Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | American Casino & Entertainment Properties LLC | |
Entity Central Index Key | 1,297,735 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 71,763 | $ 76,953 |
Investments-restricted | 189 | 211 |
Accounts receivable, net | 5,205 | 4,427 |
Other current assets | 13,022 | 12,578 |
Total Current Assets | 90,179 | 94,169 |
Property and equipment, net | 1,053,810 | 1,065,250 |
Intangible and other assets | 15,637 | 15,564 |
Total Assets | 1,159,626 | 1,174,983 |
Current Liabilities: | ||
Accounts payable | 5,933 | 5,270 |
Accrued expenses | 16,556 | 14,036 |
Accounts payable and accrued expenses - related party | 8 | 1 |
Accrued payroll and related expenses | 13,329 | 12,007 |
Current portion of long-term debt | 2,950 | 11,501 |
Current portion of capital lease obligations | 0 | 0 |
Total Current Liabilities | 38,776 | 42,815 |
Long-Term Liabilities: | ||
Long-term debt, net of unamortized discount and debt issuance costs | 280,887 | 303,651 |
Long-term debt - related party | 517 | 2,346 |
Capital lease obligations, less current portion | 948 | 948 |
Total Long-Term Liabilities | 282,352 | 306,945 |
Total Liabilities | $ 321,128 | $ 349,760 |
Commitments and Contingencies | ||
Members' Equity: | ||
Members' Equity | $ 838,498 | $ 825,223 |
Total Members' Equity | 838,498 | 825,223 |
Total Liabilities and Members' Equity | $ 1,159,626 | $ 1,174,983 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Casino | $ 205,033 | $ 199,279 | $ 198,945 |
Hotel | 83,070 | 71,897 | 64,040 |
Food and beverage | 78,606 | 73,548 | 68,327 |
Tower, retail, entertainment and other | 34,378 | 33,464 | 32,287 |
Gross revenues | 401,087 | 378,188 | 363,599 |
Less promotional allowances | 28,020 | 27,057 | 26,164 |
Net revenues | 373,067 | 351,131 | 337,435 |
Costs And Expenses: | |||
Casino | 64,386 | 64,141 | 64,067 |
Hotel | 37,152 | 34,823 | 32,484 |
Food and beverage | 58,129 | 55,490 | 52,572 |
Other operating expenses | 10,833 | 11,526 | 11,275 |
Selling, general and administrative | 123,993 | 122,569 | 114,807 |
Depreciation and amortization | 29,086 | 29,257 | 31,678 |
Pre-opening costs | 0 | 0 | 119 |
(Gain) loss on disposal of assets | 1,974 | (26) | (61) |
Management fee - related party | 0 | 0 | 500 |
Total costs and expenses | 325,553 | 317,780 | 307,441 |
Income From Operations | 47,514 | 33,351 | 29,994 |
Other Expense: | |||
Loss on debt redemption | (14,679) | 0 | (7,866) |
Interest expense | (19,862) | (25,773) | (34,605) |
Interest expense - related party | (911) | (598) | (2,658) |
Total other expense | (35,452) | (26,371) | (45,129) |
Net Income (Loss) | $ 12,062 | $ 6,980 | $ (15,135) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 12,062 | $ 6,980 | $ (15,135) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 29,086 | 29,257 | 31,678 |
Amortization of debt issuance and debt discount costs | 1,899 | 2,371 | 4,153 |
Loss on debt redemption | 14,679 | 0 | 7,866 |
(Gain) loss on disposal of assets | 1,974 | (26) | (61) |
Share-based compensation expense | 1,213 | 4,022 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (778) | (474) | (434) |
Other assets | (517) | (382) | (396) |
Accounts payable and accrued expenses | 4,301 | (1,017) | (3,473) |
Related party activity, net | 7 | 8 | 89 |
Net Cash Provided By Operating Activities | 63,926 | 40,739 | 24,287 |
Cash Flows from Investing Activities: | |||
Decrease in investments-restricted | 22 | 0 | 0 |
Acquisition of property and equipment | (19,524) | (13,336) | (12,588) |
Proceeds from sale of property and equipment | 108 | 49 | 169 |
Net Cash Used In Investing Activities | (19,394) | (13,287) | (12,419) |
Cash Flows from Financing Activities: | |||
Prepayment and debt financing costs | (9,998) | (3,124) | (10,257) |
Payments on notes payable | (333,249) | (2,150) | (338,575) |
Proceeds from issuance of long-term debt | 293,525 | 0 | 329,250 |
Payments on capital lease obligation | 0 | (376) | (304) |
Net Cash Used In Financing Activities | (49,722) | (5,650) | (19,886) |
Net increase (decrease) in cash and cash equivalents | (5,190) | 21,802 | (8,018) |
Cash and cash equivalents - beginning of period | 76,953 | 55,151 | 63,169 |
Cash and Cash Equivalents - end of period | 71,763 | 76,953 | 55,151 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid during the period for interest, net of amounts capitalized | 18,901 | 23,998 | 34,581 |
Supplemental Disclosures of Non-Cash Items: | |||
Accrued capital expenditures | $ 1,329 | $ 1,125 | $ 1,325 |
CONSOLIDATED STATEMENTS OF MEMB
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] |
Balance at Dec. 31, 2012 | $ 829,356 | $ 0 | $ 829,356 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | (15,135) | 0 | (15,135) |
Balance at Dec. 31, 2013 | 814,221 | 0 | 814,221 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 6,980 | 0 | 6,980 |
Share-based compensation expense | 4,022 | 0 | 4,022 |
Balance at Dec. 31, 2014 | 825,223 | 0 | 825,223 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income (loss) | 12,062 | 0 | 12,062 |
Share-based compensation expense | 1,213 | 0 | 1,213 |
Balance at Dec. 31, 2015 | $ 838,498 | $ 0 | $ 838,498 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies The Company American Casino & Entertainment Properties LLC, or ACEP, was formed in Delaware on December 29, 2003 . 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 January 24, 2008, the Nevada Gaming Commission issued an order of registration of ACEP. The order (1) prohibits W2007/ACEP Managers Voteco, LLC, or Voteco, or its affiliates from selling, assigning, transferring, pledging or otherwise disposing of our membership interests or any other security convertible into or exchangeable for our Class A membership interests, or Class A Interests, or Class B membership interests, or Class B Interests, without the prior approval of the Nevada Gaming Commission, (2) prohibits the direct or indirect members of Voteco from selling, assigning, transferring, pledging or otherwise disposing of any direct or indirect membership interest in Voteco without the prior administrative approval of the Chairman of the Nevada State Gaming Control Board or his designee, and (3) prohibits ACEP from declaring cash dividends or distributions on any class of membership interest of ACEP beneficially owned in whole or in part by 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., or Voteco, or their respective affiliates, without the prior approval of the Nevada Gaming Commission. On February 20, 2008, ACEP, Voteco and Holdings entered into an Amended and Restated Limited Liability Company Agreement of ACEP, or the Amended Operating Agreement. On February 20, 2008, each member of Voteco, Holdings and Voteco entered into a Transfer Restriction Agreement. The Transfer Restriction Agreements provides, among other things, that: • Holdings has the right to acquire our Class A Interests from Voteco on each occasion that Class B Interests held by Holdings would be transferred to a proposed purchaser who, in connection with such proposed sale, has obtained all licenses, permits, registrations, authorizations, consents, waivers, orders, findings of suitability or other approvals required to be obtained from, and has made all findings, notices or declarations required to be made with, all gaming authorities under all applicable gaming laws, • A specific purchase price, as determined in accordance with the Transfer Restriction Agreement, will be paid to acquire the Class A Interests from Voteco, and • Voteco will not transfer ownership of Class A Interests owned by it except pursuant to such option of Holdings. Pursuant to the Amended Operating Agreement, holders of Class A Interests are entitled to one vote per interest in all matters to be voted on by our voting members. Except as otherwise expressly required by law, holders of Class B Interests have no right to vote on any matters to be voted on by our members. Holders of Class A Interests and Class B Interests have no preemptive rights, no other rights to subscribe for additional interests, no conversion rights and no redemption rights, do not benefit from any sinking fund, and do not have any preferential rights upon a liquidation. On July 7, 2015, ACEP, or the Company, and certain of its subsidiaries, or the Guarantors, entered into a Credit and Guaranty Agreement, or the Credit Agreement. Pursuant to the terms of the Credit Agreement, the Lenders provided the Company with senior secured loan facilities in an aggregate principal amount of $310 million , consisting of $295 million of senior secured term loans, or the 2015 Term Loans, and a $15 million revolving credit facility, or the New Revolving Facility. The proceeds from the 2015 Term Loans were used to redeem the First Lien Term Loans and Second Lien Term Loans. (See note 7) On July 3, 2013, ACEP and certain of its subsidiaries, or Guarantors, entered into a First Lien Credit and Guaranty Agreement, or First Lien Credit Agreement. 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 $15 million of senior secured revolving credit facility, or Revolving Facility (the Revolving Facility together with the First Lien Term Loans, the “First Lien Facilities”). On July 3, 2013, ACEP and the Guarantors entered into a Second Lien Credit and Guaranty Agreement, or Second Lien Credit Agreement. 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 , or the Second Lien Term Loans. The proceeds from the First Lien Term Loans and Second Lien Term Loans were used to purchase the outstanding 11% Senior Secured Notes that were tendered in connection with the Issuer’s previously announced tender offer and to redeem the remaining outstanding 11% Senior Secured Notes. Principles of Consolidation The consolidated financial statements include the accounts of ACEP and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. All statements are presented on a consolidated basis. Revenue Recognition and Promotional Allowances Casino revenue is recorded as the net win from gaming activities (the difference between gaming wins and losses). Casino revenues are net of accruals for anticipated payouts of progressive and certain other slot machine jackpots. Contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. All other revenues are recognized as the goods or services are provided. Gross revenues include the retail value of rooms, food and beverage and other items that are provided to customers on a complimentary basis. Such amounts are then deducted as promotional allowances. Promotional allowances also include incentives for goods and services earned in our slot club and other gaming programs. The Company collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. We also reward customers, through the use of loyalty programs, with Free Play and points based on amounts wagered, that can be redeemed for a specified period of time for cash. We deduct the Free Play and cash incentive amounts from casino revenue. In accordance with industry practice, the retail value of rooms, food and beverage, and other services furnished to the Company's guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated retail value of such promotional allowances is included in operating revenues as follows: Years ended December 31, 2015 2014 2013 (in thousands) Food and Beverage $ 20,167 $ 19,113 $ 18,191 Rooms 6,201 6,323 6,449 Other 1,652 1,621 1,524 Total $ 28,020 $ 27,057 $ 26,164 The estimated costs of providing complimentaries, included as casino expenses, are as follows: Years ended December 31, 2015 2014 2013 (in thousands) Food and Beverage $ 7,973 $ 7,667 $ 7,676 Rooms 20 21 22 Other 32 23 16 Total $ 8,025 $ 7,711 $ 7,714 Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks, interest-bearing deposits, money market funds and debt instruments purchased with an original maturity of 90 days or less. Inventories Inventories, which consist primarily of food, beverage and operating supplies, are stated at the lower of cost or market value. Costs are determined using the first-in, first-out and the weighted average methods. Accounts Receivable Receivables consist primarily of gaming, hotel and other receivables, net of allowance for doubtful accounts. Receivables 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 receivables to their expected net realizable value. The allowance is estimated 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. Investments Restricted Investments-restricted consist primarily of funds pledged for Nevada sales and use tax and workers’ compensation benefits. These investments are certificates of deposit and approximate their fair value. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents. Cash equivalents consist of interest-bearing deposits, money market funds and debt instruments in financial institutions. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts. Property and Equipment Property and equipment purchased are stated at cost. 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 and depreciated over their useful lives. Costs of repairs and maintenance are expensed when incurred. Leasehold acquisition costs are amortized over the shorter of their estimated useful lives or the term of the respective leases once the assets are placed in service. Depreciation and amortization of property and equipment are computed using the straight-line method over the following useful lives: Buildings and improvements 36-39 years Furniture, fixtures and equipment 3-15 years Land improvements 15 years The Company capitalizes interest incurred on debt during the course of qualifying construction projects. Such costs are added to the asset base and amortized over the related assets’ estimated useful lives. For the years ended December 31, 2015 , 2014 and 2013 , we capitalized interest of $45,000 , $61,000 and $176,000 , respectively. Unamortized Debt Issue Costs Debt issuance and debt discount costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense using the effective interest method. For the years ended December 31, 2015 , 2014 and 2013 , amortization of debt issue costs and debt discount totaled $1.9 million , $2.4 million and $4.2 million , respectively, and are included in interest expense on the accompanying consolidated statements of operations. Slot Club Liability We offer a program, named ace|PLAY, whereby participants can accumulate points for casino wagering that can currently be redeemed for cash, free play, lodging, food and beverages, and merchandise. Participant points expire after thirteen months of no activity. A liability is recorded for the estimate of unredeemed points based upon redemption history at our casinos. Changes in the program, increases in membership and changes in the redemption patterns of the participants can impact this liability. Slot club liability is included in accrued expenses on the consolidated balance sheets. Sales, Advertising and Promotion Sales, advertising and promotion costs are expensed as incurred and were approximately $11.3 million , $10.3 million and $9.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Income Taxes Our taxable income or loss is included in Holdings’ partnership tax return (Holdings is a limited liability company and treated as a partnership for tax purposes). As a limited liability company, Holdings’ taxable income or loss is allocated to members in accordance with their respective percentage ownership. Therefore, we are not a taxable entity for federal or state income tax purposes and the tax on our income is borne by our members. Hence, no provision or liability for income taxes has been included in the financial statements. Earnings and losses are included in the income tax returns of the members of Holdings and taxed depending on their tax strategies. The Company had no uncertain tax positions at December 31, 2015 and 2014 . Holdings’ members are responsible for income taxes on their allocated share of taxable income which may differ from income for financial statement purposes due to differences in the tax basis and financial reporting basis of assets and liabilities. The net tax basis of Holdings’ assets and liabilities exceeded the reported amounts by $58.5 million , $52.3 million and $47.5 million at December 31, 2015 , 2014 and 2013 , respectively. Holdings files tax returns in the United States and is subject to income tax examinations for the years beginning with 2012. Intangible Assets and Long-Lived Assets Our finite-lived intangible assets consist of a non-compete agreement and a player loyalty plan, and both were fully amortized in 2013. Our indefinite-lived intangible assets consist of trade names. Acquired assets are recorded at fair value on the date of acquisition. Finite-lived intangible assets are amortized over the estimated period to be benefited. Indefinite-lived intangible assets are not amortized, but are reviewed annually for impairment, during the fourth quarter. We account for indefinite-lived intangible assets in accordance with applicable guidance. For indefinite-lived intangible assets, we perform an annual impairment test of these assets in the fourth quarter of each year and between annual dates in certain circumstances. For assets to be disposed of we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For long-lived assets to be held and used, we review for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting property discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. If an asset is under development, future cash flows include remaining construction costs. All recognized impairment charges are recorded as operating expenses. Management must make various assumptions and estimates in performing its impairment testing. For instance, management must first determine the usage of the asset. To the extent management decides that an asset will be sold or abandoned, it is more likely that impairment may be recognized. Assets must be tested at the lowest level for which identifiable cash flows exist, which means that some assets must be grouped, and management has some discretion in the grouping of assets. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future revenue and cash flows are not met, we may have to record additional impairment charges in future accounting periods. Our estimates of revenue and cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the various properties where we conduct operations. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events affecting various forms of travel and access to our properties. Self-Insurance We retain the obligation for certain losses related to customers’ claims of personal injuries incurred while on our properties, for the first $100,000 per claim. Effective February 20, 2014, we retain the obligation for losses related to Worker’s Compensation claims for the first $350,000 per incident. We accrue for outstanding reported claims, claims that have been incurred but not reported and projected claims based upon management’s estimates of the aggregate liability for uninsured claims using historical experience, and adjusting company’s estimates and the estimated trends in claim values. Although management believes it has the ability to adequately project and record estimated claim payments, it is possible that actual results could differ significantly from the recorded liabilities. Fair Value of Financial Instruments The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Topic 820, Fair Value Measurement , provides three levels within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities: Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly: and Level 3: Unobservable inputs that are developed using the best available information about the assumptions that market participants would use. The carrying value of our cash and cash equivalents, receivables and accounts payable approximates fair value primarily because of the short maturities of these instruments. We use Level 2 inputs for the disclosures of valuation of our long-term debt. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision-maker is its chief executive officer (“CEO”), who is supported by the Company’s executive management team and board of directors. The Company’s CEO has the primary decision-making responsibilities over all of the Company’s operating and strategic decisions. The Company owns and operates four casino properties in one market. The Company views each property as an operating segment and all such operating segments have been aggregated into one reporting segment. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and assumptions based upon historical experience and various other factors and circumstances. Management believes its estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates. Reclassifications Certain reclassifications have been made to the consolidated balance sheet as of December 31, 2014 to conform with the current fiscal period presentation. The Company reclassified debt issuance costs from Debt issuance costs, net to Long-term debt, net of unamortized discount and debt issuance costs. This reclassification had no effect on net income. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)No. 2014-09, Revenue from Contracts with Customers , which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue arising from contracts with customers is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. In June 2014, the FASB issued 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. This standard is not expected to have an impact on our consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items . This update eliminates the concept of extraordinary items from current guidance but will require an entity to present material transactions or events that are either unusual or infrequently occurring (or both) to be reported as a separate component of income from continuing operations, or alternatively disclosed in notes to financial statements. The amendments in the update will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015, with early adoption permitted. This standard is not expected to have an impact on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest-Imputation of Interest . This update amends current guidance by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments in this update will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption will be permitted for financial statements that have not been previously issued. The Company adopted this new accounting guidance during the third quarter of 2015. In July 2015, FASB issued ASU No. 2015-11, Inventory . This amendment requires that inventory be measured at the lower of cost or net realizable value. This amendment applies to inventory measured using first-in, first-out or average cost methods but does not apply to inventory measured using last-in, first-out or the retail inventory method. The amendments in the update will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of this new accounting guidance will have on its consolidated financial statements. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consists of the following: December 31, 2015 2014 (in thousands) Hotel and related $ 2,540 $ 2,159 Gaming 594 611 Other 2,179 1,754 5,313 4,524 Less allowance for doubtful accounts (108 ) (97 ) $ 5,205 $ 4,427 The Company recorded bad debt expense and allowance for doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 as follows: Years ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of period $ 97 $ 141 $ 84 Bad debt expense 116 41 112 Deductions and write-offs (105 ) (85 ) (55 ) Balance at end of period $ 108 $ 97 $ 141 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consist of the following: December 31, 2015 2014 (in thousands) Inventories $ 3,114 $ 2,832 Prepaid expenses 9,066 9,330 Other 842 416 $ 13,022 $ 12,578 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consist of the following: December 31, 2015 2014 (in thousands) Land and improvements $ 724,376 $ 724,167 Buildings and improvements 430,091 425,196 Furniture, fixtures and equipment 143,412 137,345 Construction in progress 7,338 3,716 1,305,217 1,290,424 Less accumulated depreciation and amortization (251,407 ) (225,174 ) $ 1,053,810 $ 1,065,250 Assets recorded under capital leases were approximately $3.0 million at both December 31, 2015 and 2014 . Such assets include buildings of approximately $600,000 and equipment of approximately $2.4 million at both December 31, 2015 and December 31, 2014 . Accumulated depreciation and amortization at December 31, 2015 and 2014 includes amounts recorded for capital leases of $2.6 million . |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: December 31, 2015 2014 (in thousands) Accrued liabilities $ 6,437 $ 5,807 Accrued taxes 2,605 2,336 Accrued gaming liabilities 2,740 2,541 Other 4,774 3,352 $ 16,556 $ 14,036 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases For the years ended December 31, 2015 , 2014 and 2013 , we recorded rental revenue of $5.9 million , $5.3 million and $4.9 million , respectively. The future minimum lease payments to be received under non-cancelable operating leases for years subsequent to December 31, 2015 are as follows: Years ending December 31, (in thousands) 2016 $ 2,913 2017 1,597 2018 206 2019 209 2020 143 Thereafter 99 Total $ 5,167 The above minimum rental income does not include contingent rental income or common area maintenance costs contained within certain retail operating leases. The Company, as a lessee, had operating lease expenses for the years ended December 31, 2015 , 2014 and 2013 of $41,000 , $47,000 and $46,000 , respectively. Future minimum rental payments with respect to non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2015 : Years ending December 31, (in thousands) 2016 $ 28 2017 24 2018 19 2019 5 Total $ 76 Future minimum lease payments under capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2015 : Years ending December 31, (in thousands) 2016 $ 85 2017 85 2018 85 2019 85 2020 85 Thereafter 6,475 Total minimum lease payments 6,900 Less: amount representing interest of 10% (5,952 ) Present value of net minimum lease payments 948 Less: current portion — Long-term capital lease obligation $ 948 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt and capital lease obligations consist of the following: As of December 31, 2015 2014 (In thousands) 2015 Term Loans due July 7, 2022, interest at a 3.75% margin above reserve-adjusted eurodollar rate, with a 1.00% floor $ 293,525 $ — 2015 Revolving Facility due July 7, 2020 — — First Lien Term Loans due July 3, 2019 — 211,775 Second Lien Term Loans due January 3, 2020 — 120,000 First Lien Revolving Credit Facility — — Unamortized discount and debt issuance costs (9,171 ) (14,277 ) Capital lease obligations 948 948 Total long-term debt and capital lease obligations 285,302 318,446 Current portion of long-term debt and capital lease obligations (2,950 ) (11,501 ) Total long-term debt and capital lease obligations, net $ 282,352 $ 306,945 2015 Term Loans and Revolving Facility On July 7, 2015, the Company and certain of its subsidiaries, or the Guarantors, entered into the 2015 Credit Agreement, with the Lenders party thereto from time to time, DBNY, as administrative agent and collateral agent, Goldman Sachs LP, and DBSI, as joint lead arrangers, joint bookrunners and co-syndication agents, and DBSI as documentation agent. 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 2015 Credit Agreement, the Lenders provided the Company with senior secured loan facilities in an aggregate principal amount of $310 million , consisting of the $295 million of 2015 Term Loans, and the $15 million 2015 Revolving Facility. The maturity date of the 2015 Term Loans is the earlier to occur of (i) July 7, 2022 and (ii) the acceleration of the Term Loans, and the maturity date of the 2015 Revolving Facility is the earlier to occur of (i) July 7, 2020 and (ii) the acceleration of the 2015 Revolving Facility. The proceeds of the 2015 Term Loans were used, together with cash on hand, to repay in full the Company’s existing debt under the 2013 Credit Agreements. The Company also recognized a $14.7 million loss on debt redemption which consisted of an $11.1 million write off of unamortized debt issuance costs and discounts, and a $3.6 million prepayment penalty. The 2015 Term Loans bear interest either at a base rate plus 2.75% per annum or at the reserve-adjusted eurodollar rate plus 3.75% per annum. In the case of eurodollar rate loans, interest is computed on the basis of a 360-day year and the actual number of days between interest periods, with interest payable on the last day of each interest period of one month, two months, or three months, or, in the case of interest periods longer than three months, every three months. As of December 31, 2015 , all outstanding 2015 Term Loans are eurodollar loans. The 2015 Term Loans are subject to scheduled principal payments on the last day of each calendar quarter ending on and after December 31, 2015 in an amount equal to 0.25% of the original principal balance. The 2015 Term Loans are also subject to annual principal payments based on excess cash flow. For the fiscal year ending December 31, 2015, the Company may be required to make a principal payment equal to 50% of excess cash flow for the period of August 1, 2015 through December 31, 2015, and for all fiscal years ending on and after December 31, 2016 through the maturity date of the 2015 Term Loans, the percentage of excess cash flow required to be prepaid will vary based on the ratio of total indebtedness (net of unrestricted cash) to trailing four quarter adjusted EBITDA. In addition, we are entitled to, at any time, make voluntary principal prepayments to the 2015 Term Loans in amounts of $1 million or greater. The 2015 Revolving Facilities bear interest at a base rate plus an applicable margin that is 1.25% , 1.75% or 2.25% per annum (depending on the Company’s First Lien Leverage Ratio) or the reserve-adjusted Eurodollar rate plus an applicable margin that is 2.25% , 2.75% or 3.25% per annum (depending on the Company’s First Lien Net Leverage Ratio). In the case of eurodollar rate revolving facilities, interest is computed on the basis of a 360-day year and the actual number of days between interest periods, with interest payable on the last day of each interest period of one month, two months, or three months, or, in the case of interest periods longer than three months, every three months. 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 0.250% or 0.375% per annum (depending on the Company’s First Lien Net Leverage Ratio). 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 December 31, 2015 there were no borrowings outstanding under the 2015 Revolving Facility. The 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) a springing financial maintenance covenant; and (iii) restrictions on distributions, investments, acquisitions, significant asset disposals or making fundamental changes to our business. As of December 31, 2015 we were in compliance with the covenants of the Credit Agreement. First Lien Facilities On July 3, 2013, the Company and certain of its subsidiaries, or the Guarantors, entered into the First Lien Credit Agreement, with the lenders party thereto from time to time, 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 First Lien Facilities. Pursuant to the terms of the First Lien Credit Agreement, the lenders party thereto provided the Company with senior secured loan facilities in an aggregate principal amount of $230 million , consisting of $215 million of First Lien Term Loans, and a $15 million Revolving Facility. The maturity date of the First Lien Term Loans was the earliest to occur of (i) July 3, 2019 and (ii) the acceleration of the First Lien Term Loans. The First Lien Term Loans bore interest either at a base rate plus 3.75% per annum or at the reserve-adjusted Eurodollar rate plus 4.75% per annum. Interest was 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. We were entitled to 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 were 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 were also subject to annual principal payments equal to a percentage of excess cash flow earned during a calendar year. For the fiscal year ended December 31, 2013, the company was required to make a principal payment equal to 75% of excess cash flow for the period of August 1, 2013 through December 31, 2013, and for all fiscal years ending on and after December 31, 2014 through the maturity date of the First Lien Term Loans, the percentage of excess cash flow varied based on the ratio of total indebtedness to trailing four quarter adjusted EBITDA. For the fiscal year ended December 31, 2014 we were required to make a principal payment equal to 50% of excess cash flow. The amount due related to excess cash flow was approximately $9.4 million and was paid on March 31, 2015. In addition, we were entitled to 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 rates on the Term Loans by 125 basis points per annum. Interest accrued, 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 was the earliest to occur of (i) July 3, 2018 and (ii) the acceleration of the Revolving Facilities. The Revolving Facilities bore 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 also paid 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 was either 0.375% or 0.500% per annum (depending on the Company’s First Lien Leverage Ratio). Interest and commitment fees were 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 were entitled to, at the expiration of any interest period convert all or a portion of the Revolving Facility to base rate loans or Eurodollar loans. We were entitled to at any time request voluntary commitment reductions to the Revolving Facility in amounts of $1 million or greater. Second Lien Term Loans On July 3, 2013, the Company and the Guarantors entered into the Second Lien Credit and Guaranty Agreement, or Second Lien Credit Agreement, together with the First Lien Credit Agreement, the 2013 Credit Agreements, with the lenders party thereto from time to time, 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 provided collateral of all of the real personal and mixed property, including equity interests, in which liens are purported to be granted pursuant to the collateral documents as security for the obligations. Pursuant to the terms of the Second Lien Credit Agreement, the lenders party thereto 