Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 12, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | GOLDEN ENTERTAINMENT, INC. | ||
Entity Central Index Key | 0001071255 | ||
Trading Symbol | gden | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 27,697,615 | ||
Entity Public Float | $ 496,366,221 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 116,071 | $ 90,579 |
Accounts receivable, net of allowance of $503 and $414 | 12,779 | 14,692 |
Prepaid expenses | 17,722 | 19,397 |
Inventories | 6,759 | 5,594 |
Other | 3,428 | 2,817 |
Total current assets | 156,759 | 133,079 |
Property and equipment, net | 894,953 | 895,241 |
Goodwill | 158,134 | 158,134 |
Intangible assets, net | 141,128 | 157,692 |
Deferred income taxes | 7,787 | |
Other assets | 15,595 | 13,242 |
Total assets | 1,366,569 | 1,365,175 |
Current liabilities | ||
Current portion of long-term debt | 10,480 | 9,759 |
Accounts payable | 27,812 | 19,470 |
Accrued taxes, other than income taxes | 6,540 | 6,664 |
Accrued payroll and related | 19,780 | 22,570 |
Accrued liabilities | 18,848 | 20,373 |
Total current liabilities | 83,460 | 78,836 |
Long-term debt, net | 960,563 | 963,200 |
Deferred income taxes | 2,593 | |
Other long-term obligations | 4,801 | 3,226 |
Total liabilities | 1,051,417 | 1,045,262 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock, $.01 par value; authorized 100,000 shares; 26,779 and 26,413 common shares issued and outstanding, respectively | 268 | 264 |
Additional paid-in capital | 435,245 | 399,510 |
Accumulated deficit | (120,361) | (79,861) |
Total shareholders' equity | 315,152 | 319,913 |
Total liabilities and shareholders' equity | $ 1,366,569 | $ 1,365,175 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 503 | $ 414 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 26,779,000 | 26,413,000 |
Common stock, shares outstanding (in shares) | 26,779,000 | 26,413,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Total revenues | $ 851,794 | $ 507,138 | $ 399,998 |
Expenses | |||
Other operating | 15,332 | 7,176 | 5,933 |
Selling, general and administrative | 183,892 | 98,382 | 66,323 |
Depreciation and amortization | 94,456 | 40,786 | 27,506 |
Acquisition and merger expenses | 2,956 | 5,041 | 614 |
Preopening expenses | 1,171 | 1,632 | 2,471 |
Executive severance and sign-on bonuses | 784 | 1,142 | 1,037 |
Gain on contingent consideration | (1,719) | ||
Loss on disposal of property and equipment | 3,336 | 441 | 54 |
Other operating, net | (157) | ||
Total expenses | 800,827 | 491,847 | 386,963 |
Operating income | 50,967 | 15,291 | 13,035 |
Non-operating income (expense) | |||
Interest expense, net | (64,028) | (19,598) | (6,454) |
Loss on extinguishment of debt | (1,708) | 18 | |
Change in fair value of derivative | 1,786 | 178 | |
Gain on sale of land held for sale | 4,525 | ||
Other, net | (514) | 869 | |
Total non-operating expense, net | (62,242) | (21,128) | (1,060) |
Income (loss) before income tax benefit | (11,275) | (5,837) | 11,975 |
Income tax benefit (provision) | (9,639) | 7,921 | 4,325 |
Net income (loss) | $ (20,914) | $ 2,084 | $ 16,300 |
Weighted-average common shares outstanding | |||
Basic | 27,553 | 23,105 | 22,135 |
Dilutive impact of stock options and restricted stock units | 1,555 | 319 | |
Diluted | 27,553 | 24,660 | 22,454 |
Net income (loss) per share | |||
Basic | $ (0.76) | $ 0.09 | $ 0.74 |
Diluted | $ (0.76) | $ 0.08 | $ 0.73 |
Gaming [Member] | |||
Revenues | |||
Total revenues | $ 525,176 | $ 381,396 | $ 324,863 |
Expenses | |||
Cost of goods and services sold | 311,657 | 259,579 | 235,539 |
Food and beverage [Member] | |||
Revenues | |||
Total revenues | 170,453 | 81,304 | 55,798 |
Expenses | |||
Cost of goods and services sold | 138,114 | 69,194 | 45,332 |
Rooms [Member] | |||
Revenues | |||
Total revenues | 106,805 | 24,163 | 7,525 |
Expenses | |||
Cost of goods and services sold | 49,129 | 10,350 | 2,154 |
Other operating [Member] | |||
Revenues | |||
Total revenues | $ 49,360 | $ 20,275 | $ 11,812 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balances at Dec. 31, 2015 | $ 210,485 | $ 219 | $ 283,991 | $ (73,725) |
Balances (in shares) at Dec. 31, 2015 | 21,868,000 | |||
Proceeds from issuance of stock on options exercised | 1,792 | $ 3 | 1,789 | |
Proceeds from issuance of stock on options exercised (in shares) | 314,000 | |||
Share-based compensation | $ 3,878 | 3,878 | ||
Repurchases of common stock (in shares) | 0 | |||
Share issuance related to business combination | $ 500 | $ 1 | 499 | |
Share issuance related to business combination (in shares) | 50,000 | |||
Special dividend ($1.71 per share) | (23,529) | (23,529) | ||
Net income (loss) | 16,300 | 16,300 | ||
Balances at Dec. 31, 2016 | 209,426 | $ 223 | 290,157 | (80,954) |
Balances (in shares) at Dec. 31, 2016 | 22,232,000 | |||
Proceeds from issuance of stock on options exercised | 169 | $ 1 | 168 | |
Proceeds from issuance of stock on options exercised (in shares) | 135,000 | |||
Share-based compensation | $ 8,754 | 8,754 | ||
Repurchases of common stock (in shares) | 0 | |||
Tax benefit from share-based compensation | $ (1,015) | (1,015) | ||
Share issuance related to business combination | 101,486 | $ 40 | 101,446 | |
Share issuance related to business combination (in shares) | 4,046,000 | |||
Cumulative effect, change in accounting for revenue recognition related to business combination | (991) | (991) | ||
Net income (loss) | 2,084 | 2,084 | ||
Balances at Dec. 31, 2017 | 319,913 | $ 264 | 399,510 | (79,861) |
Balances (in shares) at Dec. 31, 2017 | 26,413,000 | |||
Proceeds from issuance of stock on options exercised | $ 1,322 | $ 6 | 1,316 | |
Proceeds from issuance of stock on options exercised (in shares) | 813,228 | 610,000 | ||
Share-based compensation | $ 9,641 | 9,641 | ||
Repurchases of common stock | $ (19,598) | $ (12) | (19,586) | |
Repurchases of common stock (in shares) | (1,200,000) | (1,219,000) | ||
Tax benefit from share-based compensation | $ (820) | (820) | ||
Issuance of common stock, net of offering costs | 25,608 | $ 10 | 25,598 | |
Issuance of common stock, net of offering costs (in shares) | 975,000 | |||
Net income (loss) | (20,914) | (20,914) | ||
Balances at Dec. 31, 2018 | $ 315,152 | $ 268 | $ 435,245 | $ (120,361) |
Balances (in shares) at Dec. 31, 2018 | 26,779,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Special dividend, per share | $ 1.71 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income (loss) | $ (20,914) | $ 2,084 | $ 16,300 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 94,456 | 40,786 | 27,506 |
Amortization of debt issuance costs and discounts on debt | 5,062 | 1,593 | 732 |
Share-based compensation | 9,641 | 8,754 | 3,878 |
Loss on disposal of property and equipment | 3,336 | 441 | 54 |
Gain on contingent consideration | (1,719) | ||
Loss (gain) on extinguishment of debt | 1,708 | (18) | |
Gain on change in fair value of derivative | (1,786) | (178) | |
Gain on sale of land held for sale | (4,525) | ||
Deferred income taxes | 10,380 | (7,825) | (4,325) |
Other operating activities | (49) | ||
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 1,913 | (1,593) | (3,151) |
Income taxes receivable | (741) | 2,121 | (262) |
Prepaid expenses | 1,469 | 74 | (3,810) |
Inventories and other current assets | (1,034) | (568) | 102 |
Other assets | (368) | (2,056) | |
Accounts payable and other accrued expenses | (4,915) | (22,519) | 1,580 |
Accrued taxes, other than income taxes | (124) | 511 | 2,193 |
Other liabilities | 1,575 | 488 | 1,190 |
Net cash provided by operating activities | 97,950 | 22,102 | 37,395 |
Cash flows from investing activities | |||
Purchase of property and equipment, net of change in construction payables | (68,175) | (29,463) | (30,634) |
Acquisition of businesses, net of cash acquired | (724,473) | (41,273) | |
Purchase of intangibles and other assets | (1,134) | (2,220) | |
Proceeds from disposal of property and equipment | 103 | 2,985 | |
Other investing activities | (31) | (2,198) | |
Net cash used in investing activities | (69,206) | (756,187) | (71,120) |
Cash flows from financing activities | |||
Proceeds from term loans | 969,000 | 40,000 | |
Repayments of term loans | (8,000) | (150,000) | (8,500) |
Borrowings on revolving credit facility | 6,000 | 5,000 | |
Repayments of revolving credit facility | (36,000) | ||
Repayments of notes payable | (506) | (3,334) | (2,061) |
Purchase of derivative | (3,152) | ||
Proceeds from leased equipment obligation | 743 | ||
Principal payments under capital leases | (1,039) | (610) | (756) |
Payments for debt issuance costs | (219) | (4,035) | (500) |
Repurchases of common stock | (19,598) | ||
Proceeds from the exercise of stock options | 1,322 | 169 | 1,792 |
Proceeds from issuance of common stock, net of issuance costs | 25,608 | ||
Tax withholding on share-based payments | (820) | (1,015) | |
Dividends paid | (23,529) | ||
Net cash provided by (used in) financing activities | (3,252) | 777,766 | 11,446 |
Cash and cash equivalents | |||
Change in cash and cash equivalents | 25,492 | 43,681 | (22,279) |
Balance, beginning of period | 90,579 | 46,898 | 69,177 |
Balance, end of period | 116,071 | 90,579 | 46,898 |
Supplemental cash flow disclosures | |||
Cash paid for interest | 60,542 | 14,143 | 5,721 |
Cash paid (received) for income taxes, net | (84) | 260 | |
Non-cash investing and financing activities | |||
Payables incurred for capital expenditures | 10,797 | 1,849 | |
Notes payable issued for property and equipment | 800 | 717 | 721 |
Assets acquired under capital lease obligations | $ 2,398 | 2,758 | 2,726 |
Common stock issued in connection with acquisitions | $ 101,486 | $ 500 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1 – Nature of Business Golden Entertainment, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on resort casino operations and distributed gaming (including gaming in the Company’s branded taverns). The Company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The Company’s Casinos segment involves the operation of ten resort casino properties in Nevada and Maryland, comprising: (1) The STRAT Hotel, Casino & SkyPod (“The Strat”), Arizona Charlie’s Decatur and Arizona Charlie’s Boulder in Las Vegas, Nevada, (2) the Aquarius Casino Resort (the “Aquarius”), the Edgewater Hotel & Casino Resort (the “Edgewater”) (as of January 14, 2019) and the Colorado Belle Hotel & Casino Resort (the “Colorado Belle”)(as of January 14, 2019) in Laughlin, Nevada, (3) the Pahrump Nugget Hotel Casino (“Pahrump Nugget”), Gold Town Casino and Lakeside Casino & RV Park in Pahrump, Nevada, and (4) the Rocky Gap Casino Resort (“Rocky Gap”) in Flintstone, Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance and operation of slots and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. On January 14, 2019, the Company completed the acquisition of all of the outstanding equity interests of Edgewater Gaming, LLC and Colorado Belle Gaming, LLC (the “Laughlin Entities”) from Marnell Gaming, LLC (“Marnell”) for $155.0 million in cash (subject to the post-closing adjustment provisions in the purchase agreement) and the issuance of 911,002 shares of the Company’s common stock to certain assignees of Marnell ( the “Laughlin Acquisition”) . The results of operations of the Laughlin Entities will be included in the Company’s results subsequent to the acquisition date. See Note 4, Acquisitions , for information regarding the Laughlin Acquisition. In January 2018, the Company completed an underwritten public offering pursuant to its universal shelf registration statement, in which certain of the Company’s shareholders resold an aggregate of 6.5 million shares of the Company’s common stock, and the Company sold 975,000 newly issued shares of its common stock pursuant to the exercise in full of the underwriters’ over-allotment option to purchase additional shares. The Company’s net proceeds from the offering were approximately $25.6 million after deducting underwriting discounts and offering expenses. On October 20, 2017, the Company completed the acquisition of all of the outstanding equity interests of American Casino and Entertainment Properties LLC (“American”) from its former equity holders (the “American Acquisition”). The results of operations of American and its subsidiaries have been included in the Company’s results subsequent to that date. See Note 4, Acquisitions On January 29, 2016, the Company completed the acquisition of approximately 1,100 slots from a distributed gaming operator in Montana, as well as certain other non-gaming assets and the right to operate within certain locations (the “Initial Montana Acquisition”). Additionally, on April 22, 2016, the Company completed the acquisition of approximately 1,800 slots from a second distributed gaming operator in Montana, as well as amusement devices and other non-gaming assets and the right to operate within certain locations (the “Second Montana Acquisition” and, together with the Initial Montana Acquisition, the “Montana Acquisitions”). The results of operations of the distributed gaming businesses acquired in the Montana Acquisitions have been included in the Company’s results subsequent to their respective acquisition dates. See Note 4, Acquisitions |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates also include preliminary estimates of values assigned to assets acquired and liabilities assumed in connection with business combinations, including conclusions of useful lives, separate entity values and underlying valuation metrics and methods. These preliminary estimates could change significantly during the measurement period which can remain open for up to one year after the closing date of the business combination. See Note 4, Acquisitions, Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation. These reclassifications had no effect on previously reported net income. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks and highly-liquid investments with original maturities of three months or less. Although these balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits. Accounts Receivable Accounts receivable consist primarily of gaming, hotel and other receivables, net of an allowance for doubtful accounts. Accounts receivable are non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. An estimated allowance is maintained to reduce the Company’s accounts receivable to their expected net realizable value. Based on specific reviews of customer accounts as well as historical collection experience and current economic and business conditions. Recoveries of accounts previously written off are recorded when received. Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out and the average cost inventory methods. Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Assets held under capital leases are stated at the lower of the present value of the future minimum lease payments or fair value at the inception of the lease. Expenditures for additions, renewals and improvements are capitalized. Costs of repairs and maintenance are expensed when incurred. Building and site improvements 10 - 45 years Furniture and equipment 3 - 15 years Leasehold improvements 2 - 15 years The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is recorded based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. For the years ended December 31, 2018, 2017 and 2016, there were no impairment charges. Change in Depreciable Lives of Property and Equipment During the quarter ended June 30, 2018, the Company completed an analysis associated with planned renovations of certain assets acquired in the American Acquisition (see Note 4, Acquisitions Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets include trade names and licenses. The fair value of the Company’s trade names is estimated using the income approach to valuation at each of its reporting units. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its customer relationships, player relationships, non-compete agreements and leasehold interest, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s customer relationship assets represent the value associated with space agreements and participation agreements with its distributed gaming customers acquired in an asset purchase or business acquisition. The Company’s player relationships represent the value associated with its rated casino guests. The initial fair value of these intangible assets were determined using the income approach. The recoverability of the finite-lived intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. Business Combinations The Company allocates the business combination purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. The Company determined the fair value of identifiable intangible assets, such as player relationships and trade names, as well as any other significant tangible assets or liabilities, such as long-lived property. The fair value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of acquired assets and liabilities assumed. Management estimates the fair value of assets and liabilities primarily using discounted cash flows and replacement cost analysis. Provisional fair value measurements of acquired assets and liabilities assumed may be retrospectively adjusted during the measurement period. The measurement period ends once the Company is able to determine it has obtained all necessary information that existed as of the acquisition date or once the Company determines that such information is unavailable. The measurement period does not extend beyond one year from the acquisition date. Derivative Instruments The Company uses derivative financial instruments to manage interest rate exposure. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in earnings as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. In November 2017, the Company entered into an interest rate cap agreement (the “Interest Rate Cap”) with a notional value of $650 million for a cash payment of $3.1 million. The Interest Rate Cap establishes a range whereby the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 2.25%. The Interest Rate Cap settles monthly commencing in January 2018 through the termination date in December 31, 2020. No payments or receipts are exchanged on the Interest Rate Cap unless interest rates rise above the pre-determined ceiling rate. The estimated fair value of the Company’s Interest Rate Cap is derived from a market price obtained from a dealer quote. Such quote represents the estimated amount the Company would receive to terminate the contract. As of December 31, 2018, the fair value of the Interest Rate Cap was an asset of $5.0 million and was recorded in other long-term assets in the accompanying consolidated balance sheets . Contract and Contract Related Liabilities The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. As of December 31, 2018 and December 31, 2017, the amount of gaming liabilities was $12.5 million and $12.2 million, respectively. The Company’s primary types of gaming liabilities associated with contracts with gaming customers include outstanding chip liability, and loyalty program liabilities. Outstanding Chip Liability The outstanding chip liability represents the collective amounts owed to customers in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. Loyalty Programs The Company offers various loyalty programs at its resort casino properties to encourage repeat business. At its Las Vegas and Laughlin casinos in Nevada, the Company offers the ace|PLAY® loyalty program. Under this program, participants earn points based on gaming activity that can be redeemed for cash, free play, lodging, food and beverages and merchandise. At its Pahrump, Nevada casinos, the Company offers the Gold Mine Rewards TM At Rocky Gap, the Company offers the Rewards Club TM In its Distributed Gaming segment, the Company offers the Golden Rewards® promotional program for its taverns. Under this program, participants earn points based on play and amounts spent on the purchase of food and beverage which are redeemable for complimentary slot play, food and beverages, among other items. With respect to each of the Company’s loyalty programs, the Company records a liability based on the value of points earned, less an estimate for points not expected to be redeemed. This liability represents a deferral of revenue until such time as the participant redeems the points earned. The Company has changed the way it records net points earned for complimentary gaming play or free goods and services. The promotional allowances line item was eliminated from the consolidated statement of operations with amounts being instead deducted from the respective revenue line items, and the cost of providing such complimentary gaming play, goods and services is no longer included in gaming expense (See Note 3, Revenue Recognition Other Customer deposits and other deferred revenue represent cash deposits made by customers for future non-gaming services to be provided by the Company. With the exception of tenant deposits, which are tied to the terms of the lease and typically extend beyond a year, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded. Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount, net of unamortized debt issuance costs and debt discount. These include legal and other direct costs related to the issuance of debt and discounts granted to the initial purchasers or lenders of the Company’s debt instruments, and are recorded as a direct reduction to the face amount of the Company’s outstanding long-term debt on the consolidated balance sheets. The debt discount and debt issuance costs are accreted to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis over the contractual term of the underlying debt. Approximately $5.1 million, $1.6 million and $0.7 million was amortized to interest expense during the years ended December 31, 2018, 2017 and 2016, respectively. Revenue Recognition See Note 3, Revenue Recognition Gaming Taxes The Company’s Nevada casinos are subject to taxes based on gross gaming revenues and pay annual fees based on the number of slots and table games licensed during the year. Rocky Gap is subject to gaming taxes based on gross gaming revenues and also pays an annual flat tax based on the number of table games and video lottery terminals in operation during the year. The Company’s distributed gaming operations in Nevada are subject to taxes based on the Company’s share of non-restricted gross gaming revenue for those locations that have grandfathered rights to more than 15 slots for play, and/or annual and quarterly fees at all tavern and third party distributed gaming locations. The Company’s distributed gaming operations in Montana are subject to taxes based on the Company’s share of gross gaming revenue. These gaming taxes are recorded as gaming expenses in the consolidated statements of operations. Total gaming taxes and licenses were $55.3 million, $41.5 million and $35.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Advertising Expenses The Company expenses advertising costs as incurred. Advertising expenses, which are primarily included in selling, general and administrative expenses, were $10.1 million, $3.3 million and $2.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Share-Based Compensation Expense The Company has various share-based compensation programs, which provide for equity awards including stock options, time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of forfeitures, over the employee's requisite service period. Compensation costs related to stock option awards are calculated based on the fair value of the award on the date of grant using the Black-Scholes option pricing model. For RSUs and PSUs, compensation expense is calculated based on the fair market value of the Company’s common stock on the date of grant. All of the Company’s share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. See Note 9, Share-Based Compensation, Income Taxes The Company is subject to income taxes in the United States. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The Company records estimated penalties and interest related to income tax matters, including uncertain tax positions, if any, as a component of income tax expense. Net Income per Share For all periods, basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. Due to the net loss for the year ended December 31, 2018, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding for this period. The amount of potential common share equivalents were 2,014,012 for year ended December 31, 2018. Share Repurchase Program On November 7, 2018, the Board of Directors authorized the repurchase of up to $25.0 million shares of common stock, subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduces common stock and records charges to accumulated deficit. During the year ended December 31, 2018, the Company repurchased approximately 1.2 million shares of its $0.01 par value common stock in open market transactions at an average price of $16.06 per share, resulting in a charge to accumulated deficit of approximately $19.6 million. As of December 31, 2018, approximately $5.4 million of shares of common stock remained available for repurchase pursuant to this program. On March 12, 2019, the Board of Directors authorized the repurchase of up to $25.0 million additional shares of common stock, subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors, which replaces the November 2018 share repurchase program. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. There were no share repurchases during the years ended December 31, 2017 or 2016. Recent Accounting Pronouncements Changes to generally accepted accounting principles in the United States are established by the Financial Accounting Standards Board (“FASB”), in the form of Accounting Standards Updates (“ASUs”), to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. While management continues to assess the possible impact on the Company's consolidated financial statements of the future adoption of new accounting standards that are not yet effective, management currently believes that the following new standards may impact the Company’s financial statements and disclosures: Accounting Standards Issued And Adopted In May 2014 (amended January 2017), the FASB issued a comprehensive new revenue recognition model, ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Topic 842 provides for transitional relief by permitting the election of certain practical expedients. The Company is electing the reassessment package of practical expedients, which permits the Company not to reassess whether (1) any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification remains appropriate for any expired or existing leases as of the adoption date and (3) previously capitalized costs continue to qualify as initial direct costs on expired or existing leases as of the adoption date. The Company is not electing the hindsight practical expedient, which requires an entity to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. While the Company is currently assessing the quantitative impact the guidance will have on its consolidated financial statements and related disclosures, the Company expects the most significant changes will be related to the recognition of right-of-use assets and lease liabilities for operating leases on the Company’s consolidated balance sheet, with no material impact to net income or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract No other recently issued accounting standards that are not yet effective have been identified that management believes are likely to have an impact on the Company’s financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition Revenue Recognition Revenue from contracts with customers primarily consists of casino wagers, room sales, food and beverage transactions, rental income from the Company’s retail tenants and entertainment sales. Casino gaming revenues are the aggregate of gaming wins and losses. The commissions rebated to premium players for cash discounts and other cash incentives to patrons related to gaming play are recorded as a reduction to casino gaming revenues. Gaming contracts include a performance obligation to honor the patron’s wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the Company’s loyalty programs. The Company generally enters into three types of slot and amusement device placement contracts as part of its distributed gaming business: space agreements, revenue share agreements and participation agreements. Under space agreements, the Company pays a fixed monthly rental fee for the right to install, maintain and operate the Company’s slots at a business location. Under these agreements, the Company recognizes all gaming revenue and records fixed monthly rental fees as gaming expenses. Under revenue share agreements, the Company pays the business location a percentage of the gaming revenue generated from the Company’s slots placed at the location and records that amount as an expense. With regard to both space and revenue share agreements, the Company holds the applicable gaming license to conduct gaming at the location (although revenue share locations are required to obtain separate regulatory approval to receive a percentage of the gaming revenue). Under participation agreements, the business location holds the applicable gaming license and retains a percentage of the gaming revenue that it generates from the Company’s slots which the Company records as an expense. In Montana, the Company’s slot and amusement device placement contracts are all participation agreements. In its distributed gaming business, the Company considers its customer to be the gaming player since the Company controls all aspects of the slot machines. Due to the maintaining of control of the services directly before they are transferred to the customer, the Company is considered to be the principal in these transactions and therefore records revenue on a gross basis. For wagering contracts that include complimentary products and services provided by the Company to incentivize gaming, the Company allocates the stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided under the Company's control and discretion that are supplied by third parties are recorded as an operating expense. For wagering contracts that include products and services provided to a patron in exchange for points earned under the Company’s loyalty programs, Golden Rewards, ace|PLAY, Gold Mine Rewards and Rocky Gap Rewards Club, the Company allocates the estimated stand-alone selling price of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs under ASC 606. Upon redemption of loyalty program points for Company-owned products and services, the stand-alone selling price of each product or service is allocated to the respective revenue type. For redemptions of points with third parties, the redemption amount is deducted from the loyalty program liability and paid directly to the third party. Any discounts received by the Company from the third party in connection with this transaction are recorded to other revenue. The Company’s performance obligation related to its loyalty programs is generally completed within one year, as participants’ points expire after thirteen months of no activity. After allocation to the other revenue types for products and services provided to patrons as part of a wagering contract, the residual amount is recorded to casino gaming revenue as soon as the wager is settled. As all wagers have similar characteristics, the Company accounts for its gaming contracts collectively on a portfolio basis. Gaming contracts are typically completed daily based on the outcome of the wagering transaction and include a distinct performance obligation to provide gaming activities. Revenue from leases is primarily recorded to other revenues and is generated from base rents through long-term leases with retail tenants. Base rent, adjusted for contractual escalations, is recognized on a straight-lined basis over the term of the related lease. Overage rent is paid by a tenant when its sales exceed an agreed upon minimum amount and is not recognized by the Company until the threshold is met. Food, beverage, and retail revenues are recorded at the time of sale. Room revenue is recorded at the time of occupancy. Sales taxes and surcharges collected from customers and remitted to governmental authorities are presented on a net basis. Significant Impacts of Adoption of ASC 606 The adoption of ASC 606 principally affected the presentation of promotional allowances and how the Company measured the liability associated with its loyalty programs. The promotional allowances line item was eliminated from the consolidated statement of operations with amounts being deducted from the respective revenue line items, and the cost of providing such complimentaries is no longer included in gaming expense. Additionally, the valuation of points associated with the Company’s loyalty programs was changed from cost to fair value, with the Company recording an increase to the loyalty point liability. The Company elected to adopt the full retrospective method to apply the new guidance to each prior reporting period presented as if it had been in effect since January 1, 2016. The only cumulative effect of the adoption recognized was a decrease in retained earnings of $1.0 million on October 20, 2017 (no income tax effect), related to the loyalty program point liability of the business combination. Adoption of the new standard did not have a significant impact on the Company’s previously reported net revenues, expenses, operating income, and net income. The impact of adoption of the new standard to previously reported selected financial statement information was as follows: Year Ended December 31, 2017 (In thousands) As Reported Adjustments As Adjusted Gross revenues $ 538,676 $ (31,538 ) $ 507,138 Promotional allowances (28,868 ) 28,868 — Net revenues 509,808 (2,670 ) 507,138 Operating income 15,378 (87 ) 15,291 Net income 2,171 (87 ) 2,084 Year Ended December 31, 2016 (In thousands) As Reported Adjustments As Adjusted Gross revenues $ 424,395 $ (24,397 ) $ 399,998 Promotional allowances (21,191 ) 21,191 — Net revenues 403,204 (3,206 ) 399,998 Operating income 13,035 — 13,035 Net income 16,300 — 16,300 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 – Acquisitions Laughlin On January 14, 2019, the Company completed the acquisition of all of the outstanding equity interests of the Laughlin Entities from Marnell for $155.0 million in cash (subject to the post-closing adjustment provisions in the purchase agreement) and the issuance of 911,002 shares of the Company’s common stock to certain assignees of Marnell. The results of operations of the Laughlin Entities will be included in the Company’s results subsequent to the acquisition date and the Laughlin Acquisition will be accounted for using the acquisition method of accounting. Since the closing date of the Laughlin Acquisition occurred subsequent to the end of the reporting period, the allocation of purchase price to the underlying net assets has not yet been completed. American Acquisition Overview On October 20, 2017, the Company completed the acquisition of all of the outstanding equity interests of American for $787.6 million in cash (after giving effect to post-closing adjustments) and the issuance of approximately 4.0 million shares of its common stock to a former American equity holder with a fair value of $101.5 million, based on the closing price of the Company’s common stock on October 20, 2017 of $25.08 per share. Acquisition Method of Accounting The American Acquisition has been accounted for using the acquisition method of accounting. The determination of the fair value of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) was completed in the second quarter of 2018. There were no measurement period adjustments that were material to the Company’s consolidated financial statements. The following table summarizes the allocation of the purchase price, based on estimates of the fair values of the assets acquired and liabilities assumed: (In thousands) Current assets $ 83,079 Property and equipment 754,581 Other noncurrent assets 264 Intangible assets 66,140 Goodwill 52,479 Liabilities (67,476 ) Total assets acquired, net of liabilities assumed $ 889,067 The following table summarizes the values assigned to acquired property and equipment and estimated useful lives by category: (In thousands) Useful Land No t $ 106,800 Land improvements 15 6,240 Building and improvements 45 607,698 Furniture, fixtures and equipment 3-4 32,829 Construction in process No t 1,014 Total property and equipment $ 754,581 The following table summarizes the values assigned to acquired intangible assets and estimated useful lives by category: (In thousands) Useful Life (Years) Trade names Indefinite $ 34,510 Players loyalty programs 3 26,850 Leasehold interest 3-80 3,110 In-place lease value 3-4 1,670 Total intangible assets $ 66,140 See Note 12, Financial Instruments and Fair Value Measurements For the period from the American Acquisition date of October 20, 2017 through December 31, 2017, American generated net revenue of $76.3 million and net income of $5.5 million. Refinancing In connection with the closing of the American Acquisition, the Company entered into two new credit agreements with respect to a $900.0 million senior secured first lien credit facility (consisting of $800.0 million in term loans and a $100.0 million revolving credit facility, which was undrawn at closing and upsized to $200.0 million in 2018) (the “First Lien Facility”) and a $200.0 million senior secured second lien term loan facility (the “Second Lien Term Loan” and, together with the First Lien Facility, the “Credit Facilities”). The Company used the net proceeds from the borrowings under the Credit Facilities primarily to fund the cash purchase price in the American Acquisition (a portion of which was used to repay American’s outstanding senior secured indebtedness), to refinance the Company’s outstanding senior secured indebtedness under its then-existing senior secured credit facility, and to pay certain transaction fees and expenses. See Note 8, Debt , for a discussion of the Credit Facilities and associated refinancing. Pro Forma Combined Financial Information The following unaudited pro forma combined financial information has been prepared by management for illustrative purposes only and does not purport to represent what the results of operations, financial condition or other financial information of the Company would have been if the American Acquisition had occurred on January 1, 2016 or what such results or financial condition will be for any future periods. The unaudited pro forma combined financial information is based on estimates and assumptions and on the information available at the time of the preparation thereof. These estimates and assumptions may change, be revised or prove to be materially different, and the estimates and assumptions may not be representative of facts existing at the time of the American Acquisition. The unaudited pro forma combined financial information does not reflect non-recurring charges that will be incurred in connection with the American Acquisition, nor any cost savings and synergies expected to result from the American Acquisition (and associated costs to achieve such savings or synergies), nor any costs associated with severance, restructuring or integration activities resulting from the American Acquisition. The following table summarizes certain unaudited pro forma combined financial information derived from a combination of the historical consolidated financial statements of the Company and of American for the years ended December 31, 2017 and 2016, adjusted to give effect to the American Acquisition, related transactions (including the refinancing) and the adoption of ASC 606. Year Ended December 31, 2017 2016 (In thousands, except per share data) Pro forma combined revenues $ 843,589 $ 791,372 Pro forma combined net income 23,131 28,200 Pro forma combined net income per share: Basic 26,342 26,181 Diluted 27,897 26,500 Weighted-average common shares outstanding: Basic $ 0.88 $ 1.08 Diluted 0.83 1.06 Montana Acquisitions On January 29, 2016, the Company completed the Initial Montana Acquisition, which involved the acquisition of approximately 1,100 slots, as well as certain other non-gaming assets and the right to operate within certain locations, for $20.1 million, including the issuance of $0.5 million of the Company’s common stock. In connection with the Initial Montana Acquisition, the Company was required to pay the sellers contingent consideration of up to $2.0 million in cash. In the third quarter of 2017, the Company revalued the estimated fair value of the contingent consideration and recognized a gain of $1.7 million on the Company’s consolidated statement of operations. In the first quarter of 2018 the contingent consideration was paid in full. The allocation of the $20.1 million purchase price to the assets acquired as of January 29, 2016 includes $1.7 million of cash, $2.4 million of property and equipment, $14.4 million of intangible assets and $1.6 million of goodwill. The amounts assigned to intangible assets include customer relationships of $9.8 million with an economic life of 15 years, non-compete agreements of $3.9 million with an economic life of five years, trade names of $0.5 million with an economic life of four years and other amounts of $0.2 million with an economic life of 15 years. On April 22, 2016, the Company completed the Second Montana Acquisition, which involved the acquisition of approximately 1,800 slots, as well as amusement devices and certain other non-gaming assets and the right to operate within certain locations, for $25.7 million. The allocation of the $25.7 million purchase price to the assets acquired as of April 22, 2016 includes $0.3 million of cash, less than $0.1 million of prepaid gaming license fees, $7.8 million of property and equipment, $11.4 million of intangible assets and $6.0 million of goodwill. The amounts assigned to intangible assets include customer relationships of $9.1 million with an economic life of 15 years, non-compete agreements of $1.8 million with an economic life of five years, trade names of $0.2 million with an economic life of four years and other amounts of $0.3 million with an economic life of 15 years. The goodwill recognized in the Montana Acquisitions is primarily attributable to potential expansion and future development of, and anticipated synergies from, the acquired businesses and is expected to be deductible for income tax purposes. The Company reports the results of operations from each of the Montana Acquisitions, subsequent to their respective closing dates, within its Distributed Gaming segment. Pro forma information is not being presented as there is no practicable method to calculate pro forma earnings given that the Montana Acquisitions were asset purchases that represented only a component of the businesses of the sellers. Distribution to Shareholders On June 17, 2016, under the terms of the July 2015 merger agreement between the Company and Sartini Gaming, the Board of Directors of the Company approved and declared a special cash dividend to the eligible shareholders of record on the close of business on June 30, 2016 (the “Record Date”) of approximately $23.5 million (the “Special Dividend”), which was paid on July 14, 2016. The $1.71 per share amount of the Special Dividend comprised the net proceeds per share received from the sale of the Company’s $60.0 million subordinated promissory note. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | Note 5 – Property and Equipment, Net The following table summarizes the components of property and equipment, net: December 31, (In thousands) 2018 2017 Land $ 121,081 $ 121,081 Building and site improvements 723,354 705,266 Furniture and equipment 154,663 125,339 Construction in process 35,151 6,972 Property and equipment 1,034,249 958,658 Less: Accumulated depreciation (139,296 ) (63,417 ) Property and equipment, net $ 894,953 $ 895,241 Depreciation expense for property and equipment, including capital leases, totaled $76.7 million, $31.3 million, and $20.2 million for 2018, 2017, and 2016, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Note 6 – Goodwill and Intangible Assets, Net The following table summarizes goodwill activity by reportable segment: (In thousands) Casinos Distributed Gaming Total Goodwill Balance, January 1, 2017 $ 7,796 $ 97,859 $ 105,655 Goodwill acquired during the year 52,479 — 52,479 Balance, December 31, 2017 60,275 97,859 158,134 Goodwill acquired during the year — — — Balance, December 31, 2018 $ 60,275 $ 97,859 $ 158,134 Intangible assets, net, consisted of the following: December 31, 2018 Weighted- Gross Average Life Carrying Cumulative Intangible (In thousands) Remaining Value Amortization Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 46,710 $ — $ 46,710 Gaming licenses Indefinite 960 — 960 Liquor licenses Indefinite 185 — 185 47,855 - 47,855 Amortizing intangible assets Customer relationships 11.0 years 80,654 (18,282 ) 62,372 Player relationships 3.2 years 34,689 (12,691 ) 21,998 Non-compete agreements 2.1 years 6,210 (3,548 ) 2,662 Leasehold interest 64.7 years 3,110 (223 ) 2,887 Gaming licenses 9.3 years 2,100 (788 ) 1,312 In-place lease value 2.3 years 1,670 (565 ) 1,105 Other 7.2 years 1,769 (832 ) 937 130,202 (36,929 ) 93,273 Balance, December 31, 2018 $ 178,057 $ (36,929 ) $ 141,128 December 31, 2017 Weighted- Gross Average Life Carrying Cumulative Intangible (In thousands) Remaining Value Amortization Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 46,710 $ — $ 46,710 Gaming licenses Indefinite 960 — 960 Liquor licenses Indefinite 185 — 185 47,855 — 47,855 Amortizing intangible assets Customer relationships 12.1 years 80,320 (12,524 ) 67,796 Player relationships 4.2 years 34,150 (3,045 ) 31,105 Non-compete agreements 3.0 years 6,000 (2,395 ) 3,605 Leasehold interest 65.7 years 3,110 (32 ) 3,078 Gaming licenses 10.3 years 2,100 (648 ) 1,452 In-place lease value 3.3 years 1,670 (81 ) 1,589 Other 8.2 years 1,769 (557 ) 1,212 129,119 (19,282 ) 109,837 Balance, December 31, 2017 $ 176,974 $ (19,282 ) $ 157,692 The Rocky Gap gaming license is being amortized over its 15 year term. Total amortization expense related to intangible assets was $17.8 million, $9.5 million and $7.3 million for 2018, 2017, and 2016, respectively. Estimated future amortization expense related to intangible assets, is as follows: (In thousands) 2019 2020 2021 2022 2023 Thereafter Estimated amortization expense $ 17,880 $ 16,232 $ 7,166 $ 6,695 $ 6,583 $ 38,717 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Note 7 – Accrued Liabilities Accrued liabilities consist of the following: December 31, (In thousands) 2018 2017 Gaming liabilities $ 12,473 $ 12,209 Deposits 2,652 — Other accrued liabilities 3,723 8,164 Total accrued liabilities $ 18,848 $ 20,373 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 – Debt Senior Secured Credit Facilities As of December 31, 2018, the Company’s Credit Facilities consisted of a $1.0 billion First Lien Facility (consisting of $800.0 million in term loans and a $200.0 million revolving credit facility) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto, and a $200.0 million Second Lien Term Loan with Credit Suisse AG, Cayman Islands Branch (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto. During 2018, the size of the revolving credit facility under the First Lien Facility was increased from $100.0 million to $200.0 million. As of December 31, 2018, $792.0 million and $200.0 million of term loan borrowings were outstanding under the Company’s First Lien Facility and Second Lien Term Loan, respectively, there were no letters of credit outstanding under the First Lien Facility, and the revolving credit facility was undrawn, leaving borrowing availability under the revolving credit facility as of December 31, 2018 of $200.0 million. Interest and Fees Borrowings under each of the Credit Facilities bear interest, at the Company’s option, at either (1) a base rate equal to the greatest of the federal funds rate plus 0.50%, the applicable administrative agent’s prime rate as announced from time to time, or the LIBOR rate for a one-month interest period plus 1.00%, subject to a floor of 1.75% (with respect to the term loans) or 1.00% (with respect to borrowings under the revolving credit facility) or (2) the LIBOR rate for the applicable interest period, subject to a floor of 0.75% (with respect to the term loans only), plus in each case, an applicable margin. The applicable margin for the term loans under the First Lien Facility is 2.00% for base rate loans and 3.00% for LIBOR rate loans. The applicable margin for borrowings under the revolving credit facility under the First Lien Facility ranges from 1.50% to 2.00% for base rate loans and 2.50% to 3.00% for LIBOR rate loans, based on the Company’s net leverage ratio. The applicable margin for the Second Lien Term Loan is 6.00% for base rate loans and 7.00% for LIBOR rate loans. The commitment fee for the revolving credit facility is payable quarterly at a rate of 0.375% or 0.50%, depending on the Company’s net leverage ratio, and is accrued based on the average daily unused amount of the available revolving commitment. As of December 31, 2018, the weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facilities was approximately 5.8%. Optional and Mandatory Prepayments The revolving credit facility under the First Lien Facility matures on October 20, 2022, and the term loans under the First Lien Facility mature on October 20, 2024. The term loans under the First Lien Facility are repayable in 27 quarterly installments of $2.0 million each, which commenced in March 2018, followed by a final installment of $746.0 million at maturity. The term loans under the Second Lien Term Loan are repayable in full at maturity on October 20, 2025. Guarantees and Collateral Borrowing under each of the Credit Facilities are guaranteed by each of the Company’s existing and future wholly-owned domestic subsidiaries (other than certain insignificant or unrestricted subsidiaries), and are secured by substantially all of the present and future assets of the Company and its subsidiary guarantors (subject to of certain exceptions). Financial and Other Covenants Under the Credit Facilities, the Company and its restricted subsidiaries are subject to certain limitations, including limitations on their respective ability to: incur additional debt, grant liens, sell assets, make certain investments, pay dividends and make certain other restricted payments. In addition, the Company will be required to pay down the term loans under the Credit Facilities under certain circumstances if the Company or its restricted subsidiaries issue debt, sell assets, receive certain extraordinary receipts or generate excess cash flow (subject to exceptions). The revolving credit facility under the First Lien Facility contains a financial covenant regarding a maximum net leverage ratio that applies when borrowings under the revolving credit facility exceed 30% of the total revolving commitment. The Former Senior Secured Credit Facility In connection with the American Acquisition and the entry into the Credit Facilities, in October 2017 the Company repaid all principal amounts outstanding under the Company’s former credit agreement with Capital One, National Association (as administrative agent) and the lenders named therein, which amounted to approximately $173.4 million, together with accrued interest. The Company recognized a loss on extinguishment of debt of $1.7 million during the year ended December 31, 2017. Summary of Outstanding Debt Long-term debt, net is comprised of the following: December 31, (In thousands) 2018 2017 Term loans $ 992,000 $ 1,000,000 Capital lease obligations 7,127 5,839 Notes payable 1,111 1,159 Total long-term debt 1,000,238 1,006,998 Less unamortized discount (25,658 ) (30,122 ) Less unamortized debt issuance costs (3,537 ) (3,917 ) 971,043 972,959 Less current maturities (10,480 ) (9,759 ) Long-term debt, net $ 960,563 $ 963,200 Subsequent to fiscal year end, the Company borrowed $145.0 million on its revolving credit facility in connection with the closing of the Laughlin Acquisition on January 14, 2019. Scheduled Principal Payments of Long-Term Debt The scheduled principal payments due on long-term debt are as follows: (In thousands) For the year ending December 31, 2019 $ 10,480 2020 9,941 2021 9,272 2022 8,199 2023 8,140 Thereafter 954,206 Total outstanding principal of long-term debt $ 1,000,238 |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plans | Note 9 – Stock Incentive Plans Overview On August 27, 2015, the Board of Directors of the Company approved the Golden Entertainment, Inc. 2015 Incentive Award Plan (the “2015 Plan”), which was approved by the Company’s shareholders at the Company’s 2016 annual meeting. The 2015 Plan authorizes the issuance of stock options, restricted stock, restricted stock units, dividend equivalents, stock payment awards, stock appreciation rights, performance bonus awards and other incentive awards. The 2015 Plan authorizes the grant of awards to employees, non-employee directors and consultants of the Company and its subsidiaries. Options generally have a ten-year term. Except as provided in any employment agreement between the Company and the employee, if an employee is terminated (voluntarily or involuntarily), any unvested options as of the date of termination will be forfeited. The maximum number of shares of the Company’s common stock for which grants may be made under the 2015 Plan is 2.25 million shares, plus an annual increase on January 1 st In connection with the Special Dividend discussed in Note 4, Acquisitions Stock Options The following table summarizes stock option activity: Weighted- Average Aggregate Stock Remaining Weighted- Intrinsic Options Term Average Value Outstanding (in years) Exercise Price (in thousands) Outstanding at January 1, 2018 4,375,929 7.9 $ 10.73 Granted — $ — Exercised (813,228 ) $ 7.38 Cancelled (117,635 ) $ 12.15 Expired (20,311 ) $ 7.34 Outstanding at December 31, 2018 3,424,755 7.4 $ 11.49 $ 17,603 Exercisable at December 31, 2018 2,193,274 7.2 $ 10.63 $ 12,811 The total intrinsic value of stock options exercised during the years ended December 31, 2018, 2017 and 2016 was $16.1 million, $0.1 million and $1.8 million, respectively. The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2017 and 2016 was, $7.30 and $4.80 per share, respectively. There were no stock options granted during the year ended December 31, 2018. The total amount of cash received from stock options exercised during the year ended December 31, 2018 was $1.3 million. The Company issues new shares of common stock upon exercise of stock options. The Company uses the Black-Scholes option pricing model to estimate the fair value and compensation cost associated with employee incentive stock options, which requires the consideration of historical employee exercise behavior data and the use of a number of assumptions including volatility of the Company’s stock price, the weighted-average risk-free interest rate and the weighted-average expected life of the options. The Company’s determination of fair value of share-based option awards on the date of grant using the Black-Scholes option pricing model is affected by the following assumptions regarding complex and subjective variables. Any changes in these assumptions may materially affect the estimated fair value of the share-based award. • Expected dividend yield — As the Company has not historically paid dividends, with the exception of the Special Dividend, the dividend rate variable used in the Black-Scholes model is zero. • Risk-free interest rate — The risk-free interest rate assumption is based on the U.S. Treasury yield curve in effect at the time of grant and with maturities consistent with the expected term of options. • Expected term — The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. It is based upon the Company’s experience as to the average historical term of option grants that were exercised, canceled or forfeited. Management believes historical data is reasonably representative of future exercise behavior. • Expected volatility — The volatility assumption is based on the historical actual volatility of the Company’s stock. Management concluded there were no factors identified which were unusual and which would distort the volatility figure if used to estimate future volatility. Future volatility may be substantially less or greater than expected volatility. The following assumptions were used to estimate the fair value of stock options granted: Year Ended December 31, 2017 2016 Expected dividend yield — — Risk-free interest rate 2.21 – 2.47% 1.43 – 2.40% Expected term (in years) 10 10 Expected volatility 29.07 – 34.43% 24.03 – 26.95% RSUs and PSUs On March 14, 2018, the Compensation Committee of the Board of Directors of the Company approved a new long-term incentive structure for equity awards to be granted to the executive officers of the Company under the 2015 Plan. Under this new structure, commencing in the first quarter of 2018, the executive officers of the Company receive long-term equity awards in a combination of RSUs and PSUs. The number of PSUs that will be eligible to vest with respect to these PSU awards will be determined based on the Company’s attainment of performance goals set by the Compensation Committee. Following the two-year performance period, the number of “vesting eligible” PSUs will then be subject to one additional year of time-based vesting. Share-based compensation costs related to RSU and PSU awards are calculated based on the market price on the date of the grant. The Company periodically reviews the estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjusts the stock compensation expense accordingly. The following table summarizes RSU activity: RSUs Total Weighted- Fair Value Average of Shares Grant Date Vested Shares Fair Value (in thousands) Outstanding at January 1, 2016 — Granted 141,296 $ 12.57 Outstanding at December 31, 2016 141,296 $ 12.57 Granted — Vested (111,660 ) $ 12.57 $ 2,556 Cancelled (29,636 ) $ 12.57 Outstanding at December 31, 2017 — Granted 241,542 $ 29.09 Vested — $ — Cancelled (9,243 ) $ 28.72 Outstanding at December 31, 2018 232,299 $ 29.10 The following table summarizes PSU activity: PSUs Total Weighted- Fair Value Average of Shares Grant Date Vested Shares (1) Fair Value (in thousands) Outstanding at January 1, 2017 — Granted 62,791 $ 27.87 Vested — $ — Cancelled — Outstanding at December 31, 2017 62,791 $ 27.87 Granted 108,957 $ 28.72 Vested — $ — Cancelled — Outstanding at December 31, 2018 171,748 $ 28.41 __________________ (1) The number of shares listed for PSUs granted during 2017 represents the actual number of PSUs granted to each recipient eligible to vest if the Company meets its performance goals for the applicable period. The number of shares listed for PSUs granted during 2018 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest with respect to PSUs granted in 2018 will vary depending on whether or not the Company meets or exceeds the applicable threshold, target or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. There was no PSU activity during the year ended December 31, 2016. Share-Based Compensation The following table summarizes share-based compensation costs by award type: Year Ended December 31, (In thousands) 2018 2017 2016 Stock options $ 5,191 $ 5,135 $ 3,717 RSUs 3,383 3,554 161 PSUs 1,067 65 — Total share-based compensation costs $ 9,641 $ 8,754 $ 3,878 As of December 31, 2018, the Company’s unrecognized share-based compensation expenses related to stock options, RSUs and PSUs was approximately $7.1 million, $3.4 million and $3.0 million, respectively, which are expected to be recognized over a weighted-average period of 2.0 years, 2.0 years, and 2.5 years, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Income tax provision (benefits) are summarized as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Current: Federal $ (741 ) $ (91 ) $ — State — (5 ) — Total current tax benefit (741 ) (96 ) — Deferred: Federal $ 9,872 $ (7,456 ) $ (4,091 ) State 508 (369 ) (234 ) Total deferred tax benefit 10,380 (7,825 ) (4,325 ) Income tax (benefit) provision $ 9,639 $ (7,921 ) $ (4,325 ) Reconciliation of the statutory federal income tax rate to the Company’s actual rate based on income (loss) before income tax benefit is summarized as follows: Year Ended December 31, 2018 2017 2016 Statutory federal tax rate 21 % 35 % 35 % State income taxes, net of federal income taxes 4.5 2.0 2.0 State tax credit — — (45.9 ) State rate adjustment — — 2.1 Permanent tax differences – stock compensation 22.0 — — Permanent tax differences – business meals (5.0 ) — — Permanent tax differences – executive compensation (0.2 ) (12.5 ) — Permanent tax differences – other — (17.0 ) 2.4 Purchase price allocation adjustment – merger — — 3.7 Change in valuation allowance (144.5 ) 193.5 (34.8 ) FICA credit generated 8.5 11.8 (4.7 ) Impact of Tax Cuts and Jobs Act (4.8 ) (74.6 ) — Change in tax rate and apportionment (4.3 ) — — Deferred only adjustment to beginning deferred balances 17.3 — — Other, net — (0.4 ) 4.1 Effective tax rate (85.5%) 137.8 % (36.1%) The Company’s current and non-current deferred tax assets (liabilities) are comprised of the following: December 31, (In thousands) 2018 2017 Deferred tax assets: Accruals and reserves $ 3,854 $ 1,571 Share-based compensation expense 3,758 2,532 Alternative minimum tax credit carryforward 741 1,483 General business credit carryforward 2,447 1,126 State tax credits 5,500 5,500 Net operating loss carryforwards 19,156 17,350 Other 944 701 36,400 30,263 Valuation allowances (23,276 ) (6,983 ) $ 13,124 $ 23,280 Deferred tax liabilities: Prepaid services (876 ) (884 ) Amortization of intangible assets (9,519 ) (11,527 ) Depreciation of fixed assets (5,322 ) (3,082 ) (15,717 ) (15,493 ) Net deferred tax assets (liabilities) $ (2,593 ) $ 7,787 Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. The Company's financial results for the year ended December 31, 2018, include the release of a portion of the valuation allowance recorded against the deferred tax assets of the Company, netted with establishment of a valuation allowance recorded against other deferred tax assets of the Company. The net change in valuation allowance resulted in the recognition of a $16.3 million income tax expense. The Company has performed a continuing evaluation of its deferred tax asset valuation allowance on a quarterly basis. The Company concluded that, as of December 31, 2018, negative evidence outweighs positive evidence for the realization of deferred tax assets and as a result has provided a full valuation allowance against its deferred tax assets As of December 31, 2018, the Company had approximately $86.7 million of federal net operating loss carryforwards, which will begin to expire in 2033. These net operating losses have the potential to be used to offset future ordinary taxable income and reduce future cash tax liabilities. However, in connection with the American Acquisition, the Company issued 4,046,494 shares of its common stock to a former American equity holder, which resulted in an “ownership change” under Section 382 that will generally limit the amount of net operating losses the Company can utilize annually. As of December 31, 2018 the Company has concluded that the American Acquisition will not result in a loss of net operating loss nor credit carryforwards. Additionally, the Company had deferred tax assets of approximately $2.4 million related to general business credits. The general business credit carryforward begins to expire in 2037. With the enactment of The Tax Cuts and Jobs Act of 2017, Alternative Minimum Tax credit carryforwards are eligible for a refund. The Company has recognized the resulting refund expected on the 2018 federal income tax return of $0.7 million as income tax receivable on its balance sheet. The remaining $0.7 million is included on its consolidated balance sheet as a deferred tax asset, as it will be refunded on successive returns until the final amount is received on the 2022 federal income tax return. A valuation allowance against the Alternative Minimum Tax credits, which had been previously established, has been released accordingly. During the second quarter of 2015, the Company was notified by the state of California that its audit of the Company for the 2010 tax year had been completed and resulted in no adjustments. During the fourth quarter of 2016, the Company completed an IRS audit for the 2009 through 2013 tax years. The impact of the audit was not material and has been reflected in the financial statements. The 2015, 2016, and 2017 tax years are still subject to examination. The Company has no jurisdictions that are currently under examination. The Tax Cuts and Jobs Act of 2017 (the “TCJA”) reduced the corporate federal income tax rate to 21%, effective January 1, 2018. The Company has completed its accounting for the TCJA. During the year ended December 31, 2018, the Company recognized an additional tax expense of $0.5 million related to the TCJA rate change, compared to $4.3 million for the year ended December 31, 2017. As of December 31, 2018, the Company has no uncertain tax positions. |
Employee Retirement and Benefit
Employee Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Retirement Plans | Note 11 – Employee Retirement and Benefit Plans Defined contribution employee savings plans Effective November 1, 2018 the Company combined its two qualified defined contribution employee savings plans. The Company’s qualified defined contribution employee savings plan allows eligible participants to defer, within prescribed limits , up to 75% of their income on a pre-tax basis through a Company’s contributions vest over a five-year period Pension plans As of December 31, 2018, approximately 2,000 of the Company’s employees were members of various unions and covered by union-sponsored, collectively bargained, multiemployer health and welfare and defined benefit pension plans. The Company recorded $11.0 million and $2.1 million in expenses for these plans for the year ended December 31, 2018 and 2017, respectively. The Company has no obligation to fund the plans beyond payments made based upon hours worked. The risks of participating in multiemployer plans are different from single-employer plans, including in the following aspects: • Assets contributed to multiemployer plans by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer stops contributing to a multiemployer plan, the unfunded obligations of the multiemployer plan may be required to be borne by the remaining participating employers; and • If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of those plans, referred to as a “withdrawal liability.” The Company considers the following multiemployer pension plans to be significant: FIR/RP Expiration Date Pension Protection Status Of Collective- Zone Status (1) Pending/ Surcharge Bargaining Multiemployer Pension Plans EIN/Plan Number 2017 2016 Implemented Imposed Agreement Central Pension Fund of the IUOE and Participating Employers 36-6052390-001 Green Green No No 3/31/2018 and 3/31/2020 Southern Nevada Culinary and Bartenders Pension Plan 88-6016617-001 Green Green No No 5/31/2023 (1) The Pension Protection Act of 2006 requires plans that are certified as endangered (yellow) or critical (red) to develop and implement a funding improvement plan. The Company’s contributions to each multiemployer pension and benefit plans are as follows: December 31, (In thousands) 2018 2017 Multiemployer pension plans Central Pension Fund of the IUOE and Participating Employers $ 753 $ 165 Southern Nevada Culinary and Bartenders Pension Plan 2,003 453 Other pension plans 191 45 Total contributions $ 2,947 $ 663 Multiemployer benefit plans (excluding pension plans) HEREIU Welfare Fund $ 7,807 $ 1,691 All other 6 2 Total contributions $ 7,813 $ 1,693 For the 2017 plan year, the latest period for which plan data is available, the Company made less than 5% of total contributions for all multiemployer pension plans to which the Company contributes. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Note 12 – Financial Instruments and Fair Value Measurements Overview Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, an Interest Rate Cap derivative and debt. The carrying values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short duration of these financial instruments. The following table summarizes the fair value measurement information about our long-term debt: December 31, 2018 Carrying Fair Fair Value (In thousands) Amount Value Hierarchy Term loans $ 992,000 $ 952,300 Level 2 Capital lease obligations 7,127 7,127 Level 3 Notes payable 1,111 1,111 Level 3 Total debt $ 1,000,238 $ 960,538 December 31, 2017 Carrying Fair Fair Value (In thousands) Amount Value Hierarchy Term loans $ 1,000,000 $ 1,000,000 Level 2 Capital lease obligations 5,839 5,839 Level 3 Notes payable 1,159 1,159 Level 3 Total debt $ 1,006,998 $ 1,006,998 The estimated fair value of the Company’s term loan debt is based on a relative value analysis performed as of December 31, 2018. As of December 31, 2017, the carrying value of the Company’s debt approximates fair value because the terms were recently negotiated and based on the Company’s expected borrowing rate for debt with similar remaining maturities and comparable risk. The capital leases and note payable debt are fixed-rate debt, are not traded and do not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value. As of December 31, 2018, the Interest Rate Cap was outstanding with a notional amount of $650 million and an initial purchase price of $3.1 million, which expires on December 31, 2020. Using Level 2 inputs, the Company adjusts the carrying value of its Interest Rate Cap derivative to estimate fair value quarterly based upon observable market-based inputs that reflect the present values of the difference between estimated future fixed rate payments and future variable receipts. The fair value of the Company’s Interest Rate Cap asset at December 31, 2018 was $5.0 million. As the Company elected to not apply hedge accounting, the change in fair value of this Interest Rate Cap was recorded in the consolidated statement of operations. Business Combinations and Long-lived Assets In connection with business combinations, the Company recognizes assets acquired and liabilities assumed at estimated fair value and adjusts liabilities for contingent consideration to estimates of fair value quarterly. For the American Acquisition, these amounts were finalized during the second quarter of 2018. For the Initial Montana Acquisition and Second Montana Acquisition, these amounts were finalized during the first and second quarter of 2017, respectively. All value metrics and estimates utilize Level 3 inputs. Fair value estimates for land, land improvements, building and leasehold improvements, and other property and equipment are calculated with primary reliance on the cost approach, with secondary consideration being placed on the market/sales comparison approach. Significant inputs include consideration of highest and best use, replacement costs, sales comparisons (recent transactions of comparable properties), and market approaches (and the properties’ ability to generate future benefits). Fair value estimates of intangible assets are based on a variety of methods as follows: Trade names Player and customer relationships Gaming and liquor licenses Leasehold interest and in-place lease value Non-compete agreements |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Gain Loss On Sale Of Loans And Leases [Abstract] | |
