Document_and_Entity_informatio
Document and Entity information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Entity Information | ' | ' |
Entity Registrant Name | 'PINNACLE ENTERTAINMENT INC. | ' |
Entity Central Index Key | '0000356213 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 59,792,212 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gaming | $493,281 | $235,829 | $973,421 | $476,026 |
Food and beverage | 30,356 | 14,597 | 57,969 | 27,536 |
Lodging | 13,802 | 6,074 | 24,592 | 10,832 |
Retail, entertainment and other | 17,751 | 10,757 | 31,977 | 19,480 |
Total revenues | 555,190 | 267,257 | 1,087,959 | 533,874 |
Expenses and other costs: | ' | ' | ' | ' |
Gaming | 266,604 | 135,088 | 514,598 | 270,833 |
Food and beverage | 28,199 | 12,491 | 52,911 | 23,949 |
Lodging | 6,465 | 3,180 | 11,594 | 6,149 |
Retail, entertainment and other | 6,688 | 5,618 | 11,264 | 9,328 |
General and administrative | 112,148 | 51,438 | 212,415 | 101,239 |
Depreciation and amortization | 58,773 | 22,496 | 117,084 | 45,655 |
Pre-opening and development costs | 6,907 | 17,212 | 10,319 | 24,765 |
Write-downs, reserves and recoveries, net | 2,579 | 1,827 | 3,224 | 2,129 |
Total expenses and other costs | 488,363 | 249,350 | 933,409 | 484,047 |
Operating income | 66,827 | 17,907 | 154,550 | 49,827 |
Interest expense, net | -62,003 | -28,327 | -128,792 | -56,920 |
Loss on early extinguishment of debt | -8,234 | 0 | -8,234 | 0 |
Loss from equity method investments | 0 | 0 | 0 | -92,181 |
Income (loss) from continuing operations before income taxes | -3,410 | -10,420 | 17,524 | -99,274 |
Income tax (expense) benefit | 1,093 | 3,320 | -1,097 | 4,388 |
Income (loss) from continuing operations | -2,317 | -7,100 | 16,427 | -94,886 |
Income from discontinued operations, net of income taxes | 26 | 1,993 | 325 | 4,388 |
Net income (loss) | -2,291 | -5,107 | 16,752 | -90,498 |
Net loss attributable to non-controlling interest | -32 | -25 | -36 | -25 |
Net income (loss) attributable to Pinnacle Entertainment, Inc. | ($2,259) | ($5,082) | $16,788 | ($90,473) |
Net income (loss) per common share—basic | ' | ' | ' | ' |
Income (loss) from continuing operations | ($0.04) | ($0.12) | $0.28 | ($1.62) |
Income from discontinued operations, net of income taxes | $0 | $0.03 | $0 | $0.07 |
Net income (loss) per common share—basic | ($0.04) | ($0.09) | $0.28 | ($1.55) |
Net income (loss) per common share—diluted | ' | ' | ' | ' |
Income (loss) from continuing operations | ($0.04) | ($0.12) | $0.27 | ($1.62) |
Income from discontinued operations, net of income taxes | $0 | $0.03 | $0 | $0.07 |
Net income (loss) per common share—diluted | ($0.04) | ($0.09) | $0.27 | ($1.55) |
Number of shares—basic | 59,593 | 58,523 | 59,429 | 58,431 |
Number of shares—diluted | 59,593 | 58,523 | 61,328 | 58,431 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($2,291) | ($5,107) | $16,752 | ($90,498) |
Comprehensive income (loss) | -2,291 | -5,107 | 16,752 | -90,498 |
Comprehensive loss attributable to non-controlling interest | -32 | -25 | -36 | -25 |
Comprehensive income (loss) attributable to Pinnacle Entertainment, Inc. | ($2,259) | ($5,082) | $16,788 | ($90,473) |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $166,662 | $191,938 |
Accounts receivable, net of allowance for doubtful accounts of $5,249 and $5,178 | 29,524 | 33,569 |
Inventories | 8,265 | 8,193 |
Income tax receivable, net | 18,456 | 17,397 |
Prepaid expenses and other assets | 38,242 | 20,871 |
Deferred income taxes | 7,662 | 7,662 |
Assets of discontinued operations held for sale | 25,596 | 322,548 |
Total current assets | 294,407 | 602,178 |
Restricted cash | 5,667 | 11,592 |
Land, buildings, vessels and equipment, net | 3,068,828 | 3,036,515 |
Goodwill | 919,282 | 919,282 |
Equity method investments | 2,000 | 1,975 |
Intangible assets, net | 539,761 | 500,084 |
Other assets, net | 84,426 | 87,800 |
Total assets | 4,914,371 | 5,159,426 |
Current liabilities: | ' | ' |
Accounts payable | 50,496 | 69,036 |
Accrued interest | 49,739 | 49,318 |
Accrued compensation | 66,605 | 77,322 |
Accrued taxes | 47,092 | 38,348 |
Other accrued liabilities | 124,962 | 96,273 |
Current portion of long-term debt | 11,006 | 16,006 |
Liabilities of discontinued operations held for sale | 4,346 | 26,103 |
Total current liabilities | 354,246 | 372,406 |
Long-term debt less current portion | 4,098,556 | 4,364,045 |
Other long-term liabilities | 39,524 | 31,321 |
Deferred income taxes | 167,381 | 166,484 |
Total liabilities | 4,659,707 | 4,934,256 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock—$1.00 par value, 250,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock—$0.10 par value, 100,000,000 authorized, 59,773,212 and 59,197,606 shares outstanding, net of treasury shares | 6,615 | 6,557 |
Additional paid-in capital | 1,088,580 | 1,075,896 |
Accumulated deficit | -781,261 | -798,049 |
Accumulated other comprehensive income | 390 | 390 |
Treasury stock, at cost, 6,374,882 of treasury shares | -71,090 | -71,090 |
Total Pinnacle stockholders' equity | 243,234 | 213,704 |
Non-controlling interest | 11,430 | 11,466 |
Total stockholders' equity | 254,664 | 225,170 |
Total liabilities and stockholders' equity | $4,914,371 | $5,159,426 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts | $5,249 | $5,178 |
Preferred Stock, par value per share | $1 | $1 |
Preferred Stock, Shares Authorized | 250,000 | 250,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, par value per share | $0.10 | $0.10 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 59,773,212 | 59,197,606 |
Treasury Stock, Shares | 6,374,882 | 6,374,882 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Income | Treasury Stock | Total Attributable to Parent Company | Non-controlling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning balance at Dec. 31, 2013 | $225,170 | $6,557 | $1,075,896 | ($798,049) | $390 | ($71,090) | $213,704 | $11,466 |
Beginning balance, shares at Dec. 31, 2013 | ' | 59,198,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 16,752 | 0 | 0 | 16,788 | 0 | 0 | 16,788 | -36 |
Share-based compensation | 8,630 | 0 | 8,630 | 0 | 0 | 0 | 8,630 | 0 |
Common stock issuance and option exercises | ' | 314,000 | ' | ' | ' | ' | ' | ' |
Common stock issuance and option exercises | 4,047 | 31 | 4,016 | 0 | 0 | 0 | 4,047 | 0 |
Share Issuance, shares | ' | 261,000 | ' | ' | ' | ' | ' | ' |
Share Issuance | 65 | 27 | 38 | 0 | 0 | 0 | 65 | 0 |
Ending balance at Jun. 30, 2014 | $254,664 | $6,615 | $1,088,580 | ($781,261) | $390 | ($71,090) | $243,234 | $11,430 |
Ending balance, shares at Jun. 30, 2014 | ' | 59,773,000 | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $16,752 | ($90,498) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 117,084 | 55,137 |
Loss on disposal of assets | 308 | 1,253 |
Loss from equity method investments | 0 | 92,181 |
Loss on early extinguishment of debt | 8,234 | 0 |
Impairment of buildings, vessels and equipment | 4,708 | 0 |
Amortization of debt issuance costs and debt discounts | 6,330 | 3,351 |
Share-based compensation expense | 8,630 | 5,421 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 2,302 | 518 |
Prepaid expenses and other | -20,237 | -8,168 |
Accounts payable, accrued expenses and other | -9,797 | 17,360 |
Net cash provided by operating activities | 134,314 | 76,555 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -149,746 | -106,389 |
Net proceeds from sale of discontinued operations | 252,329 | 0 |
Equity method investments, inclusive of capitalized interest | -25 | -2,298 |
Purchase of held-to-maturity debt securities | 0 | -5,853 |
Proceeds from matured investments | 0 | 4,428 |
Proceeds from sale of property and equipment | 98 | 298 |
Purchase of intangible assets | -25,000 | 0 |
Proceeds from non-refundable deposit | 0 | 2,550 |
Escrow refund | 25,000 | 0 |
Proceeds from Sale of Loans Receivable | 543 | -4,586 |
Refund of restricted cash | 5,925 | 0 |
Net cash provided by (used in) investing activities | 109,124 | -111,850 |
Cash flows from financing activities: | ' | ' |
Proceeds from Credit Facility | 194,300 | 50,000 |
Repayments under Credit Facility | -473,309 | -30,000 |
Repayments of long-term debt | 0 | -1,625 |
Proceeds from common stock options exercised, net | 4,060 | 2,288 |
Distribution to non-controlling interest minority owner | 0 | -911 |
Debt issuance and other financing costs | -402 | -16 |
Net cash provided by (used in) financing activities | -275,351 | 19,736 |
Change in cash and cash equivalents | -31,913 | -15,559 |
Cash and cash equivalents at the beginning of the period | 198,575 | 101,792 |
Cash and cash equivalents at the end of the period | 166,662 | 86,233 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest, net of amounts capitalized | 122,132 | 53,832 |
Cash payments (refund) related to income taxes, net | -2,108 | 2,227 |
Decrease in construction-related deposits and liabilities | -9,521 | -16,047 |
Increase in accrued liabilities associated with recognized intangible asset | ($25,000) | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||
Basis of Presentation and Organization: Pinnacle Entertainment, Inc. is an owner, operator and developer of casinos and related hospitality and entertainment facilities. References in these footnotes to “Pinnacle,” the “Company,” “we,” “our” or “us” refer to Pinnacle Entertainment, Inc. and its subsidiaries, except where stated or the context otherwise indicates. | ||||||||||||||||||||
We own and operate 15 gaming entertainment properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. We also hold a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas. In addition to these properties, we own and operate a live and televised poker tournament series under the trade name Heartland Poker Tour. Our reporting segments are as follows: | ||||||||||||||||||||
Midwest segment, which includes: | Location | |||||||||||||||||||
Ameristar Council Bluffs | Council Bluffs, Iowa | |||||||||||||||||||
Ameristar East Chicago | East Chicago, Indiana | |||||||||||||||||||
Ameristar Kansas City | Kansas City, Missouri | |||||||||||||||||||
Ameristar St. Charles | St. Charles, Missouri | |||||||||||||||||||
Belterra | Florence, Indiana | |||||||||||||||||||
Belterra Park | Cincinnati, Ohio | |||||||||||||||||||
River City | St. Louis, Missouri | |||||||||||||||||||
South segment, which includes: | Location | |||||||||||||||||||
Ameristar Vicksburg | Vicksburg, Mississippi | |||||||||||||||||||
Boomtown Bossier City | Bossier City, Louisiana | |||||||||||||||||||
Boomtown New Orleans | New Orleans, Louisiana | |||||||||||||||||||
L'Auberge Baton Rouge | Baton Rouge, Louisiana | |||||||||||||||||||
L'Auberge Lake Charles | Lake Charles, Louisiana | |||||||||||||||||||
West segment, which includes: | Location | |||||||||||||||||||
Ameristar Black Hawk | Black Hawk, Colorado | |||||||||||||||||||
Cactus Petes | Jackpot, Nevada | |||||||||||||||||||
Horseshu | Jackpot, Nevada | |||||||||||||||||||
We have classified certain of our assets and liabilities as held for sale in our unaudited Condensed Consolidated Balance Sheets and included the related results of operations in discontinued operations. The operating results of Lumière Place Casino, HoteLumière, the Four Seasons Hotel St. Louis, and related excess land parcels (collectively the "Lumière Place Casino and Hotels") have been reclassified as discontinued operations. In April 2014, we completed the sale of the ownership interests in the Lumière Place Casino and Hotels and received net cash proceeds of $252.3 million, net of approximately $11.0 million in cash acquired by the buyer, subject to a net working capital adjustment. For further information, see Note 7, Discontinued Operations. The unaudited Condensed Consolidated Statements of Cash Flows have not been adjusted for discontinued operations. | ||||||||||||||||||||
Principles of Consolidation: The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions of the Securities and Exchange Commission (the “SEC”) to the Quarterly Report on Form 10-Q and, therefore, do not include all information and notes necessary for complete financial statements in conformity with the instructions for generally accepted accounting principles in the United States (“GAAP”). The results for the periods indicated are unaudited, but reflect all adjustments that management considers necessary for a fair presentation of operating results. The unaudited Condensed Consolidated Financial Statements include the accounts of Pinnacle Entertainment, Inc. and its subsidiaries. Investments in unconsolidated affiliates in which we have the ability to exercise significant influence are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||
The results of operations for interim periods are not indicative of a full year of operations. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2013. | ||||||||||||||||||||
Use of Estimates: The preparation of unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Estimates used by us include, among other things, estimates required to allocate the purchase price of business combination transactions to tangible and identifiable intangible assets acquired and liabilities assumed, the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable, estimated income tax provisions, the evaluation of the future realization of deferred tax assets, determining the adequacy of reserves for self-insured liabilities and our customer loyalty programs, estimated cash flows in assessing the recoverability of long-lived assets, asset impairments, goodwill and intangible assets, contingencies and litigation, and estimates of the forfeiture rate and expected life of share-based awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates. | ||||||||||||||||||||
