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 September 30, 2018 and December 31, 2017, the condensed consolidating statements of operations for the three and nine months ended September 30, 2018 and 2017, and the condensed consolidating statements of cash flows for the nine months ended September 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



	September 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	$	257,199		$	162,607	$	—	$	21,157		$	—	$	—		$	440,963
Restricted cash	—			17,243		—		16,353			—		—			33,596
Other current assets	81,149			18,325		234		8,385			—		(548		)	107,545
Property and equipment, net	108,002			2,357,101		—		81,902			—		—			2,547,005
Investments in subsidiaries	5,587,729			—		—		3,604			—		(5,591,333		)	—
Intercompany receivable	—			1,976,784		374,065		—			—		(2,350,849		)	—
Other assets, net	30,514			29,970		—		39,476			—		—			99,960
Intangible assets, net	—			816,999		—		27,223			—		—			844,222
Goodwill, net	—			887,442		—		314,420			—		—			1,201,862
Total assets	$	6,064,593		$	6,266,471	$	374,299	$	512,520		$	—	$	(7,942,730	)	$	5,275,153

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	17,921		$	86	$	—	$	—		$	—	$	—		$	18,007
Other current liabilities	164,388			206,624		—		36,773			—		61			407,846
Accumulated losses of subsidiaries in excess of investment	—			20,173		—		—			—		(20,173		)	—
Intercompany payable	1,303,777			—		—		1,047,404			—		(2,351,181		)	—
Long-term debt, net of current maturities and debt issuance costs	3,530,192			320		—		564			—		—			3,531,076
Other long-term liabilities	(93,520		)	279,385		900		(10,376		)	—		—			176,389

Total stockholders' equity (deficit)	1,141,835			5,759,883		373,399		(561,845		)	—		(5,571,437		)	1,141,835
Total liabilities and stockholders' equity	$	6,064,593		$	6,266,471	$	374,299	$	512,520		$	—	$	(7,942,730	)	$	5,275,153

*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 September 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	$	20,168		$	590,390		$	—	$	26,426		$	—	$	(24,788	)	$	612,196
Operating costs and expenses
Operating	—			301,811			—		21,240			—		—			323,051
Selling, general and administrative	4			84,767			—		3,284			—		(1		)	88,054
Maintenance and utilities	—			32,257			—		670			—		—			32,927
Depreciation and amortization	4,975			47,351			—		2,362			—		—			54,688
Corporate expense	24,212			94			—		749			—		—			25,055
Project development, preopening and writedowns	12,194			889			—		5,505			—		—			18,588
Impairments of assets	—			—			—		—			—		—			—
Other operating items, net	10			255			—		—			—		—			265
Intercompany expenses	50			24,737			—		—			—		(24,787		)	—
Total operating costs and expenses	41,445			492,161			—		33,810			—		(24,788		)	542,628
Equity in earnings (losses) of subsidiaries	71,509			(524		)	—		—			—		(70,985		)	—
Operating income (loss)	50,232			97,705			—		(7,384		)	—		(70,985		)	69,568
Other expense (income)
Interest expense, net	52,185			288			—		8			—		—			52,481
Other, net	38			(5		)	—		(17		)	—		—			16
Total other expense (income), net	52,223			283			—		(9		)	—		—			52,497
Income (loss) from continuing operations before income taxes	(1,991		)	97,422			—		(7,375		)	—		(70,985		)	17,071
Income tax benefit (provision)	13,828			(20,517		)	—		1,455			—		—			(5,234		)
Income (loss) from continuing operations, net of tax	11,837			76,905			—		(5,920		)	—		(70,985		)	11,837
Income from discontinued operations, net of tax	—			—			—		—			—		—			—
Net income (loss)	$	11,837		$	76,905		$	—	$	(5,920	)	$	—	$	(70,985	)	$	11,837
Comprehensive income (loss)	$	11,975		$	77,043		$	—	$	(5,920	)	$	—	$	(71,123	)	$	11,975

