DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Central Index Key | '0001476246 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Registrant Name | 'Tropicana Entertainment Inc. | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $183,971 | $356,755 |
Restricted cash | 15,867 | 30,856 |
Receivables, net | 31,026 | 28,786 |
Inventories | 7,386 | 4,435 |
Prepaid expenses and other assets | 14,422 | 11,243 |
Assets held for sale | 0 | 9,249 |
Total current assets | 252,672 | 441,324 |
Property and equipment, net | 724,255 | 460,745 |
Goodwill | 15,857 | 24,928 |
Intangible assets, net | 75,256 | 67,014 |
Investments | 32,433 | 33,640 |
Other assets, net | 11,469 | 15,970 |
Total assets | 1,111,942 | 1,043,621 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 3,000 | 3,000 |
Liabilities related to assets held for sale | 0 | 1,648 |
Accounts payable | 51,381 | 38,865 |
Accrued expenses and other current liabilities | 81,480 | 64,355 |
Total current liabilities | 135,861 | 107,868 |
Long-term debt, net | 292,686 | 294,771 |
Other long-term liabilities | 6,894 | 7,198 |
Deferred tax liabilities | 19,659 | 19,659 |
Total liabilities | 455,100 | 429,496 |
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, 2014 and December 31, 2013 | 263 | 263 |
Additional paid-in capital | 600,359 | 600,359 |
Retained earnings (accumulated deficit) | 56,220 | 13,503 |
Total shareholders' equity | 656,842 | 614,125 |
Total liabilities and shareholders' equity | $1,111,942 | $1,043,621 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 (in shares) | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Casino | $167,283 | $112,003 | $443,351 | $340,020 |
Room | 37,299 | 27,661 | 87,818 | 68,689 |
Food and beverage | 30,034 | 20,669 | 76,773 | 58,494 |
Other | 7,626 | 6,186 | 19,430 | 16,324 |
Gross revenues | 242,242 | 166,519 | 627,372 | 483,527 |
Less promotional allowances | -25,143 | -17,772 | -68,142 | -52,668 |
Net revenues | 217,099 | 148,747 | 559,230 | 430,859 |
Operating costs and expenses: | ' | ' | ' | ' |
Casino | 74,455 | 51,248 | 200,609 | 150,055 |
Room | 12,769 | 9,778 | 31,033 | 24,967 |
Food and beverage | 14,468 | 10,331 | 36,604 | 28,801 |
Other | 4,693 | 4,446 | 12,602 | 11,772 |
Marketing, advertising and promotions | 15,663 | 10,113 | 42,522 | 29,543 |
General and administrative | 39,626 | 24,890 | 106,101 | 75,487 |
Maintenance and utilities | 18,914 | 15,425 | 52,266 | 42,761 |
Depreciation and amortization | 13,752 | 8,831 | 36,225 | 25,429 |
Impairment charges, other write downs and recoveries | 961 | -198 | 4,229 | 500 |
Property tax settlement | 0 | 0 | -31,725 | 0 |
Total operating costs and expenses | 195,301 | 134,864 | 490,466 | 389,315 |
Operating income | 21,798 | 13,883 | 68,764 | 41,544 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -3,203 | -3,636 | -9,564 | -10,816 |
Interest income | 132 | 190 | 1,749 | 593 |
Total other income (expense) | -3,071 | -3,446 | -7,815 | -10,223 |
Income from continuing operations before income taxes | 18,727 | 10,437 | 60,949 | 31,321 |
Income tax expense | -6,655 | -1,308 | -19,940 | -3,073 |
Income from continuing operations | 12,072 | 9,129 | 41,009 | 28,248 |
Income (loss) from discontinued operations, net | 1,605 | -783 | 1,708 | -1,567 |
Net Income | $13,677 | $8,346 | $42,717 | $26,681 |
Basic and diluted income per common share: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.46 | $0.35 | $1.56 | $1.07 |
Income (loss) from discontinued operations, net (in dollars per share) | $0.06 | ($0.03) | $0.06 | ($0.06) |
Net income (loss) (in dollars per share) | $0.52 | $0.32 | $1.62 | $1.01 |
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, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net Income | $42,717 | $26,681 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Gain on insurance recoveries | -5,843 | 0 |
Insurance proceeds from business interruption | 1,250 | 0 |
Loss from sale of discontinued operations | 233 | 0 |
Impairment of discontinued operations | 0 | 1,454 |
Depreciation and amortization, including discontinued operations | 36,225 | 25,546 |
Amortization of debt discount and debt issuance costs | 768 | 961 |
Impairment charges | 9,071 | 439 |
Loss on disposition of asset, including discontinued operations | 1,001 | 61 |
Changes in current assets and current liabilities: | ' | ' |
Receivables, net | -6,658 | 352 |
Inventories, prepaids and other assets | -2,269 | -732 |
Accounts payable, accrued expenses and other liabilities | 20,082 | -133 |
Other | 4,390 | 2,129 |
Net cash provided by operating activities | 100,967 | 56,758 |
Cash flows from investing activities: | ' | ' |
Additions of property and equipment | -52,020 | -42,989 |
Restricted cash for acquisition | 0 | -15,002 |
Insurance proceeds | 5,200 | 700 |
Proceeds from sale of discontinued operations | 6,750 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -237,317 | 0 |
Other | 3,768 | 4,092 |
Net cash used in investing activities | -273,619 | -53,199 |
Cash flows from financing activities: | ' | ' |
Payments on debt | -2,250 | -1,402 |
Restricted cash | -20 | -20 |
Net cash provided by (used in) financing activities | -2,270 | -1,422 |
Net increase in cash and cash equivalents | -174,922 | 2,137 |
Net Cash Provided by (Used in) Discontinued Operations | 2,138 | -132 |
Cash and cash equivalents, beginning of period | 356,755 | 240,381 |
Cash and cash equivalents, end of period | 183,971 | 242,386 |
Supplemental cash flow disclosure (including discontinued operations): | ' | ' |
Cash paid for interest, net capitalized interest | 8,838 | 9,425 |
Cash paid for income taxes | 16,396 | 2,848 |
Capital expenditures included in accrued expenses and other current liabilities | $4,570 | $1,699 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Cash Acquired from Acquisition | $11,015 |
ORGANIZATION_AND_BACKGROUND
ORGANIZATION AND BACKGROUND | 9 Months Ended | |
Sep. 30, 2014 | ||
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. In April 2014, the Company acquired Lumière Place Casino, HoteLumière, the Four Seasons Hotel St. Louis and related excess land parcels in St. Louis, Missouri (collectively, "Lumière Place") for a cash purchase price of approximately $261.3 million, which includes an adjustment for working capital as of the acquisition date (see Note 3 - Lumière Place Acquisition). | ||
The Company's United States properties include two casinos in Nevada and one casino in each of Indiana, Louisiana, Mississippi, Missouri and New Jersey. In addition, the Company owns a property in Aruba. 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; and Lumière Place located in Saint Louis, Missouri; | |
• | 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, through June 30, 2014, the Company owned 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 for all periods presented while the assets and liabilities are presented as held for sale in the accompanying condensed consolidated balance sheet as of December 31, 2013. On July 1, 2014, the Company sold River Palms to Nevada Restaurant Services, Inc. and its affiliate, Laughlin Hotel, LLC (see Note 16 - Discontinued Operations for further discussion). | ||
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, 2014 | ||||||||||||||||
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, 2013, 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. | ||||||||||||||||
Restricted Cash | ||||||||||||||||
Restricted cash consisted primarily of funds invested in money market funds. At September 30, 2014 and December 31, 2013, $9.7 million was 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 $6.2 million was restricted to collateralize letters of credit. In addition, at December 31, 2013, $15.0 million was held in escrow in connection with the agreement to purchase Lumière Place. The acquisition was consummated on April 1, 2014 (see Note 3 - Lumière Place Acquisition). | ||||||||||||||||
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, 2014 is approximately $290.5 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. Promotional allowances also include incentives earned in our slot bonus program such as cash, complimentary play, and the estimated retail value of goods and services (such as complimentary rooms and food and beverages). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time, principally for complimentary play, and to a lesser extent for goods or services, depending upon the property. | ||||||||||||||||
The amounts included in promotional allowances consist of the following (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 9,521 | $ | 7,007 | $ | 25,611 | $ | 19,754 | ||||||||
Food and beverage | 13,413 | 9,464 | 35,449 | 27,031 | ||||||||||||
Other | 2,209 | 1,301 | 7,082 | 5,883 | ||||||||||||
Total | $ | 25,143 | $ | 17,772 | $ | 68,142 | $ | 52,668 | ||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 4,551 | $ | 3,586 | $ | 13,816 | $ | 11,140 | ||||||||
Food and beverage | 12,143 | 9,209 | 32,362 | 25,390 | ||||||||||||
Other | 967 | 703 | 2,401 | 1,495 | ||||||||||||
Total | $ | 17,661 | $ | 13,498 | $ | 48,579 | $ | 38,025 | ||||||||
Recently Issued Accounting Standards | ||||||||||||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, an amendment to FASB Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements. This update provides guidance on management's responsibility in evaluating whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial statement disclosures. | ||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016, using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of ASU No. 2014-09 will have on the Company's financial position or results of operations. | ||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the amendment a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (ii) the component of an entity or group of components of an entity is disposed of by sale; and (iii) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). This new guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all business activities, on acquisition, that are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. | ||||||||||||||||
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 | ||||||||||||||||
The unaudited condensed consolidated financial statements reflect certain reclassifications to prior year amounts in order to conform with current year presentation. The reclassifications have no effect on previously reported net income. |
LUMICRE_PLACE_ACQUISITION
LUMICRE PLACE ACQUISITION | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
LUMICRE ACQUISITION | ' | |||||||||||
LUMIÈRE PLACE ACQUISITION | ||||||||||||
Overview | ||||||||||||