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 was the earliest to occur of (i) January 3, 2020 and (ii) the acceleration of the Second Lien Term Loans. The Second Lien Term Loans bore interest either at a base rate plus 9.00% per annum or at the reserve-adjusted Eurodollar rate plus 10.00% per annum. Interest was 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 December 31, 2014, all Second Lien Term Loans were Eurodollar rate loans. We were entitled to, at the expiration of any interest period convert all or a portion of the Second Lien Term Loans to base rate loans. Both of the 2013 Credit Agreements included 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. Maturities for the 2015 Term Loans outstanding as of December 31, 2015 are as follows: Years ending December 31, (in thousands) 2016 $ 2,950 2017 2,950 2018 2,950 2019 2,950 2020 2,950 Thereafter 278,775 Total $ 293,525 The estimated fair value of the 2015 Term Loan was approximately $292.1 million as of December 31, 2015 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions For the year ended December 31, 2015 , we paid Goldman Sachs approximately $2.5 million in underwriting and related fees on our debt compared to $674,000 and $3.4 million for the years ended December 31, 2014 and 2013 , respectively. We also paid Goldman Sachs approximately $911,000 in interest for the year ended December 31, 2015 compared to $598,000 and $2.6 million for the years ended December 31, 2014 and 2013 , respectively. As of December 31, 2015, Goldman Sachs owned approximately $517,000 of the 2015 Term Loans and committed to provide up to $7.5 million of the 2015 Revolving Facility. As of December 31, 2014, Goldman Sachs owned approximately $0 of the First Lien Term Loans, $2.3 million of the Second Lien Term Loans and committed to provide up to $5 million of the Revolving Credit Facility. As of December 31, 2015 and December 31, 2014 , there was no accrued interest due to Goldman Sachs. The Realty Management Division of Goldman Sachs, or Goldman Sachs RMD, provides various services to us such as environmental services and insurance brokerage. We expensed fees of approximately $412,000 for the year ended December 31, 2015 compared to $394,000 and $401,000 for the years ended December 31, 2014 and 2013 , respectively. In addition, we provided construction management services to Goldman Sachs RMD for hotels managed by them. We recorded revenues of $0 for the year ended December 31, 2015 compared to $0 and $330,000 for the years ended December 31, 2014 and 2013 , respectively. As of December 31, 2015 and December 31, 2014 , we owed Goldman Sachs RMD $0 . As of December 31, 2015 and December 31, 2014 , Goldman Sachs RMD owed us approximately $0 . 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. 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. Highgate owns a less than 5% membership interest 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 base consulting fee for the periods after February 20, 2011, along with 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 for the year ended December 31, 2015 compared to $0 and $500,000 for the years ended December 31, 2014 and 2013 , respectively. As of December 31, 2015 and December 31, 2014 , there were no amounts due to or from Highgate. On February 24, 2015 , 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 Highgate (23)% and an employee of Highgate (40)% . From December 4, 2012 through February 24, 2015 we did not use Travel Tripper LLC’s services. We expensed fees of approximately $30,000 for the year ended December 31, 2015 compared to $0 and $8,000 for the years ended December 31, 2014 and 2013 , respectively. As of December 31, 2015 and December 31, 2014 , we owed TTL approximately $1,000 and $0 , 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 $15,000 for the year ended December 31, 2015 compared to $21,000 and $24,000 for the years ended December 31, 2014 and 2013 , respectively. As of December 31, 2015 and December 31, 2014 , we owed Nor1 approximately $7,000 and $1,000 , respectively. If a proposed transaction appears to or does involve a related person, the transaction is presented to our management for review. If management is unable to determine if a transaction is with a related party it will be 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 | 12 Months Ended |
Dec. 31, 2015 | |
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 acquired intangible assets include trade names. Our finite-lived acquired intangible assets included our player loyalty plan and a non-compete agreement and were fully amortized as of December 2015 and 2014. Acquired indefinite-lived intangible assets are recorded at fair value on the date of acquisition and finite-lived assets are recorded at cost and amortized over the estimated period to be benefited. As of December 31, 2015 and 2014 , we had the following intangible assets. (in thousands) December 31, 2015 December 31, 2014 Trade Names 15,507 15,507 We perform an annual impairment test of indefinite-lived intangible assets in the fourth quarter of each year and whenever a triggering event occurs which causes us to perform an impairment test. We completed our 2015 , 2014 and 2013 annual impairment test of indefinite-lived intangible assets. None of our indefinite-lived intangible assets were determined to be impaired based on these analyses. The fair value of the trade names was determined using the relief-from-royalty method. Amortization expense relating to finite-lived intangible assets was $0 , $0 and $300,000 , respectively, for the years ended December 31, 2015 , 2014 and 2013 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans As of December 31, 2015 approximately 37% of the Company’s employees are members of various unions and covered by union-sponsored, collectively bargained, multi-employer health and welfare and defined benefit pension plans. The Company recorded expenses for such plans of $9.9 million , $9.8 million and $8.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company has no obligation for funding the plans beyond payments made based upon hours worked. The risks of participating in multiemployer pension plans are different from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) 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 the plan, 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 2014 2013 Implemented 1 Imposed Agreement Central Pension Fund of the IUOE and Participating Employers 36-6052390-001 Green Green No No 10/14/2014 and Southern Nevada Culinary and Bartenders Pension Plan 88-6016617-001 Green Green No No 5/31/2018 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. For the years ended December 31, 2015 , 2014 and 2013 , our contributions to multiemployer pension and benefit plans were as follows: Years ended December 31, 2015 2014 2013 (in thousands) Multiemployer Pension Plans Central Pension Fund of the IUOE and Participating Employers $ 723 $ 769 $ 719 Southern Nevada Culinary and Bartenders Pension Plan 1,677 1,521 1,493 All Other Pension Plans 176 179 168 $ 2,576 $ 2,469 $ 2,380 Multiemployer Benefit Plans Other Than Pensions HEREIU Welfare Fund $ 7,313 $ 7,356 $ 6,401 All other benefit plans other than pensions 6 2 3 $ 7,319 $ 7,358 $ 6,404 For the 2014 plan year, the latest period for which plan data is available, contributions by the Company were less than 5% of total contributions for all multiemployer pension and benefit plans to which the Company contributes. The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code covering its non-union employees. The plan allows employees to defer, within prescribed limits, up to 75% of their income on a pre-tax basis through contributions to the plan. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 expense for the years ended December 31, 2015 , 2014 and 2013 of approximately $1.2 million , $4.0 million , and $0 , respectively. These amounts are included in selling, general and administrative expenses in our consolidated statements of operations. There are 16,500,000 stock options and 2,500,000 restricted stock units, or RSUs, available for issuance under the W2007/ACEP Holdings, LLC 2013 Management Incentive Plan, or 2013 Plan, that was approved on March 26, 2014. On March 26, 2014, our Board of Directors approved the grant of 2,500,000 RSUs under the 2013 Plan to executive officers and certain key employees, effective April 1, 2014. RSUs only vest upon a qualifying event (generally an initial public offering, the sale or disposition of Holdings’ membership interests in the Company, or sale or other disposition of Holdings). Additionally on March 26, 2014, our Board of Directors approved the grant of 13,035,000 stock options to be measured and valued over the next three years in accordance with ASC 718, effective April 1, 2014. In 2015, the Company measured and expensed 3,258,750 stock options granted under the 2013 Plan that have already vested. In 2014, the Company measured and expensed 6,517,500 stock options granted under the 2013 Plan that have already vested. The remaining stock options will be measured and expensed ratably over the next year based on the establishment of performance and service conditions and will vest upon the achievement of such performance and service conditions. The stock options expire 10 years from the grant date. A summary of stock option activity for the years ended December 31, 2015 and 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 1.00 1.00 9.25 Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at December 31, 2014 13,035,000 1.00 $ 1.00 9.25 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at December 31, 2015 13,035,000 $ 1.00 $ 1.00 8.25 Vested December 31, 2015 9,776,250 $ 1.00 $ 1.00 8.25 Exercisable at December 31, 2015 9,776,250 $ 1.00 $ 1.00 8.25 The fair value of each stock option granted under the 2013 Plan is estimated on the date of the grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: Assumptions: 2015 2014 Expected term (years) 3.5 4.5 - 5.5 Risk-free interest rate 1.73% 1.74%-1.93% Expected volatility 60% 81% Dividend yield N/A N/A The weighted average fair value of options granted during 2015 and 2014 was $0.37 and $0.62 , respectively. A summary of RSU activity for the years ended December 31, 2015 , and 2014 is as follows: RSUs Grant Date Fair Value per RSU Outstanding at December 31, 2013 — $ — Granted 2,500,000 0.96 Exercised — — Canceled — — Vested — — Outstanding at December 31, 2014 2,500,000 0.96 Granted — — Exercised — — Canceled — — Vested — — Outstanding at December 31, 2015 2,500,000 $ 0.96 As of December 31, 2015 there was $2.4 million of total unrecognized compensation cost related to all unvested RSUs. As of December 31, 2015 no RSUs vested as the shares only vest upon the occurrence of a qualifying event. Compensation costs will be recognized when a qualifying event becomes probable. |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | Commitments & Contingencies Legal Proceedings We are, from time to time, parties to various legal proceedings arising out of our businesses. We believe, however, that there are no proceedings pending or threatened against us, which, if determined adversely, would have a material adverse effect upon our business financial conditions, results of operations or liquidity. Sales and use tax on complimentary meals In March 2008, the Nevada Supreme Court ruled, in a case, Sparks Nugget, Inc. vs. The State of Nevada Ex Rel. Department of Taxation , that food and