Fair Value: Fair value measurements affect our accounting and impairment assessments of our long-lived assets, investments in unconsolidated affiliates, assets acquired in an acquisition, goodwill, and other intangible assets. Fair value measurements also affect our accounting for certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: "Level 1" inputs, such as quoted prices in an active market for identical assets or liabilities; "Level 2" inputs, which are observable inputs for similar assets; or "Level 3" inputs, which are unobservable inputs. | ||||||||||||||||||||
The following table presents a summary of fair value measurements by level for certain liabilities measured at fair value on a recurring basis in the unaudited Condensed Consolidated Balance Sheets: | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.6 | $ | 0.6 | $ | — | $ | — | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.8 | $ | 0.8 | $ | — | $ | — | ||||||||||||
The following table presents a summary of fair value measurements by level for certain financial instruments not measured at fair value on a recurring basis in the unaudited Condensed Consolidated Balance Sheets for which it is practicable to estimate fair value: | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
As of June 30, 2014 | (in millions) | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 30.1 | $ | — | $ | 26.7 | $ | 3.4 | ||||||||||
Promissory notes | $ | 10.7 | $ | 17.6 | $ | — | $ | 17.6 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 4,109.50 | $ | 4,272.30 | $ | — | $ | 4,272.30 | $ | — | ||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 30.1 | $ | — | $ | 26.7 | $ | 3.4 | ||||||||||
Promissory notes | $ | 9.5 | $ | 16.5 | $ | — | $ | 16.5 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 4,380.10 | $ | 4,511.90 | $ | — | $ | 4,511.90 | $ | — | ||||||||||
The estimated fair values for certain of our long-term held-to-maturity securities and our long-term promissory notes were based on Level 2 inputs using observable market data for comparable instruments in establishing prices. | ||||||||||||||||||||
The estimated fair values for certain of our long-term held-to-maturity securities were based on Level 3 inputs using a present value of future cash flow valuation technique that relies on management assumptions and qualitative observations. Key significant unobservable inputs in this technique include discount rate risk premiums and probability-weighted cash flow scenarios. | ||||||||||||||||||||
The estimated fair values of our long-term debt includes the fair value of our senior notes, senior subordinated notes, senior secured credit facility and term loan were based on Level 2 inputs of observable market data on comparable debt instruments on or about June 30, 2014 and December 31, 2013. | ||||||||||||||||||||
The fair values of our short term financial instruments approximate the carrying values due to their short term nature. | ||||||||||||||||||||
Land, Buildings, Vessels and Equipment: Land, buildings, vessels and equipment are stated at cost. Land includes land not currently being used in our operations, which totaled $35.7 million at June 30, 2014. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the disposition of land, buildings, vessels and equipment are included in the determination of income. | ||||||||||||||||||||
Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project, during the periods in which activities necessary to get the property ready for its intended use are in progress. The costs incurred for development projects are carried at cost. Interest costs associated with development projects are capitalized as part of the cost of the constructed asset. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project, or discernible portion of the project, is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. For further discussion, see Note 2, Long-term Debt. | ||||||||||||||||||||
The following table presents a summary of our land, buildings, vessels and equipment: | ||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Land, buildings, vessels and equipment: | ||||||||||||||||||||
Land and land improvements | $ | 391.7 | $ | 391.7 | ||||||||||||||||
Buildings, vessels and improvements | 2,633.60 | 2,492.20 | ||||||||||||||||||
Furniture, fixtures and equipment | 691.7 | 633.1 | ||||||||||||||||||
Construction in progress | 109.4 | 175.6 | ||||||||||||||||||
Land, buildings, vessels and equipment, gross | 3,826.40 | 3,692.60 | ||||||||||||||||||
Less: accumulated depreciation | (757.6 | ) | (656.1 | ) | ||||||||||||||||
Land, buildings, vessels and equipment, net | $ | 3,068.80 | $ | 3,036.50 | ||||||||||||||||
Equity Method Investments: We apply equity method accounting for investments when we do not control the investee, but have the ability to exercise significant influence over its operating and finance policies. Equity method investments are recorded at cost, with the allocable portion of the investee's income or loss reported in earnings, and adjusted for capital contributions to and distributions from the investee. Distributions in excess of equity method earnings, if any, are recognized as a return of investment and recorded as investing cash flows in the unaudited Condensed Consolidated Statements of Cash Flows. We review our equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may have experienced an other-than-temporary decline in value. | ||||||||||||||||||||
Goodwill and Other Intangible Assets: Goodwill and other indefinite-lived intangible assets are subject to an annual assessment for impairment during the fourth quarter, or more frequently if there are indications of possible impairment, by applying a qualitative and/or quantitative fair-value-based test. There were no impairments to goodwill or intangible assets recognized during the six months ended June 30, 2014 and 2013, respectively. During the six months ended June 30, 2014, we recorded a $50.0 million intangible asset related to Belterra Park's video lottery terminal ("VLT") license. Such amount is included in "Intangible assets, net" in our unaudited Condensed Consolidated Balance Sheet. As of June 30, 2014, we have made payments of $25.0 million for Belterra Park's VLT license and have accrued $25.0 million for the remaining amount due in 2015. Such amount is included in "Other accrued liabilities" in our unaudited Condensed Consolidated Balance Sheet. | ||||||||||||||||||||
Customer Loyalty Programs: We offer incentives to our customers through our mychoice customer loyalty program. Under the mychoice customer loyalty program, customers earn points based on their level of play that may be redeemed for various benefits, such as cash back, dining, or hotel stays, among others. The reward credit balance under the plan will be forfeited if the customer does not earn any reward credits over the prior six-month period. In addition, based on their level of play, customers can earn additional benefits without redeeming points, such as a car lease, among other items. | ||||||||||||||||||||
We accrue a liability for the estimated cost of providing these benefits as the benefits are earned. Estimates and assumptions are made regarding cost of providing the benefits, breakage rates, and the mix of goods and services customers will choose. We use historical data to assist in the determination of estimated accruals. Changes in estimates or customer redemption habits could produce significantly different results. At June 30, 2014 and December 31, 2013, we had accrued $32.7 million and $18.9 million, respectively, for the estimated cost of providing mychoice benefits. As of December 31, 2013, we had accrued $12.8 million for the estimated cost of providing benefits under Ameristar Casinos, Inc. ("Ameristar") customer loyalty program. In April 2014, we expanded the mychoice loyalty program to all Ameristar properties as part of the integration of the Ameristar properties, and now we offer benefits solely through the mychoice customer loyalty program. The accrual increased in 2014 primarily as a result of the addition of customer loyalty program members associated with the Ameristar properties. Such amounts are included in "Other accrued liabilities" in our unaudited Condensed Consolidated Balance Sheets. | ||||||||||||||||||||
Revenue Recognition. Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons. Food and beverage, lodging, retail, entertainment, and other operating revenues are recognized as products are delivered or services are performed. | ||||||||||||||||||||
The retail value of food and beverage, lodging and other services furnished to guests on a complimentary basis is included in total revenues and then deducted as promotional allowances in calculating revenues. The estimated cost of providing such promotional allowances is primarily included in gaming expenses. Complimentary revenues that have been excluded from the accompanying unaudited Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Food and beverage | $ | 33.7 | $ | 17.2 | $ | 66.9 | $ | 33.6 | ||||||||||||
Lodging | 15.1 | 7.5 | 31.1 | 14.4 | ||||||||||||||||
Other | 4.4 | 2.9 | 8.2 | 5.6 | ||||||||||||||||
Total promotional allowances | $ | 53.2 | $ | 27.6 | $ | 106.2 | $ | 53.6 | ||||||||||||
The cost to provide such complimentary benefits were as follows: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Promotional allowance costs included in gaming expense | $ | 39.3 | $ | 20 | $ | 77.4 | $ | 40.4 | ||||||||||||
Gaming Taxes: We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on our gaming revenues and are recorded as a gaming expense in the unaudited Condensed Consolidated Statements of Operations, which were as follow: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Gaming taxes | $ | 141.5 | $ | 68.7 | $ | 274.3 | $ | 138.8 | ||||||||||||
Pre-opening and Development Costs: Pre-opening and development costs are expensed as incurred. Pre-opening and development costs consist of the following: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Ameristar acquisition (1) | $ | 2 | $ | 16.6 | $ | 2.4 | $ | 23.3 | ||||||||||||
Belterra Park (2) | 4.7 | 0.1 | 7.4 | 0.3 | ||||||||||||||||
Other | 0.2 | 0.5 | 0.5 | 1.2 | ||||||||||||||||
Total pre-opening and development costs | $ | 6.9 | $ | 17.2 | $ | 10.3 | $ | 24.8 | ||||||||||||
-1 | Amounts principally comprised of legal and advisory expenses, severance charges and other costs and expenses related to the financing and integration of the acquisition of Ameristar. | |||||||||||||||||||
-2 | Belterra Park opened on May 1, 2014. | |||||||||||||||||||
Earnings per Share: The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. Diluted earnings per share reflect the additional dilution from all potentially dilutive securities, such as in-the-money stock options and restricted stocks units. Out-of-money stock options were excluded from calculation of diluted earnings per share because including them would have been anti-dilutive, and totaled 1.4 million and 1.3 million shares for the three and six months ended June 30, 2014. | ||||||||||||||||||||
For the three months ended June 30, 2014 and for the three and six months ended June 30, 2013, we recorded losses from continuing operations. Accordingly, the potential dilution from the assumed exercise of stock options is anti-dilutive. As a result, basic earnings per share is equal to diluted earnings per share for the period. For the three months ended June 30, 2014 and for the three and six months ended June 30, 2013, securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share amounted to 1.9 million, 1.6 million and 1.4 million shares, respectively. | ||||||||||||||||||||
Reclassifications: The unaudited Condensed Consolidated Financial Statements reflect certain reclassifications to prior year amounts to conform to classification in the current period. In addition, prior year amounts have been adjusted for reclassification of the Lumière Place Casino and Hotels from continuing operations to discontinued operations and Note 10, Segment Information, has been recast to reflect our current reporting segment presentation. These reclassifications had no effect on the previously reported net losses. | ||||||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after December 15, 2013, and for interim periods within those years, and should be applied to all unrecognized tax benefits that exist as of the effective date. We adopted this guidance during the first quarter of 2014 and it did not have a material impact on our consolidated financial statements. | ||||||||||||||||||||
In April 2014, the FASB issued an accounting standards update in connection with reporting discontinued operations and disclosures of disposals of components of entities. The accounting standards update changes the criteria for reporting discontinued operations. Under the amendment a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (ii) the component of an entity or group of components of an entity is disposed of by sale; and (iii) the component of an entity or group of components of an entity is disposed of other than by sale. This new guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all business activities, on acquisition, that are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | ||||||||||||||||||||
In May 2014, as part of its ongoing efforts to assist in the convergence of GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised services or goods in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The new standard will be effective for fiscal years beginning after December 15, 2016. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | ||||||||||||||||||||