As discussed in Note 1 - Organization and Background, on April 1, 2014, the Company completed its previously announced acquisition of all of the outstanding stock of Casino One Corporation (the “Target”) and all of the outstanding membership interests of PNK (ES), LLC (“ES”), PNK (ST. LOUIS RE), LLC (“RE”), and PNK (STLH), LLC (“STLH” and together with ES, RE and the Target, the “Companies”), pursuant to the terms of an Equity Interest Purchase Agreement (the “Purchase Agreement”), dated as of August 16, 2013, by and among Tropicana St. Louis LLC (the “Buyer”), a wholly owned subsidiary of the Company, and Pinnacle Entertainment, Inc. (“Pinnacle”), Casino Magic, LLC (“Casino Magic” and together with Pinnacle, the “Sellers”) and the Companies. Upon consummation of the acquisition, the Buyer acquired the Lumière Place Casino, HoteLumière, the Four Seasons Hotel St. Louis and related excess land parcels in St. Louis, Missouri. | ||||||||||||
Consideration Transferred | ||||||||||||
The cash purchase price was approximately $261.3 million, which includes an adjustment for working capital as of the acquisition date. The Company funded the net purchase price using cash, which included proceeds from the New Credit Facilities issuance on November 27, 2013. Acquisition-related costs included in the accompanying condensed consolidated statements of income for the three and nine months ended September 30, 2014 was $0.2 million and $1.3 million, respectively. | ||||||||||||
Allocation of Purchase Price | ||||||||||||
The Company is required to allocate the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The determination of the fair values of the acquired assets and assumed liabilities requires significant judgment. The fair value of Lumière Place's assets acquired and liabilities assumed utilized for purchase price allocation are considered preliminary as we continue to finalize the valuation in accordance with the Purchase Agreement. | ||||||||||||
The preliminary purchase price allocation was as follows (in thousands): | ||||||||||||
Fair Value | ||||||||||||
Current assets | $ | 15,931 | ||||||||||
Property and equipment | 249,097 | |||||||||||
Intangible assets | 8,848 | |||||||||||
Other assets | 657 | |||||||||||
Total assets | 274,533 | |||||||||||
Total liabilities | (13,227 | ) | ||||||||||
Total purchase price | $ | 261,306 | ||||||||||
The fair value of the intangible assets as of the acquisition date is primarily associated with the casino's gaming license which is not subject to amortization (see Note 6 - Goodwill and Intangible Assets). | ||||||||||||
Condensed Consolidated Statements of Income for the period from April 1, 2014 through September 30, 2014 | ||||||||||||
The results of operations for Lumière Place have been included in the Company's financial statements since the acquisition date. The amounts of revenue and earnings of Lumière Place included in the Company's condensed consolidated statements of income for the three and nine months ended September 30, 2014 are as follows (in thousands): | ||||||||||||
Three months ended September 30, 2014 | Period from | |||||||||||
April 1 to September 30, 2014 | ||||||||||||
Net revenues | $ | 42,911 | $ | 85,702 | ||||||||
Net loss | (1,295 | ) | (5,163 | ) | ||||||||
Supplemental Unaudited Pro Forma Information | ||||||||||||
The following unaudited pro forma information reflects the consolidated results of operations of the Company as though the acquisition had taken place at the beginning of the respective periods presented. The unaudited pro forma information has been presented for illustrative purposes only and is not indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the Company. The unaudited pro forma information is as follows (in thousands, except per share data): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2014 | 2013 | ||||||||||
Net Revenues | $ | 192,619 | $ | 600,225 | $ | 568,830 | ||||||
Net Income | 12,336 | 43,176 | 40,420 | |||||||||
Basic and diluted net income per common share | $ | 0.47 | $ | 1.64 | $ | 1.54 | ||||||
The pro forma results include adjustments to general and administrative expense to exclude the Company's non-recurring transaction costs related to the acquisition and to interest expense due to lower interest rates on the New Credit Facilities issued to refinance the Company's existing debt and fund a portion of the purchase price. Lastly, the pro forma results include adjustments to depreciation and amortization expense, based on the fair values of the property and equipment and definite life intangible assets acquired. |
RECEIVABLES
RECEIVABLES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
RECEIVABLES | ' | |||||||
RECEIVABLES | ||||||||
Receivables consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Casino | $ | 16,253 | $ | 18,000 | ||||
Hotel | 7,033 | 4,539 | ||||||
Predecessors' administrative tax claim | 2,181 | 10,478 | ||||||
Income tax receivable | 2,929 | 1,266 | ||||||
Other | 13,830 | 6,308 | ||||||
Receivables, gross | 42,226 | 40,591 | ||||||
Allowance for doubtful accounts | (11,200 | ) | (11,805 | ) | ||||
Receivables, net | $ | 31,026 | $ | 28,786 | ||||
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. In September 2014, the Company partially settled certain Predecessors' administrative tax claims resulting in an adjustment to receivables of $8.3 million (see Note 13 - Commitments and Contingencies for further discussion). |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
PROPERTY AND EQUIPMENT | ' | |||||||||
PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment consist of the following (in thousands): | ||||||||||
Estimated | September 30, 2014 | December 31, 2013 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 114,136 | $ | 89,724 | |||||
Buildings and improvements | 10 - 40 | 533,306 | 335,050 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 174,044 | 130,174 | |||||||
Riverboats and barges | 5 - 15 | 18,605 | 18,990 | |||||||
Construction in progress | — | 43,243 | 12,708 | |||||||
Property and equipment, gross | 883,334 | 586,646 | ||||||||
Accumulated depreciation | (159,079 | ) | (125,901 | ) | ||||||
Property and equipment, net | $ | 724,255 | $ | 460,745 | ||||||
The increase in property and equipment from December 31, 2013 to September 30, 2014 is primarily attributed to the acquisition of Lumière Place on April 1, 2014 (see Note 3 - Lumière Place Acquisition). |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
Goodwill and other indefinite-life intangible assets are subject to an annual assessment for impairment during the fourth quarter, or more frequently if there are indications of possible impairment, by applying a fair-value-based test. | ||||||||||||||||
Changes in the carrying amount of Goodwill by segment are as follows (in thousands): | ||||||||||||||||
Central | South and other | Corporate | Total | |||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||
Gross carrying value | $ | 14,224 | $ | 1,731 | $ | 10,704 | $ | 26,659 | ||||||||
Accumulated impairment losses | — | (1,731 | ) | — | (1,731 | ) | ||||||||||
Net carrying value | 14,224 | — | 10,704 | 24,928 | ||||||||||||
Impairment losses | — | — | (9,071 | ) | (9,071 | ) | ||||||||||
Balance as of September 30, 2014 | ||||||||||||||||
Gross carrying value | 14,224 | 1,731 | 10,704 | 26,659 | ||||||||||||
Accumulated impairment losses | — | (1,731 | ) | (9,071 | ) | (10,802 | ) | |||||||||
Net carrying value | $ | 14,224 | $ | — | $ | 1,633 | $ | 15,857 | ||||||||
During the first quarter of 2014, the Company determined there was an indication of impairment related to goodwill recorded at its Corporate segment which is tested at the Tropicana AC reporting unit level. The Company recognized a $9.1 million impairment of goodwill in the accompanying condensed consolidated statement of income for the nine months ended September 30, 2014, due to Tropicana AC's carrying value exceeding its fair value. | ||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||
Estimated | September 30, 2014 | December 31, 2013 | ||||||||||||||
life | ||||||||||||||||
(years) | ||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||
Gaming licenses | Indefinite | 37,387 | 28,700 | |||||||||||||
Customer lists | 3 | 3,021 | 2,861 | |||||||||||||
Favorable lease | 5 - 42 | 15,645 | 15,645 | |||||||||||||
Total intangible assets | 81,553 | 72,706 | ||||||||||||||
Less accumulated amortization: | ||||||||||||||||
Customer lists | (2,887 | ) | (2,861 | ) | ||||||||||||
Favorable lease | (3,410 | ) | (2,831 | ) | ||||||||||||
Total accumulated amortization | (6,297 | ) | (5,692 | ) | ||||||||||||
Intangible assets, net | $ | 75,256 | $ | 67,014 | ||||||||||||
Upon the adoption of fresh-start reporting, the Company recognized an indefinite life trade name related to the "Tropicana" trade name and 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. In April 2014, indefinite life gaming licenses increased related to the acquisition of Lumière Place (see Note 3 - Lumière Place Acquisition). At September 30, 2014 the indefinite life gaming licenses consists of $28.7 million and $8.7 million related to Tropicana Evansville and Lumière Place, respectively. At December 31, 2013, the indefinite life gaming licenses of $28.7 million is related to Tropicana Evansville. | ||||||||||||||||
The gaming license associated with Lumière Place is valued based on the Greenfield method, which is the function of the cost to build a new casino operation, build-out period, projected cash flows attributed to the business once operational and a discount rate. The projected cash flows assumed a revenue growth rate of 2.0% and a effective tax rate of 38.1%. The discount rate assumed was 12.0%, based on the weighted average cost of capital plus a premium to reflect the risk of construction costs and timing. | ||||||||||||||||
Customer lists represent the value associated with customers enrolled in our customer loyalty programs and are amortized on a straight-line basis over three years. The customer lists valued upon adoption of fresh-start reporting and in connection with the Tropicana AC acquisition were fully amortized as of February 2013. In April 2014, customer lists increased related to the acquisition of Lumière Place (see Note 3 - Lumière Place Acquisition). Amortization expense related to customer lists, which was amortized to depreciation and amortization expense, for the three and nine months ended September 30, 2014 was less than $0.1 million. The amortization expense related to the nine months ended September 30, 2013 was $0.2 million. There was no amortization expense recorded for the three months ended September 30, 2013. Estimated annual amortization related to the Lumière Place customer list is anticipated to be $0.1 million in 2015 and 2016 and less than $0.1 million in 2017. | ||||||||||||||||
The customer list associated with Lumière Place is valued based on a market approach which considers the price that would be negotiated between a hypothetical buyer and seller. The price was calculated by using market rates for leased customer lists and multiplying it by a value multiple to convert the lease rates into purchase rates. | ||||||||||||||||
