Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'American Casino & Entertainment Properties LLC |
Entity Central Index Key | '0001297735 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Period Focus | 'Q2 |
Document Fiscal Year Focus | '2014 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $66,964 | $55,151 |
Investments - restricted | 211 | 211 |
Accounts receivable, net | 5,332 | 3,953 |
Accounts receivable, net - related party | 0 | 8 |
Other current assets | 12,224 | 12,133 |
Total Current Assets | 84,731 | 71,456 |
Property and equipment, net | 1,071,815 | 1,080,069 |
Debt issuance costs, net | 10,480 | 8,115 |
Intangible and other assets, net | 15,608 | 15,627 |
Total Assets | 1,182,634 | 1,175,267 |
Current Liabilities: | ' | ' |
Accounts payable | 6,384 | 6,034 |
Accrued expenses | 13,149 | 13,758 |
Accounts payable and accrued expenses - related party | 1 | 1 |
Accrued payroll and related expenses | 10,668 | 11,413 |
Current portion of long-term debt | 2,150 | 2,150 |
Current portion of capital lease obligations | 217 | 376 |
Total Current Liabilities | 32,569 | 33,732 |
Long-Term Liabilities: | ' | ' |
Long-term debt, net of unamortized discount | 319,981 | 320,784 |
Long-term debt - related party | 5,669 | 5,582 |
Capital lease obligations, less current portion | 948 | 948 |
Total Long-Term Liabilities | 326,598 | 327,314 |
Total Liabilities | 359,167 | 361,046 |
Commitments and Contingencies | ' | ' |
Members' Equity: | ' | ' |
Members' Equity | 823,467 | 814,221 |
Total Members' Equity | 823,467 | 814,221 |
Total Liabilities and Members' Equity | $1,182,634 | $1,175,267 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Casino | $49,537 | $50,764 | $102,814 | $104,509 |
Hotel | 19,279 | 17,881 | 36,280 | 32,605 |
Food and beverage | 18,609 | 17,773 | 36,435 | 34,863 |
Tower, retail, entertainment and other | 8,523 | 8,543 | 16,414 | 16,108 |
Gross revenues | 95,948 | 94,961 | 191,943 | 188,085 |
Less promotional allowances | 6,526 | 6,543 | 13,510 | 13,317 |
Net revenues | 89,422 | 88,418 | 178,433 | 174,768 |
Costs And Expenses: | ' | ' | ' | ' |
Casino | 15,850 | 16,097 | 32,362 | 32,800 |
Hotel | 8,889 | 8,467 | 17,136 | 16,353 |
Food and beverage | 14,138 | 13,523 | 27,622 | 26,669 |
Other operating expenses | 2,919 | 2,930 | 5,912 | 5,631 |
Selling, general and administrative | 32,150 | 28,132 | 61,261 | 57,593 |
Depreciation and amortization | 7,311 | 7,958 | 14,662 | 16,254 |
Pre-opening costs | ' | ' | 0 | 114 |
(Gain) loss on disposal of assets | -9 | 28 | -27 | -3 |
Management fee - related party | 0 | 250 | 0 | 500 |
Total costs and expenses | 81,248 | 77,385 | 158,928 | 155,911 |
Income From Operations | 8,174 | 11,033 | 19,505 | 18,857 |
Other Expense: | ' | ' | ' | ' |
Interest expense | -6,396 | -10,936 | -13,013 | -21,734 |
Interest expense - related party | -96 | 0 | -289 | 0 |
Total other expense | -6,492 | -10,936 | -13,302 | -21,734 |
Net Income | $1,682 | $97 | $6,203 | ($2,877) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income (loss) | $6,203 | ($2,877) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14,662 | 16,254 |
Amortization of debt issuance and debt discount costs | 1,118 | 3,070 |
(Gain) loss on disposal of assets | -27 | -3 |
Share-based Compensation | 3,043 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -1,379 | -783 |
Other assets | -72 | 437 |
Accounts payable and accrued expenses | -1,209 | -266 |
Related party activity, net | 8 | 10 |
Net Cash Provided by Operating Activities | 22,347 | 15,842 |
Cash Flows From Investing Activities: | ' | ' |
Acquisition of property and equipment | -6,215 | -5,846 |
Proceeds from sale of property and equipment | 39 | 108 |
Net Cash Used in Investing Activities | -6,176 | -5,738 |
Cash Flows From Financing Activities: | ' | ' |
Deferred financing costs | -3,124 | -376 |
Payments on notes payable | -1,075 | 0 |
Payments on capital lease obligation | -159 | -151 |
Net Cash Used in Financing Activities | -4,358 | -527 |
Net increase in cash and cash equivalents | 11,813 | 9,577 |
Cash and cash equivalents - beginning of period | 55,151 | 63,169 |
Cash and cash equivalents - end of period | 66,964 | 72,746 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash paid during the period for interest, net of amounts capitalized | 12,181 | 18,560 |
Supplemental Disclosures of Non-Cash Items: | ' | ' |
Accrued capital expenditures | $205 | $9 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF MEMBERS' EQUITY (USD $) | Total | Class A Equity [Member] | Class B Equity [Member] |
Balance at Dec. 31, 2013 | $814,221,000 | $0 | $814,221,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Net income | 6,203,000 | 0 | 6,203,000 |
Allocated Share-based Compensation Expense | 3,043,000 | 0 | 3,043,000 |
Balance at Jun. 30, 2014 | $823,467,000 | $0 | $823,467,000 |
The_Company
The Company | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company | ' |
The Company | |
American Casino & Entertainment Properties LLC, or ACEP, was formed in Delaware on December 29, 2003. As used in this Quarterly Report on Form 10-Q, the terms “ACEP”, “company”, “we”, “our”, “ours”, and “us” refer to American Casino & Entertainment Properties LLC and its subsidiaries, unless the context suggests otherwise. ACEP owns and operates the Stratosphere Casino Hotel & Tower, or the Stratosphere, Arizona Charlie’s Decatur and Arizona Charlie’s Boulder in Las Vegas, Nevada, and the Aquarius Casino Resort, or the Aquarius, in Laughlin, Nevada. | |