In June 2014, the FASB issued an accounting standard update with respect to performance share awards. This accounting standard update requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period or periods for which the requisite service has already been rendered. The effective date for this update is for the annual and interim periods beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | ||||||||||||||||||||
A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of any such proposed or revised standards would have on our unaudited Condensed Consolidated Financial Statements. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||||
Long-term Debt | ' | |||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term debt consisted of the following: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | ||||||||||||||
(in millions) | ||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||
Revolving Credit Facility | $ | 573.6 | $ | — | $ | 573.6 | ||||||||||
Term B1 Loans due 2016 | — | — | — | |||||||||||||
Term B2 Loans due 2020 | 937.5 | (23.9 | ) | 913.6 | ||||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | |||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 57.2 | 1,097.20 | |||||||||||||
7.75% Senior Subordinated Notes due 2022 | 325 | — | 325 | |||||||||||||
8.75% Senior Subordinated Notes due 2020 | 350 | — | 350 | |||||||||||||
Other | 0.1 | — | 0.1 | |||||||||||||
Total debt including current maturities | 4,076.20 | 33.3 | 4,109.50 | |||||||||||||
Less current maturities | (11.0 | ) | — | (11.0 | ) | |||||||||||
Total long-term debt | $ | 4,065.20 | $ | 33.3 | $ | 4,098.50 | ||||||||||
31-Dec-13 | ||||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | ||||||||||||||
(in millions) | ||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||
Revolving Credit Facility | $ | 493.6 | $ | — | $ | 493.6 | ||||||||||
Term B1 Loans due 2016 | 202 | (7.7 | ) | 194.3 | ||||||||||||
Term B2 Loans due 2020 | 1,094.50 | (26.0 | ) | 1,068.50 | ||||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | |||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 58.6 | 1,098.50 | |||||||||||||
7.75% Senior Subordinated Notes due 2022 | 325 | — | 325 | |||||||||||||
8.75% Senior Subordinated Notes due 2020 | 350 | — | 350 | |||||||||||||
Other | 0.1 | — | 0.1 | |||||||||||||
Total debt including current maturities | 4,355.20 | 24.9 | 4,380.10 | |||||||||||||
Less current maturities | (16.0 | ) | — | (16.0 | ) | |||||||||||
Total long-term debt | $ | 4,339.20 | $ | 24.9 | $ | 4,364.10 | ||||||||||
Senior Secured Credit Facility: In August 2013, we entered into an Amended and Restated Credit Agreement ("Credit Facility"), which amended and restated our Fourth Amended and Restated Credit Agreement dated as of August 2, 2011, as amended. The Credit Facility consists of (i) $1.6 billion of term loans comprised of $500 million of Tranche B-1 term loans and $1.1 billion in Tranche B-2 term loans and (ii) a $1 billion revolving credit commitment. As of June 30, 2014, we fully repaid the outstanding principal balances of our Tranche B-1 term loans and had approximately $573.6 million drawn under the revolving credit facility. Additionally, we had approximately $12.7 million committed under letters of credit. The Credit Facility was entered into in connection with our acquisition of Ameristar. The outstanding principal on the Tranche B-2 term loans have been discounted on issuance for the reduction in the proceeds received when the transaction was consummated. | ||||||||||||||||
6.375% Senior Notes due 2021: In August 2013, we issued $850.0 million in aggregate principal amount of 6.375% senior notes due 2021 ("6.375% Notes") to fund the acquisition of Ameristar. The 6.375% Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on February 1st and August 1st, commencing on February 1, 2014. The 6.375% Notes mature on August 1, 2021. Net of initial purchases’ fees and various costs and expenses, proceeds from the offering were approximately $835 million. | ||||||||||||||||
7.50% Senior Notes due 2021: As part of the acquisition of Ameristar, we assumed $1.04 billion in aggregate principal amount 7.50% Senior Notes due 2021 (“7.50% Notes”) that were originally issued by Ameristar. The 7.50% Notes bear interest at a rate of 7.50% per year, payable semi-annually in arrears on April 15th and October 15th of each year. The 7.50% Notes mature on April 15, 2021. The 7.50% Notes were recorded at fair value as part of the purchase price allocation with a premium of $72.8 million. In addition, a consent fee payment to the holders of the 7.50% Notes at acquisition was included as a discount component of the total carrying value. For further details on the Ameristar business combination purchase price allocation, see Note 6, Investments and Acquisition activities. | ||||||||||||||||
7.75% Senior Subordinated Notes due 2022: In March 2012, we issued $325 million in aggregate principal amount of 7.75% senior subordinated notes due 2022 (“7.75% Notes”). The 7.75% Notes were issued at par with interest payable on April 1st and October 1st of each year. The 7.75% Notes mature on April 1, 2022. Net of initial purchasers’ fees and various costs and expenses, proceeds from the offering were approximately $318 million. | ||||||||||||||||
8.75% Senior Subordinated Notes due 2020: In May 2010, we issued $350 million in aggregate principal amount of 8.75% senior subordinated notes due 2020 ("8.75% Notes"). The 8.75% Notes were issued at par with interest payable on May 15th and November 15th of each year. The 8.75% Notes mature on May 15, 2020. Net of the initial purchasers' fees and various costs and expenses, proceeds from the offering were approximately $341.5 million. | ||||||||||||||||
Loss on early extinguishment of debt: During the second quarter of 2014, we incurred a $8.2 million loss related to the redemption of our then existing Tranche B-1 term loans. The loss included the write off of previously unamortized debt issuance costs and original issuance discount costs. | ||||||||||||||||
Interest expense, net of capitalized interest and interest income was as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Interest expense | $ | 62.9 | $ | 29.2 | $ | 131.5 | $ | 58.3 | ||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Capitalized interest | (0.8 | ) | (0.8 | ) | (2.5 | ) | (1.2 | ) | ||||||||
Interest expense, net | $ | 62 | $ | 28.3 | $ | 128.8 | $ | 56.9 | ||||||||
Interest expense is capitalized on internally constructed assets at our overall weighted average cost of borrowing. Interest expense increased due to the additional debt incurred to fund our acquisition of Ameristar and other development projects. The increase in capitalized interest for the six months ended June 30, 2014 is attributable to interest expense capitalization on our recently completed Belterra Park development and a hotel tower development at our Boomtown New Orleans property, which is currently expected to open by the end of 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective income tax rate for continuing operations for the three and six months ended June 30, 2014 was 32.1%, or a benefit of $1.1 million, and 6.3% or an expense of $1.1 million, respectively, as compared to an effective tax rate of 31.9%, or a benefit of $3.3 million, and 4.4% or a benefit of $4.4 million, respectively, for the corresponding prior-year periods. Our tax rate differs from the statutory rate of 35.0% due to the effects of permanent items, the recording of a valuation allowance release, deferred tax expense on tax amortization of indefinite-lived intangible assets, state taxes and a reserve for unrecognized tax benefits. Our income tax rate for the three and six months ended June 30, 2014 included a tax benefit from the release of $3.0 million of our valuation allowance as a result of additional deferred tax liabilities recognized from the preparation of the Ameristar pre-acquisition tax returns during the second quarter of 2014. Our state tax provision represents taxes in the jurisdiction of Indiana, Louisiana and the city jurisdictions in Missouri where we have no valuation allowance. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Employee Benefit and Other Plans [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Share-based Compensation: As of June 30, 2014, we had approximately 7.1 million share-based awards outstanding, including common stock options, restricted stock units and performance stock units which are detailed below. In addition, we had approximately 1.4 million share-based awards available for grant. We recorded share-based compensation expense as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Share-based compensation expense | $ | 5.5 | $ | 3.4 | $ | 8.7 | $ | 5.2 | ||||||||
Stock options: The following table summarizes information related to our common stock options: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Stock Options | Exercise Price | |||||||||||||||
Options outstanding at January 1, 2014 | 5,509,246 | $ | 14.01 | |||||||||||||
Granted | 711,380 | $ | 23.47 | |||||||||||||
Exercised | (302,078 | ) | $ | 13.03 | ||||||||||||
Canceled or forfeited | (218,950 | ) | $ | 18.07 | ||||||||||||
Options outstanding at June 30, 2014 | 5,699,598 | $ | 15.11 | |||||||||||||
Options exercisable at June 30, 2014 | 3,016,460 | $ | 12.46 | |||||||||||||
Expected to vest after June 30, 2014 | 2,041,655 | $ | 18.43 | |||||||||||||
The unamortized compensation costs not yet expensed related to stock options totaled approximately $19.8 million at June 30, 2014 and the weighted average period over which the costs are expected to be recognized is approximately two years. The aggregate amount of cash we received from the exercise of stock options was $4.1 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively. The associated shares were newly issued common stock. The following information is provided for our stock options: | ||||||||||||||||
For the six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value | $ | 9.08 | $ | 9.94 | ||||||||||||
Restricted Stock Units: The following table summarizes information related to our restricted stock units: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | |||||||||||||||
Unvested shares at January 1, 2014 | 629,518 | $ | 20.11 | |||||||||||||
Granted | 424,678 | $ | 23.6 | |||||||||||||
Vested | (120,638 | ) | $ | 18.65 | ||||||||||||
Canceled or forfeited | (62,190 | ) | $ | 21.93 | ||||||||||||
Unvested shares at June 30, 2014 | 871,368 | $ | 22.08 | |||||||||||||
Unamortized compensation costs not yet expensed attributable to non-vested shares totaled approximately $17.2 million at June 30, 2014 and the weighted average period over which the costs are expected to be recognized is approximately two years. | ||||||||||||||||
Performance Stock Units: The following table summarizes information related to our performance stock units: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | |||||||||||||||
Unvested shares at January 1, 2014 | 431,858 | $ | 22.79 | |||||||||||||
Granted | 123,283 | $ | 26.5 | |||||||||||||
Canceled or forfeited | — | $ | — | |||||||||||||
Unvested shares at June 30, 2014 | 555,141 | $ | 23.61 | |||||||||||||
Writedowns_reserves_and_recove
Write-downs, reserves and recoveries, net | 6 Months Ended |
Jun. 30, 2014 | |
Write Downs Reserves And Recoveries Net Abstract | ' |
Write-downs, reserves and recoveries, net | ' |
Write-downs, reserves and recoveries, net | |
Net write-downs, reserves and recoveries consist of $2.6 million and $3.2 million in losses during the three and six months ended June 30, 2014, respectively. The losses related to a $2.9 million lease abandonment charge from the consolidation of our Las Vegas headquarters recognized during the second quarter of 2014, offset by gains during the three months ended June 30, 2014, and net losses from the disposal of slot and other equipment at our properties in the normal course of business during the six months ended June 30, 2014. During the three and six months ended June 30, 2013, we recognized net losses of $1.8 million and $2.1 million, respectively, related primarily to a $1.1 million second quarter impairment charge on our Sales Tax Anticipation Revenue ("STAR") bonds, issued by Reno, Nevada and the disposal of slot and other equipment at our properties in the normal course of business. |
Investments_and_Acquisition_Ac
Investments and Acquisition Activities | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||
Investments and Acquisition Activities | ' | ||||
Investments and Acquisition Activities | |||||
Acquisition of Ameristar Casinos, Inc.: On August 13, 2013, we completed the acquisition of Ameristar pursuant to an Agreement and Plan of Merger, dated December 20, 2012, as amended. Upon completion of the acquisition, Ameristar was merged with and into Pinnacle and ceased to exist as a separate entity. | |||||
The purchase price totaled $1.8 billion (excluding assumed debt). The purchase price was comprised of the following (in thousands): | |||||
Consideration for Ameristar equity | $ | 962,428 | |||
Repayment of Ameristar debt | 878,828 | ||||
$ | 1,841,256 | ||||
We are required to allocate the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over those fair values is recorded as goodwill, of which $176.9 million is deductible for tax purposes. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of Ameristar. The determination of the fair values of the acquired assets and assumed liabilities requires significant judgment. Management finalized its valuation analysis during the second quarter of 2014. | |||||
The following table reflects the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill (in thousands). | |||||
