Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 27, 2015 | Jun. 30, 2013 | |
Document and Entity Information | |||
Entity Registrant Name | ALST Casino Holdco, LLC | ||
Entity Central Index Key | 1527705 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 432,213 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $13,888 | $9,850 |
Receivables, net | 1,237 | 1,038 |
Inventories | 964 | 694 |
Prepaid gaming taxes | 1,501 | 1,314 |
Prepaid expenses and other current assets | 2,402 | 968 |
Total current assets | 19,992 | 13,864 |
Property and equipment, net | 63,043 | 65,450 |
Intangible assets, net | 2,051 | 2,224 |
Other assets, net | 5,092 | 6,391 |
Total assets | 90,178 | 87,929 |
Current liabilities: | ||
Current portion of long-term debt | 76 | 2,044 |
Accounts payable | 1,808 | 2,285 |
Accrued payroll and related | 2,073 | 864 |
Accrued gaming and related | 1,876 | 1,568 |
Accrued expenses and other current liabilities | 428 | 529 |
Total current liabilities | 6,261 | 7,290 |
Long-term debt, less current portion | 51,223 | 48,172 |
Total liabilities | 57,484 | 55,462 |
Commitments and contingencies (Note 9) | ||
Members' equity: | ||
Members' capital | 37,254 | 37,254 |
Additional paid-in-capital | 25 | 25 |
Accumulated deficit | -4,585 | -4,812 |
Total members' equity | 32,694 | 32,467 |
Total liabilities and members' equity | $90,178 | $87,929 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Casino | $55,483 | $47,476 | $53,939 |
Food and beverage | 14,794 | 12,927 | 13,270 |
Room | 6,086 | 5,274 | 5,986 |
Other | 3,283 | 3,140 | 3,124 |
Gross revenues | 79,646 | 68,817 | 76,319 |
Promotional allowances | -6,257 | -4,735 | -5,638 |
Net revenues | 73,389 | 64,082 | 70,681 |
Operating costs and expenses: | |||
Casino | 25,000 | 22,699 | 22,854 |
Food and beverage | 12,285 | 11,566 | 10,007 |
Room | 2,862 | 2,505 | 2,139 |
Other | 1,479 | 1,439 | 1,349 |
Selling, general and administrative | 21,618 | 21,387 | 25,678 |
Depreciation and amortization | 4,999 | 4,662 | 3,208 |
Management fees | 1,516 | ||
(Gain) loss on disposal of assets, net | -136 | -177 | 7 |
Total operating costs and expenses | 68,107 | 64,081 | 66,758 |
Operating income | 5,282 | 1 | 3,923 |
Interest expense, net | -5,055 | -5,262 | -4,047 |
Net income (loss) | $227 | ($5,261) | ($124) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' EQUITY (USD $) | Members' Capital | Additional Paid-in Capital | Retained Earnings/(Accumulated Deficit) | Total |
In Thousands, unless otherwise specified | ||||
Balances at Dec. 31, 2011 | $37,254 | $573 | $37,827 | |
Increase (Decrease) in Members' Equity | ||||
Share-based compensation | 25 | 25 | ||
Net income (loss) | -124 | -124 | ||
Balances at Dec. 31, 2012 | 37,254 | 25 | 449 | 37,728 |
Increase (Decrease) in Members' Equity | ||||
Net income (loss) | -5,261 | -5,261 | ||
Balances at Dec. 31, 2013 | 37,254 | 25 | -4,812 | 32,467 |
Increase (Decrease) in Members' Equity | ||||
Net income (loss) | 227 | 227 | ||
Balances at Dec. 31, 2014 | $37,254 | $25 | ($4,585) | $32,694 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $227 | ($5,261) | ($124) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 4,999 | 4,662 | 3,208 |
(Gain) loss on disposal of assets, net | -136 | -177 | 7 |
Amortization of debt discount and debt issuance costs | 328 | -168 | -916 |
Paid in kind and accrued interest | 2,799 | 5,244 | 4,762 |
Share-based compensation | 25 | ||
Changes in operating assets and liabilities: | |||
Restricted cash | 304 | 859 | |
Receivables, net | -199 | 93 | 169 |
Inventories and prepaid expenses | -1,890 | -132 | 688 |
Accounts payable | -478 | -1,135 | 1,479 |
Accrued payroll and other current liabilities | 1,416 | -712 | -2,396 |
Other, net | 1,298 | -10 | -175 |
Net cash provided by operating activities | 8,364 | 2,708 | 7,586 |
Cash flows from investing activities: | |||
Capital expenditures, net of related payable | -2,427 | -3,367 | -5,089 |
Proceeds from sale of property and equipment | 145 | 200 | 136 |
Net cash used in investing activities | -2,282 | -3,167 | -4,953 |
Cash flows from financing activities: | |||
Principal payments on debt | -2,044 | -967 | -940 |
Net cash used in financing activities | -2,044 | -967 | -940 |
Net increase (decrease) in cash and cash equivalents | 4,038 | -1,426 | 1,693 |
Cash and cash equivalents, beginning of period | 9,850 | 11,276 | 9,583 |
Cash and cash equivalents, end of period | 13,888 | 9,850 | 11,276 |
Supplemental cash flow disclosure: | |||
Cash paid for interest | 1,853 | 112 | 138 |
Supplemental disclosure of non-cash items: | |||
Change in property and equipment included in accrued expenses and other current liabilities | $33 | $246 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization | |
Organization | |
Note 1. Organization | |
ALST Casino Holdco, LLC (the “Company,” “we,” “us” or “our”), a Delaware limited liability company, was formed on May 11, 2011. We were formed to acquire substantially all of the equity interests of Aliante Gaming, LLC (“Aliante Gaming”) pursuant to its joint plan of reorganization under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). The reorganization was completed on November 1, 2011 (the “Effective Date”), resulting in Aliante Gaming, the owner and operator of the Aliante Casino + Hotel, previously known as Aliante Station Casino + Hotel, located in North Las Vegas, Nevada (the “Casino”), becoming our wholly owned subsidiary. | |
Prior to the Effective Date, Aliante Gaming was a wholly owned subsidiary of Aliante Holding, LLC (“Aliante Holding”), which was a 50/50 joint venture partnership between Aliante Station, LLC (“Aliante Station”), a wholly owned subsidiary of Station Casinos, Inc. (“Old Station”) and G.C. Aliante, LLC, an affiliate of the Greenspun Corporation. | |
Background | |
Aliante Gaming experienced lower than expected operating results as a result of macroeconomic conditions, including the economic downturn in the Las Vegas area and low consumer confidence levels. As a result, Aliante Gaming failed to (i) remain in compliance with certain financial maintenance covenants set forth in its $430.0 million credit facility (the “Previous Facility”) and (ii) make scheduled principal or interest payments under the Previous Facility beginning April 2009. | |
On April 12, 2011 (the “Petition Date”), Aliante Gaming, together with Aliante Holding and Aliante Station, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (the “Chapter 11 Case”), in the United States Bankruptcy Court for the District of Nevada, Northern Division (the “Bankruptcy Court”) to preserve their assets and the value of their estates. The Chapter 11 Case was jointly administered with certain subsidiaries of Old Station and Green Valley Ranch Gaming, LLC under the lead case In re Station Casinos, Inc., et. al. originally filed on July 28, 2009 (Jointly Administered Case No. 09-52477). Old Station emerged from Chapter 11 on June 17, 2011 as Station Casinos LLC (“New Station,” and collectively with Old Station, “Station”). | |
On May 20, 2011, Aliante Gaming, along with Aliante Holding, Aliante Station and certain other affiliates of Old Station, filed with the Bankruptcy Court, an amended joint plan of reorganization (the “Plan”) resulting from negotiations with lenders (the “Lenders”) under the Previous Facility and its International Swaps and Derivatives Association master agreement (the “Swap Agreement”). Under the Plan, Aliante Gaming and the Lenders agreed to enter into a series of restructuring transactions pursuant to which the Lenders received new equity of, and issued new debt to, Aliante Gaming, as reorganized, as of the Effective Date. | |
On the Effective Date, (i) 100% of the equity interest in Aliante Gaming previously held by Aliante Holding were canceled and ceased to be outstanding, (ii) each Lender received, on account and in full satisfaction of its claims against Aliante Gaming under the Previous Facility and the Swap Agreement, its pro rata share of (a) 100% of the equity interests in Aliante Gaming (the “New Aliante Equity”), which were contributed to the Company in exchange for 432,003 units of our issued and outstanding membership interests (“Common Units”) resulting in the Lenders becoming our “Members” and (b) 100% of $45.0 million in aggregate principal amount of senior secured term loans of Aliante Gaming (the “Senior Secured Loans”) under a new senior secured credit facility (the “Senior Secured Credit Facility”), (iii) the Previous Facility and the Swap Agreement were canceled (clauses (i), (ii) and (iii) referred to herein as the “Restructuring Transactions”) and (iv) each creditor holding an unsecured claim was paid in full. Prior to the Effective Date, we conducted no operations and had no material assets or liabilities. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Summary of Significant Accounting Policies | |||||||||||