On April 22, 2007, American Entertainment Properties Corp., or AEP, our former direct parent, entered into a Membership Interest Purchase Agreement, or the Agreement, with W2007/ACEP Holdings, LLC, or Holdings, an affiliate of Whitehall Street Real Estate Funds, or Whitehall, a series of real estate investment funds affiliated with Goldman, Sachs & Co., to sell all of our issued and outstanding membership interests to Holdings, for approximately $1.3 billion. Pursuant to the Assignment and Assumption Agreement, dated December 4, 2007, between Holdings and W2007/ACEP Managers Voteco, LLC, or Voteco, Holdings assigned all of its rights, obligations and interests under the Agreement to Voteco. Voteco’s acquisition of ACEP, or the Acquisition, closed at a purchase price of $1.2 billion on February 20, 2008. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements included herein have been prepared by ACEP, without audit, in accordance with the accounting policies described in our 2013 audited consolidated financial statements and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments (consisting only of those of a normal recurring nature), which are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results to be expected for any future interim period or for the entire fiscal year. | |
These condensed consolidated financial statements should be read in conjunction with the notes to the 2013 consolidated audited financial statements presented in our annual report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014 (SEC File No. 000-52975). Our reports are available electronically by visiting the SEC website at http://www.sec.gov. You may also visit the investor relations section of the American Casino & Entertainment Properties LLC website at http://www.acepllc.com. | |
Principles of Consolidation | |
The condensed consolidated financial statements include the accounts of ACEP and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. | |
Recently Issued Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This update amends current guidance to require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and that existing guidance for performance conditions should be used to account for such awards. The amendments in this update will be effective for annual periods beginning after December 15, 2015, with early adoption permitted. This standard is not expected to have an impact on our financial statements. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
On August 14, 2009, we issued an aggregate principal amount of $375 million of 11% Senior Secured Notes. On July 3, 2013 and August 2, 2013 we redeemed the outstanding aggregate principal amount of the 11% Senior Secured Notes with a portion of the proceeds from the incurrence of the First Lien Term Loans and Second Lien Term Loans. During the three months and six months ended June 30, 2014, we paid Goldman Sachs approximately $0 and $674,000, respectively, in fees associated with the repricing of the First Lien Facilities. | |
In addition, during the three months and six months ended June 30, 2014, we paid Goldman Sachs approximately $96,000 and $289,000, respectively in interest on the First Lien Term Loans and Second Lien Term Loans. As of June 30, 2014, Goldman Sachs owned approximately $570,000 of the First Lien Term Loans, $5.1 million of the Second Lien Term Loans and committed to provide up to $5 million of the Revolving Credit Facility. As of June 30, 2014 and December 31, 2013, there were no amounts due to Goldman Sachs. | |
On February 20, 2008, we entered into a consulting agreement with Highgate Hotels, L.P., or Highgate, pursuant to which Highgate provides asset management consulting services to us. Highgate owns a less than 5% membership interest in Holdings. The agreement was amended to reduce fees payable thereunder on June 25, 2009 and Highgate converted amounts due them from ACEP to contributed capital in Holdings. The consulting agreement expired on June 20, 2013. | |
Highgate was entitled to receive a $1.5 million per year base consulting fee for the periods through February 20, 2011 and a $1.0 million per year consulting fee for the periods after February 20, 2011, additional consulting fees up to $500,000 per year for periods after February 20, 2011 based on EBITDA results at the properties and development fees at 4% of the aggregate costs of any agreed upon development projects. We incurred Highgate fees of $0 and $250,000 for the three months ended June 30, 2014 and June 30, 2013, respectively. We incurred Highgate fees of approximately $0 and $500,000 for the six months ended June 30, 2014 and June 30, 2013. As of June 30, 2014 and December 31, 2013, there were no amounts due to Highgate. | |
On June 16, 2008, we entered into an agreement with Travel Tripper LLC, or TTL, to utilize their technology for online hotel reservations. TTL is owned by an affiliate of Goldman Sachs (9%), an affiliate of Highgate (9%) and an employee of Highgate (40%). From June 16, 2008 to July 31, 2010, TTL was paid 4% of room revenues booked utilizing its system. As of August 1, 2010, the fee paid to TTL was reduced to 2%. As of December 4, 2012, we no longer use TTL’s services. We expensed fees of $0 for the three months ended June 30, 2014 and June 30, 2013. We expensed fees of approximately $0 and $8,000 for the six months ended June 30, 2014 and June 30, 2013, respectively. As of June 30, 2014 and December 31, 2013, there were no amounts due to TTL. | |