Favorable lease arrangements were valued upon adoption of fresh-start reporting and are being amortized to rental expense on a straight-line basis over the remaining useful life of the respective leased facility. In connection with the Tropicana AC acquisition, the Company also recognized 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. Additionally, in connection with the acquisition of Tropicana Aruba, the Company recognized 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. 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, 2014 and 2013, was $0.2 million. Amortization expense for the nine months ended September 30, 2014 and 2013 was $0.6 million. |
INVESTMENTS
INVESTMENTS | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 and 2.5% of Internet gaming gross revenues in lieu of an investment alternative tax equal to 2.5% of gross gaming revenues and 5% on Internet gaming gross 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, 2014 and December 31, 2013 approximates their fair value. | ||||||||
Investments consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Investment in bonds—CRDA | $ | 16,435 | $ | 16,542 | ||||
Less unamortized discount | (4,362 | ) | (4,417 | ) | ||||
Less valuation allowance | (3,482 | ) | (3,463 | ) | ||||
Deposits—CRDA | 31,710 | 29,538 | ||||||
Less valuation allowance | (7,868 | ) | (7,201 | ) | ||||
Direct investment—CRDA | 1,002 | 4,022 | ||||||
Less valuation allowance | (1,002 | ) | (1,381 | ) | ||||
Total investments | $ | 32,433 | $ | 33,640 | ||||
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 months ended September 30, 2014 and 2013, the Company charged $0.4 million to general and administrative expenses on the accompanying condensed consolidated statements of income. During the nine months ended September 30, 2014 and 2013, the Company charged $1.2 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, 2014 | ||||||||
Other Assets [Abstract] | ' | |||||||
OTHER ASSETS | ' | |||||||
OTHER ASSETS | ||||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Debt issuance costs | $ | 4,006 | $ | 4,304 | ||||
Tropicana Evansville prepaid rent | 450 | 2,475 | ||||||
Deposits | 4,032 | 4,812 | ||||||
Other | 2,981 | 4,379 | ||||||
Other assets | $ | 11,469 | $ | 15,970 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2014 | December 31, 2013 | |||||||
Accrued payroll and benefits | $ | 30,705 | $ | 24,697 | ||||
Accrued gaming and related | 15,273 | 10,564 | ||||||
Accrued taxes | 19,096 | 9,587 | ||||||
Predecessors' administrative tax claim | 1,495 | 9,792 | ||||||
Other accrued expenses and current liabilities | 14,911 | 9,715 | ||||||
Total accrued expenses and other current liabilities | $ | 81,480 | $ | 64,355 | ||||
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. In September 2014, the Company partially settled certain Predecessors' administrative tax claims resulting in an adjustment to accrued expenses and other current liabilities of $8.3 million (see Note 13 - Commitments and Contingencies for further discussion). |
DEBT
DEBT | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT | ' | |||||||
DEBT | ||||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
New Term Loan Facility, due 2020, interest at 4.0% at September 30, 2014 and December 31, 2013, net of unamortized discount of $1.3 million and $1.5 million at September 30, 2014 and December 31, 2013, respectively | $ | 295,686 | $ | 297,771 | ||||
Less current portion of debt | (3,000 | ) | (3,000 | ) | ||||
Total long-term debt, net | $ | 292,686 | $ | 294,771 | ||||
New Credit Facilities | ||||||||
On November 27, 2013, the Company entered into (i) a senior secured first lien term loan facility in an aggregate principal amount of $300 million, issued at a discount of 0.5% (the “New Term Loan Facility”) and (ii) a senior secured first lien revolving credit facility in an aggregate principal amount of $15 million (the “Revolving Facility” and, together with the New Term Loan Facility, the “New Credit Facilities”). Commencing on December 31, 2013, the New Term Loan Facility will amortize in equal quarterly installments in an amount of $750,000, with any remaining balance payable on the final maturity date of the New Term Loan Facility, which is November 27, 2020. Amounts under the Revolving Facility are available to be borrowed and re-borrowed until its termination on November 27, 2018. | ||||||||
Approximately $172.4 million of the net proceeds from the New Credit Facilities were used to repay in full the principal amounts outstanding under the Company's existing credit facilities which consisted of a $175 million senior secured first lien term loan facility and $15 million cash collateralized letter of credit facility (the "Credit Facilities"). The Credit Facilities were terminated effective as of November 27, 2013. | ||||||||
The New Term Loan Facility accrues interest, at the Company's option, at a per annum rate equal to either (i) the LIBO Rate (as defined in the Credit Agreement) (subject to a 1.00% floor) plus an applicable margin equal to 3.00%, or (ii) the alternate base rate (as defined in the Credit Agreement) (subject to a 2.00% floor) plus an applicable margin equal to 2.00%; such that in either case, the applicable interest rate shall not be less than 4.0%. The Revolving Facility accrues interest, at the Company's option, at a per annum rate equal to either (i) the LIBO Rate plus an applicable margin ranging from 2.00% (if the total net leverage ratio is less than 2.50:1.00) to 2.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00); or (ii) the alternate base rate plus an applicable margin ranging from 1.00% (if the total net leverage ratio is less than 2.50:1.00) to 1.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00). The interest rate increases by 2.00% following certain defaults. As of September 30, 2014, the interest rate on the New Term Loan Facility was 4.0% and no amounts were outstanding under the Revolving Facility. | ||||||||
The New Credit Facilities are guaranteed by all of the Company's domestic subsidiaries, subject to limited exceptions where gaming approval is being sought, and additional subsidiaries may be required to provide guarantees, subject to limited exceptions. The New Credit Facilities are secured by a first lien on substantially all assets of the Company and the domestic subsidiaries that are guarantors, with certain limited exceptions. Subsidiaries that become guarantors will be required, with certain limited exceptions, to provide first liens and security interests in substantially all their assets to secure the New Credit Facilities. | ||||||||
At the election of the Company and subject to certain conditions, including a maximum senior secured net leverage ratio of 3.25:1.00, the amount available under the New Credit Facilities may be increased, which increased amount may be comprised of additional term loans and revolving loans. | ||||||||
The New Term Loan Facility may be prepaid at the option of the Company at any time without penalty (other than customary LIBO Rate breakage fees). The Company is required to make mandatory payments of the New Credit Facilities with (i) net cash proceeds of certain asset sales (subject to reinvestment rights), (ii) net cash proceeds from certain issuances of debt and equity (with certain exceptions), (iii) up to 50% of annual excess cash flow (as low as 0% if the Company's total leverage ratio is below 2.75:1.00), and (iv) certain casualty proceeds and condemnation awards (subject to reinvestment rights). | ||||||||
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, and (ii) if, as of the last day of any fiscal quarter, the amount of outstanding revolving loans exceed 35% of the permitted borrowing under the Revolving Facility, compliance with a maximum senior secured net leverage ratio test of 3.25:1.00. Key default provisions 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 Credit Facilities 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 Credit Agreement). 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, 2014. |
IMPAIRMENT_CHARGES_OTHER_WRITE
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Impairment Charges and Other Write-Downs [Abstract] | ' | |||||||||||||||
Impairment charges, other write-downs and recoveries [Text Block] | ' | |||||||||||||||
IMPAIRMENT CHARGES, OTHER WRITE DOWNS AND RECOVERIES | ||||||||||||||||
Impairment charges, other write-downs and recoveries, included in continuing operations, consist of the following (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Impairment of barge | $ | — | $ | — | $ | — | $ | 439 | ||||||||
Gain on insurance recoveries | (35 | ) | — | (5,843 | ) | — | ||||||||||
Impairment of goodwill (Note 6) | — | — | 9,071 | — | ||||||||||||
(Gain) loss on disposal of assets | 996 | (198 | ) | 1,001 | 61 | |||||||||||
Total impairment charges, other write-downs and recoveries | $ | 961 | $ | (198 | ) | $ | 4,229 | $ | 500 | |||||||
Jubilee Barge Impairment and Insurance Recovery | ||||||||||||||||
In January 2013, the Jubilee barge was damaged as a result of a high-wind storm. Due to the damage sustained the Company initially recorded a $0.4 million write-down of fixed assets which was included in the accompanying condensed consolidated statement of income for the nine months ended September 30, 2013. The Company filed claims with its insurance carriers and received $0.7 million in insurance proceeds as of December 31, 2013. In January 2014, the Company settled the filed claims for $5.9 million and received the remaining $5.2 million in insurance proceeds related to the claims during the first quarter of 2014. As a result of the settlement, a gain of $4.6 million, net of expenses and write-downs, was included in the accompanying condensed consolidated statements of income for the nine months ended September 30, 2014. | ||||||||||||||||
Superstorm Sandy Insurance Recovery | ||||||||||||||||
In October 2012, Superstorm Sandy forced a city-mandated closure of all casinos in Atlantic City for approximately five days. As a result, the Company filed a claim with the insurance carriers relating to the business interruption caused by Superstorm Sandy. The Company received a cash settlement of $1.3 million during the second quarter of 2014 which was recorded as a gain in the accompanying condensed consolidated statements of income for the three and nine months ended September 30, 2014. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Insight Portfolio Group LLC | |
