Document and Entity Information
Document and Entity Information shares in Thousands | 6 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | MOHEGAN TRIBAL GAMING AUTHORITY |
Entity Central Index Key | 0001005276 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Common Stock, Shares, Outstanding | 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 91,396 | $ 103,944 |
Restricted cash and cash equivalents | 1,314 | 1,036 |
Accounts receivable, net of allowance for doubtful accounts of $11,477 and $12,265, respectively | 43,711 | 44,532 |
Inventories | 14,772 | 15,357 |
Notes receivable | 7,689 | 109,859 |
Other current assets | 27,156 | 22,129 |
Total current assets | 186,038 | 296,857 |
Restricted cash and cash equivalents | 200,105 | 129,646 |
Property and equipment, net | 1,363,037 | 1,395,369 |
Goodwill | 39,459 | 39,459 |
Other intangible assets, net | 424,023 | 403,495 |
Notes receivable | 0 | 1,857 |
Other assets, net | 43,881 | 45,436 |
Total assets | 2,256,543 | 2,312,119 |
Current liabilities: | ||
Current portion of long-term debt | 76,809 | 73,232 |
Trade payables | 16,367 | 14,704 |
Accrued payroll | 45,849 | 54,380 |
Construction payables | 12,808 | 10,747 |
Accrued interest payable | 19,588 | 19,418 |
Other current liabilities | 165,741 | 123,303 |
Total current liabilities | 337,162 | 295,784 |
Long-term debt, net of current portion | 1,711,341 | 1,740,923 |
Other long-term liabilities | 19,313 | 4,618 |
Total liabilities | 2,067,816 | 2,041,325 |
Commitments and Contingencies | ||
Capital: | ||
Retained earnings | 174,053 | 250,707 |
Accumulated other comprehensive income | 7,016 | 11,062 |
Total capital attributable to Mohegan Tribal Gaming Authority | 181,069 | 261,769 |
Non-controlling interests | 7,658 | 9,025 |
Total capital | 188,727 | 270,794 |
Total liabilities and capital | $ 2,256,543 | $ 2,312,119 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 11,477 | $ 12,265 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||||
Gross revenues | $ 307,697 | $ 354,711 | $ 627,197 | $ 711,332 |
Less-Promotional allowances | 0 | (22,694) | 0 | (47,831) |
Net revenues | 307,697 | 332,017 | 627,197 | 663,501 |
Operating costs and expenses: | ||||
Advertising, general and administrative, including related party transactions of $11,332 and $10,580, respectively | 47,112 | 49,595 | 96,130 | 99,972 |
Corporate, including related party transactions of $1,437, $1,567, $2,834 and $3,272, respectively | 12,464 | 14,090 | 24,889 | 26,243 |
Depreciation and amortization | 42,782 | 19,828 | 69,872 | 40,035 |
Other, net | 1,526 | 4,215 | 3,447 | 4,836 |
Total operating costs and expenses | 285,471 | 275,945 | 561,601 | 552,429 |
Income from operations | 22,226 | 56,072 | 65,596 | 111,072 |
Other income (expense): | ||||
Interest income | 1,051 | 3,877 | 4,490 | 7,746 |
Interest expense | (35,132) | (30,806) | (71,142) | (59,142) |
Other, net | (429) | (724) | (520) | (2,567) |
Total other expense | (34,510) | (27,653) | (67,172) | (53,963) |
Net income (loss) | (12,284) | 28,419 | (1,576) | 57,109 |
(Income) loss attributable to non-controlling interests | (74) | 189 | (160) | 708 |
Net income (loss) attributable to Mohegan Tribal Gaming Authority | (12,358) | 28,608 | (1,736) | 57,817 |
Comprehensive income (loss): | ||||
Foreign currency translation adjustment | (6,204) | 1,460 | (4,305) | 16,207 |
Other | 44 | 0 | 44 | 0 |
Other comprehensive income | (6,160) | 1,460 | (4,261) | 16,207 |
Other comprehensive income attributable to non-controlling interests | 310 | (708) | 215 | (9,026) |
Other comprehensive income attributable to Mohegan Tribal Gaming Authority | (5,850) | 752 | (4,046) | 7,181 |
Comprehensive income (loss) attributable to Mohegan Tribal Gaming Authority | (18,208) | 29,360 | (5,782) | 64,998 |
Gaming | ||||
Revenues: | ||||
Gross revenues | 211,819 | 288,735 | 433,754 | 575,741 |
Operating costs and expenses: | ||||
Cost of goods sold | 125,970 | 161,801 | 254,634 | 326,116 |
Food and beverage | ||||
Revenues: | ||||
Gross revenues | 33,508 | 21,170 | 68,314 | 42,990 |
Operating costs and expenses: | ||||
Cost of goods sold | 26,084 | 10,180 | 52,531 | 20,369 |
Hotel | ||||
Revenues: | ||||
Gross revenues | 22,005 | 14,957 | 44,982 | 29,864 |
Operating costs and expenses: | ||||
Cost of goods sold | 10,026 | 6,647 | 19,829 | 13,652 |
Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 40,365 | 29,849 | 80,147 | 62,737 |
Operating costs and expenses: | ||||
Cost of goods sold | $ 19,507 | $ 9,589 | $ 40,269 | $ 21,206 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Selling, general, and administrative | $ 47,112 | $ 49,595 | $ 96,130 | $ 99,972 |
Corporate | 12,464 | 14,090 | 24,889 | 26,243 |
Affiliates | ||||
Selling, general, and administrative | 22,816 | 21,387 | ||
Corporate | 2,834 | 3,272 | ||
Gaming | ||||
Cost of goods sold | 125,970 | 161,801 | 254,634 | 326,116 |
Gaming | Affiliates | ||||
Cost of goods sold | 1,404 | 2,504 | ||
Hotel | ||||
Cost of goods sold | 10,026 | 6,647 | 19,829 | 13,652 |
Hotel | Affiliates | ||||
Cost of goods sold | $ 4,322 | $ 4,501 | ||
Affiliates | ||||
Selling, general, and administrative | 11,484 | 10,807 | ||
Corporate | 1,437 | 1,567 | ||
Affiliates | Gaming | ||||
Cost of goods sold | 702 | 1,137 | ||
Affiliates | Hotel | ||||
Cost of goods sold | $ 2,161 | $ 2,161 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Oct. 01, 2018 | |
Statements of Changes in Capital | |||||
Total capital at beginning of period | $ 229,901 | $ 340,216 | $ 270,794 | $ 309,169 | |
Cumulative-effect adjustment for the adoption of ASC 606 Revenue from Contracts with Customers | $ (41,575) | ||||
Net income (loss) | (12,284) | 28,419 | (1,576) | 57,109 | |
Foreign currency translation adjustment | (6,204) | 1,460 | (4,305) | 16,207 | |
Share redemption related to Project Inspire | (6,147) | (6,147) | |||
Distributions to Mohegan Tribe | (12,000) | (12,000) | (24,000) | (24,000) | |
Distributions to Mohegan Tribe related to the Cowlitz Project | (730) | (150) | (730) | (540) | |
Redemption of Mohegan Tribe membership interest in the Cowlitz Project | (10,000) | (10,000) | |||
Redemption of membership interest related to the New England Black Wolves franchise | 75 | ||||
Other | 44 | 0 | 44 | 0 | |
Total capital at end of period | 188,727 | 351,798 | 188,727 | 351,798 | |
Retained Earnings | |||||
Statements of Changes in Capital | |||||
Total capital at beginning of period | 203,255 | 213,464 | 250,707 | 196,645 | |
Cumulative-effect adjustment for the adoption of ASC 606 Revenue from Contracts with Customers | (41,575) | ||||
Net income (loss) | (12,358) | 28,608 | (1,736) | 57,817 | |
Distributions to Mohegan Tribe | (12,000) | (12,000) | (24,000) | (24,000) | |
Distributions to Mohegan Tribe related to the Cowlitz Project | (730) | (150) | (730) | (540) | |
Redemption of Mohegan Tribe membership interest in the Cowlitz Project | (4,114) | (4,114) | |||
Redemption of membership interest related to the New England Black Wolves franchise | (4,499) | ||||
Total capital at end of period | 174,053 | 229,922 | 174,053 | 229,922 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Statements of Changes in Capital | |||||
Total capital at beginning of period | 12,866 | 7,554 | 11,062 | 1,125 | |
Foreign currency translation adjustment | (5,894) | 752 | (4,090) | 7,181 | |
Other | 44 | 44 | |||
Total capital at end of period | 7,016 | 8,306 | 7,016 | 8,306 | |
Total Capital Attributable to Mohegan Tribal Gaming Authority | |||||
Statements of Changes in Capital | |||||
Total capital at beginning of period | 216,121 | 221,018 | 261,769 | 197,770 | |
Cumulative-effect adjustment for the adoption of ASC 606 Revenue from Contracts with Customers | $ (41,575) | ||||
Net income (loss) | (12,358) | 28,608 | (1,736) | 57,817 | |
Foreign currency translation adjustment | (5,894) | 752 | (4,090) | 7,181 | |
Distributions to Mohegan Tribe | (12,000) | (12,000) | (24,000) | (24,000) | |
Distributions to Mohegan Tribe related to the Cowlitz Project | (730) | (150) | (730) | (540) | |
Redemption of Mohegan Tribe membership interest in the Cowlitz Project | (4,114) | (4,114) | |||
Redemption of membership interest related to the New England Black Wolves franchise | (4,499) | ||||
Other | 44 | 44 | |||
Total capital at end of period | 181,069 | 238,228 | 181,069 | 238,228 | |
Non-controlling Interests | |||||
Statements of Changes in Capital | |||||
Total capital at beginning of period | 13,780 | 119,198 | 9,025 | 111,399 | |
Net income (loss) | 74 | (189) | 160 | (708) | |
Foreign currency translation adjustment | (310) | 708 | (215) | 9,026 | |
Share redemption related to Project Inspire | (6,147) | (6,147) | |||
Redemption of Mohegan Tribe membership interest in the Cowlitz Project | (5,886) | (5,886) | |||
Redemption of membership interest related to the New England Black Wolves franchise | 4,574 | ||||
Total capital at end of period | $ 7,658 | $ 113,570 | $ 7,658 | $ 113,570 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows provided by operating activities: | ||
Net income (loss) | $ (1,576) | $ 57,109 |
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||
Depreciation and amortization | 69,872 | 40,035 |
Accretion of discounts | 523 | 1,798 |
Amortization of discounts and debt issuance costs | 9,663 | 6,227 |
Provision for losses on receivables | 490 | 1,774 |
Other, net | (357) | 940 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 304 | 7,871 |
Accrued interest on notes receivable related to the Cowlitz Project | 72,001 | (6,173) |
Inventories | 585 | (10) |
Other assets | (4,921) | (7,166) |
Trade payables | 1,663 | (4,269) |
Accrued interest payable | 170 | 3 |
Other liabilities | (4,309) | 5,645 |
Net cash flows provided by operating activities | 144,108 | 103,784 |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (36,364) | (83,667) |
Proceeds from notes receivable related to the Cowlitz Project | 32,026 | 0 |
Other, net | (1,205) | (3,806) |
Net cash flows used in investing activities | (5,543) | (87,473) |
Cash flows used in financing activities: | ||
Other borrowings | 11,335 | 9,200 |
Other repayments | (2,784) | (138) |
Distributions to Mohegan Tribe | (24,000) | (24,000) |
Other, net | (1,776) | (19) |
Net cash flows used in financing activities | (76,670) | (21,139) |
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 61,895 | (4,828) |
