INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Summarized below is financial information for our equity investments:



	December 31,
(in millions)	2016		2015
Assets
Current assets	$	38.8	$	34.2
Noncurrent assets	363.0		339.5
Total assets	$	401.8	$	373.7

Liabilities and Members' Equity
Current liabilities	$	77.5	$	44.4
Noncurrent liabilities	69.3		79.7
Members' equity	255.0		249.6
Total liabilities and members' equity	$	401.8	$	373.7



	Years Ended December 31,
(in millions)	2016			2015			2014
Net revenue:
Net revenue	$	216.1		$	195.2		$	147.3
Operating expense	161.3			152.4			124.0
Operating income	54.8			42.8			23.3
Interest and other expense, net	(6.9		)	(6.2		)	(5.0		)
Net income	$	47.9		$	36.6		$	18.3

Miami Valley Gaming Joint Venture

We acquired a 50% joint venture in MVG, which has a harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio, with Delaware North Companies Gaming & Entertainment Inc. ("DNC") in 2012. Total consideration was $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.

Since both we and DNC 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.

The joint venture's long-term debt consists of a $50.0 million secured note payable from MVG payable quarterly over 6 years through August 2019 at a 5.0% interest rate for which it has funded $25.0 million in principal repayments. We received distributions from MVG of $15.0 million in 2015 and in 2016.

Our accompanying Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows:



	Years Ended December 31,
(in millions)	2016		2015		2014
Equity in income of unconsolidated investments	$	14.2	$	10.6	$	8.9

SHRI Equity Investment

On October 2, 2015, we completed the acquisition of a 25% equity investment in Saratoga Casino Holdings LLC ("SCH") which owns Saratoga Casino and Raceway ("Saratoga's New York facility") in Saratoga Springs, New York, for $24.5 million from Saratoga Harness Racing, Inc. ("SHRI"). Saratoga's New York facility has a casino with approximately 1,700 VLTs, a 1/2-mile harness racetrack with a racing simulcast center, and three dining facilities. Saratoga's New York facility 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's New York facility for which we receive management fee revenue.

On July 6, 2016, Saratoga's New York facility completed a significant expansion which included a 117-room hotel, additional dining facilities and a 3,000 square-foot multi-functional event space.

On November 21, 2016, we completed the acquisition of a 25% equity investment in Saratoga Casino Black Hawk in Black Hawk, Colorado ("Saratoga's Colorado facility") for $6.5 million from SHRI. Saratoga's Colorado facility has a casino with approximately 600 slot machines, seven table games, three lounges and two dining facilities.

Our investment in SCH recorded under the equity method includes 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 are 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 of unconsolidated investments. Basis differences related to non-depreciable assets, such as land and indefinite lived-intangible assets, are not being amortized. In 2016, we received distributions from SCH of $1.2 million.

Saratoga Harness Racing Inc.

In 2014, we entered into a 50% joint venture with SHRI which unsuccessfully bid on the development of a destination casino and resort in the Capital Region of New York. As part of the bidding process, we incurred $1.0 million in equity losses in our Other Investments segment associated with the license application process and funded $3.3 million to the joint venture. As a result of the bid decision, we recorded an impairment loss of $1.6 million to reduce our investment in the joint venture to its fair value. In 2016, the joint venture disposed of its remaining asset reducing our investment to zero.