Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38850 | |
Entity Registrant Name | Twin River Worldwide Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-0904604 | |
Entity Address, Address Line One | 100 Westminster Street | |
Entity Address, City or Town | Providence, | |
Entity Address, State or Province | RI | |
Entity Address, Postal Zip Code | 02903 | |
City Area Code | 401 | |
Local Phone Number | 475-8474 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | TRWH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,476,057 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001747079 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 114,995 | $ 182,581 |
Restricted cash | 1,859 | 2,921 |
Accounts receivable, net | 17,839 | 23,190 |
Inventory | 8,575 | 7,900 |
Prepaid expenses and other assets | 51,493 | 28,439 |
Total current assets | 194,761 | 245,031 |
Property and equipment, net | 595,520 | 510,436 |
Right of use assets, net | 27,346 | 17,225 |
Goodwill, net | 186,571 | 133,082 |
Intangible assets, net | 247,390 | 110,373 |
Other assets | 5,293 | 5,740 |
Total assets | 1,256,881 | 1,021,887 |
Liabilities and Shareholders’ Equity | ||
Current portion of long-term debt | 5,750 | 3,000 |
Current portion of lease obligations | 1,456 | 1,014 |
Accounts payable | 13,840 | 14,921 |
Accrued liabilities | 75,029 | 70,849 |
Total current liabilities | 96,075 | 89,784 |
Lease obligations, net of current portion | 49,993 | 16,214 |
Pension benefit obligations | 7,785 | 8,688 |
Deferred tax liability | 7,581 | 13,790 |
Long-term debt, net of current portion | 937,632 | 680,601 |
Other long-term liabilities | 1,650 | 1,399 |
Total liabilities | 1,100,716 | 810,476 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock | 304 | 412 |
Additional paid-in-capital | 143,180 | 185,544 |
Treasury stock, at cost | 0 | (223,075) |
Retained earnings | 14,569 | 250,418 |
Accumulated other comprehensive loss | (1,888) | (1,888) |
Total shareholders’ equity | 156,165 | 211,411 |
Total liabilities and shareholders’ equity | $ 1,256,881 | $ 1,021,887 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 30,476,057 | 41,193,018 |
Common stock outstanding (in shares) | 30,476,057 | 32,113,328 |
Treasury stock (in shares) | 0 | 9,079,690 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 116,624,000 | $ 129,309,000 | $ 254,696,000 | $ 393,158,000 |
Operating costs and expenses: | ||||
Advertising, general and administrative | 43,996,000 | 50,011,000 | 117,594,000 | 136,321,000 |
Acquisition, integration and restructuring expense | 2,740,000 | 1,930,000 | 6,984,000 | 11,047,000 |
Depreciation and amortization | 9,932,000 | 8,329,000 | 28,054,000 | 23,331,000 |
Total operating costs and expenses | 93,241,000 | 107,858,000 | 255,445,000 | 307,554,000 |
Income (loss) from operations | 23,383,000 | 21,451,000 | (749,000) | 85,604,000 |
Other income (expense): | ||||
Interest income | 42,000 | 810,000 | 297,000 | 1,577,000 |
Interest expense, net of amounts capitalized | (16,950,000) | (11,461,000) | (43,688,000) | (28,478,000) |
Total other expense, net | (16,908,000) | (10,650,000) | (43,391,000) | (28,209,000) |
Income (loss) before provision for income taxes | 6,475,000 | 10,801,000 | (44,140,000) | 57,395,000 |
(Benefit) provision for income taxes | (248,000) | 3,802,000 | (18,430,000) | 15,620,000 |
Net income (loss) | 6,723,000 | 6,999,000 | (25,710,000) | 41,775,000 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ 6,723,000 | $ 6,999,000 | $ (25,710,000) | $ 41,775,000 |
Net income per share, basic (in dollars per share) | $ 0.22 | $ 0.19 | $ (0.83) | $ 1.07 |
Weighted average common shares outstanding, basic (in shares) | 30,458 | 37,809 | 30,825 | 39,063 |
Net income per share, diluted (in dollars per share) | $ 0.22 | $ 0.18 | $ (0.83) | $ 1.07 |
Weighted average common shares outstanding, diluted (in shares) | 30,635 | 37,925 | 30,825 | 39,183 |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 8,554,000 | $ 0 |
Insured Event, Gain (Loss) | (10,000) | 0 | (1,036,000) | 0 |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | (1,491,000) |
Other Nonoperating Income (Expense) | 0 | 1,000 | 0 | 183,000 |
Gaming | ||||
Revenue: | ||||
Total revenue | 96,588,000 | 88,315,000 | 196,191,000 | 279,417,000 |
Operating costs and expenses: | ||||
Cost of net revenue | 25,996,000 | 23,529,000 | 59,080,000 | 70,683,000 |
Racing | ||||
Revenue: | ||||
Total revenue | 1,684,000 | 3,255,000 | 4,817,000 | 9,978,000 |
Operating costs and expenses: | ||||
Cost of net revenue | 1,681,000 | 2,293,000 | 4,877,000 | 7,317,000 |
Hotel | ||||
Revenue: | ||||
Total revenue | 6,874,000 | 11,119,000 | 16,635,000 | 28,814,000 |
Operating costs and expenses: | ||||
Cost of net revenue | 2,482,000 | 4,190,000 | 6,926,000 | 11,087,000 |
Food and beverage | ||||
Revenue: | ||||
Total revenue | 6,889,000 | 18,054,000 | 23,875,000 | 50,366,000 |
Operating costs and expenses: | ||||
Cost of net revenue | 6,016,000 | 15,324,000 | 21,951,000 | 42,065,000 |
Other | ||||
Revenue: | ||||
Total revenue | 4,589,000 | 8,566,000 | 13,178,000 | 24,583,000 |
Retail, entertainment and other | ||||
Operating costs and expenses: | ||||
Cost of net revenue | $ 408,000 | $ 2,252,000 | $ 2,461,000 | $ 5,703,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | AOCI Attributable to Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2018 | 37,989,376 | |||||
Beginning balance at Dec. 31, 2018 | $ 298,660 | $ 380 | $ 125,629 | $ (30,233) | $ 202,884 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Release of restricted stock (in shares) | 161,980 | |||||
Release of restricted stock | 1 | $ 1 | ||||
Share-based compensation - equity awards | 151 | 151 | ||||
Retirement of treasury shares | 0 | (30,233) | 30,233 | |||
Share repurchases (in shares) | (16,340) | |||||
Share repurchases | (409) | (409) | ||||
Stock issued for purchase of Dover Downs (in shares) | 2,976,825 | |||||
Stock issued for purchase of Dover Downs | 86,780 | $ 30 | 86,750 | |||
Net loss | 17,596 | 17,596 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 41,111,841 | |||||
Ending balance at Mar. 31, 2019 | 402,779 | $ 411 | 182,297 | (409) | 220,480 | 0 |
Beginning balance (in shares) at Dec. 31, 2018 | 37,989,376 | |||||
Beginning balance at Dec. 31, 2018 | $ 298,660 | $ 380 | 125,629 | (30,233) | 202,884 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases (in shares) | (6,593,022) | |||||
Share repurchases | $ (163,114) | |||||
Bad debt expense | 135 | |||||
Net loss | 41,775 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 34,574,587 | |||||
Ending balance at Sep. 30, 2019 | 262,765 | $ 411 | 184,953 | (163,114) | 240,515 | 0 |
Beginning balance (in shares) at Mar. 31, 2019 | 41,111,841 | |||||
Beginning balance at Mar. 31, 2019 | 402,779 | $ 411 | 182,297 | (409) | 220,480 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Release of restricted stock (in shares) | 35,756 | |||||
Release of restricted stock | $ 0 | $ 0 | ||||
Common stock cash dividend declared (in dollars per share) | $ 0.10 | |||||
Dividends | $ (4,144) | (4,144) | ||||
Share-based compensation - equity awards | 1,628 | 1,628 | ||||
Net loss | 17,180 | 17,180 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 41,147,597 | |||||
Ending balance at Jun. 30, 2019 | 417,443 | $ 411 | 183,925 | (409) | 233,516 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Release of restricted stock (in shares) | 3,672 | |||||
Release of restricted stock | 0 | $ 0 | ||||
Share-based compensation - equity awards | $ 1,028 | 1,028 | ||||
Share repurchases (in shares) | (6,576,682) | (6,576,682) | ||||
Share repurchases | $ (162,705) | (162,705) | ||||
Net loss | 6,999 | 6,999 | ||||
Ending balance (in shares) at Sep. 30, 2019 | 34,574,587 | |||||
Ending balance at Sep. 30, 2019 | 262,765 | $ 411 | 184,953 | (163,114) | 240,515 | 0 |
Beginning balance (in shares) at Dec. 31, 2019 | 32,113,328 | |||||
Beginning balance at Dec. 31, 2019 | 211,411 | $ 412 | 185,544 | (223,075) | 250,418 | (1,888) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Release of restricted stock (in shares) | 131,131 | |||||
Release of restricted stock | $ (2,483) | $ 1 | (2,484) | |||
Common stock cash dividend declared (in dollars per share) | $ 0.10 | |||||
Dividends | $ (3,174) | (3,174) | ||||
Share-based compensation - equity awards | 5,542 | 5,542 | ||||
Retirement of treasury shares | 0 | $ (107) | (48,618) | 254,416 | (205,691) | |
Share repurchases (in shares) | (1,649,768) | |||||
Share repurchases | (31,341) | (31,341) | ||||
Net loss | (8,878) | (8,878) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 30,594,691 | |||||
Ending balance at Mar. 31, 2020 | 171,019 | $ 306 | 139,984 | 0 | 32,617 | (1,888) |
Beginning balance (in shares) at Dec. 31, 2019 | 32,113,328 | |||||
Beginning balance at Dec. 31, 2019 | $ 211,411 | $ 412 | 185,544 | (223,075) | 250,418 | (1,888) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share repurchases (in shares) | (1,812,393) | |||||
Share repurchases | $ (33,292) | |||||
Bad debt expense | 162 | |||||
Net loss | (25,710) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 30,476,057 | |||||
Ending balance at Sep. 30, 2020 | 156,165 | $ 304 | 143,180 | 0 | 14,569 | (1,888) |
Beginning balance (in shares) at Mar. 31, 2020 | 30,594,691 | |||||
Beginning balance at Mar. 31, 2020 | 171,019 | $ 306 | 139,984 | 0 | 32,617 | (1,888) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Release of restricted stock (in shares) | 24,427 | |||||
Release of restricted stock | (81) | $ 0 | (81) | |||
Share-based compensation - equity awards | 2,127 | 2,127 | ||||
Retirement of treasury shares | 0 | $ (2) | (733) | 1,951 | (1,216) | |
Share repurchases (in shares) | (162,625) | |||||
Share repurchases | (1,951) | (1,951) | ||||
Net loss | (23,555) | (23,555) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 30,456,493 | |||||
Ending balance at Jun. 30, 2020 | 147,559 | $ 304 | 141,297 | 0 | 7,846 | (1,888) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation - equity awards | 1,799 | 1,799 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 19,564 | |||||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $ 84 | 84 | ||||
Share repurchases (in shares) | 0 | |||||
Share repurchases | $ 0 | |||||
Net loss | 6,723 | 6,723 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 30,476,057 | |||||
Ending balance at Sep. 30, 2020 | $ 156,165 | $ 304 | $ 143,180 | $ 0 | $ 14,569 | $ (1,888) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock cash dividend declared (in dollars per share) | $ 0.10 | $ 0.10 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (25,710,000) | $ 41,775,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 23,851,000 | 18,920,000 |
Amortization of intangible assets | 4,203,000 | 4,411,000 |
Amortization of operating lease right of use assets | 875,000 | 966,000 |
Share-based compensation - equity awards | 9,468,000 | 2,807,000 |
Amortization of debt financing costs and discounts on debt | 3,256,000 | 1,976,000 |
Bad debt expense | 162,000 | 135,000 |
Deferred income taxes | (6,209,000) | 0 |
Gain on disposal of property and equipment | 0 | (5,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,713,000 | 5,980,000 |
Inventory | (372,000) | (210,000) |
Prepaid expenses and other assets | (17,558,000) | (7,834,000) |
Accounts payable | (2,460,000) | (5,439,000) |
Accrued liabilities | (2,062,000) | 7,768,000 |
Net cash provided by operating activities | 1,711,000 | 72,702,000 |
Cash flows from investing activities: | ||
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino | (8,566,000) | (17,645,000) |
Capital expenditures - Tiverton Casino Hotel | 0 | (1,824,000) |
Capital expenditures - new hotel at Twin River Casino | 0 | (3,765,000) |
Net cash used in investing activities | (288,513,000) | (33,925,000) |
Cash flows from financing activities: | ||
Revolver borrowings | 250,000,000 | 25,000,000 |
Term loan repayments | (2,938,000) | (343,189,000) |
Share repurchases (including tender offer) | (33,292,000) | (163,114,000) |
Payment of shareholder dividends | (3,199,000) | (4,109,000) |
Net cash provided by financing activities | 218,154,000 | 114,451,000 |
Net change in cash and cash equivalents and restricted cash | (68,648,000) | 153,228,000 |
Cash and cash equivalents and restricted cash, beginning of period | 185,502,000 | 81,431,000 |
Cash and cash equivalents and restricted cash, end of period | 116,854,000 | 234,659,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 33,627,000 | 16,069,000 |
Non-cash investing and financing activities: | ||
Unpaid property and equipment | 388,000 | 498,000 |
Deposit applied to fixed asset purchases | 0 | 981,000 |
Termination of operating leases via purchase of underlying assets | 0 | 1,665,000 |
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc. | 0 | 86,780,000 |
Goodwill and Intangible Asset Impairment | 8,554,000 | 0 |
Payment, Tax Withholding, Share-based Payment Arrangement | 2,564,000 | 0 |
Proceeds from Stock Options Exercised | 84,000 | 0 |
Income Taxes Paid, Net | 4,385,000 | 12,843,000 |
Loss on debt extinguishment and modification of debt | 0 | 1,491,000 |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | 0 | (39,000) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 7,000 |
Payments associated with licenses | 0 | (1,092,000) |
Repayments of Long-term Lines of Credit | (250,000,000) | (80,000,000) |
Proceeds from Issuance of Medium-term Notes | 261,180,000 | 289,345,000 |
Issuance Of Medium-Term Notes, Fee Amount | 13,820,000 | 10,655,000 |
Issuance Of Senior Long-Term Debt, Fee Amount | 0 | 6,130,000 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 393,870,000 |
Payment of financing fees | (1,117,000) | (3,352,000) |
Loyalty Programs | ||
Non-cash investing and financing activities: | ||
Contract liabilities, revenue recognized | 3,700,000 | 7,300,000 |
Dover Downs | ||
Cash flows from investing activities: | ||
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired | 0 | (9,606,000) |
Black Hawk Casinos | ||
Cash flows from investing activities: | ||
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired | (50,451,000) | |
Casino KC and Casino Vicksburg | ||
Cash flows from investing activities: | ||
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired | (225,496,000) | 0 |
Jumer's [Member] | ||
Cash flows from investing activities: | ||