Effective January 1, 2013, the Company acquired a minority equity interest in Insight Portfolio Group LLC (“Insight Portfolio Group”) and agreed to pay a portion of Insight Portfolio Group's operating expenses. 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. 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. During the three months ended September 30, 2014 and 2013, the Company paid $0.1 million to Insight Portfolio Group. During the nine months ended September 30, 2014 and 2013, the Company paid $0.3 million to Insight Portfolio Group. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
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. As of September 30, 2014 and December 31, 2013, the unfavorable lease liability balance was $7.3 million and $7.7 million, respectively, of which $6.8 million and $7.2 million, respectively, is included in other long-term liabilities on the accompanying consolidated balance sheets. | |
In October 2014, Columbia Properties Tahoe, LLC (“CPT”), the Company’s subsidiary that owns MontBleu, entered into a lease amendment with Edgewood Companies (“Landlord”) pursuant to which CPT agreed to expend $24.0 million during the next 18 months on a capital renovation project in exchange for certain lease modifications including future capital expenditure requirements and a Landlord acknowledgment that upon completion of the capital renovation project the property will satisfy the “first class” facility requirements of the lease. | |
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. | |
Belle of Baton Rouge Lease | |
Belle of Baton Rouge leases certain land and buildings under separate leases, with annual payments of $0.2 million. 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 constructed a parking lot in conjunction with its plan 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. In October 2013 the Company and the City of Greenville entered into an agreement to and subsequently terminated 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. 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 through 2016. 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 8.0% for 2014. | |
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, 2014 and December 31, 2013. 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 arguments 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 filed a Petition for Certification to the New Jersey Supreme Court, which petition was denied by the New Jersey Supreme Court in February 2014, thereby concluding the litigation. | |
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 was to receive a $49.5 million refund in the form of credits against annual real estate tax bills beginning in 2013 and ending in 2017. The credits were to be front-loaded in 2013 and 2014 so that after the credits were applied, Tropicana paid $1.8 million in taxes in 2013. The Company utilized $16.0 million of credits as a reduction to operating expenses in the year ended December 31, 2013. In addition, the Company expensed $4.1 million in professional fees related to this settlement in the year ended December 31, 2013. In January 2014, the Company received $31.7 million in cash as payment to satisfy future credits which amount is included in the line item called Property tax settlement in the accompanying condensed consolidated statement of income for the nine months ended September 30, 2014. | |
UNITE HERE | |
In September 2011, the collective bargaining agreement between Tropicana AC and UNITE HERE Local 54 expired and Tropicana AC continued to voluntarily contribute to the UNITE HERE National Retirement Fund Rehabilitation Plan (the "NRF") after the September 2011 expiration date through February 25, 2012 (at which time Tropicana AC declared an impasse in the collective bargaining negotiations and ceased contributions to the NRF). UNITE HERE subsequently filed a charge with the National Labor Relations Board (the "NLRB") alleging that Tropicana AC's declarations of an impasse violated the National Labor Relations Act. Tropicana AC contested this charge. In addition, in January 2012 the NRF's legal counsel sent a letter to Tropicana AC asserting that any withdrawal from the NRF would not be entitled to the NRF's "Free Look Rule" and would trigger a withdrawal liability and in November 2013 Tropicana AC was advised by UNITE HERE that the NRF had estimated Tropicana AC’s withdrawal liability from the NRF to be approximately $4 million. In May 2014 Tropicana AC and UNITE HERE Local 54 entered into a new collective bargaining agreement as well as a settlement agreement pursuant to which, among other things, the NLRB charge and related charges filed by both parties were withdrawn. In addition, Tropicana AC entered into a settlement agreement with the NRF pursuant to which Tropicana AC paid approximately $4 million to the NRF in settlement of all outstanding withdrawal liability claims. | |
In July 2014, Tropicana AC and UNITE HERE each provided notice to the other of their respective intentions to renegotiate their existing collective bargaining agreement due to expire on September 14, 2014. Subsequently, UNITE HERE requested that Tropicana AC extend the collective bargaining agreement for an additional six months, which request was rejected by Tropicana AC. The collective bargaining agreement expired on September 14, 2014. Tropicana AC has requested that UNITE HERE provide Tropicana AC with detailed information related to the UNITE HERE Health Fund, which information is essential for Tropicana AC to prepare for negotiation of a new collective bargaining agreement. UNITE HERE has yet to provide Tropicana AC with any of the requested information. | |
Indiana Gross Income Tax Appeals and Assessments | |
In September 2014 we settled gross income tax litigation pending with the State of Indiana related to our Predecessors, Aztar Missouri Gaming Corporation ("AMO") and Aztar Indiana Gaming Corporation and its successor, Aztar Indiana Gaming, LLC (collectively, "AIN") pursuant to which we paid the State of Indiana a settlement in the amount of $0.6 million and withdrew gross income tax refund claims related to AIN and AMO for the tax years 2004 through 2008 in exchange for a dismissal of tax assessments against AIN for the tax year 2008, and an exchange of mutual releases between the parties related to Indiana gross income tax assessments and refund claims for the tax years 2004 through 2008. As a result, the Company recorded adjustments to both its Predecessors' administrative tax claim receivable and accrual in the amount of $8.3 million (see Note 4 - Receivables and Note 9 - Accrued Expenses and Other Liabilities). | |
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, 2014 | |
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, 2014. 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, 2014. 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. As of September 30, 2014, the term on the Ordinary Warrants have expired and the value of the warrants are included in additional paid in capital. | |
Significant Ownership | |
At September 30, 2014, 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, 2014 | |
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 for the period by the weighted average number of shares outstanding during the period. Diluted EPS is computed by dividing net income 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 for the three and nine months ended September 30, 2013, are the Ordinary Warrants to purchase 3,750,000 shares of our common stock as they were anti-dilutive. The Ordinary Warrants expired during the third quarter of 2014. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
As discussed in Note 1 - Organization and Background, in April 2013, the Company entered into an agreement to sell substantially all of the assets and certain liabilities of River Palms. 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 sheet as of December 31, 2013. 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. In October 2013, the Company notified the buyers that it had elected to terminate the agreement to sell River Palms, pursuant to the terms of the agreement. | ||||||||||||||||
The Company continued to actively market the property and on July 1, 2014, sold River Palms to Nevada Restaurant Services, Inc. and its affiliate, Laughlin Hotel, LLC. Pursuant to the terms of the asset purchase agreement substantially all of the assets associated with the operation of River Palms were sold for approximately $6.8 million in cash and the assumption of certain liabilities. Concurrently with the sale, the Company leased back River Palms for a period of up to 90 days, subject to an additional 30 day extension, and further subject to early termination rights. The Company terminated the lease and discontinued its operation of River Palms in September 2014. The sale resulted in a loss of $0.2 million which is included in the income from discontinued operations for the three and nine months ended September 30, 2014. | ||||||||||||||||
The assets and liabilities of River Palms are presented as held for sale as follows (in thousands, unaudited): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cash | $ | 2,138 | ||||||||||||||
Receivables, net | 245 | |||||||||||||||
Property and equipment, net | 6,147 | |||||||||||||||
Other assets | 719 | |||||||||||||||
Total assets held for sale | $ | 9,249 | ||||||||||||||
Accounts payable | $ | 411 | ||||||||||||||
Accrued expenses and other liabilities | 1,237 | |||||||||||||||
Total liabilities related to assets held for sale | $ | 1,648 | ||||||||||||||
Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | 2,799 | $ | 4,421 | $ | 11,929 | $ | 14,013 | ||||||||
Operating costs and expenses | (3,898 | ) | (5,135 | ) | (12,917 | ) | (14,427 | ) | ||||||||
Impairment of discontinued operations | — | — | — | (1,454 | ) | |||||||||||
Loss from operations | (1,099 | ) | (714 | ) | (988 | ) | (1,868 | ) | ||||||||
Loss from sale of discontinued operations | (233 | ) | — | (233 | ) | — | ||||||||||
Income tax benefit (expense) | 2,937 | (69 | ) | 2,929 | 301 | |||||||||||
Income (loss) from discontinued operations, net | $ | 1,605 | $ | (783 | ) | $ | 1,708 | $ | (1,567 | ) | ||||||
Preliminary Loss Related to Sale | ||||||||||||||||
The Company compared its carrying value of River Palms to the estimated sale price in the asset purchase agreement signed in April 2013, 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, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
Effective Tax Rate | |
The Company's effective income tax rate from continuing operations for the three months ended September 30, 2014 and 2013 was 35.5% and 12.5%, respectively. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the three months ended September 30, 2014 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, 2013 was primarily due to the utilization of the Company's deferred tax assets and employment credits 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, 2014 and 2013 was 32.7% and 9.8%, respectively. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the nine months ended September 30, 2014 was primarily due to the utilization of the Company's deferred tax assets offset by disallowed foreign losses, the goodwill impairment, 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 nine months ended September 30, 2013 was primarily due to the disallowed foreign losses, state income taxes (net of federal benefit), employment credits, and the change in the valuation allowance. 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. | |