Leases | Note 13 – Leases American Leases The Company acquired various operating and capital leases through the American Acquisition in October 2017. See Note 4, Acquisitions , for a description of the American Acquisition. For the year ended December 31, 2018, the Company recorded rental revenue of $7.5 million. The future minimum lease payments to be received by the Company under non-cancelable operating leases are as follows: (In thousands) For the year ending December 31, 2019 $ 4,558 2020 3,208 2021 2,452 2022 1,607 2023 938 Thereafter — Total $ 12,763 The above minimum rental income does not include contingent rental income or common area maintenance cost reimbursement contained within certain retail operating leases. Rocky Gap Lease The Company entered into a ground lease with the Maryland Department of Natural Resources for approximately 270 acres in the Rocky Gap State Park in which Rocky Gap is situated. The lease expires in 2052, with an option to renew for an additional 20 years. Under the lease, rent payments are due and payable annually in the amount of $0.3 million plus 0.9% of any gross operator share of gaming revenue (as defined in the lease) in excess of $0.3 million, and $0.2 million plus any surcharge revenue in excess of $0.2 million. Surcharge revenue consists of amounts billed to and collected from guests and are $3.00 per room per night and $1.00 per round of golf. Rent expense associated with the lease was $0.3 million (net of surcharge revenue of $0.1 million) during each of the years ended December 31, 2018, 2017 and 2016. Gold Town Casino Leases The Company’s Gold Town Casino is located on four leased parcels of land, comprising approximately nine acres in the aggregate, in Pahrump, Nevada. The leases are with unrelated third parties and have various expiration dates beginning in 2026 (for the parcel on which the Company’s main casino building is located, which the Company leases from a competitor). Rent expense associated with these leases was $0.7 million, $0.5 million, $0.6 million, respectively, during each of the years ended December 31, 2018, 2017 and 2016. The Company subleases approximately two of the acres to an unrelated third party. Rental income during the year ended December 31, 2018 was $0.2 million and rental income during each of the years ended December 31, 2017 and 2016 was less than $0.1 million related to the sublease of the two acres in Pahrump, Nevada. Capital Lease Financing Agreement In June 2018, the Company entered into a capital lease financing arrangement for external and internal lighting and renovations at The Strat. Construction was completed and assets put into service in the fourth quarter of 2018. The total amount to be paid is $3.4 million, of which $2.1 million is financed over a 36-month period and outstanding as of December 31, 2018. Other Operating Leases The Company leases its branded tavern locations, office headquarters building, equipment and vehicles under noncancelable operating leases that are not subject to contingent rents. The original terms of the current leases for the Company’s branded tavern locations range from one to 15 years with various renewal options from one to 15 years. The Company has operating leases with related parties for one of its tavern locations and its office headquarters building. The lease for the Company’s office headquarters building expires in December 2030. A portion of the office headquarters building is sublet to a related party. Rental income during each of the years ended December 31, 2018, 2017 and 2016 was less than $0.1 million for the sublet portion of the office headquarters building. See Note 15, Related Party Transactions Operating lease rental expense, which is calculated on a straight-line basis, net of surcharge revenue, is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Space agreements $ 39,035 $ 37,061 $ 40,848 Related party leases 1,559 2,035 2,429 Other operating leases 15,080 13,447 11,784 Total rent expense $ 55,674 $ 52,543 $ 55,061 Future minimum lease payments, not subject to contingent rents, are as follows: For the year ending December 31, (In thousands) 2019 2020 2021 2022 2023 Thereafter Total Space agreements $ 39,200 $ 11,025 $ 7,436 $ 5,000 $ 2,047 $ 86 $ 64,794 Related party leases 1,535 1,621 1,714 1,815 1,930 16,098 24,713 Other operating leases 15,124 14,807 13,891 12,767 12,138 87,252 155,979 Total minimum operating lease payments $ 55,859 $ 27,453 $ 23,041 $ 19,582 $ 16,115 $ 103,436 $ 245,486 Capital Leases The current and long-term obligations under capital leases are included in “Current portion of long-term debt” and “Long-term debt, net,” respectively. The majority of the capital leases related to vehicles with minimum lease payment terms of four years or less. Future minimum capital lease payments are as follows: For the year ending December 31, (In thousands) 2019 2020 2021 2022 2023 Thereafter Total Furniture and equipment $ 1,667 $ 1,873 $ 1,255 $ 143 $ 88 $ 6,222 $ 11,247 Building 150 150 150 163 165 1,423 2,201 Less: Amounts representing interest (272 ) (202 ) (154 ) (130 ) (124 ) (5,439 ) (6,321 ) Total obligations under capital leases $ 1,545 $ 1,821 $ 1,251 $ 176 $ 129 $ 2,206 $ 7,127 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies Participation and Revenue Share Agreements In addition to the space agreements described above in Note 13, Leases Related Party Transactions The Company also enters into amusement device and ATM placement contracts in the form of participation agreements. Under these agreements, the Company pays the business location a percentage of the non-gaming revenue generated from the Company’s amusement devices and ATMs placed at the location. During the years ended December 31, 2018, 2017 and 2016, the total contingent payments recognized by the Company (recorded in other operating expenses) for amusement devices and ATMs under such agreements were $1.4 million, $1.4 million and $0.9 million, respectively. Collective Bargaining Agreements As of December 31, 2018 the Company had approximately 6,940 employees, of which approximately 2,000 were covered by various collective bargaining agreements. and is currently under negotiation, and two other The Company cannot ensure that, upon the expiration of existing collective bargaining agreements, new agreements will be reached without union action or that any such new agreements will be on terms satisfactory to the Company Employment Agreements The Company has entered into at-will employment agreements with certain of the Company’s executive officers. Under each employment agreement, in addition to the executive’s annual base salary, the executive is entitled to participate in the Company’s incentive compensation programs applicable to executive officers of the Company. The executives are also eligible to participate in all health benefits, insurance programs, pension and retirement plans and other employee benefit and compensation arrangements. Each executive is also provided with other benefits as set forth in his employment agreement. In the event of a termination without “cause” or a “constructive termination” of the Company’s executive officers (as defined in their respective employment agreements), the Company could be liable for estimated severance payments of up to $5.7 million for Mr. Sartini, $2.5 million for Stephen A. Arcana, $2.5 million for Charles H. Protell, $1.6 million for Sean T. Higgins, and amounts ranging from $0.2 million to $0.8 million for the Company’s other executive officers (assuming each officer’s respective annual salary and health benefit costs as of December 31, 2018, subject to amounts in effect at the time of termination and excluding potential expense related to acceleration of stock options, RSUs and PSUs). Miscellaneous Legal Matters From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company recorded reserves of $1.7 million In February and April 2017, several former employees filed two separate purported class action lawsuits against the Company in the District Court of Clark County, Nevada, and on behalf of similarly situated individuals employed by the Company in the State of Nevada. The lawsuits allege that the Company violated certain Nevada labor laws including payment of an hourly wage below the statutory minimum wage without providing a qualified health insurance plan and an associated failure to pay proper overtime compensation. The complaints seek, on behalf of the plaintiffs and members of the putative class, an unspecified amount of damages (including punitive damages), injunctive and equitable relief, and an award of attorneys’ fees, interest and costs. The Company agreed to settle the first of these cases in the fourth quarter of 2017 and the second of these cases in the third quarter of 2018. In February 2019, the court approved the settlement for the first case for $0.5 million. The remaining case remains subject to final court approval, with the final fairness hearing scheduled for June 2019. Both were included in the Company’s recorded reserves of $1.7 million at December 31, 2018. On August 31, 2018, prior guests of The Strat filed a purported class action complaint against us in the District Court, Clark County, Nevada, on behalf of similarly situated individuals and entities that paid the Clark County Combined Transient Lodging Tax (“Tax”) on the portion of a resort fee that constitutes charges for Internet access, during the period of February 6, 2014 through the date the alleged conduct ceases. The lawsuit alleged that the Tax was charged in violation of the federal Internet Tax Freedom Act, which imposed a national moratorium on the taxation of Internet access by states and their political subdivisions, and sought, on behalf of the plaintiff and the putative class, damages equal to the amount of the Tax collected on the Internet access component of the resort fee, injunctive relief, disgorgement, interest, fees and costs. All defendants to this matter, including Golden Entertainment, Inc., filed a joint motion to dismiss this matter for lack of merit. The District Court granted this joint motion to dismiss on February 21, 2019. At this time this matter is closed. The plaintiffs have the right to appeal. While legal proceedings are inherently unpredictable and no assurance can be given as to the ultimate outcome of any of the above matters, based on management’s current understanding of the relevant facts and circumstances, the Company believes that these proceedings should not have a material adverse effect on its financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 – Related Party Transactions As of December 31, 2018, the Company leased its office headquarters building from a company 33% beneficially owned by Blake L. Sartini, 5% owned by a trust for the benefit of Mr. Sartini’s immediate family members (including Blake L. Sartini, II) for which Mr. Sartini serves as trustee, and 3% beneficially owned by Stephen A. Arcana. The lease for the Company’s office headquarters building expires on December 31, 2030. The rent expense for the office headquarters building during the years ended December 31, 2018, 2017 and 2016 was $1.3 million, $1.2 million, and $1.1 million respectively. No amount was owed to the Company, and no amount was due and payable by the Company, under this lease as of December 31, 2018 and 2017. Additionally, a portion of the office headquarters building was sublet to a company owned or controlled by Mr. Sartini. Rental income during each of the years ended December 31, 2018, 2017, and 2016 for the sublet portion of the office headquarters building was less than $0.1 million. No amount was owed to the Company under such sublease as of December 31, 2018 and 2017. Mr. Sartini serves as the Chairman of the Board, President and Chief Executive Officer of the Company and is co-trustee of the Sartini Trust, which is a significant shareholder of the Company. Mr. Arcana serves as the Executive Vice President and Chief Operating Officer of the Company. All of these related party lease agreements were in place prior to the consummation of the Sartini Gaming merger. As of December 31, 2018, the Company leased one tavern location from a company controlled by Mr. Sartini through a trust for the benefit of Mr. Sartini’s immediate family members (including Blake L. Sartini, II) for which Mr. Sartini serves as trustee. The remaining lease term is approximately nine years. Three tavern locations that the Company had previously leased from related parties were sold in 2017 and in January 2018 to unrelated third parties. The rent for the tavern locations (including sold tavern locations for the periods in which the leases were with related parties) was $0.4 million, $0.9 million, and $1.3 million during the years ended December 31 2018, 2017, and 2016, respectively. No amount was owed to the Company, and no amount was due and payable by the Company, under such leases as of December 31, 2018 and 2017. From time to time, the Company’s executive officers and employees use for Company business private aircraft that are owned by or leased to Sartini Enterprises, Inc., a company controlled by Mr. Sartini, pursuant to aircraft timesharing, co-user and cost-sharing agreements between the Company and Sartini Enterprises, Inc. that have been approved by the Audit Committee of the Board of Directors. The aircraft timesharing, co-user and cost-sharing agreements specify the maximum expense reimbursement that Sartini Enterprises, Inc. can charge the Company under the applicable regulations of the Federal Aviation Administration for the use of the aircraft and flight crew. Such costs include fuel, landing fees, hangar and tie-down costs away from the aircraft’s operating base, flight planning and weather contract services, crew costs and other related expenses. The Company’s compliance department regularly reviews these reimbursements. During the years ended December 31, 2018, 2017 and 2016, the Company paid approximately $0.6 million, $0.2 million and $0.1 million, respectively, and less than $0.1 million was owned by the Company as of December 31, 2018 and 2017, under the aircraft timesharing, co-user and cost-sharing agreements. One of the distributed gaming locations at which the Company’s slots are located is owned in part by Sean T. Higgins, who serves as Executive Vice President and Chief Legal Officer of the Company. This agreement was in place prior to Mr. Higgins’s joining the Company on March 28, 2016. Net revenues and gaming expenses recorded by the Company from the use of the Company’s slots at this location were $1.0 million and $0.9 million, respectively, during the year ended December 31, 2018, $1.1 million and $1.0 million, respectively, during the year ended December 31, 2017, and $0.9 million and $0.8 million, respectively, during the year ended December 31, 2016, in each case excluding net revenues and gaming expenses incurred during the period prior to the commencement of Mr. Higgins’s employment with the Company (as during such period the agreement was not with a related party). De minimis amounts were owed to or due and payable by the Company as of December 31, 2018 and no amount was owed to or due and payable by the Company as of December 31, 2017, related to this agreement. In connection with the Sartini Gaming merger, Lyle A. Berman, who serves on the Board of the Directors of the Company, entered into a three-year consulting agreement with the Company pursuant to which the Company paid his wholly-owned consulting firm $200,000 annually, plus reimbursements for certain health insurance, administrative assistant and office costs. Expenses recorded by the Company for the agreement with Mr. Berman were less than $0.1 million for the year ended December 31, 2018 and $0.2 million each of the years ended December 31, 2017 and 2016. No amounts were due and payable by the Company related to this agreement at December 31, 2018 and 2017. The consulting agreement expired on July 31, 2018. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16 – Segment Information The Company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The Company’s Casinos segment involves the ownership and operation of resort casino properties in Nevada and Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance and operation of slots and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable operating segments because these costs are not easily allocable and to do so would not be practical. The Company evaluates each segment’s profitability based upon such segment’s Adjusted EBITDA, which represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening expense, acquisition and merger expenses, share-based compensation expenses, executive severance and sign-on bonuses, gain on contingent consideration, class action litigation expenses, gain/loss on disposal of property and equipment, and impairments and other losses, calculated before corporate overhead (which is not allocated to each segment). The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA: Year Ended December 31, 2018 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 246,623 $ 278,553 $ — $ 525,176 Food and beverage 119,636 50,817 — 170,453 Rooms 106,805 — — 106,805 Other 40,885 7,697 778 49,360 Total revenues $ 513,949 $ 337,067 $ 778 $ 851,794 Net income (loss) $ 82,556 $ 25,870 $ (129,340 ) $ (20,914 ) Depreciation and amortization 72,242 20,604 1,610 94,456 Acquisition expenses — — 2,956 2,956 Loss on disposal of property and equipment 2,893 443 — 3,336 Share-based compensation 37 3 9,948 9,988 Preopening expenses 170 365 636 1,171 Class action litigation expenses 16 195 363 574 Executive severance and sign-on bonuses 289 38 457 784 Other, net 172 213 129 514 Interest expense, net 110 93 63,825 64,028 Change in fair value of derivative — — (1,786 ) (1,786 ) Income tax provision — — 9,639 9,639 Adjusted EBITDA $ 158,485 $ 47,824 $ (41,563 ) $ 164,746 Year Ended December 31, 2017 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 109,097 $ 272,299 $ — $ 381,396 Food and beverage 34,373 46,931 — 81,304 Rooms 24,163 — — 24,163 Other 11,416 8,276 583 20,275 Total revenues $ 179,049 $ 327,506 $ 583 $ 507,138 Net income (loss) $ 30,351 $ 29,210 $ (57,477 ) $ 2,084 Depreciation and amortization 19,544 19,601 1,641 40,786 Acquisition expenses — — 5,041 5,041 Loss on disposal of property and equipment 17 414 10 441 Gain on contingent consideration — (1,719 ) — (1,719 ) Share-based compensation — — 8,754 8,754 Preopening expenses — 1,234 398 1,632 Class action litigation expenses — — 1,617 1,617 Executive severance and sign-on bonuses 636 — 506 1,142 Other operating, net 361 (240 ) (278 ) (157 ) Interest expense, net (17 ) 390 19,225 19,598 Loss on extinguishment of debt — — 1,708 1,708 Change in fair value of derivative — — (178 ) (178 ) Income tax benefit — — (7,921 ) (7,921 ) Adjusted EBITDA $ 50,892 $ 48,890 $ (26,954 ) $ 72,828 Year Ended December 31, 2016 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 69,965 $ 254,898 $ — $ 324,863 Food and beverage 14,736 41,062 — 55,798 Rooms 7,525 — — 7,525 Other 4,860 6,672 280 11,812 Total revenues $ 97,086 $ 302,632 $ 280 $ 399,998 Net income (loss) $ 16,117 $ 22,323 $ (22,140 ) $ 16,300 Depreciation and amortization 7,351 18,889 1,266 27,506 Merger expenses — — 614 614 Loss (gain) on disposal of property and equipment 94 (40 ) — 54 Share-based compensation — — 3,878 3,878 Preopening expenses — 2,179 292 2,471 Executive severance and sign-on bonuses — — 1,037 1,037 Interest expense, net 9 144 6,301 6,454 Gain on sale of land held for sale — — (4,525 ) (4,525 ) Other, net — — (869 ) (869 ) Income tax provision (benefit) — 60 (4,385 ) (4,325 ) Adjusted EBITDA $ 23,571 $ 43,555 $ (18,531 ) $ 48,595 Assets The Company’s assets by segment consisted of the following amounts: (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Balance at December 31, 2018 $ 1,006,292 $ 299,697 $ 60,580 $ 1,366,569 Balance at December 31, 2017 $ 1,039,025 $ 298,453 $ 27,697 $ 1,365,175 Capital Expenditures The Company’s capital expenditures by segment consisted of the following amounts: (In thousands) Casinos (1) Distributed Gaming (2) Corporate and Other Consolidated For the year ended December 31, 2018 $ 45,634 $ 15,942 $ 6,599 $ 68,175 For the year ended December 31, 2017 $ 9,665 $ 18,011 $ 1,787 $ 29,463 For the year ended December 31, 2016 $ 10,267 $ 17,730 $ 2,637 $ 30,634 (1) Capital expenditures in the Casinos segment exclude non-cash purchases of property and equipment of approximately $8.8 million, $1.8 million, and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. (2) Capital expenditures in the Distributed Gaming segment exclude non-cash purchases of property and equipment of approximately $3.5 million, $2.6 million, and $2.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | Note 17 – Selected Quarterly Financial Information (Unaudited): The following tables present selected quarterly financial information: Year ended December 31, 2018 First Second Third (2) Fourth (2) (In thousands, except per share amounts) Revenues $ 214,789 $ 216,543 $ 210,337 $ 210,125 Income from operations 16,681 19,095 9,723 5,468 Net income (loss) 3,930 3,594 (3,124 ) (25,314 ) Basic income (loss) per share $ 0.14 $ 0.13 $ (0.11 ) $ (0.90 ) Diluted income (loss) per share $ 0.13 $ 0.12 $ (0.11 ) $ (0.90 ) Year ended December 31, 2017 First Second Third Fourth (1)(2) (In thousands, except per share amounts) Revenues $ 105,883 $ 109,885 $ 107,660 $ 183,710 Income from operations 5,318 2,578 2,389 5,006 Net income (loss) 5,342 1,713 8,555 (13,526 ) Basic income (loss) per share $ 0.24 $ 0.08 $ 0.38 $ (0.53 ) Diluted income (loss) per share (2) $ 0.23 $ 0.07 $ 0.36 $ (0.53 ) (1) Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. (2) For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. Because net income (loss) per share amounts are calculated using the weighted-average number of common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters in the tables above may not equal the total net income (loss) per share amounts for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 – Subsequent Events The Company's management evaluates subsequent events through the date of issuance of the consolidated financial statements. Other than the Laughlin Acquisition (see Note 4, Acquisitions |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | GOLDEN ENTERTAINMENT, INC. (In thousands) Balance at Beginning of Period Increase Decrease Balance at End of Period Deferred income tax valuation allowance: Year Ended December 31, 2018 $ 6,983 $ 16,293 $ — $ 23,276 Year Ended December 31, 2017 18,109 — (11,126 ) 6,983 Year Ended December 31, 2016 25,593 — (7,484 ) 18,109 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates also include preliminary estimates of values assigned to assets acquired and liabilities assumed in connection with business combinations, including conclusions of useful lives, separate entity values and underlying valuation metrics and methods. These preliminary estimates could change significantly during the measurement period which can remain open for up to one year after the closing date of the business combination. See Note 4, Acquisitions, |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation. These reclassifications had no effect on previously reported net income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks and highly-liquid investments with original maturities of three months or less. Although these balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits. |
Accounts Receivable | Accounts Receivable Accounts receivable consist primarily of gaming, hotel and other receivables, net of an allowance for doubtful accounts. Accounts receivable are non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. An estimated allowance is maintained to reduce the Company’s accounts receivable to their expected net realizable value. Based on specific reviews of customer accounts as well as historical collection experience and current economic and business conditions. Recoveries of accounts previously written off are recorded when received. |
Inventories | Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out and the average cost inventory methods. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Assets held under capital leases are stated at the lower of the present value of the future minimum lease payments or fair value at the inception of the lease. Expenditures for additions, renewals and improvements are capitalized. Costs of repairs and maintenance are expensed when incurred. Building and site improvements 10 - 45 years Furniture and equipment 3 - 15 years Leasehold improvements 2 - 15 years The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is recorded based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. For the years ended December 31, 2018, 2017 and 2016, there were no impairment charges. Change in Depreciable Lives of Property and Equipment During the quarter ended June 30, 2018, the Company completed an analysis associated with planned renovations of certain assets acquired in the American Acquisition (see Note 4, Acquisitions |
Goodwill and Intangible Assets | Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets include trade names and licenses. The fair value of the Company’s trade names is estimated using the income approach to valuation at each of its reporting units. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its customer relationships, player relationships, non-compete agreements and leasehold interest, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s customer relationship assets represent the value associated with space agreements and participation agreements with its distributed gaming customers acquired in an asset purchase or business acquisition. The Company’s player relationships represent the value associated with its rated casino guests. The initial fair value of these intangible assets were determined using the income approach. The recoverability of the finite-lived intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. |
Business Combinations | Business Combinations The Company allocates the business combination purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. The Company determined the fair value of identifiable intangible assets, such as player relationships and trade names, as well as any other significant tangible assets or liabilities, such as long-lived property. The fair value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of acquired assets and liabilities assumed. Management estimates the fair value of assets and liabilities primarily using discounted cash flows and replacement cost analysis. Provisional fair value measurements of acquired assets and liabilities assumed may be retrospectively adjusted during the measurement period. The measurement period ends once the Company is able to determine it has obtained all necessary information that existed as of the acquisition date or once the Company determines that such information is unavailable. The measurement period does not extend beyond one year from the acquisition date. |