non-alcoholic beverages purchased for use in providing complimentary meals to customers and to employees were exempt from sales and use tax. The Company paid use tax on these items through February 2008 and has filed for refunds for the periods from February 2005 to February 2008 related to this matter. The Company is claiming the exemption on sales and use tax returns for periods after February 2008 in light of this Nevada Supreme Court decision and as such has not paid any sales or use tax for those periods. In February 2012, the Nevada Tax Commission ruled that customer complimentary meals and employee meals are subject to sales tax. Based on this decision, the Nevada Department of Taxation declared that these meals were subject to tax and that complimentary meals provided to customers would be subject to sales tax at the retail value of the meal and employee meals would be subject to sales tax at the cost of the meal. These meals would be subject to tax effective February 15, 2012 but not due and payable until July 31, 2012. The payable date for these sales taxes has since been amended to the earlier of: 1) the last day of the next month following approval of the regulation by the Legislative Commission; 2) the last day of the next month following a Nevada Supreme Court Decision relating to or affirming that complimentary and/or employee meals are subject to sales tax; 3) the effective date of any related legislation; or 4) June 30, 2013. In the third quarter of 2013, we recorded a credit to sales tax expense of approximately $1.1 million to reverse previously accrued taxes on complimentary meals provided to customers and employees based on the reversal of the regulation by the Nevada Legislative Commission. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | Selected Quarterly Financial Information (Unaudited) Year ended December 31, 2015 First Second Third Fourth Total (In thousands) Net Revenues $ 94,370 $ 95,728 $ 93,664 $ 89,305 $ 373,067 Income from operations 14,414 14,652 11,094 7,354 47,514 Net income (loss) $ 7,982 $ 7,435 $ (6,700 ) $ 3,345 $ 12,062 Year ended December 31, 2014 First Second Third Fourth Total (In thousands) Net Revenues $ 89,011 $ 89,422 $ 87,893 $ 84,805 $ 351,131 Income from operations 11,331 8,174 7,097 6,749 33,351 Net income $ 4,521 $ 1,682 $ 587 $ 190 $ 6,980 |
Description of Business and S19
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of ACEP and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. All statements are presented on a consolidated basis. |
Revenue Recognition and Promotional Allowances | Revenue Recognition and Promotional Allowances Casino revenue is recorded as the net win from gaming activities (the difference between gaming wins and losses). Casino revenues are net of accruals for anticipated payouts of progressive and certain other slot machine jackpots. Contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. All other revenues are recognized as the goods or services are provided. Gross revenues include the retail value of rooms, food and beverage and other items that are provided to customers on a complimentary basis. Such amounts are then deducted as promotional allowances. Promotional allowances also include incentives for goods and services earned in our slot club and other gaming programs. The Company collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. We also reward customers, through the use of loyalty programs, with Free Play and points based on amounts wagered, that can be redeemed for a specified period of time for cash. We deduct the Free Play and cash incentive amounts from casino revenue. In accordance with industry practice, the retail value of rooms, food and beverage, and other services furnished to the Company's guests without charge is included in gross revenue and then deducted as promotional allowances. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks, interest-bearing deposits, money market funds and debt instruments purchased with an original maturity of 90 days or less. |
Inventories | Inventories Inventories, which consist primarily of food, beverage and operating supplies, are stated at the lower of cost or market value. Costs are determined using the first-in, first-out and the weighted average methods. |
Accounts Receivable | Accounts Receivable Receivables consist primarily of gaming, hotel and other receivables, net of allowance for doubtful accounts. Receivables 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 receivables to their expected net realizable value. The allowance is estimated 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. |
Investments Restricted | Investments Restricted Investments-restricted consist primarily of funds pledged for Nevada sales and use tax and workers’ compensation benefits. These investments are certificates of deposit and approximate their fair value. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents. Cash equivalents consist of interest-bearing deposits, money market funds and debt instruments in financial institutions. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts. |
Property and Equipment | Property and Equipment Property and equipment purchased are stated at cost. 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 and depreciated over their useful lives. Costs of repairs and maintenance are expensed when incurred. Leasehold acquisition costs are amortized over the shorter of their estimated useful lives or the term of the respective leases once the assets are placed in service. Depreciation and amortization of property and equipment are computed using the straight-line method over the following useful lives: Buildings and improvements 36-39 years Furniture, fixtures and equipment 3-15 years Land improvements 15 years The Company capitalizes interest incurred on debt during the course of qualifying construction projects. Such costs are added to the asset base and amortized over the related assets’ estimated useful lives. |
Unamortized Debt Issue Costs | Unamortized Debt Issue Costs Debt issuance and debt discount costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense using the effective interest method. |
Slot Club Liability | Slot Club Liability We offer a program, named ace|PLAY, whereby participants can accumulate points for casino wagering that can currently be redeemed for cash, free play, lodging, food and beverages, and merchandise. Participant points expire after thirteen months of no activity. A liability is recorded for the estimate of unredeemed points based upon redemption history at our casinos. Changes in the program, increases in membership and changes in the redemption patterns of the participants can impact this liability. Slot club liability is included in accrued expenses on the consolidated balance sheets. |
Sales, Advertising and Promotion | Sales, Advertising and Promotion Sales, advertising and promotion costs are expensed as incurred and were approximately $11.3 million , $10.3 million and $9.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes Our taxable income or loss is included in Holdings’ partnership tax return (Holdings is a limited liability company and treated as a partnership for tax purposes). As a limited liability company, Holdings’ taxable income or loss is allocated to members in accordance with their respective percentage ownership. Therefore, we are not a taxable entity for federal or state income tax purposes and the tax on our income is borne by our members. Hence, no provision or liability for income taxes has been included in the financial statements. Earnings and losses are included in the income tax returns of the members of Holdings and taxed depending on their tax strategies. The Company had no uncertain tax positions at December 31, 2015 and 2014 . Holdings’ members are responsible for income taxes on their allocated share of taxable income which may differ from income for financial statement purposes due to differences in the tax basis and financial reporting basis of assets and liabilities. The net tax basis of Holdings’ assets and liabilities exceeded the reported amounts by $58.5 million , $52.3 million and $47.5 million at December 31, 2015 , 2014 and 2013 , respectively. Holdings files tax returns in the United States and is subject to income tax examinations for the years beginning with 2012. |
Intangible Assets and Long Lived Assets | Intangible Assets and Long-Lived Assets Our finite-lived intangible assets consist of a non-compete agreement and a player loyalty plan, and both were fully amortized in 2013. Our indefinite-lived intangible assets consist of trade names. Acquired assets are recorded at fair value on the date of acquisition. Finite-lived intangible assets are amortized over the estimated period to be benefited. Indefinite-lived intangible assets are not amortized, but are reviewed annually for impairment, during the fourth quarter. We account for indefinite-lived intangible assets in accordance with applicable guidance. For indefinite-lived intangible assets, we perform an annual impairment test of these assets in the fourth quarter of each year and between annual dates in certain circumstances. For assets to be disposed of we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For long-lived assets to be held and used, we review for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting property discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. If an asset is under development, future cash flows include remaining construction costs. All recognized impairment charges are recorded as operating expenses. Management must make various assumptions and estimates in performing its impairment testing. For instance, management must first determine the usage of the asset. To the extent management decides that an asset will be sold or abandoned, it is more likely that impairment may be recognized. Assets must be tested at the lowest level for which identifiable cash flows exist, which means that some assets must be grouped, and management has some discretion in the grouping of assets. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future revenue and cash flows are not met, we may have to record additional impairment charges in future accounting periods. Our estimates of revenue and cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the various properties where we conduct operations. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events affecting various forms of travel and access to our properties. |
Self-Insurance | Self-Insurance We retain the obligation for certain losses related to customers’ claims of personal injuries incurred while on our properties, for the first $100,000 per claim. Effective February 20, 2014, we retain the obligation for losses related to Worker’s Compensation claims for the first $350,000 per incident. We accrue for outstanding reported claims, claims that have been incurred but not reported and projected claims based upon management’s estimates of the aggregate liability for uninsured claims using historical experience, and adjusting company’s estimates and the estimated trends in claim values. Although management believes it has the ability to adequately project and record estimated claim payments, it is possible that actual results could differ significantly from the recorded liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Topic 820, Fair Value Measurement , provides three levels within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities: Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly: and Level 3: Unobservable inputs that are developed using the best available information about the assumptions that market participants would use. The carrying value of our cash and cash equivalents, receivables and accounts payable approximates fair value primarily because of the short maturities of these instruments. We use Level 2 inputs for the disclosures of valuation of our long-term debt. |
Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision-maker is its chief executive officer (“CEO”), who is supported by the Company’s executive management team and board of directors. The Company’s CEO has the primary decision-making responsibilities over all of the Company’s operating and strategic decisions. The Company owns and operates four casino properties in one market. The Company views each property as an operating segment and all such operating segments have been aggregated into one reporting segment. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and assumptions based upon historical experience and various other factors and circumstances. Management believes its estimates and assumptions are reasonable under the circumstances; however, actual results may differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)No. 2014-09, Revenue from Contracts with Customers , which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue arising from contracts with customers is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. In June 2014, the FASB issued 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. This standard is not expected to have an impact on our consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items . This update eliminates the concept of extraordinary items from current guidance but will require an entity to present material transactions or events that are either unusual or infrequently occurring (or both) to be reported as a separate component of income from continuing operations, or alternatively disclosed in notes to financial statements. The amendments in the update will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015, with early adoption permitted. This standard is not expected to have an impact on our consolidated financial statements. In April 2015, FASB issued ASU No. 2015-03, Interest-Imputation of Interest . This update amends current guidance by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments in this update will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption will be permitted for financial statements that have not been previously issued. The Company adopted this new accounting guidance during the third quarter of 2015. In July 2015, FASB issued ASU No. 2015-11, Inventory . This amendment requires that inventory be measured at the lower of cost or net realizable value. This amendment applies to inventory measured using first-in, first-out or average cost methods but does not apply to inventory measured using last-in, first-out or the retail inventory method. The amendments in the update will be effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact the adoption of this new accounting guidance will have on its consolidated financial statements. |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Promotional Allowances | The estimated retail value of such promotional allowances is included in operating revenues as follows: Years ended December 31, 2015 2014 2013 (in thousands) Food and Beverage $ 20,167 $ 19,113 $ 18,191 Rooms 6,201 6,323 6,449 Other 1,652 1,621 1,524 Total $ 28,020 $ 27,057 $ 26,164 |
Cost Of Complimentaries | Years ended December 31, 2015 2014 2013 (in thousands) Food and Beverage $ 7,973 $ 7,667 $ 7,676 Rooms 20 21 22 Other 32 23 16 Total $ 8,025 $ 7,711 $ 7,714 |
Property, Plant and Equipment | Depreciation and amortization of property and equipment are computed using the straight-line method over the following useful lives: Buildings and improvements 36-39 years Furniture, fixtures and equipment 3-15 years Land improvements 15 years Property and equipment consist of the following: December 31, 2015 2014 (in thousands) Land and improvements $ 724,376 $ 724,167 Buildings and improvements 430,091 425,196 Furniture, fixtures and equipment 143,412 137,345 Construction in progress 7,338 3,716 1,305,217 1,290,424 Less accumulated depreciation and amortization (251,407 ) (225,174 ) $ 1,053,810 $ 1,065,250 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable consists of the following: December 31, 2015 2014 (in thousands) Hotel and related $ 2,540 $ 2,159 Gaming 594 611 Other 2,179 1,754 5,313 4,524 Less allowance for doubtful accounts (108 ) (97 ) $ 5,205 $ 4,427 |
Bad Debt Expense and Allowance For Doubtful Accounts | The Company recorded bad debt expense and allowance for doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 as follows: Years ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of period $ 97 $ 141 $ 84 Bad debt expense 116 41 112 Deductions and write-offs (105 ) (85 ) (55 ) Balance at end of period $ 108 $ 97 $ 141 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following: December 31, 2015 2014 (in thousands) Inventories $ 3,114 $ 2,832 Prepaid expenses 9,066 9,330 Other 842 416 $ 13,022 $ 12,578 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Depreciation and amortization of property and equipment are computed using the straight-line method over the following useful lives: Buildings and improvements 36-39 years Furniture, fixtures and equipment 3-15 years Land improvements 15 years Property and equipment consist of the following: December 31, 2015 2014 (in thousands) Land and improvements $ 724,376 $ 724,167 Buildings and improvements 430,091 425,196 Furniture, fixtures and equipment 143,412 137,345 Construction in progress 7,338 3,716 1,305,217 1,290,424 Less accumulated depreciation and amortization (251,407 ) (225,174 ) $ 1,053,810 $ 1,065,250 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: December 31, 2015 2014 (in thousands) Accrued liabilities $ 6,437 $ 5,807 Accrued taxes 2,605 2,336 Accrued gaming liabilities 2,740 2,541 Other 4,774 3,352 $ 16,556 $ 14,036 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule Of Future Minimum Lease Payments Received For Operating Leases | The future minimum lease payments to be received under non-cancelable operating leases for years subsequent to December 31, 2015 are as follows: Years ending December 31, (in thousands) 2016 $ 2,913 2017 1,597 2018 206 2019 209 2020 143 Thereafter 99 Total $ 5,167 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments with respect to non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2015 : Years ending December 31, (in thousands) 2016 $ 28 2017 24 2018 19 2019 5 Total $ 76 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2015 : Years ending December 31, (in thousands) 2016 $ 85 2017 85 2018 85 2019 85 2020 85 Thereafter 6,475 Total minimum lease payments 6,900 Less: amount representing interest of 10% (5,952 ) Present value of net minimum lease payments 948 Less: current portion — Long-term capital lease obligation $ 948 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt and capital lease obligations consist of the following: As of December 31, 2015 2014 (In thousands) 2015 Term Loans due July 7, 2022, interest at a 3.75% margin above reserve-adjusted eurodollar rate, with a 1.00% floor $ 293,525 $ — 2015 Revolving Facility due July 7, 2020 — — First Lien Term Loans due July 3, 2019 — 211,775 Second Lien Term Loans due January 3, 2020 — 120,000 First Lien Revolving Credit Facility — — Unamortized discount and debt issuance costs (9,171 ) (14,277 ) Capital lease obligations 948 948 Total long-term debt and capital lease obligations 285,302 318,446 Current portion of long-term debt and capital lease obligations (2,950 ) (11,501 ) Total long-term debt and capital lease obligations, net $ 282,352 $ 306,945 |
Contractual Obligation, Fiscal Year Maturity Schedule | Maturities for the 2015 Term Loans outstanding as of December 31, 2015 are as follows: Years ending December 31, (in thousands) 2016 $ 2,950 2017 2,950 2018 2,950 2019 2,950 2020 2,950 Thereafter 278,775 Total $ 293,525 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | As of December 31, 2015 and 2014 , we had the following intangible assets. (in thousands) December 31, 2015 December 31, 2014 Trade Names 15,507 15,507 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Multiemployer 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 2014 2013 Implemented 1 Imposed Agreement Central Pension Fund of the IUOE and Participating Employers 36-6052390-001 Green Green No No 10/14/2014 and Southern Nevada Culinary and Bartenders Pension Plan 88-6016617-001 Green Green No No 5/31/2018 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 Contributions To Multiemployer Pension And Other Benefit Plans | For the years ended December 31, 2015 , 2014 and 2013 , our contributions to multiemployer pension and benefit plans were as follows: Years ended December 31, 2015 2014 2013 (in thousands) Multiemployer Pension Plans Central Pension Fund of the IUOE and Participating Employers $ 723 $ 769 $ 719 Southern Nevada Culinary and Bartenders Pension Plan 1,677 1,521 1,493 All Other Pension Plans 176 179 168 $ 2,576 $ 2,469 $ 2,380 Multiemployer Benefit Plans Other Than Pensions HEREIU Welfare Fund $ 7,313 $ 7,356 $ 6,401 All other benefit plans other than pensions 6 2 3 $ 7,319 $ 7,358 $ 6,404 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | A summary of stock option activity for the years ended December 31, 2015 and 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 1.00 1.00 9.25 Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at December 31, 2014 13,035,000 1.00 $ 1.00 9.25 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at December 31, 2015 13,035,000 $ 1.00 $ 1.00 8.25 Vested December 31, 2015 9,776,250 $ 1.00 $ 1.00 8.25 Exercisable at December 31, 2015 9,776,250 $ 1.00 $ 1.00 8.25 |
Schedule of stock options valuation assumptions | The fair value of each stock option granted under the 2013 Plan is estimated on the date of the grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: Assumptions: 2015 2014 Expected term (years) 3.5 4.5 - 5.5 Risk-free interest rate 1.73% 1.74%-1.93% Expected volatility 60% 81% Dividend yield N/A N/A |
Schedule of restricted stock units activity | A summary of RSU activity for the years ended December 31, 2015 , and 2014 is as follows: RSUs Grant Date Fair Value per RSU Outstanding at December 31, 2013 — $ — Granted 2,500,000 0.96 Exercised — — Canceled — — Vested — — Outstanding at December 31, 2014 2,500,000 0.96 Granted — — Exercised — — Canceled — — Vested — — Outstanding at December 31, 2015 2,500,000 $ 0.96 |
Selected Quarterly Financial 30
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year ended December 31, 2015 First Second Third Fourth Total (In thousands) Net Revenues $ 94,370 $ 95,728 $ 93,664 $ 89,305 $ 373,067 Income from operations 14,414 14,652 11,094 7,354 47,514 Net income (loss) $ 7,982 $ 7,435 $ (6,700 ) $ 3,345 $ 12,062 Year ended December 31, 2014 First Second Third Fourth Total (In thousands) Net Revenues $ 89,011 $ 89,422 $ 87,893 $ 84,805 $ 351,131 Income from operations 11,331 8,174 7,097 6,749 33,351 Net income $ 4,521 $ 1,682 $ 587 $ 190 $ 6,980 |
Description of Business and S31
Description of Business and Summary of Significant Accounting Policies - Promotional Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total promotional allowances | $ 28,020 | $ 27,057 | $ 26,164 |