Valuation Allowance | |
The Company previously disclosed the details of its deferred tax assets, including the amount of its tax loss carryforwards, the expiration dates thereof and the valuation allowance related to its deferred tax assets in the Company's Annual Report on Form 10-K. In assessing the recoverability of the deferred tax assets, management regularly considers whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position in accordance with FASB ASC Topic 740, Income Taxes. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income (exclusive of reversing temporary differences) and tax planning strategies in making this assessment. At December 31, 2013, the Company's net deferred tax assets included approximately $211.1 million of deferred tax assets which were fully offset by a valuation allowance at such date. | |
In accordance with FASB ASC Topic 740, Income Taxes, based upon the level of historical book and tax operating losses, the Company continues to maintain a deferred tax valuation allowance against its deferred tax assets through September 30, 2014. The Company, however, has experienced improved earnings trends and has had cumulative net book income for 2012 and 2013. The nine-month period ended September 30, 2014 has continued with positive earnings. Additionally, current market conditions in Atlantic City, New Jersey, a location in which the Company derives a significant portion of its revenues, have been volatile, but the Company has currently been able to meet its income projections. If such earnings trends in this volatile market continue, and current expectations for future taxable income are met, the Company is likely to release the valuation allowance on all or a significant portion of its net deferred tax assets in the near term, perhaps as early as the fourth quarter of 2014. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2014 and 2013 (in thousands, unaudited): | ||||||||
Three months ended September 30, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
East | $ | 92,705 | $ | 69,808 | ||||
Central | 74,441 | 29,748 | ||||||
West | 28,530 | 27,872 | ||||||
South and other | 21,423 | 21,319 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 217,099 | $ | 148,747 | ||||
Operating income (loss): | ||||||||
East | $ | 13,440 | $ | 8,034 | ||||
Central | 8,471 | 6,304 | ||||||
West | 4,606 | 3,126 | ||||||
South and other | (493 | ) | 52 | |||||
Corporate | (4,226 | ) | (3,633 | ) | ||||
Total operating income | $ | 21,798 | $ | 13,883 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 21,798 | $ | 13,883 | ||||
Interest expense | (3,203 | ) | (3,636 | ) | ||||
Interest income | 132 | 190 | ||||||
Income from continuing operations before income taxes | $ | 18,727 | $ | 10,437 | ||||
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, 2014 and 2013 (in thousands, unaudited): | ||||||||
Nine months ended September 30, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
East | $ | 233,542 | $ | 192,506 | ||||
Central | 177,711 | 91,194 | ||||||
West | 78,636 | 78,530 | ||||||
South and other | 69,341 | 68,629 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 559,230 | $ | 430,859 | ||||
Operating income: | ||||||||
East | $ | 48,647 | $ | 15,299 | ||||
Central | 21,803 | 21,624 | ||||||
West | 11,305 | 10,126 | ||||||
South and other | 9,510 | 3,708 | ||||||
Corporate | (22,501 | ) | (9,213 | ) | ||||
Total operating income | $ | 68,764 | $ | 41,544 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 68,764 | $ | 41,544 | ||||
Interest expense | (9,564 | ) | (10,816 | ) | ||||
Interest income | 1,749 | 593 | ||||||
Income from continuing operations before income taxes | $ | 60,949 | $ | 31,321 | ||||
Assets by segment: | September 30, 2014 | December 31, 2013 | ||||||
East | $ | 325,530 | $ | 368,317 | ||||
Central | 421,763 | 151,139 | ||||||
West | 113,723 | 111,786 | ||||||
South and other | 127,398 | 119,142 | ||||||
Corporate | 123,528 | 283,988 | ||||||
Assets held for sale | — | 9,249 | ||||||
Total assets | $ | 1,111,942 | $ | 1,043,621 | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | |||||||||||||||
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, 2013, from which the accompanying condensed consolidated balance sheet information as of that date was derived. | ||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||||
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. | ||||||||||||||||
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 money market funds. At September 30, 2014 and December 31, 2013, $9.7 million was 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 $6.2 million was restricted to collateralize letters of credit. In addition, at December 31, 2013, $15.0 million was held in escrow in connection with the agreement to purchase Lumière Place. The acquisition was consummated on April 1, 2014 (see Note 3 - Lumière Place Acquisition). | ||||||||||||||||
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. The estimated fair value of our long-term debt as of September 30, 2014 is approximately $290.5 million. | ||||||||||||||||
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. Promotional allowances also include incentives earned in our slot bonus program such as cash, complimentary play, and the estimated retail value of goods and services (such as complimentary rooms and food and beverages). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time, principally for complimentary play, and to a lesser extent for goods or services, depending upon the property. | ||||||||||||||||
The amounts included in promotional allowances consist of the following (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 9,521 | $ | 7,007 | $ | 25,611 | $ | 19,754 | ||||||||
Food and beverage | 13,413 | 9,464 | 35,449 | 27,031 | ||||||||||||
Other | 2,209 | 1,301 | 7,082 | 5,883 | ||||||||||||
Total | $ | 25,143 | $ | 17,772 | $ | 68,142 | $ | 52,668 | ||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 4,551 | $ | 3,586 | $ | 13,816 | $ | 11,140 | ||||||||
Food and beverage | 12,143 | 9,209 | 32,362 | 25,390 | ||||||||||||
Other | 967 | 703 | 2,401 | 1,495 | ||||||||||||
Total | $ | 17,661 | $ | 13,498 | $ | 48,579 | $ | 38,025 | ||||||||
Recently Issued Accounting Standards | ' | |||||||||||||||
Recently Issued Accounting Standards | ||||||||||||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, an amendment to FASB Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements. This update provides guidance on management's responsibility in evaluating whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial statement disclosures. | ||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The standard will be effective for the first interim period within fiscal years beginning after December 15, 2016, using one of two retrospective application methods. The Company is evaluating the impacts, if any, the adoption of ASU No. 2014-09 will have on the Company's financial position or results of operations. | ||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the amendment a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (ii) the component of an entity or group of components of an entity is disposed of by sale; and (iii) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). This new guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all business activities, on acquisition, that are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. | ||||||||||||||||
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. | ||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||||||||||
Reclassifications | ||||||||||||||||
The unaudited condensed consolidated financial statements reflect certain reclassifications to prior year amounts in order to conform with current year presentation. The reclassifications have no effect on previously reported net income. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Promotional Allowances | ' | |||||||||||||||
The amounts included in promotional allowances consist of the following (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 9,521 | $ | 7,007 | $ | 25,611 | $ | 19,754 | ||||||||
Food and beverage | 13,413 | 9,464 | 35,449 | 27,031 | ||||||||||||
Other | 2,209 | 1,301 | 7,082 | 5,883 | ||||||||||||
Total | $ | 25,143 | $ | 17,772 | $ | 68,142 | $ | 52,668 | ||||||||
Schedule of Estimated Costs of Providing 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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room | $ | 4,551 | $ | 3,586 | $ | 13,816 | $ | 11,140 | ||||||||
Food and beverage | 12,143 | 9,209 | 32,362 | 25,390 | ||||||||||||
Other | 967 | 703 | 2,401 | 1,495 | ||||||||||||
Total | $ | 17,661 | $ | 13,498 | $ | 48,579 | $ | 38,025 | ||||||||
LUMICRE_PLACE_ACQUISITION_Lumi
LUMICRE PLACE ACQUISITION Lumiere Place Acquisition (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||
The preliminary purchase price allocation was as follows (in thousands): | ||||||||||||
Fair Value | ||||||||||||
Current assets | $ | 15,931 | ||||||||||
Property and equipment | 249,097 | |||||||||||
Intangible assets | 8,848 | |||||||||||
Other assets | 657 | |||||||||||
Total assets | 274,533 | |||||||||||
Total liabilities | (13,227 | ) | ||||||||||
Total purchase price | $ | 261,306 | ||||||||||
Schedule of Acquiree Results Included in Financial Statements | ' | |||||||||||
The amounts of revenue and earnings of Lumière Place included in the Company's condensed consolidated statements of income for the three and nine months ended September 30, 2014 are as follows (in thousands): | ||||||||||||
Three months ended September 30, 2014 | Period from | |||||||||||
April 1 to September 30, 2014 | ||||||||||||
Net revenues | $ | 42,911 | $ | 85,702 | ||||||||
Net loss | (1,295 | ) | (5,163 | ) | ||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
The unaudited pro forma information is as follows (in thousands, except per share data): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2014 | 2013 | ||||||||||
Net Revenues | $ | 192,619 | $ | 600,225 | $ | 568,830 | ||||||
Net Income | 12,336 | 43,176 | 40,420 | |||||||||
Basic and diluted net income per common share | $ | 0.47 | $ | 1.64 | $ | 1.54 | ||||||
RECEIVABLES_Tables
RECEIVABLES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Casino | $ | 16,253 | $ | 18,000 | ||||
Hotel | 7,033 | 4,539 | ||||||
Predecessors' administrative tax claim | 2,181 | 10,478 | ||||||
