DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Tropicana Entertainment Inc. | |
Entity Central Index Key | 1476246 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 26,312,500 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $185,938 | $195,735 |
Restricted cash | 14,042 | 15,740 |
Receivables, net | 24,712 | 22,713 |
Inventories | 7,244 | 7,482 |
Prepaid expenses and other assets | 15,899 | 13,671 |
Deferred tax assets, net | 9,078 | 9,078 |
Total current assets | 256,913 | 264,419 |
Property and equipment, net | 746,740 | 740,752 |
Goodwill | 15,857 | 15,857 |
Intangible assets, net | 74,793 | 75,010 |
Investments | 34,522 | 32,825 |
Deferred tax assets | 150,023 | 150,023 |
Other assets, net | 10,311 | 10,804 |
Total assets | 1,289,159 | 1,289,690 |
Current liabilities: | ||
Current portion of long-term debt | 3,000 | 3,000 |
Accounts payable | 37,943 | 43,612 |
Accrued expenses and other current liabilities | 78,293 | 78,937 |
Total current liabilities | 119,236 | 125,549 |
Long-term debt, net | 291,296 | 291,992 |
Other long-term liabilities | 6,620 | 6,757 |
Total liabilities | 417,152 | 424,298 |
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 March 31, 2015 and December 31, 2014 | 263 | 263 |
Additional paid-in capital | 600,359 | 600,359 |
Retained earnings | 271,385 | 264,770 |
Total shareholders' equity | 872,007 | 865,392 |
Total liabilities and shareholders' equity | $1,289,159 | $1,289,690 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Casino | $156,617 | $118,204 |
Room | 25,732 | 20,107 |
Food and beverage | 25,101 | 18,709 |
Other | 6,696 | 4,964 |
Gross revenues | 214,146 | 161,984 |
Less promotional allowances | -20,765 | -17,361 |
Net revenues | 193,381 | 144,623 |
Operating costs and expenses: | ||
Casino | 69,287 | 52,102 |
Room | 9,399 | 7,313 |
Food and beverage | 12,535 | 8,667 |
Other | 4,356 | 3,367 |
Marketing, advertising and promotions | 13,923 | 11,684 |
General and administrative | 37,531 | 28,864 |
Maintenance and utilities | 17,168 | 15,302 |
Depreciation and amortization | 14,556 | 9,027 |
Impairment charges, other write-downs and recoveries | 680 | 4,513 |
Property tax settlement | 0 | -31,725 |
Total operating costs and expenses | 179,435 | 109,114 |
Operating income | 13,946 | 35,509 |
Other income (expense): | ||
Interest expense | -2,903 | -3,145 |
Interest income | 143 | 1,459 |
Total other expense | -2,760 | -1,686 |
Income from continuing operations before income taxes | 11,186 | 33,823 |
Income tax expense | -4,571 | -9,822 |
Income from continuing operations | 6,615 | 24,001 |
Income from discontinued operations, net | 0 | 216 |
Net income | $6,615 | $24,217 |
Basic and diluted income per common share: | ||
Income from continuing operations (in dollars per share) | $0.25 | $0.91 |
Income from discontinued operations, net (in dollars per share) | $0 | $0.01 |
Net income (loss) (in dollars per share) | $0.25 | $0.92 |
Weighted-average common shares outstanding: | ||
Basic and diluted (in shares) | 26,313 | 26,313 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $6,615 | $24,217 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on insurance recoveries | 0 | -4,558 |
Depreciation and amortization (including discontinued operations) | 14,556 | 9,027 |
Amortization of debt discount and debt issuance costs | 249 | 248 |
Impairment charges | 26 | 9,071 |
Loss on disposition of asset (including discontinued operations) | 654 | 0 |
Changes in current assets and current liabilities: | ||
Receivables, net | -1,999 | -1,395 |
Inventories, prepaids and other assets | -1,991 | -4,353 |
Accrued interest | -99 | 0 |
Accounts payable, accrued expenses and other liabilities | -2,447 | 9,228 |
Other | 339 | 1,030 |
Net cash provided by operating activities | 15,903 | 42,515 |
Cash flows from investing activities: | ||
Additions of property and equipment | -25,960 | -12,319 |
Insurance proceeds | 0 | 5,200 |
Other | -688 | 389 |
Net cash used in investing activities | -26,648 | -6,730 |
Cash flows from financing activities: | ||
Payments on debt | -750 | -750 |
Restricted cash | 1,698 | -9 |
Net cash provided by (used in) financing activities | 948 | -759 |
Net increase (decrease) in cash and cash equivalents | -9,797 | 35,026 |
Increase in cash and cash equivalents related to assets held for sale | 0 | -166 |
Cash and cash equivalents, beginning of period | 195,735 | 356,755 |
Cash and cash equivalents, end of period | 185,938 | 391,615 |
Supplemental cash flow disclosure (including discontinued operations): | ||
Cash paid for interest, net of interest capitalized | 2,752 | 2,967 |
Cash paid for income taxes | 3,400 | 425 |
Capital expenditures included in accrued expenses and other current liabilities | $4,444 | $2,158 |
ORGANIZATION_AND_BACKGROUND
ORGANIZATION AND BACKGROUND | 3 Months Ended | |
Mar. 31, 2015 | ||
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 the three months ended March 31, 2014. On July 1, 2014, the Company sold River Palms to Nevada Restaurant Services, Inc. and its affiliate, Laughlin Hotel, LLC (see Note 17 - 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, 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 March 31, 2015 and December 31, 2014, $7.6 million and $9.6 million, respectively, 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 $6.5 million and $6.2 million respectively was restricted to collateralize letters of credit. | ||||||||
Fair Value of Financial Instruments | ||||||||
As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. See Note 4 - Fair Value for further detail related to the fair value of financial instruments. | ||||||||
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 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 March 31, | ||||||||
2015 | 2014 | |||||||
Room | $ | 7,957 | $ | 6,778 | ||||
Food and beverage | 10,935 | 9,178 | ||||||
Other | 1,873 | 1,405 | ||||||
Total | $ | 20,765 | $ | 17,361 | ||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Room | $ | 4,903 | $ | 4,279 | ||||
Food and beverage | 9,630 | 8,497 | ||||||
Other | 554 | 564 | ||||||
Total | $ | 15,087 | $ | 13,340 | ||||
Recently Issued Accounting Standards | ||||||||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, requiring entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability. This new guidance is similar to existing presentation requirements for debt discounts and aligns with the presentation of debt issuance costs under International Financial Reporting Standards ("IFRS"). The new guidance does not affect entities’ recognition and measurement of debt issuance costs. Previously, entities were required to present debt issuance costs as deferred charges in the asset section of the statement of financial position. The guidance in the ASU is effective for all entities in fiscal years beginning after December 15, 2015. Public business entities must apply the guidance in interim periods within the fiscal year of adoption, while all other entities must apply the guidance in interim periods within fiscal years beginning after December 15, 2016. All entities must apply the guidance retrospectively and provide the required disclosures for a change in accounting principle in the period of adoption. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial statement presentation. | ||||||||
