DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Tropicana Entertainment Inc. | ' |
Entity Central Index Key | '0001476246 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 26,312,500 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $242,386 | $240,381 |
Restricted cash | 30,343 | 15,322 |
Receivables, net | 27,431 | 27,813 |
Inventories | 4,199 | 4,593 |
Prepaid expenses and other assets | 11,272 | 10,032 |
Assets held for sale | 12,201 | 11,719 |
Total current assets | 327,832 | 309,860 |
Property and equipment, net | 456,839 | 448,424 |
Goodwill | 24,928 | 24,928 |
Intangible assets, net | 67,207 | 67,945 |
Investments | 33,657 | 34,799 |
Other assets, net | 14,650 | 16,283 |
Total assets | 925,113 | 902,239 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 1,750 | 1,795 |
Liabilities related to assets held for sale | 2,171 | 2,439 |
Accounts payable | 39,230 | 39,532 |
Accrued expenses and other current liabilities | 62,978 | 64,899 |
Total current liabilities | 106,129 | 108,665 |
Long-term debt, net | 168,046 | 168,959 |
Other long-term liabilities | 7,328 | 7,686 |
Deferred tax liabilities | 20,907 | 20,907 |
Total liabilities | 302,410 | 306,217 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Tropicana Entertainment Inc. preferred stock at $0.01 par value; 10,000,000 shares authorized, no shares issued | 0 | 0 |
Tropicana Entertainment Inc. common stock at $0.01 par value; 100,000,000 shares authorized, 26,312,500 shares issued and outstanding at September 30, 2013 and December 31, 2012 | 263 | 263 |
Additional paid-in capital | 600,359 | 600,359 |
Retained earnings (accumulated deficit) | 22,081 | -4,600 |
Total shareholders' equity | 622,703 | 596,022 |
Total liabilities and shareholders' equity | $925,113 | $902,239 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Shareholders' equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 26,312,500 | 26,312,500 |
Common stock, shares outstanding (in shares) | 26,312,500 | 26,312,500 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Casino | $112,003 | $130,735 | $340,020 | $382,550 |
Room | 27,661 | 27,460 | 68,689 | 73,628 |
Food and beverage | 20,669 | 22,306 | 58,494 | 63,566 |
Other | 6,186 | 7,299 | 16,324 | 18,215 |
Gross revenues | 166,519 | 187,800 | 483,527 | 537,959 |
Less promotional allowances | -17,772 | -21,319 | -52,668 | -63,409 |
Net revenues | 148,747 | 166,481 | 430,859 | 474,550 |
Operating costs and expenses: | ' | ' | ' | ' |
Casino | 51,248 | 55,193 | 150,055 | 168,089 |
Room | 9,778 | 9,692 | 24,967 | 26,426 |
Food and beverage | 10,331 | 9,936 | 28,801 | 28,427 |
Other | 4,446 | 4,903 | 11,772 | 12,741 |
Marketing, advertising and promotions | 10,113 | 10,626 | 29,543 | 29,604 |
General and administrative | 24,890 | 30,414 | 75,487 | 89,890 |
Maintenance and utilities | 15,425 | 15,107 | 42,761 | 43,539 |
Depreciation and amortization | 8,831 | 8,182 | 25,429 | 24,027 |
Impairment charges, other write downs and recoveries | -198 | -3,954 | 500 | -2,098 |
Total operating costs and expenses | 134,864 | 140,099 | 389,315 | 420,645 |
Operating income | 13,883 | 26,382 | 41,544 | 53,905 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -3,636 | -3,675 | -10,816 | -13,496 |
Interest income | 190 | 179 | 593 | 511 |
Loss on debt retirement | 0 | 0 | 0 | -12,847 |
Total other income (expense) | -3,446 | -3,496 | -10,223 | -25,832 |
Income from continuing operations before income taxes | 10,437 | 22,886 | 31,321 | 28,073 |
Income tax expense | -1,308 | -1,538 | -3,073 | -2,991 |
Income from continuing operations | 9,129 | 21,348 | 28,248 | 25,082 |
Income (loss) from discontinued operations, net | -783 | -492 | -1,567 | -287 |
Net income | $8,346 | $20,856 | $26,681 | $24,795 |
Basic and diluted income per common share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.35 | $0.81 | $1.07 | $0.95 |
Income (loss) from discontinued operations, net (in dollars per share) | ($0.03) | ($0.02) | ($0.06) | ($0.01) |
Net income (loss) (in dollars per share) | $0.32 | $0.79 | $1.01 | $0.94 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic and diluted (in shares) | 26,313 | 26,313 | 26,313 | 26,313 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $26,681 | $24,795 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Loss on debt retirement | 0 | 12,847 |
Gain on insurance recoveries | 0 | -3,982 |
Impairment of discontinued operations | 1,454 | 0 |
Depreciation and amortization, including discontinued operations | 25,546 | 24,301 |
Amortization of debt discount and debt issuance costs | 961 | 2,976 |
Impairment charges | 439 | 1,776 |
Insurance proceeds for flood losses from business interruption | 0 | 731 |
Loss on disposition of asset, including discontinued operations | -61 | -114 |
Changes in current assets and current liabilities: | ' | ' |
Receivables, net | 352 | 8,222 |
Inventories, prepaids and other assets | -732 | -912 |
Accounts payable, accrued expenses and other liabilities | 1,566 | -5,826 |
Other | 2,129 | 4,262 |
Net cash provided by operating activities | 58,457 | 69,304 |
Cash flows from investing activities: | ' | ' |
Additions of property and equipment | -44,688 | -31,773 |
Restricted cash for acquisition | -15,002 | 0 |
Insurance proceeds | 700 | 1,716 |
Other | 4,092 | 1,690 |
Net cash used in investing activities | -54,898 | -28,367 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of debt | 0 | 171,500 |
Payment on early retirement of debt | 0 | -2,048 |
Payments on debt | -1,402 | -104,606 |
Restricted cash | -20 | -1,957 |
Payment of financing costs | 0 | -3,324 |
Net cash provided by (used in) financing activities | -1,422 | 59,565 |
Net increase in cash and cash equivalents | 2,137 | 100,502 |
Decrease (increase) in cash and cash equivalents related to assets held for sale | -132 | 678 |
Cash and cash equivalents, beginning of period | 240,381 | 147,213 |
Cash and cash equivalents, end of period | 242,386 | 248,393 |
Supplemental cash flow disclosure (including discontinued operations): | ' | ' |
Cash paid for interest | 9,425 | 10,411 |
Cash paid for income taxes | 2,848 | 3,623 |
Change in capital expenditures included in accrued and other current liabilities | ($4,556) | $0 |
ORGANIZATION_AND_BACKGROUND
ORGANIZATION AND BACKGROUND | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
ORGANIZATION AND BACKGROUND | ' | |
ORGANIZATION AND BACKGROUND | ||
Organization | ||
Tropicana Entertainment Inc. (the "Company," "TEI," "we," "us," or "our"), a Delaware corporation, is an owner and operator of regional casino and entertainment properties located in the United States and one casino resort development located on the island of Aruba. The Company's United States properties include two casinos in Nevada and one casino in each of Indiana, Louisiana, Mississippi and New Jersey. The Company views each property as an operating segment which it aggregates by region in order to present its reportable segments: (i) East, (ii) Central, (iii) West and (iv) South and other. The current operations of the Company, by region, include the following: | ||
• | East—Tropicana Casino and Resort, Atlantic City ("Tropicana AC") located in Atlantic City, New Jersey; | |
• | Central—Tropicana Evansville ("Tropicana Evansville") located in Evansville, Indiana; | |
• | West—Tropicana Laughlin Hotel and Casino ("Tropicana Laughlin") located in Laughlin, Nevada; and MontBleu Casino Resort & Spa ("MontBleu") located in Lake Tahoe, Nevada; and | |
• | South and other—Belle of Baton Rouge ("Belle of Baton Rouge") located in Baton Rouge, Louisiana; Trop Casino Greenville ("Tropicana Greenville") located in Greenville, Mississippi and Tropicana Aruba Resort & Casino ("Tropicana Aruba") located in Noord, Aruba. | |
In addition, the Company owns River Palms Hotel and Casino ("River Palms") located in Laughlin, Nevada, which is presented as discontinued operations in the accompanying condensed consolidated statements of income while the assets and liabilities are presented as held for sale in the accompanying condensed consolidated balance sheets as a result of the asset purchase agreement entered into in April 2013. As discussed in Note 15, in October 2013, the Company notified the buyers that it had elected to terminate, effective immediately, the agreement to sell River Palms, pursuant to the terms of the agreement. | ||
In April 2012, the Bayou Caddy's Jubilee Casino ("Jubilee") riverboat facility was closed and its operations were consolidated into Trop Casino Greenville as part of a project to expand and rebrand that property. The grand opening of Trop Casino Greenville occurred in May 2012. Because the Company is continuing operations within the Greenville market by combining the operations into one facility, Jubilee is not presented as discontinued operations in the accompanying condensed consolidated financial statements. | ||
In August 2013, a wholly-owned subsidiary of the Company entered into an agreement to purchase Lumiére Place Casino, HoteLumiére, the Four Seasons Hotel St. Louis and related excess land parcels in St. Louis, Missouri (collectively, "Lumiére") for $260.0 million in cash, subject to adjustments. The transaction is subject to various conditions, including, among others, regulatory approvals from the Missouri Gaming Commission and the U.S. Federal Trade Commission (the “FTC”). The transaction is expected to close in early 2014, although the Company can make no assurances that the conditions will be satisfied or that the sale will be consummated in a timely manner, if at all. | ||
Background | ||
The Company was formed on May 11, 2009 to acquire certain assets of Tropicana Entertainment Holdings, LLC ("TEH"), and certain of its subsidiaries pursuant to their plan of reorganization under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code"). The Company also acquired Columbia Properties Vicksburg ("CP Vicksburg"), JMBS Casino, LLC ("JMBS Casino") and CP Laughlin Realty, LLC ("CP Laughlin Realty"), all of which were part of the same plan of reorganization (the "Plan") as TEH (collectively, the "Predecessors"). In addition, the Company acquired certain assets of Adamar of New Jersey, Inc. ("Adamar"), an unconsolidated subsidiary of TEH, pursuant to an amended and restated asset purchase agreement, including Tropicana AC. The reorganization of the Predecessors and the acquisition of Tropicana AC (together, the "Restructuring Transactions") were consummated and became effective on March 8, 2010 (the "Effective Date"), at which time the Company acquired Adamar and several of the Predecessors' gaming properties and related assets. Adamar was not a party to the Predecessors' bankruptcy. Prior to March 8, 2010, the Company conducted no business, other than in connection with the reorganization of the Predecessors and the acquisition of Tropicana AC, and had no material assets or liabilities. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying condensed consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain disclosures required by generally accepted accounting principles in the United States ("GAAP") are omitted or condensed in these condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) that are necessary to present fairly the Company's financial position, results of operations and cash flows for the interim periods have been made. The interim results reflected in these condensed consolidated financial statements are not necessarily indicative of results to be expected for the full fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, from which the accompanying condensed consolidated balance sheet information as of that date was derived. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The accompanying condensed consolidated financial statements include the Company and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Significant Accounting Policies | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make 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 and the reported amounts of revenues and expenses during the reporting period. Significant estimates incorporated in the Company's financial statements include the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable, the estimated valuation allowance for deferred tax assets, certain tax liabilities, estimated cash flows in assessing the impairment of long-lived assets, intangible assets, Casino Reinvestment Development Authority (the "CRDA") investments, self-insured liability reserves, customer loyalty program reserves, contingencies, litigation, claims, assessments and loss contingencies. Actual results could differ from these estimates. At December 31, 2012 the Company estimated bonus accruals to be paid out in 2013. Actual payments of bonuses occurred in March 2013 and resulted in a reduction of the bonus accrual of $0.6 million. The impact of this change in accounting estimate is an increase of $0.6 million to operating income for the nine months ended September 30, 2013. At December 31, 2011 the Company estimated bonus accruals to be paid out in 2012. Actual payments of bonuses occurred in April 2012 and resulted in a reduction of the bonus accrual of $1.2 million. The impact of this change in accounting estimate is an increase of $1.2 million to operating income for the nine months ended September 30, 2012. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consisted primarily of funds invested in approved money market funds. At September 30, 2013 and December 31, 2012, $9.7 million and $9.7 million, respectively, were restricted by the United States Bankruptcy Court for the District of Delaware ("Bankruptcy Court") in connection with the reorganization of the Predecessors for the purpose of satisfying liabilities related to professional services incurred in connection with the Restructuring Transactions, and $5.6 million and $5.6 million, respectively, were restricted to collateralize letters of credit. In addition, at September 30, 2013, $15.0 million was held in escrow in connection with the agreement to purchase Lumiére. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying values of the Company's cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value because of the short term maturities of these instruments. The carrying values of investments, which include deposits and bonds, approximate fair value as items are presented net of a valuation allowance and in the case of the bonds, net of an unamortized discount. | |||||||||||||||||