Summary of Significant Accounting Policies | |||||||||||
Note 2. Summary of Significant Accounting Policies | |||||||||||
Basis of Presentation | |||||||||||
The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). | |||||||||||
Principles of Consolidation | |||||||||||
The accompanying consolidated financial statements include the Company and its wholly owned subsidiary, Aliante Gaming. All material intercompany transactions are eliminated in consolidation. | |||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Significant estimates include the fair value determination of assets and liabilities in conjunction with fresh-start reporting, the reorganization valuation, the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable and the estimated cash flows in assessing the recoverability of long-lived assets as well as the estimated fair values of certain assets related to write-downs and impairments, contingencies and litigation, and claims and assessments. Actual results may differ from those estimates. | |||||||||||
Reclassifications | |||||||||||
The consolidated financial statements reflect certain reclassifications to prior year amounts to conform to the classification in the current period. For the year ended December 31, 2014 we reclassified $56,000 from “Prepaid expenses and other current assets” to “Inventories.” For the year ended December 31, 2012, we reclassified $0.8 million from “Selling, general & administrative” to “Other” as we believe these expenses are more closely associated with the other activities. These reclassifications have no effect on previously reported operating income and net loss. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash on hand, as well as investments purchased with an original maturity of 90 days or less. The Company maintains cash and cash equivalents at financial institutions that are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. At times the balances in the accounts exceed the FDIC insured amount. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant credit risk. | |||||||||||
Receivables, net and Credit Risk | |||||||||||
Receivables, net consist primarily of casino, hotel and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost, and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. Management does not believe that any significant concentrations of credit risk existed as of December 31, 2014. | |||||||||||
Inventories | |||||||||||
Inventories, which consist primarily of food and beverage items, certain supplies and retail items, are stated at the lower of cost or market, with cost being determined on a weighted-average basis. | |||||||||||
Fair Value Measurement | |||||||||||
The carrying value of the Company’s cash and cash equivalents, receivables and accounts payable approximates fair value primarily because of the short maturities of these instruments. | |||||||||||
Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas, Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: quoted market prices in active markets for identical assets or liabilities; Level 2: observable market-based inputs or unobservable inputs that are corroborated by market data and Level 3: unobservable inputs that are not corroborated by market data. As of December 31, 2014, the Company had no assets or liabilities measured at fair value on a recurring basis. | |||||||||||
Property and Equipment | |||||||||||
Property and equipment are initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the terms of the capitalized lease, whichever is less, beginning the month after the respective assets are placed in service. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. | |||||||||||
We make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered a maintenance expense or a capital asset’s is a matter of judgment. Our depreciation expense is highly dependent on the assumptions made about our assets estimated useful lives. We determine the estimated useful lives based on experience with similar assets, engineering studies and our estimate of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, we account for the change prospectively. | |||||||||||
Intangible Assets | |||||||||||
We account for intangible assets in accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC Topic 350”). Our finite-lived intangible assets include trademark and customer relationship intangibles. Finite-lived intangible assets are amortized over their estimated useful lives which is the period over which the asset is expected to contribute directly or indirectly to future cash flows. Management periodically evaluates the remaining useful lives of these intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. Management reviews our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
We evaluate our long-lived assets including property and equipment, finite-lived intangible assets and other long-lived assets for impairment in accordance with the accounting guidance in the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360-10 Property, Plant and Equipment. Assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We measure recoverability of these assets by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying value. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparables, when available. For assets to be disposed of, we recognize the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. | |||||||||||
Inherent in the calculation of fair values are various estimates. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods. Our estimates of cash flows are based on the current regulatory, political and economic climates, recent operating information and budgets of the Casino. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events affecting various forms of travel and access to the Casino. | |||||||||||
Debt Issuance Costs | |||||||||||
Debt issuance costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the expected terms of the related debt agreements using the effective-interest method. Debt issuance costs are included in prepaid expenses and other current assets on the accompanying balance sheet. Amortization of debt issuance costs was approximately $75,000 for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||||||||
Base Stock | |||||||||||
The initial purchase of china, glassware, silverware, uniforms and certain other operating supplies is capitalized and recorded in base stock and is included in other assets, net on our balance sheets. With the exception of uniforms, which are amortized over a 36-month period, the purchase price of all other base stock items remains in base stock until those items are replaced. Recurring replacement purchases of base stock supplies are expensed as incurred. Major replacements of base stock are capitalized and recorded in base stock and the initial purchase price is expensed. | |||||||||||
Related Party Transactions | |||||||||||
On the Effective Date, the Company and Aliante Gaming entered into the Senior Secured Credit Facility with the Lenders which own 100% of the Company’s Common Units. In addition, pursuant to the Company’s amended and restated operating agreement (the “Operating Agreement”), the Lenders have the right to designate up to four individuals to serve on the Company’s Board of Managers. The members of the Board of Managers that are designated by the Lenders could be deemed to have a material direct or indirect interest in the Senior Secured Credit Agreement by virtue of their relationship with the Lenders. | |||||||||||
Revenues and Promotional Allowances | |||||||||||