Current and other assets | $ | 152,165 | |||
Property and equipment | 1,783,735 | ||||
Goodwill | 860,805 | ||||
Intangible assets | 524,200 | ||||
Other non-current assets | 39,496 | ||||
Total assets | $ | 3,360,401 | |||
Current liabilities | 179,493 | ||||
Deferred tax liabilities | 218,646 | ||||
Other long-term liabilities | 8,109 | ||||
Debt | 1,112,897 | ||||
Total liabilities | 1,519,145 | ||||
Net assets acquired | $ | 1,841,256 | |||
Of the $860.8 million of goodwill, approximately $551.1 million has been assigned to the Midwest reporting segment, approximately $231.5 million has been assigned to the South reporting segment, and approximately $78.2 million has been assigned to the West reporting segment. | |||||
The following table summarizes the acquired property and equipment. | |||||
As Recorded at Fair Value | |||||
(in thousands) | |||||
Land and land improvements | $ | 162,770 | |||
Buildings, vessels and improvements | 1,308,151 | ||||
Furniture, fixtures and equipment | 158,999 | ||||
Construction in progress (a) | 153,815 | ||||
Total property and equipment acquired | $ | 1,783,735 | |||
(a) | Included in acquired construction in progress were the assets of the Ameristar Casino Resort Spa Lake Charles development. These assets were sold in November 2013. See Note 7, Discontinued Operations, for further detail. | ||||
The following table summarizes the acquired intangible assets. | |||||
As Recorded at Fair Value | |||||
(in thousands) | |||||
Trade names | $ | 187,000 | |||
Gaming licenses | 258,800 | ||||
Player relationships | 74,000 | ||||
Favorable leasehold interests | 4,400 | ||||
Total intangible assets acquired | $ | 524,200 | |||
ACDL Investment: We have a minority ownership interest in Asian Coast Development (Canada), Ltd. ("ACDL"). During 2013, we recorded impairments of approximately $94.0 million, of which $92.2 million was recognized during the six months ended June 30, 2013, fully impairing the remaining asset carrying value of our investments in ACDL. We have discontinued accounting for our investment in ACDL under the equity method and will not provide for additional losses until our share of future net income, if any, equals the share of net losses not recognized during the period the equity method was suspended. | |||||
Equity Method Investment: As of June 30, 2014, we have invested $2.0 million in Farmworks, a land re-utilization project in downtown St. Louis, included in "Equity method investment" in our unaudited Condensed Consolidated Balance Sheet. This investment is accounted for under the equity method. | |||||
Retama Park Racetrack: On January 29, 2013, we acquired 75.5% of the equity of Pinnacle Retama Partners, LLC ("PRP"). The acquisition of the equity was accounted for as a business combination. The purchase price for the equity was allocated based upon estimated fair values of the assets, with the excess of the purchase price over the estimated fair value of the assets acquired recorded as goodwill. The purchase price allocation includes goodwill of $3.3 million and other intangibles of $5.0 million. | |||||
As of June 30, 2014, PRP held $10.7 million in promissory notes issued by Retama Development Corporation ("RDC"), a local government corporation of the City of Selma, Texas, included in "Other Assets, net" in our unaudited Condensed Consolidated Balance Sheets. The promissory notes have long-term contractual maturities and are collateralized by Retama Park Racetrack assets. The contractual terms of these promissory notes include interest payments due at maturity. We have not recorded accrued interest on these promissory notes because uncertainty exists as to RDC's ability to make interest payments. | |||||
As of June 30, 2014, we held, at amortized cost, $11.4 million in local government corporation bonds, with long-term contractual maturities, issued by RDC, a local government corporation of the City of Selma, Texas, included in "Other Assets, net" in our unaudited Condensed Consolidated Balance Sheets. It is not likely that we will be required to sell these investments prior to the recovery of the amortized cost. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
Discontinued operations consists of disposal groups classified as held for sale and measured at the lower of their carrying values or the fair value less cost to sell. The fair value of the assets to be sold was determined using a market approach using Level 2 inputs, as defined in Note 1, Summary of Significant Accounting Policies. | ||||||||||||||||
Lumiere Place Casino and Hotels: In August 2013, we entered into an Equity Interest Purchase Agreement with Tropicana St. Louis LLC, an affiliate of Tropicana Entertainment, Inc. (“Tropicana”), to sell the ownership interests in certain of our subsidiaries, which own and operate the Lumiére Place Casino and Hotels. In April 2014, we completed the sale of the ownership interests in these subsidiaries for net cash consideration of $252.3 million, net of approximately $11.0 million in cash acquired by the buyer, subject to a net working capital adjustment. In July 2014, we agreed to a final working capital adjustment in which we refunded approximately $2.0 million in cash proceeds back to the buyer. | ||||||||||||||||
Ameristar Casino Lake Charles: In July 2013, we entered into an agreement to sell all of the equity interests of Ameristar | ||||||||||||||||
Casino Lake Charles, LLC ("Ameristar Lake Charles"), which was developing the Ameristar Lake Charles development project. In November 2013, we closed the sale of the equity interests of Ameristar Lake Charles. At closing, we received approximately $180.0 million in cash that excludes $35.0 million of deferred consideration, of which $25.0 million is restricted cash subject to release by the Louisiana Gaming Control Board and $10.0 million is in the form of a note receivable from the buyer, due in July 2016. In April 2014, the Louisiana Gaming Control Board approved a resolution releasing us from the requirement to hold the $25.0 million of restricted cash. | ||||||||||||||||
Boomtown Reno: We continue to hold approximately 810 acres of remaining excess land surrounding Boomtown Reno as a discontinued operation. Other than minimal costs associated with the remaining excess land, we expect no material financial impact from the Boomtown Reno operations. | ||||||||||||||||
Atlantic City: During the third quarter of 2013, we completed the sale of our land holdings in Atlantic City, New Jersey for total consideration of approximately $29.5 million. We expect no material ongoing financial impact from Atlantic City. | ||||||||||||||||
Springfield, Massachusetts: We own approximately 40 acres of land in Springfield, Massachusetts, originally purchased by Ameristar in January 2012 for a possible future casino resort. During the first quarter of 2014, we entered into an option agreement to sell this land. | ||||||||||||||||
Total discontinued operations: Revenues and net loss from discontinued operations are summarized as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended, June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues | $ | — | $ | 48.8 | $ | 41 | $ | 95 | ||||||||
Income (loss) before income taxes | (0.1 | ) | 5.1 | 0.2 | 9.2 | |||||||||||
Income tax benefit (expense) | 0.1 | (3.1 | ) | 0.1 | (4.8 | ) | ||||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 2 | $ | 0.3 | $ | 4.4 | ||||||||
Net assets for entities and operations included in discontinued operations are summarized as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Land, buildings, vessels and equipment, net | $ | 13 | $ | 275.3 | ||||||||||||
Other assets, net | 12.6 | 47.2 | ||||||||||||||
Total assets | $ | 25.6 | $ | 322.5 | ||||||||||||
Liabilities: | ||||||||||||||||
Total liabilities | $ | 4.3 | $ | 26.1 | ||||||||||||
Net assets | $ | 21.3 | $ | 296.4 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Guaranteed Maximum Price Agreement for Belterra Park: In January 2013, we entered into an Agreement for Guaranteed Maximum Price Construction Services with a general contractor for the mobilization, demolition, site work and foundation work for Belterra Park. This agreement provides, among other things, that the general contractor will complete the initial work for a total guaranteed maximum price of approximately $20.1 million. In July 2013, we entered into an amendment to the agreement with the general contractor, which provides that the guaranteed date of completion for the Belterra Park project is May 1, 2014 and the total guaranteed maximum price for the construction of the Belterra Park project is approximately $119.6 million, which includes the $20.1 million described above. | |
Guaranteed Maximum Price Agreement for Boomtown New Orleans: In February 2013, we entered into an Agreement for Guaranteed Maximum Price Construction Services with a general contractor for the construction of a 150-guestroom hotel tower at our Boomtown New Orleans property for a total guaranteed maximum price of approximately $14.2 million. | |
Self-Insurance: We self-insure various levels of general liability and workers' compensation at all of our properties and medical coverage at most of our properties. Insurance reserves include accruals for estimated settlements for known claims, as well as accruals for estimates of claims not yet made. At June 30, 2014 and December 31, 2013, we had total self-insurance accruals of $21.7 million and $26.2 million, respectively, which are included in “Other accrued liabilities” in our unaudited Condensed Consolidated Balance Sheets. | |
Indiana Tax Dispute: In 2008, the Indiana Department of Revenue (the “IDR”) commenced an examination of our Indiana income tax filings for the years 2005, 2006, and 2007. In 2010, we received a proposed assessment in the amount of $7.3 million, excluding interest and penalties. We filed a protest requesting abatement of all taxes, interest and penalties and had two hearings with the IDR where we provided additional facts and support. At issue is whether income and gains from certain asset sales, including the sale of the Hollywood Park Racetrack in 1999, and other transactions outside of Indiana, such as the Aztar merger termination fee in 2006, which we reported on our Indiana state tax returns for the years 2000 through 2007, resulted in business income subject to apportionment. In April 2012, we received a supplemental letter of findings from the IDR that denied our protest on most counts. In the supplemental letter of findings, the IDR did not raise any new technical arguments or advance any new theory that would alter our judgment regarding the recognition or measurement of the unrecognized tax benefit related to this audit. We believe that our tax return position is sustainable on the merits. In June 2012, we filed a tax appeal petition with the Indiana tax court to set aside the final assessment. In August 2013, we filed a Motion for Partial Summary Judgment on the 1999 Hollywood Park sale. We asked the court to grant summary judgment in our favor based on the technical merit of Indiana tax law. In January 2014, oral arguments were held at the Indiana Tax Court regarding our motion for summary judgment. | |
Other: We are a party to a number of other pending legal proceedings. Management does not expect that the outcome of such proceedings, either individually or in the aggregate, will have a material effect on our financial position, cash flows or results of operations. |
Consolidating_Condensed_Financ
Consolidating Condensed Financial Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Consolidating Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
Consolidating Condensed Financial Information | ' | |||||||||||||||||||
Consolidating Condensed Financial Information | ||||||||||||||||||||
Our subsidiaries (excluding subsidiaries with approximately $62.7 million in cash and other assets as of June 30, 2014, that include a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries) have fully, unconditionally, jointly, and severally guaranteed the payment of all obligations under our senior and senior subordinated notes and our Credit Facility. Our subsidiary that owns our equity interest in Retama Park Racetrack does not guarantee our Credit Facility. Separate financial statements and other disclosures regarding the subsidiary guarantors are not included herein because management has determined that such information is not material to investors. In lieu thereof, we include the following: | ||||||||||||||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 493.3 | $ | — | $ | — | $ | 493.3 | ||||||||||
Food and beverage | — | 30.4 | — | — | 30.4 | |||||||||||||||
Lodging | — | 13.8 | — | — | 13.8 | |||||||||||||||
Retail, entertainment and other | — | 17.7 | — | — | 17.7 | |||||||||||||||
— | 555.2 | — | — | 555.2 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 266.6 | — | — | 266.6 | |||||||||||||||
Food and beverage | — | 28.2 | — | — | 28.2 | |||||||||||||||
Lodging | — | 6.5 | — | — | 6.5 | |||||||||||||||
Retail, entertainment and other | — | 6.7 | — | — | 6.7 | |||||||||||||||
General and administrative and other | 28.6 | 83.4 | 0.1 | — | 112.1 | |||||||||||||||
Pre-opening and development costs | 2.1 | 4.7 | 0.2 | — | 7 | |||||||||||||||
Depreciation and amortization | 1.8 | 56.9 | — | — | 58.7 | |||||||||||||||
Write-downs, reserves and recoveries, net | 3 | (0.4 | ) | — | — | 2.6 | ||||||||||||||
35.5 | 452.6 | 0.3 | — | 488.4 | ||||||||||||||||
Operating income (loss) | (35.5 | ) | 102.6 | (0.3 | ) | — | 66.8 | |||||||||||||
Equity earnings of subsidiaries | 65.1 | — | — | (65.1 | ) | — | ||||||||||||||