In August 2014, the FASB issued 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. | ||||||||
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 | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
LUMICRE PLACE 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 months ended March 31, 2014 was $0.5 million. | ||||
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 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 7 - Goodwill and Intangible Assets). Goodwill associated with the acquisition was immaterial. | ||||
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 period presented below. 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 March 31, 2014 | ||||
Net Revenues | $ | 185,618 | ||
Net Income | 24,099 | |||
Basic and diluted net income per common share | $ | 0.92 | ||
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 depreciation and amortization expense, based on the fair values of the property and equipment and definite life intangible assets acquired. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||
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. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: | ||||||||||||||||
• | Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||||
• | Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||||
• | Level 3 - Unobservable inputs reflect the Company's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Company develops these inputs based on the best information available, including its own data. | |||||||||||||||
The following table presents a summary of fair value measurements by level for certain assets measured at fair value on a recurring basis included in the accompanying condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
Input Levels for Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
March 31, 2015 | ||||||||||||||||
Assets: | ||||||||||||||||
CRDA deposits, net | $ | — | $ | — | $ | 26,228 | $ | 26,228 | ||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
CRDA deposits, net | $ | — | $ | — | $ | 24,384 | $ | 24,384 | ||||||||
Funds on deposit with the CRDA are held in an interest bearing accounts 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. The fair value of the CRDA deposits, classified in the fair value hierarchy as Level 3, are estimated using valuation allowances calculated based on market rates for similar assets and other information received from the CRDA. See Note 8 - Investments for more detail related to the CRDA deposits. | ||||||||||||||||
The following table summarizes the changes in fair value of the Company's Level 3 CRDA deposits (in thousands): | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Beginning Balance | $ | 24,384 | $ | 22,337 | ||||||||||||
Realized or unrealized gains/(losses) | 1,119 | (84 | ) | |||||||||||||
Additional CRDA deposits | 962 | 835 | ||||||||||||||
Purchases of CRDA investments | (237 | ) | (407 | ) | ||||||||||||
Ending Balance | $ | 26,228 | $ | 22,681 | ||||||||||||
Realized or unrealized gains/(losses) related to the Level 3 investments held at the end of the reporting period are included in general and administrative expense during the three months ended March 31, 2015 and 2014. There were no transfers between fair value levels during the periods ended March 31, 2015 and 2014. | ||||||||||||||||
The following table summarizes assets measured at fair value on a nonrecurring basis during the periods ended March 31, 2015 and December 31, 2014 included in the accompanying consolidated balance sheets (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Category | Level 3 Asset | Recognized Loss | Level 3 Asset | Recognized Loss | ||||||||||||
Goodwill | $ | 15,857 | $ | — | $ | 15,857 | $ | 9,071 | ||||||||
Goodwill represents the excess of purchase price over fair value of assets acquired and liabilities assumed in business combinations or under fresh-start reporting. In accordance with accounting guidance related to goodwill and other intangible assets, the Company tests for impairment of goodwill and indefinite-lived intangible assets annually in the fourth quarter of each year and in certain situations between those annual dates. See Note 2 - Summary of Significant Accounting Policies for more detail related to the goodwill impairment analysis. | ||||||||||||||||
Long-term Debt | ||||||||||||||||
The Company's long-term debt is carried at amortized cost in the accompanying consolidated balance sheets. The fair value of the Company's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices for similar issues. The estimated fair value of long-term debt as of March 31, 2015 and December 31, 2014 is approximately $292.3 million and $288.3 million, respectively. | ||||||||||||||||
CRDA Bonds | ||||||||||||||||
The Company's CRDA bonds are classified as held-to-maturity since the Company has the ability and intent to hold these bonds to maturity and under the CRDA, the Company is not permitted to do otherwise. 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 quarterly for recoverability 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. The fair value of the Company's CRDA bonds are considered a Level 3 fair value measurement. The CRDA bonds carrying value as of March 31, 2015 and December 31, 2014 net of the unamortized discount and valuation allowance is $8.3 million and $8.4 million, respectively, which approximates fair value. See Note 8 - Investments for more detail related to the CRDA bonds. |
RECEIVABLES
RECEIVABLES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
RECEIVABLES | RECEIVABLES | |||||||
Receivables consist of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Casino | $ | 14,777 | $ | 15,472 | ||||
Hotel | 4,920 | 4,897 | ||||||
Other | 15,711 | 13,596 | ||||||
Receivables, gross | 35,408 | 33,965 | ||||||
Allowance for doubtful accounts | (10,696 | ) | (11,252 | ) | ||||
Receivables, net | $ | 24,712 | $ | 22,713 | ||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following (in thousands): | ||||||||||
Estimated | March 31, 2015 | December 31, 2014 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 116,190 | $ | 115,947 | |||||
Buildings and improvements | 10 - 40 | 558,517 | 549,929 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 189,520 | 182,948 | |||||||
Riverboats and barges | 5 - 15 | 16,908 | 16,908 | |||||||
Construction in progress | — | 49,699 | 46,058 | |||||||
Property and equipment, gross | 930,834 | 911,790 | ||||||||
Accumulated depreciation | (184,094 | ) | (171,038 | ) | ||||||
Property and equipment, net | $ | 746,740 | $ | 740,752 | ||||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | |||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Central | $ | 14,224 | $ | — | $ | 14,224 | $ | 14,224 | $ | — | $ | 14,224 | ||||||||||||
South and other | 1,731 | (1,731 | ) | — | 1,731 | (1,731 | ) | — | ||||||||||||||||
Corporate | 10,704 | (9,071 | ) | 1,633 | 10,704 | (9,071 | ) | 1,633 | ||||||||||||||||
Total | $ | 26,659 | $ | (10,802 | ) | $ | 15,857 | $ | 26,659 | $ | (10,802 | ) | $ | 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 three months ended March 31, 2014, due to Tropicana AC's carrying value exceeding its fair value. | ||||||||||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
Estimated | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
life | ||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||||||||||