We recognize, as casino revenues, the net win from gaming activities which is the difference between gaming wins and losses. All other revenues are recognized as the service is provided. Effective November 1, 2012, the Casino implemented its own player loyalty program, the Aliante Players Club, which allows participants to redeem points earned from their gaming activity at the Casino for food, beverages, hotel rooms, movie passes, entertainment tickets or merchandise from the gift shop. Under the player loyalty program, participants may accumulate points over time that can be redeemed at their discretion under the terms of the Aliante Players Club. At the time points are redeemed for complimentaries, the retail value is recorded as revenue with a corresponding offsetting amount included in promotional allowances. Prior to November 1, 2012, the Casino participated in Station’s Boarding Pass player rewards program with similar offerings. Casino revenues are recognized net of discounts and certain incentives provided to customers under the Company’s loyalty programs. The estimated departmental costs of providing such promotional allowances are included in casino costs and expenses on the accompanying statements of operations and consist of the following (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Food and beverage | $ | 6,199 | $ | 4,991 | $ | 5,162 | |||||
Room | 381 | 251 | 320 | ||||||||
Other | 353 | 207 | 45 | ||||||||
Total | $ | 6,933 | $ | 5,449 | $ | 5,527 | |||||
We record a liability for the estimated cost of the outstanding points under the player loyalty program that we believe will ultimately be redeemed. The estimated cost of the outstanding points under the player loyalty program is calculated based on the total number of points earned but not yet achieving necessary redemption levels, converted to a redemption value times the average cost. The redemption value is estimated based on the average number of points needed to redeem for rewards. The average cost is the incremental direct departmental cost for which the points are anticipated to be redeemed. When calculating the average cost we use historical point redemption patterns to determine the redemption distribution between gaming, food, beverage, rooms, entertainment and merchandise, as well as estimated breakage. At December 31, 2014 and 2013, $626,000 and $431,000, respectively, was accrued for the cost of anticipated player loyalty program redemptions. | |||||||||||
Advertising Costs | |||||||||||
We expense advertising costs the first time the advertising takes place. For the years ended December 2014, 2013 and 2012 advertising costs totaled approximately $1.1 million, $1.9 million and $1.3 million, respectively, which are included in selling, general and administrative expenses on the accompanying statements of operations. | |||||||||||
Income Taxes | |||||||||||
We are a limited liability company disregarded as an entity separate from its owners for income tax purposes and as such, are a pass-through entity and not liable for income tax in the jurisdiction in which we operate or federal income taxes. As a result, no provision for income taxes has been made in the accompanying consolidated financial statements. Each member of the Company includes its respective share of the Company’s taxable income in its income tax return. Due to the Company’s status as a pass-through entity, it has recorded no liability associated with uncertain tax positions. | |||||||||||
Recently Issued Accounting Standards | |||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, consolidated in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Currently, there is no guidance in U.S. GAAP for management’s responsibility to perform an evaluation. Under the update, management’s evaluation is to be performed when preparing financial statements for each annual and interim reporting period and based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. | |||||||||||
In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised 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 and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. The effective date for this update is for the annual and interim periods beginning after December 15, 2016. Early application is not permitted. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. | |||||||||||
Receivables
Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables | ||||||||
Receivables | ||||||||
Note 3. Receivables | ||||||||
Receivables, net consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Casino | $ | 127 | $ | 58 | ||||
Hotel | 190 | 196 | ||||||
Other | 949 | 847 | ||||||
1,266 | 1,101 | |||||||
Allowance for doubtful accounts | (29 | ) | (63 | ) | ||||
Receivables, net | $ | 1,237 | $ | 1,038 | ||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property and Equipment | ||||||||||
Property and Equipment | ||||||||||
Note 4. Property and Equipment | ||||||||||
Property and equipment, net consisted of the following (amounts in thousands): | ||||||||||
Estimated | ||||||||||
Life | December 31, | |||||||||
(years) | 2014 | 2013 | ||||||||
Land | — | $ | 6,200 | $ | 6,200 | |||||
Buildings and improvements | Oct-45 | 53,739 | 53,623 | |||||||
Furniture, fixtures and equipment | 7-Mar | 15,332 | 13,143 | |||||||
Construction in progress | 384 | 327 | ||||||||
75,655 | 73,293 | |||||||||
Accumulated depreciation and amortization | (12,612 | ) | (7,843 | ) | ||||||
Property and equipment, net | $ | 63,043 | $ | 65,450 | ||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Intangible Assets | ||||||||||
Intangible Assets | ||||||||||
Note 5. Intangible Assets | ||||||||||
Intangible assets, net consisted of the following (amounts in thousands): | ||||||||||
Estimated | ||||||||||
Life | December 31, | |||||||||
(years) | 2014 | 2013 | ||||||||
Trademark | 15 | $ | 1,200 | $ | 1,200 | |||||
Customer relationships | 15 | 1,400 | 1,400 | |||||||
Intangible assets | 2,600 | 2,600 | ||||||||
Less accumulated amortization: | ||||||||||
Trademark | (253 | ) | (174 | ) | ||||||
Customer relationships | (296 | ) | (202 | ) | ||||||
Accumulated amortization | (549 | ) | (376 | ) | ||||||
Intangible assets, net | $ | 2,051 | $ | 2,224 | ||||||
Upon the adoption of fresh-start reporting, we recognized $2.6 million in finite-lived intangible assets of which $1.2 million was related to a license to use “ALIANTE” in connection with the Casino, $1.4 million related to the value associated with our rated casino guests. Intangible assets are being amortized on a straight-line basis over the respective estimated useful life. The aggregate amortization expense for those assets that are amortized under the provisions of ASC Topic 350 was approximately $173,000, $174,000 and $198,000 for the years ended December 31, 2014 2013, and 2012 respectively. Estimated annual amortization expense for intangible assets for the years ended December 31, 2014 through 2018 is anticipated to be approximately $0.2 million in each of the respective years. | ||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets | ||||||||
Other Assets | ||||||||
Note 6. Other Assets | ||||||||
Other assets consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deposits | $ | 2,458 | $ | 3,858 | ||||
Base stock | 2,634 | 2,533 | ||||||
Other assets | $ | 5,092 | $ | 6,391 | ||||
Longterm_Debt
Long-term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt | ||||||||
Long-term Debt | ||||||||
Note 7. Long-term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Senior Secured Credit Facility, interest payable quarterly (paid in kind at 10%, cash interest at 6%)), principal due November 1, 2018, net of unamortized discount at December 31, 2014 and 2013 of $8.0 million and $8.3 million, respectively (related party) | $ | 50,547 | $ | 47,420 | ||||
Equipment financing, payable in 72 monthly installments including interest at a fixed rate of 2.5% | — | 1,972 | ||||||
Special Improvement District assessment, payable in 32 semi-annual installments including interest at a fixed rate of 5.8% | 752 | 824 | ||||||
Long-term debt | 51,299 | 50,216 | ||||||
Less current portion of long-term debt | (76 | ) | (2,044 | ) | ||||
Long-term debt, net | $ | 51,223 | $ | 48,172 | ||||
Senior Secured Credit Facility (Related Party) | ||||||||