*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 September 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	$	17,827	$	586,272		$	—	$	10,089		$	—	$	(22,646	)	$	591,542
Operating costs and expenses
Operating	—		303,380			—		9,417			—		—			312,797
Selling, general and administrative	—		89,438			—		1,850			—		—			91,288
Maintenance and utilities	—		29,839			—		405			—		—			30,244
Depreciation and amortization	3,219		50,934			—		1,048			—		—			55,201
Corporate expense	18,758		273			—		308			—		—			19,339
Project development, preopening and writedowns	1,252		646			—		1,077			—		—			2,975
Other operating items, net	127		631			—		—			—		—			758
Intercompany expenses	301		22,345			—		—			—		(22,646		)	—
Total operating costs and expenses	23,657		497,486			—		14,105			—		(22,646		)	512,602
Equity in earnings (losses) of subsidiaries	55,712		(559		)	—		—			—		(55,153		)	—
Operating income (loss)	49,882		88,227			—		(4,016		)	—		(55,153		)	78,940
Other expense (income)
Interest expense, net	42,544		306			—		7			—		—			42,857
Loss on early extinguishments and modifications of debt	319		—			—		—			—		—			319
Other, net	18		(139		)	—		(18		)	—		—			(139		)
Total other expense (income), net	42,881		167			—		(11		)	—		—			43,037
Income (loss) from continuing operations before income taxes	7,001		88,060			—		(4,005		)	—		(55,153		)	35,903
Income tax benefit (provision)	16,156		(30,181		)	—		1,279			—		—			(12,746		)
Net income (loss)	$	23,157	$	57,879		$	—	$	(2,726	)	$	—	$	(55,153	)	$	23,157
Comprehensive income (loss)	$	22,852	$	57,574		$	—	$	(2,726	)	$	—	$	(54,848	)	$	22,852

*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



	Nine Months Ended September 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	$	62,295	$	1,798,921		$	—	$	50,192		$	—	$	(76,301	)	$	1,835,107
Operating costs and expenses
Operating	—		912,036			—		43,387			—		—			955,423
Selling, general and administrative	12		256,401			—		7,277			—		(12		)	263,678
Maintenance and utilities	—		88,186			—		1,340			—		—			89,526
Depreciation and amortization	13,158		142,126			—		4,603			—		—			159,887
Corporate expense	72,712		310			—		1,953			—		—			74,975
Project development, preopening and writedowns	16,337		2,079			—		9,413			—		—			27,829
Impairments of assets	993		—			—		—			—		—			993
Other operating items, net	58		2,138			—		—			—		—			2,196
Intercompany expenses	152		76,137			—		—			—		(76,289		)	—
Total operating costs and expenses	103,422		1,479,413			—		67,973			—		(76,301		)	1,574,507
Equity in earnings of subsidiaries	235,518		(1,095		)	—		—			—		(234,423		)	—
Operating income (loss)	194,391		318,413			—		(17,781		)	—		(234,423		)	260,600
Other expense (income)
Interest expense, net	139,858		842			—		20			—		—			140,720
Loss on early extinguishments and modifications of debt	61		—			—		—			—		—			61
Other, net	33		(371		)	—		(50		)	—		—			(388		)
Total other expense (income), net	139,952		471			—		(30		)	—		—			140,393
Income (loss) from continuing operations before income taxes	54,439		317,942			—		(17,751		)	—		(234,423		)	120,207
Income taxes benefit (provision)	37,742		(69,686		)	—		3,571			—		—			(28,373		)
Income (loss) from continuing operations, net of tax	92,181		248,256			—		(14,180		)	—		(234,423		)	91,834
Income from discontinued operations, net of tax	—		—			347		—			—		—			347
Net income (loss)	$	92,181	$	248,256		$	347	$	(14,180	)	$	—	$	(234,423	)	$	92,181
Comprehensive income (loss)	$	91,049	$	247,124		$	347	$	(14,180	)	$	—	$	(233,291	)	$	91,049