Effect of exchange rate on cash, cash equivalents, restricted cash and restricted cash equivalents | (3,706) | 11,611 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 234,626 | 239,056 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 292,815 | 245,839 |
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the condensed consolidated balance sheets: | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 234,626 | 239,056 |
Supplemental disclosures: | ||
Cash paid for interest | 61,310 | 53,119 |
Construction payables | 12,808 | 13,364 |
Senior secured credit facility reductions | 13,295 | 0 |
Payment by third-party for iGame license | 8,000 | 0 |
Conversion of Redemption Liability to Redemption Note Payable | 0 | 74,084 |
Share redemption related to Project Inspire | 0 | 6,335 |
Credit Facility | Senior Secured Credit Facility - Revolving | ||
Cash flows used in financing activities: | ||
Senior secured credit facility borrowings - revolving and line of credit | 641,230 | 651,569 |
Credit Facility | Prior senior secured credit facility - term loans A and B | ||
Cash flows used in financing activities: | ||
Credit facility/line of credit repayments | (652,230) | (590,005) |
Credit Facility | Senior secured credit facility - term loans A and B | ||
Cash flows used in financing activities: | ||
Credit facility/line of credit repayments | (37,715) | (67,206) |
Salishan-Mohegan, LLC | ||
Cash flows used in financing activities: | ||
Distributions to Mohegan Tribe related to the Cowlitz Project | (730) | (540) |
Mohegan Tribe | ||
Cash flows used in financing activities: | ||
Redemption of Mohegan Tribe membership interest in the Cowlitz Project | $ (10,000) | $ 0 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION: Organization The Mohegan Tribe of Indians of Connecticut (the “Mohegan Tribe”) established the Mohegan Tribal Gaming Authority in July 1995 with the exclusive authority to conduct and regulate gaming activities for the Mohegan Tribe on tribal lands and the non-exclusive authority to conduct such activities elsewhere. In June 2017, the Mohegan Tribal Gaming Authority announced a corporate effort to align its brand image with its expanding business, and accordingly rebranded, and is now doing business as Mohegan Gaming & Entertainment (the “Company”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In accordance with Rule 10-01, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by US GAAP. All adjustments, including normal recurring accruals and adjustments, necessary for a fair statement of the Company's operating results for the interim period, have been included. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018. The preparation of financial statements in conformity with US GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. Certain immaterial line items in the accompanying condensed consolidated financial statements for the three months and six months ended March 31, 2018 have been combined or reclassified to conform to fiscal 2019 presentation. In its first quarter of fiscal 2019, the Company made an out-of-period correction, which decreased property and equipment, net as of March 31, 2019 and increased depreciation and amortization expense by $6.3 million for the six months ended March 31, 2019. This adjustment resulted from the assignment, in a prior year, of an incorrect useful life to depreciate a long lived asset related to tenant allowances. In its second quarter of fiscal 2019, the Company committed to a plan to repurpose the recently closed Casino of the Wind section of Mohegan Sun. In connection with this decision, the Company determined that certain assets related to the Casino of the Wind had no alternative future use. Accordingly, depreciation on these assets was accelerated, which decreased property and equipment, net as of March 31, 2019 and increased depreciation and amortization expense by $21.6 million for the three months and six months ended March 31, 2019. iGame License On January 25, 2019, Mohegan Sun Pocono entered into a revenue sharing agreement with Unibet Interactive Inc. (“Unibet”), pursuant to which Mohegan Sun Pocono will allow Unibet the use of its interactive gaming (“iGame”) license to operate a branded retail sportsbook at Mohegan Sun Pocono and an online gaming service in exchange for a portion of the related revenues earned by Unibet. In connection with this agreement, Unibet paid the required $8.0 million iGame license fee to the Pennsylvania Gaming Control Board on behalf of Mohegan Sun Pocono. The Company recorded the $8.0 million iGame license fee, which is reimbursable to Unibet under certain conditions, as an indefinite useful life intangible asset with a corresponding long-term contract liability. The intangible asset will be assessed at least annually for impairment. Fair Value of Financial Instruments The Company applies the following fair value hierarchy, which prioritizes the inputs utilized to measure fair value into three levels: • Level 1 - Quoted prices for identical assets or liabilities in active markets; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets or valuations based on models where the significant inputs are observable or can be corroborated by observable market data; and • Level 3 - Valuations based on models where the significant inputs are unobservable. The unobservable inputs reflect the Company's estimates or assumptions that market participants would utilize in pricing such assets or liabilities. The Company's assessment of the significance of a particular input requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The carrying amount of cash and cash equivalents, restricted cash and cash equivalents, receivables, trade payables and certain promissory notes, including a redemption note payable, approximates fair value. The estimated fair values of the Company's long-term debt were as follows (in thousands): March 31, 2019 Carrying Value Fair Value Senior Secured Credit Facility - Revolving $ 55,000 $ 52,525 Senior Secured Credit Facility - Term Loan A $ 284,901 $ 281,243 Senior Secured Credit Facility - Term Loan B $ 807,883 $ 781,194 2016 7 7/8% Senior Unsecured Notes $ 489,686 $ 495,000 The estimated fair values of the Company's long-term debt were based on Level 2 inputs (quoted market prices or prices of similar instruments) on or about March 31, 2019 . |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS: The following accounting standards were adopted during the three months and six months ended March 31, 2019: ASU 2014-09 In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASC 606”), which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Effective October 1, 2018, the Company adopted ASC 606, on a modified retrospective basis, for all contracts at the date of initial adoption. The Company recognized the cumulative-effect of initially adopting ASC 606 as a decrease to retained earnings and a corresponding increase to other current liabilities. Comparative information for the three months and six months ended March 31, 2018 has not been restated and continues to be reported under accounting standards in effect for those periods. The adoption of ASC 606 did not have a material effect on the Company’s net loss for the three months and six months ended March 31, 2019. The cumulative-effect of initially adopting ASC 606 was as follows (in thousands): September 30, 2018 ASC 606 Adjustment October 1, 2018 Other current liabilities $ 123,303 $ 41,575 $ 164,878 Retained earnings $ 250,707 $ (41,575 ) $ 209,132 The impact of adopting ASC 606 on the accompanying condensed consolidated balance sheet as of March 31, 2019 was as follows (in thousands): Balance under ASC 606 Balance without ASC 606 Impact of Change March 31, 2019 March 31, 2019 Higher/ (Lower) Other current liabilities $ 165,741 $ 126,285 $ 39,456 Retained earnings $ 174,053 $ 213,509 $ (39,456 ) The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the three months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 211,819 $ 296 $ (38,947 ) $ (15,330 ) $ (1,580 ) $ 5,525 $ 261,855 $ (50,036 ) Food and beverage 33,508 — 10,897 — — 825 21,786 11,722 Hotel 22,005 — 6,076 — — 168 15,761 6,244 Retail, entertainment and other 40,365 — 6,825 1,284 — (1,624 ) 33,880 6,485 Gross revenues 307,697 296 (15,149 ) (14,046 ) (1,580 ) 4,894 333,282 (25,585 ) Less-Promotional allowances — — 16,357 6,179 — 811 (23,347 ) 23,347 Net revenues 307,697 296 1,208 (7,867 ) (1,580 ) 5,705 309,935 (2,238 ) Operating costs and expenses: Gaming 125,970 (516 ) (1,720 ) (26,652 ) (1,580 ) 5,837 150,601 (24,631 ) Food and beverage 26,084 — 2,928 7,564 — 825 14,767 11,317 Hotel 10,026 — — 2,391 — 168 7,467 2,559 Retail, entertainment and other 19,507 — — 8,830 — (1,266 ) 11,943 7,564 Advertising, general and administrative 47,112 — — — — 141 46,971 141 Corporate 12,464 — — — — — 12,464 — Depreciation and amortization 42,782 — — — — — 42,782 — Other, net 1,526 — — — — — 1,526 — Total operating costs and expenses 285,471 (516 ) 1,208 (7,867 ) (1,580 ) 5,705 288,521 (3,050 ) Income from operations $ 22,226 $ 812 $ — $ — $ — $ — $ 21,414 $ 812 The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the six months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 433,754 $ 1,515 $ (69,683 ) $ (33,177 ) $ (4,259 ) $ 11,175 $ 528,183 $ (94,429 ) Food and beverage 68,314 — 20,998 — — 1,974 45,342 22,972 Hotel 44,982 — 12,074 — — 332 32,576 12,406 Retail, entertainment and other 80,147 — 6,977 2,889 — (3,586 ) 73,867 6,280 Gross revenues 627,197 1,515 (29,634 ) (30,288 ) (4,259 ) 9,895 679,968 (52,771 ) Less-Promotional allowances — — 32,007 12,560 — 1,517 (46,084 ) 46,084 Net revenues 627,197 1,515 2,373 (17,728 ) (4,259 ) 11,412 633,884 (6,687 ) Operating costs and expenses: Gaming 254,634 (611 ) (3,431 ) (56,281 ) (4,259 ) 11,589 307,627 (52,993 ) Food and beverage 52,531 — 5,804 14,919 — 1,974 29,834 22,697 Hotel 19,829 — — 4,982 — 332 14,515 5,314 Retail, entertainment and other 40,269 — — 18,652 — (2,733 ) 24,350 15,919 Advertising, general and administrative 96,130 — — — — 250 95,880 250 Corporate 24,889 — — — — — 24,889 — Depreciation and amortization 69,872 — — — — — 69,872 — Other, net 3,447 — — — — — 3,447 — Total operating costs and expenses 561,601 (611 ) 2,373 (17,728 ) (4,259 ) 11,412 570,414 (8,813 ) Income from operations $ 65,596 $ 2,126 $ — $ — $ — $ — $ 63,470 $ 2,126 The items most significantly impacted by the adoption of ASC 606 were as follows: (1) ASC 606 modified the accounting related to loyalty points. The Company’s loyalty reward programs allow patrons