On November 1, 2011, the Company and Aliante Gaming entered into the Senior Secured Credit Facility, which provided for $45.0 million in principal amount of Senior Secured Loans, which were deemed made on the same date without any funding being provided. The Senior Secured Credit Facility represented an already outstanding obligation of Aliante Gaming as of November 1, 2011 and provided for interest to be paid at a rate to be elected by Aliante Gaming, such rate being either (i) 10% per annum, payable in kind and added to the principal amount of the Senior Secured Loans quarterly in arrears and subsequently treated as principal of the Senior Secured Loans, or (ii) 6% per annum, which interest will be payable in cash quarterly in arrears. The outstanding principal amount of the Senior Secured Loans and all accrued and unpaid interest thereon will be payable on the maturity date, which shall be the earlier of November 1, 2018 or the acceleration of the Senior Secured Loans in accordance with the terms of the Senior Secured Credit Facility. The Senior Secured Loans may be prepaid in certain minimum amounts without the payment of any prepayment premium or fee. Effective June 30, 2014 Aliante Gaming elected the cash payment option with accrued interest being payable in kind through June 30, 2014. As a result of accruing interest through June 30, 2014 in kind, the principal outstanding balance as of December 31, 2014 and 2013 was $58.5 million and $55.7 million, respectively. | ||||||||
The Senior Secured Credit Facility is guaranteed by the Company and by each domestic wholly owned subsidiary of Aliante Gaming and is secured by a first-priority (a) pledge of 100% of the Company’s equity interest in Aliante Gaming, (b) pledge of 100% of the equity interests in Aliante Gaming’s domestic subsidiaries (if any) and 65% of the equity interests of Aliante Gaming’s “first-tier” foreign subsidiaries (if any) and (c) security interest in substantially all of Aliante Gaming’s tangible and intangible assets, as well as those of each subsidiary guarantor (if any), in each case, other than any assets that may not be pledged pursuant to applicable gaming laws and subject to customary exceptions. The Senior Secured Credit Facility includes various covenants and mandatory prepayments which are customary for similar types of financings and does not contain any financial maintenance covenants. | ||||||||
In establishing the amortization of the debt discount on its Senior Secured Loans in November 2011, the Company expected that it would elect the cash interest payment option beginning in the first quarter of 2013. During the first quarter of 2013, this was subsequently revised to assume cash interest payments would begin during the second quarter of 2013. During the second quarter of 2013, the Company further evaluated the date it would commence the cash interest payment option, determining the Company would instead elect to defer the cash interest option until contractually required to do so beginning in November 2014. During the second quarter of 2014, this was subsequently revised to assume cash interest payments would begin with the interest period commencing on June 30, 2014. As a result of this change in the expected method of payment, the Company recorded an adjustment to its accrual during the second quarter of 2013 to increase interest expense by $0.5 million using the retrospective approach. During the second quarter of 2014, the Company recorded an adjustment in its accrual to decrease interest expense by $0.2 million. Under the retrospective approach, a new effective interest rate is computed to reflect the modified estimated cash flows as if such modified cash flows were known at inception. The carrying amount is adjusted to reflect the amount that would have been presented had the adjusted effective rate have been applied since inception. | ||||||||
Equipment Financing | ||||||||
During 2008, Aliante Gaming entered into an equipment financing arrangement which terminated in November 2014 and was accounted for as a capital lease. The agreement called for monthly payments of approximately $80,000 with a residual payment of $1.1 million paid in November 2014 fully paying off the capital lease. | ||||||||
Future Debt Maturities | ||||||||
Scheduled maturities of long-term debt are as follows (in thousands): | ||||||||
Years Ending December 31, | ||||||||
2015 | $ | 76 | ||||||
2016 | 81 | |||||||
2017 | 86 | |||||||
2018 | 58,633 | |||||||
2019 | 96 | |||||||
Thereafter | 323 | |||||||
Total scheduled maturities | 59,295 | |||||||
Unamortized debt discount | (7,996 | ) | ||||||
Total long-term debt | $ | 51,299 | ||||||
Fair Value of Debt | ||||||||
It was not practicable to determine the fair market value of our senior secured facility due to the lack of comparable credit facilities and the involvement of our majority shareholder in negotiating the terms and conditions directly with the lender. It is unlikely the Company could obtain similar financing on the same terms with another lender without the involvement and resources of our majority shareholder given our financial condition and history of operating losses. The fair value of our equipment financing and special assessment debt approximates to fair value. | ||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2014 | |
Share-Based Compensation | |
Share-Based Compensation | |
Note 8. Share-Based Compensation | |
Common Units | |
In May 2012, 75 Common Units were issued to Ellis Landau and 56.25 Common Units were issued to Eugene I. Davis representing one-third of their compensation as members of the Board of Managers for the period from November 1, 2011 through March 31, 2012. In July 2012, 45 Common Units were issued to Ellis Landau and 33.75 Common Units were issued to Eugene I. Davis representing one-third of their compensation as members of the Board of Managers for the period from April 1, 2012 through June 30, 2012. The Common Units were fully vested on the date of issuance. | |
Incentive Units | |
On December 6, 2011, the Board of Managers approved the 2011 Equity Plan (the “Equity Plan”) as authorized by the Operating Agreement which provides for a maximum of 43,200 non-voting Incentive Units (the “Incentive Units”). The Equity Plan is designed to give select officers, employees, consultants and service providers of the Company, including the members of the Board of Managers, the right to acquire an ownership interest in the Company and an incentive to help grow the business. | |
In December 2011, 750 Incentive Units were granted to certain members of the Board of Managers with a weighted average grant date fair value of $18.66 which vested in full on December 6, 2012. The Company determined the fair value associated with the Incentive Units taking into account the estimated enterprise value of the Company, an expected term of the Incentive Units of 5.3 years, an expected volatility based on expected volatility of equity instruments of comparable companies of 63% and a risk free rate of 1.03%. Share-based compensation expense for the year ended December 31, 2012 was approximately $25,000. As of December 31, 2012, we had no remaining unearned share-based compensation expense to be recognized. | |
Management_Fees
Management Fees | 12 Months Ended |
Dec. 31, 2014 | |
Management Fees | |
Management Fees | |
Note 9. Management Fees | |
On November 1, 2011, the Company entered into a management agreement (the “Management Agreement”) with New Station pursuant to which New Station agreed to manage the Casino and provide certain transition services should the Management Agreement be terminated. Under the terms of the Management Agreement, the Company was obligated to pay New Station (i) a monthly base management fee equal to 1% of gross revenues from the Casino, (ii) an annual incentive management fee payable quarterly equal to 7.5% of positive earnings before interest, taxes, depreciation and amortization (“EBITDA”) up to and including $7.5 million and 10% of EBITDA in excess of $7.5 million, and (iii) subject to certain limitations, reimbursement of certain expenses including shared services. Effective November 14, 2011, the Company and New Station agreed to terminate the Management Agreement. Pursuant to the transition services sections of the Management Agreement, New Station continued to operate and manage the Casino through October 31, 2012. Effective November 1, 2012, the Company is no longer obligated to pay management fees to New Station. Management fees incurred by Aliante Gaming totaled approximately $1.5 million for the year ended December 31, 2012. | |
Effective November 1, 2012, Aliante Gaming assumed management and established its own internal management team to oversee the operations of the Casino. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies | |
Commitments and Contingencies | |
Note 10. Commitments and Contingencies | |
Sales and Use Tax on Complimentary Meals | |