Interest expense, net | (62.8 | ) | 0.8 | — | — | (62.0 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (41.4 | ) | 103.4 | (0.3 | ) | (65.1 | ) | (3.4 | ) | |||||||||||
Management fee and inter-company interest | 38 | (38.0 | ) | — | — | — | ||||||||||||||
Income tax expense | 1.1 | — | — | — | 1.1 | |||||||||||||||
Income (loss) from continuing operations | (2.3 | ) | 65.4 | (0.3 | ) | (65.1 | ) | (2.3 | ) | |||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||
Net income (loss) | $ | (2.3 | ) | $ | 65.4 | $ | (0.3 | ) | $ | (65.1 | ) | $ | (2.3 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 973.4 | $ | — | $ | — | $ | 973.4 | ||||||||||
Food and beverage | — | 58 | — | — | 58 | |||||||||||||||
Lodging | — | 24.6 | — | — | 24.6 | |||||||||||||||
Retail, entertainment and other | — | 32 | — | — | 32 | |||||||||||||||
— | 1,088.00 | — | — | 1,088.00 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 514.6 | — | — | 514.6 | |||||||||||||||
Food and beverage | — | 52.9 | — | — | 52.9 | |||||||||||||||
Lodging | — | 11.6 | — | — | 11.6 | |||||||||||||||
Retail, entertainment and other | — | 11.3 | — | — | 11.3 | |||||||||||||||
General and administrative and other | 51.3 | 161 | 0.1 | — | 212.4 | |||||||||||||||
Pre-opening and development costs | 2.6 | 7.5 | 0.2 | — | 10.3 | |||||||||||||||
Depreciation and amortization | 3.5 | 113.6 | — | — | 117.1 | |||||||||||||||
Write-downs, reserves and recoveries, net | 3 | 0.2 | — | — | 3.2 | |||||||||||||||
60.4 | 872.7 | 0.3 | — | 933.4 | ||||||||||||||||
Operating income (loss) | (60.4 | ) | 215.3 | (0.3 | ) | — | 154.6 | |||||||||||||
Equity earnings of subsidiaries | 141.1 | — | — | (141.1 | ) | — | ||||||||||||||
Interest expense, net | (131.2 | ) | 2.4 | — | — | (128.8 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (58.7 | ) | 217.7 | (0.3 | ) | (141.1 | ) | 17.6 | ||||||||||||
Management fee and inter-company interest | 76.6 | (76.6 | ) | — | — | — | ||||||||||||||
Income tax expense | (1.1 | ) | — | — | — | (1.1 | ) | |||||||||||||
Income (loss) from continuing operations | 16.8 | 141.1 | (0.3 | ) | (141.1 | ) | 16.5 | |||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 0.4 | (0.1 | ) | — | 0.3 | ||||||||||||||
Net income (loss) | $ | 16.8 | $ | 141.5 | $ | (0.4 | ) | $ | (141.1 | ) | $ | 16.8 | ||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 235.8 | $ | — | $ | — | $ | 235.8 | ||||||||||
Food and beverage | — | 14.6 | — | — | 14.6 | |||||||||||||||
Lodging | — | 6.1 | — | — | 6.1 | |||||||||||||||
Retail, entertainment and other | — | 10.7 | — | — | 10.7 | |||||||||||||||
— | 267.2 | — | — | 267.2 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 135.1 | — | — | 135.1 | |||||||||||||||
Food and beverage | — | 12.5 | — | — | 12.5 | |||||||||||||||
Lodging | — | 3.2 | — | — | 3.2 | |||||||||||||||
Retail, entertainment and other | — | 5.6 | — | — | 5.6 | |||||||||||||||
General and administrative and other | 8.9 | 42.4 | 0.1 | — | 51.4 | |||||||||||||||
Pre-opening and development costs | 16.6 | 0.3 | 0.3 | — | 17.2 | |||||||||||||||
Depreciation and amortization | 1 | 21.5 | — | — | 22.5 | |||||||||||||||
Write-downs, reserves and recoveries, net | 1.1 | 0.7 | — | — | 1.8 | |||||||||||||||
27.6 | 221.3 | 0.4 | — | 249.3 | ||||||||||||||||
Operating income (loss) | (27.6 | ) | 45.9 | (0.4 | ) | — | 17.9 | |||||||||||||
Equity earnings of subsidiaries | 45.9 | — | — | (45.9 | ) | — | ||||||||||||||
Interest expense, net | (29.2 | ) | 0.9 | — | — | (28.3 | ) | |||||||||||||
Loss from equity method investment | — | — | — | — | — | |||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (10.9 | ) | 46.8 | (0.4 | ) | (45.9 | ) | (10.4 | ) | |||||||||||
Management fee and inter-company interest | 2.5 | (2.8 | ) | — | 0.3 | — | ||||||||||||||
Income tax benefit | 3.3 | — | — | — | 3.3 | |||||||||||||||
Income (loss) from continuing operations | (5.1 | ) | 44 | (0.4 | ) | (45.6 | ) | (7.1 | ) | |||||||||||
Income from discontinued operations, net of taxes | — | 2 | — | — | 2 | |||||||||||||||
Net income (loss) | $ | (5.1 | ) | $ | 46 | $ | (0.4 | ) | $ | (45.6 | ) | $ | (5.1 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 476 | $ | — | $ | — | $ | 476 | ||||||||||
Food and beverage | — | 27.5 | — | — | 27.5 | |||||||||||||||
Lodging | — | 10.8 | — | — | 10.8 | |||||||||||||||
Retail, entertainment and other | 0.1 | 19.4 | — | — | 19.5 | |||||||||||||||
0.1 | 533.7 | — | — | 533.8 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 270.8 | — | — | 270.8 | |||||||||||||||
Food and beverage | — | 23.9 | — | — | 23.9 | |||||||||||||||
Lodging | — | 6.1 | — | — | 6.1 | |||||||||||||||
Retail, entertainment and other | — | 9.3 | — | — | 9.3 | |||||||||||||||
General and administrative and other | 15.2 | 85.7 | 0.3 | — | 101.2 | |||||||||||||||
Pre-opening and development costs | 23.7 | 0.8 | 0.3 | — | 24.8 | |||||||||||||||
Depreciation and amortization | 2.6 | 43.1 | — | — | 45.7 | |||||||||||||||
Write-downs, reserves and recoveries, net | 1.1 | 1.1 | (0.1 | ) | — | 2.1 | ||||||||||||||
42.6 | 440.8 | 0.5 | — | 483.9 | ||||||||||||||||
Operating income (loss) | (42.5 | ) | 92.9 | (0.5 | ) | — | 49.9 | |||||||||||||
Equity earnings of subsidiaries | 0.7 | — | — | (0.7 | ) | — | ||||||||||||||
Interest expense, net | (58.2 | ) | 1.3 | — | — | (56.9 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | |||||||||||||||
Loss from equity method investment | — | — | (92.2 | ) | — | (92.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (100.0 | ) | 94.2 | (92.7 | ) | (0.7 | ) | (99.2 | ) | |||||||||||
Management fee and inter-company interest | 5.2 | (5.2 | ) | — | — | — | ||||||||||||||
Income tax benefit | 4.4 | — | — | — | 4.4 | |||||||||||||||
Income (loss) from continuing operations | (90.4 | ) | 89 | (92.7 | ) | (0.7 | ) | (94.8 | ) | |||||||||||
Income from discontinued operations, net of taxes | — | 4.4 | — | — | 4.4 | |||||||||||||||
Net income (loss) | $ | (90.4 | ) | $ | 93.4 | $ | (92.7 | ) | $ | (0.7 | ) | $ | (90.4 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | 41.1 | $ | 202.9 | $ | 24.8 | $ | — | $ | 268.8 | |||||||||||
Property and equipment, net | 37 | 3,026.20 | 5.6 | — | 3,068.80 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 534.8 | 5 | — | 539.8 | |||||||||||||||
Other non-current assets | 63.2 | 5.6 | 23.3 | — | 92.1 | |||||||||||||||
Investment in subsidiaries | 4,343.60 | — | — | (4,343.6 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.5 | 22.1 | 0.7 | (0.8 | ) | 25.5 | ||||||||||||||
Inter-company | — | 168.4 | — | (168.4 | ) | — | ||||||||||||||
Total assets | $ | 4,488.40 | $ | 4,876.00 | $ | 62.7 | $ | (4,512.8 | ) | $ | 4,914.30 | |||||||||
Current liabilities | $ | 61.1 | $ | 288.5 | $ | 0.3 | $ | — | $ | 349.9 | ||||||||||
Long-term debt (excluding current portion) | 4,098.50 | — | — | — | 4,098.50 | |||||||||||||||
Other non-current liabilities | (81.6 | ) | 288.6 | — | — | 207 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 4.3 | — | — | 4.3 | |||||||||||||||
Inter-company | 167.2 | — | 1.2 | (168.4 | ) | — | ||||||||||||||
Total liabilities | 4,245.20 | 581.4 | 1.5 | (168.4 | ) | 4,659.70 | ||||||||||||||
Additional paid in capital | 1,088.50 | 3,641.10 | 324.4 | (3,965.5 | ) | 1,088.50 | ||||||||||||||
Accumulated deficit | (781.3 | ) | 653.1 | (274.6 | ) | (378.5 | ) | (781.3 | ) | |||||||||||
Common stock, treasury stock and other | (64.0 | ) | 0.4 | — | (0.4 | ) | (64.0 | ) | ||||||||||||
Total Pinnacle stockholders' equity | 243.2 | 4,294.60 | 49.8 | (4,344.4 | ) | 243.2 | ||||||||||||||
Non-controlling interest | — | — | 11.4 | — | 11.4 | |||||||||||||||
Total equity | 243.2 | 4,294.60 | 61.2 | (4,344.4 | ) | 254.6 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,488.40 | $ | 4,876.00 | $ | 62.7 | $ | (4,512.8 | ) | $ | 4,914.30 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | $ | 66.8 | $ | 185.1 | $ | 27.7 | $ | — | $ | 279.6 | ||||||||||
Property and equipment, net | 47.7 | 2,983.10 | 5.7 | — | 3,036.50 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 495.1 | 5 | — | 500.1 | |||||||||||||||
Other non-current assets | 72.6 | 6.6 | 22.1 | — | 101.3 | |||||||||||||||
Investment in subsidiaries | 4,508.30 | — | — | (4,508.3 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.4 | 318.8 | 1.2 | (0.8 | ) | 322.6 | ||||||||||||||
Inter-company | — | 55.7 | — | (55.7 | ) | — | ||||||||||||||
Total assets | $ | 4,698.80 | $ | 4,960.40 | $ | 65 | $ | (4,564.8 | ) | $ | 5,159.40 | |||||||||
Current liabilities | $ | 114.8 | $ | 231.4 | $ | 0.1 | $ | — | $ | 346.3 | ||||||||||
Long-term debt (excluding current portion) | 4,363.90 | 0.1 | — | — | 4,364.00 | |||||||||||||||
Other non-current liabilities | (48.1 | ) | 245.9 | — | — | 197.8 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 26.1 | — | — | 26.1 | |||||||||||||||
Inter-company | 54.5 | — | 1.2 | (55.7 | ) | — | ||||||||||||||
Total liabilities | 4,485.10 | 503.5 | 1.3 | (55.7 | ) | 4,934.20 | ||||||||||||||
Additional paid in capital | 1,076.00 | 3,964.40 | 325.7 | (4,290.1 | ) | 1,076.00 | ||||||||||||||
Accumulated deficit | (798.2 | ) | 492 | (273.5 | ) | (218.5 | ) | (798.2 | ) | |||||||||||
Common stock, treasury stock and other | (64.1 | ) | 0.5 | — | (0.5 | ) | (64.1 | ) | ||||||||||||
Total Pinnacle stockholder's equity | 213.7 | 4,456.90 | 52.2 | (4,509.1 | ) | 213.7 | ||||||||||||||
Non-controlling interest | — | — | 11.5 | — | 11.5 | |||||||||||||||
Total equity | 213.7 | 4,456.90 | 63.7 | (4,509.1 | ) | 225.2 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,698.80 | $ | 4,960.40 | $ | 65 | $ | (4,564.8 | ) | $ | 5,159.40 | |||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (4.8 | ) | $ | 142.3 | $ | (3.2 | ) | $ | — | $ | 134.3 | ||||||||
Capital expenditures | (7.2 | ) | (142.6 | ) | — | — | (149.8 | ) | ||||||||||||
Purchase of intangible asset | — | (25.0 | ) | — | — | (25.0 | ) | |||||||||||||
Proceeds from sale of discontinued operations | — | 252.3 | — | — | 252.3 | |||||||||||||||
Escrow refund | — | 25 | — | — | 25 | |||||||||||||||
Loan receivable, net | — | — | — | — | — | |||||||||||||||
Restricted cash | 5.9 | — | — | — | 5.9 | |||||||||||||||
Intercompany and other | 253 | (252.6 | ) | 0.3 | — | 0.7 | ||||||||||||||
Cash provided by (used in) investing activities | 251.7 | (142.9 | ) | 0.3 | — | 109.1 | ||||||||||||||
Proceeds from Credit Facility | 194.3 | — | — | — | 194.3 | |||||||||||||||
Repayments under Credit Facility | (114.3 | ) | — | — | — | (114.3 | ) | |||||||||||||
Repayments of long-term debt | (359.0 | ) | — | — | — | (359.0 | ) | |||||||||||||
Other | 3.7 | — | — | — | 3.7 | |||||||||||||||
Cash used in financing activities | (275.3 | ) | — | — | — | (275.3 | ) | |||||||||||||
Change in cash and cash equivalents | (28.4 | ) | (0.6 | ) | (2.9 | ) | — | (31.9 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 28.6 | 142.3 | 27.7 | — | 198.6 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 0.2 | $ | 141.7 | $ | 24.8 | $ | — | $ | 166.7 | ||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (22.0 | ) | $ | 99.7 | $ | (1.1 | ) | $ | — | $ | 76.6 | ||||||||
Capital expenditures | (2.9 | ) | (103.5 | ) | — | — | (106.4 | ) | ||||||||||||
Purchases of held-to-maturity debt securities, net | — | — | (5.8 | ) | — | (5.8 | ) | |||||||||||||
Proceeds from matured investments | 4.4 | — | — | — | 4.4 | |||||||||||||||
Loan receivable, net | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||
Other | — | 2.5 | (2.0 | ) | — | 0.5 | ||||||||||||||
Cash provided by (used in) investing activities | 1.5 | (101.0 | ) | (12.4 | ) | — | (111.9 | ) | ||||||||||||
Proceeds from Credit Facility | 50 | — | — | — | 50 | |||||||||||||||
Net repayments under Credit Facility | (30.0 | ) | — | — | — | (30.0 | ) | |||||||||||||
Repayments of long-term debt | (1.6 | ) | — | — | — | (1.6 | ) | |||||||||||||
Proceeds from common stock options exercised | — | — | — | — | — | |||||||||||||||
Other | 1.3 | — | — | — | 1.3 | |||||||||||||||
Cash provided by financing activities | 19.7 | — | — | — | 19.7 | |||||||||||||||
Change in cash and cash equivalents | (0.8 | ) | (1.3 | ) | (13.5 | ) | — | (15.6 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 5.5 | 73.5 | 22.8 | — | 101.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 4.7 | $ | 72.2 | $ | 9.3 | $ | — | $ | 86.2 | ||||||||||
_______________________ | ||||||||||||||||||||
(a) | As of June 30, 2014, the following material subsidiaries are identified as guarantors of our senior and senior subordinated notes: Belterra Resort Indiana, LLC; Boomtown, LLC; Casino Magic, LLC; Louisiana-I Gaming; PNK (Baton Rouge) Partnership; PNK (BOSSIER CITY), Inc.; PNK Development 7, LLC; PNK Development 8, LLC; PNK Development 9, LLC; PNK (LAKE CHARLES), L.L.C.; PNK (Ohio), LLC; PNK (Ohio) II, LLC; PNK (Ohio) III, LLC; PNK (RENO), LLC; PNK (River City), LLC; PNK (SAM), LLC; PNK (SAZ), LLC; Ameristar Casino Black Hawk, Inc.; Ameristar Casino Council Bluffs, Inc.; Ameristar Casino St. Charles, Inc.; Ameristar Casino Kansas City, Inc.; Ameristar Casino Vicksburg, Inc.; Cactus Pete’s, Inc.; Ameristar East Chicago Holdings, LLC; Ameristar Casino East Chicago, LLC; and Ameristar Casino Springfield, LLC. In addition, certain other immaterial subsidiaries are also guarantors of our senior and senior subordinated notes. | |||||||||||||||||||
(b) | Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $62.7 million in cash and other assets as of June 30, 2014 that include a subsidiary that owns a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We use Consolidated Adjusted EBITDA (as defined below) and Adjusted EBITDA for each segment (as defined below) to compare operating results among our segments and allocate resources. The following table highlights our Adjusted EBITDA for each segment and reconciles Consolidated Adjusted EBITDA to Income (loss) from continuing operations for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues: | ||||||||||||||||