Archon Group, LP, or Archon, formerly an affiliate of Goldman Sachs, provides various services to us such as environmental services and insurance brokers. Effective December 31, 2012, Archon became a division within Goldman Sachs. We expensed fees of approximately $0 and $17,000 for the three months ended June 30, 2014 and June 30, 2013, respectively. We expensed fees of approximately $0 and $22,000 for the six months ended June 30, 2014 and June 30, 2013, respectively. In addition, we provided construction management services to Archon for hotels managed by them. We recorded revenues of $0 for the three months and six months ended June 30, 2014, compared to approximately $133,000 and $193,000 for the three months and six months ended June 30, 2013, respectively. As of June 30, 2014 and December 31, 2013, we owed Archon $0. As of June 30, 2014 and December 31, 2013, Archon owed us approximately $0 and $8,000, respectively. | |
On October 3, 2008, we entered into a participation agreement with Nor1, Inc., or Nor1, to utilize their technology to help sell perishable suite and room inventories. Nor1 gives the guest who books on-line the opportunity to book a non-guaranteed suite or upgraded rooms at a discounted rate if such is available at check-in. If the suite or upgraded room is awarded, Nor1 is paid 25% of the upgrade fee. Goldman Sachs owns less than 5% of Nor1. We expensed fees of approximately $5,000 and $8,000 for the three months ended June 30, 2014 and June 30, 2013, respectively. We expensed fees of approximately $12,000 and $14,000 for the six months ended June 30, 2014 and June 30, 2013, respectively. As of June 30, 2014 and December 31, 2013, we owed Nor1 approximately $1,000. | |
We follow a related party transaction approval policy for reviewing related party transactions. These procedures are intended to ensure that transactions with related parties are fair to us and in our best interests. If a proposed transaction appears to or does involve a related party, the transaction is presented to our audit committee for review. The audit committee is authorized to retain and pay such independent advisors as it deems necessary to properly evaluate the proposed transaction, including, without limitation, outside legal counsel and financial advisors to determine the fair value of the transaction. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Assets | ' | |||||||
Intangible Assets | ||||||||
Pursuant to authoritative guidance, indefinite-lived intangible assets are subject to an annual assessment for impairment during the fourth quarter, or more frequently if there are indications of possible impairment, by applying a fair-value-based test. | ||||||||
Our indefinite-lived intangible assets consist of trade names. Intangible assets are recorded at cost or at fair value on the date of acquisition. | ||||||||
As of June 30, 2014 and December 31, 2013, we had the following indefinite-lived intangible assets. | ||||||||
(in thousands) | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Carrying | Carrying | |||||||
Amount | Amount | |||||||
Non-amortizing intangible assets: | ||||||||
Trade Name | $ | 15,507 | $ | 15,507 | ||||
$ | 15,507 | $ | 15,507 | |||||
Debt
Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Long-term debt and capital lease obligations consist of the following: | ||||||||
As of | As of | |||||||
June 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
First Lien Term Loans due July 3, 2019, interest at a 3.50% margin above LIBOR, with a 1.00% LIBOR floor | $ | 212,850 | $ | 213,925 | ||||
Second Lien Term Loans due January 3, 2020, interest at a 10.00% margin above LIBOR, with a 1.25% LIBOR floor | 120,000 | 120,000 | ||||||
First Lien Revolving Credit Facility | — | — | ||||||
Unamortized discount | (5,050 | ) | (5,409 | ) | ||||
Capital lease obligations | 1,165 | 1,324 | ||||||
Total long-term debt and capital lease obligations | 328,965 | 329,840 | ||||||
Current portion of long-term debt and capital lease obligations | (2,367 | ) | (2,526 | ) | ||||
Total long-term debt and capital lease obligations, net | $ | 326,598 | $ | 327,314 | ||||
On July 3, 2013, we issued First Lien Facilities in an aggregate principal amount of $230 million and Second Lien Term Loans in an aggregate principal amount of $120 million. The First Lien Facilities consist of an aggregate amount of $215 million First Lien Term Loans and a $15 million Revolving Credit Facility. A portion of the proceeds of the First Lien Term Loans and Second Lien Term Loans were used together with cash on hand to purchase the outstanding 11% Senior Secured Notes that were tendered prior to July 3, 2013. The remaining proceeds were used to redeem the remaining outstanding 11% Senior Secured Notes on August 2, 2013. | ||||||||
First Lien Facilities | ||||||||
On July 3, 2013, the Company and certain of its subsidiaries, or the Guarantors, entered into a First Lien Credit and Guaranty Agreement, or First Lien Credit Agreement, with the First Lien Lenders, Deutsche Bank AG New York Branch, or DBNY, as administrative agent, collateral agent and documentation agent, and Goldman Sachs Lending Partners LLC, or Goldman Sachs, and Deutsche Bank Securities Inc., or DBSI, as joint lead arrangers, joint bookrunners and co-syndication agents. The Guarantors pledged as collateral all of the real, personal and mixed property, including equity interests, in which liens are purported to be granted pursuant to the collateral documents for the First Lien Facilities. Pursuant to the terms of the First Lien Credit Agreement, the First Lien Lenders provided the Company with senior secured loan facilities in an aggregate principal amount of $230 million, consisting of $215 million of senior secured term loans, or First Lien Term Loans, and a $15 million senior secured revolving credit facility, or Revolving Facility (the Revolving Facility together with the First Lien Term Loans, the “First Lien Facilities”). | ||||||||