In March 2008, in the matter captioned Sparks Nugget, Inc. vs. State ex rel. Department of Taxation, the Nevada Supreme Court ruled that food purchased for use in complimentary meals provided to patrons and employees is not subject to Nevada use tax. The Casino had been claiming this exemption on its sales and use tax returns since operations commenced in November 2008 given the Nevada Supreme Court decision. On June 25, 2013, the Nevada Tax Commission adopted regulations proposed by the Nevada Department of Taxation that as of February 15, 2012, complimentary meals provided to customers are subject to sales tax at the retail value of the meal and employee meals are subject to sales tax at the cost of the meal. The Nevada Department of Taxation had issued guidance delaying the payment of this sales tax until the earlier of (1) approval of the regulation by the Legislative Commission, (2) affirmation by the Nevada Supreme Court, (3) the effective date of relevant legislation or (4) June 30, 2013. The sales tax would have applied to all complimentary food and employee meals on or after February 15, 2012, and accordingly, the Company had accrued a liability in the amount of $400,552 for the estimated amount of sales tax for the period February 15, 2012 through May 31, 2013. | |
In May 2013, the Nevada Department of Taxation agreed to a global settlement resolving the ongoing litigation surrounding complimentary patron and employee meals. Nevada taxpayers that agree to join the settlement will withdraw their refund requests in exchange for (a) the Nevada Department of Taxation agreement that it will make no claim against the taxpayers for sales or use tax due on employee meals and/or complimentary meals provided to patrons for any prior periods and (b) the passage of prospective legislation that clarifies that employee meals and complementary meals are not subject to sales or use tax. The prospective legislation was passed by the Nevada Legislature and signed into law by the Governor on June 13, 2013. The Company joined the aforementioned settlement agreement, and accordingly the Company reversed the accrued liability for sales taxes on complimentary patron and employee meals in 2013. | |
Legal Matters | |
The Company is currently a party to litigation arising in the ordinary course of business. As with all litigation, no assurance can be provided as to the outcome, and litigation inherently involves significant costs. | |
Compensated Absences | |
The Company does not accrue a liability for salaried employees’ compensation for future absences as the amount cannot be reasonably estimated. | |
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
401(k) Plan | |
401(k) Plan | |
Note 11. 401(k) Plan | |
Prior to June 3, 2011, all Aliante Gaming employees who met certain age and length of service requirements were eligible to participate in Old Station’s 401(k) plan (the “Old 401K”). Effective June 3, 2011, all assets and liabilities attributable to Aliante Gaming employees were transferred into the newly established Aliante Gaming 401(k) plan (the “New 401K”, collectively with the Old 401K, the “401K Plan”). The 401K Plan provides for discretionary employer contributions up to 50% of the first 4% of each participating employees compensation. Effective January 1, 2012, employer contributions of 50% of the first 4% were reinstated. The Company’s matching contribution was $153,077, $146,662 and $107,436, respectively, for the years ended December 31, 2014, 2013 and 2012. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events | |
Subsequent Events | |
Note 12. Subsequent Events | |
We have evaluated all activity through the issuance date of the consolidated financial statements, and concluded that no material subsequent events have occurred that require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. | |
On March 25, 2015, the Board of Managers authorized a unit repurchase program under which the Company may repurchase units up to an aggregate cost not to exceed $5 million in privately negotiated transactions to the extent management believes the units are reasonably priced and such repurchases appear to be an attractive use of available capital and in the best interest of the unit holders. The price and timing of any purchases of units will depend on factors such as levels of cash generated from operations, cash requirements for capital projects and economic and market conditions. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Note 13. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Net revenue | $ | 18,154 | $ | 18,074 | $ | 17,680 | $ | 19,481 | ||||||
Operating income | 1,852 | 1,534 | 278 | 1,618 | ||||||||||
Net income (loss) | 573 | 438 | (1,070 | ) | 286 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Net revenue | $ | 16,194 | $ | 15,795 | $ | 15,367 | $ | 16,726 | ||||||
Operating income (loss) | 423 | (15 | ) | (539 | ) | 132 | ||||||||
Net (loss) income | (642 | ) | (1,713 | ) | (1,786 | ) | (1,120 | ) | ||||||
Members_Interest_and_Limitatio
Member's Interest and Limitation of Liability | 12 Months Ended |
Dec. 31, 2014 | |
Member's Interest and Limitation of Liability | |
Member's Interest and Limitation of Liability | |
Note 14. Member’s Interest and Limitation of Liability | |
Other than the Incentive Units and the Common Units, the Company has not issued or authorized any other class of Membership Units. Pursuant to the Company’s Operating Agreement and unless otherwise required by any non-waivable provisions of applicable law, the Members of the Company are not personally liable for liabilities of the Company. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Summary of Significant Accounting Policies | |||||||||||
Basis of Presentation | |||||||||||
Basis of Presentation | |||||||||||
The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). | |||||||||||
Principles of Consolidation | |||||||||||
Principles of Consolidation | |||||||||||
The accompanying consolidated financial statements include the Company and its wholly owned subsidiary, Aliante Gaming. All material intercompany transactions are eliminated in consolidation. | |||||||||||
Use of Estimates | |||||||||||
Use of Estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Significant estimates include the fair value determination of assets and liabilities in conjunction with fresh-start reporting, the reorganization valuation, the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable and the estimated cash flows in assessing the recoverability of long-lived assets as well as the estimated fair values of certain assets related to write-downs and impairments, contingencies and litigation, and claims and assessments. Actual results may differ from those estimates. | |||||||||||
Reclassifications | |||||||||||
Reclassifications | |||||||||||
The consolidated financial statements reflect certain reclassifications to prior year amounts to conform to the classification in the current period. For the year ended December 31, 2014 we reclassified $56,000 from “Prepaid expenses and other current assets” to “Inventories.” For the year ended December 31, 2012, we reclassified $0.8 million from “Selling, general & administrative” to “Other” as we believe these expenses are more closely associated with the other activities. These reclassifications have no effect on previously reported operating income and net loss. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash on hand, as well as investments purchased with an original maturity of 90 days or less. The Company maintains cash and cash equivalents at financial institutions that are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. At times the balances in the accounts exceed the FDIC insured amount. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant credit risk. | |||||||||||
Receivables, net and Credit Risk | |||||||||||
Receivables, net and Credit Risk | |||||||||||
Receivables, net consist primarily of casino, hotel and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost, and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. Management does not believe that any significant concentrations of credit risk existed as of December 31, 2014. | |||||||||||
Inventories | |||||||||||
Inventories | |||||||||||
Inventories, which consist primarily of food and beverage items, certain supplies and retail items, are stated at the lower of cost or market, with cost being determined on a weighted-average basis. | |||||||||||
Fair Value Measurement | |||||||||||
Fair Value Measurement | |||||||||||
