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Investment in and Advances to Unconsolidated Affiliates | 6 Months Ended
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Jun. 30, 2020
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, the parent company of Rivers Des Plaines, for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments. Following the closing of the Sale Transaction, the parties completed the Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended 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%. High Plaines retained ownership of 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming. We also recognized a $103.2 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 stake in Midwest Gaming. A new limited liability company agreement was entered into by the members of Midwest Gaming as a result of the change in ownership structure. Under the new limited liability company 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. The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus its accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. As of June 30, 2020, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $833.8 million. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. The summarized income statement information for the three and six months ended June 30, 2020 and 2019, respectively, and summarized balance sheet information as of June 30, 2020 and December 31, 2019 includes the following equity investments: MVG, Rivers Des Plaines from the transaction date of March 5, 2019, and two other immaterial joint ventures.
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Net revenue | $ | 6.8 |  |  | $ | 166.2 |  |  | $ | 144.6 |  |  | $ | 255.7 |
Operating and SG&A expense | 7.2 |  |  | 119.1 |  |  | 108.0 |  |  | 180.1 |
Depreciation and amortization | 4.1 |  |  | 3.3 |  |  | 8.3 |  |  | 5.5 |
Total operating expense | 11.3 |  |  | 122.4 |  |  | 116.3 |  |  | 185.6 |
Operating (loss) income | (4.5) |  |  | 43.8 |  |  | 28.3 |  |  | 70.1 |
Interest and other, net | (13.4) |  |  | (25.3) |  |  | (49.2) |  |  | (42.3) |
Net (loss) income | $ | (17.9) |  |  | $ | 18.5 |  |  | $ | (20.9) |  |  | $ | 27.8 |
(in millions) | June 30, 2020 |  | December 31, 2019
Assets |  |  |
Current assets | $ | 98.3 |  |  | $ | 64.0 |
Property and equipment, net | 271.2 |  |  | 256.1 |
Other assets, net | 246.1 |  |  | 240.1 |
Total assets | $ | 615.6 |  |  | $ | 560.2 |
Liabilities and Members' Deficit |  |  |
Current liabilities | $ | 91.3 |  |  | $ | 73.3 |
Long-term debt | 790.1 |  |  | 745.0 |
Other liabilities | 43.9 |  |  | 20.6 |
Members' deficit | (309.7) |  |  | (278.7) |
Total liabilities and members' deficit | $ | 615.6 |  |  | $ | 560.2 |

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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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