Ocean Downs

In August 2016, we signed a limited liability company operating agreement with Saratoga Casino Holdings LLC ("SCH"), with each entity having a 50% interest, and formed Old Bay Gaming and Racing LLC ("Old Bay"). The Old Bay agreement provides both the Company and SCH equal participating rights, and both entities must consent to Old Bay's operating, investing and financing decisions.

On January 3, 2017, Old Bay acquired all of the equity interests of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC (collectively, "Ocean Downs"). The Company's portion of the initial equity investment in Ocean Downs was $24.0 million. Ocean Downs, located near Ocean City, Maryland, owns and operates video lottery terminals ("VLT") at the Casino at Oceans Downs and conducts harness racing at Ocean Downs Racetrack. The Company's 25% interest in SCH provides an additional 12.5% interest, resulting in an effective 62.5% interest in Ocean Downs. Since both the Company and SCH have participating rights and both must consent to Old Bay's operating, investing and financing decisions, the Company accounts for Ocean Downs using the equity method of accounting.

Miami Valley Gaming

We have a 50% joint venture in Miami Valley Gaming ("MVG"), which has a harness racetrack and VLT gaming facility in Lebanon, Ohio, with Delaware North Companies Gaming & Entertainment Inc.

Summarized below is financial information for our MVG equity investment:



	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2017			2016			2017			2016
Casino revenue	$	40.2		$	36.6		$	79.5		$	72.6
Non-casino revenue	1.8			2.0			3.9			4.0
Net revenue	42.0			38.6			83.4			76.6
Operating and SG&A expense	29.0			26.5			57.6			53.3
Depreciation & amortization	3.2			3.3			6.3			6.5
Operating income	9.8			8.8			19.5			16.8
Interest and other expense, net	(0.6		)	(0.9		)	(1.3		)	(1.8		)
Net income	$	9.2		$	7.9		$	18.2		$	15.0



(in millions)	June 30, 2017		December 31, 2016
Assets
Current assets	$	18.1	$	18.7
Property and equipment, net	105.4		109.8
Other assets, net	105.0		105.0
Total assets	$	228.5	$	233.5

Liabilities and Members' Equity
Current liabilities	$	8.6	$	12.5
Current portion of long-term debt	8.3		8.3
Long-term debt, excluding current portion	10.6		14.0
Other liabilities	0.1		0.1
Members' equity	200.9		198.6
Total liabilities and members' equity	$	228.5	$	233.5

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



	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2017		2016		2017		2016
Equity in income of unconsolidated investments	$	4.6	$	3.9	$	9.1	$	7.5