The carrying value of the Company’s cash and cash equivalents, receivables and accounts payable approximates fair value primarily because of the short maturities of these instruments. | |||||||||||
Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas, Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: quoted market prices in active markets for identical assets or liabilities; Level 2: observable market-based inputs or unobservable inputs that are corroborated by market data and Level 3: unobservable inputs that are not corroborated by market data. As of December 31, 2014, the Company had no assets or liabilities measured at fair value on a recurring basis. | |||||||||||
Property and Equipment | |||||||||||
Property and Equipment | |||||||||||
Property and equipment are initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the terms of the capitalized lease, whichever is less, beginning the month after the respective assets are placed in service. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. | |||||||||||
We make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered a maintenance expense or a capital asset’s is a matter of judgment. Our depreciation expense is highly dependent on the assumptions made about our assets estimated useful lives. We determine the estimated useful lives based on experience with similar assets, engineering studies and our estimate of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, we account for the change prospectively. | |||||||||||
Intangible Assets | |||||||||||
Intangible Assets | |||||||||||
We account for intangible assets in accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC Topic 350”). Our finite-lived intangible assets include trademark and customer relationship intangibles. Finite-lived intangible assets are amortized over their estimated useful lives which is the period over which the asset is expected to contribute directly or indirectly to future cash flows. Management periodically evaluates the remaining useful lives of these intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. Management reviews our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
We evaluate our long-lived assets including property and equipment, finite-lived intangible assets and other long-lived assets for impairment in accordance with the accounting guidance in the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360-10 Property, Plant and Equipment. Assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We measure recoverability of these assets by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying value. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, impairment is measured based on fair value compared to carrying value, with fair value typically based on a discounted cash flow model or market comparables, when available. For assets to be disposed of, we recognize the asset to be sold at the lower of carrying value or fair value less costs of disposal. Fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. | |||||||||||
Inherent in the calculation of fair values are various estimates. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods. Our estimates of cash flows are based on the current regulatory, political and economic climates, recent operating information and budgets of the Casino. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events affecting various forms of travel and access to the Casino. | |||||||||||
Debt Issuance Costs | |||||||||||
Debt Issuance Costs | |||||||||||
Debt issuance costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense over the expected terms of the related debt agreements using the effective-interest method. Debt issuance costs are included in prepaid expenses and other current assets on the accompanying balance sheet. Amortization of debt issuance costs was approximately $75,000 for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||||||||
Base Stock | |||||||||||
Base Stock | |||||||||||
The initial purchase of china, glassware, silverware, uniforms and certain other operating supplies is capitalized and recorded in base stock and is included in other assets, net on our balance sheets. With the exception of uniforms, which are amortized over a 36-month period, the purchase price of all other base stock items remains in base stock until those items are replaced. Recurring replacement purchases of base stock supplies are expensed as incurred. Major replacements of base stock are capitalized and recorded in base stock and the initial purchase price is expensed. | |||||||||||
Related Party Transactions | |||||||||||
Related Party Transactions | |||||||||||
On the Effective Date, the Company and Aliante Gaming entered into the Senior Secured Credit Facility with the Lenders which own 100% of the Company’s Common Units. In addition, pursuant to the Company’s amended and restated operating agreement (the “Operating Agreement”), the Lenders have the right to designate up to four individuals to serve on the Company’s Board of Managers. The members of the Board of Managers that are designated by the Lenders could be deemed to have a material direct or indirect interest in the Senior Secured Credit Agreement by virtue of their relationship with the Lenders. | |||||||||||
Revenues and Promotional Allowances | |||||||||||
Revenues and Promotional Allowances | |||||||||||
We recognize, as casino revenues, the net win from gaming activities which is the difference between gaming wins and losses. All other revenues are recognized as the service is provided. Effective November 1, 2012, the Casino implemented its own player loyalty program, the Aliante Players Club, which allows participants to redeem points earned from their gaming activity at the Casino for food, beverages, hotel rooms, movie passes, entertainment tickets or merchandise from the gift shop. Under the player loyalty program, participants may accumulate points over time that can be redeemed at their discretion under the terms of the Aliante Players Club. At the time points are redeemed for complimentaries, the retail value is recorded as revenue with a corresponding offsetting amount included in promotional allowances. Prior to November 1, 2012, the Casino participated in Station’s Boarding Pass player rewards program with similar offerings. Casino revenues are recognized net of discounts and certain incentives provided to customers under the Company’s loyalty programs. The estimated departmental costs of providing such promotional allowances are included in casino costs and expenses on the accompanying statements of operations and consist of the following (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Food and beverage | $ | 6,199 | $ | 4,991 | $ | 5,162 | |||||
Room | 381 | 251 | 320 | ||||||||
Other | 353 | 207 | 45 | ||||||||
Total | $ | 6,933 | $ | 5,449 | $ | 5,527 | |||||
We record a liability for the estimated cost of the outstanding points under the player loyalty program that we believe will ultimately be redeemed. The estimated cost of the outstanding points under the player loyalty program is calculated based on the total number of points earned but not yet achieving necessary redemption levels, converted to a redemption value times the average cost. The redemption value is estimated based on the average number of points needed to redeem for rewards. The average cost is the incremental direct departmental cost for which the points are anticipated to be redeemed. When calculating the average cost we use historical point redemption patterns to determine the redemption distribution between gaming, food, beverage, rooms, entertainment and merchandise, as well as estimated breakage. At December 31, 2014 and 2013, $626,000 and $431,000, respectively, was accrued for the cost of anticipated player loyalty program redemptions. | |||||||||||
Advertising Costs | |||||||||||
Advertising Costs | |||||||||||
We expense advertising costs the first time the advertising takes place. For the years ended December 2014, 2013 and 2012 advertising costs totaled approximately $1.1 million, $1.9 million and $1.3 million, respectively, which are included in selling, general and administrative expenses on the accompanying statements of operations. | |||||||||||
Income Taxes | |||||||||||
Income Taxes | |||||||||||