Derivative Instruments | Derivative Instruments The Company uses derivative financial instruments to manage interest rate exposure. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in earnings as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. In November 2017, the Company entered into an interest rate cap agreement (the “Interest Rate Cap”) with a notional value of $650 million for a cash payment of $3.1 million. The Interest Rate Cap establishes a range whereby the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 2.25%. The Interest Rate Cap settles monthly commencing in January 2018 through the termination date in December 31, 2020. No payments or receipts are exchanged on the Interest Rate Cap unless interest rates rise above the pre-determined ceiling rate. The estimated fair value of the Company’s Interest Rate Cap is derived from a market price obtained from a dealer quote. Such quote represents the estimated amount the Company would receive to terminate the contract. As of December 31, 2018, the fair value of the Interest Rate Cap was an asset of $5.0 million and was recorded in other long-term assets in the accompanying consolidated balance sheets . |
Contract and Contract Related Liabilities | Contract and Contract Related Liabilities The Company provides numerous products and services to its customers. There is often a timing difference between the cash payment by the customers and recognition of revenue for each of the associated performance obligations. As of December 31, 2018 and December 31, 2017, the amount of gaming liabilities was $12.5 million and $12.2 million, respectively. The Company’s primary types of gaming liabilities associated with contracts with gaming customers include outstanding chip liability, and loyalty program liabilities. Outstanding Chip Liability The outstanding chip liability represents the collective amounts owed to customers in exchange for gaming chips in their possession. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. Loyalty Programs The Company offers various loyalty programs at its resort casino properties to encourage repeat business. At its Las Vegas and Laughlin casinos in Nevada, the Company offers the ace|PLAY® loyalty program. Under this program, participants earn points based on gaming activity that can be redeemed for cash, free play, lodging, food and beverages and merchandise. At its Pahrump, Nevada casinos, the Company offers the Gold Mine Rewards TM At Rocky Gap, the Company offers the Rewards Club TM In its Distributed Gaming segment, the Company offers the Golden Rewards® promotional program for its taverns. Under this program, participants earn points based on play and amounts spent on the purchase of food and beverage which are redeemable for complimentary slot play, food and beverages, among other items. With respect to each of the Company’s loyalty programs, the Company records a liability based on the value of points earned, less an estimate for points not expected to be redeemed. This liability represents a deferral of revenue until such time as the participant redeems the points earned. The Company has changed the way it records net points earned for complimentary gaming play or free goods and services. The promotional allowances line item was eliminated from the consolidated statement of operations with amounts being instead deducted from the respective revenue line items, and the cost of providing such complimentary gaming play, goods and services is no longer included in gaming expense (See Note 3, Revenue Recognition Other Customer deposits and other deferred revenue represent cash deposits made by customers for future non-gaming services to be provided by the Company. With the exception of tenant deposits, which are tied to the terms of the lease and typically extend beyond a year, the majority of these customer deposits and other deferred revenue are expected to be recognized as revenue or refunded to the customer within one year of the date the deposit was recorded. |
Long-Term Debt, Net | Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount, net of unamortized debt issuance costs and debt discount. These include legal and other direct costs related to the issuance of debt and discounts granted to the initial purchasers or lenders of the Company’s debt instruments, and are recorded as a direct reduction to the face amount of the Company’s outstanding long-term debt on the consolidated balance sheets. The debt discount and debt issuance costs are accreted to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis over the contractual term of the underlying debt. Approximately $5.1 million, $1.6 million and $0.7 million was amortized to interest expense during the years ended December 31, 2018, 2017 and 2016, respectively. |
Revenue Recognition | Revenue Recognition See Note 3, Revenue Recognition |
Gaming Taxes | Gaming Taxes The Company’s Nevada casinos are subject to taxes based on gross gaming revenues and pay annual fees based on the number of slots and table games licensed during the year. Rocky Gap is subject to gaming taxes based on gross gaming revenues and also pays an annual flat tax based on the number of table games and video lottery terminals in operation during the year. The Company’s distributed gaming operations in Nevada are subject to taxes based on the Company’s share of non-restricted gross gaming revenue for those locations that have grandfathered rights to more than 15 slots for play, and/or annual and quarterly fees at all tavern and third party distributed gaming locations. The Company’s distributed gaming operations in Montana are subject to taxes based on the Company’s share of gross gaming revenue. These gaming taxes are recorded as gaming expenses in the consolidated statements of operations. Total gaming taxes and licenses were $55.3 million, $41.5 million and $35.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Advertising Expenses | Advertising Expenses The Company expenses advertising costs as incurred. Advertising expenses, which are primarily included in selling, general and administrative expenses, were $10.1 million, $3.3 million and $2.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Share-Based Compensation Expense | Share-Based Compensation Expense The Company has various share-based compensation programs, which provide for equity awards including stock options, time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of forfeitures, over the employee's requisite service period. Compensation costs related to stock option awards are calculated based on the fair value of the award on the date of grant using the Black-Scholes option pricing model. For RSUs and PSUs, compensation expense is calculated based on the fair market value of the Company’s common stock on the date of grant. All of the Company’s share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. See Note 9, Share-Based Compensation, |
Income Taxes | Income Taxes The Company is subject to income taxes in the United States. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The Company records estimated penalties and interest related to income tax matters, including uncertain tax positions, if any, as a component of income tax expense. |
Net Income per Share | Net Income per Share For all periods, basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. Due to the net loss for the year ended December 31, 2018, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding for this period. The amount of potential common share equivalents were 2,014,012 for year ended December 31, 2018. |
Share Repurchase Program | Share Repurchase Program On November 7, 2018, the Board of Directors authorized the repurchase of up to $25.0 million shares of common stock, subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduces common stock and records charges to accumulated deficit. During the year ended December 31, 2018, the Company repurchased approximately 1.2 million shares of its $0.01 par value common stock in open market transactions at an average price of $16.06 per share, resulting in a charge to accumulated deficit of approximately $19.6 million. As of December 31, 2018, approximately $5.4 million of shares of common stock remained available for repurchase pursuant to this program. On March 12, 2019, the Board of Directors authorized the repurchase of up to $25.0 million additional shares of common stock, subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors, which replaces the November 2018 share repurchase program. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. There were no share repurchases during the years ended December 31, 2017 or 2016. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to generally accepted accounting principles in the United States are established by the Financial Accounting Standards Board (“FASB”), in the form of Accounting Standards Updates (“ASUs”), to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. While management continues to assess the possible impact on the Company's consolidated financial statements of the future adoption of new accounting standards that are not yet effective, management currently believes that the following new standards may impact the Company’s financial statements and disclosures: Accounting Standards Issued And Adopted In May 2014 (amended January 2017), the FASB issued a comprehensive new revenue recognition model, ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Topic 842 provides for transitional relief by permitting the election of certain practical expedients. The Company is electing the reassessment package of practical expedients, which permits the Company not to reassess whether (1) any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification remains appropriate for any expired or existing leases as of the adoption date and (3) previously capitalized costs continue to qualify as initial direct costs on expired or existing leases as of the adoption date. The Company is not electing the hindsight practical expedient, which requires an entity to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. While the Company is currently assessing the quantitative impact the guidance will have on its consolidated financial statements and related disclosures, the Company expects the most significant changes will be related to the recognition of right-of-use assets and lease liabilities for operating leases on the Company’s consolidated balance sheet, with no material impact to net income or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract No other recently issued accounting standards that are not yet effective have been identified that management believes are likely to have an impact on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property and Equipment, Estimated Useful Lives | Building and site improvements 10 - 45 years Furniture and equipment 3 - 15 years Leasehold improvements 2 - 15 years |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
ASC 606 [Member] | |
Summary of Impact of Adoption of the New Standard to Previously Reported Selected Financial Statement Information | The impact of adoption of the new standard to previously reported selected financial statement information was as follows: Year Ended December 31, 2017 (In thousands) As Reported Adjustments As Adjusted Gross revenues $ 538,676 $ (31,538 ) $ 507,138 Promotional allowances (28,868 ) 28,868 — Net revenues 509,808 (2,670 ) 507,138 Operating income 15,378 (87 ) 15,291 Net income 2,171 (87 ) 2,084 Year Ended December 31, 2016 (In thousands) As Reported Adjustments As Adjusted Gross revenues $ 424,395 $ (24,397 ) $ 399,998 Promotional allowances (21,191 ) 21,191 — Net revenues 403,204 (3,206 ) 399,998 Operating income 13,035 — 13,035 Net income 16,300 — 16,300 |
Acquisitions (Tables)
Acquisitions (Tables) - ACEP Holdings [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Acquisition Purchase Price Allocation | The following table summarizes the allocation of the purchase price, based on estimates of the fair values of the assets acquired and liabilities assumed: (In thousands) Current assets $ 83,079 Property and equipment 754,581 Other noncurrent assets 264 Intangible assets 66,140 Goodwill 52,479 Liabilities (67,476 ) Total assets acquired, net of liabilities assumed $ 889,067 |
Summary of Values of Property and Equipment Acquired and Estimated Useful Lives by Category | The following table summarizes the values assigned to acquired property and equipment and estimated useful lives by category: (In thousands) Useful Land No t $ 106,800 Land improvements 15 6,240 Building and improvements 45 607,698 Furniture, fixtures and equipment 3-4 32,829 Construction in process No t 1,014 Total property and equipment $ 754,581 |
Summary of Values of Intangible Assets Acquired and Estimated Useful Lives by Category | The following table summarizes the values assigned to acquired intangible assets and estimated useful lives by category: (In thousands) Useful Life (Years) Trade names Indefinite $ 34,510 Players loyalty programs 3 26,850 Leasehold interest 3-80 3,110 In-place lease value 3-4 1,670 Total intangible assets $ 66,140 |
Summary of Unaudited Pro Forma Combined Financial Information | The following table summarizes certain unaudited pro forma combined financial information derived from a combination of the historical consolidated financial statements of the Company and of American for the years ended December 31, 2017 and 2016, adjusted to give effect to the American Acquisition, related transactions (including the refinancing) and the adoption of ASC 606. Year Ended December 31, 2017 2016 (In thousands, except per share data) Pro forma combined revenues $ 843,589 $ 791,372 Pro forma combined net income 23,131 28,200 Pro forma combined net income per share: Basic 26,342 26,181 Diluted 27,897 26,500 Weighted-average common shares outstanding: Basic $ 0.88 $ 1.08 Diluted 0.83 1.06 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | The following table summarizes the components of property and equipment, net: December 31, (In thousands) 2018 2017 Land $ 121,081 $ 121,081 Building and site improvements 723,354 705,266 Furniture and equipment 154,663 125,339 Construction in process 35,151 6,972 Property and equipment 1,034,249 958,658 Less: Accumulated depreciation (139,296 ) (63,417 ) Property and equipment, net $ 894,953 $ 895,241 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Activity by Reportable Segment | The following table summarizes goodwill activity by reportable segment: (In thousands) Casinos Distributed Gaming Total Goodwill Balance, January 1, 2017 $ 7,796 $ 97,859 $ 105,655 Goodwill acquired during the year 52,479 — 52,479 Balance, December 31, 2017 60,275 97,859 158,134 Goodwill acquired during the year — — — Balance, December 31, 2018 $ 60,275 $ 97,859 $ 158,134 |
Schedule of Intangible Assets, Net | Intangible assets, net, consisted of the following: December 31, 2018 Weighted- Gross Average Life Carrying Cumulative Intangible (In thousands) Remaining Value Amortization Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 46,710 $ — $ 46,710 Gaming licenses Indefinite 960 — 960 Liquor licenses Indefinite 185 — 185 47,855 - 47,855 Amortizing intangible assets Customer relationships 11.0 years 80,654 (18,282 ) 62,372 Player relationships 3.2 years 34,689 (12,691 ) 21,998 Non-compete agreements 2.1 years 6,210 (3,548 ) 2,662 Leasehold interest 64.7 years 3,110 (223 ) 2,887 Gaming licenses 9.3 years 2,100 (788 ) 1,312 In-place lease value 2.3 years 1,670 (565 ) 1,105 Other 7.2 years 1,769 (832 ) 937 130,202 (36,929 ) 93,273 Balance, December 31, 2018 $ 178,057 $ (36,929 ) $ 141,128 December 31, 2017 Weighted- Gross Average Life Carrying Cumulative Intangible (In thousands) Remaining Value Amortization Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 46,710 $ — $ 46,710 Gaming licenses Indefinite 960 — 960 Liquor licenses Indefinite 185 — 185 47,855 — 47,855 Amortizing intangible assets Customer relationships 12.1 years 80,320 (12,524 ) 67,796 Player relationships 4.2 years 34,150 (3,045 ) 31,105 Non-compete agreements 3.0 years 6,000 (2,395 ) 3,605 Leasehold interest 65.7 years 3,110 (32 ) 3,078 Gaming licenses 10.3 years 2,100 (648 ) 1,452 In-place lease value 3.3 years 1,670 (81 ) 1,589 Other 8.2 years 1,769 (557 ) 1,212 129,119 (19,282 ) 109,837 Balance, December 31, 2017 $ 176,974 $ (19,282 ) $ 157,692 |
Schedule of Estimated Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense related to intangible assets, is as follows: (In thousands) 2019 2020 2021 2022 2023 Thereafter Estimated amortization expense $ 17,880 $ 16,232 $ 7,166 $ 6,695 $ 6,583 $ 38,717 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: December 31, (In thousands) 2018 2017 Gaming liabilities $ 12,473 $ 12,209 Deposits 2,652 — Other accrued liabilities 3,723 8,164 Total accrued liabilities $ 18,848 $ 20,373 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, net is comprised of the following: December 31, (In thousands) 2018 2017 Term loans $ 992,000 $ 1,000,000 Capital lease obligations 7,127 5,839 Notes payable 1,111 1,159 Total long-term debt 1,000,238 1,006,998 Less unamortized discount (25,658 ) (30,122 ) Less unamortized debt issuance costs (3,537 ) (3,917 ) 971,043 972,959 Less current maturities (10,480 ) (9,759 ) Long-term debt, net $ 960,563 $ 963,200 |
Schedule of Principal Payments Due on Long-term Debt | The scheduled principal payments due on long-term debt are as follows: (In thousands) For the year ending December 31, 2019 $ 10,480 2020 9,941 2021 9,272 2022 8,199 2023 8,140 Thereafter 954,206 Total outstanding principal of long-term debt $ 1,000,238 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity: Weighted- Average Aggregate Stock Remaining Weighted- Intrinsic Options Term Average Value Outstanding (in years) Exercise Price (in thousands) Outstanding at January 1, 2018 4,375,929 7.9 $ 10.73 Granted — $ — Exercised (813,228 ) $ 7.38 Cancelled (117,635 ) $ 12.15 Expired (20,311 ) $ 7.34 Outstanding at December 31, 2018 3,424,755 7.4 $ 11.49 $ 17,603 Exercisable at December 31, 2018 2,193,274 7.2 $ 10.63 $ 12,811 |
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted | The following assumptions were used to estimate the fair value of stock options granted: Year Ended December 31, 2017 2016 Expected dividend yield — — Risk-free interest rate 2.21 – 2.47% 1.43 – 2.40% Expected term (in years) 10 10 Expected volatility 29.07 – 34.43% 24.03 – 26.95% |
Summary of RSU Activity | The following table summarizes RSU activity: RSUs Total Weighted- Fair Value Average of Shares Grant Date Vested Shares Fair Value (in thousands) Outstanding at January 1, 2016 — Granted 141,296 $ 12.57 Outstanding at December 31, 2016 141,296 $ 12.57 Granted — Vested (111,660 ) $ 12.57 $ 2,556 Cancelled (29,636 ) $ 12.57 Outstanding at December 31, 2017 — Granted 241,542 $ 29.09 Vested — $ — Cancelled (9,243 ) $ 28.72 Outstanding at December 31, 2018 232,299 $ 29.10 |
Summary of PSU Activity | The following table summarizes PSU activity: PSUs Total Weighted- Fair Value Average of Shares Grant Date Vested Shares (1) Fair Value (in thousands) Outstanding at January 1, 2017 — Granted 62,791 $ 27.87 Vested — $ — Cancelled — Outstanding at December 31, 2017 62,791 $ 27.87 Granted 108,957 $ 28.72 Vested — $ — Cancelled — Outstanding at December 31, 2018 171,748 $ 28.41 __________________ (1) The number of shares listed for PSUs granted during 2017 represents the actual number of PSUs granted to each recipient eligible to vest if the Company meets its performance goals for the applicable period. The number of shares listed for PSUs granted during 2018 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest with respect to PSUs granted in 2018 will vary depending on whether or not the Company meets or exceeds the applicable threshold, target or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. |
Summary of Share-based Compensation Costs by Award Type | The following table summarizes share-based compensation costs by award type: Year Ended December 31, (In thousands) 2018 2017 2016 Stock options $ 5,191 $ 5,135 $ 3,717 RSUs 3,383 3,554 161 PSUs 1,067 65 — Total share-based compensation costs $ 9,641 $ 8,754 $ 3,878 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision (Benefit) | Income tax provision (benefits) are summarized as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Current: Federal $ (741 ) $ (91 ) $ — State — (5 ) — Total current tax benefit (741 ) (96 ) — Deferred: Federal $ 9,872 $ (7,456 ) $ (4,091 ) State 508 (369 ) (234 ) Total deferred tax benefit 10,380 (7,825 ) (4,325 ) Income tax (benefit) provision $ 9,639 $ (7,921 ) $ (4,325 ) |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the statutory federal income tax rate to the Company’s actual rate based on income (loss) before income tax benefit is summarized as follows: Year Ended December 31, 2018 2017 2016 Statutory federal tax rate 21 % 35 % 35 % State income taxes, net of federal income taxes 4.5 2.0 2.0 State tax credit — — (45.9 ) State rate adjustment — — 2.1 Permanent tax differences – stock compensation 22.0 — — Permanent tax differences – business meals (5.0 ) — — Permanent tax differences – executive compensation (0.2 ) (12.5 ) — Permanent tax differences – other — (17.0 ) 2.4 Purchase price allocation adjustment – merger — — 3.7 Change in valuation allowance (144.5 ) 193.5 (34.8 ) FICA credit generated 8.5 11.8 (4.7 ) Impact of Tax Cuts and Jobs Act (4.8 ) (74.6 ) — Change in tax rate and apportionment (4.3 ) — — Deferred only adjustment to beginning deferred balances 17.3 — — Other, net — (0.4 ) 4.1 Effective tax rate (85.5%) 137.8 % (36.1%) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s current and non-current deferred tax assets (liabilities) are comprised of the following: December 31, (In thousands) 2018 2017 Deferred tax assets: Accruals and reserves $ 3,854 $ 1,571 Share-based compensation expense 3,758 2,532 Alternative minimum tax credit carryforward 741 1,483 General business credit carryforward 2,447 1,126 State tax credits 5,500 5,500 Net operating loss carryforwards 19,156 17,350 Other 944 701 36,400 30,263 Valuation allowances (23,276 ) (6,983 ) $ 13,124 $ 23,280 Deferred tax liabilities: Prepaid services (876 ) (884 ) Amortization of intangible assets (9,519 ) (11,527 ) Depreciation of fixed assets (5,322 ) (3,082 ) (15,717 ) (15,493 ) Net deferred tax assets (liabilities) $ (2,593 ) $ 7,787 |
Employee Retirement and Benef_2
Employee Retirement and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Pension Plans | The Company considers the following multiemployer pension plans to be significant: FIR/RP Expiration Date Pension Protection Status Of Collective- Zone Status (1) Pending/ Surcharge Bargaining Multiemployer Pension Plans EIN/Plan Number 2017 2016 Implemented Imposed Agreement Central Pension Fund of the IUOE and Participating Employers 36-6052390-001 Green Green No No 3/31/2018 and 3/31/2020 Southern Nevada Culinary and Bartenders Pension Plan 88-6016617-001 Green Green No No 5/31/2023 (1) The Pension Protection Act of 2006 requires plans that are certified as endangered (yellow) or critical (red) to develop and implement a funding improvement plan. |
Schedule of Contribution to Each Multiemployer Pension Plans | The Company’s contributions to each multiemployer pension and benefit plans are as follows: December 31, (In thousands) 2018 2017 Multiemployer pension plans Central Pension Fund of the IUOE and Participating Employers $ 753 $ 165 Southern Nevada Culinary and Bartenders Pension Plan 2,003 453 Other pension plans 191 45 Total contributions $ 2,947 $ 663 Multiemployer benefit plans (excluding pension plans) HEREIU Welfare Fund $ 7,807 $ 1,691 All other 6 2 Total contributions $ 7,813 $ 1,693 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement Information about Long-term Debt | The following table summarizes the fair value measurement information about our long-term debt: December 31, 2018 Carrying Fair Fair Value (In thousands) Amount Value Hierarchy Term loans $ 992,000 $ 952,300 Level 2 Capital lease obligations 7,127 7,127 Level 3 Notes payable 1,111 1,111 Level 3 Total debt $ 1,000,238 $ 960,538 December 31, 2017 Carrying Fair Fair Value (In thousands) Amount Value Hierarchy Term loans $ 1,000,000 $ 1,000,000 Level 2 Capital lease obligations 5,839 5,839 Level 3 Notes payable 1,159 1,159 Level 3 Total debt $ 1,006,998 $ 1,006,998 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received under Non-cancelable Operating Leases | The future minimum lease payments to be received by the Company under non-cancelable operating leases are as follows: (In thousands) For the year ending December 31, 2019 $ 4,558 2020 3,208 2021 2,452 2022 1,607 2023 938 Thereafter — Total $ 12,763 |