to utilize their reward membership cards to earn loyalty points that are redeemable for complimentary items such as food and beverage, lodging and retail products. Under ASC 606, the Company is required to utilize a deferred revenue model to reduce gaming revenues by the estimated fair value of loyalty points earned by patrons and recognize the related revenues when such loyalty points are redeemed. The deferred revenue liability is based on the estimated stand-alone selling price (“SSP”) of loyalty points earned after factoring in the likelihood of redemption. Prior to the adoption of ASC 606, the liability for unredeemed loyalty points was estimated based on expected redemption rates and estimated costs of the goods and services to be provided. (2) ASC 606 modified the accounting related to promotional allowances. The Company no longer recognizes revenues for complimentary items provided to patrons or for goods and services provided to patrons in connection with loyalty point redemptions as gross revenues with a corresponding offset to promotional allowances to arrive at net revenues. The majority of such amounts previously included within promotional allowances now offset gaming revenues based on an allocation of revenues to performance obligations utilizing SSP. These changes resulted in the elimination of promotional allowances and the reclassification of revenues between the various revenue line items. (3) ASC 606 modified the accounting related to cash giveaways. The Company now records cash giveaways as a reduction to gaming revenues. Prior to the adoption of ASC 606, the Company recorded cash giveaways as expenses. This change resulted in decreases in both gaming revenues and expenses. (4) ASC 606 modified gross versus net presentation related to certain fees. The Company now records mandatory service charges on food and beverage items and wide area progressive operator fees on a gross basis, with amounts received from patrons recorded as revenues and the corresponding amounts paid recorded as expenses. This change resulted in increases in both revenues and expenses. The Company’s revenues from contracts with customers consist of gaming, food and beverage, hotel, retail, entertainment and convention related transactions, as well as management and development services related to management and development contracts with third-party facilities. The transaction price in a gaming contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price in a racing contract, inclusive of live racing at the Company’s facilities, as well as import and export arrangements, is the commission received from the pari-mutuel pool less contractual fees and obligations, which primarily consist of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to racing operations. The transaction prices in food and beverage, hotel, retail, entertainment and convention contracts are the net amounts collected for such goods and services. Sales and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or expenses. The transaction prices in management and development service contracts are the amounts collected for services rendered in accordance with contractual terms, inclusive of reimbursable costs and expenses. Gaming transactions involve two performance obligations for patrons participating in the Company’s loyalty reward programs and a single performance obligation for patrons that do not participate. The Company applies a practical expedient by accounting for gaming contracts on a portfolio basis, as such contracts share similar characteristics. The Company does not expect the effects on its condensed consolidated financial statements under this approach to differ materially versus under an individual contract basis. Revenues allocated to gaming performance obligations are recognized when gaming occurs as such activities are settled immediately. Revenues allocated to the loyalty points deferred revenue liability are recognized when loyalty points are redeemed. The deferred revenue liability is based on the estimated SSP of the loyalty points earned after factoring in the likelihood of redemption. Food and beverage, hotel, retail, entertainment and convention transactions have been determined to be separate, stand-alone performance obligations and revenues for such contracts are recognized when the related goods and services are transferred to patrons. Revenues from contracts which include a combination of these transactions are allocated on a pro rata basis based on the goods' and services' SSP. Management and development services have been determined to be separate, stand-alone performance obligations and revenues for such contracts are recognized when the related services are performed. Revenue Disaggregation The Company is a geographically diversified, multi-jurisdictional owner, operator and manager of gaming facilities. The Company’s current operations are focused within Connecticut and Pennsylvania. The Company also currently manages other gaming facilities elsewhere within the United States. The Company generates revenues by providing the following types of goods and services: gaming, food and beverage, hotel, retail, entertainment and other and management and development. Revenue disaggregation by geographic location and revenue type for the three months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 159,831 $ 51,988 $ — Food and beverage 28,080 5,479 (51 ) Hotel 19,989 2,017 (1 ) Retail, entertainment and other 30,491 1,757 338 Management and development — — 7,839 Net revenues $ 238,391 $ 61,241 $ 8,125 Revenue disaggregation by geographic location and revenue type for the six months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 330,313 $ 103,441 $ — Food and beverage 57,215 11,192 (93 ) Hotel 41,209 3,775 (2 ) Retail, entertainment and other 62,333 3,624 759 Management and development — — 13,551 Net revenues $ 491,070 $ 122,032 $ 14,215 Contract and Contract-Related Liabilities There may exist a difference between the timing of cash receipts from patrons and the recognition of revenues, resulting in a contract or contract-related liability. In general, the Company has three types of such liabilities: (1) outstanding gaming chips and slot tickets liability, which represents amounts owed in exchange for outstanding gaming chips and slot tickets held by patrons, (2) loyalty points deferred revenue liability, as discussed above, and (3) patron advances and other liability, which primarily represents funds deposited in advance by patrons for gaming and advance payments by patrons for goods and services such as advance ticket sales, deposits on rooms and convention space and gift card purchases. These liabilities are generally expected to be recognized as revenues within one year and are recorded within other current liabilities. The following table summarizes these liabilities (in thousands): March 31, 2019 October 1, 2018 Increase/ (Decrease) Outstanding gaming chips and slot tickets liability $ 6,751 $ 3,298 $ 3,453 Loyalty points deferred revenue liability $ 40,533 $ 42,314 $ (1,781 ) Patron advances and other liability $ 25,747 $ 17,530 $ 8,217 As of March 31, 2019, an $8.0 million contract liability related to Mohegan Sun Pocono's recent revenue sharing agreement with Unibet is recorded within other long-term liabilities (refer to Note 1). ASU 2016-18 In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the total change during the period in cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-18 in its first quarter of fiscal 2019 on a retrospective basis. Transfers between cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents are no longer included within investing activities and, as such, the details of such transfers are not reported as cash flow activities in the statement of cash flows. This resulted in a $16.7 million change to net cash flows used in investing activities for the six months ended March 31, 2018. The following accounting standards will be adopted in future reporting periods: ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016‑02”), which will require, among other things, lessees to recognize a right-of-use asset and a lease liability for leases with terms in excess of 12 months and the disclosure of key information about leasing arrangements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”, which clarified various aspects of the new standard. ASU 2016‑02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 provides various optional practical expedients in transition, which the Company continues to evaluate. In July 2018, the FASB issued ASU 2018-11, “Leases - Targeted Improvements,” as an update to ASU 2016-02. This update added an optional transition method of adoption which allows for the recognition of the cumulative-effect of initially adopting ASU 2016-02 as an adjustment to retained earnings in the period of adoption without recasting prior periods' financial statements. The Company will adopt ASU 2016-02 in its first quarter of fiscal 2020, on a modified retrospective basis, and will recognize the cumulative-effect of its initial adoption as an adjustment to retained earnings as of October 1, 2019. While the Company continues to evaluate the impact ASU 2016-02 will have on its financial statements and related disclosures, the actual impact of this new standard will be dependent upon the Company’s lease portfolio at the time of adoption. The adoption of ASU 2016-02 is expected to have a material impact on the Company’s financial statements, as the Company has significant operating lease commitments that are off-balance sheet under current accounting standards. ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which adds, amends and removes certain disclosure requirements related to fair value measurements. ASU 2018-13 requires enhanced disclosures on valuation techniques and inputs that a reporting entity uses to determine its measures of fair value, including judgments and assumptions that the entity makes and the uncertainties in the fair value measurements as of the reporting date. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019. Certain amended or eliminated disclosure requirements may be adopted earlier, while certain additional disclosure requirements can be adopted on its effective date. In addition, certain changes required by this new standard require retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating the impact ASU 2018-13 will have on its financial statements. |