We are a limited liability company disregarded as an entity separate from its owners for income tax purposes and as such, are a pass-through entity and not liable for income tax in the jurisdiction in which we operate or federal income taxes. As a result, no provision for income taxes has been made in the accompanying consolidated financial statements. Each member of the Company includes its respective share of the Company’s taxable income in its income tax return. Due to the Company’s status as a pass-through entity, it has recorded no liability associated with uncertain tax positions. | |||||||||||
Recently Issued Accounting Standards | |||||||||||
Recently Issued Accounting Standards | |||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, consolidated in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Currently, there is no guidance in U.S. GAAP for management’s responsibility to perform an evaluation. Under the update, management’s evaluation is to be performed when preparing financial statements for each annual and interim reporting period and based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. | |||||||||||
In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised 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 and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. The effective date for this update is for the annual and interim periods beginning after December 15, 2016. Early application is not permitted. The Company will adopt this standard effective January 1, 2017. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Summary of Significant Accounting Policies | |||||||||||
Schedule of estimated departmental costs of providing promotional allowances included in casino costs and expenses | |||||||||||
The estimated departmental costs of providing such promotional allowances are included in casino costs and expenses on the accompanying statements of operations and consist of the following (in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Food and beverage | $ | 6,199 | $ | 4,991 | $ | 5,162 | |||||
Room | 381 | 251 | 320 | ||||||||
Other | 353 | 207 | 45 | ||||||||
Total | $ | 6,933 | $ | 5,449 | $ | 5,527 | |||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables | ||||||||
Schedule of Receivables, net | ||||||||
Receivables, net consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Casino | $ | 127 | $ | 58 | ||||
Hotel | 190 | 196 | ||||||
Other | 949 | 847 | ||||||
1,266 | 1,101 | |||||||
Allowance for doubtful accounts | (29 | ) | (63 | ) | ||||
Receivables, net | $ | 1,237 | $ | 1,038 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property and Equipment | ||||||||||
Schedule of Property and equipment, net | ||||||||||
Property and equipment, net consisted of the following (amounts in thousands): | ||||||||||
Estimated | ||||||||||
Life | December 31, | |||||||||
(years) | 2014 | 2013 | ||||||||
Land | — | $ | 6,200 | $ | 6,200 | |||||
Buildings and improvements | Oct-45 | 53,739 | 53,623 | |||||||
Furniture, fixtures and equipment | 7-Mar | 15,332 | 13,143 | |||||||
Construction in progress | 384 | 327 | ||||||||
75,655 | 73,293 | |||||||||
Accumulated depreciation and amortization | (12,612 | ) | (7,843 | ) | ||||||
Property and equipment, net | $ | 63,043 | $ | 65,450 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Intangible Assets | ||||||||||
Schedule of Intangible assets, net | ||||||||||
Intangible assets, net consisted of the following (amounts in thousands): | ||||||||||
Estimated | ||||||||||
Life | December 31, | |||||||||
(years) | 2014 | 2013 | ||||||||
Trademark | 15 | $ | 1,200 | $ | 1,200 | |||||
Customer relationships | 15 | 1,400 | 1,400 | |||||||
Intangible assets | 2,600 | 2,600 | ||||||||
Less accumulated amortization: | ||||||||||
Trademark | (253 | ) | (174 | ) | ||||||
Customer relationships | (296 | ) | (202 | ) | ||||||
Accumulated amortization | (549 | ) | (376 | ) | ||||||
Intangible assets, net | $ | 2,051 | $ | 2,224 | ||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets | ||||||||
Schedule of other assets | ||||||||
Other assets consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deposits | $ | 2,458 | $ | 3,858 | ||||
Base stock | 2,634 | 2,533 | ||||||
Other assets | $ | 5,092 | $ | 6,391 | ||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt | ||||||||
Schedule of long-term debt | ||||||||
Long-term debt consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Senior Secured Credit Facility, interest payable quarterly (paid in kind at 10%, cash interest at 6%)), principal due November 1, 2018, net of unamortized discount at December 31, 2014 and 2013 of $8.0 million and $8.3 million, respectively (related party) | $ | 50,547 | $ | 47,420 | ||||
Equipment financing, payable in 72 monthly installments including interest at a fixed rate of 2.5% | — | 1,972 | ||||||
Special Improvement District assessment, payable in 32 semi-annual installments including interest at a fixed rate of 5.8% | 752 | 824 | ||||||
Long-term debt | 51,299 | 50,216 | ||||||
Less current portion of long-term debt | (76 | ) | (2,044 | ) | ||||
Long-term debt, net | $ | 51,223 | $ | 48,172 | ||||
Schedule of maturities of long-term debt | ||||||||
Scheduled maturities of long-term debt are as follows (in thousands): | ||||||||
Years Ending December 31, | ||||||||
2015 | $ | 76 | ||||||
2016 | 81 | |||||||
2017 | 86 | |||||||
2018 | 58,633 | |||||||
2019 | 96 | |||||||
Thereafter | 323 | |||||||
Total scheduled maturities | 59,295 | |||||||
Unamortized debt discount | (7,996 | ) | ||||||
Total long-term debt | $ | 51,299 | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Schedule of selected quarterly financial data | ||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Net revenue | $ | 18,154 | $ | 18,074 | $ | 17,680 | $ | 19,481 | ||||||
Operating income | 1,852 | 1,534 | 278 | 1,618 | ||||||||||
Net income (loss) | 573 | 438 | (1,070 | ) | 286 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Net revenue | $ | 16,194 | $ | 15,795 | $ | 15,367 | $ | 16,726 | ||||||
Operating income (loss) | 423 | (15 | ) | (539 | ) | 132 | ||||||||
Net (loss) income | (642 | ) | (1,713 | ) | (1,786 | ) | (1,120 | ) | ||||||
Organization_Details
Organization (Details) (USD $) | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2011 | Oct. 31, 2011 | Apr. 12, 2011 |
Senior Secured Loans | |||
Organization disclosures | |||
Principal amount of Senior Secured Loans | $45 | ||
Aliante Station | |||
Organization disclosures | |||
Ownership percentage of Aliante Holding prior to the effective date | 50.00% | ||
G. C. Aliante | |||
Organization disclosures | |||
Ownership percentage of Aliante Holding prior to the effective date | 50.00% | ||
Aliante Holding | Plan | |||
Organization disclosures | |||
Equity interest canceled and ceased | 100.00% | ||
Aliante Gaming | Plan | |||
Organization disclosures | |||
Equity interest (as a percent) | 100.00% | ||
Membership interests issued in exchange for equity interests (in shares) | 432,003 | ||
Aliante Gaming | Plan | Senior Secured Credit Facility | |||
Organization disclosures | |||
Amount of credit facility | 430 | ||
Aliante Gaming | Plan | Senior Secured Loans | |||
Organization disclosures | |||
Percentage of principal amount of Senior Secured Loans | 100.00% | ||
Principal amount of Senior Secured Loans | $45 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies | ||
Selling, General & Administrative Expenses reclassified to Other Expenses | $56,000 | $800,000 |
FDIC insured amount | $250,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (Recurring, USD $) | Dec. 31, 2014 |
Recurring | |
Fair value measurement | |
Assets | $0 |
Liabilities | $0 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Issuance Costs | |||
Amortization of debt issuance costs | $75 | $75 | $75 |
Base Stock | |||
Amortization period of uniforms | 36 months |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) | 12 Months Ended |
Dec. 31, 2014 | |
item | |
Related party transactions | |
Maximum number of members of Board of Managers designated by Lenders | 4 |
Senior Secured Credit Facility Lenders | |
Related party transactions | |
Percentage of common units owned by Lenders | 100.00% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Casino expense related to promotional allowances by department | |||
Food and beverage | $6,199,000 | $4,991,000 | $5,162,000 |
Room | 381,000 | 251,000 | 320,000 |
Other | 353,000 | 207,000 | 45,000 |
Total | 6,933,000 | 5,449,000 | 5,527,000 |
Accrued liability for cost of anticipated player loyalty program redemptions | 626,000 | 431,000 | |
Advertising Costs | |||
Advertising costs | 1,100,000 | 1,900,000 | 1,300,000 |
Income Taxes | |||
Provision for income taxes | 0 | 0 | 0 |