Gaming licenses | Indefinite | 37,387 | 37,387 | |||||||||||||||||||||
Customer lists | 3 | 160 | 160 | |||||||||||||||||||||
Favorable lease | 5 - 42 | 15,152 | 15,374 | |||||||||||||||||||||
Total intangible assets | 78,199 | 78,421 | ||||||||||||||||||||||
Less accumulated amortization: | ||||||||||||||||||||||||
Customer lists | (54 | ) | (40 | ) | ||||||||||||||||||||
Favorable lease | (3,352 | ) | (3,371 | ) | ||||||||||||||||||||
Total accumulated amortization | (3,406 | ) | (3,411 | ) | ||||||||||||||||||||
Intangible assets, net | $ | 74,793 | $ | 75,010 | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 the indefinite life gaming licenses consists of $28.7 million and $8.7 million related to Tropicana Evansville and Lumière Place, respectively. | ||||||||||||||||||||||||
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. In April 2014, the Company recorded customer lists 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 months ended March 31, 2015 was less than $0.1 million. There was no amortization expense recorded for the three months ended March 31, 2014. 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. During the three months ended March 31, 2015, management reviewed the tenant leases at Tropicana AC and determined that there was a $26 thousand impairment due to certain original tenant leases being terminated early. 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 each of the three months ended March 31, 2015 and 2014 was $0.2 million. |
INVESTMENTS
INVESTMENTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, 2015 and December 31, 2014 approximates their fair value. | ||||||||
Investments consist of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Investment in bonds—CRDA | $ | 16,198 | $ | 16,409 | ||||
Less unamortized discount | (4,243 | ) | (4,306 | ) | ||||
Less valuation allowance | (3,661 | ) | (3,662 | ) | ||||
Deposits—CRDA | 32,982 | 32,257 | ||||||
Less valuation allowance | (6,754 | ) | (7,873 | ) | ||||
Direct investment—CRDA | 1,529 | 1,292 | ||||||
Less valuation allowance | (1,529 | ) | (1,292 | ) | ||||
Total investments | $ | 34,522 | $ | 32,825 | ||||
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 March 31, 2015 and 2014, the Company included a reduction of $1.0 million and a charge of $0.3 million, respectively, to general and administrative expenses on the accompanying condensed consolidated statements of income. |
OTHER_ASSETS
OTHER ASSETS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
OTHER ASSETS | OTHER ASSETS | |||||||
Other assets consist of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Debt issuance costs | $ | 3,735 | $ | 3,931 | ||||
Deposits | 3,716 | 3,951 | ||||||
Other | 2,860 | 2,922 | ||||||
Other assets | $ | 10,311 | $ | 10,804 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Accrued payroll and benefits | $ | 29,557 | $ | 29,709 | ||||
Accrued gaming and related | 15,165 | 16,687 | ||||||
Accrued taxes | 19,250 | 16,963 | ||||||
Other accrued expenses and current liabilities | 14,321 | 15,578 | ||||||
Total accrued expenses and other current liabilities | $ | 78,293 | $ | 78,937 | ||||
DEBT
DEBT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
DEBT | DEBT | |||||||
Debt consists of the following (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
New Term Loan Facility, due 2020, interest at 4.0% at March 31, 2015 and December 31, 2014 net of unamortized discount of $1.2 million and $1.3 million at March 31, 2015 and December 31, 2014, respectively | $ | 294,296 | $ | 294,992 | ||||
Less current portion of debt | (3,000 | ) | (3,000 | ) | ||||
Total long-term debt, net | $ | 291,296 | $ | 291,992 | ||||
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 March 31, 2015, 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 March 31, 2015. |
IMPAIRMENT_CHARGES_OTHER_WRITE
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Impairment Charges and Other Write-Downs [Abstract] | ||||||||
IMPAIRMENT CHARGES, OTHER WRITE DOWNS AND RECOVERIES | 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 March 31, | ||||||||
2015 | 2014 | |||||||
Gain on insurance recoveries | — | (4,558 | ) | |||||
Impairment of goodwill and intangibles (Note 7) | 26 | 9,071 | ||||||
Loss on disposal of assets | 654 | — | ||||||
Total impairment charges, other write-downs and recoveries | $ | 680 | $ | 4,513 | ||||
Jubilee Barge Impairment and Insurance Recovery | ||||||||
In January 2013, the Jubilee barge was damaged as a result of a high-wind storm. 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 three months ended March 31, 2014. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and 2014, the Company paid $0.1 million to Insight Portfolio Group. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and December 31, 2014, the unfavorable lease liability balance was $7.0 million and $7.2 million, respectively, of which $6.5 million and $6.7 million, respectively, is included in other long-term liabilities on the accompanying condensed 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. | |
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 11.1% for 2015. | |
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 March 31, 2015 and December 31, 2014. 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. | |
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 Company utilized a portion of the credits in 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 three months ended March 31, 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. | |
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 | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015. 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 March 31, 2015. 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 9 5/8% 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 March 31, 2015, 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 | 3 Months Ended |
Mar. 31, 2015 | |
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 months ended March 31, 2014, 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 | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||
As discussed in Note 1 - Organization and Background, the Company sold River Palms to Nevada Restaurant Services, Inc. and its affiliate, Laughlin Hotel, LLC on July 1, 2014. 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. | ||||
Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | ||||
Three months ended March 31, | ||||
2014 | ||||
Net revenues | $ | 4,590 | ||
Operating costs and expenses | (4,356 | ) | ||
Loss from operations | 234 | |||
Income tax expense | (18 | ) | ||
Income from discontinued operations, net | $ | 216 | ||
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and 2014 was 40.9% and 29.0%, respectively. The difference between the federal statutory rate of 35% and the Company's effective tax rate for the three months ended March 31, 2015 was primarily due to the 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 March 31, 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. Looking forward, our effective income tax rate may fluctuate due to changes in tax legislation, changes in our estimates of federal tax credits, changes in our assessment of uncertainties as valued under accounting guidance for uncertainty in income taxes, as well as accumulated interest and penalties. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014 (in thousands, unaudited): | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