Income tax receivable | 2,929 | 1,266 | ||||||
Other | 13,830 | 6,308 | ||||||
Receivables, gross | 42,226 | 40,591 | ||||||
Allowance for doubtful accounts | (11,200 | ) | (11,805 | ) | ||||
Receivables, net | $ | 31,026 | $ | 28,786 | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and equipment | ' | |||||||||
Property and equipment consist of the following (in thousands): | ||||||||||
Estimated | September 30, 2014 | December 31, 2013 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 114,136 | $ | 89,724 | |||||
Buildings and improvements | 10 - 40 | 533,306 | 335,050 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 174,044 | 130,174 | |||||||
Riverboats and barges | 5 - 15 | 18,605 | 18,990 | |||||||
Construction in progress | — | 43,243 | 12,708 | |||||||
Property and equipment, gross | 883,334 | 586,646 | ||||||||
Accumulated depreciation | (159,079 | ) | (125,901 | ) | ||||||
Property and equipment, net | $ | 724,255 | $ | 460,745 | ||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of goodwill | ' | |||||||||||||||
Changes in the carrying amount of Goodwill by segment are as follows (in thousands): | ||||||||||||||||
Central | South and other | Corporate | Total | |||||||||||||
Balance as of January 1, 2014 | ||||||||||||||||
Gross carrying value | $ | 14,224 | $ | 1,731 | $ | 10,704 | $ | 26,659 | ||||||||
Accumulated impairment losses | — | (1,731 | ) | — | (1,731 | ) | ||||||||||
Net carrying value | 14,224 | — | 10,704 | 24,928 | ||||||||||||
Impairment losses | — | — | (9,071 | ) | (9,071 | ) | ||||||||||
Balance as of September 30, 2014 | ||||||||||||||||
Gross carrying value | 14,224 | 1,731 | 10,704 | 26,659 | ||||||||||||
Accumulated impairment losses | — | (1,731 | ) | (9,071 | ) | (10,802 | ) | |||||||||
Net carrying value | $ | 14,224 | $ | — | $ | 1,633 | $ | 15,857 | ||||||||
Intangible assets | ' | |||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||
Estimated | September 30, 2014 | December 31, 2013 | ||||||||||||||
life | ||||||||||||||||
(years) | ||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||
Gaming licenses | Indefinite | 37,387 | 28,700 | |||||||||||||
Customer lists | 3 | 3,021 | 2,861 | |||||||||||||
Favorable lease | 5 - 42 | 15,645 | 15,645 | |||||||||||||
Total intangible assets | 81,553 | 72,706 | ||||||||||||||
Less accumulated amortization: | ||||||||||||||||
Customer lists | (2,887 | ) | (2,861 | ) | ||||||||||||
Favorable lease | (3,410 | ) | (2,831 | ) | ||||||||||||
Total accumulated amortization | (6,297 | ) | (5,692 | ) | ||||||||||||
Intangible assets, net | $ | 75,256 | $ | 67,014 | ||||||||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Schedule of investments | ' | |||||||
Investments consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Investment in bonds—CRDA | $ | 16,435 | $ | 16,542 | ||||
Less unamortized discount | (4,362 | ) | (4,417 | ) | ||||
Less valuation allowance | (3,482 | ) | (3,463 | ) | ||||
Deposits—CRDA | 31,710 | 29,538 | ||||||
Less valuation allowance | (7,868 | ) | (7,201 | ) | ||||
Direct investment—CRDA | 1,002 | 4,022 | ||||||
Less valuation allowance | (1,002 | ) | (1,381 | ) | ||||
Total investments | $ | 32,433 | $ | 33,640 | ||||
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Assets [Abstract] | ' | |||||||
Schedule of other assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Debt issuance costs | $ | 4,006 | $ | 4,304 | ||||
Tropicana Evansville prepaid rent | 450 | 2,475 | ||||||
Deposits | 4,032 | 4,812 | ||||||
Other | 2,981 | 4,379 | ||||||
Other assets | $ | 11,469 | $ | 15,970 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses and other current liabilities | ' | |||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Accrued payroll and benefits | $ | 30,705 | $ | 24,697 | ||||
Accrued gaming and related | 15,273 | 10,564 | ||||||
Accrued taxes | 19,096 | 9,587 | ||||||
Predecessors' administrative tax claim | 1,495 | 9,792 | ||||||
Other accrued expenses and current liabilities | 14,911 | 9,715 | ||||||
Total accrued expenses and other current liabilities | $ | 81,480 | $ | 64,355 | ||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt consists of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
New Term Loan Facility, due 2020, interest at 4.0% at September 30, 2014 and December 31, 2013, net of unamortized discount of $1.3 million and $1.5 million at September 30, 2014 and December 31, 2013, respectively | $ | 295,686 | $ | 297,771 | ||||
Less current portion of debt | (3,000 | ) | (3,000 | ) | ||||
Total long-term debt, net | $ | 292,686 | $ | 294,771 | ||||
IMPAIRMENT_CHARGES_OTHER_WRITE1
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Impairment Charges and Other Write-Downs [Abstract] | ' | |||||||||||||||
Schedule of Impairment Charges, Other Write-Downs and Recoveries [Table Text Block] | ' | |||||||||||||||
Impairment charges, other write-downs and recoveries, included in continuing operations, consist of the following (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Impairment of barge | $ | — | $ | — | $ | — | $ | 439 | ||||||||
Gain on insurance recoveries | (35 | ) | — | (5,843 | ) | — | ||||||||||
Impairment of goodwill (Note 6) | — | — | 9,071 | — | ||||||||||||
(Gain) loss on disposal of assets | 996 | (198 | ) | 1,001 | 61 | |||||||||||
Total impairment charges, other write-downs and recoveries | $ | 961 | $ | (198 | ) | $ | 4,229 | $ | 500 | |||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
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): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Cash | $ | 2,138 | ||||||||||||||
Receivables, net | 245 | |||||||||||||||
Property and equipment, net | 6,147 | |||||||||||||||
Other assets | 719 | |||||||||||||||
Total assets held for sale | $ | 9,249 | ||||||||||||||
Accounts payable | $ | 411 | ||||||||||||||
Accrued expenses and other liabilities | 1,237 | |||||||||||||||
Total liabilities related to assets held for sale | $ | 1,648 | ||||||||||||||
Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues | $ | 2,799 | $ | 4,421 | $ | 11,929 | $ | 14,013 | ||||||||
Operating costs and expenses | (3,898 | ) | (5,135 | ) | (12,917 | ) | (14,427 | ) | ||||||||
Impairment of discontinued operations | — | — | — | (1,454 | ) | |||||||||||
Loss from operations | (1,099 | ) | (714 | ) | (988 | ) | (1,868 | ) | ||||||||
Loss from sale of discontinued operations | (233 | ) | — | (233 | ) | — | ||||||||||
Income tax benefit (expense) | 2,937 | (69 | ) | 2,929 | 301 | |||||||||||
Income (loss) from discontinued operations, net | $ | 1,605 | $ | (783 | ) | $ | 1,708 | $ | (1,567 | ) | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2014 and 2013 (in thousands, unaudited): | ||||||||
Three months ended September 30, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
East | $ | 92,705 | $ | 69,808 | ||||
Central | 74,441 | 29,748 | ||||||
West | 28,530 | 27,872 | ||||||
South and other | 21,423 | 21,319 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 217,099 | $ | 148,747 | ||||
Operating income (loss): | ||||||||
East | $ | 13,440 | $ | 8,034 | ||||
Central | 8,471 | 6,304 | ||||||
West | 4,606 | 3,126 | ||||||
South and other | (493 | ) | 52 | |||||
Corporate | (4,226 | ) | (3,633 | ) | ||||
Total operating income | $ | 21,798 | $ | 13,883 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 21,798 | $ | 13,883 | ||||
Interest expense | (3,203 | ) | (3,636 | ) | ||||
Interest income | 132 | 190 | ||||||
Income from continuing operations before income taxes | $ | 18,727 | $ | 10,437 | ||||
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, 2014 and 2013 (in thousands, unaudited): | ||||||||
Nine months ended September 30, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
East | $ | 233,542 | $ | 192,506 | ||||
Central | 177,711 | 91,194 | ||||||
West | 78,636 | 78,530 | ||||||
South and other | 69,341 | 68,629 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 559,230 | $ | 430,859 | ||||
Operating income: | ||||||||
East | $ | 48,647 | $ | 15,299 | ||||
Central | 21,803 | 21,624 | ||||||
West | 11,305 | 10,126 | ||||||
South and other | 9,510 | 3,708 | ||||||
Corporate | (22,501 | ) | (9,213 | ) | ||||
Total operating income | $ | 68,764 | $ | 41,544 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 68,764 | $ | 41,544 | ||||
Interest expense | (9,564 | ) | (10,816 | ) | ||||
Interest income | 1,749 | 593 | ||||||
Income from continuing operations before income taxes | $ | 60,949 | $ | 31,321 | ||||
Schedule of segment assets | ' | |||||||
Assets by segment: | September 30, 2014 | December 31, 2013 | ||||||
East | $ | 325,530 | $ | 368,317 | ||||
Central | 421,763 | 151,139 | ||||||
West | 113,723 | 111,786 | ||||||
South and other | 127,398 | 119,142 | ||||||
Corporate | 123,528 | 283,988 | ||||||
Assets held for sale | — | 9,249 | ||||||
Total assets | $ | 1,111,942 | $ | 1,043,621 | ||||
ORGANIZATION_AND_BACKGROUND_Ge
ORGANIZATION AND BACKGROUND - Geographical Information (Details) | Sep. 30, 2014 |
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 |
Missouri | ' |
Geographical Information [Line Items] | ' |
Number of casinos | 1 |
ORGANIZATION_AND_BACKGROUND_Bu
ORGANIZATION AND BACKGROUND - Business acquisition (Details) (Lumiere Place [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Lumiere Place [Member] | ' |
Business Acquisition [Line Items] | ' |
Payments to Acquire Businesses, Gross | $261.30 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash | $15,867,000 | ' | $15,867,000 | ' | $30,856,000 |
Estimated fair value of long-term debt | 290,500,000 | ' | 290,500,000 | ' | ' |
Promotional allowances | 25,143,000 | 17,772,000 | 68,142,000 | 52,668,000 | ' |
Estimated costs and expenses of providing promotional allowances | 17,661,000 | 13,498,000 | 48,579,000 | 38,025,000 | ' |
Cash restricted by bankruptcy court | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash | 9,700,000 | ' | 9,700,000 | ' | 9,700,000 |
Cash restricted to collateralize letters of credit | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash | 6,200,000 | ' | 6,200,000 | ' | 6,200,000 |
Cash restricted in connection with the agreement to purchase Lumiere Place Casino | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' | 15,000,000 |
Room [Member] | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Promotional allowances | 9,521,000 | 7,007,000 | 25,611,000 | 19,754,000 | ' |
Estimated costs and expenses of providing promotional allowances | 4,551,000 | 3,586,000 | 13,816,000 | 11,140,000 | ' |
Other Departments [Member] | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Promotional allowances | 2,209,000 | 1,301,000 | 7,082,000 | 5,883,000 | ' |
Estimated costs and expenses of providing promotional allowances | 967,000 | 703,000 | 2,401,000 | 1,495,000 | ' |
Food and Beverage [Member] | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Promotional allowances | 13,413,000 | 9,464,000 | 35,449,000 | 27,031,000 | ' |