The fair value of our long-term debt is based on the quoted market prices for similar issues. The estimated fair value of our long-term debt as of September 30, 2013 is approximately $172.4 million. | |||||||||||||||||
Revenue Recognition and Promotional Allowances | |||||||||||||||||
Casino revenue represents the difference between wins and losses from gaming activities. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. 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. The majority of the Company's casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. The estimated departmental costs and expenses of providing these promotional allowances, for continuing operations, are included in casino operating costs and expenses and consist of the following (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Room | $ | 3,586 | $ | 3,552 | $ | 11,140 | $ | 11,658 | |||||||||
Food and beverage | 9,209 | 9,894 | 25,390 | 28,660 | |||||||||||||
Other | 703 | 727 | 1,495 | 1,907 | |||||||||||||
Total | $ | 13,498 | $ | 14,173 | $ | 38,025 | $ | 42,225 | |||||||||
Recently Issued Accounting Standards | |||||||||||||||||
A variety of proposed or otherwise potential accounting standards are currently under consideration by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain reclassifications have been made to prior year amounts in order to conform with current year presentation. |
RECEIVABLES
RECEIVABLES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
RECEIVABLES | ' | |||||||
RECEIVABLES | ||||||||
Receivables consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Casino | $ | 19,179 | $ | 19,670 | ||||
Hotel | 4,954 | 5,024 | ||||||
Predecessors' administrative tax claim | 10,478 | 10,478 | ||||||
Other | 4,966 | 4,864 | ||||||
39,577 | 40,036 | |||||||
Allowance for doubtful accounts | (12,146 | ) | (12,223 | ) | ||||
Receivables, net | $ | 27,431 | $ | 27,813 | ||||
The Predecessors' administrative tax claim amounts represent tax refund claims filed related to our Predecessors. The timing of any collections on these claims is uncertain and is pending litigation. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
PROPERTY AND EQUIPMENT | ' | |||||||||
PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment consist of the following (in thousands): | ||||||||||
Estimated | September 30, 2013 | December 31, 2012 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 89,500 | $ | 90,190 | |||||
Buildings and improvements | 10 - 40 | 333,443 | 316,695 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 122,631 | 101,940 | |||||||
Riverboats and barges | 5 - 15 | 18,990 | 20,100 | |||||||
Construction in progress | — | 9,360 | 13,029 | |||||||
573,924 | 541,954 | |||||||||
Accumulated depreciation | (117,085 | ) | (93,530 | ) | ||||||
Property and equipment, net | $ | 456,839 | $ | 448,424 | ||||||
In January 2013 the Jubilee barge was damaged as a result of a high-wind storm. The full extent of the damage is still being evaluated. Based on the Company's preliminary assessment, the barge suffered moderate damage. The Company has filed preliminary claims with its insurance carriers. Due to the damage sustained, the Company tentatively adjusted the carrying value of the barge to an estimated salvage value of $0.4 million, which resulted in a loss of $0.4 million included in the accompanying condensed consolidated statement of income for the nine months ended September 30, 2013. As of September 30, 2013 the Company had received $0.7 million in insurance proceeds which are recognized in the condensed consolidated statements of cash flows for the nine months ended September 30, 2013. The Company is uncertain of the amount and timing of any additional insurance proceeds that may be received, which may result in a future gain or loss. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Changes in the carrying amount of Goodwill are as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | |||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Central | $ | 14,224 | $ | — | $ | 14,224 | $ | 14,224 | $ | — | $ | 14,224 | ||||||||||||
South and other | 1,731 | (1,731 | ) | — | 1,731 | (1,731 | ) | — | ||||||||||||||||
Corporate | 10,704 | — | 10,704 | 10,704 | — | 10,704 | ||||||||||||||||||
Total | $ | 26,659 | $ | (1,731 | ) | $ | 24,928 | $ | 26,659 | $ | (1,731 | ) | $ | 24,928 | ||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
Estimated | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
life | ||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||||||||||
Gaming licenses | Indefinite | 28,700 | 28,700 | |||||||||||||||||||||
Customer lists | 3 | 2,861 | 2,861 | |||||||||||||||||||||
Favorable lease | 5 - 42 | 15,645 | 15,645 | |||||||||||||||||||||
Total intangible assets | 72,706 | 72,706 | ||||||||||||||||||||||
Less accumulated amortization: | ||||||||||||||||||||||||
Customer lists | (2,861 | ) | (2,702 | ) | ||||||||||||||||||||
Favorable lease | (2,638 | ) | (2,059 | ) | ||||||||||||||||||||
Total accumulated amortization | (5,499 | ) | (4,761 | ) | ||||||||||||||||||||
Intangible assets, net | $ | 67,207 | $ | 67,945 | ||||||||||||||||||||
Upon the adoption of fresh-start reporting, the Company recognized $29.5 million in an indefinite life trade name related to the "Tropicana" trade name which was reduced by a $3.7 million impairment loss during the fourth quarter of 2010 and an additional $0.3 million impairment loss in the fourth quarter of 2011. The Company also recognized, upon the adoption of fresh-start reporting, $44.0 million of indefinite life gaming licenses related to entities that are located in gaming jurisdictions where competition is limited to a specified number of licensed gaming operators, which was reduced by a $15.3 million impairment loss during the fourth quarter of 2010. At September 30, 2013, the indefinite life gaming license of $28.7 million is related to Tropicana Evansville. | ||||||||||||||||||||||||
Customer lists, which represent the value associated with customers enrolled in our customer loyalty programs, were valued at $1.5 million upon adoption of fresh-start reporting and an additional $1.4 million of customer lists was recognized in connection with the Tropicana AC acquisition. Customer lists are being amortized on a straight-line basis over three years. As of February 2013 the value associated with the customer lists were fully amortized. Amortization expense related to customer lists, which is amortized to depreciation and amortization expense, for the three months ended September 30, 2012 was $0.3 million. Amortization expense for the nine months ended September 30, 2013 and 2012 was $0.2 million and $0.8 million, respectively. | ||||||||||||||||||||||||
Favorable lease arrangements were valued at $8.6 million upon adoption of fresh-start reporting and are being amortized to rental expense on a straight-line basis over 30 years, which approximates the remaining useful life of the respective leased facility. In the second quarter of 2012, the Company determined that certain lease arrangements valued upon adoption of fresh-start reporting were overstated; accordingly, the Company reduced the intangible asset, net of accumulated amortization, by $5.3 million as of June 30, 2012. In connection with the Tropicana AC acquisition, the Company also recognized $5.2 million of intangible assets relating to favorable lease arrangements which are being amortized to tenant income on a straight-line basis over the terms of the various leases. In the second quarter of 2012, management reviewed the tenant leases at Tropicana AC and determined that there was a $1.8 million impairment due to certain original tenant leases being terminated early. The remaining balance will continue to be amortized over the remaining useful life. Additionally, in connection with the acquisition of Tropicana Aruba, the Company recognized $10.3 million of intangible assets relating to a favorable land lease arrangement which is amortized to rental expense on a straight-line basis over the remaining term of the land lease of approximately 42 years. Amortization expense related to favorable lease arrangements, which is amortized to rental expense or tenant income, as applicable, for the three months ended September 30, 2013 and 2012, was $0.2 million and $0.2 million, respectively. Amortization expense for the nine months ended September 30, 2013 and 2012 was $0.6 million and $0.7 million, respectively. |
INVESTMENTS
INVESTMENTS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
INVESTMENTS | ' | |||||||
INVESTMENTS | ||||||||
The New Jersey Casino Control Act provides, among other things, for an assessment of licensees equal to 1.25% of gross gaming revenues in lieu of an investment alternative tax equal to 2.5% of gross gaming revenues. The Company may satisfy this investment obligation by investing in qualified eligible direct investments, by making qualified contributions or by depositing funds with the CRDA. Funds deposited with the CRDA may be used to purchase bonds designated by the CRDA or, under certain circumstances, may be donated to the CRDA in exchange for credits against future CRDA investment obligations. The carrying value of the total investments at September 30, 2013 and December 31, 2012 approximates their fair value. | ||||||||
Investments consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Investment in bonds—CRDA | $ | 16,613 | $ | 16,616 | ||||
Less unamortized discount | (4,473 | ) | (4,498 | ) | ||||
Less valuation allowance | (3,433 | ) | (3,415 | ) | ||||
Deposits—CRDA | 29,418 | 29,751 | ||||||
Less valuation allowance | (7,109 | ) | (6,987 | ) | ||||
Direct investment—CRDA | 3,314 | 4,612 | ||||||
Less valuation allowance | (673 | ) | (1,280 | ) | ||||
Total investments | $ | 33,657 | $ | 34,799 | ||||
The CRDA bonds have various contractual maturities that range from 2 to 40 years. Actual maturities may differ from contractual maturities because of prepayment rights. The Company treats CRDA bonds as held-to-maturity since the Company has the ability and the intent to hold these bonds to maturity and under the CRDA, the Company is not permitted to do otherwise. As such, the CRDA bonds are initially recorded at a discount to approximate fair value. | ||||||||
After the initial determination of fair value, the Company will analyze the CRDA bonds for recoverability on a quarterly basis based on management's historical collection experience and other information received from the CRDA. If indications exist that the CRDA bond is impaired, additional valuation allowances will be recorded. | ||||||||
Funds on deposit with the CRDA are held in an interest bearing account by the CRDA. Interest is earned at the stated rate that approximates two-thirds of the current market rate for similar assets. The Company records charges to expense to reflect the lower return on investment and records the deposit at fair value on the date the deposit obligation arises. During the three and nine months ended September 30, 2012, the rate used to calculate the reserve decreased, resulting in a gain of $0.3 million and $0.1 million, respectively, which is included in general administrative expenses on the accompanying condensed consolidated statements of income. During the three and nine months ended September 30, 2013, the Company charged $0.4 million and $0.4 million, respectively, to general and administrative expenses on the accompanying condensed consolidated statements of income. |
OTHER_ASSETS
OTHER ASSETS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
OTHER ASSETS | ' | |||||||
OTHER ASSETS | ||||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Debt issuance costs | $ | 2,518 | $ | 2,910 | ||||
Tropicana Evansville prepaid rent | 3,150 | 5,175 | ||||||
Deposits | 5,002 | 6,176 | ||||||
Other | 3,980 | 2,022 | ||||||