East | $ | 68,451 | $ | 63,019 | ||||
Central | 71,939 | 31,041 | ||||||
West | 26,548 | 25,183 | ||||||
South and other | 26,443 | 25,380 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 193,381 | $ | 144,623 | ||||
Operating income (loss): | ||||||||
East | $ | (279 | ) | $ | 28,306 | |||
Central | 10,306 | 7,867 | ||||||
West | 3,451 | 3,906 | ||||||
South and other | 4,438 | 8,758 | ||||||
Corporate | (3,970 | ) | (13,328 | ) | ||||
Total operating income | $ | 13,946 | $ | 35,509 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 13,946 | $ | 35,509 | ||||
Interest expense | (2,903 | ) | (3,145 | ) | ||||
Interest income | 143 | 1,459 | ||||||
Income from continuing operations before income taxes | $ | 11,186 | $ | 33,823 | ||||
Assets by segment: | March 31, 2015 | December 31, 2014 | ||||||
East | $ | 512,402 | $ | 510,033 | ||||
Central | 401,831 | 409,976 | ||||||
West | 125,654 | 121,889 | ||||||
South and other | 128,483 | 127,791 | ||||||
Corporate | 120,789 | 120,001 | ||||||
Total assets | $ | 1,289,159 | $ | 1,289,690 | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 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 consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, from which the accompanying condensed consolidated balance sheet information as of that date was derived. | ||
Principles of Consolidation | 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 March 31, 2015 and December 31, 2014, $7.6 million and $9.6 million, respectively, 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 $6.5 million and $6.2 million respectively was restricted to collateralize letters of credit. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. See Note 4 - Fair Value for further detail related to the fair value of financial instruments. | ||
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 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. | ||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, requiring entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability. This new guidance is similar to existing presentation requirements for debt discounts and aligns with the presentation of debt issuance costs under International Financial Reporting Standards ("IFRS"). The new guidance does not affect entities’ recognition and measurement of debt issuance costs. Previously, entities were required to present debt issuance costs as deferred charges in the asset section of the statement of financial position. The guidance in the ASU is effective for all entities in fiscal years beginning after December 15, 2015. Public business entities must apply the guidance in interim periods within the fiscal year of adoption, while all other entities must apply the guidance in interim periods within fiscal years beginning after December 15, 2016. All entities must apply the guidance retrospectively and provide the required disclosures for a change in accounting principle in the period of adoption. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial statement presentation. | ||
In August 2014, the FASB issued 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. | ||
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 | 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. | ||
Fair Value | 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. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: | |
• | Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |
• | Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |
• | Level 3 - Unobservable inputs reflect the Company's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Company develops these inputs based on the best information available, including its own data. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Promotional Allowances | The amounts included in promotional allowances consist of the following (in thousands): | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Room | $ | 7,957 | $ | 6,778 | ||||
Food and beverage | 10,935 | 9,178 | ||||||
Other | 1,873 | 1,405 | ||||||
Total | $ | 20,765 | $ | 17,361 | ||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Room | $ | 4,903 | $ | 4,279 | ||||
Food and beverage | 9,630 | 8,497 | ||||||
Other | 554 | 564 | ||||||
Total | $ | 15,087 | $ | 13,340 | ||||
Lumiere_Place_Acquisition_Tabl
Lumiere Place Acquisition (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The 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 | ||
Business Acquisition, Pro Forma Information | The unaudited pro forma information is as follows (in thousands, except per share data): | |||
Three months ended March 31, 2014 | ||||
Net Revenues | $ | 185,618 | ||
Net Income | 24,099 | |||
Basic and diluted net income per common share | $ | 0.92 | ||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following table presents a summary of fair value measurements by level for certain assets measured at fair value on a recurring basis included in the accompanying condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
Input Levels for Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
March 31, 2015 | ||||||||||||||||
Assets: | ||||||||||||||||
CRDA deposits, net | $ | — | $ | — | $ | 26,228 | $ | 26,228 | ||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
CRDA deposits, net | $ | — | $ | — | $ | 24,384 | $ | 24,384 | ||||||||
Change in fair value of Level 3 assets | The following table summarizes the changes in fair value of the Company's Level 3 CRDA deposits (in thousands): | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Beginning Balance | $ | 24,384 | $ | 22,337 | ||||||||||||
Realized or unrealized gains/(losses) | 1,119 | (84 | ) | |||||||||||||
Additional CRDA deposits | 962 | 835 | ||||||||||||||
Purchases of CRDA investments | (237 | ) | (407 | ) | ||||||||||||
Ending Balance | $ | 26,228 | $ | 22,681 | ||||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | The following table summarizes assets measured at fair value on a nonrecurring basis during the periods ended March 31, 2015 and December 31, 2014 included in the accompanying consolidated balance sheets (in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Category | Level 3 Asset | Recognized Loss | Level 3 Asset | Recognized Loss | ||||||||||||
Goodwill | $ | 15,857 | $ | — | $ | 15,857 | $ | 9,071 | ||||||||
RECEIVABLES_Tables
RECEIVABLES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables consist of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Casino | $ | 14,777 | $ | 15,472 | ||||
Hotel | 4,920 | 4,897 | ||||||
Other | 15,711 | 13,596 | ||||||
Receivables, gross | 35,408 | 33,965 | ||||||
Allowance for doubtful accounts | (10,696 | ) | (11,252 | ) | ||||
Receivables, net | $ | 24,712 | $ | 22,713 | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property and equipment | Property and equipment consist of the following (in thousands): | |||||||||
Estimated | March 31, 2015 | December 31, 2014 | ||||||||
life | ||||||||||
(years) | ||||||||||
Land | — | $ | 116,190 | $ | 115,947 | |||||
Buildings and improvements | 10 - 40 | 558,517 | 549,929 | |||||||
Furniture, fixtures and equipment | 3 - 7 | 189,520 | 182,948 | |||||||
Riverboats and barges | 5 - 15 | 16,908 | 16,908 | |||||||