COWLITZ PROJECT
COWLITZ PROJECT | 6 Months Ended |
Mar. 31, 2019 | |
Cowlitz Project | |
Schedule of Long-term Development Projects [Line Items] | |
LONG TERM DEVELOPMENT PROJECT | COWLITZ PROJECT: On December 4, 2018, the Company received $106.6 million from the Cowlitz Tribal Gaming Authority. This amount represented the full repayment of the then-outstanding notes and accrued interest, through the repayment date, due to Salishan-Mohegan, LLC in connection with the development of ilani Casino Resort, totaling $32.0 million and $74.6 million , respectively. On January 1, 2019, the Mohegan Tribe surrendered its interest in Salishan-Mohegan, LLC and a related entity for total consideration of $10 million , which the Company believes represented its fair value. Effective January 1, 2019, the Company receives 100% of the management fees related to the Cowlitz Project, as well as the Mohegan Tribe's share of development fees. |
NIAGARA
NIAGARA | 6 Months Ended |
Mar. 31, 2019 | |
Asset Acquisition [Abstract] | |
NIAGARA | NIAGARA: In September 2018, MGE Niagara Entertainment Inc. (“MGE Niagara”), a subsidiary currently wholly-owned by the Company, was selected by the Ontario Lottery and Gaming Corporation (the “OLG”) as the service provider for Fallsview Casino Resort, Casino Niagara and the future 5,000 -seat Niagara Falls Entertainment Centre, all in Niagara Falls, Canada (the “Niagara Gaming Bundle”) and entered into a Transition and Asset Purchase Agreement with the OLG to acquire certain assets associated with the Niagara Gaming Bundle, with an anticipated closing date of June 11, 2019 (the “Closing Date”), subject to customary closing conditions. The aggregate purchase price for these assets, exclusive of working capital and taxes, will approximate 89 million Canadian dollars (approximately 67 million United States dollars) and is expected to be funded with proceeds from certain project financing, a portion of which may be convertible into a minority equity interest of MGE Niagara subsequent to the Closing Date. Also on the Closing Date, MGE Niagara will, among other things, enter into a Casino Operating and Services Agreement (“COSA”), pursuant to which MGE Niagara will assume the day-to-day operations of the Niagara Gaming Bundle from the Closing Date through March 31, 2040, and a lease for the Fallsview Casino Resort property for the term of the COSA. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: Long-term debt consisted of the following (in thousands): March 31, September 30, Senior Secured Credit Facility - Revolving $ 55,000 $ 66,000 Senior Secured Credit Facility - Term Loan A, net of discount and debt issuance costs of $5,414 and $6,661, respectively 284,901 311,466 Senior Secured Credit Facility - Term Loan B, net of discount and debt issuance costs of $18,777 and $20,571, respectively 807,883 810,430 2016 7 7/8% Senior Unsecured Notes, net of discount and debt issuance costs of $10,314 and $11,033, respectively 489,686 488,967 Mohegan Expo Credit Facility, net of debt issuance costs of $1,121 and $1,319, respectively 30,409 31,980 Guaranteed Credit Facility, net of debt issuance costs of $1,351 and $1,262, respectively 32,992 22,403 Redemption Note Payable, net of discount of $28,832 and $33,635, respectively 85,968 81,165 Other 1,311 1,744 Long-term debt 1,788,150 1,814,155 Less: current portion of long-term debt (76,809 ) (73,232 ) Long-term debt, net of current portion $ 1,711,341 $ 1,740,923 Senior Secured Credit Facilities - Non-cash Transactions On March 31, 2019, the bank that administers the Company's debt service payments for its Senior Secured Credit Facilities made certain required and optional principal payments on behalf of the Company totaling $13.3 million , but did not accordingly debit the Company's bank account for these payments . As of March 31, 2019, the Company reflected these non-cash transactions as reductions to current portion of long-term debt and corresponding increases to other current liabilities. In the following month, the bank withdrew the payments from the Company's bank account, resulting in reductions to the Company's cash and cash equivalents and other current liabilities. Guaranteed Credit Facility - Second Advance On October 30, 2018, the Company entered into a follow-on loan agreement with certain third-party lenders providing for an $11.3 million term loan under the Indian Loan Guaranty, Insurance and Interest Subsidy Program (the “BIA Loan Guaranty Program”). This term loan, combined with an initial term loan issued under the BIA Loan Guaranty Program in late September 2018, completes the allocation to the Company of $35.0 million in guaranteed term loans under the BIA Loan Guaranty Program. Like the initial facility, this term loan is secured by a 90% loan guarantee by the Department of the Interior, Assistant Secretary—Indian Affairs, Division of Capital Investment, and is otherwise identical to the initial facility, including use of proceeds, maturity, amortization, interest rate and covenant requirements. Debt Covenant Compliance As of March 31, 2019, the Company was in compliance with all financial covenants. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING: The following table summarizes the Company's results on a segment basis (in thousands): For the Three Months Ended For the Six Months Ended March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Net revenues: Mohegan Sun $ 238,391 $ 260,354 $ 491,070 $ 523,291 Mohegan Sun Pocono 61,241 67,130 122,032 131,934 Corporate and other 8,125 4,593 14,215 8,396 Inter-segment revenues (60 ) (60 ) (120 ) (120 ) Total $ 307,697 $ 332,017 $ 627,197 $ 663,501 Income (loss) from operations: Mohegan Sun $ 19,913 $ 57,779 $ 63,976 $ 114,172 Mohegan Sun Pocono 8,214 8,872 15,406 16,547 Corporate and other (5,901 ) (10,579 ) (13,786 ) (19,647 ) Total $ 22,226 $ 56,072 $ 65,596 $ 111,072 For the Six Months Ended March 31, 2019 March 31, 2018 Capital expenditures incurred: Mohegan Sun $ 17,101 $ 56,482 Mohegan Sun Pocono 1,631 3,786 Corporate and other 19,693 12,267 Total $ 38,425 72,535 March 31, 2019 September 30, 2018 Total assets: Mohegan Sun $ 1,319,822 $ 1,364,169 Mohegan Sun Pocono 580,982 581,079 Corporate and other 355,739 366,871 Total $ 2,256,543 $ 2,312,119 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: The Company is a defendant in various claims and legal actions resulting from its normal course of business, primarily relating to personal injuries to patrons and damages to patrons' personal assets. The Company estimates litigation claims expense and accrues for such liabilities based upon historical experience. In management's opinion, the aggregate liability, if any, arising from such legal actions will not have a material impact on the Company's financial position, results of operations or cash flows. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In accordance with Rule 10-01, the accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by US GAAP. All adjustments, including normal recurring accruals and adjustments, necessary for a fair statement of the Company's operating results for the interim period, have been included. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018. The preparation of financial statements in conformity with US GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies the following fair value hierarchy, which prioritizes the inputs utilized to measure fair value into three levels: • Level 1 - Quoted prices for identical assets or liabilities in active markets; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets or valuations based on models where the significant inputs are observable or can be corroborated by observable market data; and • Level 3 - Valuations based on models where the significant inputs are unobservable. The unobservable inputs reflect the Company's estimates or assumptions that market participants would utilize in pricing such assets or liabilities. The Company's assessment of the significance of a particular input requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. |
New Accounting Standards | NEW ACCOUNTING STANDARDS: The following accounting standards were adopted during the three months and six months ended March 31, 2019: ASU 2014-09 In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASC 606”), which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Effective October 1, 2018, the Company adopted ASC 606, on a modified retrospective basis, for all contracts at the date of initial adoption. The Company recognized the cumulative-effect of initially adopting ASC 606 as a decrease to retained earnings and a corresponding increase to other current liabilities. Comparative information for the three months and six months ended March 31, 2018 has not been restated and continues to be reported under accounting standards in effect for those periods. The adoption of ASC 606 did not have a material effect on the Company’s net loss for the three months and six months ended March 31, 2019. The cumulative-effect of initially adopting ASC 606 was as follows (in thousands): September 30, 2018 ASC 606 Adjustment October 1, 2018 Other current liabilities $ 123,303 $ 41,575 $ 164,878 Retained earnings $ 250,707 $ (41,575 ) $ 209,132 The impact of adopting ASC 606 on the accompanying condensed consolidated balance sheet as of March 31, 2019 was as follows (in thousands): Balance under ASC 606 Balance without ASC 606 Impact of Change March 31, 2019 March 31, 2019 Higher/ (Lower) Other current liabilities $ 165,741 $ 126,285 $ 39,456 Retained earnings $ 174,053 $ 213,509 $ (39,456 ) The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the three months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 211,819 $ 296 $ (38,947 ) $ (15,330 ) $ (1,580 ) $ 5,525 $ 261,855 $ (50,036 ) Food and beverage 33,508 — 10,897 — — 825 21,786 11,722 Hotel 22,005 — 6,076 — — 168 15,761 6,244 Retail, entertainment and other 40,365 — 6,825 1,284 — (1,624 ) 33,880 6,485 Gross revenues 307,697 296 (15,149 ) (14,046 ) (1,580 ) 4,894 333,282 (25,585 ) Less-Promotional allowances — — 16,357 6,179 — 811 (23,347 ) 23,347 Net revenues 307,697 296 1,208 (7,867 ) (1,580 ) 5,705 309,935 (2,238 ) Operating costs and expenses: Gaming 125,970 (516 ) (1,720 ) (26,652 ) (1,580 ) 5,837 150,601 (24,631 ) Food and beverage 26,084 — 2,928 7,564 — 825 14,767 11,317 Hotel 10,026 — — 2,391 — 168 7,467 2,559 Retail, entertainment and other 19,507 — — 8,830 — (1,266 ) 11,943 7,564 Advertising, general and administrative 47,112 — — — — 141 46,971 141 Corporate 12,464 — — — — — 12,464 — Depreciation and amortization 42,782 — — — — — 42,782 — Other, net 1,526 — — — — — 1,526 — Total operating costs and expenses 285,471 (516 ) 1,208 (7,867 ) (1,580 ) 5,705 288,521 (3,050 ) Income from operations $ 22,226 $ 812 $ — $ — $ — $ — $ 21,414 $ 812 The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the six months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 433,754 $ 1,515 $ (69,683 ) $ (33,177 ) $ (4,259 ) $ 11,175 $ 528,183 $ (94,429 ) Food and beverage 68,314 — 20,998 — — 1,974 45,342 22,972 Hotel 44,982 — 12,074 — — 332 32,576 12,406 Retail, entertainment and other 80,147 — 6,977 2,889 — (3,586 ) 73,867 6,280 Gross revenues 627,197 1,515 (29,634 ) (30,288 ) (4,259 ) 9,895 679,968 (52,771 ) Less-Promotional allowances — — 32,007 12,560 — 1,517 (46,084 ) 46,084 Net revenues 627,197 1,515 2,373 (17,728 ) (4,259 ) 11,412 633,884 (6,687 ) Operating costs and expenses: Gaming 254,634 (611 ) (3,431 ) (56,281 ) (4,259 ) 11,589 307,627 (52,993 ) Food and beverage 52,531 — 5,804 14,919 — 1,974 29,834 22,697 Hotel 19,829 — — 4,982 — 332 14,515 5,314 Retail, entertainment and other 40,269 — — 18,652 — (2,733 ) 24,350 15,919 Advertising, general and administrative 96,130 — — — — 250 95,880 250 Corporate 24,889 — — — — — 24,889 — Depreciation and amortization 69,872 — — — — — 69,872 — Other, net 3,447 — — — — — 3,447 — Total operating costs and expenses 561,601 (611 ) 2,373 (17,728 ) (4,259 ) 11,412 570,414 (8,813 ) Income from operations $ 65,596 $ 2,126 $ — $ — $ — $ — $ 63,470 $ 2,126 The items most significantly impacted by the adoption of ASC 606 were as follows: (1) ASC 606 modified the accounting related to loyalty points. The Company’s loyalty reward programs allow patrons to utilize their reward membership cards to earn loyalty points that are redeemable for complimentary items such as food and beverage, lodging and retail products. Under ASC 606, the Company is required to utilize a deferred revenue model to reduce gaming revenues by the estimated fair value of loyalty points earned by patrons and recognize the related revenues when such loyalty points are redeemed. The deferred revenue liability is based on the estimated stand-alone selling price (“SSP”) of loyalty points earned after factoring in the likelihood of redemption. Prior to the adoption of ASC 606, the liability for unredeemed loyalty points was estimated based on expected redemption rates and estimated costs of the goods and services to be provided. (2) ASC 606 modified the accounting related to promotional allowances. The Company no longer recognizes revenues for complimentary items provided to patrons or for goods and services provided to patrons in connection with loyalty point redemptions as gross revenues with a corresponding offset to promotional allowances to arrive at net revenues. The majority of such amounts previously included within promotional allowances now offset gaming revenues based on an allocation of revenues to performance obligations utilizing SSP. These changes resulted in the elimination of promotional allowances and the reclassification of revenues between the various revenue line items. (3) ASC 606 modified the accounting related to cash giveaways. The Company now records cash giveaways as a reduction to gaming revenues. Prior to the adoption of ASC 606, the Company recorded cash giveaways as expenses. This change resulted in decreases in both gaming revenues and expenses. (4) ASC 606 modified gross versus net presentation related to certain fees. The Company now records mandatory service charges on food and beverage items and wide area progressive operator fees on a gross basis, with amounts received from patrons recorded as revenues and the corresponding amounts paid recorded as expenses. This change resulted in increases in both revenues and expenses. The Company’s revenues from contracts with customers consist of gaming, food and beverage, hotel, retail, entertainment and convention related transactions, as well as management and development services related to management and development contracts with third-party facilities. The transaction price in a gaming contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price in a racing contract, inclusive of live racing at the Company’s facilities, as well as import and export arrangements, is the commission received from the pari-mutuel pool less contractual fees and obligations, which primarily consist of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to racing operations. The transaction prices in food and beverage, hotel, retail, entertainment and convention contracts are the net amounts collected for such goods and services. Sales and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenues or expenses. The transaction prices in management and development service contracts are the amounts collected for services rendered in accordance with contractual terms, inclusive of reimbursable costs and expenses. Gaming transactions involve two performance obligations for patrons participating in the Company’s loyalty reward programs and a single performance obligation for patrons that do not participate. The Company applies a practical expedient by accounting for gaming contracts on a portfolio basis, as such contracts share similar characteristics. The Company does not expect the effects on its condensed consolidated financial statements under this approach to differ materially versus under an individual contract basis. Revenues allocated to gaming performance obligations are recognized when gaming occurs as such activities are settled immediately. Revenues allocated to the loyalty points deferred revenue liability are recognized when loyalty points are redeemed. The deferred revenue liability is based on the estimated SSP of the loyalty points earned after factoring in the likelihood of redemption. Food and beverage, hotel, retail, entertainment and convention transactions have been determined to be separate, stand-alone performance obligations and revenues for such contracts are recognized when the related goods and services are transferred to patrons. Revenues from contracts which include a combination of these transactions are allocated on a pro rata basis based on the goods' and services' SSP. Management and development services have been determined to be separate, stand-alone performance obligations and revenues for such contracts are recognized when the related services are performed. Revenue Disaggregation The Company is a geographically diversified, multi-jurisdictional owner, operator and manager of gaming facilities. The Company’s current operations are focused within Connecticut and Pennsylvania. The Company also currently manages other gaming facilities elsewhere within the United States. The Company generates revenues by providing the following types of goods and services: gaming, food and beverage, hotel, retail, entertainment and other and management and development. Revenue disaggregation by geographic location and revenue type for the three months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 159,831 $ 51,988 $ — Food and beverage 28,080 5,479 (51 ) Hotel 19,989 2,017 (1 ) Retail, entertainment and other 30,491 1,757 338 Management and development — — 7,839 Net revenues $ 238,391 $ 61,241 $ 8,125 Revenue disaggregation by geographic location and revenue type for the six months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 330,313 $ 103,441 $ — Food and beverage 57,215 11,192 (93 ) Hotel 41,209 3,775 (2 ) Retail, entertainment and other 62,333 3,624 759 Management and development — — 13,551 Net revenues $ 491,070 $ 122,032 $ 14,215 Contract and Contract-Related Liabilities There may exist a difference between the timing of cash receipts from patrons and the recognition of revenues, resulting in a contract or contract-related liability. In general, the Company has three types of such liabilities: (1) outstanding gaming chips and slot tickets liability, which represents amounts owed in exchange for outstanding gaming chips and slot tickets held by patrons, (2) loyalty points deferred revenue liability, as discussed above, and (3) patron advances and other liability, which primarily represents funds deposited in advance by patrons for gaming and advance payments by patrons for goods and services such as advance ticket sales, deposits on rooms and convention space and gift card purchases. These liabilities are generally expected to be recognized as revenues within one year and are recorded within other current liabilities. The following table summarizes these liabilities (in thousands): March 31, 2019 October 1, 2018 Increase/ (Decrease) Outstanding gaming chips and slot tickets liability $ 6,751 $ 3,298 $ 3,453 Loyalty points deferred revenue liability $ 40,533 $ 42,314 $ (1,781 ) Patron advances and other liability $ 25,747 $ 17,530 $ 8,217 As of March 31, 2019, an $8.0 million contract liability related to Mohegan Sun Pocono's recent revenue sharing agreement with Unibet is recorded within other long-term liabilities (refer to Note 1). ASU 2016-18 In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the total change during the period in cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-18 in its first quarter of fiscal 2019 on a retrospective basis. Transfers between cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents are no longer included within investing activities and, as such, the details of such transfers are not reported as cash flow activities in the statement of cash flows. This resulted in a $16.7 million change to net cash flows used in investing activities for the six months ended March 31, 2018. The following accounting standards will be adopted in future reporting periods: ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016‑02”), which will require, among other things, lessees to recognize a right-of-use asset and a lease liability for leases with terms in excess of 12 months and the disclosure of key information about leasing arrangements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”, which clarified various aspects of the new standard. ASU 2016‑02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 provides various optional practical expedients in transition, which the Company continues to evaluate. In July 2018, the FASB issued ASU 2018-11, “Leases - Targeted Improvements,” as an update to ASU 2016-02. This update added an optional transition method of adoption which allows for the recognition of the cumulative-effect of initially adopting ASU 2016-02 as an adjustment to retained earnings in the period of adoption without recasting prior periods' financial statements. The Company will adopt ASU 2016-02 in its first quarter of fiscal 2020, on a modified retrospective basis, and will recognize the cumulative-effect of its initial adoption as an adjustment to retained earnings as of October 1, 2019. While the Company continues to evaluate the impact ASU 2016-02 will have on its financial statements and related disclosures, the actual impact of this new standard will be dependent upon the Company’s lease portfolio at the time of adoption. The adoption of ASU 2016-02 is expected to have a material impact on the Company’s financial statements, as the Company has significant operating lease commitments that are off-balance sheet under current accounting standards. ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which adds, amends and removes certain disclosure requirements related to fair value measurements. ASU 2018-13 requires enhanced disclosures on valuation techniques and inputs that a reporting entity uses to determine its measures of fair value, including judgments and assumptions that the entity makes and the uncertainties in the fair value measurements as of the reporting date. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019. Certain amended or eliminated disclosure requirements may be adopted earlier, while certain additional disclosure requirements can be adopted on its effective date. In addition, certain changes required by this new standard require retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating the impact ASU 2018-13 will have on its financial statements. |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated fair value of financing facilities and notes | The carrying amount of cash and cash equivalents, restricted cash and cash equivalents, receivables, trade payables and certain promissory notes, including a redemption note payable, approximates fair value. The estimated fair values of the Company's long-term debt were as follows (in thousands): March 31, 2019 Carrying Value Fair Value Senior Secured Credit Facility - Revolving $ 55,000 $ 52,525 Senior Secured Credit Facility - Term Loan A $ 284,901 $ 281,243 Senior Secured Credit Facility - Term Loan B $ 807,883 $ 781,194 2016 7 7/8% Senior Unsecured Notes $ 489,686 $ 495,000 |
NEW ACCOUNTING STANDARDS (Table
NEW ACCOUNTING STANDARDS (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements | The adoption of ASC 606 did not have a material effect on the Company’s net loss for the three months and six months ended March 31, 2019. The cumulative-effect of initially adopting ASC 606 was as follows (in thousands): September 30, 2018 ASC 606 Adjustment October 1, 2018 Other current liabilities $ 123,303 $ 41,575 $ 164,878 Retained earnings $ 250,707 $ (41,575 ) $ 209,132 The impact of adopting ASC 606 on the accompanying condensed consolidated balance sheet as of March 31, 2019 was as follows (in thousands): Balance under ASC 606 Balance without ASC 606 Impact of Change March 31, 2019 March 31, 2019 Higher/ (Lower) Other current liabilities $ 165,741 $ 126,285 $ 39,456 Retained earnings $ 174,053 $ 213,509 $ (39,456 ) The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the three months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 211,819 $ 296 $ (38,947 ) $ (15,330 ) $ (1,580 ) $ 5,525 $ 261,855 $ (50,036 ) Food and beverage 33,508 — 10,897 — — 825 21,786 11,722 Hotel 22,005 — 6,076 — — 168 15,761 6,244 Retail, entertainment and other 40,365 — 6,825 1,284 — (1,624 ) 33,880 6,485 Gross revenues 307,697 296 (15,149 ) (14,046 ) (1,580 ) 4,894 333,282 (25,585 ) Less-Promotional allowances — — 16,357 6,179 — 811 (23,347 ) 23,347 Net revenues 307,697 296 1,208 (7,867 ) (1,580 ) 5,705 309,935 (2,238 ) Operating costs and expenses: Gaming 125,970 (516 ) (1,720 ) (26,652 ) (1,580 ) 5,837 150,601 (24,631 ) Food and beverage 26,084 — 2,928 7,564 — 825 14,767 11,317 Hotel 10,026 — — 2,391 — 168 7,467 2,559 Retail, entertainment and other 19,507 — — 8,830 — (1,266 ) 11,943 7,564 Advertising, general and administrative 47,112 — — — — 141 46,971 141 Corporate 12,464 — — — — — 12,464 — Depreciation and amortization 42,782 — — — — — 42,782 — Other, net 1,526 — — — — — 1,526 — Total operating costs and expenses 285,471 (516 ) 1,208 (7,867 ) (1,580 ) 5,705 288,521 (3,050 ) Income from operations $ 22,226 $ 812 $ — $ — $ — $ — $ 21,414 $ 812 The impact of adopting ASC 606 on the accompanying condensed consolidated statement of loss for the six months ended March 31, 2019 was as follows (in thousands): Promotional Promotional Gross vs. Net Impact of Balance Loyalty Allowances Allowances Cash Presentation Balance Change under Points (Discretionary) (Non-Discretionary) Giveaways and Other without Higher/ ASC 606 (1) (2) (2) (3) (4) ASC 606 (Lower) Revenues: Gaming $ 433,754 $ 1,515 $ (69,683 ) $ (33,177 ) $ (4,259 ) $ 11,175 $ 528,183 $ (94,429 ) Food and beverage 68,314 — 20,998 — — 1,974 45,342 22,972 Hotel 44,982 — 12,074 — — 332 32,576 12,406 Retail, entertainment and other 80,147 — 6,977 2,889 — (3,586 ) 73,867 6,280 Gross revenues 627,197 1,515 (29,634 ) (30,288 ) (4,259 ) 9,895 679,968 (52,771 ) Less-Promotional allowances — — 32,007 12,560 — 1,517 (46,084 ) 46,084 Net revenues 627,197 1,515 2,373 (17,728 ) (4,259 ) 11,412 633,884 (6,687 ) Operating costs and expenses: Gaming 254,634 (611 ) (3,431 ) (56,281 ) (4,259 ) 11,589 307,627 (52,993 ) Food and beverage 52,531 — 5,804 14,919 — 1,974 29,834 22,697 Hotel 19,829 — — 4,982 — 332 14,515 5,314 Retail, entertainment and other 40,269 — — 18,652 — (2,733 ) 24,350 15,919 Advertising, general and administrative 96,130 — — — — 250 95,880 250 Corporate 24,889 — — — — — 24,889 — Depreciation and amortization 69,872 — — — — — 69,872 — Other, net 3,447 — — — — — 3,447 — Total operating costs and expenses 561,601 (611 ) 2,373 (17,728 ) (4,259 ) 11,412 570,414 (8,813 ) Income from operations $ 65,596 $ 2,126 $ — $ — $ — $ — $ 63,470 $ 2,126 The items most significantly impacted by the adoption of ASC 606 were as follows: (1) ASC 606 modified the accounting related to loyalty points. The Company’s loyalty reward programs allow patrons to utilize their reward membership cards to earn loyalty points that are redeemable for complimentary items such as food and beverage, lodging and retail products. Under ASC 606, the Company is required to utilize a deferred revenue model to reduce gaming revenues by the estimated fair value of loyalty points earned by patrons and recognize the related revenues when such loyalty points are redeemed. The deferred revenue liability is based on the estimated stand-alone selling price (“SSP”) of loyalty points earned after factoring in the likelihood of redemption. Prior to the adoption of ASC 606, the liability for unredeemed loyalty points was estimated based on expected redemption rates and estimated costs of the goods and services to be provided. (2) ASC 606 modified the accounting related to promotional allowances. The Company no longer recognizes revenues for complimentary items provided to patrons or for goods and services provided to patrons in connection with loyalty point redemptions as gross revenues with a corresponding offset to promotional allowances to arrive at net revenues. The majority of such amounts previously included within promotional allowances now offset gaming revenues based on an allocation of revenues to performance obligations utilizing SSP. These changes resulted in the elimination of promotional allowances and the reclassification of revenues between the various revenue line items. (3) ASC 606 modified the accounting related to cash giveaways. The Company now records cash giveaways as a reduction to gaming revenues. Prior to the adoption of ASC 606, the Company recorded cash giveaways as expenses. This change resulted in decreases in both gaming revenues and expenses. (4) ASC 606 modified gross versus net presentation related to certain fees. The Company now records mandatory service charges on food and beverage items and wide area progressive operator fees on a gross basis, with amounts received from patrons recorded as revenues and the corresponding amounts paid recorded as expenses. This change resulted in increases in both revenues and expenses. |
Disaggregation of Revenue | Revenue disaggregation by geographic location and revenue type for the three months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 159,831 $ 51,988 $ — Food and beverage 28,080 5,479 (51 ) Hotel 19,989 2,017 (1 ) Retail, entertainment and other 30,491 1,757 338 Management and development — — 7,839 Net revenues $ 238,391 $ 61,241 $ 8,125 Revenue disaggregation by geographic location and revenue type for the six months ended March 31, 2019 was as follows (in thousands): Connecticut Pennsylvania Other (Mohegan Sun) (Mohegan Sun Pocono) (Corporate and Other) Gaming $ 330,313 $ 103,441 $ — Food and beverage 57,215 11,192 (93 ) Hotel 41,209 3,775 (2 ) Retail, entertainment and other 62,333 3,624 759 Management and development — — 13,551 Net revenues $ 491,070 $ 122,032 $ 14,215 |