Other assets | $ | 14,650 | $ | 16,283 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ' | |||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued payroll and benefits | $ | 26,246 | $ | 24,403 | ||||
Accrued gaming and related | 9,732 | 10,604 | ||||||
Accrued taxes | 9,403 | 10,302 | ||||||
Predecessors' administrative tax claim | 9,792 | 9,792 | ||||||
Other accrued expenses and current liabilities | 7,805 | 9,798 | ||||||
Total accrued expenses and other current liabilities | $ | 62,978 | $ | 64,899 | ||||
The Predecessors' administrative tax claim amounts represent certain tax liabilities related to our Predecessors. The Company is in the process of determining the timing and amount of the Predecessors' claims to be settled. |
DEBT
DEBT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT | ' | |||||||
DEBT | ||||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
New Term Loan Facility, due 2018, interest at 7.5% at September 30, 2013 and December 31, 2012, net of unamortized discount of $2.6 million and $3.0 million at September 30, 2013 and December 31, 2012, respectively | $ | 169,796 | $ | 170,665 | ||||
Other long-term debt | — | 89 | ||||||
Total long-term debt | 169,796 | 170,754 | ||||||
Less current portion of debt | (1,750 | ) | (1,795 | ) | ||||
Total long-term debt, net | $ | 168,046 | $ | 168,959 | ||||
Credit Facilities | ||||||||
In March 2012, the Company entered into the credit facilities (the "Credit Facilities"), which consist of (i) a senior secured first lien term loan facility in an aggregate principal amount of $175 million, issued at a discount of 2% (the "New Term Loan Facility") and (ii) a cash collateralized letter of credit facility in a maximum aggregate amount of $15 million (the "Letter of Credit Facility"). Commencing on June 30, 2012, the New Term Loan Facility requires quarterly principal payments of 0.25% of the original principal amount with any remaining outstanding amounts due on the maturity date, March 16, 2018. The New Term Loan Facility is secured by substantially all of the Company's assets and is guaranteed by all of the Company's domestic subsidiaries. A portion of the net proceeds from the New Term Loan Facility was used to repay in full the amounts outstanding under the exit facility, which consisted of a $130 million senior secured term loan credit facility and a $20 million senior secured revolving credit facility (the “Exit Facility”), which totaled approximately $107.7 million in repaid principal, accrued and unpaid interest and the applicable prepayment penalty. During the nine months ended September 30, 2012 the Company recognized a $12.8 million loss on debt retirement which consists of a $2.0 million prepayment penalty and a $10.8 million write-off of unamortized debt issuance costs and discounts. | ||||||||
At the election of the Company and subject to certain conditions, the amount available under the New Term Loan Facility may be increased by up to $75 million, which increased amount may be comprised of additional term loans and up to $20 million of revolving loans. The Letter of Credit Facility provides for the issuance of letters of credit with an aggregate stated amount of up to $15 million, through a termination date of March 16, 2017. The letters of credit issued under the Letter of Credit Facility will be secured by cash collateral in an amount no less than 103% of the face amounts of such letters of credit. | ||||||||
The obligations under the New Term Loan Facility bear interest, at the Company's election, at an annual rate equal to either: (i) the sum of (a) the Adjusted LIBOR Rate (as defined in the New Term Loan Facility) (subject to a 1.50% floor); plus (b) a margin of 6.00%; or (ii) the sum of: (a) the alternate base rate, which is equal to the greatest of: (1) the corporate base rate of UBS AG, Stamford Branch; (2) the Federal Funds Effective Rate (as defined in the New Term Loan Facility) plus 0.50%; or (3) the Adjusted LIBOR Rate (as defined in the New Term Loan Facility) for one month plus 1.00% (all subject to a 2.50% floor); plus (b) a margin of 5.00%; such that, in either case, the applicable interest rate shall not be less than 7.50%. An additional 2% default rate also applies in certain instances described in the New Term Loan Facility. As of September 30, 2013, the interest rate was 7.5%. | ||||||||
The New Term Loan Facility may be prepaid at the option of the Company any time without penalty (other than customary breakage fees). The New Term Loan Facility contains mandatory prepayment provisions from proceeds received by the Company and its subsidiaries as a result of asset sales, the incurrence of indebtedness and issuance of equity, casualty events and excess cash flow (subject in each case to certain exceptions). Key covenants binding the Company and its subsidiaries include (i) limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments, and affiliate and extraordinary transactions, (ii) compliance with a first lien net leverage ratio, measured quarterly on a trailing twelve-month basis (3.25:1.00 for the quarter ended March 31, 2013, and reducing annually over time to 2.50:1.00 beginning as of the quarter ending March 31, 2016), and (iii) compliance with a total net leverage ratio, measured quarterly on a trailing twelve-month basis, of 5.00:1.00. Key defaults include (i) failure to repay principal, interest, fees and other amounts owing under the facility, (ii) cross default to certain other indebtedness, (iii) the rendering of certain judgments against the Company or its subsidiaries, (iv) failure of security documents to create valid liens on property securing the New Term Loan Facility and to perfect such liens, (v) revocation of casino, gambling, or gaming licenses, (vi) the Company's or its material subsidiaries' bankruptcy or insolvency; and (vii) the occurrence of a Change of Control (as defined in the New Term Loan Facility). Many defaults are also subject to cure periods prior to such default giving rise to the right of the lenders to accelerate the loans and to exercise remedies. The Company was in compliance with the covenants of the New Term Loan Facility at September 30, 2013. |
IMPAIRMENT_CHARGES_AND_OTHER_W
IMPAIRMENT CHARGES AND OTHER WRITE-DOWNS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Impairment Charges and Other Write-Downs [Abstract] | ' | ||||||||||||||||
Impairment charges and other write-downs [Text Block] | ' | ||||||||||||||||
IMPAIRMENT CHARGES, OTHER WRITE DOWNS AND RECOVERIES | |||||||||||||||||
Impairment charges and other write-downs consist of the following (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Impairment of barge (Note 4) | $ | — | $ | — | $ | 439 | $ | — | |||||||||
Gain on insurance recoveries | — | (3,982 | ) | — | (3,982 | ) | |||||||||||
Impairment of intangible assets (Note 5) | — | — | — | 1,776 | |||||||||||||
Loss (gain) on disposal of assets | (198 | ) | 28 | 61 | 108 | ||||||||||||
Total impairment charges, other write-downs and recoveries | $ | (198 | ) | $ | (3,954 | ) | $ | 500 | $ | (2,098 | ) | ||||||
Flooding Related Expenses and Insurance Recoveries | |||||||||||||||||
Tropicana Greenville and Jubilee, both located in Greenville, Mississippi, closed for approximately 29 days in May 2011, as a result of Mississippi River flooding. The Company filed claims with its insurance carriers for Tropicana Greenville and Jubilee under its property and business interruption policies in July 2011. During 2011, the Company received $2.5 million in advances from its insurance carriers, which resulted in a $1.6 million deferred gain, net of expenses and write-downs, as of December 31, 2011. Through September 30, 2012, the Company received an additional $2.4 million in advances from its insurance carriers. The proceeds were recognized in the condensed consolidated statements of cash flows for the nine months ended September 30, 2012, $0.7 million in insurance proceeds for flood losses from business interruption in cash flow from operating activities and $1.7 million in insurance proceeds for flood losses in cash flow from investing activities. | |||||||||||||||||
In September 2012 the filed claims were substantially finalized resulting in a gain of $4.0 million, net of expenses and write-downs, which is included in the accompanying condensed consolidated statement of operations for the three and nine months ended September 30, 2012. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Icahn Affiliates | |
On May 4, 2009, pursuant to the Plan, the Company entered into a commitment letter (the "Commitment Letter") with Icahn Affiliates, pursuant to which Icahn Affiliates committed to provide, on a fully underwritten basis, the Exit Facility. At the time of the repayment of the Exit Facility in March 2012, an entity affiliated with Mr. Icahn was a lender under the Exit Facility and held more than 50% of the loans extended under the Exit Facility. In addition, another entity affiliated with Mr. Icahn was the administrative agent and collateral agent under the Exit Facility. The Company and TEH paid a total of $9.5 million in debt issuance costs related to the Exit Facility. In March 2012, when the Exit Facility was repaid in full, the Company paid a prepayment penalty to the lenders of $2.0 million and expensed the remaining unamortized debt issuance costs of $2.7 million to loss on debt retirement in the nine months ended September 30, 2012. | |
Insight Portfolio Group LLC (formerly Icahn Sourcing, LLC) | |
Icahn Sourcing, LLC ("Icahn Sourcing") is an entity formed by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating rates with a wide range of suppliers of goods, services and tangible and intangible property. The Company was a member of the buying group in 2012 and, as such, was afforded the opportunity to purchase goods, services and property from vendors with whom Icahn Sourcing had negotiated rates and terms. Icahn Sourcing did not guarantee that the Company would purchase any goods, services or property from any such vendors, and the Company was under no obligation to do so. Prior to December 31, 2012, the Company did not pay Icahn Sourcing any fees or other amounts with respect to the buying group arrangement. | |
Effective January 1, 2013, Icahn Sourcing restructured its ownership and changed its name to Insight Portfolio Group LLC (“Insight Portfolio Group”). In connection with the restructuring, the Company acquired a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses in 2013. In addition to the minority equity interest held by the Company, a number of other entities with which Mr. Icahn has a relationship also acquired equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses in 2013. The Company may purchase a variety of goods and services as a member of the buying group at prices and on terms that the Company believes are more favorable than those which would be achieved on a stand-alone basis. The Company paid $0.1 million and $0.3 million to Insight Portfolio Group during the three and nine months ended September 30, 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Leases | |
MontBleu Lease | |
The Company has a lease agreement with respect to the land and building which MontBleu operates, through December 31, 2028. Under the terms of the lease, rent is $333,333 per month, plus 10% of annual gross revenues in excess of $50 million through December 31, 2011. After December 31, 2011, rent is equal to the greater of (i) $333,333 per month as increased by the same percentage that the consumer price index has increased from 2009 thereafter, plus 10% of annual gross revenues in excess of a Breakpoint as defined in the terms of the lease agreement, or (ii) 10% of annual gross revenues. In connection with fresh-start reporting, the Company recognized an unfavorable lease liability of $9.6 million related to this lease that will be amortized on a straight-line basis to rental expense over the remaining term of the lease. The unfavorable lease liability balance was $7.8 million and $8.2 million on the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, respectively. | |
Tropicana Evansville Land Lease | |
The Company leases from the City of Evansville, Indiana approximately ten acres of the approximately 20 acres on which Tropicana Evansville is situated. Under the terms of the lease, the Company may extend the lease term through November 30, 2040 by exercising up to seven five-year renewal options. In March 2010, the Company amended the Tropicana Evansville land lease and exercised its second of its seven renewal options which extends the lease term through November 2015. Under the terms of the lease renewal, effective December 1, 2010, the Company is required to pay a percentage of the adjusted gross receipts ("AGR") for the year in rent with a minimum annual rent of no less than $2.0 million. The percentage rent shall be equal to 2% of the AGR up to $25 million, plus 4% of the AGR in excess of $25 million up to $50 million, plus 6% of the AGR in excess of $50 million up to $75 million, plus 8% of the AGR in excess of $75 million up to $100 million and plus 12% of the AGR in excess of $100 million. In accordance with the lease renewal, during 2010 the Company paid a total of $13.5 million for the prepayment of rent to the City of Evansville for the period between January 2011 and December 2015. In addition, per the terms of the lease, the Company agreed to construct a pedestrian bridge to Tropicana Evansville as a leasehold improvement at an estimated cost of approximately $3.0 million to be completed within three years after the Effective Date. The bridge opened in April 2012 at a cost of approximately $3.4 million. | |
