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. Each of these notes is 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 $700.0 million aggregate principal amount of 6.000% senior notes due 2026 (the "6.000% Notes"). The 6.000% Notes 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 March 31, 2018 and December 31, 2017, the condensed consolidating statements of operations for the three months ended March 31, 2018 and 2017, and the condensed consolidating statements of cash flows for the three months ended March 31, 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).

Condensed Consolidating Balance Sheets



	March 31, 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	$	(2	)	$	176,844	$	—	$	2,864		$	—	$	—		$	179,706
Restricted cash	—			14,201		—		11,593			—		—			25,794
Other current assets	75,855			16,146		234		2,835			—		1,057			96,127
Property and equipment, net	84,327			2,401,519		—		26,867			—		—			2,512,713
Investments in subsidiaries	5,007,912			5,996		—		1,106			—		(5,015,014		)	—
Intercompany receivable	—			1,715,185		373,718		—			—		(2,088,903		)	—
Other assets, net	15,092			31,465		—		38,193			—		—			84,750
Intangible assets, net	—			818,258		—		24,059			—		—			842,317
Goodwill, net	—			887,442		—		782			—		—			888,224
Total assets	$	5,183,184		$	6,067,056	$	373,952	$	108,299		$	—	$	(7,102,860	)	$	4,629,631

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	86	$	—	$	—		$	—	$	—		$	23,981
Other current liabilities	131,270			206,411		—		19,348			—		705			357,734
Intercompany payable	1,035,428			—		—		1,052,846			—		(2,088,274		)	—
Long-term debt, net of current maturities and debt issuance costs	2,968,854			369		—		—			—		—			2,969,223
Other long-term liabilities	(93,825		)	264,485		900		(10,429		)	—		—			161,131

Total stockholders' equity (deficit)	1,117,562			5,595,705		373,052		(953,466		)	—		(5,015,291		)	1,117,562
Total liabilities and stockholders' equity	$	5,183,184		$	6,067,056	$	373,952	$	108,299		$	—	$	(7,102,860	)	$	4,629,631

*Subsidiary is 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 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 March 31, 2018
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
			Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	20,841	$	600,962		$	—	$	10,021		$	—	$	(25,706	)	$	606,118
Operating costs and expenses
Operating	—		303,833			—		9,630			—		—			313,463
Selling, general and administrative	11		85,721			—		1,862			—		(11		)	87,583
Maintenance and utilities	—		27,598			—		328			—		—			27,926
Depreciation and amortization	3,836		46,530			—		910			—		—			51,276
Corporate expense	25,248		3			—		606			—		—			25,857
Project development, preopening and writedowns	1,503		173			—		1,764			—		—			3,440
Other operating items, net	—		1,799			—		—			—		—			1,799
Intercompany expenses	301		25,394			—		—			—		(25,695		)	—
Total operating costs and expenses	30,899		491,051			—		15,100			—		(25,706		)	511,344
Equity in earnings (losses) of subsidiaries	81,644		(185		)	—		—			—		(81,459		)	—
Operating income (loss)	71,586		109,726			—		(5,079		)	—		(81,459		)	94,774
Other expense (income)
Interest expense, net	43,519		277			—		6			—		—			43,802
Loss on early extinguishments of debt	61		—			—		—			—		—			61
Other, net	—		(364		)	—		(16		)	—		—			(380		)
Total other expense (income), net	43,580		(87		)	—		(10		)	—		—			43,483
Income (loss) before income taxes	28,006		109,813			—		(5,069		)	—		(81,459		)	51,291
Income tax benefit (provision)	13,393		(24,384		)	—		1,099			—		—			(9,892		)
Net income (loss)	$	41,399	$	85,429		$	—	$	(3,970	)	$	—	$	(81,459	)	$	41,399
Comprehensive income (loss)	$	40,435	$	84,465		$	—	$	(3,970	)	$	—	$	(80,495	)	$	40,435

