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Investment in and Advances to Unconsolidated Affiliates | 3 Months Ended
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Mar. 31, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Investments in and Advances to Unconsolidated Affiliates | INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Midwest Gaming On March 5, 2019, the Company completed the Sale Transaction to acquire approximately 42% of Midwest Gaming for aggregate cash consideration of approximately $406.6 million. Following the closing of the Sale Transaction, the parties entered into a Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors. As a result of the Recapitalization, the Company's ownership of Midwest Gaming increased to 61.3%. The total aggregate cash consideration paid at closing of the Sale Transaction was $409.8 million, which included $3.2 million for certain transaction costs of the Sellers. We recognized a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership. High Plaines retained ownership of 36% and Casino Investors retained ownership of 2.7%. A new LLC agreement was entered into by all members as a result of the change in ownership structure. Under the new LLC agreement, both the Company and High Plaines have participating rights over Midwest Gaming, and both must consent to Midwest Gaming's operating, investing and financing decisions. As a result, we account for Midwest Gaming using the equity method. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. The three months ended March 31, 2019 summarized income statement information and March 31, 2019 summarized balance sheet information includes the following equity investments: MVG, Midwest Gaming from the transaction date of March 5, 2019, and two other immaterial joint ventures. The three months ended March 31, 2018 summarized income statement information includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures. December 31, 2018 summarized balance sheet information included MVG and two other immaterial joint ventures.
| Three Months Ended March 31,
(in millions) | 2019 |  | 2018
Net revenue | $ | 89.5 |  |  | $ | 107.4 |
Operating and SG&A expense | 61.0 |  |  | 84.1 |
Depreciation and amortization | 2.2 |  |  | 6.6 |
Total operating expense | 63.2 |  |  | 90.7 |
Operating income | 26.3 |  |  | 16.7 |
Interest and other, net | (17.0 | ) |  | (2.9 | )
Net income | $ | 9.3 |  |  | $ | 13.8 |
(in millions) | March 31, 2019 |  | December 31, 2018
Assets |  |  |
Current assets | $ | 67.1 |  |  | $ | 24.0 |
Property and equipment, net | 243.6 |  |  | 95.7 |
Other assets, net | 235.4 |  |  | 106.7 |
Total assets | $ | 546.1 |  |  | $ | 226.4 |
Liabilities and Members' Equity |  |  |
Current liabilities | $ | 87.2 |  |  | $ | 21.2 |
Long-term debt | 752.3 |  |  | — |
Other liabilities | 7.5 |  |  | — |
Members' equity | (300.9 | ) |  | 205.2 |
Total liabilities and members' equity | $ | 546.1 |  |  | $ | 226.4 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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