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Investment In and Advances To Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Investments In and Advances to Unconsolidated Affiliates | INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Miami Valley Gaming Joint Venture During March 2012, we entered into a 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. ("DNC") to develop a new harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio. Through the joint venture agreement, we formed a new company with DNC, MVG, to manage both our and DNC’s interests in the development and operation of the racetrack and VLT gaming facility. On December 21, 2012, MVG completed the purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. ("MVG Sellers") for total consideration of $60.0 million, of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of gaming operations. There is a potential contingent consideration payment of $10.0 million based on the financial performance of the facility during the seven-year period after gaming operations commence. On December 12, 2013, the new facility opened in Lebanon, Ohio on a 120-acre site. The facility includes a 5/8-mile harness racing track and an 186,000-square-foot gaming facility with approximately 1,590 VLTs. Since both DNC and ourselves have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method. Summarized financial information for MVG is comprised of the following:
| December 31,
(in thousands) | 2015 |  | 2014
Assets |  |  |
Current assets | $ | 24,502 |  |  | $ | 24,096 |
Property and equipment, net | 119,675 |  |  | 130,868 |
Other assets, net | 106,660 |  |  | 105,906 |
Total assets | $ | 250,837 |  |  | $ | 260,870 |
Liabilities and Members' Equity |  |  |
Current liabilities | $ | 21,620 |  |  | $ | 16,783 |
Current portion of long-term debt | 8,333 |  |  | 8,332 |
Long-term debt, excluding current portion | 20,520 |  |  | 26,584 |
Other liabilities | 75 |  |  | 75 |
Members' equity | 200,289 |  |  | 209,096 |
Total liabilities and members' equity | $ | 250,837 |  |  | $ | 260,870 |
| Years Ended December 31,
(in thousands) | 2015 |  | 2014 |  | 2013
Casino revenue | $ | 130,327 |  |  | $ | 126,374 |  |  | $ | 6,144 |
Non-casino revenue | 6,568 |  |  | 6,257 |  |  | 5,479 |
Net revenue | 136,895 |  |  | 132,631 |  |  | 11,623 |
Operating and SG&A expense | 98,688 |  |  | 97,648 |  |  | 10,926 |
Depreciation & amortization expense | 12,816 |  |  | 12,299 |  |  | 935 |
Pre-opening expense | — |  |  | 54 |  |  | 7,240 |
Operating income (loss) | 25,391 |  |  | 22,630 |  |  | (7,478 | )
Interest and other expense, net | (4,197 | ) |  | (4,829 | ) |  | (397 | )
Net income (loss) | $ | 21,194 |  |  | $ | 17,801 |  |  | $ | (7,875 | )
The joint venture's long-term debt consists of a $50 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through August 2019 at a 5.0% interest rate for which it has funded $16.7 million in principal repayments. In 2015, we received distributions from MVG totaling $15.0 million. Our 50% share of MVG's results has been included in the Consolidated Statements of Comprehensive Income:
| Years Ended December 31,
(in thousands) | 2015 |  | 2014 |  | 2013
Equity in income (losses) of unconsolidated investments | $ | 10,597 |  |  | $ | 8,900 |  |  | $ | (3,718 | )
SHRI Equity Investment On October 2, 2015, we completed the acquisition of a 25% equity investment in SCH which owns Saratoga Casino and Raceway ("Saratoga") in Saratoga Springs, New York, for $24.5 million from SHRI. Saratoga has a casino facility with approximately 1,700 VLTs, a 1/2-mile harness racetrack with a racing simulcast center, and three dining facilities. Saratoga has a 50%interest in a joint venture with DNC to manage the Gideon Putnam Hotel and Resort. We signed a five-year management agreement with SCH to manage Saratoga for which we receive management fee revenue. Saratoga expects to complete a $40.0 million expansion including a 117-room hotel, expanding dining facilities and a 3,000 square-foot multi-functional event space in 2016. In addition, SHRI agreed to transfer its controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colorado to SCH upon approval from the Colorado Division of Gaming. When the approval is received and the transfer is completed, we expect to pay the remainder of the purchase price of approximately $6.4 million to SHRI for our pro-rata ownership of the Colorado operations, and we expect to sign a five-year management agreement with SCH to manage Saratoga Casino Black Hawk for which we expect to receive management fee revenue. Our investment in SCH recorded under the equity method included our share of the basis difference between the fair value of property and equipment and definite-lived intangible assets of $3.7 million and $2.7 million, respectively. These basis differences will be charged to expense over the remaining estimated useful lives of the property and equipment and intangible assets and are recorded as a component of equity in income (loss) of unconsolidated investments. Basis differences related to non-depreciable assets, such as land and indefinite lived-intangible assets, are not being amortized. In 2015, we received distributions from SCH of $0.3 million.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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