Belle of Baton Rouge Lease | |
Belle of Baton Rouge leases certain land and buildings under separate leases, with annual payments of $0.3 million which run through 2013 with options to extend for up to 70 years. In addition, Belle of Baton Rouge leases a parking lot with annual base rent of approximately $0.4 million, plus 0.94% of annual adjusted gross revenue in excess of $45 million but not to exceed $80 million through August 2015. | |
Tropicana Greenville Lease | |
Tropicana Greenville leases approximately four acres of land on which the docking, entry and parking facilities of the casino are situated. Tropicana Greenville is required to pay an amount equal to 2% of its monthly gross gaming revenues in rent, with a minimum monthly payment of $75,000. In addition, in any given year in which annual gross gaming revenues exceed $36.6 million, Tropicana Greenville is required to pay 8% of the excess amount as rent pursuant to the terms of the lease. The current lease expires in 2019 with options to extend its term through 2044. | |
In October 2013, Tropicana Greenville entered into an additional lease agreement with the City of Greenville, Mississippi, for a parcel of land adjacent to Tropicana Greenville upon which the Company intends to construct a parking lot in conjunction with its plans to expand the Tropicana Greenville casino. The initial term of the lease expires in August 2020, and the Company has several options to extend the lease for a total term of up to twenty-five years. Initial annual rent is $0.4 million with rent adjustments in option periods based upon the Consumer Price Index. | |
Jubilee Lease | |
The Company had a lease agreement with the City of Greenville, Mississippi, for the moorage, docking and berthing of Jubilee. The lease with the City of Greenville required annual rental payments of $0.4 million was due to expire in August 2020 and provided the Company with the option of two five-year renewals. Jubilee ceased operations at its riverboat facility in April 2012 and in April 2013 the Jubilee casino vessel was moved to a dry dock facility in Amelia, Louisiana where it is being evaluated for an insurance claim (see Note 4). In October 2013 the Company and the City of Greenville entered into an agreement to terminate the Jubilee Lease upon execution of the new Tropicana Greenville lease noted above. | |
Tropicana Aruba Land Lease | |
The Company assumed a land lease in August 2010 for approximately 14 acres of land on which Tropicana Aruba is situated through July 30, 2051. Under the terms of the land lease, the annual rent is $93,000. | |
Other Commitments and Contingencies | |
2011 New Jersey Legislation | |
On February 1, 2011, New Jersey enacted legislation (the "Tourism District Bill") that delegates redevelopment authority and creation of a master plan to the CRDA and allowed the CRDA the ability to enter into a five year public private partnership with the casinos in Atlantic City that have formed the Atlantic City Alliance ("ACA") to jointly market the city. Through this legislation the Atlantic City Casinos are required to contribute $5.0 million prior to 2012. Thereafter, the legislation obligates the Atlantic City Casinos either through the ACA or, if not a member of the ACA, through individual assessments, to provide funding for the Tourism District Bill in the aggregate amount of $30.0 million annually over the next five years. Each Atlantic City Casino's proportionate share of the assessment will be based on the gross revenue generated in the preceding fiscal year. The Company estimates its portions of these industry obligations to be approximately 8.1%. | |
New Jersey CRDA | |
Under current New Jersey law, the New Jersey Casino Control Commission imposes an annual tax of 8% on gross casino revenue and, commencing with the operation of Internet gaming, an annual tax of 15% on Internet gaming gross revenue. Pursuant to New Jersey law, casino license holders or Internet gaming permit holders (as applicable) are required to invest an additional 1.25% of gross casino revenue and 2.5% of Internet gaming gross revenue for the purchase of bonds to be issued by the CRDA or to make other approved investments equal to those amounts; and, in the event the investment requirement is not met, the casino license holder or Internet gaming permit holder (as applicable) is subject to a tax of 2.5% on gross casino revenue and 5% on Internet gaming gross revenue. As mandated by New Jersey law, the interest rate of the CRDA bonds purchased by the licensee will be two-thirds of the average market rate for bonds available for purchase and published by a national bond index at the time of the CRDA bond issuance. | |
Wimar and CSC Administrative Expense Claims | |
On March 31, 2009, Wimar Tahoe Corporation ("Wimar") and Columbia Sussex Corporation ("CSC") filed separate proceedings with the Bankruptcy Court related to administrative expense claims against the Predecessors. On August 4, 2010, Wimar and CSC separately filed motions for summary judgment seeking payment on account of these claims from the Company totaling approximately $5.4 million, which was recorded as a liability upon emergence from bankruptcy and is included in accounts payable in our accompanying condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. In its objection to Wimar and CSC's motions for summary judgment, the Company disputes the administrative expense and/or priority status of certain amounts claimed and also contends that any payment to CSC or Wimar should await the resolution of the adversary proceeding instituted by Lightsway Litigation Services, LLC, as Trustee of the Tropicana Litigation Trust established in the voluntary petitions for relief under Chapter 11 of the Bankruptcy Code, against CSC and Wimar. On June 24, 2011, the Company, CSC, and Wimar, along with certain other parties, participated in mediation concerning Wimar and CSC's claims, but the mediation terminated without resolution of the claims. Oral argument on the summary judgment motions were conducted on September 27, 2011 and November 22, 2011, the parties are awaiting the Court's decision regarding these motions. | |
Aztar v. Marsh | |
Aztar Corporation ("Aztar") filed a broker malpractice and breach of contract action in the Superior Court of New Jersey, Atlantic County, Law Division (the “Court”) on August 12, 2010, against Marsh & McLennan Companies, Marsh, Inc., Marsh USA, Inc. and various fictitious Marsh entities (together, the "Marsh Defendants"). The claim seeks $100 million or more in compensatory damages against the Marsh Defendants, Aztar's risk management and insurance brokers at the time of a 2002 expansion of Tropicana AC by Aztar, including, but not limited to, lost profits, expenses arising from the interruption of operations, attorneys' fees, loss of the use of the insurance proceeds at issue, and litigation expenses resulting from the Marsh Defendants' failure to secure for Aztar business interruption and property damage coverage covering losses sustained by Aztar from the collapse of a parking garage that occurred at Tropicana AC on October 30, 2003. | |
The Marsh Defendants filed an answer on October 20, 2010 denying the material allegations of the complaint and subsequently filed a Motion to Dismiss for Forum Non Conveniens in December 2010, which motion was denied by the Court on April 12, 2011. On August 18, 2011 the Marsh Defendants filed a Motion for Summary Judgment arguing that the Court should apply the Arizona Statue of Limitations to the action. Aztar filed an objection to the Marsh Defendants' motion on September 23, 2011 arguing, inter alia, that the New Jersey Statute of Limitations applies to the action. The Marsh Defendants filed its Reply on October 3, 2011. The motion was argued in January 2012. In April 2012, the Court granted the Marsh Defendants' Motion for Summary Judgment dismissing Aztar's complaint with prejudice. Aztar subsequently filed a Motion for Reconsideration with the Court, which was denied. In September 2012, Aztar filed an appeal of the Court's decision to dismiss the case with the Superior Court of New Jersey, Appellate Division. In September 2013, the Superior Court of New Jersey, Appellate Division denied Aztar’s appeal substantially for the reasons set forth in the Court’s decision. Aztar has filed a Petition for Certification to the New Jersey Supreme Court, which petition is pending. Any recovery obtained by Aztar in this action will be recoverable by the Company as the current owner of Tropicana AC. | |
Nevada Use Tax Claims | |
On March 27, 2008, the Nevada Supreme Court issued a decision in Sparks Nugget, Inc. vs. The State of Nevada Department of Taxation (the "Sparks Decision"), that food purchased for subsequent use in the provision of complimentary and/or employee meals was exempt from both sales and use tax. The Predecessors had previously paid use tax on food purchased for subsequent use in complimentary and employee meals at our Nevada casino properties and subsequently filed refund claims for the periods from February 2000 through March 2008 (“Predecessor Refund Claims”). | |
The Company also claimed sales and use tax exemptions on tax returns for periods from March 2008 to February 2012 (“Company Exemption Claims”) based on the Sparks Decision and did not accrue or pay any sales or use tax for that period. Subsequently, the Nevada Department of Taxation (“Department”) asserted that gaming companies should pay sales tax on customer complimentary meals and employee meals on a prospective basis based upon a Nevada Tax Commission (“Commission”) decision concerning another gaming company that determined complimentary meals provided to customers are subject to sales tax at the retail value of the meal and employee meals are subject to sales tax at the cost of the meal. The other gaming company filed in Clark County District Court a petition for judicial review of the Commission decision. Based upon the Commission decision, the Company subsequently accrued for but did not remit any tax, as it disagreed with the position asserted by the Department and the Commission. | |
In May 2013, the Department, the Commission and the Company (among others) entered into a settlement agreement (the “Settlement”) to resolve the Predecessor Refund Claims and the Company Exemption Claims. Pursuant to the Settlement, the Company will receive partial refunds and tax credits in the amount of approximately $1.0 million related to the Predecessor Refund Claims. The Settlement was contingent upon enactment of legislation by the State of Nevada (“Assembly Bill 506”) that clarified that food, meals and non-alcoholic beverages provided on a complimentary basis to employees, patrons or guests of a retailer are not subject to sales or use tax. Assembly Bill 506 was enacted in June 2013. As a result of the Settlement, the Company reversed accrued sales and use taxes of $0.5 million and recognized the adjustment as a reduction to general and administrative expenses from continuing operations in the accompanying condensed consolidated statements of income. | |
Greenville Riverboat, LLC Appraisal Action | |
On October 28, 2010, immediately following Mississippi Gaming Commission approval, the Company elected to effect a merger which resulted in the purchase of the minority interests in Greenville Riverboat, LLC, the Company's subsidiary that owns Tropicana Greenville (formerly Lighthouse Point Casino). The minority owner received $2.5 million in January 2011, and exercised its appraisal rights requesting an additional $3.2 million as payment for its minority interest. The minority owner also asserted certain cross claims against Tropicana Greenville in the appraisal proceedings for additional distributions. In December 2012 a Special Master appointed by the court submitted a business valuation report to the court appraising the minority interest at approximately $2.6 million. The Company filed exceptions seeking a further reduction to approximately $2.3 million. In June 2013, the parties agreed to and executed a settlement pursuant to which the Company paid an additional $80,000 to the minority owner in exchange for a full release and dismissal of all claims. The case was subsequently dismissed by the Court. | |
Tropicana AC Tax Appeal Settlement | |
