Note 9—Write-downs, Reserves, and Project Opening Costs, net of Recoveries

Write-downs, reserves, and project opening costs, net of recoveries include project opening costs and various pre-tax charges to record contingent liability reserves, costs associated with efficiency projects, project write-offs, demolition costs, and other non-routine transactions, net of recoveries of previously recorded non-routine reserves.

The components of write-downs, reserves, and project opening costs, net of recoveries are as follows:


	Quarter Ended September 30,						Nine Months Ended September 30,
(In millions)	2012			2011			2012			2011
Write-downs and reserves, net of recoveries:
Divestitures and abandonments	$	28.1		$	4.2		$	42.7		$	3.9
Remediation costs		6.4			1.7			12.4			9.4
Efficiency projects		1.8			10.6			9.6			36.1
Gain on Thistledown contribution		(11.0	)		—			(11.0	)		—
Other		4.5			(4.0	)		5.0			6.4

Total write-downs and reserves, net of recoveries		29.8			12.5			58.7			55.8
Project opening costs		2.8			—			4.7			4.2

Total write-downs, reserves, and project opening costs, net of recoveries	$	32.6		$	12.5		$	63.4		$	60.0

Divestitures and abandonments include (gains)/losses on divested or abandoned assets and costs associated with various projects that are determined to no longer be viable. For the quarter and nine months ended September 30, 2012, divestitures and abandonments include charges of $20.2 million and $24.7 million, respectively, related to a previously halted development project in Biloxi, Mississippi.

Remediation costs relate to projects at certain of our Las Vegas properties.

Efficiency projects represent costs incurred to identify and implement efficiency programs aimed at streamlining corporate and operating functions to achieve cost savings and efficiencies, such as Project Renewal, an initiative designed to reinvent certain aspects of the Company’s functional and operating units to gain significant further cost reductions and streamline its operations.

As previously discussed in Note 2, “Acquisitions, Investments and Dispositions,” the Company divested of its Thistledown property recognizing an $11.0 million gain on the transaction.

Other includes contingent liability reserves, demolition costs, and other non-routine transactions.