Estimated costs and expenses of providing promotional allowances | $12,143,000 | $9,209,000 | $32,362,000 | $25,390,000 | ' |
Recovered_Sheet1
LUMICRE PLACE ACQUISITION Lumiere Place Acquisition (Details) (Lumiere Place [Member], USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 01, 2014 | |
Lumiere Place [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $261,300,000 | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | 200,000 | ' | 1,300,000 | ' | ' |
Current assets | ' | ' | ' | ' | ' | 15,931,000 |
Property and equipment | ' | ' | ' | ' | ' | 249,097,000 |
Intangible assets | ' | ' | ' | ' | ' | 8,848,000 |
Other assets | ' | ' | ' | ' | ' | 657,000 |
Total assets | ' | ' | ' | ' | ' | 274,533,000 |
Total liabilities | ' | ' | ' | ' | ' | -13,227,000 |
Net Assets Acquired | ' | ' | ' | ' | ' | 261,306,000 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' |
Net revenues | ' | 42,911,000 | ' | 85,702,000 | ' | ' |
Net Income | ' | -1,295,000 | ' | -5,163,000 | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | 192,619,000 | 600,225,000 | 568,830,000 | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | $12,336,000 | $43,176,000 | $40,420,000 | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | ' | $0.47 | $1.64 | $1.54 | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | $0.47 | $1.64 | $1.54 | ' |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Adjustment to Receivables Related to the Predecessors Tax Claim Settlement | $8,300,000 | ' |
Accounts Receivable, Gross, Current | 42,226,000 | 40,591,000 |
Allowance for Doubtful Accounts Receivable, Current | -11,200,000 | -11,805,000 |
Receivables, net | 31,026,000 | 28,786,000 |
Casino | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Current | 16,253,000 | 18,000,000 |
Hotel | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Current | 7,033,000 | 4,539,000 |
Predecessors' administrative tax claim | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Current | 2,181,000 | 10,478,000 |
Income tax [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Current | 2,929,000 | 1,266,000 |
Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable, Gross, Current | $13,830,000 | $6,308,000 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land | Land | Building and improvements | Building and improvements | Building and improvements | Building and improvements | Furniture, fixtures, and equipment | Furniture, fixtures, and equipment | Furniture, fixtures, and equipment | Furniture, fixtures, and equipment | Riverboats and barges | Riverboats and barges | Riverboats and barges | Riverboats and barges | Construction in progress | Construction in progress | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, gross | $883,334 | $586,646 | $114,136 | $89,724 | $533,306 | $335,050 | ' | ' | $174,044 | $130,174 | ' | ' | $18,605 | $18,990 | ' | ' | $43,243 | $12,708 |
Accumulated depreciation | -159,079 | -125,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $724,255 | $460,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated life | ' | ' | ' | ' | ' | ' | '10 years | '40 years | ' | ' | '3 years | '7 years | ' | ' | '5 years | '15 years | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | $24,928 | ' | ' |
Goodwill, Impairment Loss | 0 | 0 | -9,071 | 0 | ' |
Goodwill | 15,857 | ' | 15,857 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' | ' | ' | ' |
Goodwill, Gross | 26,659 | ' | 26,659 | ' | 26,659 |
Goodwill, Impaired, Accumulated Impairment Loss | -10,802 | ' | -10,802 | ' | -1,731 |
Central | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 14,224 | ' | ' |
Goodwill, Impairment Loss | ' | ' | 0 | ' | ' |
Goodwill | 14,224 | ' | 14,224 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' | ' | ' | ' |
Goodwill, Gross | 14,224 | ' | 14,224 | ' | 14,224 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | 0 | ' | 0 |
South and other | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 0 | ' | ' |
Goodwill, Impairment Loss | ' | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' | ' | ' | ' |
Goodwill, Gross | 1,731 | ' | 1,731 | ' | 1,731 |
Goodwill, Impaired, Accumulated Impairment Loss | -1,731 | ' | -1,731 | ' | -1,731 |
Corporate | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 10,704 | ' | ' |
Goodwill, Impairment Loss | ' | ' | -9,071 | ' | ' |
Goodwill | 1,633 | ' | 1,633 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ' | ' | ' | ' | ' |
Goodwill, Gross | 10,704 | ' | 10,704 | ' | 10,704 |
Goodwill, Impaired, Accumulated Impairment Loss | ($9,071) | ' | ($9,071) | ' | $0 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total intangible assets, gross | $81,553,000 | ' | $81,553,000 | ' | $72,706,000 |
Total accumulated depreciation | -6,297,000 | ' | -6,297,000 | ' | -5,692,000 |
Intangible assets, net | 75,256,000 | ' | 75,256,000 | ' | 67,014,000 |
Customer lists | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, finite-lived | 3,021,000 | ' | 3,021,000 | ' | 2,861,000 |
Total accumulated depreciation | -2,887,000 | ' | -2,887,000 | ' | -2,861,000 |
Estimated life | ' | ' | '3 years | ' | ' |
Amortization expense | ' | ' | ' | 200,000 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 100,000 | ' | 100,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 100,000 | ' | 100,000 | ' | ' |
Customer lists | Less than [Member] | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization expense | 100,000 | ' | 100,000 | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 100,000 | ' | 100,000 | ' | ' |
Favorable lease | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, finite-lived | 15,645,000 | ' | 15,645,000 | ' | 15,645,000 |
Total accumulated depreciation | -3,410,000 | ' | -3,410,000 | ' | -2,831,000 |
Amortization expense | 200,000 | 200,000 | 600,000 | 600,000 | ' |
Favorable lease | Minimum | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '5 years | ' | ' |
Favorable lease | Maximum | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Estimated life | ' | ' | '42 years | ' | ' |
Trade name | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, indefinite-lived | 25,500,000 | ' | 25,500,000 | ' | 25,500,000 |
Gaming licenses | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, indefinite-lived | 37,387,000 | ' | 37,387,000 | ' | ' |
Tropicana Evansville [Member] | Gaming licenses | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, indefinite-lived | 28,700,000 | ' | 28,700,000 | ' | 28,700,000 |
Lumiere Place [Member] | Gaming licenses | ' | ' | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, indefinite-lived | $8,700,000 | ' | $8,700,000 | ' | ' |
Fair Value Inputs, Long-term Revenue Growth Rate | ' | ' | 2.00% | ' | ' |
Fair Value Inputs, Assumed Effective Tax Rate | ' | ' | 38.10% | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 12.00% | ' | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assessment of Licensees, Percentage of Internet Gaming Gross Revenues | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment alternative tax, percentage of gross gaming revenues | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Alternative Tax, Percentage o Internet Gaming Gross Revenues | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, carrying value, gross | ' | ' | $16,435,000 | $16,542,000 | ' | ' | $31,710,000 | $29,538,000 | ' | ' | ' | ' | $1,002,000 | $4,022,000 |
Less unamortized discount | ' | ' | -4,362,000 | -4,417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less valuation allowance | ' | ' | -3,482,000 | -3,463,000 | ' | ' | -7,868,000 | -7,201,000 | ' | ' | ' | ' | -1,002,000 | -1,381,000 |
Total investments | 32,433,000 | 33,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CRDA bonds, contractual maturities | ' | ' | ' | ' | '2 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' |
Charge to expense to reflect lower return on funds on deposit | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | $400,000 | $1,200,000 | $400,000 | ' | ' |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Debt issuance costs | $4,006 | $4,304 |
Tropicana Evansville prepaid rent | 450 | 2,475 |
Deposits | 4,032 | 4,812 |
Other | 2,981 | 4,379 |
Other assets | $11,469 | $15,970 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Payables and Accruals [Abstract] | ' | ' |
Accrued payroll and benefits | $30,705,000 | $24,697,000 |
Accrued gaming and related | 15,273,000 | 10,564,000 |
Accrued taxes | 19,096,000 | 9,587,000 |
Predecessors' administrative tax claim | 1,495,000 | 9,792,000 |
Other accrued expenses and current liabilities | 14,911,000 | 9,715,000 |
Total accrued expenses and other current liabilities | 81,480,000 | 64,355,000 |
Adjustment to Payables Related to the Predecessors' Tax Claim Settlement | $8,300,000 | ' |
DEBT_Schedule_Details
DEBT - Schedule (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Current portion of long-term debt | ($3,000,000) | ($3,000,000) |
Long-term debt, net | 292,686,000 | 294,771,000 |
The New Credit Facilities [Member] | New Term Loan Facility, Due 2020, Interest at 4 Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 295,686,000 | 297,771,000 |
Current portion of long-term debt | -3,000,000 | -3,000,000 |
Long-term debt, net | 292,686,000 | 294,771,000 |
Interest rate | 4.00% | 4.00% |
Unamortized discount | $1,300,000 | $1,500,000 |
DEBT_Additional_Information_De
DEBT - Additional Information (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Nov. 27, 2013 | |
The New Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Senior Secured Net Leverage Ratio | 3.25 | ' |
The New Credit Facilities [Member] | Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instruments, Percent of Annual Excess Cash Flow | 50.00% | ' |
The New Credit Facilities [Member] | Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instruments, Percent of Annual Excess Cash Flow | 0.00% | ' |
The New Credit Facilities [Member] | New Term Loan Facility, Due 2020, Interest at 4 Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt issuance amount | ' | $300,000,000 |
Discount rate | ' | 0.50% |
Debt instruments, quarterly principal payment | 750,000 | ' |
Debt Instrument, Interest Rate Increase, Due to Default | 2.00% | ' |
Interest rate floor | 4.00% | ' |
Effective interest rate | 4.00% | ' |
The New Credit Facilities [Member] | New Term Loan Facility, Due 2020, Interest at 4 Percent [Member] | LIBO Rate (as defined in the Credit Agreement) [Member] | Criteria i [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Variable rate basis floor | 1.00% | ' |
Basis spread on variable rate | 3.00% | ' |
The New Credit Facilities [Member] | New Term Loan Facility, Due 2020, Interest at 4 Percent [Member] | Alternate Base Rate (as defined in the Credit Agreement) [Member] | Criteria ii [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Variable rate basis floor | 2.00% | ' |