Schedule of Operating Lease Rental Expense | Operating lease rental expense, which is calculated on a straight-line basis, net of surcharge revenue, is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Space agreements $ 39,035 $ 37,061 $ 40,848 Related party leases 1,559 2,035 2,429 Other operating leases 15,080 13,447 11,784 Total rent expense $ 55,674 $ 52,543 $ 55,061 |
Schedule of Future Minimum Operating Lease Payments | Future minimum lease payments, not subject to contingent rents, are as follows: For the year ending December 31, (In thousands) 2019 2020 2021 2022 2023 Thereafter Total Space agreements $ 39,200 $ 11,025 $ 7,436 $ 5,000 $ 2,047 $ 86 $ 64,794 Related party leases 1,535 1,621 1,714 1,815 1,930 16,098 24,713 Other operating leases 15,124 14,807 13,891 12,767 12,138 87,252 155,979 Total minimum operating lease payments $ 55,859 $ 27,453 $ 23,041 $ 19,582 $ 16,115 $ 103,436 $ 245,486 |
Schedule of Future Minimum Capital Lease Payments | Future minimum capital lease payments are as follows: For the year ending December 31, (In thousands) 2019 2020 2021 2022 2023 Thereafter Total Furniture and equipment $ 1,667 $ 1,873 $ 1,255 $ 143 $ 88 $ 6,222 $ 11,247 Building 150 150 150 163 165 1,423 2,201 Less: Amounts representing interest (272 ) (202 ) (154 ) (130 ) (124 ) (5,439 ) (6,321 ) Total obligations under capital leases $ 1,545 $ 1,821 $ 1,251 $ 176 $ 129 $ 2,206 $ 7,127 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA: Year Ended December 31, 2018 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 246,623 $ 278,553 $ — $ 525,176 Food and beverage 119,636 50,817 — 170,453 Rooms 106,805 — — 106,805 Other 40,885 7,697 778 49,360 Total revenues $ 513,949 $ 337,067 $ 778 $ 851,794 Net income (loss) $ 82,556 $ 25,870 $ (129,340 ) $ (20,914 ) Depreciation and amortization 72,242 20,604 1,610 94,456 Acquisition expenses — — 2,956 2,956 Loss on disposal of property and equipment 2,893 443 — 3,336 Share-based compensation 37 3 9,948 9,988 Preopening expenses 170 365 636 1,171 Class action litigation expenses 16 195 363 574 Executive severance and sign-on bonuses 289 38 457 784 Other, net 172 213 129 514 Interest expense, net 110 93 63,825 64,028 Change in fair value of derivative — — (1,786 ) (1,786 ) Income tax provision — — 9,639 9,639 Adjusted EBITDA $ 158,485 $ 47,824 $ (41,563 ) $ 164,746 Year Ended December 31, 2017 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 109,097 $ 272,299 $ — $ 381,396 Food and beverage 34,373 46,931 — 81,304 Rooms 24,163 — — 24,163 Other 11,416 8,276 583 20,275 Total revenues $ 179,049 $ 327,506 $ 583 $ 507,138 Net income (loss) $ 30,351 $ 29,210 $ (57,477 ) $ 2,084 Depreciation and amortization 19,544 19,601 1,641 40,786 Acquisition expenses — — 5,041 5,041 Loss on disposal of property and equipment 17 414 10 441 Gain on contingent consideration — (1,719 ) — (1,719 ) Share-based compensation — — 8,754 8,754 Preopening expenses — 1,234 398 1,632 Class action litigation expenses — — 1,617 1,617 Executive severance and sign-on bonuses 636 — 506 1,142 Other operating, net 361 (240 ) (278 ) (157 ) Interest expense, net (17 ) 390 19,225 19,598 Loss on extinguishment of debt — — 1,708 1,708 Change in fair value of derivative — — (178 ) (178 ) Income tax benefit — — (7,921 ) (7,921 ) Adjusted EBITDA $ 50,892 $ 48,890 $ (26,954 ) $ 72,828 Year Ended December 31, 2016 (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Revenues Gaming $ 69,965 $ 254,898 $ — $ 324,863 Food and beverage 14,736 41,062 — 55,798 Rooms 7,525 — — 7,525 Other 4,860 6,672 280 11,812 Total revenues $ 97,086 $ 302,632 $ 280 $ 399,998 Net income (loss) $ 16,117 $ 22,323 $ (22,140 ) $ 16,300 Depreciation and amortization 7,351 18,889 1,266 27,506 Merger expenses — — 614 614 Loss (gain) on disposal of property and equipment 94 (40 ) — 54 Share-based compensation — — 3,878 3,878 Preopening expenses — 2,179 292 2,471 Executive severance and sign-on bonuses — — 1,037 1,037 Interest expense, net 9 144 6,301 6,454 Gain on sale of land held for sale — — (4,525 ) (4,525 ) Other, net — — (869 ) (869 ) Income tax provision (benefit) — 60 (4,385 ) (4,325 ) Adjusted EBITDA $ 23,571 $ 43,555 $ (18,531 ) $ 48,595 The Company’s assets by segment consisted of the following amounts: (In thousands) Casinos Distributed Gaming Corporate and Other Consolidated Balance at December 31, 2018 $ 1,006,292 $ 299,697 $ 60,580 $ 1,366,569 Balance at December 31, 2017 $ 1,039,025 $ 298,453 $ 27,697 $ 1,365,175 The Company’s capital expenditures by segment consisted of the following amounts: (In thousands) Casinos (1) Distributed Gaming (2) Corporate and Other Consolidated For the year ended December 31, 2018 $ 45,634 $ 15,942 $ 6,599 $ 68,175 For the year ended December 31, 2017 $ 9,665 $ 18,011 $ 1,787 $ 29,463 For the year ended December 31, 2016 $ 10,267 $ 17,730 $ 2,637 $ 30,634 (1) Capital expenditures in the Casinos segment exclude non-cash purchases of property and equipment of approximately $8.8 million, $1.8 million, and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. (2) Capital expenditures in the Distributed Gaming segment exclude non-cash purchases of property and equipment of approximately $3.5 million, $2.6 million, and $2.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following tables present selected quarterly financial information: Year ended December 31, 2018 First Second Third (2) Fourth (2) (In thousands, except per share amounts) Revenues $ 214,789 $ 216,543 $ 210,337 $ 210,125 Income from operations 16,681 19,095 9,723 5,468 Net income (loss) 3,930 3,594 (3,124 ) (25,314 ) Basic income (loss) per share $ 0.14 $ 0.13 $ (0.11 ) $ (0.90 ) Diluted income (loss) per share $ 0.13 $ 0.12 $ (0.11 ) $ (0.90 ) Year ended December 31, 2017 First Second Third Fourth (1)(2) (In thousands, except per share amounts) Revenues $ 105,883 $ 109,885 $ 107,660 $ 183,710 Income from operations 5,318 2,578 2,389 5,006 Net income (loss) 5,342 1,713 8,555 (13,526 ) Basic income (loss) per share $ 0.24 $ 0.08 $ 0.38 $ (0.53 ) Diluted income (loss) per share (2) $ 0.23 $ 0.07 $ 0.36 $ (0.53 ) (1) Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. (2) For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Summary of Allowance for Deferred Income Tax Valuation Allowance | Balance at Beginning of Period Increase Decrease Balance at End of Period Deferred income tax valuation allowance: Year Ended December 31, 2018 $ 6,983 $ 16,293 $ — $ 23,276 Year Ended December 31, 2017 18,109 — (11,126 ) 6,983 Year Ended December 31, 2016 25,593 — (7,484 ) 18,109 |
Nature of Business (Details Tex
Nature of Business (Details Textual) $ in Thousands | Jan. 14, 2019USD ($)shares | Oct. 20, 2017USD ($)shares | Jan. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)SegmentProperty | Apr. 22, 2016Device | Jan. 29, 2016Device |
Nature of Business [Line Items] | ||||||
Number of reportable operating segments | Segment | 2 | |||||
Proceeds from issuance of common stock | $ | $ 25,608 | |||||
Initial Public Offering [Member] | ||||||
Nature of Business [Line Items] | ||||||
Common stock shares resold by shareholders | shares | 6,500,000 | |||||
Newly issued shares of common stock | shares | 975,000 | |||||
Proceeds from issuance of common stock | $ | $ 25,600 | |||||
Marnell Gaming,LLC [Member] | ||||||
Nature of Business [Line Items] | ||||||
Business acquisition, date of acquisition | Jan. 14, 2019 | |||||
Marnell Gaming,LLC [Member] | Subsequent Event [Member] | ||||||
Nature of Business [Line Items] | ||||||
Consideration paid, cash | $ | $ 155,000 | |||||
Consideration paid, shares issued | shares | 911,002 | |||||
ACEP Holdings [Member] | ||||||
Nature of Business [Line Items] | ||||||
Consideration paid, cash | $ | $ 787,600 | |||||
Consideration paid, shares issued | shares | 4,000,000 | |||||
Business acquisition, date of acquisition | Oct. 20, 2017 | |||||
Initial Montana Acquisition [Member] | ||||||
Nature of Business [Line Items] | ||||||
Number of slots acquired | Device | 1,100 | |||||
Second Montana Acquisition [Member] | ||||||
Nature of Business [Line Items] | ||||||
Number of slots acquired | Device | 1,800 | |||||
Nevada and Maryland [Member] | ||||||
Nature of Business [Line Items] | ||||||
Number of resort casino properties | Property | 10 |
Property and Equipment, Estimat
Property and Equipment, Estimated Useful Lives (Details) | Apr. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2018 |
Building and Site Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 19 years | 10 years | |
Minimum [Member] | Building and Site Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 10 years | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 3 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 2 years | ||
Maximum [Member] | Building and Site Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 45 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 15 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, useful lives | 15 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Mar. 12, 2019 | Apr. 01, 2018 | Nov. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 07, 2018 |
Accounting Policies [Line Items] | |||||||||||
Property and equipment and other long-lived assets, impairment charges | $ 0 | $ 0 | $ 0 | ||||||||
Decrease in depreciation expense | (6,400,000) | ||||||||||
Increase in net income | $ 900,000 | ||||||||||
Increase in loss per share basic | $ 0.03 | ||||||||||
Increase in loss per share diluted | $ 0.03 | ||||||||||
Derivative instrument, notional amount | $ 650,000,000 | ||||||||||
Derivative instrument, purchase price | $ 3,100,000 | ||||||||||
Derivative instrument, expiration date | Dec. 31, 2020 | ||||||||||
LIBOR exceeds ceiling rate | 2.25% | ||||||||||
Payments or receipts exchanged on interest rate cap | $ 0 | ||||||||||
Interest rate derivative assets, at fair value | $ 5,000,000 | $ 5,000,000 | |||||||||
Gaming liabilities | $ 12,473,000 | $ 12,209,000 | 12,473,000 | 12,209,000 | |||||||
Amortized to interest expense | 5,100 | 1,600 | 700 | ||||||||
Gaming Tax and Licenses Expense | $ 55,300,000 | $ 41,500,000 | $ 35,700,000 | ||||||||
Anti-dilutive potential common share equivalents | 1,028,000 | 1,870,000 | 2,373,000 | ||||||||
Shares repurchased | 1,200,000 | 0 | 0 | ||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Shares repurchased, value | $ 19,598,000 | ||||||||||
Average price per share | $ 16.06 | ||||||||||
Common stock repurchase, remaining authorized | $ 5,400,000 | $ 5,400,000 | |||||||||
Subsequent Event [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Common stock repurchase, authorized | $ 25,000,000 | ||||||||||
Accumulated Deficit [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Shares repurchased, value | 19,586,000 | ||||||||||
Maximum [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Common stock repurchase, authorized | $ 25,000,000 | ||||||||||
Minimum [Member] | Subsequent Event [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Shares repurchased | 0 | ||||||||||
General and Administrative Expense [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Advertising Expense | $ 10,100,000 | $ 3,300,000 | $ 2,600,000 | ||||||||
Anti-dilutive potential common share equivalents | 2,014,012 | ||||||||||
acePLAY Rewards Program [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Expiration period of participant points after no activity | 13 months | ||||||||||
Building and Site Improvements [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property and equipment, useful lives | 19 years | 10 years | |||||||||
Building and Site Improvements [Member] | Maximum [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property and equipment, useful lives | 45 years | ||||||||||
Building and Site Improvements [Member] | Minimum [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Property and equipment, useful lives | 10 years |
Revenue Recognition (Details Te
Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 20, 2017 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ (120,361) | $ (79,861) | |
ASC 606 [Member] | Difference between Revenue Guidance in Effect Before and After Topic 606 | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ (1,000) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Impact of Adoption of the New Standard to Previously Reported Selected Financial Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||
Gross revenues | $ 507,138 | $ 399,998 | ||||||||||||
Net revenues | 507,138 | 399,998 | ||||||||||||
Operating income | $ 5,468 | $ 9,723 | $ 19,095 | $ 16,681 | $ 5,006 | $ 2,389 | $ 2,578 | $ 5,318 | $ 50,967 | 15,291 | 13,035 | |||
Net income (loss) | $ (25,314) | $ (3,124) | $ 3,594 | $ 3,930 | $ (13,526) | $ 8,555 | $ 1,713 | $ 5,342 | $ (20,914) | 2,084 | 16,300 | |||
ASC 606 [Member] | As Reported | ||||||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||
Gross revenues | 538,676 | 424,395 | ||||||||||||
Promotional allowances | (28,868) | (21,191) | ||||||||||||
Net revenues | 509,808 | 403,204 | ||||||||||||
Operating income | 15,378 | 13,035 | ||||||||||||
Net income (loss) | 2,171 | 16,300 | ||||||||||||
ASC 606 [Member] | Adjustments | ||||||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||
Gross revenues | (31,538) | (24,397) | ||||||||||||
Promotional allowances | 28,868 | 21,191 | ||||||||||||
Net revenues | (2,670) | $ (3,206) | ||||||||||||
Operating income | (87) | |||||||||||||
Net income (loss) | $ (87) | |||||||||||||
[1] | For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. | |||||||||||||
[2] | Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. |
Acquisitions (Details Textual)
Acquisitions (Details Textual) | Jan. 14, 2019USD ($)shares | Oct. 20, 2017USD ($)Agreement$ / sharesshares | Jun. 17, 2016USD ($) | Apr. 22, 2016USD ($)Device | Jan. 29, 2016USD ($)Device | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | [1] | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | ||
Business Acquisition [Line Items] | ||||||||||||||||||||
Total revenues | $ 210,125,000 | [1] | $ 210,337,000 | $ 216,543,000 | $ 214,789,000 | $ 183,710,000 | [1],[2] | $ 107,660,000 | $ 109,885,000 | $ 105,883,000 | $ 851,794,000 | $ 507,138,000 | $ 399,998,000 | |||||||
Net income (loss) | (25,314,000) | [1] | $ (3,124,000) | $ 3,594,000 | $ 3,930,000 | (13,526,000) | [1],[2] | $ 8,555,000 | $ 1,713,000 | $ 5,342,000 | (20,914,000) | 2,084,000 | 16,300,000 | |||||||
Gain on revaluation of contingent consideration | 1,719,000 | |||||||||||||||||||
Goodwill | $ 158,134,000 | 158,134,000 | $ 158,134,000 | 158,134,000 | $ 158,134,000 | $ 105,655,000 | ||||||||||||||
Special dividend, per share | $ / shares | $ 1.71 | |||||||||||||||||||
Special Dividend [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Dividends payable, date declared | Jun. 17, 2016 | |||||||||||||||||||
Dividends payable, date of record | Jun. 30, 2016 | |||||||||||||||||||
Dividends declared | $ 23,500,000 | |||||||||||||||||||
Dividends payable, date paid | Jul. 14, 2016 | |||||||||||||||||||
Special dividend, per share | $ / shares | $ 1.71 | |||||||||||||||||||
Special Dividend [Member] | Jamul Indian Village [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Net proceeds from subordinated promissory note | $ 60,000,000 | |||||||||||||||||||
Senior Secured First Lien Credit Facility [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Senior Secured First Lien Credit Facility [Member] | Term Loan [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 800,000,000 | 800,000,000 | ||||||||||||||||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | 200,000,000 | ||||||||||||||||||
Senior Secured Second Lien Credit Facility [Member] | Term Loan [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 200,000,000 | 200,000,000 | ||||||||||||||||||
Marnell Gaming,LLC [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Consideration paid, cash | $ 155,000,000 | |||||||||||||||||||
Consideration paid, shares issued | shares | 911,002 | |||||||||||||||||||
ACEP Holdings [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Consideration paid, cash | $ 787,600,000 | |||||||||||||||||||
Consideration paid, shares issued | shares | 4,000,000 | |||||||||||||||||||
Business acquisition, date of acquisition | Oct. 20, 2017 | |||||||||||||||||||
Fair value of common stock issued | $ 101,500 | |||||||||||||||||||
Common stock price per share | $ / shares | $ 25.08 | |||||||||||||||||||
Total revenues | 76,300,000 | |||||||||||||||||||
Net income (loss) | $ 5,500,000 | |||||||||||||||||||
Number of credit agreements | Agreement | 2 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 754,581,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | 66,140,000 | |||||||||||||||||||
Goodwill | 52,479,000 | |||||||||||||||||||
ACEP Holdings [Member] | Senior Secured First Lien Credit Facility [Member] | Term Loan [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 900,000,000 | |||||||||||||||||||
ACEP Holdings [Member] | Senior Secured First Lien Credit Facility [Member] | Term Loan Facility [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 800,000,000 | |||||||||||||||||||
ACEP Holdings [Member] | Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||
ACEP Holdings [Member] | Senior Secured Second Lien Credit Facility [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | |||||||||||||||||||
Initial Montana Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of slots acquired | Device | 1,100 | |||||||||||||||||||
Total purchase price | $ 20,100,000 | |||||||||||||||||||
Consideration paid, value of shares issued | 500,000 | |||||||||||||||||||
Business Combination, Contingent Consideration Maximum | 2,000,000 | |||||||||||||||||||
Gain on revaluation of contingent consideration | 1,700,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash | 1,700,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | 2,400,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | 14,400,000 | |||||||||||||||||||
Goodwill | 1,600,000 | |||||||||||||||||||
Initial Montana Acquisition [Member] | Customer Relationships [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 9,800,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 15 years | |||||||||||||||||||
Initial Montana Acquisition [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 3,900,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 5 years | |||||||||||||||||||
Initial Montana Acquisition [Member] | Trade Names [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 500,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 4 years | |||||||||||||||||||
Initial Montana Acquisition [Member] | Other [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 200,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 15 years | |||||||||||||||||||
Second Montana Acquisition [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of slots acquired | Device | 1,800 | |||||||||||||||||||
Total purchase price | $ 25,700,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash | 300,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | 7,800,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | 11,400,000 | |||||||||||||||||||
Goodwill | 6,000,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Prepaid Gaming License Fees | 100,000 | |||||||||||||||||||
Second Montana Acquisition [Member] | Customer Relationships [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 9,100,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 15 years | |||||||||||||||||||
Second Montana Acquisition [Member] | Noncompete Agreements [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 1,800,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 5 years | |||||||||||||||||||
Second Montana Acquisition [Member] | Trade Names [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 200,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 4 years | |||||||||||||||||||
Second Montana Acquisition [Member] | Other [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Amount Assigned to Intangible Assets | $ 300,000 | |||||||||||||||||||
Economic Life of Intangible Assets | 15 years | |||||||||||||||||||
[1] | For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. | |||||||||||||||||||
[2] | Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. |
Schedule of Acquisition Purchas
Schedule of Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 20, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 158,134 | $ 158,134 | $ 105,655 | |
ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 83,079 | |||
Property and equipment | 754,581 | |||
Other noncurrent assets | 264 | |||
Intangible assets | 66,140 | |||
Goodwill | 52,479 | |||
Liabilities | (67,476) | |||
Total assets acquired, net of liabilities assumed | $ 889,067 |
Summary of Values of Property a
Summary of Values of Property and Equipment Acquired and Estimated Useful Lives by Category (Details) - USD ($) $ in Thousands | Apr. 01, 2018 | Oct. 20, 2017 | Mar. 31, 2018 | Dec. 31, 2018 |
ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 754,581 | |||
Land [Member] | ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 106,800 | |||
Land improvements [Member] | ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 15 years | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 6,240 | |||
Building and Site Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 19 years | 10 years | ||
Building and Site Improvements [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 10 years | |||
Building and Site Improvements [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 45 years | |||
Building and Site Improvements [Member] | ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 45 years | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 607,698 | |||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 3 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 15 years | |||
Furniture and Equipment [Member] | ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 32,829 | |||
Furniture and Equipment [Member] | ACEP Holdings [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 3 years | |||
Furniture and Equipment [Member] | ACEP Holdings [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired property, plant, and equipment, useful life | 4 years | |||
Construction in process [Member] | ACEP Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property and Equipment | $ 1,014 |
Summary of Values of Intangible
Summary of Values of Intangible Assets Acquired and Estimated Useful Lives by Category (Details) - American Acquisition [Member] $ in Thousands | Oct. 20, 2017USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 66,140 |
Trade Names [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 34,510 |
Players Loyalty Programs [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Useful Life (Years) | 3 years |
Intangible assets | $ 26,850 |
Leasehold Interest [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 3,110 |
Leasehold Interest [Member] | Minimum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Useful Life (Years) | 3 years |
Leasehold Interest [Member] | Maximum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Useful Life (Years) | 80 years |
In-Place Lease Value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets | $ 1,670 |
In-Place Lease Value [Member] | Minimum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Useful Life (Years) | 3 years |
In-Place Lease Value [Member] | Maximum [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets, Useful Life (Years) | 4 years |
Summary of Unaudited Pro Forma
Summary of Unaudited Pro Forma Combined Financial Information (Details) - American Acquisition [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Pro forma combined revenues | $ 843,589 | $ 791,372 |
Pro forma combined net income | $ 23,131 | $ 28,200 |
Pro forma combined net income per share: | ||
Basic | 26,342 | 26,181 |
Diluted | 27,897 | 26,500 |
Weighted-average common shares outstanding: | ||
Basic | $ 0.88 | $ 1.08 |
Diluted | $ 0.83 | $ 1.06 |
Components of Property and Equi
Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Land | $ 121,081 | $ 121,081 |
Building and site improvements | 723,354 | 705,266 |
Furniture and equipment | 154,663 | 125,339 |
Construction in process | 35,151 | 6,972 |
Property and equipment | 1,034,249 | 958,658 |
Less: Accumulated depreciation | (139,296) | (63,417) |
Property and equipment, net | $ 894,953 | $ 895,241 |
Property and Equipment, Net (De
Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation Expense | $ 76.7 | $ 31.3 | $ 20.2 |
Summary of Goodwill Activity by
Summary of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | $ 158,134 | $ 105,655 |