Contract with Customer | The following table summarizes these liabilities (in thousands): March 31, 2019 October 1, 2018 Increase/ (Decrease) Outstanding gaming chips and slot tickets liability $ 6,751 $ 3,298 $ 3,453 Loyalty points deferred revenue liability $ 40,533 $ 42,314 $ (1,781 ) Patron advances and other liability $ 25,747 $ 17,530 $ 8,217 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (in thousands): March 31, September 30, Senior Secured Credit Facility - Revolving $ 55,000 $ 66,000 Senior Secured Credit Facility - Term Loan A, net of discount and debt issuance costs of $5,414 and $6,661, respectively 284,901 311,466 Senior Secured Credit Facility - Term Loan B, net of discount and debt issuance costs of $18,777 and $20,571, respectively 807,883 810,430 2016 7 7/8% Senior Unsecured Notes, net of discount and debt issuance costs of $10,314 and $11,033, respectively 489,686 488,967 Mohegan Expo Credit Facility, net of debt issuance costs of $1,121 and $1,319, respectively 30,409 31,980 Guaranteed Credit Facility, net of debt issuance costs of $1,351 and $1,262, respectively 32,992 22,403 Redemption Note Payable, net of discount of $28,832 and $33,635, respectively 85,968 81,165 Other 1,311 1,744 Long-term debt 1,788,150 1,814,155 Less: current portion of long-term debt (76,809 ) (73,232 ) Long-term debt, net of current portion $ 1,711,341 $ 1,740,923 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial information related to segments | The following table summarizes the Company's results on a segment basis (in thousands): For the Three Months Ended For the Six Months Ended March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Net revenues: Mohegan Sun $ 238,391 $ 260,354 $ 491,070 $ 523,291 Mohegan Sun Pocono 61,241 67,130 122,032 131,934 Corporate and other 8,125 4,593 14,215 8,396 Inter-segment revenues (60 ) (60 ) (120 ) (120 ) Total $ 307,697 $ 332,017 $ 627,197 $ 663,501 Income (loss) from operations: Mohegan Sun $ 19,913 $ 57,779 $ 63,976 $ 114,172 Mohegan Sun Pocono 8,214 8,872 15,406 16,547 Corporate and other (5,901 ) (10,579 ) (13,786 ) (19,647 ) Total $ 22,226 $ 56,072 $ 65,596 $ 111,072 For the Six Months Ended March 31, 2019 March 31, 2018 Capital expenditures incurred: Mohegan Sun $ 17,101 $ 56,482 Mohegan Sun Pocono 1,631 3,786 Corporate and other 19,693 12,267 Total $ 38,425 72,535 March 31, 2019 September 30, 2018 Total assets: Mohegan Sun $ 1,319,822 $ 1,364,169 Mohegan Sun Pocono 580,982 581,079 Corporate and other 355,739 366,871 Total $ 2,256,543 $ 2,312,119 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | Jan. 25, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Property and equipment, net | $ 1,363,037 | $ 1,363,037 | $ 1,395,369 | |||
Depreciation and amortization | 42,782 | $ 19,828 | 69,872 | $ 40,035 | ||
Other long-term liabilities | $ 8,000 | 19,313 | 19,313 | $ 4,618 | ||
Payment for license fees | 8,000 | 8,000 | $ 0 | |||
Indefinite useful life intangible asset | $ 8,000 | |||||
Senior Secured Credit Facility - Revolving | Credit Facility | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | 55,000 | 55,000 | ||||
Senior Secured Credit Facility - Revolving | Credit Facility | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | 52,525 | 52,525 | ||||
Senior Secured Credit Facility - Term Loan A | Credit Facility | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | 284,901 | 284,901 | ||||
Senior Secured Credit Facility - Term Loan A | Credit Facility | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | 281,243 | 281,243 | ||||
Senior Secured Credit Facility - Term Loan B | Credit Facility | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | 807,883 | 807,883 | ||||
Senior Secured Credit Facility - Term Loan B | Credit Facility | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Credit facility value | $ 781,194 | $ 781,194 | ||||
2016 7 7/8% Senior Unsecured Notes | Senior Unsecured Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Note stated interest rate | 7.875% | 7.875% | ||||
2016 7 7/8% Senior Unsecured Notes | Senior Unsecured Notes | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Note value | $ 489,686 | $ 489,686 | ||||
2016 7 7/8% Senior Unsecured Notes | Senior Unsecured Notes | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Note value | 495,000 | 495,000 | ||||
Useful life adjustment | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Depreciation and amortization | 21,600 | |||||
Useful life adjustment | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Property and equipment, net | $ (6,300) | (6,300) | ||||
Depreciation and amortization | $ 21,600 |
NEW ACCOUNTING STANDARDS - Bala
NEW ACCOUNTING STANDARDS - Balance Sheet Impacts (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Oct. 01, 2018 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current liabilities | $ 165,741 | $ 164,878 | $ 123,303 |
Retained earnings | 174,053 | 209,132 | 250,707 |
Balance without Adoption of ASC 606 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current liabilities | 126,285 | 123,303 | |
Retained earnings | 213,509 | $ 250,707 | |
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current liabilities | 39,456 | 41,575 | |
Retained earnings | $ (39,456) | $ (41,575) |
NEW ACCOUNTING STANDARDS - Inco
NEW ACCOUNTING STANDARDS - Income Statement Impacts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||||
Gross revenues | $ 307,697 | $ 354,711 | $ 627,197 | $ 711,332 |
Less-Promotional allowances | 0 | (22,694) | 0 | (47,831) |
Net revenues | 307,697 | 332,017 | 627,197 | 663,501 |
Operating costs and expenses: | ||||
Selling, general, and administrative | 47,112 | 49,595 | 96,130 | 99,972 |
Corporate | 12,464 | 14,090 | 24,889 | 26,243 |
Depreciation and amortization | 42,782 | 19,828 | 69,872 | 40,035 |
Other, net | 1,526 | 4,215 | 3,447 | 4,836 |
Total operating costs and expenses | 285,471 | 275,945 | 561,601 | 552,429 |
Income from operations | 22,226 | 56,072 | 65,596 | 111,072 |
Gaming | ||||
Revenues: | ||||
Gross revenues | 211,819 | 288,735 | 433,754 | 575,741 |
Operating costs and expenses: | ||||
Cost of goods sold | 125,970 | 161,801 | 254,634 | 326,116 |
Food and beverage | ||||
Revenues: | ||||
Gross revenues | 33,508 | 21,170 | 68,314 | 42,990 |
Operating costs and expenses: | ||||
Cost of goods sold | 26,084 | 10,180 | 52,531 | 20,369 |
Hotel | ||||
Revenues: | ||||
Gross revenues | 22,005 | 14,957 | 44,982 | 29,864 |
Operating costs and expenses: | ||||
Cost of goods sold | 10,026 | 6,647 | 19,829 | 13,652 |
Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 40,365 | 29,849 | 80,147 | 62,737 |
Operating costs and expenses: | ||||
Cost of goods sold | 19,507 | $ 9,589 | 40,269 | $ 21,206 |
Balance without Adoption of ASC 606 | ||||
Revenues: | ||||
Gross revenues | 333,282 | 679,968 | ||
Less-Promotional allowances | (23,347) | (46,084) | ||
Net revenues | 309,935 | 633,884 | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 46,971 | 95,880 | ||
Corporate | 12,464 | 24,889 | ||
Depreciation and amortization | 42,782 | 69,872 | ||
Other, net | 1,526 | 3,447 | ||
Total operating costs and expenses | 288,521 | 570,414 | ||
Income from operations | 21,414 | 63,470 | ||
Balance without Adoption of ASC 606 | Gaming | ||||
Revenues: | ||||
Gross revenues | 261,855 | 528,183 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 150,601 | 307,627 | ||
Balance without Adoption of ASC 606 | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 21,786 | 45,342 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 14,767 | 29,834 | ||
Balance without Adoption of ASC 606 | Hotel | ||||
Revenues: | ||||
Gross revenues | 15,761 | 32,576 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 7,467 | 14,515 | ||
Balance without Adoption of ASC 606 | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 33,880 | 73,867 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 11,943 | 24,350 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | ||||
Revenues: | ||||
Gross revenues | (25,585) | (52,771) | ||
Less-Promotional allowances | 23,347 | 46,084 | ||
Net revenues | (2,238) | (6,687) | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 141 | 250 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | (3,050) | (8,813) | ||
Income from operations | 812 | 2,126 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gaming | ||||
Revenues: | ||||
Gross revenues | (50,036) | (94,429) | ||
Operating costs and expenses: | ||||
Cost of goods sold | (24,631) | (52,993) | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 11,722 | 22,972 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 11,317 | 22,697 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Hotel | ||||
Revenues: | ||||
Gross revenues | 6,244 | 12,406 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 2,559 | 5,314 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 6,485 | 6,280 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 7,564 | 15,919 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Loyalty Points | ||||
Revenues: | ||||
Gross revenues | 296 | 1,515 | ||
Less-Promotional allowances | 0 | 0 | ||
Net revenues | 296 | 1,515 | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 0 | 0 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | (516) | (611) | ||
Income from operations | 812 | 2,126 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Loyalty Points | Gaming | ||||
Revenues: | ||||
Gross revenues | 296 | 1,515 | ||
Operating costs and expenses: | ||||
Cost of goods sold | (516) | (611) | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Loyalty Points | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Loyalty Points | Hotel | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Loyalty Points | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Discretionary Complementaries) | ||||
Revenues: | ||||
Gross revenues | (15,149) | (29,634) | ||
Less-Promotional allowances | 16,357 | 32,007 | ||
Net revenues | 1,208 | 2,373 | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 0 | 0 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | 1,208 | 2,373 | ||
Income from operations | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Discretionary Complementaries) | Gaming | ||||
Revenues: | ||||
Gross revenues | (38,947) | (69,683) | ||
Operating costs and expenses: | ||||
Cost of goods sold | (1,720) | (3,431) | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Discretionary Complementaries) | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 10,897 | 20,998 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 2,928 | 5,804 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Discretionary Complementaries) | Hotel | ||||
Revenues: | ||||
Gross revenues | 6,076 | 12,074 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Discretionary Complementaries) | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 6,825 | 6,977 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Non-Discretionary Complementaries) | ||||
Revenues: | ||||
Gross revenues | (14,046) | (30,288) | ||
Less-Promotional allowances | 6,179 | 12,560 | ||
Net revenues | (7,867) | (17,728) | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 0 | 0 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | (7,867) | (17,728) | ||
Income from operations | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Non-Discretionary Complementaries) | Gaming | ||||
Revenues: | ||||
Gross revenues | (15,330) | (33,177) | ||
Operating costs and expenses: | ||||
