Long-term Debt | Long-term Debt Long-term debt consisted of the following (amounts in thousands): March 31, December 31, 2015 $1.625 billion Term Loan Facility, due March 1, 2020, interest at a margin above LIBOR or base rate (4.25% at March 31, 2016 and December 31, 2015), net of unamortized discount and deferred issuance costs of $42.9 million and $45.6 million, respectively $ 1,377,582 $ 1,423,026 $350 million Revolving Credit Facility, due March 1, 2018, interest at a margin above LIBOR or base rate (5.50% and 6.00% at March 31, 2016 and December 31, 2015, respectively) 30,000 20,000 $500 million 7.50% Senior Notes, due March 1, 2021, net of unamortized discount and deferred issuance costs of $10.8 million and $11.3 million at March 31, 2016 and December 31, 2015, respectively 489,179 488,735 Restructured Land Loan, due June 17, 2016, interest at a margin above LIBOR or base rate (3.93% and 3.92% at March 31, 2016 and December 31, 2015, respectively), net of unamortized discount of $1.0 million and $2.1 million, respectively 114,764 112,517 Other long-term debt, weighted-average interest of 4.47% and 4.46% at March 31, 2016 and December 31, 2015, respectively, net of unamortized deferred issuance costs of $0.4 million at March 31, 2016 and December 31, 2015, maturity dates ranging from 2016 to 2027 108,839 110,919 Total long-term debt 2,120,364 2,155,197 Current portion of long-term debt (55,136 ) (88,937 ) Total long-term debt, net $ 2,065,228 $ 2,066,260 The current portion of long-term debt at March 31, 2016 and December 31, 2015 excluded amounts outstanding under the $105 million restructured land loan due June 16, 2016 (the “Restructured Land Loan”). In June 2016, the Company’s wholly owned subsidiary, CV Propco LLC (“CV Propco”), notified the lenders of its request to exercise its option to extend the maturity date of the Restructured Land Loan from June 17, 2016 to June 17, 2017. In connection with the extension of the maturity date, the Company will pay interest accruing during the extension period in cash. The current portion of long-term debt at December 31, 2015 included a $43.7 million mandatory excess cash flow payment on the $1.625 billion term loan facility (the “Term Loan Facility”) which was paid during the first quarter of 2016. The credit agreement governing Station LLC’s Term Loan Facility and the $350 million revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Credit Facility") contains a number of customary covenants, including requirements that Station LLC maintain a maximum total leverage ratio ranging from 5.75 to 1.00 at March 31, 2016 to 5.00 to 1.00 in 2017 and a minimum interest coverage ratio of 3.00 to 1.00 , provided that a default of the financial ratio covenants shall only become an event of default under the Term Loan Facility if the lenders providing the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. At March 31, 2016 , Station LLC’s total leverage ratio was 4.14 to 1.00 and its interest coverage ratio was 4.23 to 1.00, both as defined in the credit agreement, and the Company believes Station LLC was in compliance with all applicable covenants. The Fertitta Entertainment term loan and revolving credit facility, which is included in Other long-term debt, was fully repaid as part of the Fertitta Entertainment Acquisition and reorganization of the Company’s corporate structure. At March 31, 2016 , Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $286.8 million , which is net of $30.0 million in outstanding borrowings and $33.2 million in outstanding letters of credit and similar obligations. In connection with the Fertitta Entertainment Acquisition, Station LLC borrowed $41.7 million under the Revolving Credit Facility. Refinancing Transaction In June 2016, Station LLC entered into a new credit agreement (the “New Credit Facility”) consisting of a term loan A facility with an outstanding principal amount of $225 million (the “Term A Facility”), a term loan B facility with an outstanding principal amount of $1.5 billion (the “Term B Facility”) and a revolving credit facility with $685 million of borrowing availability. The revolving credit facility was undrawn as of the closing date of the New Credit Facility. The Company’s obligations under the Term A Facility and the revolving credit facility will mature on June 8, 2021. The Company’s obligations under the Term B Facility will mature on June 8, 2023. The Company will be required to make quarterly principal payments in an amount equal to $2,812,500 on the Term A Facility and $3,750,000 on the Term B Facility, in each case on the last day of each fiscal quarter beginning on September 30, 2016. In addition, the Company will be required to make mandatory payments of amounts outstanding under the New Credit Facility with the proceeds of certain casualty events, debt issuances, asset sales and equity issuances and, depending on its consolidated total leverage ratio, the Company may be required to apply a portion of its excess cash flow to repay amounts outstanding under the New Credit Facility. The proceeds of debt incurred under the New Credit Facility were applied to repay all amounts outstanding under the Credit Facility, which was terminated. Such transactions are referred to herein as the “Refinancing Transaction.” The Term A Facility and debt incurred under the revolving credit facility will bear interest at a rate per annum equal, at the Company’s option, to either (i) LIBOR plus an amount ranging from 1.75% to 2.75% , or (ii) an alternate base rate plus an amount ranging from 0.75% up to 1.75% , depending on the Company’s consolidated total leverage ratio. The Term B Facility will bear interest at a rate per annum equal, at the Company’s option, to either (i) LIBOR plus 3.00% , or (ii) an alternate base rate plus 2.00% . The initial margin applicable to the Term A Facility and revolving credit facility for LIBOR loans and alternate base rate loans is expected to be 2.50% and 1.50% , respectively. Borrowings under the New Credit Facility are guaranteed by all of the Company’s existing and future material restricted subsidiaries and are secured by pledges of all of the equity interests in the Company and its material restricted subsidiaries, a security interest in substantially all of the personal property of the Company and the subsidiary guarantors, and mortgages on the real property and improvements owned or leased by certain of the Company’s subsidiaries. The New Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability and the ability of the subsidiary guarantors to incur debt; create a lien on collateral; engage in mergers, consolidations or asset dispositions; pay dividends or make distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business. The New Credit Facility also includes certain financial covenants, including the requirements that the Company maintain throughout the term of the New Credit Facility and measured as of the end of each fiscal quarter, a maximum consolidated total leverage ratio of not more than 6.50 to 1.00 for the period beginning with the fiscal quarter ending September 30, 2016 and ending with the fiscal quarter ending June 30, 2017, 6.25 to 1.00 for the period beginning with the fiscal quarter ending September 30, 2017 and ending with the fiscal quarter ending September 30, 2018, 5.75 to 1.00 for the period beginning with the fiscal quarter ending December 31, 2018 and ending with the fiscal quarter ending March 31, 2019, 5.50 to 1.00 for the period beginning with the fiscal quarter ending June 30, 2019 and ending with the fiscal quarter ending December 31, 2019 and 5.25 to 1.00 thereafter. The Company will also be required to maintain an interest coverage ratio in an amount not less than 2.50 to 1.00 measured on the last day of each fiscal quarter beginning with the quarter ending September 30, 2016. A breach of the financial ratio covenants shall only become an event of default under the Term B Facility if the lenders providing the Term A Facility and the revolving credit facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. |