Goodwill acquired during the year | 0 | 52,479 |
Ending balance | 158,134 | 158,134 |
Casinos [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | 60,275 | 7,796 |
Goodwill acquired during the year | 0 | 52,479 |
Ending balance | 60,275 | 60,275 |
Distributed Gaming [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | 97,859 | 97,859 |
Goodwill acquired during the year | 0 | |
Ending balance | $ 97,859 | $ 97,859 |
Schedule of Intangible Assets,
Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets | $ 47,855 | $ 47,855 |
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | 130,202 | 129,119 |
Amortizing intangible assets, Cumulative Amortization | (36,929) | (19,282) |
Amortizing intangible assets, Intangible Assets, Net | 93,273 | 109,837 |
Intangible assets, Gross Carrying Value | 178,057 | 176,974 |
Intangible assets, Cumulative Amortization | (36,929) | (19,282) |
Total intangible assets, Net | $ 141,128 | $ 157,692 |
Customer Relationships [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 11 years | 12 years 1 month 6 days |
Amortizing intangible assets, Gross Carrying Value | $ 80,654 | $ 80,320 |
Amortizing intangible assets, Cumulative Amortization | (18,282) | (12,524) |
Amortizing intangible assets, Intangible Assets, Net | $ 62,372 | $ 67,796 |
Player relationships [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 3 years 2 months 12 days | 4 years 2 months 12 days |
Amortizing intangible assets, Gross Carrying Value | $ 34,689 | $ 34,150 |
Amortizing intangible assets, Cumulative Amortization | (12,691) | (3,045) |
Amortizing intangible assets, Intangible Assets, Net | $ 21,998 | $ 31,105 |
Amortizing Gaming Licenses [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 9 years 3 months 18 days | 10 years 3 months 18 days |
Amortizing intangible assets, Gross Carrying Value | $ 2,100 | $ 2,100 |
Amortizing intangible assets, Cumulative Amortization | (788) | (648) |
Amortizing intangible assets, Intangible Assets, Net | $ 1,312 | $ 1,452 |
Noncompete Agreements [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 2 years 1 month 6 days | 3 years |
Amortizing intangible assets, Gross Carrying Value | $ 6,210 | $ 6,000 |
Amortizing intangible assets, Cumulative Amortization | (3,548) | (2,395) |
Amortizing intangible assets, Intangible Assets, Net | $ 2,662 | $ 3,605 |
Leasehold Interest [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 64 years 8 months 12 days | 65 years 8 months 12 days |
Amortizing intangible assets, Gross Carrying Value | $ 3,110 | $ 3,110 |
Amortizing intangible assets, Cumulative Amortization | (223) | (32) |
Amortizing intangible assets, Intangible Assets, Net | $ 2,887 | $ 3,078 |
Other [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 7 years 2 months 12 days | 8 years 2 months 12 days |
Amortizing intangible assets, Gross Carrying Value | $ 1,769 | $ 1,769 |
Amortizing intangible assets, Cumulative Amortization | (832) | (557) |
Amortizing intangible assets, Intangible Assets, Net | $ 937 | $ 1,212 |
In-Place Lease Value [Member] | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Weighted Average Life Remaining Period | 2 years 3 months 18 days | 3 years 3 months 18 days |
Amortizing intangible assets, Gross Carrying Value | $ 1,670 | $ 1,670 |
Amortizing intangible assets, Cumulative Amortization | (565) | (81) |
Amortizing intangible assets, Intangible Assets, Net | 1,105 | 1,589 |
Gaming licenses [Member] | ||
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets | 960 | 960 |
Trade Names [Member] | ||
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets | 46,710 | 46,710 |
Liquor Licenses [Member] | ||
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets | $ 185 | $ 185 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Details Textual) - Gaming licenses [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets [Line Items] | |||
Intangible Assets, Useful Life (Years) | 15 years | ||
Amortization of Intangible Assets | $ 17.8 | $ 9.5 | $ 7.3 |
Schedule of Estimated Future Am
Schedule of Estimated Future Amortization Expense Related to Intangible Asset (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated amortization expense, 2019 | $ 17,880 |
Estimated amortization expense, 2020 | 16,232 |
Estimated amortization expense, 2021 | 7,166 |
Estimated amortization expense, 2022 | 6,695 |
Estimated amortization expense,2023 | 6,583 |
Estimated amortization expense, Thereafter | $ 38,717 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Gaming liabilities | $ 12,473 | $ 12,209 |
Deposits | 2,652 | |
Other accrued liabilities | 3,723 | 8,164 |
Total accrued liabilities | $ 18,848 | $ 20,373 |
Debt (Details Textual)
Debt (Details Textual) | Oct. 31, 2017USD ($) | Oct. 20, 2017 | Dec. 31, 2018USD ($)Installment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 14, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Outstanding Amount | $ 971,043,000 | $ 972,959,000 | ||||
Gains (Losses) on Extinguishment of Debt | (1,708,000) | $ 18,000 | ||||
Marnell Gaming,LLC [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount drew from revolving credit facility | $ 145,000,000 | |||||
Former Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Lines of Credit | $ 173,400,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ (1,700,000) | |||||
Senior Secured First Lien Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 1,000,000,000 | |||||
Debt Instrument, Outstanding Amount | 792,000,000 | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | |||||
Line of Credit Facility, Undrawn | $ 200,000,000 | |||||
Line of Credit Facility, Expiration Date | Oct. 20, 2022 | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount drew from revolving credit facility | $ 100,000,000 | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount drew from revolving credit facility | $ 200,000,000 | |||||
Borrowings as Percentage of Revolving Commitment to Contain Financial Covenant Regarding Maximum Net Leverage Ratio | 30.00% | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Senior Secured First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Senior Secured First Lien Credit Facility [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Outstanding Amount | $ 0 | |||||
Senior Secured First Lien Credit Facility [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 800,000,000 | |||||
Debt Instrument, Maturity Date | Oct. 20, 2024 | |||||
Debt Instrument, Number of Quarterly Payments | Installment | 27 | |||||
Debt Instrument, Periodic Payment | $ 2,000,000 | |||||
Debt Instrument, Commencement Date of Quarterly Payments | Mar. 31, 2018 | |||||
Debt Instrument, Final Installment | $ 746,000,000 | |||||
Senior Secured First Lien Credit Facility [Member] | Term Loan [Member] | LIBOR rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Senior Secured First Lien Credit Facility [Member] | Term Loan [Member] | Base rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Senior Secured Second Lien Credit Facility [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 200,000,000 | |||||
Debt Instrument, Outstanding Amount | $ 200,000,000 | |||||
Debt Instrument, Maturity Date | Oct. 20, 2025 | |||||
Senior Secured Second Lien Credit Facility [Member] | Term Loan [Member] | LIBOR rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | |||||
Senior Secured Second Lien Credit Facility [Member] | Term Loan [Member] | Base rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||
Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 5.80% | |||||
Credit Facilities [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Credit Facilities [Member] | LIBOR rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Credit Facilities [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Beneficial Ownership Threshold | 50.00% | |||||
Credit Facilities [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Base Floor Rate | 1.00% | |||||
Credit Facilities [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||
Credit Facilities [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||
Credit Facilities [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Base Floor Rate | 1.75% | |||||
Debt Instrument, LIBOR Floor Rate | 0.75% |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Term loans | $ 992,000 | $ 1,000,000 |
Capital lease obligations | 7,127 | 5,839 |
Notes payable | 1,111 | 1,159 |
Total long-term debt | 1,000,238 | 1,006,998 |
Less unamortized discount | (25,658) | (30,122) |
Less unamortized debt issuance costs | (3,537) | (3,917) |
Long-term Debt | 971,043 | 972,959 |
Less current maturities | (10,480) | (9,759) |
Long-term debt, net | $ 960,563 | $ 963,200 |
Schedule of Principal Payments
Schedule of Principal Payments Due on Long-term Debt (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 10,480 |
2020 | 9,941 |
2021 | 9,272 |
2022 | 8,199 |
2023 | 8,140 |
Thereafter | 954,206 |
Total outstanding principal of long-term debt | $ 1,000,238 |
Stock Incentive Plans (Details
Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Jul. 14, 2016 | Aug. 27, 2015 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation | $ 9,641 | $ 8,754 | $ 3,878 | ||||||
Cash received from stock options exercised | $ 1,322 | 169 | 1,792 | ||||||
Adjusted Options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum Number of Shares Authorized per One Participant | 2,337,643 | ||||||||
Outstanding Stock Option, Modified Options, Decrease in Exercise Price | $ 1.71 | ||||||||
Adjusted option, Weighted Average Exercise Price | $ 7.04 | ||||||||
Modification of Original Options, Unvested, Number | 1,908,070 | ||||||||
Modification Original Options, Unvested Options, Incremental Fair Value | $ 1,700 | ||||||||
Share-based compensation | $ 700 | ||||||||
Stock Options, Vested, Number | 429,573 | ||||||||
Employee Stock Option [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 16,100 | $ 100 | $ 1,800 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.30 | $ 4.80 | |||||||
Stock Options Outstanding, Granted | 0 | ||||||||
Cash received from stock options exercised | $ 1,300 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Stock Options, Unrecognized Share-based Compensation Expense | $ 7,100 | ||||||||
Share-based Compensation Expense Not yet Recognized, Weighted-average Period for Recognition | 2 years | ||||||||
Performance Stock Units (PSUs) [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Restricted Stock Units Outstanding, Granted | 108,957 | [1] | 62,791 | [1] | 0 | ||||
Stock Options, Unrecognized Share-based Compensation Expense | $ 3,000 | ||||||||
Share-based Compensation Expense Not yet Recognized, Weighted-average Period for Recognition | 2 years 6 months | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Restricted Stock Units Outstanding, Granted | 241,542 | 141,296 | |||||||
Stock Options, Unrecognized Share-based Compensation Expense | $ 3,400 | ||||||||
Share-based Compensation Expense Not yet Recognized, Weighted-average Period for Recognition | 2 years | ||||||||
2015 Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock Options Expiration Term | 10 years | ||||||||
Number of Shares Authorized | 2,250,000 | ||||||||
Number of Shares Annual Increase | 1,056,505 | 1,800,000 | |||||||
Plan Shares Annual Increase, Percentage | 4.00% | ||||||||
Maximum Number of Shares Authorized per One Participant | 2,000,000 | 870,689 | |||||||
[1] | The number of shares listed for PSUs granted during 2017 represents the actual number of PSUs granted to each recipient eligible to vest if the Company meets its performance goals for the applicable period. The number of shares listed for PSUs granted during 2018 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest with respect to PSUs granted in 2018 will vary depending on whether or not the Company meets or exceeds the applicable threshold, target or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options Outstanding | ||
Stock Options Outstanding, Beginning of year | 4,375,929 | |
Stock Options Outstanding, Exercised | (813,228) | |
Stock Options Outstanding, Cancelled | (117,635) | |
Stock Options Outstanding, Expired | (20,311) | |
Stock Options Outstanding, End of year | 3,424,755 | 4,375,929 |
Stock Options Outstanding, Exercisable | 2,193,274 | |
Weighted Average Remaining Term, Outstanding | 7 years 4 months 24 days | 7 years 10 months 24 days |
Weighted Average Remaining Term, Exercisable | 7 years 2 months 12 days | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, beginning of year | $ 10.73 | |
Weighted Average Exercise Price, Exercised | 7.38 | |
Weighted Average Exercise Price, Cancelled | 12.15 | |
Weighted Average Exercise Price, Expired | 7.34 | |
Weighted-Average Exercise Price, end of year | 11.49 | $ 10.73 |
Weighted Average Exercise Price, Exercisable | $ 10.63 | |
Aggregate Intrinsic Value, Outstanding | $ 17,603 | |
Aggregate Intrinsic Value, Exercisable | $ 12,811 |
Schedule of Assumptions Used to
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate, minimum | 2.21% | 1.43% |
Risk-free interest rate, maximum | 2.47% | 2.40% |
Expected term (in years) | 10 years | 10 years |
Expected volatility, minimum | 29.07% | 24.03% |
Expected volatility, maximum | 34.43% | 26.95% |
Summary of RSU Activity (Detail
Summary of RSU Activity (Details) - RSUs [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units Outstanding | |||
Restricted Stock Units Outstanding, Beginning of year | 141,296 | ||
Restricted Stock Units Outstanding, Granted | 241,542 | 141,296 | |
Restricted Stock Units Outstanding, End of year | 232,299 | 141,296 | |
Restricted Stock Units Outstanding, Vested | (111,660) | ||
Restricted Stock Units Outstanding, Cancelled | (9,243) | (29,636) | |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value, Beginning of year | $ 12.57 | ||
Weighted Average Grant Date Fair Value, Granted | $ 29.09 | $ 12.57 | |
Weighted Average Grant Date Fair Value, End of year | 29.10 | $ 12.57 | |
Weighted Average Grant Date Fair Value, Vested | 12.57 | ||
Weighted Average Grant Date Fair Value, Cancelled | $ 28.72 | $ 12.57 | |
Total Fair Value of Shares Vested | $ 2,556 |
Summary of PSU Activity (Detail
Summary of PSU Activity (Details) - Performance Stock Units (PSUs) [Member] - $ / shares | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Restricted Stock Units Outstanding | ||||||
Restricted Stock Units Outstanding, Beginning of year | [1] | 62,791 | ||||
Restricted Stock Units Outstanding, Granted | 108,957 | [1] | 62,791 | [1] | 0 | |
Restricted Stock Units Outstanding, End of year | [1] | 171,748 | 62,791 | |||
Weighted Average Grant Date Fair Value | ||||||
Weighted Average Grant Date Fair Value, Beginning of year | $ 27.87 | |||||
Weighted Average Grant Date Fair Value, Granted | 28.72 | $ 27.87 | ||||
Weighted Average Grant Date Fair Value, End of year | $ 28.41 | $ 27.87 | ||||
[1] | The number of shares listed for PSUs granted during 2017 represents the actual number of PSUs granted to each recipient eligible to vest if the Company meets its performance goals for the applicable period. The number of shares listed for PSUs granted during 2018 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest with respect to PSUs granted in 2018 will vary depending on whether or not the Company meets or exceeds the applicable threshold, target or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. |
Summary of PSU Activity (Parent
Summary of PSU Activity (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Performance Stock Units (PSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of target number of PSU's eligible to vest at "maximum" performance level | 200.00% |
Summary of Share-based Compensa
Summary of Share-based Compensation Costs by Award Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation costs | $ 9,641 | $ 8,754 | $ 3,878 |
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation costs | 5,191 | 5,135 | 3,717 |
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation costs | 3,383 | 3,554 | $ 161 |
PSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation costs | $ 1,067 | $ 65 |
Schedule of Components of Incom
Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ (741) | $ (91) | |
State | (5) | ||
Total current tax benefit | (741) | (96) | |
Deferred: | |||
Federal | 9,872 | (7,456) | $ (4,091) |
State | 508 | (369) | (234) |
Total deferred tax benefit | 10,380 | (7,825) | (4,325) |
Income tax (benefit) provision | $ 9,639 | $ (7,921) | $ (4,325) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal income taxes | 4.50% | 2.00% | 2.00% |
State tax credit | (45.90%) | ||
State rate adjustment | 2.10% | ||
Permanent tax differences – stock compensation | 22.00% | ||
Permanent tax differences – business meals | (5.00%) | ||
Permanent tax differences – executive compensation | (0.20%) | (12.50%) | |
Permanent tax differences – other | (17.00%) | 2.40% | |
Purchase price allocation adjustment – merger | 3.70% | ||
Change in valuation allowance | (144.50%) | 193.50% | (34.80%) |
FICA credit generated | 8.50% | 11.80% | (4.70%) |
Impact of Tax Cuts and Jobs Act | (4.80%) | (74.60%) | |
Change in tax rate and apportionment | (4.30%) | ||
Deferred only adjustment to beginning deferred balances | 17.30% | ||
Other, net | (0.40%) | 4.10% | |
Effective tax rate | (85.50%) | 137.80% | (36.10%) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Accruals and reserves | $ 3,854 | $ 1,571 |
Share-based compensation expense | 3,758 | 2,532 |
Alternative minimum tax credit carryforward | 741 | 1,483 |
General business credit carryforward | 2,447 | 1,126 |
State tax credits | 5,500 | 5,500 |
Net operating loss carryforwards | 19,156 | 17,350 |
Other | 944 | 701 |
Deferred tax assets, gross | 36,400 | 30,263 |
Valuation allowances | (23,276) | (6,983) |
Deferred tax assets | 13,124 | 23,280 |
Deferred tax liabilities: | ||
Prepaid services | (876) | (884) |
Amortization of intangible assets | (9,519) | (11,527) |
Depreciation of fixed assets | (5,322) | (3,082) |
Deferred tax liabilities, gross | (15,717) | (15,493) |
Net deferred tax liabilities | $ (2,593) | |
Net deferred tax assets | $ 7,787 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 28, 2015 | |
Income Tax Disclosure [Line Items] | |||||
Income tax expense | $ 9,639,000 | $ (7,921,000) | $ (4,325,000) | ||
General business credit carryforward | 2,447,000 | 1,126,000 | |||
Deferred tax assets | $ 13,124,000 | $ 23,280,000 | |||
Tax cuts and jobs act, accounting complete | true | ||||
Statutory federal tax rate | 21.00% | 35.00% | 35.00% | ||
Tax cuts and jobs act, change in tax rate, income tax expense | $ 500,000 | $ 4,300,000 | |||
Uncertain tax positions | $ 0 | ||||
ACEP Holdings [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Share issuance related to business combination (in shares) | 4,046,494 | ||||
General Business Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax credit carryforward expiration year | 2037 | ||||
Tax Year 2010 [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax examination adjustment | $ 0 | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets, operating loss carryforwards, subject to expiration | $ 86,700,000 | ||||
Operating loss carryforwards expiration year | 2033 | ||||
Income tax receivable | $ 700,000 | ||||
Deferred tax assets | 700,000 | ||||
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income Taxes Audit, Tax Years | 2013 | ||||
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income Taxes Audit, Tax Years | 2009 | ||||
Release of Valuation Allowance of Deferred Tax Assets [Member] | Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax expense | $ 16,300,000 |
Employee Retirement and Benef_3
Employee Retirement and Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)PlanEmployee | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |||
Number of defined contributions benefit plan | Plan | 2 | ||
Defined Benefit Plan, Contributions by Employer | $ 0.2 | $ 0.2 | $ 0.3 |
Defined contribution plan, employers matching contribution, vesting period | 5 years | ||
Total contributions for multiemployer pension and benefit plans | 5.00% | ||
Pension Plans [Member] | American Acquisition [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Number of employees participating in multiemployer benefit and pension plans | Employee | 2,000 | ||
Expenses related multiemployer health and welfare and defined benefit pension plans | $ 11 | $ 2.1 | $ 0 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, maximum annual contributions per employee, percent | 75.00% |
Employee Retirement and Benef_4
Employee Retirement and Benefit Plans - Schedule of Multiemployer Pension Plans (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Central Pension Fund of the IUOE and Participating Employers [Member] | ||||
Multiemployer Plans [Line Items] | ||||
EIN | 366052390 | |||
Plan Number | 001 | |||
Pension Protection Zone Status | [1] | Green | Green | |
FIR/RP Status Pending /Implemented | No | |||
Surcharge Imposed | No | |||
Expiration Dates of Collective Bargaining Agreements, First Date | Mar. 31, 2018 | |||
Expiration Dates of Collective-Bargaining Agreements, Last Date | Mar. 31, 2020 | |||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
EIN | 886016617 | |||
Plan Number | 001 | |||
Pension Protection Zone Status | [1] | Green | Green | |
FIR/RP Status Pending /Implemented | No | |||
Surcharge Imposed | No | |||
Expiration Dates of Collective Bargaining Agreement | May 31, 2023 | |||
[1] | The Pension Protection Act of 2006 requires plans that are certified as endangered (yellow) or critical (red) to develop and implement a funding improvement plan. |
Employee Retirement and Benef_5
Employee Retirement and Benefit Plans - Schedule of Contributions to Each Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Pension Plans [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | $ 2,947 | $ 663 |
Multiemployer Pension Plans [Member] | Central Pension Fund of the IUOE and Participating Employers [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | 753 | 165 |
Multiemployer Pension Plans [Member] | Southern Nevada Culinary and Bartenders Pension Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | 2,003 | 453 |
Multiemployer Pension Plans [Member] | Other Pension Plans [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | 191 | 45 |
Multiemployer benefit plans (excluding pension plans) [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | 7,813 | 1,693 |
Multiemployer benefit plans (excluding pension plans) [Member] | HEREIU Welfare Fund [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | 7,807 | 1,691 |
Multiemployer benefit plans (excluding pension plans) [Member] | All Other [Member] | ||
Multiemployer Plans [Line Items] | ||
Total Contributions | $ 6 | $ 2 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value Measurement Information about Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Term loans | $ 992,000 | $ 1,000,000 |
Capital lease obligations | 7,127 | 5,839 |
Notes payable | 1,111 | 1,159 |
Long-term Debt | 971,043 | 972,959 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1,000,238 | 1,006,998 |
Carrying Amount [Member] | Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Term loans | 992,000 | 1,000,000 |
Carrying Amount [Member] | Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Capital lease obligations | 7,127 | 5,839 |
Notes payable | 1,111 | 1,159 |
Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 960,538 | 1,006,998 |
Fair Value [Member] | Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Term loans | 952,300 | 1,000,000 |
Fair Value [Member] | Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Capital lease obligations | 7,127 | 5,839 |
Notes payable | $ 1,111 | $ 1,159 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Details Textual) $ in Millions | Oct. 20, 2017 | Jan. 29, 2016 | Jul. 31, 2015 | Nov. 30, 2017USD ($) | Dec. 31, 2018USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative instrument, notional amount | $ 650 | ||||
Derivative instrument, purchase price | $ 3.1 | ||||
Derivative instrument, expiration date | Dec. 31, 2020 | ||||
Finite-lived Gaming Licenses [Member] | Maryland [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 15 years | ||||
ACEP Holdings [Member] | Minimum [Member] | Leasehold Interest [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 3 years | ||||
ACEP Holdings [Member] | Minimum [Member] | In-Place Lease Value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 3 years | ||||
ACEP Holdings [Member] | Maximum [Member] | Leasehold Interest [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 80 years | ||||
ACEP Holdings [Member] | Maximum [Member] | In-Place Lease Value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 4 years | ||||