The maturity date of the First Lien Term Loans is the earliest to occur of (i) July 3, 2019 and (ii) the acceleration of the First Lien Term Loans. Interest is computed on the basis of a 360-day year and the actual number of days between interest periods with interest payable in one month, two month or three month periods or any other period acceptable to the administrative agent. As of June 30, 2014, all outstanding First Lien Term Loans are eurodollar loans. We may at the expiration of any interest period convert all or a portion of the First Lien Term Loans to Base Rate loans. The First Lien Term Loans are subject to scheduled principal payments on the last day of each calendar quarter on and after September 30, 2013 in an amount equal to 0.25% of the original principal balance. The First Lien Term Loans are also subject to annual principal payments equal to 75%, 50%, 25%, 0% (depending on the Company’s Total Leverage Ratio) of the Company’s excess of cash flow earned during a calendar year. The Company was not required to make a payment resulting from excess cash flow for the period of August 1, 2013 through December 31, 2013. In addition, we may at any time make voluntary principal prepayments to the First Lien Term Loans in amounts of $1 million or greater. | ||||||||
On February 24, 2014, we entered into an amendment of the First Lien Credit Agreement. Among other changes, the amendment reduced the interest rate on the Term Loans by 125 basis points per annum. Interest will accrue, at our election, (i) at the adjusted eurodollar rate plus 3.50% per annum or (ii) at the Base Rate plus 2.50% per annum. Additionally, the minimum adjusted eurodollar rate was reduced by 25 basis points from 1.25% per annum to 1.00% per annum. | ||||||||
The maturity date of the Revolving Facility is the earliest to occur of (i) July 3, 2018 or (ii) the acceleration of the Revolving Facilities. The Revolving Facilities bear interest at a Base Rate plus an applicable margin that is 2.75%, 3.25% or 3.75% per annum (depending on the Company’s First Lien Leverage Ratio) or the reserve-adjusted eurodollar rate plus an applicable margin that is 3.75%, 4.25% or 4.75% per annum (depending on the Company’s First Lien Leverage Ratio). We will also pay a commitment fee equal to the applicable revolving commitment fee percentage times the average daily difference between the revolving commitments and the aggregate principal amount of any outstanding revolving loans. The applicable revolving commitment fee percentage is either 0.375% or 0.500% per annum (depending on the Company’s First Lien Leverage Ratio). Interest and commitment fees are computed on the basis of a 360-day year and the actual number of days between interest periods with interest and commitment fees payable in one month, two month or three month periods or any other period acceptable to the administrative agent. We may at the expiration of any interest period convert all or a portion of the Revolving Facility to Base Rate loans or eurodollar loans. We may at any time request voluntary commitment reductions to the Revolving Facility in amounts of $1 million or greater. | ||||||||
As of June 30, 2014 and December 31, 2013, there were no borrowings outstanding under the Revolving Facility. | ||||||||
The First Lien Credit Agreement includes a number of covenants that place restrictions on how we may operate our business, including, among others (i) restrictions on incurring other indebtedness and liens; (ii) leverage and financial maintenance covenants; and (iii) restrictions on capital expenditures, distributions, investments, acquisitions, significant asset disposals or making fundamental changes to our business. As of June 30, 2014, we were in compliance with our First Lien Credit Agreement covenants. | ||||||||
Second Lien Term Loans | ||||||||
On July 3, 2013, the Company and the Guarantors entered into a Second Lien Credit and Guaranty Agreement, or Second Lien Credit Agreement, together with the First Lien Credit Agreement, the Credit Agreements, with the Second Lien Lenders, DBNY, as administrative agent, collateral agent and documentation agent, and Goldman Sachs and DBSI, as joint lead arrangers, joint bookrunners and co-syndication agents. The Guarantors pledged as collateral all of the real, personal and mixed property, including equity interests, in which liens are purported to be granted pursuant to the collateral documents for the Second Lien Term Loans. Pursuant to the terms of the Second Lien Credit Agreement, the Second Lien Lenders provided the Company with secured second lien term loans in the aggregate principal amount of $120 million, the Second Lien Term Loans. The maturity date of the Second Lien Term Loans is the earliest to occur of (i) January 3, 2020 or (ii) the acceleration of the Second Lien Term Loans. The Second Lien Term Loans bear interest either at a Base Rate plus 9.00% per annum or at the reserve-adjusted eurodollar rate plus 10.00% per annum. Interest is computed on the basis of a 360-day year and the actual number of days between interest periods with interest payable in either one month, two month or three month periods or any other period acceptable to the administrative agent. As of June 30, 2014, all Second Lien Term Loans were eurodollar rate loans. We may at the expiration of any interest period convert all or a portion of the Second Lien Term Loans to Base Rate loans. | ||||||||
The Second Lien Credit Agreement includes a number of covenants that place restrictions on how we may operate our business, including, among others (i) restrictions on incurring other indebtedness and liens; (ii) leverage and financial maintenance covenants; and (iii) restrictions on capital expenditures, distributions, investments, acquisitions, significant asset disposals or making fundamental changes to our business. As of June 30, 2014, we were in compliance with our Second Lien Credit Agreement covenants. | ||||||||