Food and Beverage | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total promotional allowances | 20,167 | 19,113 | 18,191 |
Rooms | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total promotional allowances | 6,201 | 6,323 | 6,449 |
Other | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Total promotional allowances | $ 1,652 | $ 1,621 | $ 1,524 |
Description of Business and S32
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Food and Beverage | $ 7,973 | $ 7,667 | $ 7,676 |
Rooms | 20 | 21 | 22 |
Other | 32 | 23 | 16 |
Total | $ 8,025 | $ 7,711 | $ 7,714 |
Description of Business and S33
Description of Business and Summary of Significant Accounting Policies (Details Textual) | Feb. 24, 2014 | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 07, 2015USD ($) | Jul. 03, 2013USD ($) |
Accounting Policies [Line Items] | |||||||
Date of incorporation | Dec. 29, 2003 | ||||||
Capitalized interest | $ 45,000 | $ 61,000 | $ 176,000 | ||||
Amortized financing costs | 1,900,000 | 2,400,000 | 4,200,000 | ||||
Sales, advertising and promotion expense | 11,300,000 | 10,300,000 | 9,600,000 | ||||
Excess net tax basis income | 58,500,000 | $ 52,300,000 | $ 47,500,000 | ||||
Property insurance deductible per claim for personal injury | $ 100,000 | ||||||
Worker's compensation insurance deductible per claim | $ 350,000 | ||||||
Number of operating segments | segment | 4 | ||||||
Number of reporting segments | segment | 1 | ||||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 36 years | ||||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 39 years | ||||||
Furniture Fixtures and Equipment [Member] | Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 3 years | ||||||
Furniture Fixtures and Equipment [Member] | Maximum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Land Improvements [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Facilities [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | $ 310,000,000 | ||||||
2015 Term Loans [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | 295,000,000 | ||||||
Senior Secured Notes 11 [Member] | Senior Notes [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Stated interest rate (percent) | 11.00% | ||||||
First Lien Facilities [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | $ 230,000,000 | ||||||
Interest rate terms | On February 24, 2014, we entered into an amendment of the First Lien Credit Agreement. Among other changes, the Amendment reduces the interest rates on the Term Loans by 125 basis points per annum. Interest will now 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. | ||||||
First Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | 215,000,000 | ||||||
Second Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | 120,000,000 | ||||||
First Lien Credit Amendment [Member] | Secured Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Reduction to interest (percent) | 1.25% | ||||||
First Lien Credit Amendment [Member] | Secured Debt [Member] | Eurodollar [Member] | Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Reduction to interest (percent) | 0.25% | ||||||
Revolving Credit Facility [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | 15,000,000 | ||||||
Revolving Credit Facility [Member] | New Revolving Credit Facility [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | $ 15,000,000 | ||||||
Revolving Credit Facility [Member] | First Lien Revolving Credit Facility [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Principal amount | $ 15,000,000 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current accounts receivable, gross | $ 5,313 | $ 4,524 |
Less allowance for doubtful accounts | (108) | (97) |
Accounts receivable, net | 5,205 | 4,427 |
Hotel and Related Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current accounts receivable, gross | 2,540 | 2,159 |
Gaming Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current accounts receivable, gross | 594 | 611 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current accounts receivable, gross | $ 2,179 | $ 1,754 |
Accounts Receivable (Details 1)
Accounts Receivable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $ 97 | $ 141 | $ 84 |
Bad debt expense | 116 | 41 | 112 |
Deductions and write-offs | (105) | (85) | (55) |
Balance at end of period | $ 108 | $ 97 | $ 141 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Inventories | $ 3,114 | $ 2,832 |
Prepaid expenses | 9,066 | 9,330 |
Other | 842 | 416 |
Other current assets | $ 13,022 | $ 12,578 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Net [Abstract] | ||
Land and improvements | $ 724,376 | $ 724,167 |
Buildings and improvements | 430,091 | 425,196 |
Furniture, fixtures and equipment | 143,412 | 137,345 |
Construction in progress | 7,338 | 3,716 |
Property and equipment, gross | 1,305,217 | 1,290,424 |
Less accumulated depreciation and amortization | (251,407) | (225,174) |
Property and equipment, net | $ 1,053,810 | $ 1,065,250 |
Property and Equipment, Net (38
Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Assets recorded under capital leases | $ 3,000 | $ 3,000 |
Accumulated depreciation and amortization of capital leases | 2,600 | 2,600 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets recorded under capital leases | 600 | 600 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets recorded under capital leases | $ 2,400 | $ 2,400 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 6,437 | $ 5,807 |
Accrued taxes | 2,605 | 2,336 |
Accrued gaming liabilities | 2,740 | 2,541 |
Other | 4,774 | 3,352 |
Accrued expenses | $ 16,556 | $ 14,036 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 2,913 |
2,017 | 1,597 |
2,018 | 206 |
2,020 | 209 |
2,019 | 143 |
Thereafter | 99 |
Total | $ 5,167 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 28 |
2,017 | 24 |
2,018 | 19 |
2,019 | 5 |
Total | $ 76 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Leases [Abstract] | ||
2,016 | $ 85 | |
2,017 | 85 | |
2,018 | 85 | |
2,019 | 85 | |
2,020 | 85 | |
Thereafter | 6,475 | |
Total minimum lease payments | 6,900 | |
Less: amount representing interest of 10% | (5,952) | |
Present value of net minimum lease payments | 948 | |
Less: current portion | 0 | $ 0 |
Long-term capital lease obligation | $ 948 | $ 948 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rental revenue | $ 5,900 | $ 5,300 | $ 4,900 |
Operating lease expenses | $ 41 | $ 47 | $ 46 |
Capital lease, interest rate (percent) | 10.00% | 10.00% | 10.00% |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unamortized discount and debt issuance costs | $ (9,171) | $ (14,277) |
Capital lease obligations | 948 | 948 |
Total long-term debt and capital lease obligations | 285,302 | 318,446 |
Current portion of long-term debt and capital lease obligations | (2,950) | (11,501) |
Total long-term debt and capital lease obligations, net | 282,352 | 306,945 |
Secured Debt [Member] | 2015 Term Loans [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt and capital lease obligations | $ 293,525 | $ 0 |
Secured Debt [Member] | 2015 Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Variable interest rate (percent) | 3.75% | 3.75% |
Secured Debt [Member] | First Lien Term Loans [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt and capital lease obligations | $ 0 | $ 211,775 |
Secured Debt [Member] | First Lien Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Floor interest rate | 1.00% | 1.00% |
Secured Debt [Member] | Second Lien Term Loans [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt and capital lease obligations | $ 0 | $ 120,000 |
Revolving Credit Facility [Member] | New Revolving Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt and capital lease obligations | 0 | 0 |
Revolving Credit Facility [Member] | First Lien 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 ($) | Jul. 07, 2015 | Feb. 24, 2014 | Feb. 23, 2014 | Jul. 03, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Gain (Loss) on Repurchase of Debt Instrument | $ (14,679,000) | $ 0 | $ (7,866,000) | ||||
Voluntary commitment reductions to revolving facility | $ 1,000,000 | ||||||
Commitment fee based on agreement terms, option one (percent) | 0.25% | ||||||
Commitment fee based on agreement terms, option two (percent) | 0.375% | ||||||
New Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 15,000,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 15,000,000 | ||||||
Maturity date | Jul. 7, 2020 | ||||||
New Term Loans [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Maturity date | Jul. 7, 2022 | ||||||
New Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Scheduled principal payments based on original principal balance (percent) | 0.25% | ||||||
Principal Payment Based On Excess Cash Flow, Percentage | 50.00% | ||||||
Payments Of Debt, Minimum Voluntary Principal Payment, Amount | $ 1,000,000 | ||||||
2013 Credit Agreement [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Gain (Loss) on Repurchase of Debt Instrument | 14,700,000 | ||||||
Write off of Deferred Debt Issuance Cost | 11,100,000 | ||||||
Payments of Debt Extinguishment Costs | $ 3,600,000 | ||||||
New Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | 15,000,000 | ||||||
Facilities [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | 310,000,000 | ||||||
Senior Secured Notes 11 [Member] | Senior Notes [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Stated interest rate (percent) | 11.00% | ||||||
First Lien Facilities [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 230,000,000 | ||||||
Interest rate terms | On February 24, 2014, we entered into an amendment of the First Lien Credit Agreement. Among other changes, the Amendment reduces the interest rates on the Term Loans by 125 basis points per annum. Interest will now 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. | ||||||
First Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 215,000,000 | ||||||
Maturity date | Jul. 3, 2019 | ||||||
Scheduled principal payments based on original principal balance (percent) | 0.25% | ||||||
Percentage of principal payment based on total leverage | 50.00% | 75.00% | |||||
Principal payment payable | $ 9,400,000 | ||||||
Voluntary commitment reductions to revolving facility | 1,000,000 | ||||||
First Lien Credit Amendment [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Reduction to interest (percent) | 1.25% | ||||||
First Lien Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 15,000,000 | ||||||
Maturity date | Jul. 3, 2018 | ||||||
Voluntary commitment reductions to revolving facility | $ 1,000,000 | ||||||
Commitment fee based on agreement terms, option one (percent) | 0.375% | ||||||
Commitment fee based on agreement terms, option two (percent) | 0.50% | ||||||
Borrowings outstanding | $ 0 | ||||||
Second Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 120,000,000 | ||||||
Maturity date | Jan. 3, 2020 | ||||||
2015 Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Principal amount | $ 295,000,000 | ||||||
Debt estimated fair value | $ 292,100,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | 2015 Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 3.75% | 3.75% | |||||
Eurodollar [Member] | New Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate based on agreement terms, option one (percent) | 2.25% | ||||||
Variable interest rate based on agreement terms, option two (percent) | 2.75% | ||||||
Variable interest rate based on agreement terms, option three (percent) | 3.25% | ||||||