Construction in progress | — | 49,699 | 46,058 | |||||||
Property and equipment, gross | 930,834 | 911,790 | ||||||||
Accumulated depreciation | (184,094 | ) | (171,038 | ) | ||||||
Property and equipment, net | $ | 746,740 | $ | 740,752 | ||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of goodwill | Changes in the carrying amount of Goodwill by segment are as follows (in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Impairment | Carrying | Carrying | Impairment | Carrying | |||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Central | $ | 14,224 | $ | — | $ | 14,224 | $ | 14,224 | $ | — | $ | 14,224 | ||||||||||||
South and other | 1,731 | (1,731 | ) | — | 1,731 | (1,731 | ) | — | ||||||||||||||||
Corporate | 10,704 | (9,071 | ) | 1,633 | 10,704 | (9,071 | ) | 1,633 | ||||||||||||||||
Total | $ | 26,659 | $ | (10,802 | ) | $ | 15,857 | $ | 26,659 | $ | (10,802 | ) | $ | 15,857 | ||||||||||
Intangible assets | Intangible assets consist of the following (in thousands): | |||||||||||||||||||||||
Estimated | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
life | ||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Trade name | Indefinite | $ | 25,500 | $ | 25,500 | |||||||||||||||||||
Gaming licenses | Indefinite | 37,387 | 37,387 | |||||||||||||||||||||
Customer lists | 3 | 160 | 160 | |||||||||||||||||||||
Favorable lease | 5 - 42 | 15,152 | 15,374 | |||||||||||||||||||||
Total intangible assets | 78,199 | 78,421 | ||||||||||||||||||||||
Less accumulated amortization: | ||||||||||||||||||||||||
Customer lists | (54 | ) | (40 | ) | ||||||||||||||||||||
Favorable lease | (3,352 | ) | (3,371 | ) | ||||||||||||||||||||
Total accumulated amortization | (3,406 | ) | (3,411 | ) | ||||||||||||||||||||
Intangible assets, net | $ | 74,793 | $ | 75,010 | ||||||||||||||||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||
Schedule of investments | Investments consist of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Investment in bonds—CRDA | $ | 16,198 | $ | 16,409 | ||||
Less unamortized discount | (4,243 | ) | (4,306 | ) | ||||
Less valuation allowance | (3,661 | ) | (3,662 | ) | ||||
Deposits—CRDA | 32,982 | 32,257 | ||||||
Less valuation allowance | (6,754 | ) | (7,873 | ) | ||||
Direct investment—CRDA | 1,529 | 1,292 | ||||||
Less valuation allowance | (1,529 | ) | (1,292 | ) | ||||
Total investments | $ | 34,522 | $ | 32,825 | ||||
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
Schedule of other assets | Other assets consist of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Debt issuance costs | $ | 3,735 | $ | 3,931 | ||||
Deposits | 3,716 | 3,951 | ||||||
Other | 2,860 | 2,922 | ||||||
Other assets | $ | 10,311 | $ | 10,804 | ||||
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accrued payroll and benefits | $ | 29,557 | $ | 29,709 | ||||
Accrued gaming and related | 15,165 | 16,687 | ||||||
Accrued taxes | 19,250 | 16,963 | ||||||
Other accrued expenses and current liabilities | 14,321 | 15,578 | ||||||
Total accrued expenses and other current liabilities | $ | 78,293 | $ | 78,937 | ||||
DEBT_Tables
DEBT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt consists of the following (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
New Term Loan Facility, due 2020, interest at 4.0% at March 31, 2015 and December 31, 2014 net of unamortized discount of $1.2 million and $1.3 million at March 31, 2015 and December 31, 2014, respectively | $ | 294,296 | $ | 294,992 | ||||
Less current portion of debt | (3,000 | ) | (3,000 | ) | ||||
Total long-term debt, net | $ | 291,296 | $ | 291,992 | ||||
IMPAIRMENT_CHARGES_OTHER_WRITE1
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Impairment Charges and Other Write-Downs [Abstract] | ||||||||
Schedule of 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 March 31, | ||||||||
2015 | 2014 | |||||||
Gain on insurance recoveries | — | (4,558 | ) | |||||
Impairment of goodwill and intangibles (Note 7) | 26 | 9,071 | ||||||
Loss on disposal of assets | 654 | — | ||||||
Total impairment charges, other write-downs and recoveries | $ | 680 | $ | 4,513 | ||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Schedule of Discontinued Operations Income | Operating results of discontinued operations are summarized as follows (in thousands, unaudited): | |||
Three months ended March 31, | ||||
2014 | ||||
Net revenues | $ | 4,590 | ||
Operating costs and expenses | (4,356 | ) | ||
Loss from operations | 234 | |||
Income tax expense | (18 | ) | ||
Income from discontinued operations, net | $ | 216 | ||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014 (in thousands, unaudited): | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
East | $ | 68,451 | $ | 63,019 | ||||
Central | 71,939 | 31,041 | ||||||
West | 26,548 | 25,183 | ||||||
South and other | 26,443 | 25,380 | ||||||
Corporate | — | — | ||||||
Total net revenues | $ | 193,381 | $ | 144,623 | ||||
Operating income (loss): | ||||||||
East | $ | (279 | ) | $ | 28,306 | |||
Central | 10,306 | 7,867 | ||||||
West | 3,451 | 3,906 | ||||||
South and other | 4,438 | 8,758 | ||||||
Corporate | (3,970 | ) | (13,328 | ) | ||||
Total operating income | $ | 13,946 | $ | 35,509 | ||||
Reconciliation of operating income to income from continuing operations before income taxes: | ||||||||
Operating income | $ | 13,946 | $ | 35,509 | ||||
Interest expense | (2,903 | ) | (3,145 | ) | ||||
Interest income | 143 | 1,459 | ||||||
Income from continuing operations before income taxes | $ | 11,186 | $ | 33,823 | ||||
Schedule of segment assets | ||||||||
Assets by segment: | March 31, 2015 | December 31, 2014 | ||||||
East | $ | 512,402 | $ | 510,033 | ||||
Central | 401,831 | 409,976 | ||||||
West | 125,654 | 121,889 | ||||||
South and other | 128,483 | 127,791 | ||||||
Corporate | 120,789 | 120,001 | ||||||
Total assets | $ | 1,289,159 | $ | 1,289,690 | ||||
ORGANIZATION_AND_BACKGROUND_Ge
ORGANIZATION AND BACKGROUND - Geographical Information (Details) | Mar. 31, 2015 |
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, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 01, 2014 |
Lumiere Place | |
Business Acquisition [Line Items] | |
Payments to acquire business | $261.30 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Line Items] | |||
Restricted cash | $14,042 | $15,740 | |
Promotional allowances | 20,765 | 17,361 | |
Estimated costs and expenses of providing promotional allowances | 15,087 | 13,340 | |
Cash restricted by bankruptcy court | |||
Summary of Significant Accounting Policies [Line Items] | |||
Restricted cash | 7,600 | 9,600 | |
Cash restricted to collateralize letters of credit | |||
Summary of Significant Accounting Policies [Line Items] | |||
Restricted cash | 6,500 | 6,200 | |
Room | |||
Summary of Significant Accounting Policies [Line Items] | |||
Promotional allowances | 7,957 | 6,778 | |
Estimated costs and expenses of providing promotional allowances | 4,903 | 4,279 | |
Food and Beverage | |||
Summary of Significant Accounting Policies [Line Items] | |||
Promotional allowances | 10,935 | 9,178 | |
Estimated costs and expenses of providing promotional allowances | 9,630 | 8,497 | |
Other Departments | |||
Summary of Significant Accounting Policies [Line Items] | |||
Promotional allowances | 1,873 | 1,405 | |
Estimated costs and expenses of providing promotional allowances | $554 | $564 |