Midwest segment (a) | $ | 296.4 | $ | 87.1 | $ | 576.7 | $ | 174.2 | ||||||||
South segment (b) | 203.7 | 178.8 | 403.7 | 357.6 | ||||||||||||
West segment (c) | 53.7 | — | 104.3 | — | ||||||||||||
553.8 | 265.9 | 1,084.70 | 531.8 | |||||||||||||
Corporate and other | 1.4 | 1.4 | 3.3 | 2.1 | ||||||||||||
Total revenues | $ | 555.2 | $ | 267.3 | $ | 1,088.00 | $ | 533.9 | ||||||||
Adjusted EBITDA (d): | ||||||||||||||||
Midwest segment (a) | $ | 84.2 | $ | 23 | $ | 174.3 | $ | 45.1 | ||||||||
South segment (b) | 62 | 46.2 | 126.7 | 93.9 | ||||||||||||
West segment (c) | 19.1 | — | 37.3 | — | ||||||||||||
165.3 | 69.2 | 338.3 | 139 | |||||||||||||
Corporate expenses and other (e) | (24.7 | ) | (6.4 | ) | (44.5 | ) | (11.4 | ) | ||||||||
Consolidated Adjusted EBITDA (d) | $ | 140.6 | $ | 62.8 | $ | 293.8 | $ | 127.6 | ||||||||
Other benefits (costs): | ||||||||||||||||
Depreciation and amortization | (58.8 | ) | (22.5 | ) | (117.1 | ) | (45.7 | ) | ||||||||
Pre-opening and development costs | (6.9 | ) | (17.2 | ) | (10.3 | ) | (24.8 | ) | ||||||||
Non-cash share-based compensation expense | (5.5 | ) | (3.4 | ) | (8.7 | ) | (5.2 | ) | ||||||||
Write-downs, reserves and recoveries, net | (2.6 | ) | (1.8 | ) | (3.2 | ) | (2.1 | ) | ||||||||
Interest expense, net | (62.0 | ) | (28.3 | ) | (128.8 | ) | (56.9 | ) | ||||||||
Loss from equity method investment | — | — | — | (92.2 | ) | |||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | (8.2 | ) | — | ||||||||||
Income tax benefit (expense) | 1.1 | 3.3 | (1.1 | ) | 4.4 | |||||||||||
Income (loss) from continuing operations | $ | (2.3 | ) | $ | (7.1 | ) | $ | 16.4 | $ | (94.9 | ) | |||||
For the six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Capital expenditures: | ||||||||||||||||
Midwest segment | $ | 112.8 | $ | 59.7 | ||||||||||||
South segment | 26.6 | 41.8 | ||||||||||||||
West segment | 2.4 | — | ||||||||||||||
Corporate and other, including development projects and discontinued operations | 7.9 | 4.9 | ||||||||||||||
$ | 149.7 | $ | 106.4 | |||||||||||||
(a) | Our Midwest segment consists of Ameristar Council Bluffs, located in Iowa, Ameristar East Chicago located in Indiana, Belterra located in Indiana, Ameristar Kansas City located in Missouri, Ameristar St. Charles located in Missouri, River City located in Missouri, and Belterra Park located in Ohio. | |||||||||||||||
(b) | Our South segment consists of Ameristar Vicksburg located in Mississippi, Boomtown Bossier City located in Louisiana, Boomtown New Orleans located in Louisiana, L'Auberge Baton Rouge located in Louisiana and L'Auberge Lake Charles located in Louisiana. | |||||||||||||||
(c) | Our West segment consists of Ameristar Black Hawk located in Colorado, and Cactus Petes and Horseshu both of which are located in Nevada. | |||||||||||||||
(d) | We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, income (loss) from equity method investments, non-controlling interest and discontinued operations. We define Adjusted EBITDA for each operating segment as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, inter-company management fees, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, gain (loss) on sale of discontinued operations, and discontinued operations. We define Adjusted EBITDA margin as Adjusted EBITDA for the segment divided by segment revenues. We use Consolidated Adjusted EBITDA and Adjusted EBITDA for each segment to compare operating results among our properties and between accounting periods. Consolidated Adjusted EBITDA and Adjusted EBITDA have economic substance because they are used by management as measures to analyze the performance of our business and are especially relevant in evaluating large, long-lived casino-hotel projects because they provide a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. We eliminate the results from discontinued operations at the time they are deemed discontinued. We also review pre-opening and development expenses separately, as such expenses are also included in total project costs when assessing budgets and project returns, and because such costs relate to anticipated future revenues and income. We believe that Consolidated Adjusted EBITDA and Adjusted EBITDA are useful measures for investors because they are indicators of the performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value of companies within our industry. In addition, our credit agreement and bond indentures require compliance with financial measures similar to Consolidated Adjusted EBITDA. Consolidated Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, or as an alternative to any other measure provided in accordance with GAAP. Our calculations of Adjusted EBITDA and Consolidated Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. | |||||||||||||||
(e) | Corporate expenses represent payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations. Beginning in the 2013 third quarter, we changed the methodology used to allocate corporate expenses to our reportable segments. Historically, we allocated direct and some indirect expenses incurred at the corporate headquarters to each property. Expenses incurred at the corporate headquarters that were related to property operations, but not directly attributable to a specific property, were allocated, typically on a pro rata basis, to each property. Only the remaining corporate expenses that were not related to an operating property were retained in the Corporate expense category. Under our new methodology, only corporate expenses that are directly attributable to a property were allocated to each applicable property. All other costs incurred relating to management and consulting services provided by corporate headquarters to the properties are now allocated to those properties based on their respective share of the monthly consolidated net revenues in the form of a management fee. The corporate management fee is excluded in the calculation of segment Adjusted EBITDA and is completely eliminated in any consolidated financial results. The change in methodology increases Adjusted EBITDA for the reportable segments with a corresponding increase in corporate expense, resulting in no impact to Consolidated Adjusted EBITDA. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation Policy | ' |
Principles of Consolidation: The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions of the Securities and Exchange Commission (the “SEC”) to the Quarterly Report on Form 10-Q and, therefore, do not include all information and notes necessary for complete financial statements in conformity with the instructions for generally accepted accounting principles in the United States (“GAAP”). The results for the periods indicated are unaudited, but reflect all adjustments that management considers necessary for a fair presentation of operating results. The unaudited Condensed Consolidated Financial Statements include the accounts of Pinnacle Entertainment, Inc. and its subsidiaries. Investments in unconsolidated affiliates in which we have the ability to exercise significant influence are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The results of operations for interim periods are not indicative of a full year of operations. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2013. | |
Use of Estimates Policy | ' |
Use of Estimates: The preparation of unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Estimates used by us include, among other things, estimates required to allocate the purchase price of business combination transactions to tangible and identifiable intangible assets acquired and liabilities assumed, the estimated useful lives for depreciable and amortizable assets, the estimated allowance for doubtful accounts receivable, estimated income tax provisions, the evaluation of the future realization of deferred tax assets, determining the adequacy of reserves for self-insured liabilities and our customer loyalty programs, estimated cash flows in assessing the recoverability of long-lived assets, asset impairments, goodwill and intangible assets, contingencies and litigation, and estimates of the forfeiture rate and expected life of share-based awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates. | |
Fair Value Policy | ' |
Fair Value: Fair value measurements affect our accounting and impairment assessments of our long-lived assets, investments in unconsolidated affiliates, assets acquired in an acquisition, goodwill, and other intangible assets. Fair value measurements also affect our accounting for certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: "Level 1" inputs, such as quoted prices in an active market for identical assets or liabilities; "Level 2" inputs, which are observable inputs for similar assets; or "Level 3" inputs, which are unobservable inputs | |
Land, Building, Vessels and Equipment Policy | ' |
Land, Buildings, Vessels and Equipment: Land, buildings, vessels and equipment are stated at cost. Land includes land not currently being used in our operations, which totaled $35.7 million at June 30, 2014. We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repair costs as incurred. Gains or losses on the disposition of land, buildings, vessels and equipment are included in the determination of income. | |
Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project, during the periods in which activities necessary to get the property ready for its intended use are in progress. The costs incurred for development projects are carried at cost. Interest costs associated with development projects are capitalized as part of the cost of the constructed asset. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project, or discernible portion of the project, is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. For further discussion, see Note 2, Long-term Debt. | |
Equity Method Investments, Policy | ' |
Equity Method Investments: We apply equity method accounting for investments when we do not control the investee, but have the ability to exercise significant influence over its operating and finance policies. Equity method investments are recorded at cost, with the allocable portion of the investee's income or loss reported in earnings, and adjusted for capital contributions to and distributions from the investee. Distributions in excess of equity method earnings, if any, are recognized as a return of investment and recorded as investing cash flows in the unaudited Condensed Consolidated Statements of Cash Flows. We review our equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may have experienced an other-than-temporary decline in value. | |
Goodwill and Other Intangible Assets Policy | ' |
Goodwill and Other Intangible Assets: Goodwill and other indefinite-lived intangible assets are subject to an annual assessment for impairment during the fourth quarter, or more frequently if there are indications of possible impairment, by applying a qualitative and/or quantitative fair-value-based test. There were no impairments to goodwill or intangible assets recognized during the six months ended June 30, 2014 and 2013, respectively. During the six months ended June 30, 2014, we recorded a $50.0 million intangible asset related to Belterra Park's video lottery terminal ("VLT") license. Such amount is included in "Intangible assets, net" in our unaudited Condensed Consolidated Balance Sheet. As of June 30, 2014, we have made payments of $25.0 million for Belterra Park's VLT license and have accrued $25.0 million for the remaining amount due in 2015. Such amount is included in "Other accrued liabilities" in our unaudited Condensed Consolidated Balance Sheet. | |
Customer Loyalty Programs Policy | ' |
Customer Loyalty Programs: We offer incentives to our customers through our mychoice customer loyalty program. Under the mychoice customer loyalty program, customers earn points based on their level of play that may be redeemed for various benefits, such as cash back, dining, or hotel stays, among others. The reward credit balance under the plan will be forfeited if the customer does not earn any reward credits over the prior six-month period. In addition, based on their level of play, customers can earn additional benefits without redeeming points, such as a car lease, among other items. | |
We accrue a liability for the estimated cost of providing these benefits as the benefits are earned. Estimates and assumptions are made regarding cost of providing the benefits, breakage rates, and the mix of goods and services customers will choose. We use historical data to assist in the determination of estimated accruals. Changes in estimates or customer redemption habits could produce significantly different results. At June 30, 2014 and December 31, 2013, we had accrued $32.7 million and $18.9 million, respectively, for the estimated cost of providing mychoice benefits. As of December 31, 2013, we had accrued $12.8 million for the estimated cost of providing benefits under Ameristar Casinos, Inc. ("Ameristar") customer loyalty program. In April 2014, we expanded the mychoice loyalty program to all Ameristar properties as part of the integration of the Ameristar properties, and now we offer benefits solely through the mychoice customer loyalty program. The accrual increased in 2014 primarily as a result of the addition of customer loyalty program members associated with the Ameristar properties. Such amounts are included in "Other accrued liabilities" in our unaudited Condensed Consolidated Balance Sheets. | |
Revenue Recognition, Policy | ' |
