Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Measurements

Schedule of carrying amount and estimated fair values of financial instruments

The carrying amounts and estimated fair values by input level of the Company’s financial instruments at June 30, 2017 and December 31, 2016 are as follows (in thousands):

	June 30, 2017
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	224,399	$	224,399	$	224,399	$	—	$	—
Loans to the Jamul Tribe		84,152		84,152		—		—		84,152
Financial liabilities:
Long-term debt
Senior secured credit facility		812,001		847,494		797,494		50,000		—
Senior unsecured notes		399,208		406,000		406,000		—		—
Other long-term obligations		126,573		127,301		—		127,301		—
Other liabilities		52,955		52,955		—		—		52,955

	December 31, 2016
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	229,510	$	229,510	$	229,510	$	—	$	—
Loans to the Jamul Tribe		92,100		98,000		—		—		98,000
Financial liabilities:
Long-term debt
Senior secured credit facility		962,703		976,092		785,092		191,000		—
Senior unsecured notes		296,895		312,000		312,000		—		—
Other long-term obligations		154,084		152,132		—		152,132		—
Other liabilities		48,244		48,244		—		—		48,244

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of the Company’s Level 3 liabilities (in thousands):

	Six Months Ended
	June 30, 2017
	Liabilities			Assets
	Contingent			Loans to the
	Purchase Price			Jamul Tribe
Balance at January 1, 2017	$	48,244	$	98,000
Unamortized discount		—		(5,865)
Additions		830		372
Payments		(41)		(2,720)
Included in earnings		3,922		(5,635)
Balance at June 30, 2017	$	52,955	$	84,152

Summary of significant unobservable inputs used in calculating fair value Level 3 liabilities

	Valuation	Unobservable
	Technique	Input	Discount Rate		Volatility Rate
Contingent purchase price - Plainridge	Discounted cash flow	Discount rate	8.30	%	N/A	%
Contingent purchase price - Rocket Speed	Option pricing method	Discount rate, Volatility rate	11.00	%	70.92	%