Lumiere_Place_Acquisition_Deta
Lumiere Place Acquisition (Details) (Lumiere Place, USD $) | 0 Months Ended | 3 Months Ended | |
Apr. 01, 2014 | Mar. 31, 2014 | Apr. 01, 2014 | |
Lumiere Place | |||
Business Acquisition [Line Items] | |||
Cash purchase price | $261,300,000 | ||
Acquisition related costs | 500,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Current assets | 15,931,000 | 15,931,000 | |
Property and equipment | 249,097,000 | 249,097,000 | |
Intangible assets | 8,848,000 | 8,848,000 | |
Other assets | 657,000 | 657,000 | |
Total assets | 274,533,000 | 274,533,000 | |
Total liabilities | -13,227,000 | -13,227,000 | |
Net Assets Acquired | 261,306,000 | 261,306,000 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Net Revenues | 185,618,000 | ||
Net Income | $24,099,000 | ||
Basic and diluted net income per common share | $0.92 |
FAIR_VALUE_Details
FAIR VALUE (Details) (Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRDA Deposits, net | $26,228 | $24,384 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRDA Deposits, net | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRDA Deposits, net | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRDA Deposits, net | $26,228 | $24,384 |
FAIR_VALUE_Level_3_Reconciliat
FAIR VALUE - Level 3 Reconciliation (Details) (Level 3, CRDA Deposits, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Level 3 | CRDA Deposits | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $24,384 | $22,337 |
Realized or unrealized earnings | 1,119 | -84 |
Additional CRDA deposits | 962 | 835 |
Purchases of CRDA investments | -237 | -407 |
Ending balance | $26,228 | $22,681 |
FAIR_VALUE_Nonrecurring_Detail
FAIR VALUE - Nonrecurring (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recognized Loss | $0 | $9,071,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value of long-term debt | 292,300,000 | 288,300,000 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill | 15,857,000 | 15,857,000 |
Estimate of Fair Value Measurement | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRDA bonds, net | $8,300,000 | $8,400,000 |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $35,408 | $33,965 |
Allowance for doubtful accounts | -10,696 | -11,252 |
Receivables, net | 24,712 | 22,713 |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 14,777 | 15,472 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 4,920 | 4,897 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $15,711 | $13,596 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 930,834 | $911,790 |
Accumulated depreciation | -184,094 | -171,038 |
Property and equipment, net | 746,740 | 740,752 |
Land | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 116,190 | 115,947 |
Building and improvements | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 558,517 | 549,929 |
Building and improvements | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 10 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 40 years | |
Furniture, fixtures, and equipment | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 189,520 | 182,948 |
Furniture, fixtures, and equipment | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 3 years | |
Furniture, fixtures, and equipment | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 7 years | |
Riverboats and barges | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 16,908 | 16,908 |
Riverboats and barges | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 5 years | |
Riverboats and barges | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated life | 15 years | |
Construction in progress | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Property and equipment, gross | 49,699 | $46,058 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross Carrying Amount | $26,659 | $26,659 | |
Accumulated Impairment | -10,802 | -10,802 | |
Net Carrying Value | 15,857 | 15,857 | |
Goodwill impairment loss | 0 | 9,071 | |
Central | |||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross Carrying Amount | 14,224 | 14,224 | |
Accumulated Impairment | 0 | 0 | |
Net Carrying Value | 14,224 | 14,224 | |
South and other | |||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross Carrying Amount | 1,731 | 1,731 | |
Accumulated Impairment | -1,731 | -1,731 | |
Net Carrying Value | 0 | 0 | |
Corporate | |||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Gross Carrying Amount | 10,704 | 10,704 | |
Accumulated Impairment | -9,071 | -9,071 | |
Net Carrying Value | 1,633 | 1,633 | |
Goodwill impairment loss | $9,100 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Intangible Assets [Line Items] | |||
Total intangible assets, gross | $78,199,000 | $78,421,000 | |
Total accumulated depreciation | -3,406,000 | -3,411,000 | |
Intangible assets, net | 74,793,000 | 75,010,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Impairment recognized | 9,071,000 | ||
Customer lists | |||
Schedule of Intangible Assets [Line Items] | |||
Intangible assets, finite-lived | 160,000 | 160,000 | |
Total accumulated depreciation | -54,000 | -40,000 | |
Estimated life | 3 years | ||
Amortization expense | 100,000 | 0 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 100,000 | ||
2016 | 100,000 | ||
2017 | 100,000 | ||
Favorable lease | |||
Schedule of Intangible Assets [Line Items] | |||
Intangible assets, finite-lived | 15,152,000 | 15,374,000 | |
Total accumulated depreciation | -3,352,000 | -3,371,000 | |
Amortization expense | 200,000 | 200,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Impairment recognized | 26,000 | ||
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 | |
Gaming licenses | |||
Schedule of Intangible Assets [Line Items] | |||
Intangible assets, indefinite-lived | 37,387,000 | 37,387,000 | |
Tropicana Evansville | Gaming licenses | |||
Schedule of Intangible Assets [Line Items] | |||
Intangible assets, indefinite-lived | 28,700,000 | ||
Lumiere Place | Gaming licenses | |||
Schedule of Intangible Assets [Line Items] | |||
Intangible assets, indefinite-lived | $8,700,000 | ||
Revenue growth rate | 2.00% | ||
Effective tax rate | 38.10% | ||
Discount rate | 12.00% |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
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 of internet gaming gross revenues | 5.00% | ||
Investments [Abstract] | |||
Total investments | $34,522,000 | $32,825,000 | |
BondsbCRDA | |||
Investments [Abstract] | |||
Investments, carrying value, gross | 16,198,000 | 16,409,000 | |
Less unamortized discount | -4,243,000 | -4,306,000 | |
Less valuation allowance | -3,661,000 | -3,662,000 | |
BondsbCRDA | Minimum | |||
Investments [Abstract] | |||
CRDA bonds, contractual maturities | 2 years | ||
BondsbCRDA | Maximum | |||
Investments [Abstract] | |||
CRDA bonds, contractual maturities | 40 years | ||
DepositsbCRDA | |||
Investments [Abstract] | |||
Investments, carrying value, gross | 32,982,000 | 32,257,000 | |
Less valuation allowance | -6,754,000 | -7,873,000 | |
DepositsbCRDA | General and Administrative Expense | |||
Investments [Abstract] | |||
Charge to expense to reflect lower return on funds on deposit | -1,000,000 | 300,000 | |
Direct investmentbCRDA | |||
Investments [Abstract] | |||
Investments, carrying value, gross | 1,529,000 | 1,292,000 | |
Less valuation allowance | ($1,529,000) | ($1,292,000) |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Debt issuance costs | $3,735 | $3,931 |