ACEP Holdings [Member] | Trade Names [Member] | Minimum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Royalty rate | 0.25% | ||||
Discount Rate | 0.110 | ||||
ACEP Holdings [Member] | Trade Names [Member] | Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Royalty rate | 1.00% | ||||
Discount Rate | 0.145 | ||||
Fair Value, Inputs, Level 3 | Minimum [Member] | Player and Customer Relationships [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount Rate | 0.110 | ||||
Fair Value, Inputs, Level 3 | Maximum [Member] | Player and Customer Relationships [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Discount Rate | 0.140 | ||||
Fair Value, Inputs, Level 3 | ACEP Holdings [Member] | Player relationships [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 3 years | ||||
Fair Value, Inputs, Level 3 | Montana Acquisitions [Member] | Customer Relationships [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 15 years | ||||
Fair Value, Inputs, Level 3 | Montana Acquisitions [Member] | Noncompete Agreements [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 5 years | ||||
Fair Value, Inputs, Level 3 | Montana Acquisitions [Member] | Trade Names [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 4 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Player relationships [Member] | Distributed Gaming [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 8 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Noncompete Agreements [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 2 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Minimum [Member] | Player relationships [Member] | Casinos [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 12 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Minimum [Member] | Customer Relationships [Member] | Distributed Gaming [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 13 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Maximum [Member] | Player relationships [Member] | Casinos [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 14 years | ||||
Fair Value, Inputs, Level 3 | Sartini Gaming [Member] | Maximum [Member] | Customer Relationships [Member] | Distributed Gaming [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 16 years | ||||
Fair Value, Inputs, Level 3 | American Acquisition [Member] | Minimum [Member] | Leasehold Interest [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 3 years | ||||
Fair Value, Inputs, Level 3 | American Acquisition [Member] | Minimum [Member] | In-Place Lease Value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 3 years | ||||
Fair Value, Inputs, Level 3 | American Acquisition [Member] | Maximum [Member] | Leasehold Interest [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 80 years | ||||
Fair Value, Inputs, Level 3 | American Acquisition [Member] | Maximum [Member] | In-Place Lease Value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Intangible Assets, Useful Life (Years) | 4 years | ||||
Interest Rate Swap [Member] | Not Designated as Accounting Hedge [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative instrument, notional amount | $ 650 | ||||
Derivative instrument, purchase price | $ 3.1 | ||||
Derivative instrument, expiration date | Dec. 31, 2020 | ||||
Interest Rate Swap [Member] | Level 2 [Member] | Not Designated as Accounting Hedge [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value liability | $ 5 |
Leases (Details Textual)
Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($)aParcel$ / Room$ / RoundofGolf | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Lessor Lease Description [Line Items] | |||
Operating Leases, Rent Expense | $ 55,674,000 | $ 52,543,000 | $ 55,061,000 |
Capital lease financing amount to be paid | 3,400,000 | ||
Outstanding capital lease financing amount to be financed | $ 2,100,000 | ||
Capital lease financing agreement, payment period | 36 months | ||
Maximum [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases Renewal Term | 15 years | ||
Original Terms of Current Branded Tavern Location Leases Range | 15 years | ||
Capital Leases Term | 4 years | ||
Minimum [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases Renewal Term | 1 year | ||
Original Terms of Current Branded Tavern Location Leases Range | 1 year | ||
Office Headquarters [Member] | |||
Lessor Lease Description [Line Items] | |||
Lease expiration date | 2030-12 | ||
Office Headquarters [Member] | Maximum [Member] | |||
Lessor Lease Description [Line Items] | |||
Rental Income Related to Sublease | $ 100,000 | 100,000 | 100,000 |
Nevada [Member] | Gold Town Casino [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases, Rent Expense | $ 700,000 | 500,000 | 600,000 |
Number of Leased Parcels of Land | Parcel | 4 | ||
Area of Land | a | 9 | ||
Nevada [Member] | Gold Town Casino [Member] | Sublease to Unrelated Third Party [Member] | |||
Lessor Lease Description [Line Items] | |||
Area of Land | a | 2 | ||
Rental Income Related to Sublease | $ 200,000 | ||
Nevada [Member] | Gold Town Casino [Member] | Sublease to Unrelated Third Party [Member] | Maximum [Member] | |||
Lessor Lease Description [Line Items] | |||
Rental Income Related to Sublease | 100,000 | 100,000 | |
American Leases [Member] | |||
Lessor Lease Description [Line Items] | |||
Rental revenue | $ 7,500,000 | ||
Rocky Gap State Park [Member] | Maryland DNR [Member] | |||
Lessor Lease Description [Line Items] | |||
Area of the Property | a | 270 | ||
Operating Leases Renewal Term | 20 years | ||
Lease expiration year | 2052 | ||
Operating Leases, Rent Due | $ 300,000 | ||
Operating Leases, Revenue Percent | 0.90% | ||
Operating Leases, Rent Expense | $ 300,000 | 300,000 | 300,000 |
Rocky Gap State Park [Member] | Maryland DNR [Member] | Per Room Per Night [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases, Surcharge Revenue, Per Unit | $ / Room | 3 | ||
Rocky Gap State Park [Member] | Maryland DNR [Member] | Per Round Of Golf [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases, Surcharge Revenue, Per Unit | $ / RoundofGolf | 1 | ||
Rocky Gap State Park [Member] | Maryland DNR [Member] | Surcharge Revenue [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Lease, Base Revenue | $ 200,000 | ||
Operating Leases, Rent Expense | 100,000 | $ 100,000 | $ 100,000 |
Rocky Gap State Park [Member] | Maryland DNR [Member] | Excess Surcharge Revenue [Member] | |||
Lessor Lease Description [Line Items] | |||
Operating Leases, Rent Expense | $ 200,000 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments to be Received under Non-cancelable Operating Leases (Details) - American Leases [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 4,558 |
2020 | 3,208 |
2021 | 2,452 |
2022 | 1,607 |
2023 | 938 |
Total | $ 12,763 |
Schedule of Operating Lease Ren
Schedule of Operating Lease Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Total rent expense | $ 55,674 | $ 52,543 | $ 55,061 |
Space Agreements [Member] | |||
Operating Leased Assets [Line Items] | |||
Total rent expense | 39,035 | 37,061 | 40,848 |
Related Party Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total rent expense | 1,559 | 2,035 | 2,429 |
Other Operating Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Total rent expense | $ 15,080 | $ 13,447 | $ 11,784 |
Schedule of Future Minimum Le_2
Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future Minimum Operating Lease Payments [Line Items] | |
2019 | $ 55,859 |
2020 | 27,453 |
2021 | 23,041 |
2022 | 19,582 |
2023 | 16,115 |
Thereafter | 103,436 |
Total | 245,486 |
Space Lease Agreements [Member] | |
Future Minimum Operating Lease Payments [Line Items] | |
2019 | 39,200 |
2020 | 11,025 |
2021 | 7,436 |
2022 | 5,000 |
2023 | 2,047 |
Thereafter | 86 |
Total | 64,794 |
Related Party Leases [Member] | |
Future Minimum Operating Lease Payments [Line Items] | |
2019 | 1,535 |
2020 | 1,621 |
2021 | 1,714 |
2022 | 1,815 |
2023 | 1,930 |
Thereafter | 16,098 |
Total | 24,713 |
Other Operating Leases [Member] | |
Future Minimum Operating Lease Payments [Line Items] | |
2019 | 15,124 |
2020 | 14,807 |
2021 | 13,891 |
2022 | 12,767 |
2023 | 12,138 |
Thereafter | 87,252 |
Total | $ 155,979 |
Schedule of Future Minimum Capi
Schedule of Future Minimum Capital Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Future Minimum Capital Lease Payments [Line Items] | ||
2019 | $ 1,545 | |
2020 | 1,821 | |
2021 | 1,251 | |
2022 | 176 | |
Less: Amounts representing interest, Thereafter | (5,439) | |
2023 | 129 | |
Thereafter | 2,206 | |
Less: Amounts representing interest | (6,321) | |
Total obligations under capital leases | 7,127 | $ 5,839 |
2019 | ||
Future Minimum Capital Lease Payments [Line Items] | ||
Less: Amounts representing interest | (272) | |
2020 | ||
Future Minimum Capital Lease Payments [Line Items] | ||
Less: Amounts representing interest | (202) | |
2021 | ||
Future Minimum Capital Lease Payments [Line Items] | ||
Less: Amounts representing interest | (154) | |
2022 | ||
Future Minimum Capital Lease Payments [Line Items] | ||
Less: Amounts representing interest | (130) | |
2023 | ||
Future Minimum Capital Lease Payments [Line Items] | ||
Less: Amounts representing interest | (124) | |
Furniture and Equipment [Member] | ||
Future Minimum Capital Lease Payments [Line Items] | ||
2019 | 1,667 | |
2020 | 1,873 | |
2021 | 1,255 | |
2022 | 143 | |
2023 | 88 | |
Thereafter | 6,222 | |
Total | 11,247 | |
Building [Member] | ||
Future Minimum Capital Lease Payments [Line Items] | ||
2019 | 150 | |
2020 | 150 | |
2021 | 150 | |
2022 | 163 | |
2023 | 165 | |
Thereafter | 1,423 | |
Total | $ 2,201 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)Employee | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Other Operating Expenses | $ 15,332 | $ 7,176 | $ 5,933 | |
Amount recorded for claims | $ 1,700 | |||
Class action lawsuits filed by former employees | February and April 2017 | |||
Number of class action lawsuits filed by former employees | 2 | |||
First Case [Member] | Subsequent Event [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Litigation settlement amount | $ 500 | |||
Mr. Sartini [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | $ 5,700 | |||
Stephen Arcana [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | 2,500 | |||
Charles H. Protell [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | 2,500 | |||
Sean T. Higgins [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | 1,600 | |||
Other Executive Officers [Member] | Minimum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | 200 | |||
Other Executive Officers [Member] | Maximum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Liability Contingency, Estimated Severance Payments | $ 800 | |||
Collective Bargaining Agreements [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of employees | Employee | 6,940 | |||
Number of employees covered under the plan | Employee | 2,000 | |||
Agreement expiration period | 2018 | |||
Gaming [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Gaming Expenses | $ 311,657 | 259,579 | 235,539 | |
Participation and Revenue Share Agreements [Member] | Gaming [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Gaming Expenses | 147,700 | 143,300 | 128,100 | |
Participation and Revenue Share Agreements [Member] | Related Party Transaction, Revenue Share and Participation Agreement [Member] | Gaming [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Gaming Expenses | 900 | 1,000 | 2,100 | |
Revenue Share Agreements [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Other Operating Expenses | $ 1,400 | $ 1,400 | $ 900 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Related Party Transaction [Line Items] | ||||||||||||||
Net revenues | $ 210,125,000 | [1] | $ 210,337,000 | $ 216,543,000 | $ 214,789,000 | $ 183,710,000 | [1],[2] | $ 107,660,000 | $ 109,885,000 | $ 105,883,000 | $ 851,794,000 | $ 507,138,000 | $ 399,998,000 | |
Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Lease for tavern locations remaining terms range | 15 years | 15 years | ||||||||||||
Consulting agreement expenses, related party | 200,000 | |||||||||||||
Minimum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Lease for tavern locations remaining terms range | 1 year | 1 year | ||||||||||||
Mr. Sartini [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | $ 100,000 | 100,000 | $ 100,000 | 100,000 | ||||||||||
Reimbursement expense paid | 600,000 | 200,000 | 100,000 | |||||||||||
Executive Vice President and Chief Legal Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | 0 | 0 | 0 | 0 | ||||||||||
Net revenues | $ 1,000,000 | $ 1,100,000 | $ 900,000 | |||||||||||
Type of Revenue [Extensible List] | us-gaap:CasinoMember | us-gaap:CasinoMember | us-gaap:CasinoMember | |||||||||||
Gaming Expenses | $ 900,000 | $ 1,000,000 | $ 800,000 | |||||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:CasinoMember | us-gaap:CasinoMember | us-gaap:CasinoMember | |||||||||||
Due from related parties | 0 | $ 0 | ||||||||||||
Lyle A. Berman [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to related parties | 0 | 0 | $ 0 | 0 | ||||||||||
Annual director fees | $ 200,000 | |||||||||||||
Consulting agreement expiry date | Jul. 31, 2018 | |||||||||||||
Lyle A. Berman [Member] | Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Consulting agreement expenses, related party | $ 100,000 | 100,000 | ||||||||||||
Office Headquarters and Tavern Lease [Member] | Mr. Sartini [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of counterparty ownership by related party | 33.00% | |||||||||||||
Office Headquarters and Tavern Lease [Member] | Mr. Sartini's Immediate Family Members [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of counterparty ownership by related party | 5.00% | |||||||||||||
Office Headquarters and Tavern Lease [Member] | Stephen Arcana [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of counterparty ownership by related party | 3.00% | |||||||||||||
Office Headquarters [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Lease expiration date | Dec. 31, 2030 | |||||||||||||
Related party transaction, due from (to) related party | 0 | 0 | $ 0 | 0 | ||||||||||
Office Headquarters [Member] | Mr. Sartini [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction, amounts of transaction | 1,300,000 | 1,200,000 | $ 1,100,000 | |||||||||||
Due to related parties | 0 | 0 | 0 | 0 | ||||||||||
Related party transaction, due from (to) related party | $ 0 | 0 | $ 0 | 0 | ||||||||||
Tavern Leases [Member] | Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Lease for tavern locations remaining terms range | 9 years | 9 years | ||||||||||||
Tavern Leases [Member] | Mr. Sartini [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related party transaction, amounts of transaction | $ 400,000 | 900,000 | 1,300,000 | |||||||||||
Due to related parties | $ 0 | 0 | 0 | 0 | ||||||||||
Related party transaction, due from (to) related party | $ 0 | $ 0 | 0 | 0 | ||||||||||
Office Headquarters Lease [Member] | Mr. Sartini [Member] | Maximum [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Rental income for sublet portion | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||
[1] | For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. | |||||||||||||
[2] | Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. |
Segment Information (Details Te
Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues | |||||||||||||||
Total revenues | $ 210,125 | [1] | $ 210,337 | $ 216,543 | $ 214,789 | $ 183,710 | [1],[2] | $ 107,660 | $ 109,885 | $ 105,883 | $ 851,794 | $ 507,138 | $ 399,998 | ||
Net income (loss) | (25,314) | [1] | (3,124) | 3,594 | 3,930 | (13,526) | [1],[2] | 8,555 | 1,713 | 5,342 | (20,914) | 2,084 | 16,300 | ||
Depreciation and amortization | 94,456 | 40,786 | 27,506 | ||||||||||||
Acquisition and merger expenses | 2,956 | 5,041 | 614 | ||||||||||||
Loss (gain) on disposal of property and equipment | 3,336 | 441 | 54 | ||||||||||||
Share-based compensation | 9,988 | 8,754 | 3,878 | ||||||||||||
Preopening expenses | 1,171 | 1,632 | 2,471 | ||||||||||||
Class action litigation expenses | 574 | (1,617) | |||||||||||||
Executive severance and sign-on bonuses | 784 | 1,142 | 1,037 | ||||||||||||
Other, net | 514 | (869) | |||||||||||||
Interest expense, net | 64,028 | 19,598 | 6,454 | ||||||||||||
Change in fair value of derivative | (1,786) | (178) | |||||||||||||
Gain on sale of land held for sale | (4,525) | ||||||||||||||
Income tax provision (benefit) | 9,639 | (7,921) | (4,325) | ||||||||||||
Adjusted EBITDA | 164,746 | 72,828 | 48,595 | ||||||||||||
Gain on contingent consideration | (1,719) | ||||||||||||||
Class action litigation expenses | (574) | 1,617 | |||||||||||||
Other operating, net | (157) | ||||||||||||||
Loss (gain) on extinguishment of debt | 1,708 | (18) | |||||||||||||
Net income (loss) | (25,314) | [1] | $ (3,124) | $ 3,594 | $ 3,930 | (13,526) | [1],[2] | $ 8,555 | $ 1,713 | $ 5,342 | (20,914) | 2,084 | 16,300 | ||
Assets | 1,366,569 | 1,365,175 | 1,366,569 | 1,365,175 | $ 1,365,175 | ||||||||||
Capital expenditures | 68,175 | 29,463 | 30,634 | ||||||||||||
Gaming [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 525,176 | 381,396 | 324,863 | ||||||||||||
Food and beverage [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 170,453 | 81,304 | 55,798 | ||||||||||||
Rooms [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 106,805 | 24,163 | 7,525 | ||||||||||||
Other operating [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 49,360 | 20,275 | 11,812 | ||||||||||||
Operating Segments [Member] | Casinos [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 513,949 | 179,049 | 97,086 | ||||||||||||
Net income (loss) | 82,556 | 30,351 | 16,117 | ||||||||||||
Depreciation and amortization | 72,242 | 19,544 | 7,351 | ||||||||||||
Loss (gain) on disposal of property and equipment | 2,893 | 17 | 94 | ||||||||||||
Share-based compensation | 37 | ||||||||||||||
Preopening expenses | 170 | ||||||||||||||
Class action litigation expenses | 16 | ||||||||||||||
Executive severance and sign-on bonuses | 289 | 636 | |||||||||||||
Other, net | 172 | ||||||||||||||
Interest expense, net | 110 | (17) | 9 | ||||||||||||
Adjusted EBITDA | 158,485 | 50,892 | 23,571 | ||||||||||||
Class action litigation expenses | (16) | ||||||||||||||
Other operating, net | 361 | ||||||||||||||
Net income (loss) | 82,556 | 30,351 | 16,117 | ||||||||||||
Assets | 1,006,292 | 1,039,025 | 1,006,292 | 1,039,025 | 1,039,025 | ||||||||||
Capital expenditures | 45,634 | 9,665 | 10,267 | ||||||||||||
Operating Segments [Member] | Distributed Gaming [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 337,067 | 327,506 | 302,632 | ||||||||||||
Net income (loss) | 25,870 | 29,210 | 22,323 | ||||||||||||
Depreciation and amortization | 20,604 | 19,601 | 18,889 | ||||||||||||
Loss (gain) on disposal of property and equipment | 443 | 414 | (40) | ||||||||||||
Share-based compensation | 3 | ||||||||||||||
Preopening expenses | 365 | 1,234 | 2,179 | ||||||||||||
Class action litigation expenses | 195 | ||||||||||||||
Executive severance and sign-on bonuses | 38 | ||||||||||||||
Other, net | 213 | ||||||||||||||
Interest expense, net | 93 | 390 | 144 | ||||||||||||
Income tax provision (benefit) | 60 | ||||||||||||||
Adjusted EBITDA | 47,824 | 48,890 | 43,555 | ||||||||||||
Gain on contingent consideration | (1,719) | ||||||||||||||
Class action litigation expenses | (195) | ||||||||||||||
Other operating, net | (240) | ||||||||||||||
Net income (loss) | 25,870 | 29,210 | 22,323 | ||||||||||||
Assets | 299,697 | 298,453 | 299,697 | 298,453 | 298,453 | ||||||||||
Capital expenditures | 15,942 | 18,011 | 17,730 | ||||||||||||
Operating Segments [Member] | Gaming [Member] | Casinos [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 246,623 | 109,097 | 69,965 | ||||||||||||
Operating Segments [Member] | Gaming [Member] | Distributed Gaming [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 278,553 | 272,299 | 254,898 | ||||||||||||
Operating Segments [Member] | Food and beverage [Member] | Casinos [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 119,636 | 34,373 | 14,736 | ||||||||||||
Operating Segments [Member] | Food and beverage [Member] | Distributed Gaming [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 50,817 | 46,931 | 41,062 | ||||||||||||
Operating Segments [Member] | Rooms [Member] | Casinos [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 106,805 | 24,163 | 7,525 | ||||||||||||
Operating Segments [Member] | Other operating [Member] | Casinos [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 40,885 | 11,416 | 4,860 | ||||||||||||
Operating Segments [Member] | Other operating [Member] | Distributed Gaming [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 7,697 | 8,276 | 6,672 | ||||||||||||
Corporate and Other [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | 778 | 583 | 280 | ||||||||||||
Net income (loss) | (129,340) | (57,477) | (22,140) | ||||||||||||
Depreciation and amortization | 1,610 | 1,641 | 1,266 | ||||||||||||
Acquisition and merger expenses | 2,956 | 5,041 | 614 | ||||||||||||
Loss (gain) on disposal of property and equipment | 10 | ||||||||||||||
Share-based compensation | 9,948 | 8,754 | 3,878 | ||||||||||||
Preopening expenses | 636 | 398 | 292 | ||||||||||||
Class action litigation expenses | 363 | (1,617) | |||||||||||||
Executive severance and sign-on bonuses | 457 | 506 | 1,037 | ||||||||||||
Other, net | 129 | (869) | |||||||||||||
Interest expense, net | 63,825 | 19,225 | 6,301 | ||||||||||||
Change in fair value of derivative | (1,786) | (178) | |||||||||||||
Gain on sale of land held for sale | (4,525) | ||||||||||||||
Income tax provision (benefit) | 9,639 | (7,921) | (4,385) | ||||||||||||
Adjusted EBITDA | (41,563) | (26,954) | (18,531) | ||||||||||||
Class action litigation expenses | (363) | 1,617 | |||||||||||||
Other operating, net | (278) | ||||||||||||||
Loss (gain) on extinguishment of debt | 1,708 | ||||||||||||||
Net income (loss) | (129,340) | (57,477) | (22,140) | ||||||||||||
Assets | $ 60,580 | $ 27,697 | 60,580 | 27,697 | 27,697 | ||||||||||
Capital expenditures | 6,599 | $ 1,787 | 2,637 | ||||||||||||
Corporate and Other [Member] | Other operating [Member] | |||||||||||||||
Revenues | |||||||||||||||
Total revenues | $ 778 | $ 583 | $ 280 | ||||||||||||
[1] | For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. | ||||||||||||||
[2] | Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. |
Schedule of Segment Reporting_2
Schedule of Segment Reporting Information (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Non-cash purchases of property and equipment | $ 800 | $ 717 | $ 721 |
Casinos [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-cash purchases of property and equipment | 8,800 | 1,800 | 600 |
Distributed Gaming [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-cash purchases of property and equipment | $ 3,500 | $ 2,600 | $ 2,600 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Net revenues | $ 210,125 | $ 210,337 | $ 216,543 | $ 214,789 | $ 183,710 | $ 107,660 | $ 109,885 | $ 105,883 | $ 851,794 | $ 507,138 | $ 399,998 | ||||||
Income from operations | 5,468 | 9,723 | 19,095 | 16,681 | 5,006 | 2,389 | 2,578 | 5,318 | 50,967 | 15,291 | 13,035 | ||||||
Net income (loss) | $ (25,314) | $ (3,124) | $ 3,594 | $ 3,930 | $ (13,526) | $ 8,555 | $ 1,713 | $ 5,342 | $ (20,914) | $ 2,084 | $ 16,300 | ||||||
Basic income (loss) per share | $ (0.90) | $ (0.11) | $ 0.13 | $ 0.14 | $ (0.53) | $ 0.38 | $ 0.08 | $ 0.24 | $ (0.76) | $ 0.09 | $ 0.74 | ||||||
Diluted income (loss) per share | $ (0.90) | $ (0.11) | $ 0.12 | $ 0.13 | $ (0.53) | $ 0.36 | [1] | $ 0.07 | [1] | $ 0.23 | [1] | $ (0.76) | $ 0.08 | $ 0.73 | |||
[1] | For the third and fourth quarters of 2018 and fourth quarter of 2017, the Company generated a net loss. Accordingly, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding and diluted loss per share for this period. The amount of potential common share equivalents was 1,870 and 1,028 for the third and fourth quarters of 2018, respectively. The amount of potential common share equivalents was 2,373 for the fourth quarter of 2017. | ||||||||||||||||
[2] | Results included the operating results of American from October 20, 2017, following the completion of the American Acquisition. |
Selected Quarterly Financial _4
Selected Quarterly Financial Information (Parenthetical) (Details) - shares shares in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Anti-dilutive potential common share equivalents | 1,028 | 1,870 | 2,373 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at Beginning of Period | $ 6,983 | $ 18,109 | $ 25,593 |
Increase | 16,293 | ||
Decrease | (11,126) | (7,484) | |
Balance at End of Period | $ 23,276 | $ 6,983 | $ 18,109 |