In January 2013 we settled outstanding real estate tax appeals involving our Tropicana AC property with the City of Atlantic City. The settlement involves the tax years 2008 through 2012 and also covers negotiated real estate assessments for 2013 and 2014. Under the terms of the settlement, Tropicana AC will receive a $49.5 million refund in the form of credits against future year real estate tax bills beginning in 2013 and ending in 2017. The credits are front-loaded in 2013 and 2014 so that after the credits are applied, Tropicana will pay $1.8 million in taxes in 2013 and $3.0 million in taxes in 2014, with the remainder of the credits spread over the remaining three years, 2015 through 2017. The Company will recognize these credits as a reduction to operating expenses in the periods they are utilized. In addition, the Company expensed $4.1 million in professional fees related to this settlement in the nine months ended September 30, 2013. | |
Litigation in General | |
The Company is a party to various litigation that arises in the ordinary course of business. In the opinion of management, all pending legal matters are either adequately covered by insurance or, if not insured, will not have a material adverse effect on the financial position or the results of operations of the Company. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
STOCKHOLDERS' EQUITY | |
Common Stock | |
The Company is authorized to issue up to 100 million shares of its common stock, $0.01 par value per share ("Common Stock"), of which 26,312,500 shares were issued and outstanding as of September 30, 2013. Each holder of Common Stock is entitled to one vote for each share held of record on each matter submitted to a vote of stockholders. The holders of Common Stock have no cumulative voting rights, preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Common Stock. Subject to any preferences that may be granted to the holders of the Company's preferred stock, each holder of Common Stock is entitled to receive ratably such dividends as may be declared by the Board of Directors out of funds legally available therefore, as well as any distributions to the stockholders and, in the event of the Company's liquidation, dissolution or winding up is entitled to share ratably in all the Company's assets remaining after payment of liabilities. | |
Preferred Stock | |
The Company is authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share, of which none were issued as of September 30, 2013. The Board of Directors, without further action by the holders of Common Stock, may issue shares of preferred stock in one or more series and may fix or alter the rights, preferences, privileges and restrictions, including the voting rights, redemption provisions (including sinking fund provisions), dividend rights, dividend rates, liquidation rates, liquidation preferences, conversion rights and the description and number of shares constituting any wholly unissued series of preferred stock. Except as described above, the Board of Directors, without further stockholder approval, may issue shares of preferred stock with rights that could adversely affect the rights of the holders of Common Stock. The issuance of shares of preferred stock under certain circumstances could have the effect of delaying or preventing a change of control of TEI or other corporate action. | |
Warrants | |
In accordance with the Plan, holders of the Predecessors' $960 million of 95/8% Senior Subordinated Notes and general unsecured claims received warrants to purchase 3,750,000 shares of Common Stock ("Ordinary Warrants"). The Ordinary Warrants have a four year, six month term and an exercise price of $52.44 per share. The Company evaluated the Ordinary Warrants under current accounting pronouncements and determined they were properly classified as equity on the accompanying condensed consolidated balance sheet. The Company valued the Ordinary Warrants using the Black-Scholes option valuation model assuming a life of 4.5 years, a volatility factor of 61% and a risk free interest rate of 2.36%. The resulting value of $11.5 million was recorded as a reorganization item of the Predecessors statements of operations. | |
Significant Ownership | |
At September 30, 2013, Mr. Icahn indirectly controlled approximately 67.9% of the voting power of the Company's Common Stock and, by virtue of such stock ownership, is able to control or exert substantial influence over the Company, including the election of directors. The existence of a significant stockholder may have the effect of making it difficult for, or may discourage or delay, a third party from seeking to acquire a majority of the Company's outstanding Common Stock. Mr. Icahn's interests may not always be consistent with the Company's interests or with the interests of the Company's other stockholders. Mr. Icahn and entities controlled by him may also pursue acquisitions or business opportunities that may or may not be complementary to the Company's business. To the extent that conflicts of interest may arise between the Company and Mr. Icahn and his affiliates, those conflicts may be resolved in a manner adverse to the Company or its other shareholders. |
BASIC_AND_DILUTED_NET_INCOME_P
BASIC AND DILUTED NET INCOME PER SHARE | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
BASIC AND DILUTED NET INCOME PER SHARE | ' |
BASIC AND DILUTED NET INCOME PER SHARE | |
The Company computes net income per share in accordance with accounting guidance that requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing net income (loss) for the period by the weighted average number of shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period, increased by potentially dilutive common shares that were outstanding during the period. Potentially dilutive common shares include warrants. Diluted EPS excludes all potential dilutive shares if their effect is anti-dilutive. | |
Excluded from the calculation of diluted EPS are the Ordinary Warrants to purchase 3,750,000 shares of our common stock as they were anti-dilutive for all periods presented. |
DISCONTINUED_OPERATIONS_DISCON
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (River Palms disposal [Member]) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
River Palms disposal [Member] | ' | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
As discussed in Note 1, in April 2013, the Company entered into an agreement to sell substantially all of the assets and certain liabilities of River Palms. In October 2013, the Company notified the buyers that it had elected to terminate, effective immediately, the agreement to sell River Palms, pursuant to the terms of the agreement. In accordance with accounting guidance for assets held for sale, the results of operations for River Palms are presented as discontinued operations in the accompanying condensed consolidated statements of income while its assets and liabilities are presented as held for sale in the accompanying balance sheets. The cash flows of the discontinued operations are included with the cash flows of continuing operations in the accompanying condensed consolidated statements of cash flows. The Company is currently evaluating its future plans for River Palms and if the Company decides not to sell River Palms, it will be reclassified as held and used. | ||||||||||||||||
The assets and liabilities of River Palms are presented as held for sale as follows (in thousands, unaudited): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Cash | $ | 2,411 | $ | 2,280 | ||||||||||||
Receivables, net | 748 | 683 | ||||||||||||||
Property and equipment, net | 6,973 | 6,561 | ||||||||||||||
Other assets | 2,069 | 2,195 | ||||||||||||||
Total assets held for sale | $ | 12,201 | $ | 11,719 | ||||||||||||
Accounts payable | $ | 721 | $ | 1,085 | ||||||||||||
Accrued expenses and other liabilities | 1,450 | 1,354 | ||||||||||||||
Total liabilities related to assets held for sale | $ | 2,171 | $ | 2,439 | ||||||||||||
Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 4,421 | $ | 4,980 | $ | 14,013 | $ | 15,751 | ||||||||
Operating costs and expenses | (5,135 | ) | (5,326 | ) | (14,427 | ) | (15,953 | ) | ||||||||
Impairment of discontinued operations | — | — | (1,454 | ) | — | |||||||||||
Loss from operations | (714 | ) | (346 | ) | (1,868 | ) | (202 | ) | ||||||||
Income tax benefit (expense) | (69 | ) | (146 | ) | 301 | (85 | ) | |||||||||
Loss from discontinued operations, net | $ | (783 | ) | $ | (492 | ) | $ | (1,567 | ) | $ | (287 | ) | ||||
Loss Related to Sale | ||||||||||||||||
In accordance with the asset purchase agreement, the Company agreed to sell substantially all of the assets and certain liabilities of River Palms in exchange for $7.0 million in cash. The Company compared its carrying value of River Palms to the sale price less estimated costs to complete the sale and recorded a preliminary loss on the sale of River Palms of $1.5 million which is included in the loss from discontinued operations for the nine months ended September 30, 2013. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company's effective income tax rate from continuing operations for the three months ended September 30, 2013 and 2012 was 12.5% and 6.7%, respectively. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the three months ended September 30, 2013 was primarily due to the utilization of the Company's deferred tax assets offset by disallowed foreign losses, state income taxes (net of federal benefit), and other permanent differences. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the three months ended September 30, 2012 was primarily due to the utilization of the Company's deferred tax assets offset by disallowed foreign losses, state income taxes (net of federal benefit), and other permanent differences. Looking forward, our effective income tax rate may fluctuate due to changes in tax legislation, changes in our estimates of federal tax credits, changes in our assessment of uncertainties as valued under accounting guidance for uncertainty in income taxes, as well as accumulated interest and penalties. | |
The Company's effective income tax rate from continuing operations for the nine months ended September 30, 2013 and 2012 was 9.8% and 10.7%, respectively. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the nine months ended September 30, 2013 was primarily due to the utilization of the Company's deferred tax assets offset by disallowed foreign losses, state income taxes (net of federal benefit), and other permanent differences. The difference between the federal statutory rate of 35% and the effective tax rate for the nine months ended September 30, 2012, was primarily due to the utilization of the Company's deferred tax assets offset by disallowed foreign losses, state income taxes (net of federal benefit), and other permanent differences. Looking forward, our effective income tax rate may fluctuate due to changes in tax legislation, changes in our estimates of federal tax credits, changes in our assessment of uncertainties as valued under accounting guidance for uncertainty in income taxes, as well as accumulated interest and penalties. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
SEGMENT INFORMATION | ' | |||||||
SEGMENT INFORMATION | ||||||||
The Company views each property as an operating segment which we aggregate by region in order to present our reportable segments: (i) East, (ii) Central, (iii) West, (iv) and South and other. The Company uses operating income to compare operating results among its segments and allocate resources. | ||||||||
The following table highlights by segment our net revenues and operating income, and reconciles operating income to income from continuing operations before income taxes for the quarters ended September 30, 2013 and 2012 (in thousands): | ||||||||
Three months ended September 30, | ||||||||
2013 | 2012 | |||||||
Net revenues: | ||||||||
East | $ | 69,808 | $ | 83,197 | ||||
Central | 29,748 | 31,314 | ||||||
West | 27,872 | 27,680 | ||||||
South and other | 21,319 | 24,290 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 148,747 | $ | 166,481 | ||||
Operating income: | ||||||||
East | $ | 8,034 | $ | 12,374 | ||||
Central | 6,304 | 6,880 | ||||||
West | 3,126 | 3,994 | ||||||
South and other | 52 | 6,278 | ||||||
Corporate | (3,633 | ) | (3,144 | ) | ||||
Total operating income | $ | 13,883 | $ | 26,382 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 13,883 | $ | 26,382 | ||||
Interest expense | (3,636 | ) | (3,675 | ) | ||||
Interest income | 190 | 179 | ||||||
Income from continuing operations before income taxes | $ | 10,437 | $ | 22,886 | ||||
The following table highlights by segment our net revenues and operating income, and reconciles operating income to income from continuing operations before income taxes for the nine months ended September 30, 2013 and 2012 (in thousands, unaudited): | ||||||||
Nine months ended September 30, | ||||||||
2013 | 2012 | |||||||
Net revenues: | ||||||||
East | $ | 192,506 | $ | 218,172 | ||||
Central | 91,194 | 94,383 | ||||||
West | 78,530 | 78,167 | ||||||
South and other | 68,629 | 83,828 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 430,859 | $ | 474,550 | ||||
Operating income: | ||||||||
East | $ | 15,299 | $ | 12,136 | ||||
Central | 21,624 | 21,349 | ||||||
West | 10,126 | 11,260 | ||||||