Deposits | 3,716 | 3,951 |
Other | 2,860 | 2,922 |
Other assets | $10,311 | $10,804 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and benefits | $29,557 | $29,709 |
Accrued gaming and related | 15,165 | 16,687 |
Accrued taxes | 19,250 | 16,963 |
Other accrued expenses and current liabilities | 14,321 | 15,578 |
Total accrued expenses and other current liabilities | $78,293 | $78,937 |
DEBT_Schedule_Details
DEBT - Schedule (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Less current portion of debt | ($3,000,000) | ($3,000,000) |
Long-term debt, net | 291,296,000 | 291,992,000 |
The New Credit Facilities | New Term Loan Facility, Due 2020, Interest at 4% | ||
Debt Instrument [Line Items] | ||
Long-term debt | 294,296,000 | 294,992,000 |
Less current portion of debt | -3,000,000 | -3,000,000 |
Long-term debt, net | 291,296,000 | 291,992,000 |
Interest rate | 4.00% | 4.00% |
Unamortized discount | $1,200,000 | $1,300,000 |
DEBT_Additional_Information_De
DEBT - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Nov. 27, 2013 | |
The New Credit Facilities | ||
Debt Instrument [Line Items] | ||
Senior secured net leverage ratio | 3.25 | |
The New Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Percent of annual excess cash flow | 50.00% | |
The New Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Percent of annual excess cash flow | 0.00% | |
The New Credit Facilities | New Term Loan Facility, Due 2020, Interest at 4% | ||
Debt Instrument [Line Items] | ||
Debt issuance amount | $300,000,000 | |
Discount rate | 0.50% | |
Debt instruments, quarterly principal payment | 750,000 | |
Interest rate increase due to default | 2.00% | |
Interest rate floor | 4.00% | |
Effective interest rate | 4.00% | |
The New Credit Facilities | New Term Loan Facility, Due 2020, Interest at 4% | LIBO Rate (as defined in the Credit Agreement) | Criteria i | ||
Debt Instrument [Line Items] | ||
Variable rate basis floor | 1.00% | |
Basis spread on variable rate | 3.00% | |
The New Credit Facilities | New Term Loan Facility, Due 2020, Interest at 4% | Alternate Base Rate (as defined in the Credit Agreement) | Criteria ii | ||
Debt Instrument [Line Items] | ||
Variable rate basis floor | 2.00% | |
Basis spread on variable rate | 2.00% | |
The New Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 15,000,000 | |
The New Credit Facilities | Revolving Credit Facility | LIBO Rate (as defined in the Credit Agreement) | Criteria i | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
The New Credit Facilities | Revolving Credit Facility | LIBO Rate (as defined in the Credit Agreement) | Criteria i | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
The New Credit Facilities | Revolving Credit Facility | Alternate Base Rate (as defined in the Credit Agreement) | Criteria ii | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
The New Credit Facilities | Revolving Credit Facility | Alternate Base Rate (as defined in the Credit Agreement) | Criteria ii | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.00% | |
The Credit Facilities | Term Loan Facility, Due 2018, Interest at 7.5 Percent | ||
Debt Instrument [Line Items] | ||
Debt issuance amount | 175,000,000 | |
Repurchase amount | 172,400,000 | |
The Credit Facilities | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $15,000,000 | |
Less than | The New Credit Facilities | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 2.75 | |
Less than | The New Credit Facilities | Revolving Credit Facility | LIBO Rate (as defined in the Credit Agreement) | Criteria i | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 2.5 | |
Less than | The New Credit Facilities | Revolving Credit Facility | Alternate Base Rate (as defined in the Credit Agreement) | Criteria ii | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 2.5 | |
Greater than | The New Credit Facilities | Revolving Credit Facility | LIBO Rate (as defined in the Credit Agreement) | Criteria i | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 3 | |
Greater than | The New Credit Facilities | Revolving Credit Facility | Alternate Base Rate (as defined in the Credit Agreement) | Criteria ii | ||
Debt Instrument [Line Items] | ||
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 | The New Credit Facilities | ||
Debt Instrument [Line Items] | ||
Percent outstanding under the revolving facility | 35.00% | |
Senior secured net leverage ratio | 3.25 |
IMPAIRMENT_CHARGES_OTHER_WRITE2
IMPAIRMENT CHARGES, OTHER WRITE-DOWNS AND RECOVERIES (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 | |
Schedule of Impairment Charges, Other Write-Downs and Recoveries [Line Items] | |||
Gain on insurance recoveries | $0 | ($4,558,000) | |
Goodwill and Intangible Asset Impairment | 9,071,000 | ||
Gain (loss) on disposal of assets | 654,000 | 0 | |
Total impairment charges, other write-downs and recoveries | 680,000 | 4,513,000 | |
Insurance proceeds | 0 | 5,200,000 | |
South and other | |||
Schedule of Impairment Charges, Other Write-Downs and Recoveries [Line Items] | |||
Gain on insurance recoveries | -4,600,000 | ||
Insurance proceeds | 5,200,000 | ||
Settled amount on filed insurance claims | $5,900,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transactions [Abstract] | ||
Related party expenses | $0.10 | $0.10 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Leases (Details) (USD $) | 1 Months Ended | 3 Months Ended | 10 Months Ended | |||
Oct. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2010 | Dec. 31, 2014 | Mar. 08, 2010 | Mar. 31, 2010 | |
RenewalOptions | RenewalOptions | |||||
acre | ||||||
MontBleu Lease | ||||||
Contractual Obligations [Line Items] | ||||||
Unfavorable lease liability recognized | $9,600,000 | |||||
Unfavorable lease liability balance | 7,000,000 | 7,200,000 | ||||
Purchase commitment amount | 24,000,000 | |||||
Purchase commitment period (in months) | 18 months | |||||
MontBleu Lease | Other Long-Term Liabilities | ||||||
Contractual Obligations [Line Items] | ||||||
Unfavorable lease liability balance | 6,500,000 | 6,700,000 | ||||
MontBleu Lease | Through December 31, 2011 | ||||||
Contractual Obligations [Line Items] | ||||||
Monthly payment base | 333,333 | |||||
Amounts in addition to base rent, percent of gross revenues above threshold | 10.00% | |||||
Gross revenue threshold for determining rent payment | 50,000,000 | |||||
MontBleu Lease | After December 31, 2011 | ||||||
Contractual Obligations [Line Items] | ||||||
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% | |||||
Casino Evansville Land Lease | ||||||
Contractual Obligations [Line Items] | ||||||
Number of acres leased | 10 | |||||
Number of acres where casino resides | 20 | |||||
Number of renewal options | 7 | |||||
Length of renewal option | 5 years | |||||
Number of renewal options exercised | 2 | |||||
Prepayment of rent | 13,500,000 | |||||
Casino Evansville Land Lease | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Annual rent | 2,000,000 | |||||
Casino Evansville Land Lease | Tier 1 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, percent of adjusted gross revenues | 2.00% | |||||
Casino Evansville Land Lease | Tier 1 | Maximum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 25,000,000 | |||||