11% Senior Secured Notes | ||||||||
On August 14, 2009, we issued the 11% Senior Secured Notes pursuant to the Indenture. The 11% Senior Secured Notes would have matured on June 15, 2014 and bore interest at a rate of 11% per annum. Interest was computed on the basis of a 360-day year composed of twelve 30-day months and was payable semi-annually on June 15 and December 15 of each year, beginning on December 15, 2009. | ||||||||
On June 7, 2013, the Issuers commenced a cash tender offer to purchase any and all of the outstanding 11% Senior Secured Notes due 2014. On July 3, 2013, the issuers purchased $233.1 million in aggregate principal amount of the 11% Senior Secured Notes, plus interest, pursuant to the tender offer. On July 3, 2013, the Issuers also called for redemption of all of the outstanding 11% Senior Secured Notes not purchased pursuant to the tender offer to purchase the 11% Senior Secured Notes. On August 2, 2013, the Issuers redeemed the remaining $104.4 million in aggregate principal amount of the 11% Senior Secured Notes, plus interest, pursuant to the call. We recognized a loss of approximately $7.8 million during the three months ended September 30, 2013 in connection with the redemption of the outstanding 11% Senior Secured Notes. | ||||||||
On July 3, 2013, the Company also exercised its right to satisfy and discharge the Indenture. As a result of the satisfaction and discharge of the Indenture, the Company, ACEP Finance Corp. and the guarantors have been released from their remaining obligations under the Indenture and the 11% Senior Secured Notes. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
We are, from time to time, a party to various legal proceedings arising out of our businesses. We believe, however, there are no proceedings pending or threatened against us, which, if determined adversely, would have a material adverse effect upon our financial condition, results of operations or liquidity. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
The Company accounts for share-based compensation under ASC 718, Compensation-Stock Compensation. We recognized share-based compensation expenses of $3.0 million for the three and six months ended June 30, 2014 compared to $0 for the three and six months ended June 30, 2013. These amounts are included in selling, general and administrative expenses in our condensed consolidated statements of operations. | ||||||||||||||
On March 26, 2014, our Board of Directors approved the grant of 13,035,000 stock options and 2,500,000 restricted stock units, or RSU's, to executive officers and certain key employees. Stock options primarily vest ratably over four years and include a performance condition; the stock options expire 10 years from the grant date. RSU's only vest upon a qualifying event. | ||||||||||||||
As of June 30, 2014, we have approximately $1.0 million of unrecognized incentive expense related to nonvested stock options that is expected to be recognized over a weighted-average period of approximately six months. | ||||||||||||||
A summary of stock option activity for the six months ended June 30, 2014 is as follows: | ||||||||||||||
Options | Range of Exercise Prices | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | |||||||||||
(in years) | ||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | $ | — | — | ||||||||
Granted | 13,035,000 | 1 | 1 | 9.75 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Expired | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding at June 30, 2014 | 13,035,000 | $ | 1 | $ | 1 | 9.75 | ||||||||
Vested or expected to vest at June 30, 2014 | 3,258,750 | $ | 1 | $ | 1 | 9.75 | ||||||||
Exercisable at June 30, 2014 | 3,258,750 | $ | 1 | $ | 1 | 9.75 | ||||||||
The fair value of each stock option granted under the W2007/ACEP Holdings, LLC 2013 Management Incentive Plan | ||||||||||||||
is estimated on the date of the grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Assumptions: | ||||||||||||||
Expected term (years) | 5.5 | |||||||||||||
Risk-free interest rate | 1.93 | % | ||||||||||||
Expected volatility | 81 | % | ||||||||||||
Dividend yield | NA | |||||||||||||
A summary of RSU activity for the six months ended June 30, 2014 is as follows: | ||||||||||||||
RSUs | Fair Value | |||||||||||||
Outstanding at December 31, 2013 | — | $ | — | |||||||||||
Granted | 2,500,000 | 1 | ||||||||||||
Exercised | — | — | ||||||||||||
Canceled | — | — | ||||||||||||
Vested | — | — | ||||||||||||
Outstanding at June 30, 2014 | 2,500,000 | $ | 1 | |||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements included herein have been prepared by ACEP, without audit, in accordance with the accounting policies described in our 2013 audited consolidated financial statements and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments (consisting only of those of a normal recurring nature), which are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results to be expected for any future interim period or for the entire fiscal year. | |
These condensed consolidated financial statements should be read in conjunction with the notes to the 2013 consolidated audited financial statements presented in our annual report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014 (SEC File No. 000-52975). Our reports are available electronically by visiting the SEC website at http://www.sec.gov. You may also visit the investor relations section of the American Casino & Entertainment Properties LLC website at http://www.acepllc.com. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The condensed consolidated financial statements include the accounts of ACEP and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||