Revenue Recognition. Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons. Food and beverage, lodging, retail, entertainment, and other operating revenues are recognized as products are delivered or services are performed. | |
The retail value of food and beverage, lodging and other services furnished to guests on a complimentary basis is included in total revenues and then deducted as promotional allowances in calculating revenues. The estimated cost of providing such promotional allowances is primarily included in gaming expenses. | |
Gaming Taxes Policy | ' |
Gaming Taxes: We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate, subject to applicable jurisdictional adjustments. | |
Earnings Per Share Policy | ' |
Earnings per Share: The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. Diluted earnings per share reflect the additional dilution from all potentially dilutive securities, such as in-the-money stock options and restricted stocks units. Out-of-money stock options were excluded from calculation of diluted earnings per share because including them would have been anti-dilutive, and totaled 1.4 million and 1.3 million shares for the three and six months ended June 30, 2014. | |
For the three months ended June 30, 2014 and for the three and six months ended June 30, 2013, we recorded losses from continuing operations. Accordingly, the potential dilution from the assumed exercise of stock options is anti-dilutive. As a result, basic earnings per share is equal to diluted earnings per share for the period. For the three months ended June 30, 2014 and for the three and six months ended June 30, 2013, securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share amounted to 1.9 million, 1.6 million and 1.4 million shares, respectively. | |
Reclassification Policy | ' |
Reclassifications: The unaudited Condensed Consolidated Financial Statements reflect certain reclassifications to prior year amounts to conform to classification in the current period. In addition, prior year amounts have been adjusted for reclassification of the Lumière Place Casino and Hotels from continuing operations to discontinued operations and Note 10, Segment Information, has been recast to reflect our current reporting segment presentation. These reclassifications had no effect on the previously reported net losses. | |
New Accounting Pronouncements, Policy | ' |
Recently Issued Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued an amendment to the accounting guidance for income taxes which provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The objective in issuing this amendment is to eliminate diversity in practice resulting from a lack of guidance on this topic in current GAAP. Under the amendment, an entity must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward except under certain conditions. The amendment is effective for fiscal years beginning after December 15, 2013, and for interim periods within those years, and should be applied to all unrecognized tax benefits that exist as of the effective date. We adopted this guidance during the first quarter of 2014 and it did not have a material impact on our consolidated financial statements. | |
In April 2014, the FASB issued an accounting standards update in connection with reporting discontinued operations and disclosures of disposals of components of entities. The accounting standards update changes the criteria for reporting discontinued operations. Under the amendment a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (ii) the component of an entity or group of components of an entity is disposed of by sale; and (iii) the component of an entity or group of components of an entity is disposed of other than by sale. This new guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all business activities, on acquisition, that are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | |
In May 2014, as part of its ongoing efforts to assist in the convergence of GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised services or goods in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The new standard will be effective for fiscal years beginning after December 15, 2016. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | |
In June 2014, the FASB issued an accounting standard update with respect to performance share awards. This accounting standard update requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period or periods for which the requisite service has already been rendered. The effective date for this update is for the annual and interim periods beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact of adopting this accounting standards update on our consolidated financial statements. | |
A variety of proposed or otherwise potential accounting standards are currently under review and study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of any such proposed or revised standards would have on our unaudited Condensed Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Fair Value of Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||
The following table presents a summary of fair value measurements by level for certain liabilities measured at fair value on a recurring basis in the unaudited Condensed Consolidated Balance Sheets: | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.6 | $ | 0.6 | $ | — | $ | — | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.8 | $ | 0.8 | $ | — | $ | — | ||||||||||||
Fair Value Measurements Not Measured on a Recurring Basis | ' | |||||||||||||||||||
The following table presents a summary of fair value measurements by level for certain financial instruments not measured at fair value on a recurring basis in the unaudited Condensed Consolidated Balance Sheets for which it is practicable to estimate fair value: | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
As of June 30, 2014 | (in millions) | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 30.1 | $ | — | $ | 26.7 | $ | 3.4 | ||||||||||
Promissory notes | $ | 10.7 | $ | 17.6 | $ | — | $ | 17.6 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 4,109.50 | $ | 4,272.30 | $ | — | $ | 4,272.30 | $ | — | ||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 30.1 | $ | — | $ | 26.7 | $ | 3.4 | ||||||||||
Promissory notes | $ | 9.5 | $ | 16.5 | $ | — | $ | 16.5 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 4,380.10 | $ | 4,511.90 | $ | — | $ | 4,511.90 | $ | — | ||||||||||
Land, buildings, vessels and equipment | ' | |||||||||||||||||||
The following table presents a summary of our land, buildings, vessels and equipment: | ||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
Land, buildings, vessels and equipment: | ||||||||||||||||||||
Land and land improvements | $ | 391.7 | $ | 391.7 | ||||||||||||||||
Buildings, vessels and improvements | 2,633.60 | 2,492.20 | ||||||||||||||||||
Furniture, fixtures and equipment | 691.7 | 633.1 | ||||||||||||||||||
Construction in progress | 109.4 | 175.6 | ||||||||||||||||||
Land, buildings, vessels and equipment, gross | 3,826.40 | 3,692.60 | ||||||||||||||||||
Less: accumulated depreciation | (757.6 | ) | (656.1 | ) | ||||||||||||||||
Land, buildings, vessels and equipment, net | $ | 3,068.80 | $ | 3,036.50 | ||||||||||||||||
Schedule of Complimentary Revenue | ' | |||||||||||||||||||
Complimentary revenues that have been excluded from the accompanying unaudited Condensed Consolidated Statements of Operations were as follows: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Food and beverage | $ | 33.7 | $ | 17.2 | $ | 66.9 | $ | 33.6 | ||||||||||||
Lodging | 15.1 | 7.5 | 31.1 | 14.4 | ||||||||||||||||
Other | 4.4 | 2.9 | 8.2 | 5.6 | ||||||||||||||||
Total promotional allowances | $ | 53.2 | $ | 27.6 | $ | 106.2 | $ | 53.6 | ||||||||||||
The cost to provide such complimentary benefits were as follows: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Promotional allowance costs included in gaming expense | $ | 39.3 | $ | 20 | $ | 77.4 | $ | 40.4 | ||||||||||||
Gaming Taxes Table | ' | |||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Gaming taxes | $ | 141.5 | $ | 68.7 | $ | 274.3 | $ | 138.8 | ||||||||||||
Pre-opening and Development Costs Table | ' | |||||||||||||||||||
Pre-opening and Development Costs: Pre-opening and development costs are expensed as incurred. Pre-opening and development costs consist of the following: | ||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Ameristar acquisition (1) | $ | 2 | $ | 16.6 | $ | 2.4 | $ | 23.3 | ||||||||||||
Belterra Park (2) | 4.7 | 0.1 | 7.4 | 0.3 | ||||||||||||||||
Other | 0.2 | 0.5 | 0.5 | 1.2 | ||||||||||||||||
Total pre-opening and development costs | $ | 6.9 | $ | 17.2 | $ | 10.3 | $ | 24.8 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
30-Jun-14 | ||||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | ||||||||||||||
(in millions) | ||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||
Revolving Credit Facility | $ | 573.6 | $ | — | $ | 573.6 | ||||||||||
Term B1 Loans due 2016 | — | — | — | |||||||||||||
Term B2 Loans due 2020 | 937.5 | (23.9 | ) | 913.6 | ||||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | |||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 57.2 | 1,097.20 | |||||||||||||
7.75% Senior Subordinated Notes due 2022 | 325 | — | 325 | |||||||||||||
8.75% Senior Subordinated Notes due 2020 | 350 | — | 350 | |||||||||||||
Other | 0.1 | — | 0.1 | |||||||||||||
Total debt including current maturities | 4,076.20 | 33.3 | 4,109.50 | |||||||||||||
Less current maturities | (11.0 | ) | — | (11.0 | ) | |||||||||||
Total long-term debt | $ | 4,065.20 | $ | 33.3 | $ | 4,098.50 | ||||||||||
31-Dec-13 | ||||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | ||||||||||||||
(in millions) | ||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||
Revolving Credit Facility | $ | 493.6 | $ | — | $ | 493.6 | ||||||||||
Term B1 Loans due 2016 | 202 | (7.7 | ) | 194.3 | ||||||||||||
Term B2 Loans due 2020 | 1,094.50 | (26.0 | ) | 1,068.50 | ||||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | |||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 58.6 | 1,098.50 | |||||||||||||
7.75% Senior Subordinated Notes due 2022 | 325 | — | 325 | |||||||||||||
8.75% Senior Subordinated Notes due 2020 | 350 | — | 350 | |||||||||||||
Other | 0.1 | — | 0.1 | |||||||||||||
Total debt including current maturities | 4,355.20 | 24.9 | 4,380.10 | |||||||||||||
Less current maturities | (16.0 | ) | — | (16.0 | ) | |||||||||||
Total long-term debt | $ | 4,339.20 | $ | 24.9 | $ | 4,364.10 | ||||||||||
Schedule of Interest Expense, Net | ' | |||||||||||||||
Interest expense, net of capitalized interest and interest income was as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Interest expense | $ | 62.9 | $ | 29.2 | $ | 131.5 | $ | 58.3 | ||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Capitalized interest | (0.8 | ) | (0.8 | ) | (2.5 | ) | (1.2 | ) | ||||||||
Interest expense, net | $ | 62 | $ | 28.3 | $ | 128.8 | $ | 56.9 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Employee Benefit and Other Plans [Abstract] | ' | |||||||||||||||
Schedule of Employee Benefit Plans | ' | |||||||||||||||
We recorded share-based compensation expense as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Share-based compensation expense | $ | 5.5 | $ | 3.4 | $ | 8.7 | $ | 5.2 | ||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||||||
Stock options: The following table summarizes information related to our common stock options: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Stock Options | Exercise Price | |||||||||||||||
Options outstanding at January 1, 2014 | 5,509,246 | $ | 14.01 | |||||||||||||
Granted | 711,380 | $ | 23.47 | |||||||||||||
Exercised | (302,078 | ) | $ | 13.03 | ||||||||||||
Canceled or forfeited | (218,950 | ) | $ | 18.07 | ||||||||||||
Options outstanding at June 30, 2014 | 5,699,598 | $ | 15.11 | |||||||||||||
Options exercisable at June 30, 2014 | 3,016,460 | $ | 12.46 | |||||||||||||
Expected to vest after June 30, 2014 | 2,041,655 | $ | 18.43 | |||||||||||||
Schedule of Stock Option Activity | ' | |||||||||||||||
The following information is provided for our stock options: | ||||||||||||||||
For the six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value | $ | 9.08 | $ | 9.94 | ||||||||||||
Schedule of Restricted Stock Units Activity | ' | |||||||||||||||
Restricted Stock Units: The following table summarizes information related to our restricted stock units: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | |||||||||||||||
Unvested shares at January 1, 2014 | 629,518 | $ | 20.11 | |||||||||||||
Granted | 424,678 | $ | 23.6 | |||||||||||||
Vested | (120,638 | ) | $ | 18.65 | ||||||||||||
Canceled or forfeited | (62,190 | ) | $ | 21.93 | ||||||||||||
Unvested shares at June 30, 2014 | 871,368 | $ | 22.08 | |||||||||||||
Schedule of Performance Stock Units Activity | ' | |||||||||||||||
Performance Stock Units: The following table summarizes information related to our performance stock units: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair Value | |||||||||||||||
Unvested shares at January 1, 2014 | 431,858 | $ | 22.79 | |||||||||||||
Granted | 123,283 | $ | 26.5 | |||||||||||||
Canceled or forfeited | — | $ | — | |||||||||||||
Unvested shares at June 30, 2014 | 555,141 | $ | 23.61 | |||||||||||||
Investments_and_Acquisition_Ac1
Investments and Acquisition Activities Investment and Acquisition Activities (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||
The purchase price totaled $1.8 billion (excluding assumed debt). The purchase price was comprised of the following (in thousands): | |||||
Consideration for Ameristar equity | $ | 962,428 | |||