Other Payments to Acquire Businesses | $ (4,000,000) | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Business Twin River Worldwide Holdings, Inc. (the “Company”, “TRWH”) is a diverse, multi-jurisdictional owner and operator of gaming and racing facilities, including slot machines and various casino table games, and restaurant and hotel facilities. The Company, through its wholly owned subsidiary Twin River Management Group, Inc. (“TRMG”), owns and manages the Twin River Casino Hotel (“Twin River Casino Hotel”) in Lincoln, Rhode Island, the Tiverton Casino Hotel (“Tiverton Casino Hotel”) in Tiverton, Rhode Island, the Hard Rock Hotel & Casino (“Hard Rock Biloxi”) in Biloxi, Mississippi, the Dover Downs Hotel & Casino (“Dover Downs Casino Hotel”) in Dover, Delaware, the Golden Gates, Golden Gulch and Mardi Gras casinos (collectively, “Black Hawk Casinos”) in Black Hawk, Colorado, Casino KC (“Casino KC”) in Kansas City, Missouri (formerly Isle of Capri Casino), Casino Vicksburg (“Casino Vicksburg”) in Vicksburg, Mississippi (formerly Lady Luck Casino Vicksburg), and the Arapahoe Park racetrack and 13 off-track betting licenses (“Mile High USA”) in Aurora, Colorado. Following the closure of the Newport Grand Casino (“Newport Grand”) in August 2018, the Company opened the Tiverton Casino Hotel on September 1, 2018. On March 28, 2019, the Company completed its acquisition of Dover Downs Gaming & Entertainment, Inc., which included Dover Downs Casino Hotel (“Dover Downs”). On January 23, 2020, the Company completed its acquisition of the Black Hawk Casinos. On July 1, 2020, the Company completed its acquisition from Eldorado Resorts, Inc., (“Eldorado”) of the operations and real estate of Casino KC in Kansas City, Missouri, and Casino Vicksburg in Vicksburg, Mississippi. On April 24, 2020, the Company announced that it had entered into an agreement with Eldorado to acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada and into an agreement with Caesars Entertainment Corporation (“Caesars”) and VICI Properties Inc. to acquire Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey. On July 20, 2020 Eldorado completed its acquisition of Caesars Entertainment Corporation, as a result of which Eldorado merged with and into Caesars Entertainment Corporation, forming Caesar’s Entertainment, Inc. On September 30, 2020, the Company entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer’s Casino & Hotel ("Jumer’s") in Rock Island, Illinois. On October 27, 2020, the Company entered into an agreement with Caesars to acquire the Tropicana Evansville casino in Evansville, Indiana. See Note 4. “Acquisitions” for further information. On March 29, 2019, the Company’s common stock was listed on the New York Stock Exchange (“NYSE”) and began trading under the ticker symbol “TRWH.” October 28, 2020 the Company announced that effective November 9, 2020, it will change its name to Bally’s Corporation and, reflecting this change, the Company’s common stock is expected to commence trading on the New York Stock Exchange under the new ticker symbol “BALY” when trading opens on November 9, 2020. COVID-19 Pandemic The novel coronavirus (“COVID-19”) pandemic has caused significant disruption to the US and global economy as well as financial markets around the world and has impacted, and is likely to continue to impact, the Company’s business in a material manner. As of March 16, 2020 all of the Company’s properties at the time were temporarily closed as a result of the COVID-19 pandemic and as of March 17, 2020, all of the properties the Company had entered into agreements to acquire were also temporarily closed. As of June 17, 2020, all of the Company’s properties, including the subsequently acquired Casino KC and Casino Vicksburg had reopened and are operating in some capacity. The following is an update of re-openings and current operations by property. • Twin River Casino Hotel and Tiverton Casino Hotel - The Rhode Island properties pre-opened on June 8, 2020 with very limited invitation only guests allowed. Beginning June 30, 2020, the Company was able to open to the general public, at approximately 65% capacity, with half of VLTs and a limited number of table games, with a three player limit, available. The hotels at the Rhode Island properties remain closed at this time. • Hard Rock Biloxi - The Biloxi property re-opened to the general public, at 50% capacity, on May 21, 2020 with 41% of VLTs, all table games, with a three player limit, and 75% of the hotel rooms available to guests. Currently, Hard Rock Biloxi is still operating at 50% capacity with over 60% of VLTs and all table games, with a three player limit, available and the hotel is currently operating with all rooms available to guests. • Dover Downs Casino Hotel - The Delaware property re-opened, at 30% capacity, on June 1, 2020, with 45% of VLTs. Table games, with a two player limit, became available to guests on June 17, 2020 and the hotel, at 60% room capacity, became available on June 18, 2020. Currently, the property is operating at approximately 60% capacity, with about half of VLTs, and all table games, with a three player limit, and all hotel rooms available to guests. • Casino KC - Casino KC re-opened, at 50% capacity, on June 1, 2020 with 70% of VLTs and 30% of table games, with a three player limit, available to guests. Casino KC is currently operating with almost 100% of VLTs and a limited number of table games, with a three player limit, available. • Casino Vicksburg - Casino Vicksburg re-opened, at 50% capacity, on May 21, 2020 with 48% of VLTs and 50% of hotel rooms available to guests. Currently, Casino Vicksburg is still operating at 50% capacity, however, over 65% of VLTs are available and the hotel is currently operating with all rooms available to guests. • Black Hawk Casinos - The Black Hawk Casinos re-opened, at 50% capacity, on June 17, 2020 with 55% of VLTs available to guests. Currently, they are still operating at 50% capacity, however, over 64% of VLTs are now available to guests. The Company remains committed to compliance with all state and local operating restrictions as well as and meeting or exceeding all guidelines established by the Centers for Disease Control and Prevention. The Company has implemented property-specific comprehensive health and safety protocols for each of its properties, developed in close consultation with applicable state regulators and public health officials in local jurisdictions. A good percentage of the Company’s operations are expected to continue to be negatively impacted by the COVID-19 pandemic and that impact could be material. Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary TRMG and TRMG’s subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These 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, 2019. Except as described below and in the Notes to the condensed consolidated financial statements, there were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. We have made estimates and judgments affecting the amounts reported in our condensed consolidated financing statements and the accompanying notes. The inputs into our judgments and estimates consider the economic implications of the COVID-19 pandemic on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. Cash and Cash Equivalents and Restricted Cash The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. As of September 30, 2020 and December 31, 2019, restricted cash of $1.9 million and $2.9 million, respectively, was comprised of video lottery terminal (“VLT”) and table games cash, payable to the State of Rhode Island, and certain cash accounts at Dover Downs and Mile High USA, which is unavailable for the Company’s use. The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 114,995 $ 182,581 Restricted cash 1,859 2,921 Total cash and cash equivalents and restricted cash $ 116,854 $ 185,502 Treasury Stock |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326)–Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard amends several aspects of the measurement of credit losses on financial instruments, including trade receivables. The standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model and amends certain aspects of accounting for purchased financial assets with deterioration in credit quality since origination. Under CECL, the allowance for losses for financial assets that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of the financial assets, based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments–Credit Losses , to clarify that receivables arising from operating leases are not within the scope of ASC 326 and should instead, be accounted for in accordance with ASC 842, Leases . The standard is effective for annual and interim periods beginning after December 15, 2019. Adoption is through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (a modified-retrospective approach). The Company adopted this ASU in the first quarter of 2020 and recorded a $58,000 negative adjustment to retained earnings as of January 1, 2020. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820),–Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement , which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU in the first quarter of 2020, with no impact to its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General . This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company does not expect this amendment to have a significant impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . This amendment serves to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendment also improves the consistent application of ASC Topic 740 by clarifying and amending existing guidance. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company accounts for revenue earned from contracts with customers under ASU No. 2014-09, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from five principal sources: gaming services, hotel, racing, food and beverage and other. Gaming revenue includes the share of VLT revenue for Twin River Casino Hotel and Tiverton Casino Hotel, in each case, as determined by each property’s respective master VLT contracts with the State of Rhode Island. Twin River Casino Hotel is entitled to a 28.85% share of VLT revenue on the initial 3,002 units and a 26.00% share of VLT revenue generated from units in excess of 3,002 units. Tiverton Casino Hotel is entitled to receive a percentage of VLT revenue that is equivalent to the percentage received by Twin River Casino Hotel. Gaming revenue also includes Twin River Casino Hotel’s and Tiverton Casino Hotel’s share of table games revenue. Twin River Casino Hotel and Tiverton Casino Hotel each were entitled to an 83.5% share of table games revenue generated as of September 30, 2020. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Rhode Island operations on a net basis which is the percentage share of VLT and table games revenue received as the Company acts as an agent in operating the gaming services on behalf of the State of Rhode Island. Gaming revenue also includes Dover Downs’ share of revenue as determined under the Delaware State Lottery Code from the date of its acquisition. Dover Downs is authorized to conduct video lottery, sports wagering, table game and internet gaming operations as one of three “Licensed Agents” under the Delaware State Lottery Code. Licensing, administration and control of gaming operations in Delaware is under the Delaware State Lottery Office and Delaware’s Department of Safety and Homeland Security, Division of Gaming Enforcement. As of September 30, 2020 and 2019, Dover Downs was entitled to an approximately 42% share of VLT revenue and an 80% share of table games revenue. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Delaware operations on a net basis, which is the percentage share of VLT and table games revenue received, as the Company acts as an agent in operating the gaming services on behalf of the State of Delaware. Gaming revenue also includes the casino revenue of Hard Rock Biloxi, the Black Hawk Casinos, and, beginning July 1, 2020, Casino KC and Casino Vicksburg, which is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for chips outstanding and “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of credits played, are charged to revenue as the amount of the progressive jackpots increase. Gaming services contracts have two performance obligations for those customers earning incentives under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the condensed consolidated financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned for a hotel room stay, food and beverage or other amenity. The performance obligations for the incentives earned under the loyalty programs are deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. After allocating revenue to other goods and services provided as part of casino wager contracts, the Company records the residual amount to gaming revenue as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Hotel $ 3,962 $ 5,594 $ 9,710 $ 14,528 Food and beverage 4,082 8,940 12,989 22,488 Other 464 1,910 2,270 5,071 $ 8,508 $ 16,444 $ 24,969 $ 42,087 Racing revenue includes Twin River Casino Hotel’s, Tiverton Casino Hotel’s, Mile High USA’s and Dover Downs’ share of wagering from live racing and the import of simulcast signals. Racing revenue is recognized when the wager is complete based on an established take-out percentage. The Company functions as an agent to the pari-mutuel pool. Therefore, fees and obligations related to the Company’s share of purse funding, simulcasting fees, tote fees, pari-mutuel taxes, and other fees directly related to the Company’s racing operations are reported on a net basis and included as a deduction to racing revenue. Hotel revenue is recognized at the time of occupancy, which is when the customer obtains control through occupancy of the room. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food and beverage revenue are recognized at the time the goods are sold from Company-operated outlets. All other revenues are recognized at the time the goods are sold or the service is provided. Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses. Beginning in the third quarter of 2020, the Company changed its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. Refer to Note 13. “Segment Reporting” for further information. The following tables provide a disaggregation of revenue by segment: (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Three Months Ended September 30, 2020 Gaming $ 35,166 $ 15,084 $ 28,532 $ 17,806 $ — $ 96,588 Racing 161 (93) — — 1,616 1,684 Hotel (15) 2,413 4,476 — — 6,874 Food and beverage 1,509 1,721 2,706 953 — 6,889 Other 2,572 547 1,017 410 43 4,589 Total revenue $ 39,393 $ 19,672 $ 36,731 $ 19,169 $ 1,659 $ 116,624 Three Months Ended September 30, 2019 Gaming $ 52,477 $ 14,594 $ 21,244 n/a $ — $ 88,315 Racing 714 181 — n/a 2,360 3,255 Hotel 1,781 4,036 5,302 n/a — 11,119 Food and beverage 7,433 5,915 4,702 n/a 4 18,054 Other 5,437 1,167 1,847 n/a 115 8,566 Total revenue $ 67,842 $ 25,893 $ 33,095 n/a $ 2,479 $ 129,309 Nine Months Ended September 30, 2020 Gaming $ 82,081 $ 32,698 $ 58,809 $ 22,603 $ — $ 196,191 Racing 664 451 — — 3,702 4,817 Hotel 1,212 5,250 10,173 — — 16,635 Food and beverage 7,880 6,645 7,752 1,598 — 23,875 Other 7,789 2,178 2,615 489 107 13,178 Total revenue $ 99,626 $ 47,222 $ 79,349 $ 24,690 $ 3,809 $ 254,696 Nine Months Ended September 30, 2019 Gaming $ 186,888 $ 29,469 $ 63,060 n/a $ — $ 279,417 Racing 2,861 460 — n/a 6,657 9,978 Hotel 5,016 8,372 15,426 n/a — 28,814 Food and beverage 24,833 12,604 12,923 n/a 6 50,366 Other 17,225 2,264 4,836 n/a 258 24,583 Total revenue $ 236,823 $ 53,169 $ 96,245 n/a $ 6,921 $ 393,158 Revenue included in operations from Dover Downs from the date of its acquisition, March 28, 2019, through September 30, 2019 is reported in the “Mid-Atlantic” segment. Revenue included in the operations from the Black Hawk Casinos, from the date of their acquisition, January 23, 2020, through September 30, 2020, and Casino KC from the date of its acquisition, July 1, 2020, through September 30, 2020, is reported in the “West” segment. Revenue included in the operations of Casino Vicksburg, from the date of its acquisition, July 1, 2020, through September 30, 2020, is reported in the “Southeast” segment. Refer to Note 4. “Acquisitions” for further information. The Company’s receivables related to contracts with customers are primarily comprised of marker balances and other amounts due from gaming activities, amounts due for hotel stays, and amounts due from tracks and off track betting (“OTB”) locations. The Company’s receivables related to contracts with customers were $10.6 million and $16.0 million as of September 30, 2020 and December 31, 2019, respectively. The Company has the following liabilities related to contracts with customers: liabilities for loyalty programs, deposits made in advance for goods and services yet to be provided, and unpaid wagers. All of the contract liabilities are short term in nature. Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than twelve months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next twelve months. Certain properties extended pre-COVID-19 tier statuses and/or extended earnings dates for tiered status programs. Additionally, certain properties temporarily suspended periodic purges of unused loyalty points. The Company’s contract liabilities related to loyalty programs were $13.3 million and $12.4 million as of September 30, 2020 and December 31, 2019, respectively, and are included as accrued liabilities in the condensed consolidated balance sheets. The Company recognized $1.4 million and $2.7 million of revenue related to loyalty program redemptions for the three months ended September 30, 2020 and 2019, respectively, and $3.7 million and $7.3 million for the nine months ended September 30, 2020 and 2019, respectively. Advance deposits are typically for future banquet events and to reserve hotel rooms. These deposits are usually received weeks or months in advance of the event or hotel stay. The Company’s contract liabilities related to deposits from customers were $1.0 million and $1.4 million as of September 30, 2020 and December 31, 2019, respectively, and are included as accrued liabilities in the condensed consolidated balance sheets. Unpaid wagers include unpaid pari-mutuel tickets and unpaid sports bet tickets. Unpaid pari-mutuel tickets not claimed within twelve months by the customer who earned them are escheated to the state. The Company’s contract liabilities related to unpaid wagers were $1.0 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively, and are included as accrued liabilities in the condensed consolidated balance sheets. ASC 606 requires complimentary items to be considered a separate performance obligation, which requires the Company to allocate a portion of revenue from a gaming transaction to other operating revenue based on the estimated standalone selling prices of the promotional items provided. For example, when a casino customer is given a complimentary room, the Company is required to allocate a portion of the casino revenue earned from the customer to hotel revenue based on the estimated standalone selling price of the hotel room. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of food and beverage and other miscellaneous goods and services is determined based upon the actual retail prices charged customers for those items. Revenue is recognized in the period the goods or services are provided. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Black Hawk Casinos On January 23, 2020, the Company acquired a subsidiary of Affinity Gaming (“Affinity”) that owns three casino properties located in Black Hawk, Colorado: Golden Gates, Golden Gulch and Mardi Gras (the “Black Hawk Casinos”). The total consideration paid by the Company in connection with the Black Hawk Casinos acquisition was approximately $53.8 million, or $50.5 million net of cash acquired, excluding transaction costs. The Company incurred transaction costs related to this acquisition of $0.2 million and $0.4 million in the three months ended September 30, 2020 and 2019, respectively, and $0.9 million and $1.1 million during the nine months ended September 30, 2020 and 2019, respectively. These costs are included in acquisition, integration and restructuring expenses in the condensed consolidated statements of operations and comprehensive income. The Company accounted for the acquisition of the Black Hawk Casinos as a business combination using the acquisition method with Twin River as the accounting acquirer in accordance with FASB Codification Topic 805, Business Combinations (“ASC 805”) . Under this method of accounting, the purchase price has been allocated to Black Hawk Casinos’ assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date. The identifiable intangible assets recorded in connection with the closing of the Black Hawk acquisition based on preliminary valuations include trademarks of $2.1 million and rated player relationships of $0.6 million, which are being amortized on a straight-line basis over estimated useful lives of approximately 10 years and 6 years, respectively. The Company also initially recorded an intangible asset related to gaming licenses of $3.3 million, with an indefinite life. However, in connection with the impairment testing discussed in Note 5. “Goodwill and Intangible Assets”, the asset was deemed fully impaired and its value was written down to zero as of March 31, 2020. The preliminary fair value of the identifiable intangible assets acquired was determined by using an income approach. Significant assumptions utilized in the income approach were based on company-specific information and projections, which are not observable in the market and are thus considered Level 3 measurements as defined by authoritative guidance. As of September 30, 2020, the purchase price allocation was preliminary and will be finalized when the final assessments of the fair value of all acquired assets and assumed liabilities are completed. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocations. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date). Revenue included in operations from the Black Hawk Casinos, from the date of their acquisition, January 23, 2020, for the three and nine months ended September 30, 2020 was $5.7 million and $11.2 million, respectively. Casino KC and Casino Vicksburg On July 1, 2020, the Company completed its acquisition of the operations and real estate of Casino KC and Casino Vicksburg from affiliates of Eldorado. The total consideration paid by the Company in connection with the acquisition was approximately $229.9 million, or $225.5 million net of cash acquired, excluding transaction costs. The Company recorded transaction costs related to the acquisition of Casino KC and Casino Vicksburg of $0.5 million and $1.4 million during the three and nine months ended September 30, 2020, respectively. These costs are included in acquisition, integration and restructuring expense in the condensed consolidated statements of operations and comprehensive income. The Company accounted for the acquisition of Casino KC and Casino Vicksburg as a business combination using the acquisition method with Twin River as the accounting acquirer in accordance with ASC 805. Under this method of accounting, the purchase price has been allocated to Casino KC’s and Casino Vicksburg’s assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition. Due to the fact that the transaction only recently closed, the purchase price allocation is preliminary and will be finalized when valuations are complete and final assessments of the fair value of other acquired assets and assumed liabilities are completed. There can be no assurance that such finalizations will not result in material changes from the preliminary purchase price allocations. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date), as the Company finalizes the valuations of certain tangible and intangible asset acquired and liabilities assumed. As of July 1, 2020 Preliminary as of July 1, 2020 Year to Date Adjustments Preliminary as of September 30, 2020 Cash $ 4,362 $ — $ 4,362 Accounts receivable 594 (12) 582 Inventory 164 — 164 Prepaid expenses and other assets 709 (23) 686 Property and equipment 60,574 (279) 60,295 Right of use asset 41,971 (31,090) 10,881 Intangible assets 139,760 (1,200) 138,560 Other assets 118 (1) 117 Goodwill 52,285 1,204 53,489 Accounts payable (614) — (614) Accrued and other current liabilities (4,003) 86 (3,917) Lease obligations (65,381) 30,940 (34,441) Deferred income tax liabilities (233) 233 — Other long-term liabilities (306) — (306) Total purchase price $ 230,000 $ (142) $ 229,858 Consolidated revenue and net income for Casino KC and Casino Vicksburg for the three months ended September 30, 2020 was $19.0 million and $3.2 million, respectively. The following table represents unaudited supplemental pro forma consolidated revenue and net income based on Casino KC and Casino Vicksburg’s historical reporting periods as if the acquisition had occurred as of January 1, 2019. Three Months Ended Nine Months Ended (in thousands, except per share data) September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 149,592 $ 279,825 $ 456,408 Net income (loss) $ 9,347 $ (61,987) $ 49,982 Net income (loss) per share, basic $ 0.25 $ (2.01) $ 1.28 Net income (loss) per share, diluted $ 0.25 $ (2.01) $ 1.28 Eldorado Shreveport and MontBleu On April 24, 2020, the Company announced that it had entered into an agreement with Eldorado and certain of its affiliates to acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana (“Shreveport”) and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada (“MontBleu”) for an aggregate purchase price of $155 million in cash ($140 million payable at closing and $15 million payable one year thereafter), subject to customary post-closing adjustments. These acquisitions are expected to close in the first half of 2021 (with the Shreveport acquisition possibly occurring earlier than MontBleu in the first quarter of 2021), subject to receipt of required state regulatory approvals and satisfaction of other customary closing conditions. The Company recorded acquisition costs related to the pending acquisitions of Shreveport and MontBleu of $0.7 million and $1.8 million during the three and nine months ended September 30, 2020, respectively. These costs are included in acquisition, integration and restructuring expenses in the condensed consolidated statements of operations and comprehensive income. Bally’s Atlantic City On April 24, 2020, the Company announced that it had entered into an agreement with affiliates of Caesars Entertainment Corporation and VICI Properties Inc. to acquire Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey (“Bally’s Atlantic City”) for $25 million in cash subject to customary post-closing adjustments. The Company received an interim casino authorization form from state regulators on November 5, 2020 and the transaction is expected to close in mid-November 2020, subject to satisfaction of other customary closing conditions. The Company recorded acquisition costs related to the pending acquisition of Bally’s Atlantic City of $0.7 million and $2.2 million during the three and nine months ended September 30, 2020, respectively. These costs are included in acquisition, integration and restructuring expense in the condensed consolidated statements of operations and comprehensive income. Jumer’s Casino & Hotel On September 30, 2020, the Company entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer’s Casino & Hotel (“Jumer’s”) in Rock Island, Illinois for a purchase price of $120 million in cash, subject to customary post-closing adjustments. The transaction is expected to close in the second quarter of 2021, subject to receipt of required state regulatory approvals and satisfaction of other customary closing conditions. The Company paid a deposit of $4.0 million related to this transaction during the third quarter of 2020, $2.0 million of which is nonrefundable. The Company recorded acquisition costs related to pending acquisition of Jumer’s of $0.7 million during the three and nine months ended September 30, 2020. These costs are included in acquisition, integration and restructuring expense in the condensed consolidated statements of operations and comprehensive income. Subsequent Event On October 27, 2020, the Company and certain affiliates entered into an agreement with Caesars and certain of its affiliates to acquire the operations of Tropicana Evansville casino for $140.0 million, subject to customary post-closing adjustments. In connection with the acquisition of the Tropicana Evansville casino operations, an affiliate of Gaming & Leisure Properties, Inc. (“GLPI”) has agreed to acquire the real estate associated with the Tropicana Evansville Casino from the seller for $340 million and lease it back to the Company for $28.0 million per year, subject to escalation. GLPI has also agreed to acquire the real estate associated with our Dover Downs casino for a purchase price of $144.0 million and lease it back to the Company for $12.0 million per year, subject to escalation. Both leases are governed by a master lease agreement with GLPI which has an initial term of 15 years and includes four, five Consummation of the Company’s proposed acquisition of the Tropicana Evansville is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals for the purchase of the casino by the Company. The Company’s obligation to sell the Dover Downs real estate to GLPI is conditioned on, among other things, satisfaction of the conditions to the Company’s obligation to close on its acquisition of the Tropicana Evansville. The Company’s obligation to consummate the acquisition of the Tropicana Evansville is not conditioned on the closing of the sale of the Dover Downs real estate to GLPI. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETSThe Company performs its annual goodwill impairment test as of the first day of the fourth quarter of each year at the reporting unit level, which is at or one level below the operating segment level. Intangible assets not subject to amortization are reviewed for impairment annually. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Late in the first quarter of 2020, as a result of the economic and market conditions surrounding the COVID-19 pandemic and the decline in its stock price and market capitalization the Company experienced at the time, the Company determined that it was more likely than not that the carrying value of all of its reporting units exceeded these units’ fair value and performed an interim quantitative impairment test of goodwill. The Company estimated the fair values of all reporting units using both the market approach, applying a multiple of earnings based on guidelines for publicly traded companies, and the income approach, discounting projected future cash flows based on management’s expectations of the current and future operating environment for each reporting unit. The calculation of the impairment charge includes substantial fact-based determinations and estimates including weighted average cost of capital, future revenue, profitability, cash flows and fair values of assets and liabilities. The rates used to discount projected future cash flows under the income approach reflect a weighted average cost of capital in the range of 10% to 15%, which considered guidelines for publicly traded companies, capital structure and risk premiums, including those reflected in the current market capitalization. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling to its enterprise value and market capitalization. Based on this analysis, the Company determined that only the carrying value of its Black Hawk Casinos reporting unit exceeded its fair value by an amount that exceeded the assigned goodwill and indefinite lived intangibles as of the acquisition date. As a result, the Company recorded a total impairment charge of $8.6 million for the nine months ended September 30, 2020, which is included in our “Other” reportable segment, and was allocated between goodwill and intangible assets with charges of $5.3 million and $3.3 million, respectively. The goodwill impairment charge reflects the preliminary goodwill impairment charge of $5.4 million and an adjustment to the charge of $(0.2) million recorded in the first and second quarters of 2020, respectively. The goodwill impairment charge adjustment recorded in the second quarter of 2020 was attributable to changes in the preliminary fair value of net assets, which affected the initial goodwill resulting from the Black Hawk Casinos acquisition. The goodwill impairment charge is reflected in goodwill and asset impairment (adjustment) in the condensed consolidated statements of operations and comprehensive income. The goodwill impairment charge reflects all of the Black Hawk Casinos reporting unit goodwill, based on the preliminary acquisition date assigned fair values. The goodwill impairment charges recorded in the nine months ended September 30, 2020 are subject to change based upon the final purchase price allocation during the measurement period for estimated fair values of assets acquired and liabilities assumed from the Black Hawk Casinos acquisition. There can be no assurance that such final assessments will not result in material increases or decreases to the recorded goodwill and intangible impairment charge based upon the preliminary purchase price allocations, due to changes in the provisional opening balance sheet estimates of goodwill. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date). Refer to Note 4. “Acquisitions” for further information about the preliminary purchase price allocation and provisional goodwill and intangible balance estimated as of the acquisition date. The change in carrying value of goodwill by reportable segment for the nine months ended September 30, 2020 is as follows: (in thousands) Rhode Island Mid-Atlantic Southeast West Total Goodwill as of December 31, 2019 $ 83,101 $ 1,047 $ 48,934 $ — $ 133,082 Goodwill from current year business acquisitions — — 6,053 52,690 58,743 Impairment charges — — — (5,254) (5,254) Goodwill as of September 30, 2020 $ 83,101 $ 1,047 $ 54,987 $ 47,436 $ 186,571 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILTIES | ACCRUED LIABILITIES As of September 30, 2020 and December 31, 2019, accrued liabilities consisted of the following: (in thousands) September 30, December 31, Gaming liabilities $ 26,433 $ 23,908 Compensation 11,569 13,849 Legal 1,335 833 Property taxes 2,886 2,920 Purses due to horsemen 6,210 7,868 Interest payable 9,096 2,291 Insurance reserves 4,867 2,477 Other 12,633 16,703 Total accrued liabilities $ 75,029 $ 70,849 |
ACQUISITION, INTEGRATION AND RE
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSE | 3 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSE | ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSE The following table reflects acquisition, integration and restructuring expenses the Company recorded during the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Acquisition and integration costs: Dover Downs merger and going public expenses $ — $ 359 $ 59 $ 7,558 Black Hawk Casinos 175 365 927 1,052 Casino KC and Casino Vicksburg 497 678 1,359 1,193 Eldorado Shreveport and MontBleu 727 — 1,758 — Bally’s Atlantic City 683 — 2,203 — Jumer’s Hotel & Casino 658 — 658 — Total 2,740 1,402 6,964 9,803 Restructuring expense — 528 20 1,244 Total acquisition, integration and restructuring expense $ 2,740 $ 1,930 $ 6,984 $ 11,047 During the three months ended September 30, 2019, the Company incurred restructuring expenses of $0.5 million related to severance costs incurred attributable to the acquisition of Dover Downs and the Company’s Twin River Casino Hotel location. The Company did not incur restructuring expense during the three months ended September 30, 2020. During the nine months ended September 30, 2020 and 2019, the Company incurred restructuring expenses of $20,000 and $1.2 million, respectively. The following table summarizes the restructuring liability accrual activity during the nine months ended September 30, 2020 related to the Mid-Atlantic reportable segment: (in thousands) Severance Restructuring liability as of December 31, 2019 $ 23 Additions 20 Payments (43) Restructuring liability as of September 30, 2020 $ — The following tables summarizes the restructuring liability accrual activity during the nine months ended September 30, 2019 by reportable segment: Severance (in thousands) Rhode Island Mid-Atlantic Total Restructuring liability as of December 31, 2018 $ — $ — $ — Additions 404 840 1,244 Payments (247) (716) (963) Restructuring liability as of September 30, 2019 $ 157 $ 124 $ 281 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
LEASES | LEASES Operating Leases The Company is committed under various operating lease agreements primarily related to submerged tidelands, property and equipment. Hard Rock Biloxi has an agreement with the State of Mississippi for the lease and use of approximately five acres of submerged tidelands for a primary term of thirty years, expiring September 30, 2037. Upon expiration of the primary term, Hard Rock Biloxi will have an option to extend the lease for a renewal term of thirty years. The renewal option has not been included in the calculation of the lease liability or right of use asset as the Company is not reasonably certain to exercise the option. Annual rent for the lease, as of September 30, 2020, is approximately $1.2 million and adjusts annually by the increase in the consumer price index (“CPI”). Future changes to the CPI are treated as variable lease payments and are recognized in the period in which the obligation for those payments is incurred. Hard Rock Biloxi also has a Lease and Air Space agreement with the City of Biloxi. The agreement grants the Company rights to a parking area, and to the airspace above two defined parcels of land along with certain support structure rights for the construction of a parking garage. The arrangement has a 40-year term expiring November 18, 2043 and provides the Company one 25-year renewal option. The renewal option has not been included in the calculation of the lease liability or right of use asset as the Company is not reasonably certain to exercise the option. Monthly rent escalates every 5 years based on CPI, and we are responsible for property taxes. Future changes to the CPI are treated as variable lease payments and are recognized in the period in which the obligation for those payments is incurred. In connection with the acquisition of Casino KC, we are party to a sublease with the Port Authority of Kansas City, Missouri, which has leased the property from the City of Kansas City. Our sublease expires on October 18, 2021, but on that date will automatically renew for five additional periods of five years each. The lease agreement provides for minimum annual rent paid in advance and subject to increases in the CPI every five years. Current minimum annual rent payments are $3.1 million per year. In addition, the agreement calls for quarterly percentage rent payments equal to 3.25% of gross revenues, less the minimum annual rent payment. Casino KC is obligated to operate Casino KC at all times. If Casino KC fails to do so, it must pay the Port Authority, in lieu of percentage rent, a sum equal to 50% of the then-applicable base rent during the time Casino KC is not operating. Certain of the Company’s subsidiaries lease office space, parking space, memorabilia and equipment under agreements classified as operating leases that expire on various dates through 2027. Certain of the Company’s leases include renewal options and escalation clauses. Renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. Discount rates used to determine the present value of the lease payments are based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. Variable expenses generally represent the Company’s share of the landlord’s operating expenses and CPI increases. The Company does not have any leases classified as financing leases. During the nine months ended September 30, 2019, three equipment leases were terminated via purchase of the underlying assets. The Company had operating lease liabilities of approximately $51.4 million and $17.2 million as of September 30, 2020 and December 31, 2019, respectively, and right of use assets of approximately $27.3 million and $17.2 million as of September 30, 2020 and December 31, 2019, respectively, which were included in the condensed consolidated balance sheet. The following summarizes quantitative information about the Company’s operating leases: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating leases: Operating lease cost $ 1,083 $ 544 $ 2,183 $ 1,885 Variable lease cost 13 8 37 44 Operating lease expense 1,096 552 2,220 1,929 Short-term lease expense 526 1,205 1,381 2,088 Total lease expense $ 1,622 $ 1,757 $ 3,601 $ 4,017 Supplemental cash flow and other information for the three and nine months ended September 30, 2020, related to operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 543 $ 544 $ 1,642 $ 1,897 Right of use assets obtained in exchange for operating lease liabilities $ — $ — $ 116 $ 18,771 September 30, 2020 December 31, 2019 Weighted average remaining lease term 22.9 16.7 Weighted average discount rate 7.5 % 6.8 % As of September 30, 2020, future minimum rental commitments under noncancelable operating leases are as follows: (in thousands) September 30, 2020 Remaining 2020 $ 3,593 2021 5,171 2022 4,928 2023 4,884 2024 4,834 Thereafter 84,658 Total 108,068 Less: present value discount (56,619) Operating lease obligations $ 51,449 |
EQUITY PLANS
EQUITY PLANS | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY PLANS | EQUITY PLANS The Company has two equity incentive plans: the 2010 BLB Worldwide Holdings, Inc. Stock Option Plan (the “2010 Option Plan”) and the 2015 Stock Incentive Plan (“2015 Incentive Plan”). The 2010 Option Plan provided for options to acquire 2,455,368 shares of the Company’s common stock. Options granted to employees, officers and directors of the Company under the 2010 Option Plan vested on various schedules by individual as defined in the individual participants’ option agreements. Vested options can generally be exercised all or in part at any time until the tenth anniversary of the date of grant. Effective December 9, 2015, it was determined that no new awards would be granted under the 2010 Option Plan. During the three and nine months ended September 30, 2020, there were 19,564 options exercised at a weighted average exercise price of $4.31 per share and an aggregate intrinsic value of $84,000. As of September 30, 2020, there were 90,000 unexercised options outstanding. The 2015 Incentive Plan provides for the grant of stock options, RSAs, RSUs and other stock-based awards (collectively, “restricted awards”) (including those with performance-based vesting criteria) to employees, directors or consultants of the Company. The 2015 Incentive Plan provides for the issuance of up to 1,700,000 shares of the Company’s common stock. During the first quarter of 2020, the Company issued 483,860 RSUs under the 2015 Incentive Plan to eligible employees and executive management as part of its annual equity grant process. These RSUs vest ratably in three annual installments, the first of which vested during the first quarter of 2020. During the second quarter of 2020, 67,950 restricted awards were granted under the 2015 Incentive Plan and no restricted awards were granted in the quarter ended September 30, 2020. As of September 30, 2020, 777,551 shares were available for grant under the 2015 Incentive Plan. The Company recognized total share-based compensation expense of $1.8 million and $1.0 million during the three months ended September 30, 2020 and 2019, respectively. The total income tax benefit for share-based compensation arrangements was $0.7 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively. The Company recognized total share-based compensation expense of $9.5 million and $2.8 million during the nine months ended September 30, 2020 and 2019, respectively. The total income tax benefit for share-based compensation arrangements was $3.6 million and $0.7 million for the nine months ended September 30, 2020 and 2019, respectively. |
BENEFIT PLANS
BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANSThe Company participates in and contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union-represented employees. The Company acquired a defined benefit pension plan with the acquisition of Dover Downs on March 28, 2019 (“Dover Downs Pension Plan”) which is a non-contributory, tax qualified defined benefit pension plan that has been frozen since July 2011. Dover Downs Defined Benefit Pension Plan As the Company consummated the acquisition of Dover Downs on March 28, 2019, the net periodic benefit (income) cost was immaterial for the three months ended March 31, 2019. The net periodic benefit (income) cost and other changes in plan assets and benefit obligations, excluding service cost, is set forth in the table below for the three and nine months ended September 30, 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Service cost $ — $ — $ — $ — Interest cost 223 221 669 442 Expected return on plan assets (357) (325) (1,071) (650) Net periodic benefit (income) cost $ (134) $ (104) $ (402) $ (208) Contributions Minimum pension contributions of $0.5 million are required to be made to the Dover Downs Pension Plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in 2020. Under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), minimum required contributions for single-employer pension plans, including quarterly contributions, that are otherwise due during calendar year 2020 are instead due January 1, 2021. The CARES Act requires that any delayed contributions be increased by interest accrued between the original due date and the date of delayed payment. In July 2020, the Company made a contribution of $0.3 million to the Dover Downs Pension Plan which included the minimum required contributions for both the first and second quarters of 2020, including all applicable interest after having elected not to make a contribution to the Dover Downs Pension Plan for the first quarter of 2020. In September 2020, the Company made a contribution of $0.2 million which represented a final payment for the 2019 plan year. Additionally, in October 2020, the Company made a contribution of $0.2 million to the Dover Downs Pension Plan to include the required contributions, and applicable interest, for the third quarter of 2020. 401(k) Plans The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code covering non-union employees and certain union employees. The plan allows employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plan. Dover Downs also maintains a defined contribution 401(k) plan, which permits participation by substantially all of its employees. Total employer contribution expense to both 401(k) profit-sharing plans was $0.1 million and $0.6 million for the three and nine months ended September 30, 2020, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2019, respectively. |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY Stock Dividend On January 18, 2019, the Board of Directors of the Company approved a common stock dividend, accounted for as a stock split. The stock split was effected through a stock dividend of three shares for each share outstanding as of the approval date. All share and per share information included in the condensed consolidated financial statements has been retroactively adjusted to reflect the impact of the stock dividend. The shares of common stock authorized remained at 100 million, and the shares retained a par value per share of $0.01. Capital Return Program and Quarterly Cash Dividend On June 14, 2019, the Company announced that its Board of Directors approved a capital return program under which the Company could expend a total of up to $250 million for a share repurchase program and payment of dividends. Share repurchases may be effected in various ways, which could include open-market or private repurchase transactions, accelerated stock repurchase programs, tender offers or other transactions. The amount, timing and terms of any return of capital transaction will be determined based on prevailing market conditions and other factors. The Company expects to fund any share repurchases and dividends from existing capital resources. There is no fixed time period to complete share repurchases. On July 26, 2019, the Company completed a modified Dutch auction tender offer (“Offer”), purchasing 2,504,971 common shares at an aggregate purchase price of $73.9 million. The Offer was funded with cash on hand. On February 10, 2020, the Board of Directors approved an increase in the capital return program of $100 million. Total share repurchase activity, including a private repurchase transaction, during the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2020 2019 2020 2019 Number of common shares repurchased — 6,576,682 1,812,393 6,593,022 Total cost $ — $ 162,705 $ 33,292 $ 163,114 Average cost per share, including commissions $ — $ 24.74 $ 18.37 $ 24.74 The Company retired 10,892,083 and 1,431,980 shares of its common stock held in treasury during the nine months ended September 30, 2020 and 2019, respectively. There were no shares retired during the three months ended September 30, 2020 and 2019. The shares were returned to the status of authorized but unissued shares. As of September 30, 2020 there were no shares remaining in treasury. |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTINGAs of September 30, 2020, the Company had eight operating segments, Twin River Casino Hotel, Hard Rock Biloxi, Tiverton Casino Hotel, Dover Downs, the Black Hawk Casinos, Casino KC, Casino Vicksburg and Mile High USA. Beginning in the third quarter of 2020, the Company changed its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. The growth and diversification achieved through the Company’s acquisitions has resulted in a change in the way the Company's chief operating decision maker makes operating decisions, assesses the performance of the business and allocates resources. As a result, the Company’s operating segments are aggregated into four reportable segments: Rhode Island, Mid-Atlantic, Southeast and West. As of September 30, 2020, the Company’s Rhode Island reportable segment includes Twin River Casino Hotel and Tiverton Casino Hotel, the Mid-Atlantic reportable segment includes only Dover Downs, the Southeast reportable segment includes Hard Rock Biloxi and Casino Vicksburg, the West reportable segment includes Casino KC and the Black Hawk Casinos. The “Other” category includes Mile High USA, an immaterial operating segment, and also includes interest expense for the Company and certain corporate operating expenses that are not allocated to the other segments, which include, among other expenses, share-based compensation, merger and acquisition costs, and certain non-recurring charges. Hard Rock Biloxi and Dover Downs were previously reported as “Biloxi” and “Delaware” reportable segments, respectively, and prior year amounts have been conformed into the new presentation. Black Hawk Casinos was previously included in the “Other’ category since its acquisition on January 23, 2020 The Company is currently evaluating the impact that its pending acquisitions will have on its operating and reporting segments, however the expectation is that Shreveport will be reported with the Southeast, MontBleu with the West and Bally’s with Mid-Atlantic. No determination have been made on Evansville or Jumer’s. The Company’s operations are all within the United States. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues. The following table shows revenues, income (loss), and identifiable assets for each of the Company’s reportable segments and reconciles these to amounts shown in the Company’s condensed consolidated financial statements. (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Three Months Ended September 30, 2020 Total revenue $ 39,393 $ 19,672 $ 36,731 $ 19,169 $ 1,659 $ 116,624 Income (loss) from operations 9,606 4,972 12,163 2,361 (5,719) 23,383 Income (loss) before provision for income taxes 9,606 4,942 12,175 2,361 (22,609) 6,475 Depreciation and amortization 4,096 1,475 2,712 1,567 82 9,932 Interest expense — 30 — — 16,920 16,950 Capital expenditures 320 594 888 1,216 100 3,118 Goodwill 83,101 1,047 54,987 47,436 — 186,571 Total assets 494,459 133,195 320,004 273,034 36,189 1,256,881 Three Months Ended September 30, 2019 Total revenue $ 67,842 $ 25,893 $ 33,095 n/a $ 2,479 $ 129,309 Income (loss) from operations 16,331 3,765 6,771 n/a (5,416) 21,451 Income (loss) before provision for income taxes 16,332 3,711 6,782 n/a (16,024) 10,801 Depreciation and amortization 4,779 1,322 2,181 n/a 47 8,329 Interest expense — 55 — n/a 11,406 11,461 Capital expenditures 2,068 1,170 1,125 n/a 192 4,555 Goodwill 83,101 770 48,934 n/a — 132,805 Total assets 546,218 143,387 271,446 n/a 109,867 1,070,918 (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Nine Months Ended September 30, 2020 Total revenue $ 99,626 $ 47,222 $ 79,349 $ 24,690 $ 3,809 $ 254,696 Income (loss) from operations 7,012 2,084 16,057 (7,763) (18,139) (749) Income (loss) before provision for income taxes 7,068 1,977 16,083 (7,763) (61,505) (44,140) Depreciation and amortization 13,629 4,393 7,213 2,591 228 28,054 Interest expense — 107 — — 43,581 43,688 Capital expenditures 2,807 1,492 2,018 1,543 706 8,566 Goodwill 83,101 1,047 54,987 47,436 — 186,571 Total assets 494,459 133,195 320,004 273,034 36,189 1,256,881 Nine Months Ended September 30, 2019 Total revenue $ 236,823 $ 53,169 $ 96,245 n/a $ 6,921 $ 393,158 Income (loss) from operations 79,202 5,627 17,840 n/a (17,065) 85,604 Income (loss) before provision for income taxes 74,899 5,554 17,863 n/a (40,921) 57,395 Depreciation and amortization 13,740 2,606 6,847 n/a 138 23,331 Interest expense 3,274 114 — n/a 25,090 28,478 Capital expenditures 15,664 1,979 5,272 n/a 319 23,234 Goodwill 83,101 770 48,934 n/a — 132,805 Total assets 546,218 143,387 271,446 n/a 109,867 1,070,918 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per common share (“EPS”) is calculated by dividing net income (loss) per common share by the weighted average number of common shares outstanding and Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs and PSUs for which future service is required as a condition to the delivery of the underlying common stock. The table below presents the computations of basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income (loss) $ 6,723 $ 6,999 $ (25,710) $ 41,775 Weighted average common shares outstanding, basic 30,458 37,809 30,825 39,063 Weighted average effect of dilutive securities 177 116 — 120 Weighted average common shares outstanding, diluted 30,635 37,925 30,825 39,183 Per share data Basic net income (loss) $ 0.22 $ 0.19 $ (0.83) $ 1.07 Diluted net income (loss) $ 0.22 $ 0.18 $ (0.83) $ 1.07 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On October 9, 2020, the Company issued $125 million aggregate principal amount of its 6.75% Senior Notes due 2027. Refer to Note 8. “Long-Term Debt” for further information. On October 27, 2020, the Company announced that it had entered into a definitive agreement to acquire the operations of Tropicana Evansville Casino in Evansville, Indiana from affiliates of Caesars and that it would lease the Evansville real property on which the casino is operated from GLPI, who has agreed to acquire it from an affiliate of Caesars. The Company also announced that it would sell its Dover Downs real estate to GLPI and lease it back from GLPI. Refer to Note 4. “Acquisitions” for further information. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary TRMG and TRMG’s subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These 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, 2019. Except as described below and in the Notes to the condensed consolidated financial statements, there were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Treasury Stock | Treasury StockThe Company records the repurchase of shares of common stock at cost based on the settlement date of the transaction. Upon settlement, these shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326)–Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard amends several aspects of the measurement of credit losses on financial instruments, including trade receivables. The standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model and amends certain aspects of accounting for purchased financial assets with deterioration in credit quality since origination. Under CECL, the allowance for losses for financial assets that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of the financial assets, based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments–Credit Losses , to clarify that receivables arising from operating leases are not within the scope of ASC 326 and should instead, be accounted for in accordance with ASC 842, Leases . The standard is effective for annual and interim periods beginning after December 15, 2019. Adoption is through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (a modified-retrospective approach). The Company adopted this ASU in the first quarter of 2020 and recorded a $58,000 negative adjustment to retained earnings as of January 1, 2020. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820),–Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement , which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU in the first quarter of 2020, with no impact to its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General . This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company does not expect this amendment to have a significant impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes . This amendment serves to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendment also improves the consistent application of ASC Topic 740 by clarifying and amending existing guidance. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Policy | The Company performs its annual goodwill impairment test as of the first day of the fourth quarter of each year at the reporting unit level, which is at or one level below the operating segment level. Intangible assets not subject to amortization are reviewed for impairment annually. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Late in the first quarter of 2020, as a result of the economic and market conditions surrounding the COVID-19 pandemic and the decline in its stock price and market capitalization the Company experienced at the time, the Company determined that it was more likely than not that the carrying value of all of its reporting units exceeded these units’ fair value and performed an interim quantitative impairment test of goodwill. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Restricted Cash | The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 114,995 $ 182,581 Restricted cash 1,859 2,921 Total cash and cash equivalents and restricted cash $ 116,854 $ 185,502 |