South and other | 3,708 | 19,104 | ||||||
Corporate | (9,213 | ) | (9,944 | ) | ||||
Total operating income | $ | 41,544 | $ | 53,905 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 41,544 | $ | 53,905 | ||||
Interest expense | (10,816 | ) | (13,496 | ) | ||||
Interest income | 593 | 511 | ||||||
Loss on debt retirement | — | (12,847 | ) | |||||
Income from continuing operations before income taxes | $ | 31,321 | $ | 28,073 | ||||
Assets by segment: | September 30, 2013 | December 31, 2012 | ||||||
East | $ | 368,426 | $ | 343,777 | ||||
Central | 150,037 | 154,860 | ||||||
West | 107,049 | 106,235 | ||||||
South and other | 115,035 | 118,197 | ||||||
Corporate | 172,365 | 167,451 | ||||||
Assets held for sale | 12,201 | 11,719 | ||||||
Total assets | $ | 925,113 | $ | 902,239 | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make 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 and the reported amounts of revenues and expenses during the reporting period. Significant estimates incorporated in the Company's financial statements include the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable, the estimated valuation allowance for deferred tax assets, certain tax liabilities, estimated cash flows in assessing the impairment of long-lived assets, intangible assets, Casino Reinvestment Development Authority (the "CRDA") investments, self-insured liability reserves, customer loyalty program reserves, contingencies, litigation, claims, assessments and loss contingencies. Actual results could differ from these estimates. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash consisted primarily of funds invested in approved money market funds. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The carrying values of the Company's cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value because of the short term maturities of these instruments. The carrying values of investments, which include deposits and bonds, approximate fair value as items are presented net of a valuation allowance and in the case of the bonds, net of an unamortized discount. | |
The fair value of our long-term debt is based on the quoted market prices for similar issues. | |
Revenue Recognition and Promotional Allowances | ' |
Revenue Recognition and Promotional Allowances | |
Casino revenue represents the difference between wins and losses from gaming activities. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. 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. The majority of the Company's casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
A variety of proposed or otherwise potential accounting standards are currently under consideration by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Costs and expenses of promotional allowances | ' | ||||||||||||||||
The estimated departmental costs and expenses of providing these promotional allowances, for continuing operations, are included in casino operating costs and expenses and consist of the following (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Room | $ | 3,586 | $ | 3,552 | $ | 11,140 | $ | 11,658 | |||||||||
Food and beverage | 9,209 | 9,894 | 25,390 | 28,660 | |||||||||||||
Other | 703 | 727 | 1,495 | 1,907 | |||||||||||||
Total | $ | 13,498 | $ | 14,173 | $ | 38,025 | $ | 42,225 | |||||||||
RECEIVABLES_Tables
RECEIVABLES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Casino | $ | 19,179 | $ | 19,670 | ||||
Hotel | 4,954 | 5,024 | ||||||
Predecessors' administrative tax claim | 10,478 | 10,478 | ||||||
Other | 4,966 | 4,864 | ||||||
39,577 | 40,036 | |||||||
Allowance for doubtful accounts | (12,146 | ) | (12,223 | ) | ||||
Receivables, net | $ | 27,431 | $ | 27,813 | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and equipment | ' | |||||||||
Property and equipment consist of the following (in thousands): | ||||||||||
Estimated | September 30, 2013 | December 31, 2012 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 89,500 | $ | 90,190 | |||||
Buildings and improvements | 10 - 40 | 333,443 | 316,695 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 122,631 | 101,940 | |||||||
Riverboats and barges | 5 - 15 | 18,990 | 20,100 | |||||||
Construction in progress | — | 9,360 | 13,029 | |||||||
573,924 | 541,954 | |||||||||
Accumulated depreciation | (117,085 | ) | (93,530 | ) | ||||||
Property and equipment, net | $ | 456,839 | $ | 448,424 | ||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in the carrying amount of Goodwill | ' | |||||||||||||||||||||||
Changes in the carrying amount of Goodwill are as follows (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | |||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Central | $ | 14,224 | $ | — | $ | 14,224 | $ | 14,224 | $ | — | $ | 14,224 | ||||||||||||
South and other | 1,731 | (1,731 | ) | — | 1,731 | (1,731 | ) | — | ||||||||||||||||
Corporate | 10,704 | — | 10,704 | 10,704 | — | 10,704 | ||||||||||||||||||
Total | $ | 26,659 | $ | (1,731 | ) | $ | 24,928 | $ | 26,659 | $ | (1,731 | ) | $ | 24,928 | ||||||||||
Intangible assets | ' | |||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
Estimated | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
life | ||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||||||||||
Gaming licenses | Indefinite | 28,700 | 28,700 | |||||||||||||||||||||
Customer lists | 3 | 2,861 | 2,861 | |||||||||||||||||||||
Favorable lease | 5 - 42 | 15,645 | 15,645 | |||||||||||||||||||||
Total intangible assets | 72,706 | 72,706 | ||||||||||||||||||||||
Less accumulated amortization: | ||||||||||||||||||||||||
Customer lists | (2,861 | ) | (2,702 | ) | ||||||||||||||||||||
Favorable lease | (2,638 | ) | (2,059 | ) | ||||||||||||||||||||
Total accumulated amortization | (5,499 | ) | (4,761 | ) | ||||||||||||||||||||
Intangible assets, net | $ | 67,207 | $ | 67,945 | ||||||||||||||||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Schedule of investments | ' | |||||||
Investments consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Investment in bonds—CRDA | $ | 16,613 | $ | 16,616 | ||||
Less unamortized discount | (4,473 | ) | (4,498 | ) | ||||
Less valuation allowance | (3,433 | ) | (3,415 | ) | ||||
Deposits—CRDA | 29,418 | 29,751 | ||||||
Less valuation allowance | (7,109 | ) | (6,987 | ) | ||||
Direct investment—CRDA | 3,314 | 4,612 | ||||||
Less valuation allowance | (673 | ) | (1,280 | ) | ||||
Total investments | $ | 33,657 | $ | 34,799 | ||||
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Schedule of other assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Debt issuance costs | $ | 2,518 | $ | 2,910 | ||||
Tropicana Evansville prepaid rent | 3,150 | 5,175 | ||||||
Deposits | 5,002 | 6,176 | ||||||
Other | 3,980 | 2,022 | ||||||
Other assets | $ | 14,650 | $ | 16,283 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses and other current liabilities | ' | |||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued payroll and benefits | $ | 26,246 | $ | 24,403 | ||||
Accrued gaming and related | 9,732 | 10,604 | ||||||
Accrued taxes | 9,403 | 10,302 | ||||||
Predecessors' administrative tax claim | 9,792 | 9,792 | ||||||
Other accrued expenses and current liabilities | 7,805 | 9,798 | ||||||
Total accrued expenses and other current liabilities | $ | 62,978 | $ | 64,899 | ||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
New Term Loan Facility, due 2018, interest at 7.5% at September 30, 2013 and December 31, 2012, net of unamortized discount of $2.6 million and $3.0 million at September 30, 2013 and December 31, 2012, respectively | $ | 169,796 | $ | 170,665 | ||||
Other long-term debt | — | 89 | ||||||
Total long-term debt | 169,796 | 170,754 | ||||||
Less current portion of debt | (1,750 | ) | (1,795 | ) | ||||
Total long-term debt, net | $ | 168,046 | $ | 168,959 | ||||
IMPAIRMENT_CHARGES_AND_OTHER_W1
IMPAIRMENT CHARGES AND OTHER WRITE-DOWNS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Impairment Charges and Other Write-Downs [Abstract] | ' | ||||||||||||||||
Schedule of Impairment Charges and Other Write-Downs [Table Text Block] | ' | ||||||||||||||||
Impairment charges and other write-downs consist of the following (in thousands): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Impairment of barge (Note 4) | $ | — | $ | — | $ | 439 | $ | — | |||||||||
Gain on insurance recoveries | — | (3,982 | ) | — | (3,982 | ) | |||||||||||
Impairment of intangible assets (Note 5) | — | — | — | 1,776 | |||||||||||||
Loss (gain) on disposal of assets | (198 | ) | 28 | 61 | 108 | ||||||||||||
Total impairment charges, other write-downs and recoveries | $ | (198 | ) | $ | (3,954 | ) | $ | 500 | $ | (2,098 | ) | ||||||
DISCONTINUED_OPERATIONS_DISCON1
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables) (River Palms disposal [Member]) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
River Palms disposal [Member] | ' | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
The assets and liabilities of River Palms are presented as held for sale as follows (in thousands, unaudited): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Cash | $ | 2,411 | $ | 2,280 | ||||||||||||
Receivables, net | 748 | 683 | ||||||||||||||
Property and equipment, net | 6,973 | 6,561 | ||||||||||||||
Other assets | 2,069 | 2,195 | ||||||||||||||
Total assets held for sale | $ | 12,201 | $ | 11,719 | ||||||||||||
Accounts payable | $ | 721 | $ | 1,085 | ||||||||||||
Accrued expenses and other liabilities | 1,450 | 1,354 | ||||||||||||||
Total liabilities related to assets held for sale | $ | 2,171 | $ | 2,439 | ||||||||||||
Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 4,421 | $ | 4,980 | $ | 14,013 | $ | 15,751 | ||||||||
Operating costs and expenses | (5,135 | ) | (5,326 | ) | (14,427 | ) | (15,953 | ) | ||||||||
Impairment of discontinued operations | — | — | (1,454 | ) | — | |||||||||||
Loss from operations | (714 | ) | (346 | ) | (1,868 | ) | (202 | ) | ||||||||
Income tax benefit (expense) | (69 | ) | (146 | ) | 301 | (85 | ) | |||||||||
Loss from discontinued operations, net | $ | (783 | ) | $ | (492 | ) | $ | (1,567 | ) | $ | (287 | ) |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of segment net revenues and operating income (loss) and reconciliation of operating income (loss) to income from continuing operations before income taxes | ' | |||||||
The following table highlights by segment our net revenues and operating income, and reconciles operating income to income from continuing operations before income taxes for the quarters ended September 30, 2013 and 2012 (in thousands): | ||||||||
Three months ended September 30, | ||||||||
2013 | 2012 | |||||||
Net revenues: | ||||||||
East | $ | 69,808 | $ | 83,197 | ||||
Central | 29,748 | 31,314 | ||||||
West | 27,872 | 27,680 | ||||||
South and other | 21,319 | 24,290 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 148,747 | $ | 166,481 | ||||
Operating income: | ||||||||
East | $ | 8,034 | $ | 12,374 | ||||
Central | 6,304 | 6,880 | ||||||
West | 3,126 | 3,994 | ||||||
South and other | 52 | 6,278 | ||||||
Corporate | (3,633 | ) | (3,144 | ) | ||||
Total operating income | $ | 13,883 | $ | 26,382 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 13,883 | $ | 26,382 | ||||
Interest expense | (3,636 | ) | (3,675 | ) | ||||
Interest income | 190 | 179 | ||||||
Income from continuing operations before income taxes | $ | 10,437 | $ | 22,886 | ||||
The following table highlights by segment our net revenues and operating income, and reconciles operating income to income from continuing operations before income taxes for the nine months ended September 30, 2013 and 2012 (in thousands, unaudited): | ||||||||
Nine months ended September 30, | ||||||||
2013 | 2012 | |||||||
Net revenues: | ||||||||
East | $ | 192,506 | $ | 218,172 | ||||
Central | 91,194 | 94,383 | ||||||
West | 78,530 | 78,167 | ||||||
South and other | 68,629 | 83,828 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 430,859 | $ | 474,550 | ||||
Operating income: | ||||||||
East | $ | 15,299 | $ | 12,136 | ||||
Central | 21,624 | 21,349 | ||||||
West | 10,126 | 11,260 | ||||||
South and other | 3,708 | 19,104 | ||||||
Corporate | (9,213 | ) | (9,944 | ) | ||||
Total operating income | $ | 41,544 | $ | 53,905 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 41,544 | $ | 53,905 | ||||
Interest expense | (10,816 | ) | (13,496 | ) | ||||
Interest income | 593 | 511 | ||||||
Loss on debt retirement | — | (12,847 | ) | |||||
Income from continuing operations before income taxes | $ | 31,321 | $ | 28,073 | ||||
Schedule of segment assets | ' | |||||||
Assets by segment: | September 30, 2013 | December 31, 2012 | ||||||
East | $ | 368,426 | $ | 343,777 | ||||
Central | 150,037 | 154,860 | ||||||
West | 107,049 | 106,235 | ||||||
South and other | 115,035 | 118,197 | ||||||
Corporate | 172,365 | 167,451 | ||||||
Assets held for sale | 12,201 | 11,719 | ||||||
Total assets | $ | 925,113 | $ | 902,239 | ||||
ORGANIZATION_AND_BACKGROUND_Ge
ORGANIZATION AND BACKGROUND - Geographical Information (Details) | Sep. 30, 2013 |
Casinos | |
Island of Aruba | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