Cost of goods sold | (26,652) | (56,281) | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Non-Discretionary Complementaries) | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 7,564 | 14,919 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Non-Discretionary Complementaries) | Hotel | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 2,391 | 4,982 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Promotional Allowances (Non-Discretionary Complementaries) | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 1,284 | 2,889 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 8,830 | 18,652 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gross vs. Net Presentation and Other | ||||
Revenues: | ||||
Gross revenues | (1,580) | (4,259) | ||
Less-Promotional allowances | 0 | 0 | ||
Net revenues | (1,580) | (4,259) | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 0 | 0 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | (1,580) | (4,259) | ||
Income from operations | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gross vs. Net Presentation and Other | Gaming | ||||
Revenues: | ||||
Gross revenues | (1,580) | (4,259) | ||
Operating costs and expenses: | ||||
Cost of goods sold | (1,580) | (4,259) | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gross vs. Net Presentation and Other | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gross vs. Net Presentation and Other | Hotel | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Gross vs. Net Presentation and Other | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | 0 | 0 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Cash Promotions | ||||
Revenues: | ||||
Gross revenues | 4,894 | 9,895 | ||
Less-Promotional allowances | 811 | 1,517 | ||
Net revenues | 5,705 | 11,412 | ||
Operating costs and expenses: | ||||
Selling, general, and administrative | 141 | 250 | ||
Corporate | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Other, net | 0 | 0 | ||
Total operating costs and expenses | 5,705 | 11,412 | ||
Income from operations | 0 | 0 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Cash Promotions | Gaming | ||||
Revenues: | ||||
Gross revenues | 5,525 | 11,175 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 5,837 | 11,589 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Cash Promotions | Food and beverage | ||||
Revenues: | ||||
Gross revenues | 825 | 1,974 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 825 | 1,974 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Cash Promotions | Hotel | ||||
Revenues: | ||||
Gross revenues | 168 | 332 | ||
Operating costs and expenses: | ||||
Cost of goods sold | 168 | 332 | ||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | Cash Promotions | Retail, entertainment and other | ||||
Revenues: | ||||
Gross revenues | (1,624) | (3,586) | ||
Operating costs and expenses: | ||||
Cost of goods sold | $ (1,266) | $ (2,733) |
NEW ACCOUNTING STANDARDS - Reve
NEW ACCOUNTING STANDARDS - Revenue Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 307,697 | $ 332,017 | $ 627,197 | $ 663,501 |
Connecticut | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 238,391 | 491,070 | ||
Connecticut | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 159,831 | 330,313 | ||
Connecticut | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 28,080 | 57,215 | ||
Connecticut | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 19,989 | 41,209 | ||
Connecticut | Retail, entertainment and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 30,491 | 62,333 | ||
Connecticut | Management and development | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | ||
Pennsylvania | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 61,241 | 122,032 | ||
Pennsylvania | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 51,988 | 103,441 | ||
Pennsylvania | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 5,479 | 11,192 | ||
Pennsylvania | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,017 | 3,775 | ||
Pennsylvania | Retail, entertainment and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,757 | 3,624 | ||
Pennsylvania | Management and development | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 8,125 | 14,215 | ||
Other | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 0 | 0 | ||
Other | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | (51) | (93) | ||
Other | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | (1) | (2) | ||
Other | Retail, entertainment and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 338 | 759 | ||
Other | Management and development | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 7,839 | $ 13,551 |
NEW ACCOUNTING STANDARDS - Cont
NEW ACCOUNTING STANDARDS - Contract with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 25, 2019 | Oct. 01, 2018 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other long-term liabilities | $ 19,313 | $ 8,000 | $ 4,618 | |
Outstanding gaming chips and slot tickets liability | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | 6,751 | $ 3,298 | ||
Outstanding gaming chips and slot tickets liability | Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | 3,453 | |||
Loyalty points deferred revenue liability | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | 40,533 | 42,314 | ||
Loyalty points deferred revenue liability | Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | (1,781) | |||
Patron advances and other liability | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | 25,747 | $ 17,530 | ||
Patron advances and other liability | Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract related liabilities | 8,217 | |||
Unibet | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other long-term liabilities | $ 8,000 |
NEW ACCOUNTING STANDARDS - Addi
NEW ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash flows provided by (used in) investing activities | $ (5,543) | $ (87,473) |
Accounting Standards Update 2016-18 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash flows provided by (used in) investing activities | $ (16,700) |
COWLITZ PROJECT (Details)
COWLITZ PROJECT (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 04, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Mohegan Tribe | ||||
Schedule of Long-term Development Projects [Line Items] | ||||
Consideration received | $ (10,000) | $ 10,000 | $ 0 | |
Salishan-Mohegan, LLC | Cowlitz Tribal Gaming Authority | ||||
Schedule of Long-term Development Projects [Line Items] | ||||
Repayments of related party debt | $ 106,600 | |||
Outstanding notes receivable | 32,000 | |||
Accrued interest receivable | $ 74,600 | |||
Salishan-Mohegan, LLC | ||||
Schedule of Long-term Development Projects [Line Items] | ||||
Consideration received, percentage of management fees | 100.00% |
NIAGARA (Details)
NIAGARA (Details) $ in Millions, $ in Millions | Jun. 11, 2019CAD ($) | Jun. 11, 2019USD ($) | Mar. 31, 2019seat |
Number of seats (in seats) | 5,000 | ||
Scenario, Forecast | |||
Asset purchase price | $ 89 | $ 67 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Debt Schedule [Abstract] | ||
Long-term debt | $ 1,788,150 | $ 1,814,155 |
Less: current portion of long-term debt | (76,809) | (73,232) |
Long-term debt, net of current portion | 1,711,341 | 1,740,923 |
Credit Facility | Senior Secured Credit Facility - Revolving | ||
Debt Schedule [Abstract] | ||
Long-term debt | 55,000 | 66,000 |
Credit Facility | Senior Secured Credit Facility - Term Loan A | ||
Debt Schedule [Abstract] | ||
Long-term debt | 284,901 | 311,466 |
Discount and debt issuance costs | 5,414 | 6,661 |
Credit Facility | Senior Secured Credit Facility - Term Loan B | ||
Debt Schedule [Abstract] | ||
Long-term debt | 807,883 | 810,430 |
Discount and debt issuance costs | 18,777 | 20,571 |
Credit Facility | Mohegan Expo Credit Facility | ||
Debt Schedule [Abstract] | ||
Long-term debt | 30,409 | 31,980 |
Discount and debt issuance costs | 1,121 | 1,319 |
Credit Facility | Guaranteed Credit Facility | ||
Debt Schedule [Abstract] | ||
Long-term debt | 32,992 | 22,403 |
Discount and debt issuance costs | 1,351 | 1,262 |
Senior Unsecured Notes | 2016 7 7/8% Senior Unsecured Notes | ||
Debt Schedule [Abstract] | ||
Long-term debt | 489,686 | 488,967 |
Discount and debt issuance costs | $ 10,314 | 11,033 |
Note stated interest rate | 7.875% | |
Note Payable | Redemption Note Payable | ||
Debt Schedule [Abstract] | ||
Long-term debt | $ 85,968 | 81,165 |
Discount and debt issuance costs | 28,832 | 33,635 |
Other | ||
Debt Schedule [Abstract] | ||
Long-term debt | $ 1,311 | $ 1,744 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Oct. 30, 2018 |
Debt Instrument [Line Items] | ||
Line of credit, principal payment | $ 13.3 | |
Senior Secured Credit Facility | Department of the Interior, Assistant Secretary—Indian Affairs, Division of Capital Investment | Financial Guarantee | ||
Debt Instrument [Line Items] | ||
Loan guarantee, by third party | 90.00% | |
Senior Secured Credit Facility | BIA Loan Guaranty Program (Second Guaranteed Credit Facility) | ||
Debt Instrument [Line Items] | ||
Term loan | $ 11.3 | |
Senior Secured Credit Facility | BIA Loan Guaranty Program | ||
Debt Instrument [Line Items] | ||
Term loan | $ 35 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 307,697 | $ 332,017 | $ 627,197 | $ 663,501 | |
Income (loss) from operations | 22,226 | 56,072 | 65,596 | 111,072 | |
Capital expenditures incurred | 38,425 | 72,535 | |||
Total assets | 2,256,543 | 2,256,543 | $ 2,312,119 | ||
Mohegan Sun | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from operations | 19,913 | 57,779 | 63,976 | 114,172 | |
Mohegan Sun Pocono | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from operations | 8,214 | 8,872 | 15,406 | 16,547 | |
Operating segments | Mohegan Sun | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 238,391 | 260,354 | 491,070 | 523,291 | |
Capital expenditures incurred | 17,101 | 56,482 | |||
Total assets | 1,319,822 | 1,319,822 | 1,364,169 | ||
Operating segments | Mohegan Sun Pocono | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 61,241 | 67,130 | 122,032 | 131,934 | |
Capital expenditures incurred | 1,631 | 3,786 | |||
Total assets | 580,982 | 580,982 | 581,079 | ||
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 8,125 | 4,593 | 14,215 | 8,396 | |
Income (loss) from operations | (5,901) | (10,579) | (13,786) | (19,647) | |
Capital expenditures incurred | 19,693 | 12,267 | |||
Total assets | 355,739 | 355,739 | $ 366,871 | ||
Inter-segment revenues | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | $ (60) | $ (60) | $ (120) | $ (120) |