Uncertain tax position liability | $0 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables | ||
Receivable, gross | $1,266 | $1,101 |
Allowance for doubtful accounts | -29 | -63 |
Receivables, net | 1,237 | 1,038 |
Casino | ||
Receivables | ||
Receivable, gross | 127 | 58 |
Hotel | ||
Receivables | ||
Receivable, gross | 190 | 196 |
Other | ||
Receivables | ||
Receivable, gross | $949 | $847 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property and Equipment | ||
Property and equipment, gross | 75,655 | 73,293 |
Accumulated depreciation and amortization | -12,612 | -7,843 |
Property and equipment, net | 63,043 | 65,450 |
Land | ||
Property and Equipment | ||
Property and equipment, gross | 6,200 | 6,200 |
Buildings and improvements | ||
Property and Equipment | ||
Property and equipment, gross | 53,739 | 53,623 |
Buildings and improvements | Minimum | ||
Property and Equipment | ||
Property and equipment, Estimated Life | 10 years | 10 years |
Buildings and improvements | Maximum | ||
Property and Equipment | ||
Property and equipment, Estimated Life | 45 years | 45 years |
Furniture, fixtures and equipment | ||
Property and Equipment | ||
Property and equipment, gross | 15,332 | 13,143 |
Furniture, fixtures and equipment | Minimum | ||
Property and Equipment | ||
Property and equipment, Estimated Life | 3 years | 3 years |
Furniture, fixtures and equipment | Maximum | ||
Property and Equipment | ||
Property and equipment, Estimated Life | 7 years | 7 years |
Construction in progress | ||
Property and Equipment | ||
Property and equipment, gross | 384 | 327 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible assets | ||
Intangible assets | $2,600 | $2,600 |
Less accumulated amortization | -549 | -376 |
Intangible assets, net | 2,051 | 2,224 |
Trademark | ||
Intangible assets | ||
Intangible assets, Estimated Life | 15 years | 15 years |
Intangible assets | 1,200 | 1,200 |
Less accumulated amortization | -253 | -174 |
Customer relationships | ||
Intangible assets | ||
Intangible assets, Estimated Life | 15 years | 15 years |
Intangible assets | 1,400 | 1,400 |
Less accumulated amortization | ($296) | ($202) |
Intangible_Assets_Details_2
Intangible Assets (Details 2) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 01, 2011 | |
Intangible assets | ||||
Recognition of intangible assets on adoption of fresh-start reporting | $2,600,000 | |||
Amortization under ASC Topic 350 | 173,000 | 174,000 | 198,000 | |
Estimated annual amortization expense | ||||
2015 | 200,000 | |||
2016 | 200,000 | |||
2017 | 200,000 | |||
2018 | 200,000 | |||
2019 | 200,000 | |||
Trademark | ||||
Intangible assets | ||||
Recognition of intangible assets on adoption of fresh-start reporting | 1,200,000 | |||
Customer relationships | ||||
Intangible assets | ||||
Recognition of intangible assets on adoption of fresh-start reporting | $1,400,000 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets | ||
Deposits | $2,458 | $3,858 |
Base stock | 2,634 | 2,533 |
Other assets | $5,092 | $6,391 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt | ||
Long-term debt | $51,299 | $50,216 |
Less current portion of long-term debt | -76 | -2,044 |
Long-term debt, net | 51,223 | 48,172 |
Senior Secured Credit Facility | ||
Long-term debt | ||
Long-term debt | 50,547 | 47,420 |
Equipment financing | ||
Long-term debt | ||
Long-term debt | 1,972 | |
Special Improvement District assessment | ||
Long-term debt | ||
Long-term debt | $752 | $824 |
Longterm_Debt_Details_2
Long-term Debt (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||
Nov. 01, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Oct. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 30, 2014 | |
payment | payment | ||||||
Future Debt Maturities | |||||||
2015 | 76,000 | ||||||
2016 | 81,000 | ||||||
2017 | 86,000 | ||||||
2018 | 58,633,000 | ||||||
2019 | 96,000 | ||||||
Thereafter | 323,000 | ||||||
Total scheduled maturities | 59,295,000 | ||||||
Unamortized debt discount | -7,996,000 | ||||||
Total long-term debt | 51,299,000 | ||||||
Senior Secured Credit Facility | |||||||
Long-term debt | |||||||
Outstanding amount | 55,700,000 | 58,500,000 | |||||
Percentage of Aliante Gaming pledged as security | 100.00% | ||||||
Percentage of domestic subsidiaries of Aliante Gaming pledged as security | 100.00% | ||||||
Percentage of foreign subsidiaries of Aliante Gaming pledged as security | 65.00% | ||||||
Future Debt Maturities | |||||||
Unamortized debt discount | -8,300,000 | -8,000,000 | |||||
Senior Secured Loans | |||||||
Long-term debt | |||||||
Principal amount of Senior Secured Loans | 45,000,000 | ||||||
Adjustment to accrual to increase (decrease) interest expense | -200,000 | 500,000 | |||||
Senior Secured Loans | Year 1 to 3 | Payment in kind | |||||||
Long-term debt | |||||||
Fixed interest rate (as percentage) | 10.00% | 10.00% | |||||
Senior Secured Loans | Year 1 to 3 | Cash Payments In Arrears | |||||||
Long-term debt | |||||||
Fixed interest rate (as percentage) | 6.00% | 6.00% | |||||
Equipment financing | |||||||
Long-term debt | |||||||
Fixed interest rate (as percentage) | 2.50% | ||||||
Number of periodic payments required | 72 | ||||||
Capital lease agreement monthly payments | 80,000 | ||||||
Capital lease agreement residual payment to be paid in November 2014 | $1,100,000 | ||||||
Special Improvement District assessment | |||||||
Long-term debt | |||||||
Fixed interest rate (as percentage) | 5.80% | 5.80% | |||||
Number of periodic payments required | 32 | 32 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 5 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 06, 2011 | Jul. 31, 2012 | 31-May-12 | |
Share-based compensation | |||||||
Share-based compensation expense | $25,000 | ||||||
Unearned share-based compensation expense to be recognized | $0 | ||||||
Incentive Units | |||||||
Share-based compensation | |||||||
Maximum number of non-voting incentive units authorized (in shares) | 43,200 | ||||||
Number of units granted (in shares) | 750 | ||||||
Weighted average grant date fair value (in dollars per share) | $18.66 | ||||||
Expected term | 5 years 3 months 18 days | ||||||
Expected volatility (as a percent) | 63.00% | ||||||
Risk free rate (as a percent) | 1.03% | ||||||
Members' Capital | |||||||
Share-based compensation | |||||||
Compensation as members of the Board of Managers (as a percent) | 33.00% | 33.00% | |||||
Members' Capital | Ellis Landau | |||||||
Share-based compensation | |||||||
Number of common units issued (in shares) | 45 | 75 | |||||
Members' Capital | Eugene I. Davis | |||||||
Share-based compensation | |||||||
Number of common units issued (in shares) | 33.75 | 56.25 |
Management_Fees_Details
Management Fees (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 |
Aliante Gaming | ||
Management fees | ||
Management fees | $1.50 | |
New Station | ||
Management fees | ||
Monthly base management fee as a percentage of gross revenues of the Casino | 1.00% | |
Annual incentive management fee payable quarterly, as a percentage of positive earnings before interest, taxes, depreciation and amortization | 7.50% | |
Annual incentive management fee payable quarterly as a percentage of EBITDA in excess of threshold amount | 10.00% | |
New Station | Maximum | ||
Management fees | ||
Annual incentive management fee payable quarterly EBITDA threshold amount | 7.5 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 31-May-13 |
Sales and Use Tax on Complimentary Meals | |
Accrued liability for sales tax | $400,552 |
401k_Plan_Details
401(k) Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
401(k) Plan | |||
Maximum percentage of discretionary employer contributions | 50.00% | ||
Percentage of the participating employees compensation matched by the employer | 4.00% | ||
Employer contributions | $153,077 | $146,662 | $107,436 |
Subsequent_Events_Details
Subsequent Events (Details) (Maximum, Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 25, 2015 |
Maximum | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Authorized unit repurchase cost | $5 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Data (Unaudited) | |||||||||||
Net revenue | $19,481 | $17,680 | $18,074 | $18,154 | $16,726 | $15,367 | $15,795 | $16,194 | $73,389 | $64,082 | $70,681 |
Operating income (loss) | 1,618 | 278 | 1,534 | 1,852 | 132 | -539 | -15 | 423 | 5,282 | 1 | 3,923 |
Net income (loss) | $286 | ($1,070) | $438 | $573 | ($1,120) | ($1,786) | ($1,713) | ($642) | $227 | ($5,261) | ($124) |