*Subsidiary is 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 March 31, 2017
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	18,710	$	604,113		$	—		$	10,805		$	—	$	(23,563	)	$	610,065
Operating costs and expenses
Operating	—		309,430			—			9,573			—		—			319,003
Selling, general and administrative	6		89,601			—			2,012			—		(6		)	91,613
Maintenance and utilities	—		26,101			—			298			—		—			26,399
Depreciation and amortization	2,682		50,283			—			999			—		—			53,964
Corporate expense	19,864		364			—			570			—		—			20,798
Project development, preopening and writedowns	1,255		841			38			838			—		—			2,972
Other operating items, net	75		411			—			—			—		—			486
Intercompany expenses	301		23,256			—			—			—		(23,557		)	—
Total operating costs and expenses	24,183		500,287			38			14,290			—		(23,563		)	515,235
Equity in earnings (losses) of subsidiaries	66,561		(129		)	—			—			—		(66,432		)	—
Operating income (loss)	61,088		103,697			(38		)	(3,485		)	—		(66,432		)	94,830
Other expense (income)
Interest expense, net	42,839		369			—			6			—		—			43,214
Loss on early extinguishments and modifications of debt	156		—			—			—			—		—			156
Other, net	—		127			—			(16		)	—		—			111
Total other expense (income), net	42,995		496			—			(10		)	—		—			43,481
Income (loss) from continuing operations before income taxes	18,093		103,201			(38		)	(3,475		)	—		(66,432		)	51,349
Income tax benefit (provision)	17,358		(34,788		)	—			1,157			—		—			(16,273		)
Income (loss) from continuing operations, net of tax	35,451		68,413			(38		)	(2,318		)	—		(66,432		)	35,076
Income from discontinued operations, net of tax	—		—			375			—			—		—			375
Net income (loss)	$	35,451	$	68,413		$	337		$	(2,318	)	$	—	$	(66,432	)	$	35,451
Comprehensive income (loss)	$	36,022	$	68,984		$	337		$	(2,318	)	$	—	$	(67,003	)	$	36,022

*Subsidiary is 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



	Three Months Ended March 31, 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	$	(19,900	)	$	144,168		$	—	$	(5,115	)	$	—	$	(628	)	$	118,525
Cash flows from investing activities
Capital expenditures	(13,097		)	(12,692		)	—		(129		)	—		—			(25,918		)
Net activity with affiliates	—			(154,344		)	—		—			—		154,344			—
Other investing activities	(500		)	—			—		—			—		—			(500		)
Net cash from investing activities	(13,597		)	(167,036		)	—		(129		)	—		154,344			(26,418		)
Cash flows from financing activities
Borrowings under bank credit facility	179,600			—			—		—			—		—			179,600
Payments under bank credit facility	(264,403		)	—			—		—			—		—			(264,403		)
Debt financing costs, net	(9		)	—			—		—			—		—			(9		)
Net activity with affiliates	146,984			—			—		6,732			—		(153,716		)	—
Share-based compensation activities, net	(3,589		)	—			—		—			—		—			(3,589		)
Shares repurchased and retired	(19,803		)	—			—		—			—		—			(19,803		)
Dividends paid	(5,632		)	—			—		—			—		—			(5,632		)
Other financing activities	—			(50		)	—		—			—		—			(50		)
Net cash from financing activities	33,148			(50		)	—		6,732			—		(153,716		)	(113,886		)
Cash flows from discontinued operations
Cash flows from operating activities	—			—			—		—			—		—			—
Cash flows from investing activities	—			—			—		—			—		—			—
Cash flows from financing activities	—			—			—		—			—		—			—
Net cash from discontinued operations	—			—			—		—			—		—			—
Net change in cash, cash equivalents and restricted cash	(349		)	(22,918		)	—		1,488			—		—			(21,779		)
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	$	(2	)	$	191,045		$	—	$	14,457		$	—	$	—		$	205,500

*Subsidiary is 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



	Three Months Ended March 31, 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	$	22,216		$	110,202		$	217		$	(15,757	)	$	254		$	472		$	117,604
Cash flows from investing activities
Capital expenditures	(57,069		)	(22,951		)	—			(18		)	—			—			(80,038		)
Net activity with affiliates	—			(110,461		)	(592		)	—			—			111,053			—
Advances pursuant to development agreement	—			—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			44			—			—			—			—			44
Net cash from investing activities	(57,069		)	(133,368		)	(592		)	(35,126		)	—			111,053			(115,102		)
Cash flows from financing activities
Borrowings under bank credit facility	256,700			—			—			—			—			—			256,700
Payments under bank credit facility	(275,063		)	—			—			—			—			—			(275,063		)
Debt financing costs, net	(1,889		)	—			—			—			—			—			(1,889		)
Net activity with affiliates	59,547			—			—			52,232			(254		)	(111,525		)	—
Share-based compensation activities, net	(3,826		)	—			—			—			—			—			(3,826		)
Other financing activities	(50		)	(45		)	—			—			—			—			(95		)
Net cash from financing activities	35,419			(45		)	—			52,232			(254		)	(111,525		)	(24,173		)
Cash flows from discontinued operations
Cash flows from operating activities	—			—			(255		)	—			—			—			(255		)
Cash flows from investing activities	—			—			630			—			—			—			630
Cash flows from financing activities	—			—			—			—			—			—			—
Net cash from discontinued operations	—			—			375			—			—			—			375
Net change in cash, cash equivalents and restricted cash	566			(23,211		)	—			1,349			—			—			(21,296		)
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	$	1,778		$	176,399		$	—		$	10,877		$	—		$	—		$	189,054

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