from financing activities
Borrowings under bank credit facility	333,900			—			—			—			—		—			333,900
Payments under bank credit facility	(591,476		)	—			—			—			—		—			(591,476		)
Proceeds from issuance of senior notes	700,000			—			—			—			—		—			700,000
Debt financing costs, net	(11,028		)	—			—			—			—		—			(11,028		)
Net activity with affiliates	277,000			—			—			12,587			—		(289,587		)	—
Share-based compensation activities, net	(3,381		)	—			—			—			—		—			(3,381		)
Shares repurchased and retired	(30,332		)	—			—			—			—		—			(30,332		)
Dividends paid	(11,267		)	—			—			—			—		—			(11,267		)
Other financing activities	—			(50		)	—			—			—		—			(50		)
Net cash from financing activities	663,416			(50		)	—			12,587			—		(289,587		)	386,366
Cash flows from discontinued operations
Cash flows from operating activities	—			—			—			—			—		—			—
Cash flows from investing activities	—			—			482			—			—		—			482
Cash flows from financing activities	—			—			—			—			—		—			—
Net cash from discontinued operations	—			—			482			—			—		—			482
Net change in cash, cash equivalents and restricted cash	446,484			(32,563		)	—			17,720			—		—			431,641
Cash, cash equivalents and restricted cash, beginning of period	347			213,963			—			12,969			—		—			227,279
Cash, cash equivalents and restricted cash, end of period	$	446,831		$	181,400		$	—		$	30,689		$	—	$	—		$	658,920

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued



	Six Months Ended June 30, 2017
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(32,014	)	$	239,394		$	(663	)	$	(7,708	)	$	254		$	1,123		$	200,386
Cash flows from investing activities
Capital expenditures	(68,685		)	(49,966		)	—			(100		)	—			—			(118,751		)
Net activity with affiliates	—			(215,816		)	(35,070		)	—			—			250,886			—
Advances pursuant to development agreement	—			—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			492			—			—			—			—			492
Net cash from investing activities	(68,685		)	(265,290		)	(35,070		)	(35,208		)	—			250,886			(153,367		)
Cash flows from financing activities
Borrowings under bank credit facility	535,900			—			—			—			—			—			535,900
Payments under bank credit facility	(628,037		)	—			—			—			—			—			(628,037		)
Debt financing costs, net	(2,381		)	—			—			—			—			—			(2,381		)
Net activity with affiliates	207,941			—			—			44,322			(254		)	(252,009		)	—
Share-based compensation activities, net	(2,796		)	—			—			—			—			—			(2,796		)
Shares repurchased and retired	(11,090		)	—			—			—			—			—			(11,090		)
Other financing activities	(50		)	(45		)	—			—			—			—			(95		)
Net cash from financing activities	99,487			(45		)	—			44,322			(254		)	(252,009		)	(108,499		)
Cash flows from discontinued operations
Cash flows from operating activities	—			—			(514		)	—			—			—			(514		)
Cash flows from investing activities	—			—			36,247			—			—			—			36,247
Cash flows from financing activities	—			—			—			—			—			—			—
Net cash from discontinued operations	—			—			35,733			—			—			—			35,733
Net change in cash, cash equivalents and restricted cash	(1,212		)	(25,941		)	—			1,406			—			—			(25,747		)
Cash, cash equivalents and restricted cash, beginning of period	1,212			199,610			—			9,528			—			—			210,350
Cash, cash equivalents and restricted cash, end of period	$	—		$	173,669		$	—		$	10,934		$	—		$	—		$	184,603

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.