Schedule of Cash and Restricted Cash | The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 114,995 $ 182,581 Restricted cash 1,859 2,921 Total cash and cash equivalents and restricted cash $ 116,854 $ 185,502 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Net Revenue | The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Hotel $ 3,962 $ 5,594 $ 9,710 $ 14,528 Food and beverage 4,082 8,940 12,989 22,488 Other 464 1,910 2,270 5,071 $ 8,508 $ 16,444 $ 24,969 $ 42,087 (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Three Months Ended September 30, 2020 Gaming $ 35,166 $ 15,084 $ 28,532 $ 17,806 $ — $ 96,588 Racing 161 (93) — — 1,616 1,684 Hotel (15) 2,413 4,476 — — 6,874 Food and beverage 1,509 1,721 2,706 953 — 6,889 Other 2,572 547 1,017 410 43 4,589 Total revenue $ 39,393 $ 19,672 $ 36,731 $ 19,169 $ 1,659 $ 116,624 Three Months Ended September 30, 2019 Gaming $ 52,477 $ 14,594 $ 21,244 n/a $ — $ 88,315 Racing 714 181 — n/a 2,360 3,255 Hotel 1,781 4,036 5,302 n/a — 11,119 Food and beverage 7,433 5,915 4,702 n/a 4 18,054 Other 5,437 1,167 1,847 n/a 115 8,566 Total revenue $ 67,842 $ 25,893 $ 33,095 n/a $ 2,479 $ 129,309 Nine Months Ended September 30, 2020 Gaming $ 82,081 $ 32,698 $ 58,809 $ 22,603 $ — $ 196,191 Racing 664 451 — — 3,702 4,817 Hotel 1,212 5,250 10,173 — — 16,635 Food and beverage 7,880 6,645 7,752 1,598 — 23,875 Other 7,789 2,178 2,615 489 107 13,178 Total revenue $ 99,626 $ 47,222 $ 79,349 $ 24,690 $ 3,809 $ 254,696 Nine Months Ended September 30, 2019 Gaming $ 186,888 $ 29,469 $ 63,060 n/a $ — $ 279,417 Racing 2,861 460 — n/a 6,657 9,978 Hotel 5,016 8,372 15,426 n/a — 28,814 Food and beverage 24,833 12,604 12,923 n/a 6 50,366 Other 17,225 2,264 4,836 n/a 258 24,583 Total revenue $ 236,823 $ 53,169 $ 96,245 n/a $ 6,921 $ 393,158 |
Business Combinations (Tables)
Business Combinations (Tables) | Jul. 01, 2020 | Sep. 30, 2020 |
Business Combinations [Abstract] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition. Due to the fact that the transaction only recently closed, the purchase price allocation is preliminary and will be finalized when valuations are complete and final assessments of the fair value of other acquired assets and assumed liabilities are completed. There can be no assurance that such finalizations will not result in material changes from the preliminary purchase price allocations. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date), as the Company finalizes the valuations of certain tangible and intangible asset acquired and liabilities assumed. As of July 1, 2020 Preliminary as of July 1, 2020 Year to Date Adjustments Preliminary as of September 30, 2020 Cash $ 4,362 $ — $ 4,362 Accounts receivable 594 (12) 582 Inventory 164 — 164 Prepaid expenses and other assets 709 (23) 686 Property and equipment 60,574 (279) 60,295 Right of use asset 41,971 (31,090) 10,881 Intangible assets 139,760 (1,200) 138,560 Other assets 118 (1) 117 Goodwill 52,285 1,204 53,489 Accounts payable (614) — (614) Accrued and other current liabilities (4,003) 86 (3,917) Lease obligations (65,381) 30,940 (34,441) Deferred income tax liabilities (233) 233 — Other long-term liabilities (306) — (306) Total purchase price $ 230,000 $ (142) $ 229,858 | |
Business Acquisition, Pro Forma Information | The following table represents unaudited supplemental pro forma consolidated revenue and net income based on Casino KC and Casino Vicksburg’s historical reporting periods as if the acquisition had occurred as of January 1, 2019. Three Months Ended Nine Months Ended (in thousands, except per share data) September 30, 2019 September 30, 2020 September 30, 2019 Revenue $ 149,592 $ 279,825 $ 456,408 Net income (loss) $ 9,347 $ (61,987) $ 49,982 Net income (loss) per share, basic $ 0.25 $ (2.01) $ 1.28 Net income (loss) per share, diluted $ 0.25 $ (2.01) $ 1.28 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in carrying value of goodwill by reportable segment for the nine months ended September 30, 2020 is as follows: (in thousands) Rhode Island Mid-Atlantic Southeast West Total Goodwill as of December 31, 2019 $ 83,101 $ 1,047 $ 48,934 $ — $ 133,082 Goodwill from current year business acquisitions — — 6,053 52,690 58,743 Impairment charges — — — (5,254) (5,254) Goodwill as of September 30, 2020 $ 83,101 $ 1,047 $ 54,987 $ 47,436 $ 186,571 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | As of September 30, 2020 and December 31, 2019, accrued liabilities consisted of the following: (in thousands) September 30, December 31, Gaming liabilities $ 26,433 $ 23,908 Compensation 11,569 13,849 Legal 1,335 833 Property taxes 2,886 2,920 Purses due to horsemen 6,210 7,868 Interest payable 9,096 2,291 Insurance reserves 4,867 2,477 Other 12,633 16,703 Total accrued liabilities $ 75,029 $ 70,849 |
ACQUISITION, INTEGRATION AND _2
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSE (Tables) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | The following table reflects acquisition, integration and restructuring expenses the Company recorded during the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Acquisition and integration costs: Dover Downs merger and going public expenses $ — $ 359 $ 59 $ 7,558 Black Hawk Casinos 175 365 927 1,052 Casino KC and Casino Vicksburg 497 678 1,359 1,193 Eldorado Shreveport and MontBleu 727 — 1,758 — Bally’s Atlantic City 683 — 2,203 — Jumer’s Hotel & Casino 658 — 658 — Total 2,740 1,402 6,964 9,803 Restructuring expense — 528 20 1,244 Total acquisition, integration and restructuring expense $ 2,740 $ 1,930 $ 6,984 $ 11,047 | |
Restructuring Reserve | The following table summarizes the restructuring liability accrual activity during the nine months ended September 30, 2020 related to the Mid-Atlantic reportable segment: (in thousands) Severance Restructuring liability as of December 31, 2019 $ 23 Additions 20 Payments (43) Restructuring liability as of September 30, 2020 $ — | The following tables summarizes the restructuring liability accrual activity during the nine months ended September 30, 2019 by reportable segment: Severance (in thousands) Rhode Island Mid-Atlantic Total Restructuring liability as of December 31, 2018 $ — $ — $ — Additions 404 840 1,244 Payments (247) (716) (963) Restructuring liability as of September 30, 2019 $ 157 $ 124 $ 281 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | As of September 30, 2020 and December 31, 2019, long-term debt consisted of the following: (in thousands) September 30, December 31, Term Loan principal $ 570,563 $ 298,500 6.75% Senior Notes due 2027 400,000 400,000 Less: Unamortized original issue discount (9,681) (2,014) Less: Unamortized deferred financing fees (17,500) (12,885) Long-term debt, including current portion 943,382 683,601 Less: Current portion of Term Loan and Revolving Credit Facility (5,750) (3,000) Long-term debt, net of discount and deferred financing fees, excluding current portion $ 937,632 $ 680,601 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Quantitative Information of Operating Leases | The following summarizes quantitative information about the Company’s operating leases: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating leases: Operating lease cost $ 1,083 $ 544 $ 2,183 $ 1,885 Variable lease cost 13 8 37 44 Operating lease expense 1,096 552 2,220 1,929 Short-term lease expense 526 1,205 1,381 2,088 Total lease expense $ 1,622 $ 1,757 $ 3,601 $ 4,017 Supplemental cash flow and other information for the three and nine months ended September 30, 2020, related to operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 543 $ 544 $ 1,642 $ 1,897 Right of use assets obtained in exchange for operating lease liabilities $ — $ — $ 116 $ 18,771 |
Supplemental Balance Sheet Information | September 30, 2020 December 31, 2019 Weighted average remaining lease term 22.9 16.7 Weighted average discount rate 7.5 % 6.8 % |
Schedule of Future Minimum Rental Commitments | As of September 30, 2020, future minimum rental commitments under noncancelable operating leases are as follows: (in thousands) September 30, 2020 Remaining 2020 $ 3,593 2021 5,171 2022 4,928 2023 4,884 2024 4,834 Thereafter 84,658 Total 108,068 Less: present value discount (56,619) Operating lease obligations $ 51,449 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The net periodic benefit (income) cost and other changes in plan assets and benefit obligations, excluding service cost, is set forth in the table below for the three and nine months ended September 30, 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Service cost $ — $ — $ — $ — Interest cost 223 221 669 442 Expected return on plan assets (357) (325) (1,071) (650) Net periodic benefit (income) cost $ (134) $ (104) $ (402) $ (208) |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Share Repurchase Activity | Total share repurchase activity, including a private repurchase transaction, during the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2020 2019 2020 2019 Number of common shares repurchased — 6,576,682 1,812,393 6,593,022 Total cost $ — $ 162,705 $ 33,292 $ 163,114 Average cost per share, including commissions $ — $ 24.74 $ 18.37 $ 24.74 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Information | The following table shows revenues, income (loss), and identifiable assets for each of the Company’s reportable segments and reconciles these to amounts shown in the Company’s condensed consolidated financial statements. (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Three Months Ended September 30, 2020 Total revenue $ 39,393 $ 19,672 $ 36,731 $ 19,169 $ 1,659 $ 116,624 Income (loss) from operations 9,606 4,972 12,163 2,361 (5,719) 23,383 Income (loss) before provision for income taxes 9,606 4,942 12,175 2,361 (22,609) 6,475 Depreciation and amortization 4,096 1,475 2,712 1,567 82 9,932 Interest expense — 30 — — 16,920 16,950 Capital expenditures 320 594 888 1,216 100 3,118 Goodwill 83,101 1,047 54,987 47,436 — 186,571 Total assets 494,459 133,195 320,004 273,034 36,189 1,256,881 Three Months Ended September 30, 2019 Total revenue $ 67,842 $ 25,893 $ 33,095 n/a $ 2,479 $ 129,309 Income (loss) from operations 16,331 3,765 6,771 n/a (5,416) 21,451 Income (loss) before provision for income taxes 16,332 3,711 6,782 n/a (16,024) 10,801 Depreciation and amortization 4,779 1,322 2,181 n/a 47 8,329 Interest expense — 55 — n/a 11,406 11,461 Capital expenditures 2,068 1,170 1,125 n/a 192 4,555 Goodwill 83,101 770 48,934 n/a — 132,805 Total assets 546,218 143,387 271,446 n/a 109,867 1,070,918 (in thousands) Rhode Island Mid-Atlantic Southeast West Other Total Nine Months Ended September 30, 2020 Total revenue $ 99,626 $ 47,222 $ 79,349 $ 24,690 $ 3,809 $ 254,696 Income (loss) from operations 7,012 2,084 16,057 (7,763) (18,139) (749) Income (loss) before provision for income taxes 7,068 1,977 16,083 (7,763) (61,505) (44,140) Depreciation and amortization 13,629 4,393 7,213 2,591 228 28,054 Interest expense — 107 — — 43,581 43,688 Capital expenditures 2,807 1,492 2,018 1,543 706 8,566 Goodwill 83,101 1,047 54,987 47,436 — 186,571 Total assets 494,459 133,195 320,004 273,034 36,189 1,256,881 Nine Months Ended September 30, 2019 Total revenue $ 236,823 $ 53,169 $ 96,245 n/a $ 6,921 $ 393,158 Income (loss) from operations 79,202 5,627 17,840 n/a (17,065) 85,604 Income (loss) before provision for income taxes 74,899 5,554 17,863 n/a (40,921) 57,395 Depreciation and amortization 13,740 2,606 6,847 n/a 138 23,331 Interest expense 3,274 114 — n/a 25,090 28,478 Capital expenditures 15,664 1,979 5,272 n/a 319 23,234 Goodwill 83,101 770 48,934 n/a — 132,805 Total assets 546,218 143,387 271,446 n/a 109,867 1,070,918 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted EPS | The table below presents the computations of basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income (loss) $ 6,723 $ 6,999 $ (25,710) $ 41,775 Weighted average common shares outstanding, basic 30,458 37,809 30,825 39,063 Weighted average effect of dilutive securities 177 116 — 120 Weighted average common shares outstanding, diluted 30,635 37,925 30,825 39,183 Per share data Basic net income (loss) $ 0.22 $ 0.19 $ (0.83) $ 1.07 Diluted net income (loss) $ 0.22 $ 0.18 $ (0.83) $ 1.07 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||||||||
Restricted cash | $ 1,859 | $ 1,859 | $ 2,921 | ||||||
Reduction in share based compensation expense | (1,800) | $ (1,000) | (9,500) | $ (2,800) | |||||
Increase in net income | $ 6,723 | $ (23,555) | $ (8,878) | $ 6,999 | $ 17,180 | $ 17,596 | $ (25,710) | $ 41,775 | |
Treasury shares retired (in shares) | 10,892,083 | 1,431,980 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 114,995 | $ 182,581 | ||
Restricted cash | 1,859 | 2,921 | ||
Total cash and cash equivalents and restricted cash | $ 116,854 | $ 185,502 | $ 234,659 | $ 81,431 |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS (Details) | Jan. 01, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (58,000) |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (58,000) |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)terminal | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)terminal | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Contracts with customers receivables | $ 10.6 | $ 10.6 | $ 16 | ||
Loyalty Programs | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | 13.3 | 13.3 | 12.4 | ||
Contract liabilities, revenue recognized | 1.4 | $ 2.7 | 3.7 | $ 7.3 | |
Customer Deposits | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | 1 | 1 | 1.4 | ||
Unpaid Tickets | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | $ 1 | $ 1 | $ 1.1 | ||
Rhode Island | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Number of video lottery terminals (VLTs) | terminal | 3,002 | 3,002 | |||
Rhode Island | Table Games Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 83.50% | 83.50% | |||
Rhode Island | Threshold One | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 28.85% | 28.85% | |||
Rhode Island | Threshold Two | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 26.00% | 26.00% | |||
Mid-Atlantic | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 42.00% | 42.00% | |||
Mid-Atlantic | Table Games Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 80.00% | 80.00% |
REVENUE RECOGNITION - Loyalty P
REVENUE RECOGNITION - Loyalty Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | $ 3,962 | $ 5,594 | $ 9,710 | $ 14,528 |
Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | 4,082 | 8,940 | 12,989 | 22,488 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | 464 | 1,910 | 2,270 | 5,071 |
Loyalty Programs | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | $ 8,508 | $ 16,444 | $ 24,969 | $ 42,087 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 116,624 | $ 129,309 | $ 254,696 | $ 393,158 |
Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 96,588 | 88,315 | 196,191 | 279,417 |
Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,684 | 3,255 | 4,817 | 9,978 |
Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,874 | 11,119 | 16,635 | 28,814 |
Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,889 | 18,054 | 23,875 | 50,366 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,589 | 8,566 | 13,178 | 24,583 |