As of June 30, 2014 and December 31, 2013, we had the following indefinite-lived intangible assets. | ||||||||
(in thousands) | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Carrying | Carrying | |||||||
Amount | Amount | |||||||
Non-amortizing intangible assets: | ||||||||
Trade Name | $ | 15,507 | $ | 15,507 | ||||
$ | 15,507 | $ | 15,507 | |||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
Long-term debt and capital lease obligations consist of the following: | ||||||||
As of | As of | |||||||
June 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
First Lien Term Loans due July 3, 2019, interest at a 3.50% margin above LIBOR, with a 1.00% LIBOR floor | $ | 212,850 | $ | 213,925 | ||||
Second Lien Term Loans due January 3, 2020, interest at a 10.00% margin above LIBOR, with a 1.25% LIBOR floor | 120,000 | 120,000 | ||||||
First Lien Revolving Credit Facility | — | — | ||||||
Unamortized discount | (5,050 | ) | (5,409 | ) | ||||
Capital lease obligations | 1,165 | 1,324 | ||||||
Total long-term debt and capital lease obligations | 328,965 | 329,840 | ||||||
Current portion of long-term debt and capital lease obligations | (2,367 | ) | (2,526 | ) | ||||
Total long-term debt and capital lease obligations, net | $ | 326,598 | $ | 327,314 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of stock option activity | ' | |||||||||||||
A summary of stock option activity for the six months ended June 30, 2014 is as follows: | ||||||||||||||
Options | Range of Exercise Prices | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | |||||||||||
(in years) | ||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | $ | — | — | ||||||||
Granted | 13,035,000 | 1 | 1 | 9.75 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Expired | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding at June 30, 2014 | 13,035,000 | $ | 1 | $ | 1 | 9.75 | ||||||||
Vested or expected to vest at June 30, 2014 | 3,258,750 | $ | 1 | $ | 1 | 9.75 | ||||||||
Exercisable at June 30, 2014 | 3,258,750 | $ | 1 | $ | 1 | 9.75 | ||||||||
Schedule of stock options valuation assumptions | ' | |||||||||||||
The fair value of each stock option granted under the W2007/ACEP Holdings, LLC 2013 Management Incentive Plan | ||||||||||||||
is estimated on the date of the grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Assumptions: | ||||||||||||||
Expected term (years) | 5.5 | |||||||||||||
Risk-free interest rate | 1.93 | % | ||||||||||||
Expected volatility | 81 | % | ||||||||||||
Dividend yield | NA | |||||||||||||
Schedule of restricted stock units activity | ' | |||||||||||||
A summary of RSU activity for the six months ended June 30, 2014 is as follows: | ||||||||||||||
RSUs | Fair Value | |||||||||||||
Outstanding at December 31, 2013 | — | $ | — | |||||||||||
Granted | 2,500,000 | 1 | ||||||||||||
Exercised | — | — | ||||||||||||
Canceled | — | — | ||||||||||||
Vested | — | — | ||||||||||||
Outstanding at June 30, 2014 | 2,500,000 | $ | 1 | |||||||||||
The_Company_Details_Textual
The Company (Details Textual) (USD $) | 0 Months Ended | |
In Billions, unless otherwise specified | Apr. 22, 2007 | Feb. 20, 2008 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Announced sale agreement price | $1.30 | ' |
Agreement purchase price | ' | $1.20 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | Aug. 14, 2009 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 20, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 20, 2008 | Feb. 20, 2008 | Jun. 30, 2014 | Aug. 01, 2010 | Jun. 16, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2010 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Oct. 03, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 16, 2008 | Jun. 16, 2008 | Jun. 16, 2008 |
Senior Secured Notes 11 Percentage [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Goldman Sachs [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Highgate [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Archon Group, Lp [Member] | Archon Group, Lp [Member] | Archon Group, Lp [Member] | Archon Group, Lp [Member] | Archon Group, Lp [Member] | Nor1 [Member] | Nor1 [Member] | Nor1 [Member] | Nor1 [Member] | Nor1 [Member] | Nor1 [Member] | Goldman Sachs [Member] | Highgate [Member] | Employee Of Affiliate [Member] | |
First Lien Term Loans [Member] | Second Lien Term Loans [Member] | Revolving Facility [Member] | February 20 2011 [Member] | After February 20 2011 [Member] | After February 20 2011 [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | Travel Tripper Llc [Member] | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face amount | $375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (percent) | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | 0 | ' | 674,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payment | ' | ' | 96,000 | 289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership interest percentage (less than 5%) | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | 20-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual consulting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional consulting fees (up to $500,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties and development fees (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 250,000 | 0 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'TTL is owned by an affiliate of Goldman Sachs (9%), an affiliate of Highgate (9%) and an employee of Highgate (40%). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Room revenue (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service fee reduction (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction management revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 133,000 | 0 | 193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upgrade fee (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage (less than 5%) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 9.00% | 9.00% | 40.00% |