Casino Evansville Land Lease | Tier 2 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, percent of adjusted gross revenues | 4.00% | |||||
Casino Evansville Land Lease | Tier 2 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 25,000,000 | |||||
Casino Evansville Land Lease | Tier 2 | Maximum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 50,000,000 | |||||
Casino Evansville Land Lease | Tier 3 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, percent of adjusted gross revenues | 6.00% | |||||
Casino Evansville Land Lease | Tier 3 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 50,000,000 | |||||
Casino Evansville Land Lease | Tier 3 | Maximum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 75,000,000 | |||||
Casino Evansville Land Lease | Tier 4 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, percent of adjusted gross revenues | 8.00% | |||||
Casino Evansville Land Lease | Tier 4 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 75,000,000 | |||||
Casino Evansville Land Lease | Tier 4 | Maximum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 100,000,000 | |||||
Casino Evansville Land Lease | Tier 5 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, percent of adjusted gross revenues | 12.00% | |||||
Casino Evansville Land Lease | Tier 5 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 100,000,000 | |||||
Belle of Baton Rouge Lease | Certain Land and Buildings | ||||||
Contractual Obligations [Line Items] | ||||||
Annual rent | 200,000 | |||||
Belle of Baton Rouge Lease | Parking Lot | ||||||
Contractual Obligations [Line Items] | ||||||
Annual rent | 400,000 | |||||
Rent payment calculation, percent of adjusted gross revenues | 0.94% | |||||
Belle of Baton Rouge Lease | Minimum | Parking Lot | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 45,000,000 | |||||
Belle of Baton Rouge Lease | Maximum | Parking Lot | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, adjusted gross revenues | 80,000,000 | |||||
Tropicana Greenville Lease | ||||||
Contractual Obligations [Line Items] | ||||||
Number of acres leased | 4 | |||||
Annual rent | 400,000 | |||||
Total term of contract including renewal options (in years) | 25 years 0 months | |||||
Tropicana Greenville Lease | Tier 1 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment, percent of gross gaming revenues | 2.00% | |||||
Tropicana Greenville Lease | Tier 1 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Monthly payment base | 75,000 | |||||
Tropicana Greenville Lease | Tier 2 | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment, percent of gross gaming revenues | 8.00% | |||||
Tropicana Greenville Lease | Tier 2 | Minimum | ||||||
Contractual Obligations [Line Items] | ||||||
Rent payment calculation, annual gross gaming revenues | 36,600,000 | |||||
Tropicana Aruba Land Lease | ||||||
Contractual Obligations [Line Items] | ||||||
Number of acres leased | 14 | |||||
Annual rent | 93,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Other (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Feb. 01, 2011 | Jan. 31, 2014 | Jan. 31, 2013 | Nov. 30, 2013 |
Commitments and Contingencies [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 of internet gaming gross revenues | 5.00% | ||||
2011 New Jersey Legislation | |||||
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 | 11.10% | ||||
New Jersey CRDA | |||||
Commitments and Contingencies [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 of internet gaming gross revenues | 5.00% | ||||
Required additional investment, interest rate, portion of average market rate | 0.66667 | ||||
New Jersey CRDA | New Jersey Casino Control Commission | |||||
Commitments and Contingencies [Line Items] | |||||
Tax rate, percent of gross casino revenue | 8.00% | ||||
Tax rate (percent of internet gaming gross revenue) | 15.00% | ||||
Wimar and CSC Administrative Expense Claims | |||||
Commitments and Contingencies [Line Items] | |||||
Loss contingency accrual | 5.4 | ||||
Tropicana AC Tax Appeal Settlement | |||||
Commitments and Contingencies [Line Items] | |||||
Tax refund as a result of TAC tax appeal settlement | 49.5 | ||||
Cash payment to satisfy future tax credits | 31.7 | ||||
UNITE HERE Complaint | |||||
Commitments and Contingencies [Line Items] | |||||
Withdrawal obligation | 4 | ||||
Litigation settlement | 4 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 2 Months Ended | |||
Mar. 07, 2010 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 08, 2010 | |
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 | ||
Board of Directors Chairman | ||||
Class of Warrant or Right [Line Items] | ||||
Percentage of voting interests owned | 67.90% | |||
Ordinary Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Number of shares issuable by warrants issued | 3,750,000 | |||
Warrants, exercise price (in dollars per share) | $52.44 | |||
Assumed term of Warrants | 4 years 6 months | |||
Assumed volatility rate | 61.00% | |||
Assumed risk free interest rate | 2.36% | |||
Value of warrants | $11,500,000 | |||
$960 million 9 5/8% Senior Subordinated Notes | ||||
Class of Warrant or Right [Line Items] | ||||
Debt issuance amount | $960,000,000 | |||
Interest rate | 9.63% | |||
$960 million 9 5/8% Senior Subordinated Notes | Ordinary Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Term of Warrants or Rights | 4 years 6 months |
BASIC_AND_DILUTED_NET_INCOME_P1
BASIC AND DILUTED NET INCOME PER SHARE (Details) (Ordinary Warrants) | 3 Months Ended |
Mar. 31, 2014 | |
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 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 01, 2014 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||
Income from discontinued operations, net | $0 | $216,000 | |
River Palms disposal | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration received | 6,800,000 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||
Net revenues | 4,590,000 | ||
Operating costs and expenses | -4,356,000 | ||
Loss from operations | 234,000 | ||
Income tax expense | -18,000 | ||
Income from discontinued operations, net | $216,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate from continuing operations | 40.90% | 29.00% |
Federal statutory rate | 35.00% | 35.00% |
SEGMENT_INFORMATION_Operating_
SEGMENT INFORMATION - Operating Income and Assets (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | $193,381 | $144,623 | |
Operating income | 13,946 | 35,509 | |
Interest expense | -2,903 | -3,145 | |
Interest income | 143 | 1,459 | |
Income (loss) from continuing operations before income taxes | 11,186 | 33,823 | |
Assets | 1,289,159 | 1,289,690 | |
East | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 68,451 | 63,019 | |
Operating income | -279 | 28,306 | |
Assets | 512,402 | 510,033 | |
Central | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 71,939 | 31,041 | |
Operating income | 10,306 | 7,867 | |
Assets | 401,831 | 409,976 | |
West | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 26,548 | 25,183 | |
Operating income | 3,451 | 3,906 | |
Assets | 125,654 | 121,889 | |
South and other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 26,443 | 25,380 | |
Operating income | 4,438 | 8,758 | |
Assets | 128,483 | 127,791 | |
Corporate | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenues | 0 | 0 | |
Operating income | -3,970 | -13,328 | |
Assets | $120,789 | $120,001 |