Rhode Island | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 39,393 | 67,842 | 99,626 | 236,823 |
Rhode Island | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 35,166 | 52,477 | 82,081 | 186,888 |
Rhode Island | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 161 | 714 | 664 | 2,861 |
Rhode Island | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | (15) | 1,781 | 1,212 | 5,016 |
Rhode Island | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,509 | 7,433 | 7,880 | 24,833 |
Rhode Island | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,572 | 5,437 | 7,789 | 17,225 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,659 | 2,479 | 3,809 | 6,921 |
Other | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Other | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,616 | 2,360 | 3,702 | 6,657 |
Other | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Other | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 4 | 0 | 6 |
Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 43 | 115 | 107 | 258 |
Mid-West Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,169 | 24,690 | ||
Mid-West Segment | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,806 | 22,603 | ||
Mid-West Segment | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Mid-West Segment | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Mid-West Segment | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 953 | 1,598 | ||
Mid-West Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 410 | 489 | ||
Southeast Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 36,731 | 33,095 | 79,349 | 96,245 |
Southeast Segment | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 28,532 | 21,244 | 58,809 | 63,060 |
Southeast Segment | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Southeast Segment | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,476 | 5,302 | 10,173 | 15,426 |
Southeast Segment | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,706 | 4,702 | 7,752 | 12,923 |
Southeast Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,017 | 1,847 | 2,615 | 4,836 |
Mid-Atlantic Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,672 | 25,893 | 47,222 | 53,169 |
Mid-Atlantic Segment | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15,084 | 14,594 | 32,698 | 29,469 |
Mid-Atlantic Segment | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | (93) | 181 | 451 | 460 |
Mid-Atlantic Segment | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,413 | 4,036 | 5,250 | 8,372 |
Mid-Atlantic Segment | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,721 | 5,915 | 6,645 | 12,604 |
Mid-Atlantic Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 547 | $ 1,167 | $ 2,178 | $ 2,264 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) | Oct. 27, 2020USD ($) | Sep. 30, 2020USD ($)renewal_term | Jul. 01, 2020USD ($) | Apr. 24, 2020USD ($) | Jan. 23, 2020casino | Jan. 23, 2019USD ($) | Sep. 30, 2020USD ($)renewal_term | Sep. 30, 2020USD ($)renewal_term | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)renewal_term$ / shares | Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Transaction costs | $ 2,740,000 | $ 1,402,000 | $ 6,964,000 | $ 9,803,000 | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition. Due to the fact that the transaction only recently closed, the purchase price allocation is preliminary and will be finalized when valuations are complete and final assessments of the fair value of other acquired assets and assumed liabilities are completed. There can be no assurance that such finalizations will not result in material changes from the preliminary purchase price allocations. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date), as the Company finalizes the valuations of certain tangible and intangible asset acquired and liabilities assumed. As of July 1, 2020 Preliminary as of July 1, 2020 Year to Date Adjustments Preliminary as of September 30, 2020 Cash $ 4,362 $ — $ 4,362 Accounts receivable 594 (12) 582 Inventory 164 — 164 Prepaid expenses and other assets 709 (23) 686 Property and equipment 60,574 (279) 60,295 Right of use asset 41,971 (31,090) 10,881 Intangible assets 139,760 (1,200) 138,560 Other assets 118 (1) 117 Goodwill 52,285 1,204 53,489 Accounts payable (614) — (614) Accrued and other current liabilities (4,003) 86 (3,917) Lease obligations (65,381) 30,940 (34,441) Deferred income tax liabilities (233) 233 — Other long-term liabilities (306) — (306) Total purchase price $ 230,000 $ (142) $ 229,858 | |||||||||||||
Goodwill, net | $ 186,571,000 | 186,571,000 | $ 186,571,000 | 132,805,000 | 186,571,000 | 132,805,000 | $ 133,082,000 | |||||||
Restructuring Charges | $ 0 | 528,000 | 20,000 | 1,244,000 | ||||||||||
Goodwill from current year business acquisitions | 58,743,000 | |||||||||||||
Goodwill, Impairment Loss | $ 200,000 | $ (5,400,000) | $ (5,254,000) | |||||||||||
Number of renewal terms | renewal_term | 1 | 1 | 1 | 1 | ||||||||||
Mid-West Segment | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill, net | $ 47,436,000 | $ 47,436,000 | $ 47,436,000 | $ 47,436,000 | $ 0 | |||||||||
Goodwill from current year business acquisitions | 52,690,000 | |||||||||||||
Goodwill, Impairment Loss | (5,254,000) | |||||||||||||
Black Hawk Casinos | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | casino | 3 | |||||||||||||
Total consideration paid | 53,800,000 | |||||||||||||
Total consideration paid, net of cash acquired | 0 | 50,451,000 | ||||||||||||
Transaction costs | 200,000 | 400,000 | 900,000 | 1,100,000 | ||||||||||
Net revenue from date of acquisition | 5,700,000 | 11,200,000 | ||||||||||||
Black Hawk Casinos | License | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Identifiable intangible assets | $ 3,300,000 | $ 0 | ||||||||||||
Black Hawk Casinos | Trademarks | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Identifiable intangible assets | $ 2,100,000 | |||||||||||||
Acquired intangible assets, useful life | 10 years | |||||||||||||
Black Hawk Casinos | Rated Player Relationships | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Identifiable intangible assets | $ 600,000 | |||||||||||||
Acquired intangible assets, useful life | 6 years | |||||||||||||
Casino KC and Casino Vicksburg | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration paid | $ 229,900,000 | |||||||||||||
Total consideration paid, net of cash acquired | 225,500,000 | 225,496,000 | 0 | |||||||||||
Transaction costs | 497,000 | 678,000 | 1,359,000 | 1,193,000 | ||||||||||
Identifiable intangible assets | 138,560,000 | 139,760,000 | 138,560,000 | 138,560,000 | 138,560,000 | |||||||||
Net revenue from date of acquisition | 19,000,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 582,000 | 594,000 | 582,000 | 582,000 | 582,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 686,000 | 709,000 | 686,000 | 686,000 | 686,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 60,295,000 | 60,574,000 | 60,295,000 | 60,295,000 | 60,295,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Right Of Use Asset | 10,881,000 | 41,971,000 | 10,881,000 | 10,881,000 | 10,881,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 117,000 | 118,000 | 117,000 | 117,000 | 117,000 | |||||||||
Goodwill, net | 53,489,000 | 52,285,000 | 53,489,000 | 53,489,000 | 53,489,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (614,000) | (614,000) | (614,000) | (614,000) | (614,000) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued And Other Current Liabilities | (3,917,000) | (4,003,000) | (3,917,000) | (3,917,000) | (3,917,000) | |||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | (34,441,000) | (65,381,000) | (34,441,000) | (34,441,000) | (34,441,000) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (306,000) | (306,000) | (306,000) | (306,000) | (306,000) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 0 | (233,000) | 0 | 0 | 0 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 229,858,000 | $ 230,000,000 | 229,858,000 | 229,858,000 | 229,858,000 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | 0 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | (12,000) | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 0 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid Expenses | (23,000) | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (279,000) | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Operating Lease, Right-Of-Use Assets | (31,090,000) | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (1,200,000) | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Noncurrent Assets | (1,000) | |||||||||||||
Goodwill, Purchase Accounting Adjustments | 1,204,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable | 0 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Other Current Liabilities | 86,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Operating Lease Liabilities | 30,940,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Tax Liabilities | 233,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Long-Term Liabilities | 0 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ (142,000) | |||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 3,200,000 | |||||||||||||
Business Acquisition, Pro Forma Revenue | 149,592,000 | 279,825,000 | 456,408,000 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 9,347,000 | (61,987,000) | 49,982,000 | |||||||||||
Business Acquisition, Pro Forma Net Income Available To Common Stockholders | $ 0.25 | $ (2.01) | $ 1.28 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.25 | $ (2.01) | $ 1.28 | |||||||||||
Shreveport & MontBleu Properties [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration paid | $ 155,000,000 | |||||||||||||
Transaction costs | 727,000 | $ 0 | $ 1,758,000 | $ 0 | ||||||||||
Payments to Acquire Businesses, Gross | 140,000,000 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 15,000,000 | |||||||||||||
Bally's Atlantic City [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration paid | $ 25,000,000 | |||||||||||||
Transaction costs | 683,000 | 0 | 2,203,000 | 0 | ||||||||||
Jumer's [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration paid | 120,000,000 | |||||||||||||
Transaction costs | $ 658,000 | $ 0 | 658,000 | 0 | ||||||||||
Other Payments to Acquire Businesses | 4,000,000 | $ 4,000,000 | $ 0 | |||||||||||
Jumer's [Member] | Nonrefundable Deposit - Jumers [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Other Payments to Acquire Businesses | $ 2,000,000 | |||||||||||||
Tropicana Evansville [Member] | Subsequent Event | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration paid | $ 140,000,000 | |||||||||||||
Tropicana Evansville [Member] | Subsequent Event | Dover Downs Real Estate [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Disposals | 144,000,000 | |||||||||||||
Tropicana Evansville [Member] | Subsequent Event | GLPI [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Additions | 340,000,000 | |||||||||||||
Tropicana Evansville [Member] | Subsequent Event | Tropicana Evansville [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Annual rent | 28,000,000 | |||||||||||||
Tropicana Evansville [Member] | Subsequent Event | Dover Downs Real Estate [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Annual rent | $ 12,000,000 | |||||||||||||
Term of contract | 15 years | |||||||||||||
Number of renewal terms | 4 | |||||||||||||
Renewal term | 5 years |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Goodwill [Line Items] | ||||||
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 8,554 | $ 0 | ||
Goodwill, Impairment Loss | $ (200) | $ 5,400 | 5,254 | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 3,300 | |||||
Weighted average cost of capital | Minimum | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input | 0.10 | 0.10 | ||||
Weighted average cost of capital | Maximum | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input | 0.15 | 0.15 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Scheduleof Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 133,082,000 | $ 133,082,000 | |
Goodwill from current year business acquisitions | 58,743,000 | ||
Impairment charges | $ 200,000 | (5,400,000) | (5,254,000) |
Ending balance | 186,571,000 | ||
Rhode Island | |||
Goodwill [Roll Forward] | |||
Beginning balance | 83,101,000 | 83,101,000 | |
Goodwill from current year business acquisitions | 0 | ||
Impairment charges | 0 | ||
Ending balance | 83,101,000 | ||
Other | |||
Goodwill [Roll Forward] | |||
Ending balance | 0 | ||
Mid-Atlantic Segment | |||
Goodwill [Roll Forward] | |||
Beginning balance | 1,047,000 | 1,047,000 | |
Goodwill from current year business acquisitions | 0 | ||
Impairment charges | 0 | ||
Ending balance | 1,047,000 | ||
Southeast Segment | |||
Goodwill [Roll Forward] | |||
Beginning balance | $ 48,934,000 | 48,934,000 | |
Goodwill from current year business acquisitions | 6,053,000 | ||
Impairment charges | 0 | ||
Ending balance | $ 54,987,000 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Gaming liabilities | $ 26,433 | $ 23,908 |
Compensation | 11,569 | 13,849 |
Legal | 1,335 | 833 |
Property taxes | 2,886 | 2,920 |
Purses due to horsemen | 6,210 | 7,868 |
Interest payable | 9,096 | 2,291 |
Other | 12,633 | 16,703 |
Total accrued liabilities | 75,029 | 70,849 |
Accrued Insurance, Current | $ 4,867 | $ 2,477 |
ACQUISITION, INTEGRATION AND _3
ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | $ 2,740,000 | $ 1,402,000 | $ 6,964,000 | $ 9,803,000 | ||
Restructuring expense | 0 | 528,000 | 20,000 | 1,244,000 | ||
Total acquisition, integration and restructuring expense | 2,740,000 | 1,930,000 | 6,984,000 | 11,047,000 | ||
Restructuring Reserve | 281,000 | 281,000 | $ 0 | |||
Payments for Restructuring | 963,000 | |||||
Delaware Restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expense | 20,000 | 840,000 | ||||
Restructuring Reserve | 0 | 124,000 | 0 | 124,000 | $ 23,000 | 0 |
Payments for Restructuring | 43,000 | 716,000 | ||||
Rhode Island Restructuring [Domain] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expense | 404,000 | |||||
Restructuring Reserve | 157,000 | 157,000 | $ 0 | |||
Payments for Restructuring | 247,000 | |||||
Dover Downs merger and going public expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 0 | 359,000 | 59,000 | 7,558,000 | ||
Black Hawk Casinos | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 200,000 | 400,000 | 900,000 | 1,100,000 | ||
Casino KC and Casino Vicksburg | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 497,000 | 678,000 | 1,359,000 | 1,193,000 | ||
Black Hawk, CO Properties | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 175,000 | 365,000 | 927,000 | 1,052,000 | ||
Bally's Atlantic City [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 683,000 | 0 | 2,203,000 | 0 | ||
Shreveport & MontBleu Properties [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | 727,000 | 0 | 1,758,000 | 0 | ||