Related party costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 8,000 | ' | ' | 0 | 17,000 | 0 | 22,000 | ' | ' | 5,000 | 8,000 | 12,000 | 14,000 | ' | ' | ' | ' |
Due to related parties | ' | $0 | ' | $0 | $0 | $570,000 | $5,100,000 | ' | ' | $0 | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | ' | $0 | $0 | ' | $0 | ' | $0 | ' | $1,000 | ' | $1,000 | ' | $1,000 | ' | ' | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-amortizing intangible assets: | ' | ' |
Net carrying amount | $15,507 | $15,507 |
Trade Names [Member] | ' | ' |
Non-amortizing intangible assets: | ' | ' |
Net carrying amount | $15,507 | $15,507 |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Unamortized discount | ($5,050) | ($5,409) |
Capital lease obligations | 1,165 | 1,324 |
Total long-term debt and capital lease obligations | 328,965 | 329,840 |
Current portion of long-term debt and capital lease obligations | -2,367 | -2,526 |
Total long-term debt and capital lease obligations, net | 326,598 | 327,314 |
First Lien Term Loans [Member] | Secured Debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Total long-term debt and capital lease obligations | 212,850 | 213,925 |
Second Lien Term Loans [Member] | Secured Debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Total long-term debt and capital lease obligations | 120,000 | 120,000 |
First Lien Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Total long-term debt and capital lease obligations | $0 | $0 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||
Jul. 03, 2013 | Jul. 03, 2013 | Feb. 24, 2014 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jun. 30, 2014 | Jul. 03, 2013 | Feb. 24, 2014 | Jul. 03, 2013 | Jul. 03, 2013 | Feb. 24, 2014 | Feb. 24, 2014 | Aug. 14, 2009 | Sep. 30, 2013 | Aug. 02, 2013 | Jul. 03, 2013 | Feb. 24, 2014 | Feb. 24, 2014 | Feb. 24, 2014 | Feb. 23, 2014 | Feb. 24, 2014 | |
Revolving Facility [Member] | First Lien Facilities [Member] | First Lien Facilities [Member] | Second Lien Term Loans [Member] | Second Lien Term Loans [Member] | Second Lien Term Loans [Member] | Second Lien Term Loans [Member] | First Lien Term Loans [Member] | First Lien Term Loans [Member] | First Lien Term Loans [Member] | First Lien Revolving Credit Facility [Member] | First Lien Revolving Credit Facility [Member] | First Lien Revolving Credit Facility [Member] | First Lien Revolving Credit Facility [Member] | First Lien Revolving Credit Facility [Member] | Senior Secured Notes 11% [Member] | Senior Secured Notes 11% [Member] | Senior Secured Notes 11% [Member] | Senior Secured Notes 11% [Member] | First Lien Credit Amendment [Member] | First Lien Credit Amendment [Member] | First Lien Credit Amendment [Member] | First Lien Credit Amendment [Member] | First Lien Credit Amendment [Member] | ||
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Eurodollar [Member] | Base Rate [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Eurodollar [Member] | Base Rate [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Debt [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Base Rate [Member] | |||
Secured Debt [Member] | Secured Debt [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Secured Debt [Member] | Minimum [Member] | Minimum [Member] | Secured Debt [Member] | ||||||||||||||||||
Secured Debt [Member] | Secured Debt [Member] | ||||||||||||||||||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face amount | ' | $15,000,000 | ' | $230,000,000 | ' | $120,000,000 | ' | ' | ' | ' | $215,000,000 | ' | ' | $15,000,000 | ' | ' | ' | ' | $104,400,000 | $233,100,000 | ' | ' | ' | ' | ' |
Stated interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 3-Jan-20 | ' | ' | ' | 3-Jul-19 | ' | ' | 3-Jul-18 | ' | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date description | ' | ' | ' | ' | 'The maturity date of the Second Lien Term Loans is the earliest to occur of (i) January 3, 2020 or (ii) the acceleration of the Second Lien Term Loans. | ' | ' | ' | 'The maturity date of the First Lien Term Loans is the earliest to occur of (i) July 3, 2019 and (ii) the acceleration of the First Lien Term Loans. | ' | ' | ' | 'The maturity date of the Revolving Facility is the earliest to occur of (i) July 3, 2018 or (ii) the acceleration of the Revolving Facilities. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment terms description | 'The First Lien Term Loans are also subject to annual principal payments equal to 75%, 50%, 25%, 0% (depending on the Companys Total Leverage Ratio) of the Companys excess of cash flow earned during a calendar year. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments based on original principal balance (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal payment based on total leverage, option one | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal payment based on total leverage, option two | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal payment based on total leverage, option three | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal payment based on total leverage, option four | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary commitment reductions to revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate description | ' | ' | 'On February 24, 2014, we entered into an amendment of the First Lien Credit Agreement. Among other changes, the amendment reduced the interest rate on the Term Loans by 125 basis points per annum. Interest will accrue, at our election, (i) at the adjusted Eurodollar rate plus 3.50% per annum or (ii) at the Base Rate plus 2.50% per annum. Additionally, the minimum adjusted Eurodollar rate was reduced by 25 basis points from 1.25% per annum to 1.00% per annum. | ' | 'The Second Lien Term Loans bear interest either at a Base Rate plus 9.00% per annum or at the reserve-adjusted Eurodollar rate plus 10.00% per annum. Interest is computed on the basis of a 360-day year and the actual number of days between interest periods with interest payable in either one month, two month or three month periods or any other period acceptable to the administrative agent. | ' | ' | ' | 'Interest is computed on the basis of a 360-day year and the actual number of days between interest periods with interest payable in one month, two month or three month periods or any other period acceptable to the administrative agent. | ' | ' | ' | 'The Revolving Facilities bear interest at a Base Rate plus an applicable margin that is 2.75%, 3.25% or 3.75% per annum (depending on the Companys First Lien Leverage Ratio) or the reserve-adjusted Eurodollar rate plus an applicable margin that is 3.75%, 4.25% or 4.75% per annum (depending on the Companys First Lien Leverage Ratio). We will also pay a commitment fee equal to the applicable revolving commitment fee percentage times the average daily difference between the revolving commitments and the aggregate principal amount of any outstanding revolving loans. The applicable revolving commitment fee percentage is either 0.375% or 0.500% per annum (depending on the Companys First Lien Leverage Ratio). Interest and commitment fees are computed on the basis of a 360-day year and the actual number of days between interest periods with interest and commitment fees payable in one month, two month or three month periods or any other period acceptable to the administrative agent. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to interest (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.25% | ' | -0.25% | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | 10.00% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 1.00% | 1.25% | 2.50% |
Variable interest rate based on agreement terms, option one (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate based on agreement terms, option two (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate based on agreement terms, option three (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee based on agreement terms, option one (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee based on agreement terms, option two (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,800,000 | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details Textual) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 26, 2014 | Mar. 26, 2014 | |
Employee Stock Option [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Executive Officers And Certain Key Employees [Member] | Executive Officers And Certain Key Employees [Member] | ||
Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expenses | $3,043,000 | ' | $3,000,000 | $0 | $3,000,000 | $0 | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | 13,035,000 | 2,500,000 |
Vesting period | ' | '4 years | ' | ' | ' | ' | ' | ' |
Expiration period | ' | '10 years | ' | ' | ' | ' | ' | ' |
Unrecognized incentive expense | ' | $1,000,000 | ' | ' | ' | ' | ' | ' |
Unrecognized incentive expense, period of recognition | ' | '6 months | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Stock Option Activity) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Number of options | ' |
Outstanding at December 31, 2013 | 0 |
Granted | 13,035,000 |
Exercised | 0 |
Expired | 0 |
Forfeited | 0 |
Outstanding at June 30, 2014 | 13,035,000 |
Vested or expected to vest at June 30, 2014 | 3,258,750 |
Exercisable at June 30, 2014 | 3,258,750 |
Range of Exercise Prices (in dollars per share) | ' |
Granted | $1 |
Outstanding at June 30, 2014 | $1 |
Vested or expected to vest at June 30, 2014 | $1 |
Exercisable at June 30, 2014 | $1 |
Weighted average exercise price (in dollars per share) | ' |
Outstanding at December 31, 2013 | $0 |
Granted | $1 |
Exercised | $0 |
Expired | $0 |
Forfeited | $0 |
Outstanding at June 30, 2014 | $1 |
Vested or expected to vest at June 30, 2014 | $1 |
Exercisable at June 30, 2014 | $1 |
Weighted average remaining contractual life | ' |
Granted | '9 years 9 months |
Outstanding at June 30, 2014 | '9 years 9 months |
Vested or expected to vest at June 30, 2014 | '9 years 9 months |
Exercisable at June 30, 2014 | '9 years 9 months |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details Fair Value Assumptions) (Employee Stock Option [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Employee Stock Option [Member] | ' |
Assumptions: | ' |
Expected term (years) | '5 years 6 months |
Risk-free interest rate | 1.93% |
Expected volatility | 81.00% |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details Restricted Stock Units Activity) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Number of RSUs | ' |
Outstanding at December 31, 2013 | 0 |
Granted | 2,500,000 |
Exercised | 0 |
Canceled | 0 |
Vested | 0 |
Outstanding at June 30, 2014 | 2,500,000 |
Fair Value (in dollars per share) | ' |
Granted | $1 |
Outstanding at June 30, 2014 | $1 |