Basis spread on variable rate | 2.00% | ' |
The New Credit Facilities [Member] | Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | ' | 15,000,000 |
The New Credit Facilities [Member] | Revolving Credit Facility [Member] | LIBO Rate (as defined in the Credit Agreement) [Member] | Criteria i [Member] | Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 2.50% | ' |
The New Credit Facilities [Member] | Revolving Credit Facility [Member] | LIBO Rate (as defined in the Credit Agreement) [Member] | Criteria i [Member] | Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 2.00% | ' |
The New Credit Facilities [Member] | Revolving Credit Facility [Member] | Alternate Base Rate (as defined in the Credit Agreement) [Member] | Criteria ii [Member] | Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 1.50% | ' |
The New Credit Facilities [Member] | Revolving Credit Facility [Member] | Alternate Base Rate (as defined in the Credit Agreement) [Member] | Criteria ii [Member] | Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable rate | 1.00% | ' |
The Credit Facilities [Member] | Term Loan Facility, Due 2018, Interest at 7.5 Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt issuance amount | ' | 175,000,000 |
Repurchase amount | ' | 172,400,000 |
The Credit Facilities [Member] | Letter of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | ' | $15,000,000 |
Less than [Member] | The New Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 2.75 | ' |
Less than [Member] | The New Credit Facilities [Member] | Revolving Credit Facility [Member] | LIBO Rate (as defined in the Credit Agreement) [Member] | Criteria i [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 2.5 | ' |
Less than [Member] | The New Credit Facilities [Member] | Revolving Credit Facility [Member] | Alternate Base Rate (as defined in the Credit Agreement) [Member] | Criteria ii [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 2.5 | ' |
Greater than [Member] | The New Credit Facilities [Member] | Revolving Credit Facility [Member] | LIBO Rate (as defined in the Credit Agreement) [Member] | Criteria i [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 3 | ' |
Greater than [Member] | The New Credit Facilities [Member] | Revolving Credit Facility [Member] | Alternate Base Rate (as defined in the Credit Agreement) [Member] | Criteria ii [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 3 | ' |
Amount outstanding under the Revolving loans exceed 35% on the last day of any fiscal quarter compliance with a maximum senior secured net leverage ratio is required [Member] | The New Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instruments, Covenants, Percent Outstanding under the Revolving Facility | 35.00% | ' |
Debt Instrument, Covenant, Senior Secured Net Leverage Ratio | 3.25 | ' |
IMPAIRMENT_CHARGES_OTHER_WRITE2
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
South and other | South and other | South and other | East | |||||
Schedule of Impairment Charges, Other Write-Downs and Recoveries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $0 | $0 | $0 | $439,000 | ' | ' | ' | ' |
Gain on insurance recoveries | -35,000 | 0 | -5,843,000 | 0 | ' | -4,600,000 | ' | -1,300,000 |
Goodwill, Impairment Loss | 0 | 0 | 9,071,000 | 0 | ' | 0 | ' | ' |
Gain (loss) on disposal of assets | 996,000 | -198,000 | 1,001,000 | 61,000 | ' | ' | ' | ' |
Total impairment charges, other write-downs and recoveries | 961,000 | -198,000 | 4,229,000 | 500,000 | ' | ' | ' | ' |
Insurance proceeds | ' | ' | 5,200,000 | 700,000 | 5,200,000 | ' | 700,000 | ' |
Settled amount on filed insurance claims | ' | ' | ' | ' | $5,900,000 | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0.10 | $0.10 | $0.30 | $0.30 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Leases (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 08, 2010 | Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2010 | Mar. 31, 2010 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | MontBleu Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville Land Lease | Casino Evansville 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 | |
Subsequent Event [Member] | Other Long-Term Liabilities [Member] | Other Long-Term Liabilities [Member] | 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 | 7,300,000 | 7,700,000 | ' | ' | 6,800,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Purchase Commitment, Amount | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Purchase Commitment, Period | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Number of renewal options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 400,000 | ' | ' | 400,000 | ' | ' | ' | ' | 400,000 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Feb. 01, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 12, 2010 | Jan. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2014 |
2011 New Jersey Legislation | New Jersey CRDA | New Jersey CRDA | Wimar and CSC Administrative Expense Claims | Aztar v. Marsh [Member] | Tropicana AC Tax Appeal Settlement [Member] | Tropicana AC Tax Appeal Settlement [Member] | Tropicana AC Tax Appeal Settlement [Member] | UNITE HERE Complaint [Member] | UNITE HERE Complaint [Member] | Indiana Gross Income Tax Appeals and Assessments [Member] | ||
New Jersey Casino Control Commission | Minimum | |||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of partnership | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required annual contribution due to new legislation | ' | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of industry obligations due to new legislation | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' |
Assessment of licensees, percentage of gross gaming revenues | 1.25% | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assessment of Licensees, Percentage of Internet Gaming Gross Revenues | 2.50% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment alternative tax, percentage of gross gaming revenues | 2.50% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Alternative Tax, Percentage o Internet Gaming Gross Revenues | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required additional investment, interest rate, portion of average market rate | ' | ' | 0.66667 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | ' | ' | ' |
Real estate tax credits used | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' |
Professional Fees | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' |
Cash payment to satisfy future tax credits | ' | ' | ' | ' | ' | ' | 31.7 | ' | ' | ' | ' | ' |
Multiemployer Plans, Withdrawal Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 0.6 |
Adjustment Related to the Predecessors' Tax Claim Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.30 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 07, 2010 | Mar. 08, 2010 | Mar. 08, 2010 | Mar. 07, 2010 |
In Millions, except Share data, unless otherwise specified | 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 | ' |
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 | ' | ' | ' | ' | $11.50 | ' | ' |
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) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
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 |
DISCONTINUED_OPERATIONS_DISCON
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Liabilities related to assets held for sale | $0 | ' | $0 | ' | ' | $1,648,000 |
Impairment of discontinued operations | ' | ' | 0 | -1,454,000 | ' | ' |
Loss from sale of discontinued operations | ' | ' | -233,000 | 0 | ' | ' |
Income (loss) from discontinued operations, net | 1,605,000 | -783,000 | 1,708,000 | -1,567,000 | ' | ' |
River Palms disposal [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Discontinued Operations, Purchase Price Per the Asset Purchase Agreement | ' | ' | ' | ' | 6,800,000 | ' |
Cash | ' | ' | ' | ' | ' | 2,138,000 |
Receivables, net | ' | ' | ' | ' | ' | 245,000 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | ' | ' | ' | ' | ' | 6,147,000 |
Other assets | ' | ' | ' | ' | ' | 719,000 |
Total assets held for sale | ' | ' | ' | ' | ' | 9,249,000 |
Accounts payable | ' | ' | ' | ' | ' | 411,000 |
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | 1,237,000 |
Liabilities related to assets held for sale | ' | ' | ' | ' | ' | 1,648,000 |
Net revenues | 2,799,000 | 4,421,000 | 11,929,000 | 14,013,000 | ' | ' |
Operating costs and expenses | -3,898,000 | -5,135,000 | -12,917,000 | -14,427,000 | ' | ' |
Impairment of discontinued operations | 0 | 0 | 0 | -1,454,000 | ' | ' |
Income (loss) from operations | -1,099,000 | -714,000 | -988,000 | -1,868,000 | ' | ' |
Loss from sale of discontinued operations | -233,000 | 0 | -233,000 | 0 | ' | ' |
Income tax benefit (expense) | 2,937,000 | -69,000 | 2,929,000 | 301,000 | ' | ' |
Income (loss) from discontinued operations, net | $1,605,000 | ($783,000) | $1,708,000 | ($1,567,000) | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate from continuing operations | 35.50% | 12.50% | 32.70% | 9.80% | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | ' | ' | $211.10 |
SEGMENT_INFORMATION_Operating_
SEGMENT INFORMATION - Operating Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | $217,099 | $148,747 | $559,230 | $430,859 |
Operating income | 21,798 | 13,883 | 68,764 | 41,544 |
Interest expense | -3,203 | -3,636 | -9,564 | -10,816 |
Interest income | 132 | 190 | 1,749 | 593 |
Income (loss) from continuing operations before income taxes | 18,727 | 10,437 | 60,949 | 31,321 |
East | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 92,705 | 69,808 | 233,542 | 192,506 |
Operating income | 13,440 | 8,034 | 48,647 | 15,299 |
Central | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 74,441 | 29,748 | 177,711 | 91,194 |
Operating income | 8,471 | 6,304 | 21,803 | 21,624 |
West | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 28,530 | 27,872 | 78,636 | 78,530 |
Operating income | 4,606 | 3,126 | 11,305 | 10,126 |
South and other | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 21,423 | 21,319 | 69,341 | 68,629 |
Operating income | -493 | 52 | 9,510 | 3,708 |
Corporate | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 0 | 0 | 0 | 0 |
Operating income | ($4,226) | ($3,633) | ($22,501) | ($9,213) |
SEGMENT_INFORMATION_Assets_Det
SEGMENT INFORMATION - Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $1,111,942 | $1,043,621 |
Assets held for sale | 0 | 9,249 |
East | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 325,530 | 368,317 |
Central | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 421,763 | 151,139 |
West | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 113,723 | 111,786 |
South and other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 127,398 | 119,142 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $123,528 | $283,988 |