Nevada | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 2 |
Indiana | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
Louisiana | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
Mississippi | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
New Jersey | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
ORGANIZATION_AND_BACKGROUND_OR
ORGANIZATION AND BACKGROUND ORGANIZATION AND BACKGROUND - Business acquisition (Details) (Lumiere Place Casino, the Four Seasons Hotel St. Louis [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 |
Lumiere Place Casino, the Four Seasons Hotel St. Louis [Member] | ' |
Business Acquisition [Line Items] | ' |
Business acquisition, cash purchase price per purchase agreement, subject to adjustments. | $260 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 30, 2013 | Apr. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Room | Room | Room | Room | Food and Beverage | Food and Beverage | Food and Beverage | Food and Beverage | Other Departments | Other Departments | Other Departments | Other Departments | Cash restricted by bankruptcy court | Cash restricted by bankruptcy court | Cash restricted to collateralize letters of credit | Cash restricted to collateralize letters of credit | Cash restricted in connection with the agreement to purchase Lumiere Place Casino | Employee Bonus | Employee Bonus | Employee Bonus | Employee Bonus | ||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of the bonus accrual | ' | ' | ($1,566,000) | $5,826,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $1,200,000 | ' | ' |
Increase to operating income | 13,883,000 | 26,382,000 | 41,544,000 | 53,905,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 1,200,000 |
Restricted cash | 30,343,000 | ' | 30,343,000 | ' | 15,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | 9,700,000 | 5,600,000 | 5,600,000 | 15,000,000 | ' | ' | ' | ' |
Estimated fair value of long-term debt | 172,400,000 | ' | 172,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated costs and expenses of providing promotional allowances | $13,498,000 | $14,173,000 | $38,025,000 | $42,225,000 | ' | $3,586,000 | $3,552,000 | $11,140,000 | $11,658,000 | $9,209,000 | $9,894,000 | $25,390,000 | $28,660,000 | $703,000 | $727,000 | $1,495,000 | $1,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables | $39,577 | $40,036 |
Allowance for doubtful accounts | -12,146 | -12,223 |
Receivables, net | 27,431 | 27,813 |
Casino | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables | 19,179 | 19,670 |
Hotel | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables | 4,954 | 5,024 |
Predecessors' administrative tax claim | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables | 10,478 | 10,478 |
Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables | $4,966 | $4,864 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | $573,924,000 | ' | $573,924,000 | ' | $541,954,000 |
Accumulated depreciation | -117,085,000 | ' | -117,085,000 | ' | -93,530,000 |
Property and equipment, net | 456,839,000 | ' | 456,839,000 | ' | 448,424,000 |
Impairment charges | 0 | 0 | 439,000 | 0 | ' |
Insurance proceeds | ' | ' | 700,000 | 1,716,000 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | 89,500,000 | ' | 89,500,000 | ' | 90,190,000 |
Building and improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | 333,443,000 | ' | 333,443,000 | ' | 316,695,000 |
Building and improvements | Minimum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '10 years | ' | ' |
Building and improvements | Maximum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '40 years | ' | ' |
Furniture, fixtures, and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | 122,631,000 | ' | 122,631,000 | ' | 101,940,000 |
Furniture, fixtures, and equipment | Minimum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '3 years | ' | ' |
Furniture, fixtures, and equipment | Maximum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '7 years | ' | ' |
Riverboats and barges | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | 18,990,000 | ' | 18,990,000 | ' | 20,100,000 |
Riverboats and barges | Minimum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '5 years | ' | ' |
Riverboats and barges | Maximum | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '15 years | ' | ' |
Construction in progress | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, gross | 9,360,000 | ' | 9,360,000 | ' | 13,029,000 |
South and other | Riverboats and barges | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' |
Property and equipment, salvage | 400,000 | ' | 400,000 | ' | ' |
Impairment charges | ' | ' | 400,000 | ' | ' |
Insurance proceeds | ' | ' | $700,000 | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | $26,659 | $26,659 |
Accumulated Impairment | -1,731 | -1,731 |
Net Carrying Value | 24,928 | 24,928 |
Central | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 14,224 | 14,224 |
Accumulated Impairment | 0 | 0 |
Net Carrying Value | 14,224 | 14,224 |
South and other | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 1,731 | 1,731 |
Accumulated Impairment | -1,731 | -1,731 |
Net Carrying Value | 0 | 0 |
Corporate | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 10,704 | 10,704 |
Accumulated Impairment | 0 | 0 |
Net Carrying Value | $10,704 | $10,704 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 08, 2010 | Mar. 08, 2010 | Mar. 07, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 08, 2010 | Sep. 30, 2012 | Mar. 08, 2010 | Mar. 08, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 08, 2010 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 08, 2010 | |
Customer lists | Customer lists | Customer lists | Customer lists | Customer lists | Customer lists | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Favorable lease | Trade name | Trade name | Trade name | Trade name | Trade name | Gaming licenses | Gaming licenses | Gaming licenses | Gaming licenses | ||||||
Tropicana AC | Tropicana AC | Tropicana AC | Tropicana Aruba | Minimum | Maximum | |||||||||||||||||||||||||||
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, indefinite-lived | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,500,000 | $25,500,000 | ' | ' | $28,700,000 | $28,700,000 | ' |
Intangible assets, finite-lived | ' | ' | ' | ' | ' | ' | 2,861,000 | ' | 2,861,000 | ' | ' | ' | 15,645,000 | ' | 15,645,000 | ' | 15,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets, gross | 72,706,000 | ' | 72,706,000 | ' | 72,706,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total accumulated depreciation | -5,499,000 | ' | -5,499,000 | ' | -4,761,000 | ' | -2,861,000 | ' | -2,702,000 | ' | ' | ' | -2,638,000 | ' | -2,638,000 | ' | -2,059,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 67,207,000 | ' | 67,207,000 | ' | 67,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated life | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '42 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to correct an immaterial error | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonamortizable intangible asset recognized upon adoption of fresh-start reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' | ' | 44,000,000 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 3,700,000 | ' | ' | ' | 15,300,000 | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 0 | 1,776,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible asset recognized upon adoption of fresh-start reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | $300,000 | $200,000 | $800,000 | ' | ' | ' | ' | $200,000 | $200,000 | $600,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
BondsbCRDA | BondsbCRDA | BondsbCRDA | BondsbCRDA | DepositsbCRDA | DepositsbCRDA | DepositsbCRDA | DepositsbCRDA | DepositsbCRDA | DepositsbCRDA | Direct investmentbCRDA | Direct investmentbCRDA | |||
Minimum | Maximum | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | |||||||||
Schedule Of Long-term Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assessment of licensees, percentage of gross gaming revenues | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment alternative tax, percentage of gross gaming revenues | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, carrying value, gross | ' | ' | $16,613,000 | $16,616,000 | ' | ' | $29,418,000 | $29,751,000 | ' | ' | ' | ' | $3,314,000 | $4,612,000 |
Less unamortized discount | ' | ' | -4,473,000 | -4,498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less valuation allowance | ' | ' | -3,433,000 | -3,415,000 | ' | ' | -7,109,000 | -6,987,000 | ' | ' | ' | ' | -673,000 | -1,280,000 |
Total investments | 33,657,000 | 34,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CRDA bonds, contractual maturities | ' | ' | ' | ' | '2 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) charge to expense to reflect lower return on funds on deposit | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ($300,000) | $400,000 | ($100,000) | ' | ' |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Debt issuance costs | $2,518 | $2,910 |
Casino Aztar prepaid rent | 3,150 | 5,175 |
Deposits | 5,002 | 6,176 |
Other | 3,980 | 2,022 |
Other assets | $14,650 | $16,283 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued payroll and benefits | $26,246 | $24,403 |
Accrued gaming and related | 9,732 | 10,604 |
Accrued taxes | 9,403 | 10,302 |
Predecessors' administrative tax claim | 9,792 | 9,792 |
Other accrued expenses and current liabilities | 7,805 | 9,798 |
Total accrued expenses and other current liabilities | $62,978 | $64,899 |
DEBT_Schedule_Details
DEBT - Schedule (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $169,796,000 | $170,754,000 |
Current portion of long-term debt | -1,750,000 | -1,795,000 |
Long-term debt, net | 168,046,000 | 168,959,000 |
Unamortized discount | 2,600,000 | 3,000,000 |
Credit Facility [Member] | The Credit Facilities [Member] | New Term Loan Facility, Due 2018, Interest at 7.5% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 169,796,000 | 170,665,000 |
Interest rate | 7.50% | 7.50% |
Other long-term debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Capital Lease Obligations | $0 | $89,000 |
DEBT_Additional_Information_De
DEBT - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 29, 2009 | Dec. 29, 2009 | |
Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | |||||
The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Credit Facilities [Member] | The Exit Facility [Member] | The Exit Facility [Member] | The Exit Facility [Member] | |||||
New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | New Term Loan Facility, Due 2018, Interest at 7.5% | Letter of Credit [Member] | Term Loan Facility, Due 2013, Interest at 15 Percent [Member] | Letter of Credit [Member] | ||||||
Maximum | Minimum | Adjusted LIBOR | Adjusted LIBOR | Federal Funds Effective Rate | Adjusted one-month LIBOR | Adjusted one-month LIBOR | Adjusted one-month LIBOR | ||||||||||||
Criteria i(a) | Criteria i(b) | Criteria ii(a)(2) | Criteria ii(a)(3) | Criteria ii(a)(3) | Criteria ii(b) | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance amount | ' | ' | ' | ' | ' | ' | $175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $130,000,000 | ' |
Discount rate | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | 20,000,000 |
Quarterly payment, percent of principal | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,700,000 | ' | ' |
Loss on debt retirement | 0 | 0 | 0 | 12,847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,800,000 | ' | ' |
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Write off of debt issuance cost and unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | ' | ' |
Option for additional borrowings | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to increase borrowing capacity up to | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' |
Collateral, percent of face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' |
Variable rate basis floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 0.50% | 1.00% | ' | 5.00% | ' | ' | ' | ' |
Variable rate measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' | ' | ' | ' | ' |
Interest rate floor | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional default rate in certain instances | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, first lien net leverage ratio | ' | ' | ' | ' | ' | ' | ' | 3.25 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant, total net leverage ratio | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IMPAIRMENT_CHARGES_AND_OTHER_W2
IMPAIRMENT CHARGES AND OTHER WRITE-DOWNS (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
31-May-11 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | |
Impairment Charges and Other Write-Downs [Abstract] | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | $0 | $0 | $439,000 | $0 | ' |
Gain on insurance recoveries | ' | 0 | -3,982,000 | 0 | -3,982,000 | ' |
Impairment of Intangible Assets, Finite-lived | ' | 0 | 0 | 0 | 1,776,000 | ' |
Gain (Loss) on Disposition of Assets | ' | -198,000 | 28,000 | 61,000 | 108,000 | ' |
Impairment charges, other write downs and recoveries | ' | 198,000 | 3,954,000 | -500,000 | 2,098,000 | ' |