*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



	Nine Months Ended September 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	$	55,027	$	1,788,579		$	—		$	31,791		$	—	$	(69,666	)	$	1,805,731
Operating costs and expenses
Operating	—		919,949			—			28,459			—		—			948,408
Selling, general and administrative	23		270,168			—			5,770			—		(23		)	275,938
Maintenance and utilities	—		81,451			—			1,056			—		—			82,507
Depreciation and amortization	8,745		149,904			—			3,079			—		—			161,728
Corporate expense	61,128		1,012			—			1,248			—		—			63,388
Project development, preopening and writedowns	3,979		2,073			154			2,525			—		—			8,731
Impairments of assets	—		—			—			—			—		—			—
Other operating items, net	352		1,355			—			—			—		—			1,707
Intercompany expenses	903		68,740			—			—			—		(69,643		)	—
Total operating costs and expenses	75,130		1,494,652			154			42,137			—		(69,666		)	1,542,407
Equity in earnings (losses) of subsidiaries	207,689		(857		)	—			—			—		(206,832		)	—
Operating income (loss)	187,586		293,070			(154		)	(10,346		)	—		(206,832		)	263,324
Other expense (income)
Interest expense, net	127,344		981			—			19			—		—			128,344
Loss on early extinguishments of debt	853		—			—			—			—		—			853
Other, net	538		45			—			(52		)	—		—			531
Total other expense (income), net	128,735		1,026			—			(33		)	—		—			129,728
Income (loss) from continuing operations before income taxes	58,851		292,044			(154		)	(10,313		)	—		(206,832		)	133,596
Income taxes benefit (provision)	48,466		(99,481		)	—			3,344			—		—			(47,671		)
Income (loss) from continuing operations, net of tax	107,317		192,563			(154		)	(6,969		)	—		(206,832		)	85,925
Income from discontinued operations, net of tax	—		—			21,392			—			—		—			21,392
Net income (loss)	$	107,317	$	192,563		$	21,238		$	(6,969	)	$	—	$	(206,832	)	$	107,317
Comprehensive income (loss)	$	108,118	$	193,364		$	21,238		$	(6,969	)	$	—	$	(207,633	)	$	108,118

*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



	Nine Months Ended September 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	$	(114,336	)	$	420,938		$	(135	)	$	25,372		$	—	$	333		$	332,172
Cash flows from investing activities
Capital expenditures	(67,866		)	(39,008		)	—			(760		)	—		—			(107,634		)
Cash paid for acquisitions, net of cash received	(367,333		)	—			—			—			—		—			(367,333		)
Net activity with affiliates	—			(415,943		)	(347		)	—			—		416,290			—
Other investing activities	(9,240		)	—			—			(1,350		)	—		—			(10,590		)
Net cash from investing activities	(444,439		)	(454,951		)	(347		)	(2,110		)	—		416,290			(485,557		)
Cash flows from financing activities
Borrowings under bank credit facility	413,000			—			—			—			—		—			413,000
Payments under bank credit facility	(633,022		)	—			—			—			—		—			(633,022		)
Proceeds from issuance of senior notes	700,000			—			—			—			—		—			700,000
Debt financing costs, net	(14,016		)	—			—			—			—		—			(14,016		)
Net activity with affiliates	415,333			—			—			1,290			—		(416,623		)	—
Share-based compensation activities, net	(2,837		)	—			—			—			—		—			(2,837		)
Shares repurchased and retired	(44,822		)	—			—			—			—		—			(44,822		)
Dividends paid	(18,009		)	—			—			—			—		—			(18,009		)
Other financing activities	—			(100		)	—			(11		)	—		—			(111		)
Net cash from financing activities	815,627			(100		)	—			1,279			—		(416,623		)	400,183
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	256,852			(34,113		)	—			24,541			—		—			247,280
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	$	257,199		$	179,850		$	—		$	37,510		$	—	$	—		$	474,559

*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



	Nine Months Ended September 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	$	(39,365	)	$	378,048		$	(964	)	$	(6,020	)	$	254		$	1,436		$	333,389
Cash flows from investing activities
Capital expenditures	(82,241		)	(78,801		)	—			(210		)	—			—			(161,252		)
Cash paid for acquisitions, net of cash received	(1,153		)	—			—			—			—			—			(1,153		)
Net activity with affiliates	—			(326,451		)	(34,769		)	—			—			361,220			—
Advances pursuant to development agreement	—			—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			492			—			—			—			—			492
Net cash from investing activities	(83,394		)	(404,760		)	(34,769		)	(35,318		)	—			361,220			(197,021		)
Cash flows from financing activities
Borrowings under bank credit facility	463,300			—			—			—			—			—			463,300
Payments under bank credit facility	(628,211		)	—			—			—			—			—			(628,211		)
Debt financing costs, net	(2,700		)	—			—			—			—			—			(2,700		)
Net activity with affiliates	318,333			—			—			44,577			(254		)	(362,656		)	—
Share-based compensation activities, net	(1,993		)	—			—			—			—			—			(1,993		)
Shares repurchased and retired	(22,160		)	—			—			—			—			—			(22,160		)
Dividends paid	(5,653		)	—			—			—			—			—			(5,653		)
Other financing activities	590			(87		)	—			—			—			—			503
Net cash from financing activities	121,506			(87		)	—			44,577			(254		)	(362,656		)	(196,914		)
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	(1,253		)	(26,799		)	—			3,239			—			—			(24,813		)
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	$	(41	)	$	172,811		$	—		$	12,767		$	—		$	—		$	185,537

*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.