Eurodollar [Member] | First Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 3.75% | ||||||
Eurodollar [Member] | First Lien Credit Amendment [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 3.50% | ||||||
Eurodollar [Member] | First Lien Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate based on agreement terms, option one (percent) | 3.75% | ||||||
Variable interest rate based on agreement terms, option two (percent) | 4.25% | ||||||
Variable interest rate based on agreement terms, option three (percent) | 4.75% | ||||||
Eurodollar [Member] | Second Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 10.00% | ||||||
Eurodollar [Member] | 2015 Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 3.75% | ||||||
Base Rate [Member] | New Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate based on agreement terms, option one (percent) | 1.25% | ||||||
Variable interest rate based on agreement terms, option two (percent) | 1.75% | ||||||
Variable interest rate based on agreement terms, option three (percent) | 2.25% | ||||||
Base Rate [Member] | First Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 4.75% | ||||||
Base Rate [Member] | First Lien Credit Amendment [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 2.50% | ||||||
Base Rate [Member] | First Lien Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate based on agreement terms, option one (percent) | 2.75% | ||||||
Variable interest rate based on agreement terms, option two (percent) | 3.25% | ||||||
Variable interest rate based on agreement terms, option three (percent) | 3.75% | ||||||
Base Rate [Member] | Second Lien Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 9.00% | ||||||
Base Rate [Member] | 2015 Term Loans [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 2.75% | ||||||
Minimum [Member] | Eurodollar [Member] | First Lien Credit Amendment [Member] | Secured Debt [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Variable interest rate (percent) | 1.00% | 1.25% | |||||
Reduction to interest (percent) | 0.25% |
Debt (Details 1)
Debt (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 2,950 |
2,017 | 2,950 |
2,018 | 2,950 |
2,019 | 2,950 |
2,020 | 2,950 |
Thereafter | 278,775 |
Total | $ 293,525 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Feb. 24, 2015 | Oct. 03, 2008 | Feb. 20, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||||||
Interest expense - related party | $ 911,000 | $ 598,000 | $ 2,658,000 | |||
Properties and development fees (percent) | 4.00% | |||||
Goldman Sachs [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 0 | 0 | ||||
Goldman Sachs [Member] | Revolving Credit Facility [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowing capacity | 7,500,000 | 5,000,000 | ||||
Goldman Sachs [Member] | Secured Debt [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt repricing fees | 2,500,000 | 674,000 | 3,400,000 | |||
Interest expense - related party | 911,000 | 598,000 | 2,600,000 | |||
Highgate [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 0 | 0 | ||||
Membership interest (percent) | 5.00% | |||||
Consulting agreement expiration date | Jun. 20, 2013 | |||||
Consulting fees | 0 | 0 | 500,000 | |||
Highgate [Member] | February 20 2011 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual consulting fees | $ 1,500,000 | |||||
Highgate [Member] | After February 20 2011 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual consulting fees | 1,000,000 | |||||
Additional consulting fees (up to $500,000) | $ 500,000 | |||||
Travel Tripper Llc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | $ 1,000 | 0 | ||||
Ownership percentage description | TTL is owned by an affiliate of Highgate (23)% and an employee of Highgate (40)%. | |||||
Fees expensed | $ 30,000 | 0 | 8,000 | |||
Realty Management Division Of Goldman Sachs [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 0 | 0 | ||||
Fees expensed | 412,000 | 394,000 | 401,000 | |||
Construction management revenue | 0 | 0 | 330,000 | |||
Due from related parties | 0 | |||||
Nor1 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 7,000 | 1,000 | ||||
Fees expensed | $ 15,000 | 21,000 | $ 24,000 | |||
Upgrade fee (percent) | 25.00% | |||||
Ownership percentage (less than 5%) | 5.00% | |||||
First Lien Term Loans [Member] | Goldman Sachs [Member] | Secured Debt [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 0 | |||||
2015 Term Loans [Member] | Goldman Sachs [Member] | Secured Debt [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | $ 517,000 | |||||
Second Lien Term Loans [Member] | Goldman Sachs [Member] | Secured Debt [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | $ 2,300,000 | |||||
Highgate [Member] | Travel Tripper Llc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage (less than 5%) | 23.00% | |||||
Employee Of Highgate [Member] | Travel Tripper Llc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage (less than 5%) | 40.00% |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trade Names | $ 15,507 | $ 15,507 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 0 | $ 0 | $ 0.3 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Multiemployer Plans, Pension [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Central Pension Fund and Participating Employers [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 366,052,390 | ||
Plan Number | 1 | ||
Pension Protection Zone Status | Green | Green | |
FIR/RP Status Pending/Implemented | No | ||
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreement | 10/14/2014 and 3/31/2016 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 886,016,617 | ||
Plan Number | 1 | ||
Pension Protection Zone Status | Green | Green | |
FIR/RP Status Pending/Implemented | No | ||
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreement | May 31, 2018 |
Employee Benefit Plans (Detai51
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans, Pension [Member] | |||
Multiemployer Pension Plans | $ 2,576 | $ 2,469 | $ 2,380 |
Multiemployer Plans, Pension [Member] | Central Pension Fund and Participating Employers [Member] | |||
Multiemployer Pension Plans | 723 | 769 | 719 |
Multiemployer Plans, Pension [Member] | Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Pension Plans | 1,677 | 1,521 | 1,493 |
Multiemployer Plans, Pension [Member] | Other Pension Plans Multiemployer Plan [Member] | |||
Multiemployer Pension Plans | 176 | 179 | 168 |
Multiemployer Plans, Postretirement Benefit [Member] | |||
Multiemployer Benefit Plans Other Than Pensions | 7,319 | 7,358 | 6,404 |
Multiemployer Plans, Postretirement Benefit [Member] | HEREIU Welfare Fund [Member | |||
Multiemployer Benefit Plans Other Than Pensions | 7,313 | 7,356 | 6,401 |
Multiemployer Plans, Postretirement Benefit [Member] | All Other Benefit Plans Other Than Pensions [Member] | |||
Multiemployer Benefit Plans Other Than Pensions | $ 6 | $ 2 | $ 3 |
Employee Benefit Plans (Detai52
Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Percentage of employees covered by defined benefit plans | 37.00% | ||
Defined benefit plan expenses | $ 9.9 | $ 9.8 | $ 8.8 |
Minimum contribution description | contributions by the Company were less than 5% of total contributions for all multiemployer pension and benefit plans to which the Company contributes. | ||
Percentage of minimum contribution (less than 5%) | 5.00% | ||
Percentage of maximum defer contribution (up to 75%) | 75.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2014 | Mar. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants during the period | 0 | 13,035,000 | |||
Vested December 31, 2015 | 9,776,250 | ||||
Fair value of stock options (in dollars per share) | $ 0.37 | $ 0.62 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized incentive expense related to restricted stock awards | $ 2,400 | ||||
Number of vested restricted stock awards | 0 | 0 | |||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 1,200 | $ 4,000 | $ 0 | ||
W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance | 16,500,000 | ||||
W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance | 2,500,000 | ||||
W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] | Executive Officers And Certain Key Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants during the period | 13,035,000 | ||||
Vested December 31, 2015 | 3,258,750 | 6,517,500 | |||
W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] | Executive Officers And Certain Key Employees [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] | Executive Officers And Certain Key Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants during the period | 2,500,000 |
Share-Based Compensation (Det54
Share-Based Compensation (Details Stock Option Activity) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of options | ||
Outstanding at December 31, 2013 | 13,035,000 | 0 |
Granted | 0 | 13,035,000 |
Exercised | 0 | 0 |
Forfeited | 0 | 0 |
Expired | 0 | 0 |
Outstanding at December 31, 2015 | 13,035,000 | 13,035,000 |
Vested December 31, 2015 | 9,776,250 | |
Exercisable at December 31, 2015 | 9,776,250 | |
Range of Exercise Prices (in dollars per share) | ||
Granted | $ 1 | |
Outstanding at December 31, 2015 | $ 1 | 1 |
Vested December 31, 2015 | 1 | |
Exercisable at December 31, 2015 | 1 | |
Weighted-Average Exercise Price (in dollars per share) | ||
Outstanding at December 31, 2013 | 1 | 0 |
Granted | 0 | 1 |
Exercised | 0 | 0 |
Forfeited | 0 | 0 |
Expired | 0 | 0 |
Outstanding at December 31, 2015 | 1 | $ 1 |
Vested December 31, 2015 | 1 | |
Exercisable at December 31, 2015 | $ 1 | |
Weighted-Average Remaining Contractual Life (in years) | ||
Granted | 9 years 3 months | |
Outstanding at December 31, 2015 | 8 years 3 months | 9 years 3 months |
Vested December 31, 2015 | 8 years 3 months | |
Exercisable at December 31, 2015 | 8 years 3 months |
Share-Based Compensation (Det55
Share-Based Compensation (Details Fair Value Assumptions) - W2007/ACEP Holdings, LLC 2013 Management Incentive Plan [Member] - Employee Stock Option [Member] | Apr. 01, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | 5 years 6 months | |
Risk-free interest rate | 1.73% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 60.00% | 81.00% | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.74% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.93% | ||
Executive Officers And Certain Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Share-Based Compensation (Det56
Share-Based Compensation (Details Restricted Stock Units Activity) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of RSUs | ||
Outstanding at December 31, 2013 | 2,500,000 | 0 |
Granted | 0 | 2,500,000 |
Exercised | 0 | 0 |
Canceled | 0 | 0 |
Vested | 0 | 0 |
Outstanding at December 31, 2015 | 2,500,000 | 2,500,000 |
Fair Value (in dollars per share) | ||
Granted | $ 0.96 | |
Outstanding at December 31, 2015 | $ 0.96 | $ 0.96 |
Commitments & Contingencies (De
Commitments & Contingencies (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Credit to sales tax expense | $ 1.1 |
Selected Quarterly Financial 58
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Revenues | $ 89,305 | $ 93,664 | $ 95,728 | $ 94,370 | $ 84,805 | $ 87,893 | $ 89,422 | $ 89,011 | $ 373,067 | $ 351,131 | $ 337,435 |
Income from operations | 7,354 | 11,094 | 14,652 | 14,414 | 6,749 | 7,097 | 8,174 | 11,331 | 47,514 | 33,351 | 29,994 |
Net income | $ 3,345 | $ (6,700) | $ 7,435 | $ 7,982 | $ 190 | $ 587 | $ 1,682 | $ 4,521 | $ 12,062 | $ 6,980 | $ (15,135) |