Jumer's [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquisition costs | $ 658,000 | $ 0 | $ 658,000 | $ 0 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($) | Oct. 09, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | May 10, 2019 |
Debt Instrument [Line Items] | ||||
Less: Unamortized original issue discount | $ (9,681,000) | $ (2,014,000) | ||
Less: Unamortized deferred financing fees | (17,500,000) | (12,885,000) | ||
Long-term debt, including current portion | 943,382,000 | 683,601,000 | ||
Less: Current portion of Term Loan and Revolving Credit Facility | (5,750,000) | (3,000,000) | ||
Long-term debt, net of discount and deferred financing fees, excluding current portion | 937,632,000 | 680,601,000 | ||
Line of Credit | Term Loan principal | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 570,563,000 | 298,500,000 | ||
6.75% Senior Notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 400,000,000 | $ 400,000,000 | ||
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.75% | 6.75% | ||
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Increase (Decrease), Net | $ 125,000,000 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) - USD ($) | May 11, 2020 | Apr. 24, 2020 | Apr. 23, 2020 | May 10, 2019 | Jul. 10, 2014 | Sep. 30, 2020 | Oct. 09, 2020 | Mar. 16, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 26, 2019 | Mar. 25, 2019 |
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.75% | 6.75% | ||||||||||
Principal amount | $ 400,000,000 | |||||||||||
Maximum capacity on line of credit | 30.00% | |||||||||||
Maximum leverage ratio | 5.50 | |||||||||||
Redemption price percentage | 100.00% | |||||||||||
Amount of original principal amount redeemable | 40.00% | |||||||||||
Amount of notes redeemable plus accrued and unpaid interest | 106.75% | |||||||||||
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027 | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 525,000,000 | |||||||||||
Line of Credit | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.90% | |||||||||||
Commitment increase limit | $ 195,000,000 | |||||||||||
Commitment increase limit, EBITDA | 100.00% | |||||||||||
Minimum unrestricted cash at April 30, 2020 | $ 75,000,000 | |||||||||||
Minimum unrestricted cash at June 30, 2020 | 65,000,000 | |||||||||||
Minimum unrestricted cash at July 31, 2020 | 55,000,000 | |||||||||||
Minimum unrestricted cash at March 31, 2021 | $ 50,000,000 | |||||||||||
Line of Credit | Senior Secured Credit Facility | Federal Funds Effective Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Line of Credit | Senior Secured Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||
Floor on variable rate, option two | 1.00% | |||||||||||
Line of Credit | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash held | $ 300,000 | $ 64,400,000 | ||||||||||
Term Loan | Line of Credit | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||
Quarterly principal payment amounts | 750,000 | |||||||||||
Change in loan facility | $ 275,000,000 | |||||||||||
Term Loan | Line of Credit | Senior Secured Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 8.00% | |||||||||||
Floor on variable rate | 1.00% | |||||||||||
Term Loan | Line of Credit | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Quarterly principal payment amounts | $ 1,200,000 | |||||||||||
Principal amount | $ 480,000,000 | |||||||||||
Discount at issuance | 1.00% | |||||||||||
Revolving Credit Facility | Line of Credit | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||||||
Commitment fee | 0.50% | |||||||||||
Outstanding balance | $ 0 | $ 250,000,000 | ||||||||||
Repayments of debt | $ 250,000,000 | |||||||||||
Revolving Credit Facility | Line of Credit | Senior Secured Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Floor on variable rate, option one | 0.00% | |||||||||||
Basis spread on variable rate | 2.75% | |||||||||||
Floor on variable rate | 0.75% | 0.00% | ||||||||||
Revolving Credit Facility | Line of Credit | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 40,000,000 | $ 150,000,000 | $ 150,000,000 | $ 100,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.50% | |||||||||||
Floor on variable rate | 1.00% |
LEASES - Additional Information
LEASES - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019lease | Sep. 30, 2020USD ($)arenewal_termparcel | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of renewal terms | renewal_term | 1 | ||
Lease liability | $ 51,449,000 | $ 17,200,000 | |
Right of use assets, net | $ 27,346,000 | $ 17,225,000 | |
Weighted average remaining lease term | 22 years 10 months 24 days | 16 years 8 months 12 days | |
Weighted average discount rate | 7.50% | 6.80% | |
Equipment | |||
Lessee, Lease, Description [Line Items] | |||
Number of leases terminated | lease | 3 | ||
Tidelands In Mississippi | |||
Lessee, Lease, Description [Line Items] | |||
Area of lease | a | 5 | ||
Term of contract | 30 years | ||
Renewal term | 30 years | ||
Annual rent | $ 1,200,000 | ||
Lease And Air Space Agreement | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 40 years | ||
Renewal term | 25 years | ||
Number of parcels of land | parcel | 2 | ||
Frequency of rent escalation | 5 years | ||
Port Authority of Kansas City Missouri [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Number of renewal terms | 5 | ||
Renewal term | 5 years | ||
Annual rent | $ 3,100,000 | ||
Operating Leases of Lessee, Contingent Rentals, Description of Variable Rate Basis | 3.25 |
LEASES - Quantitative Informati
LEASES - Quantitative Information of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 1,083 | $ 544 | $ 2,183 | $ 1,885 |
Variable lease cost | 13 | 8 | 37 | 44 |
Operating lease expense | 1,096 | 552 | 2,220 | 1,929 |
Short-term lease expense | 526 | 1,205 | 1,381 | 2,088 |
Total lease expense | 1,622 | 1,757 | 3,601 | 4,017 |
Cash paid for amounts included in the lease liability - operating cash flows from operating leases | 543 | 544 | 1,642 | 1,897 |
Right of use assets obtained in exchange for operating lease liabilities | $ 0 | $ 0 | $ 116 | $ 18,771 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted average remaining lease term | 22 years 10 months 24 days | 16 years 8 months 12 days |
Weighted average discount rate | 7.50% | 6.80% |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 3,593 | |
2021 | 5,171 | |
2022 | 4,928 | |
2023 | 4,884 | |
2024 | 4,834 | |
Thereafter | 84,658 | |
Total | 108,068 | |
Less: present value discount | (56,619) | |
Operating lease obligations | $ 51,449 | $ 17,200 |
EQUITY PLANS (Details)
EQUITY PLANS (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)planshares | Sep. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of incentive plans | plan | 2 | |||||
Share based compensation expense | $ | $ 1,800,000 | $ 1,000,000 | $ 9,500,000 | $ 2,800,000 | ||
Share based income tax benefit (expense) | $ | $ 700,000 | $ 300,000 | $ 3,600,000 | $ 700,000 | ||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.00% | |||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.00% | |||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.00% | |||||
2010 Option Plan | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available to acquire (in shares) | 2,455,368 | 2,455,368 | ||||
2015 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available to acquire (in shares) | 1,700,000 | 1,700,000 | ||||
Restricted stock units issued in period (in shares) | 67,950 | 483,860 | ||||
Shares available for grant (in shares) | 777,551 | 777,551 |
BENEFIT PLANS - Additional Info
BENEFIT PLANS - Additional Information (Details) - USD ($) | Oct. 15, 2020 | Jul. 14, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Maximum percentage of employees income available for contribution | 100.00% | ||||||
Employer contribution expense | $ 100,000 | $ 400,000 | $ 600,000 | $ 1,200,000 | |||
Dover Downs Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Minimum required pension contributions | $ 500,000 | $ 500,000 | $ 500,000 | ||||
Contributions to plan | $ 300,000 | $ 200,000 | |||||
Dover Downs Pension Plan | Subsequent Event | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to plan | $ 200,000 |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 223 | 221 | 669 | 442 |
Expected return on plan assets | (357) | (325) | (1,071) | (650) |
Net periodic benefit (income) cost | $ (134) | $ (104) | $ (402) | $ (208) |
SHAREHOLDERS_ EQUITY - Addition
SHAREHOLDERS’ EQUITY - Additional Information (Details) | Jan. 18, 2019shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Feb. 10, 2020USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Jul. 26, 2019USD ($)shares | Jun. 14, 2019USD ($) |
Equity [Abstract] | |||||||||
Stock split ratio | 3 | ||||||||
Common stock authorized (in shares) | shares | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Stock repurchase program approved (up to) | $ 250,000,000 | ||||||||
Number of purchased shares (in shares) | shares | 2,504,971 | ||||||||
Aggregate purchase price | $ 73,900,000 | ||||||||
Capital return program | $ 100,000,000 | ||||||||
Treasury stock retired (in shares) | shares | 0 | 0 | |||||||
Treasury stock (in shares) | shares | 0 | 0 | 9,079,690 | ||||||
Cash dividend per share (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0.10 | ||||||
Cash dividend amount | $ 3,200,000 | $ 4,100,000 | |||||||
Available amount remaining under capital return program | $ 84,900,000 | $ 84,900,000 | $ 19,700,000 |
SHAREHOLDERS_ EQUITY - Share Re
SHAREHOLDERS’ EQUITY - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | |||||||
Number of common shares repurchased | 0 | 6,576,682 | 1,812,393 | 6,593,022 | |||
Total cost | $ 0 | $ 1,951 | $ 31,341 | $ 162,705 | $ 409 | $ 33,292 | $ 163,114 |
Average cost per share, including commissions | $ 0 | $ 24.74 | $ 18.37 | $ 24.74 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)plansegment | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||||
Number of operating segments | segment | 8 | ||||
Number of reporting segments | plan | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 116,624,000 | $ 129,309,000 | $ 254,696,000 | $ 393,158,000 | |
Income (loss) from operations | 23,383,000 | 21,451,000 | (749,000) | 85,604,000 | |
Income (loss) before provision for income taxes | 6,475,000 | 10,801,000 | (44,140,000) | 57,395,000 | |
Depreciation and amortization | 9,932,000 | 8,329,000 | 28,054,000 | 23,331,000 | |
Interest expense | 16,950,000 | 11,461,000 | 43,688,000 | 28,478,000 | |
Capital expenditures | 3,118,000 | 4,555,000 | 8,566,000 | 23,234,000 | |
Goodwill | 186,571,000 | 132,805,000 | 186,571,000 | 132,805,000 | $ 133,082,000 |
Total assets | 1,256,881,000 | 1,070,918,000 | $ 1,256,881,000 | 1,070,918,000 | 1,021,887,000 |
Number of reporting segments | plan | 4 | ||||
Rhode Island | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 39,393,000 | 67,842,000 | $ 99,626,000 | 236,823,000 | |
Income (loss) from operations | 9,606,000 | 16,331,000 | 7,012,000 | 79,202,000 | |
Income (loss) before provision for income taxes | 9,606,000 | 16,332,000 | 7,068,000 | 74,899,000 | |
Depreciation and amortization | 4,096,000 | 4,779,000 | 13,629,000 | 13,740,000 | |
Interest expense | 0 | 0 | 0 | 3,274,000 | |
Capital expenditures | 320,000 | 2,068,000 | 2,807,000 | 15,664,000 | |
Goodwill | 83,101,000 | 83,101,000 | 83,101,000 | 83,101,000 | 83,101,000 |
Total assets | 494,459,000 | 546,218,000 | 494,459,000 | 546,218,000 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 1,659,000 | 2,479,000 | 3,809,000 | 6,921,000 | |
Income (loss) from operations | (5,719,000) | (5,416,000) | (18,139,000) | (17,065,000) | |
Income (loss) before provision for income taxes | (22,609,000) | (16,024,000) | (61,505,000) | (40,921,000) | |
Depreciation and amortization | 82,000 | 47,000 | 228,000 | 138,000 | |
Interest expense | 16,920,000 | 11,406,000 | 43,581,000 | 25,090,000 | |
Capital expenditures | 100,000 | 192,000 | 706,000 | 319,000 | |
Goodwill | 0 | 0 | 0 | 0 | |
Total assets | 36,189,000 | 109,867,000 | 36,189,000 | 109,867,000 | |
Mid-Atlantic Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 19,672,000 | 25,893,000 | 47,222,000 | 53,169,000 | |
Income (loss) from operations | 4,972,000 | 3,765,000 | 2,084,000 | 5,627,000 | |
Income (loss) before provision for income taxes | 4,942,000 | 3,711,000 | 1,977,000 | 5,554,000 | |
Depreciation and amortization | 1,475,000 | 1,322,000 | 4,393,000 | 2,606,000 | |
Interest expense | 30,000 | 55,000 | 107,000 | 114,000 | |
Capital expenditures | 594,000 | 1,170,000 | 1,492,000 | 1,979,000 | |
Goodwill | 1,047,000 | 770,000 | 1,047,000 | 770,000 | 1,047,000 |
Total assets | 133,195,000 | 143,387,000 | 133,195,000 | 143,387,000 | |
Southeast Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 36,731,000 | 33,095,000 | 79,349,000 | 96,245,000 | |
Income (loss) from operations | 12,163,000 | 6,771,000 | 16,057,000 | 17,840,000 | |
Income (loss) before provision for income taxes | 12,175,000 | 6,782,000 | 16,083,000 | 17,863,000 | |
Depreciation and amortization | 2,712,000 | 2,181,000 | 7,213,000 | 6,847,000 | |
Interest expense | 0 | 0 | 0 | 0 | |
Capital expenditures | 888,000 | 1,125,000 | 2,018,000 | 5,272,000 | |
Goodwill | 54,987,000 | 48,934,000 | 54,987,000 | 48,934,000 | 48,934,000 |
Total assets | 320,004,000 | $ 271,446,000 | 320,004,000 | $ 271,446,000 | |
Mid-West Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 19,169,000 | 24,690,000 | |||
Income (loss) from operations | 2,361,000 | (7,763,000) | |||
Income (loss) before provision for income taxes | 2,361,000 | (7,763,000) | |||
Depreciation and amortization | 1,567,000 | 2,591,000 | |||
Interest expense | 0 | 0 | |||
Capital expenditures | 1,216,000 | 1,543,000 | |||
Goodwill | 47,436,000 | 47,436,000 | $ 0 | ||
Total assets | $ 273,034,000 | $ 273,034,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 6,723 | $ 6,999 | $ (25,710) | $ 41,775 |
Weighted average shares outstanding, basic (in shares) | 30,458,000 | 37,809,000 | 30,825,000 | 39,063,000 |
Weighted average effect of dilutive securities (in shares) | 177,000 | 116,000 | 0 | 120,000 |
Weighted average shares outstanding, diluted (in shares) | 30,635,000 | 37,925,000 | 30,825,000 | 39,183,000 |
Per share data | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.19 | $ (0.83) | $ 1.07 |
Diluted (in dollars per share) | $ 0.22 | $ 0.18 | $ (0.83) | $ 1.07 |
Share-based awards considered to be anti-dilutive (in shares) | 0 | 0 | 88,244 | 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | May 11, 2020USD ($) |
Term Loan principal | Senior Secured Credit Facility | Line of Credit | |
Subsequent Event [Line Items] | |
Change in loan facility | $ 275,000,000 |
Uncategorized Items - trwh-2020
Label | Element | Value |
Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ (58,000) |