Period of Natural Disaster and Other Casualty Event | '0 years 0 months 29 days | ' | ' | ' | ' | ' |
Insurance Recoveries | ' | ' | ' | ' | 2,400,000 | 2,500,000 |
Deferred Gain | ' | ' | ' | ' | ' | 1,600,000 |
Insurance proceeds for flood losses from business interruption | ' | ' | ' | 0 | 731,000 | ' |
Insurance proceeds | ' | ' | ' | $700,000 | $1,716,000 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | |
Icahn Affiliates | Icahn Affiliates | Icahn Affiliates | Tropicana Entertainment, Inc. | ||||
The Exit Facility [Member] | The Exit Facility [Member] | Minimum | Icahn Affiliates | ||||
The Exit Facility [Member] | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' |
Debt issuance costs shared with TEH | ' | ' | ' | ' | ' | ' | $9,500,000 |
Debt issuance costs | 2,518,000 | 2,518,000 | 2,910,000 | ' | ' | ' | ' |
Prepayment penalty | ' | ' | ' | 2,000,000 | ' | ' | ' |
Loss on debt retirement | ' | ' | ' | ' | 2,700,000 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $100,000 | $300,000 | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Leases (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 08, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Mar. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Casino Aztar Land Lease | Belle of Baton Rouge Lease | Belle of Baton Rouge Lease | Belle of Baton Rouge Lease | Belle of Baton Rouge Lease | Tropicana Greenville Lease | Tropicana Greenville Lease | Tropicana Greenville Lease | Tropicana Greenville Lease | Tropicana Greenville Lease | Jubilee Lease | Tropicana Aruba Land Lease | |||
Through December 31, 2011 | After December 31, 2011 | RenewalOptions | RenewalOptions | Minimum | Tier 1 | Tier 1 | Tier 2 | Tier 2 | Tier 2 | Tier 3 | Tier 3 | Tier 3 | Tier 4 | Tier 4 | Tier 4 | Tier 5 | Tier 5 | Certain Land and Buildings | Parking Lot | Minimum | Maximum | acre | Tier 1 | Tier 1 | Tier 2 | Tier 2 | RenewalOptions | acre | |||||||
acre | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Parking Lot | Parking Lot | Minimum | Minimum | |||||||||||||||||||||||
Contractual Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payment base | ' | ' | ' | ' | ' | $333,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000 | ' | ' | ' | ' |
Amounts in addition to base rent, percent of gross revenues above threshold | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross revenue threshold for determining rent payment | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payment base subject to consumer price index adjustment | ' | ' | ' | ' | ' | ' | 333,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Amounts In Addition to Base Rent as Increased by CPI as compared to 2009, Percent of Gross Revenues Above a Breakpoint as defined in the lease agreement | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent payment, percent of gross revenues | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfavorable lease liability recognized | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfavorable lease liability balance | 7,328,000 | 7,686,000 | 7,800,000 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres leased | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | 14 |
Number of acres where casino resides | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Length of renewal option | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '70 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Number of renewal options exercised | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | ' | ' | 400,000 | ' | ' | ' | ' | 420,000 | 93,000 |
Rent payment calculation, percent of adjusted gross revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 4.00% | ' | ' | 6.00% | ' | ' | 8.00% | ' | ' | 12.00% | ' | ' | 0.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent payment calculation, adjusted gross revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 25,000,000 | 50,000,000 | ' | 50,000,000 | 75,000,000 | ' | 75,000,000 | 100,000,000 | ' | 100,000,000 | ' | ' | 45,000,000 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' |
Prepayment of rent | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of agreed upon leasehold improvement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deadline to complete agreed upon leasehold improvement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated leasehold improvement expenditures | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent payment, percent of gross gaming revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 8.00% | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Total Term of Contract Including Renewal Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years 0 months | ' | ' | ' | ' | ' | ' |
Rent payment calculation, annual gross gaming revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,600,000 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Other (Details) (USD $) | 0 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 01, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 12, 2010 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2011 |
2011 New Jersey Legislation | New Jersey CRDA | New Jersey CRDA | Wimar and CSC Administrative Expense Claims | Aztar v. Marsh | Nevada use tax claims [Member] | Greenville Riverboat, LLC Appraisal Action [Member] | Greenville Riverboat, LLC Appraisal Action [Member] | Tropicana AC Tax Appeal Settlement [Member] | Tropicana AC Tax Appeal Settlement [Member] | Tropicana AC Tax Appeal Settlement [Member] | Tropicana AC Tax Appeal Settlement [Member] | Greenville Riverboat, LLC [Member] | |
New Jersey Casino Control Commission | Minimum | ||||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of partnership | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required contribution due to new legislation | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required annual contribution due to new legislation | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of industry obligations due to new legislation | 8.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax rate, percent of gross casino revenue | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Tax Rate, Percent of Internet Gaming Gross Revenue | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual, at Carrying Value | ' | ' | ' | 5.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required additional investment, percent of gross casino revenue | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Required Additional Investment, Percent of Internet Gaming Gross Revenue | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty tax rate, upon breach of required additional investment | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Penalty Tax Rate, Upon Breach of Required Additional Investment for Internet Gaming Gross Revenue | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required additional investment, interest rate, portion of average market rate | ' | 0.66667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of damages sought | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Refunds and tax credits | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Reversal of accrued sales and use taxes | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' |
Tax Refund as a Result of TAC Tax Appeal Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | ' | ' | ' | ' |
Real Estate Taxes to be paid after Credits from TAC Tax Appeal Settlement are Applied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1.8 | ' |
Period in which the Remaining TAC Tax Appeal Settlement Credit will be Applied, Beginning with 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Professional Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 |
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 |
Commitment, Valuation of Minority Interest | ' | ' | ' | ' | ' | ' | ' | 2.6 | ' | ' | ' | ' | ' |
Commitment, Valuation of Minority Interest, Reduced Value Sought | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' | ' | ' | ' | ' |
Additional settlement payment for full release and dismissal of all claims | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 07, 2010 | Mar. 08, 2010 | Mar. 08, 2010 | Mar. 07, 2010 |
Board of Directors Chairman | Ordinary Warrants | Ordinary Warrants | $960 million 9 5/8% Senior Subordinated Notes | $960 million 9 5/8% Senior Subordinated Notes | |||
Ordinary Warrants | |||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Common stock, shares issued | 26,312,500 | 26,312,500 | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 26,312,500 | 26,312,500 | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Debt issuance amount | ' | ' | ' | ' | ' | $960,000,000 | ' |
Interest rate | ' | ' | ' | ' | ' | 9.63% | ' |
Number of shares issuable by warrants issued | ' | ' | ' | ' | 3,750,000 | ' | ' |
Warrants, exercise price | ' | ' | ' | ' | 52.44 | ' | ' |
Assumed term of Warrants | ' | ' | ' | '4 years 6 months | ' | ' | ' |
Assumed volatility rate | ' | ' | ' | 61.00% | ' | ' | ' |
Assumed risk free interest rate | ' | ' | ' | 2.36% | ' | ' | ' |
Value of warrants | ' | ' | ' | ' | $11,500,000 | ' | ' |
Percentage of voting interests owned | ' | ' | 67.90% | ' | ' | ' | ' |
Class of Warrant or Right, Term of Warrants or Rights | ' | ' | ' | ' | ' | ' | '4 years 6 months |
BASIC_AND_DILUTED_NET_INCOME_P1
BASIC AND DILUTED NET INCOME PER SHARE (Details) (Ordinary Warrants) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Ordinary Warrants | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Ordinary warrants excluded from the calculation of diluted earnings per share | 3,750,000 | 3,750,000 | 3,750,000 | 3,750,000 |
DISCONTINUED_OPERATIONS_DISCON2
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Impairment of discontinued operations | ' | ' | ($1,454,000) | $0 | ' |
Income (loss) from discontinued operations, net | -783,000 | -492,000 | -1,567,000 | -287,000 | ' |
River Palms disposal [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Proceeds to be received from divestiture of business | ' | ' | 7,000,000 | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | -1,500,000 | ' | ' |
Cash | 2,411,000 | ' | 2,411,000 | ' | 2,280,000 |
Receivables, net | 748,000 | ' | 748,000 | ' | 683,000 |
Property and equipment, net | 6,973,000 | ' | 6,973,000 | ' | 6,561,000 |
Other assets | 2,069,000 | ' | 2,069,000 | ' | 2,195,000 |
Total assets held for sale | 12,201,000 | ' | 12,201,000 | ' | 11,719,000 |
Accounts payable | 721,000 | ' | 721,000 | ' | 1,085,000 |
Accrued expenses and other liabilities | 1,450,000 | ' | 1,450,000 | ' | 1,354,000 |
Total liabilities related to assets held for sale | 2,171,000 | ' | 2,171,000 | ' | 2,439,000 |
Net revenues | 4,421,000 | 4,980,000 | 14,013,000 | 15,751,000 | ' |
Operating costs and expenses | -5,135,000 | -5,326,000 | -14,427,000 | -15,953,000 | ' |
Impairment of discontinued operations | 0 | 0 | -1,454,000 | 0 | ' |
Loss from operations | -714,000 | -346,000 | -1,868,000 | -202,000 | ' |
Income tax expense | -69,000 | -146,000 | 301,000 | -85,000 | ' |
Income (loss) from discontinued operations, net | ($783,000) | ($492,000) | ($1,567,000) | ($287,000) | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate from continuing operations | 12.50% | 6.70% | 9.80% | 10.70% |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
SEGMENT_INFORMATION_Operating_
SEGMENT INFORMATION - Operating Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | $148,747 | $166,481 | $430,859 | $474,550 |
Operating income | 13,883 | 26,382 | 41,544 | 53,905 |
Interest expense | -3,636 | -3,675 | -10,816 | -13,496 |
Interest income | 190 | 179 | 593 | 511 |
Loss on debt retirement | 0 | 0 | 0 | -12,847 |
Income (loss) from continuing operations before income taxes | 10,437 | 22,886 | 31,321 | 28,073 |
East | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 69,808 | 83,197 | 192,506 | 218,172 |
Operating income | 8,034 | 12,374 | 15,299 | 12,136 |
Central | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 29,748 | 31,314 | 91,194 | 94,383 |
Operating income | 6,304 | 6,880 | 21,624 | 21,349 |
West | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 27,872 | 27,680 | 78,530 | 78,167 |
Operating income | 3,126 | 3,994 | 10,126 | 11,260 |
South and other | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 21,319 | 24,290 | 68,629 | 83,828 |
Operating income | 52 | 6,278 | 3,708 | 19,104 |
Corporate | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 0 | 0 | 0 | 0 |
Operating income | ($3,633) | ($3,144) | ($9,213) | ($9,944) |
SEGMENT_INFORMATION_Assets_Det
SEGMENT INFORMATION - Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $925,113 | $902,239 |
Assets held for sale | 12,201 | 11,719 |
East | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 368,426 | 343,777 |
Central | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 150,037 | 154,860 |
West | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 107,049 | 106,235 |
South and other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 115,035 | 118,197 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $172,365 | $167,451 |