Repayment of Ameristar debt | 878,828 | ||||
$ | 1,841,256 | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
The following table reflects the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill (in thousands). | |||||
Current and other assets | $ | 152,165 | |||
Property and equipment | 1,783,735 | ||||
Goodwill | 860,805 | ||||
Intangible assets | 524,200 | ||||
Other non-current assets | 39,496 | ||||
Total assets | $ | 3,360,401 | |||
Current liabilities | 179,493 | ||||
Deferred tax liabilities | 218,646 | ||||
Other long-term liabilities | 8,109 | ||||
Debt | 1,112,897 | ||||
Total liabilities | 1,519,145 | ||||
Net assets acquired | $ | 1,841,256 | |||
Schedule of Property, Plant and Equipment Acquired in a Business Acquisition [Table Text Block] | ' | ||||
The following table summarizes the acquired property and equipment. | |||||
As Recorded at Fair Value | |||||
(in thousands) | |||||
Land and land improvements | $ | 162,770 | |||
Buildings, vessels and improvements | 1,308,151 | ||||
Furniture, fixtures and equipment | 158,999 | ||||
Construction in progress (a) | 153,815 | ||||
Total property and equipment acquired | $ | 1,783,735 | |||
(a) | Included in acquired construction in progress were the assets of the Ameristar Casino Resort Spa Lake Charles development. These assets were sold in November 2013. See Note 7, Discontinued Operations, for further detail. | ||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||
The following table summarizes the acquired intangible assets. | |||||
As Recorded at Fair Value | |||||
(in thousands) | |||||
Trade names | $ | 187,000 | |||
Gaming licenses | 258,800 | ||||
Player relationships | 74,000 | ||||
Favorable leasehold interests | 4,400 | ||||
Total intangible assets acquired | $ | 524,200 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Dscontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
Revenues and net loss from discontinued operations are summarized as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended, June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues | $ | — | $ | 48.8 | $ | 41 | $ | 95 | ||||||||
Income (loss) before income taxes | (0.1 | ) | 5.1 | 0.2 | 9.2 | |||||||||||
Income tax benefit (expense) | 0.1 | (3.1 | ) | 0.1 | (4.8 | ) | ||||||||||
Income from discontinued operations, net of taxes | $ | — | $ | 2 | $ | 0.3 | $ | 4.4 | ||||||||
Net assets for entities and operations included in discontinued operations are summarized as follows: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Land, buildings, vessels and equipment, net | $ | 13 | $ | 275.3 | ||||||||||||
Other assets, net | 12.6 | 47.2 | ||||||||||||||
Total assets | $ | 25.6 | $ | 322.5 | ||||||||||||
Liabilities: | ||||||||||||||||
Total liabilities | $ | 4.3 | $ | 26.1 | ||||||||||||
Net assets | $ | 21.3 | $ | 296.4 | ||||||||||||
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Informtaion (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Consolidating Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
Consolidating Condensed Financial Information | ' | |||||||||||||||||||
Consolidating Condensed Financial Information | ||||||||||||||||||||
Our subsidiaries (excluding subsidiaries with approximately $62.7 million in cash and other assets as of June 30, 2014, that include a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries) have fully, unconditionally, jointly, and severally guaranteed the payment of all obligations under our senior and senior subordinated notes and our Credit Facility. Our subsidiary that owns our equity interest in Retama Park Racetrack does not guarantee our Credit Facility. Separate financial statements and other disclosures regarding the subsidiary guarantors are not included herein because management has determined that such information is not material to investors. In lieu thereof, we include the following: | ||||||||||||||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 493.3 | $ | — | $ | — | $ | 493.3 | ||||||||||
Food and beverage | — | 30.4 | — | — | 30.4 | |||||||||||||||
Lodging | — | 13.8 | — | — | 13.8 | |||||||||||||||
Retail, entertainment and other | — | 17.7 | — | — | 17.7 | |||||||||||||||
— | 555.2 | — | — | 555.2 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 266.6 | — | — | 266.6 | |||||||||||||||
Food and beverage | — | 28.2 | — | — | 28.2 | |||||||||||||||
Lodging | — | 6.5 | — | — | 6.5 | |||||||||||||||
Retail, entertainment and other | — | 6.7 | — | — | 6.7 | |||||||||||||||
General and administrative and other | 28.6 | 83.4 | 0.1 | — | 112.1 | |||||||||||||||
Pre-opening and development costs | 2.1 | 4.7 | 0.2 | — | 7 | |||||||||||||||
Depreciation and amortization | 1.8 | 56.9 | — | — | 58.7 | |||||||||||||||
Write-downs, reserves and recoveries, net | 3 | (0.4 | ) | — | — | 2.6 | ||||||||||||||
35.5 | 452.6 | 0.3 | — | 488.4 | ||||||||||||||||
Operating income (loss) | (35.5 | ) | 102.6 | (0.3 | ) | — | 66.8 | |||||||||||||
Equity earnings of subsidiaries | 65.1 | — | — | (65.1 | ) | — | ||||||||||||||
Interest expense, net | (62.8 | ) | 0.8 | — | — | (62.0 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (41.4 | ) | 103.4 | (0.3 | ) | (65.1 | ) | (3.4 | ) | |||||||||||
Management fee and inter-company interest | 38 | (38.0 | ) | — | — | — | ||||||||||||||
Income tax expense | 1.1 | — | — | — | 1.1 | |||||||||||||||
Income (loss) from continuing operations | (2.3 | ) | 65.4 | (0.3 | ) | (65.1 | ) | (2.3 | ) | |||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||
Net income (loss) | $ | (2.3 | ) | $ | 65.4 | $ | (0.3 | ) | $ | (65.1 | ) | $ | (2.3 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 973.4 | $ | — | $ | — | $ | 973.4 | ||||||||||
Food and beverage | — | 58 | — | — | 58 | |||||||||||||||
Lodging | — | 24.6 | — | — | 24.6 | |||||||||||||||
Retail, entertainment and other | — | 32 | — | — | 32 | |||||||||||||||
— | 1,088.00 | — | — | 1,088.00 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 514.6 | — | — | 514.6 | |||||||||||||||
Food and beverage | — | 52.9 | — | — | 52.9 | |||||||||||||||
Lodging | — | 11.6 | — | — | 11.6 | |||||||||||||||
Retail, entertainment and other | — | 11.3 | — | — | 11.3 | |||||||||||||||
General and administrative and other | 51.3 | 161 | 0.1 | — | 212.4 | |||||||||||||||
Pre-opening and development costs | 2.6 | 7.5 | 0.2 | — | 10.3 | |||||||||||||||
Depreciation and amortization | 3.5 | 113.6 | — | — | 117.1 | |||||||||||||||
Write-downs, reserves and recoveries, net | 3 | 0.2 | — | — | 3.2 | |||||||||||||||
60.4 | 872.7 | 0.3 | — | 933.4 | ||||||||||||||||
Operating income (loss) | (60.4 | ) | 215.3 | (0.3 | ) | — | 154.6 | |||||||||||||
Equity earnings of subsidiaries | 141.1 | — | — | (141.1 | ) | — | ||||||||||||||
Interest expense, net | (131.2 | ) | 2.4 | — | — | (128.8 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (58.7 | ) | 217.7 | (0.3 | ) | (141.1 | ) | 17.6 | ||||||||||||
Management fee and inter-company interest | 76.6 | (76.6 | ) | — | — | — | ||||||||||||||
Income tax expense | (1.1 | ) | — | — | — | (1.1 | ) | |||||||||||||
Income (loss) from continuing operations | 16.8 | 141.1 | (0.3 | ) | (141.1 | ) | 16.5 | |||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 0.4 | (0.1 | ) | — | 0.3 | ||||||||||||||
Net income (loss) | $ | 16.8 | $ | 141.5 | $ | (0.4 | ) | $ | (141.1 | ) | $ | 16.8 | ||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 235.8 | $ | — | $ | — | $ | 235.8 | ||||||||||
Food and beverage | — | 14.6 | — | — | 14.6 | |||||||||||||||
Lodging | — | 6.1 | — | — | 6.1 | |||||||||||||||
Retail, entertainment and other | — | 10.7 | — | — | 10.7 | |||||||||||||||
— | 267.2 | — | — | 267.2 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 135.1 | — | — | 135.1 | |||||||||||||||
Food and beverage | — | 12.5 | — | — | 12.5 | |||||||||||||||
Lodging | — | 3.2 | — | — | 3.2 | |||||||||||||||
Retail, entertainment and other | — | 5.6 | — | — | 5.6 | |||||||||||||||
General and administrative and other | 8.9 | 42.4 | 0.1 | — | 51.4 | |||||||||||||||
Pre-opening and development costs | 16.6 | 0.3 | 0.3 | — | 17.2 | |||||||||||||||
Depreciation and amortization | 1 | 21.5 | — | — | 22.5 | |||||||||||||||
Write-downs, reserves and recoveries, net | 1.1 | 0.7 | — | — | 1.8 | |||||||||||||||
27.6 | 221.3 | 0.4 | — | 249.3 | ||||||||||||||||
Operating income (loss) | (27.6 | ) | 45.9 | (0.4 | ) | — | 17.9 | |||||||||||||
Equity earnings of subsidiaries | 45.9 | — | — | (45.9 | ) | — | ||||||||||||||
Interest expense, net | (29.2 | ) | 0.9 | — | — | (28.3 | ) | |||||||||||||
Loss from equity method investment | — | — | — | — | — | |||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (10.9 | ) | 46.8 | (0.4 | ) | (45.9 | ) | (10.4 | ) | |||||||||||
Management fee and inter-company interest | 2.5 | (2.8 | ) | — | 0.3 | — | ||||||||||||||
Income tax benefit | 3.3 | — | — | — | 3.3 | |||||||||||||||
Income (loss) from continuing operations | (5.1 | ) | 44 | (0.4 | ) | (45.6 | ) | (7.1 | ) | |||||||||||
Income from discontinued operations, net of taxes | — | 2 | — | — | 2 | |||||||||||||||
Net income (loss) | $ | (5.1 | ) | $ | 46 | $ | (0.4 | ) | $ | (45.6 | ) | $ | (5.1 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 476 | $ | — | $ | — | $ | 476 | ||||||||||
Food and beverage | — | 27.5 | — | — | 27.5 | |||||||||||||||
Lodging | — | 10.8 | — | — | 10.8 | |||||||||||||||
Retail, entertainment and other | 0.1 | 19.4 | — | — | 19.5 | |||||||||||||||
0.1 | 533.7 | — | — | 533.8 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 270.8 | — | — | 270.8 | |||||||||||||||
Food and beverage | — | 23.9 | — | — | 23.9 | |||||||||||||||
Lodging | — | 6.1 | — | — | 6.1 | |||||||||||||||
Retail, entertainment and other | — | 9.3 | — | — | 9.3 | |||||||||||||||
General and administrative and other | 15.2 | 85.7 | 0.3 | — | 101.2 | |||||||||||||||
Pre-opening and development costs | 23.7 | 0.8 | 0.3 | — | 24.8 | |||||||||||||||
Depreciation and amortization | 2.6 | 43.1 | — | — | 45.7 | |||||||||||||||
Write-downs, reserves and recoveries, net | 1.1 | 1.1 | (0.1 | ) | — | 2.1 | ||||||||||||||
42.6 | 440.8 | 0.5 | — | 483.9 | ||||||||||||||||
Operating income (loss) | (42.5 | ) | 92.9 | (0.5 | ) | — | 49.9 | |||||||||||||
Equity earnings of subsidiaries | 0.7 | — | — | (0.7 | ) | — | ||||||||||||||
Interest expense, net | (58.2 | ) | 1.3 | — | — | (56.9 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | |||||||||||||||
Loss from equity method investment | — | — | (92.2 | ) | — | (92.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (100.0 | ) | 94.2 | (92.7 | ) | (0.7 | ) | (99.2 | ) | |||||||||||
Management fee and inter-company interest | 5.2 | (5.2 | ) | — | — | — | ||||||||||||||
Income tax benefit | 4.4 | — | — | — | 4.4 | |||||||||||||||
Income (loss) from continuing operations | (90.4 | ) | 89 | (92.7 | ) | (0.7 | ) | (94.8 | ) | |||||||||||
Income from discontinued operations, net of taxes | — | 4.4 | — | — | 4.4 | |||||||||||||||
Net income (loss) | $ | (90.4 | ) | $ | 93.4 | $ | (92.7 | ) | $ | (0.7 | ) | $ | (90.4 | ) | ||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | 41.1 | $ | 202.9 | $ | 24.8 | $ | — | $ | 268.8 | |||||||||||
Property and equipment, net | 37 | 3,026.20 | 5.6 | — | 3,068.80 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 534.8 | 5 | — | 539.8 | |||||||||||||||
Other non-current assets | 63.2 | 5.6 | 23.3 | — | 92.1 | |||||||||||||||
Investment in subsidiaries | 4,343.60 | — | — | (4,343.6 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.5 | 22.1 | 0.7 | (0.8 | ) | 25.5 | ||||||||||||||
Inter-company | — | 168.4 | — | (168.4 | ) | — | ||||||||||||||
Total assets | $ | 4,488.40 | $ | 4,876.00 | $ | 62.7 | $ | (4,512.8 | ) | $ | 4,914.30 | |||||||||
Current liabilities | $ | 61.1 | $ | 288.5 | $ | 0.3 | $ | — | $ | 349.9 | ||||||||||
Long-term debt (excluding current portion) | 4,098.50 | — | — | — | 4,098.50 | |||||||||||||||
Other non-current liabilities | (81.6 | ) | 288.6 | — | — | 207 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 4.3 | — | — | 4.3 | |||||||||||||||
Inter-company | 167.2 | — | 1.2 | (168.4 | ) | — | ||||||||||||||
Total liabilities | 4,245.20 | 581.4 | 1.5 | (168.4 | ) | 4,659.70 | ||||||||||||||
Additional paid in capital | 1,088.50 | 3,641.10 | 324.4 | (3,965.5 | ) | 1,088.50 | ||||||||||||||
Accumulated deficit | (781.3 | ) | 653.1 | (274.6 | ) | (378.5 | ) | (781.3 | ) | |||||||||||
Common stock, treasury stock and other | (64.0 | ) | 0.4 | — | (0.4 | ) | (64.0 | ) | ||||||||||||
Total Pinnacle stockholders' equity | 243.2 | 4,294.60 | 49.8 | (4,344.4 | ) | 243.2 | ||||||||||||||
Non-controlling interest | — | — | 11.4 | — | 11.4 | |||||||||||||||
Total equity | 243.2 | 4,294.60 | 61.2 | (4,344.4 | ) | 254.6 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,488.40 | $ | 4,876.00 | $ | 62.7 | $ | (4,512.8 | ) | $ | 4,914.30 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | $ | 66.8 | $ | 185.1 | $ | 27.7 | $ | — | $ | 279.6 | ||||||||||
Property and equipment, net | 47.7 | 2,983.10 | 5.7 | — | 3,036.50 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 495.1 | 5 | — | 500.1 | |||||||||||||||
Other non-current assets | 72.6 | 6.6 | 22.1 | — | 101.3 | |||||||||||||||
Investment in subsidiaries | 4,508.30 | — | — | (4,508.3 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.4 | 318.8 | 1.2 | (0.8 | ) | 322.6 | ||||||||||||||
Inter-company | — | 55.7 | — | (55.7 | ) | — | ||||||||||||||
Total assets | $ | 4,698.80 | $ | 4,960.40 | $ | 65 | $ | (4,564.8 | ) | $ | 5,159.40 | |||||||||
Current liabilities | $ | 114.8 | $ | 231.4 | $ | 0.1 | $ | — | $ | 346.3 | ||||||||||
Long-term debt (excluding current portion) | 4,363.90 | 0.1 | — | — | 4,364.00 | |||||||||||||||
Other non-current liabilities | (48.1 | ) | 245.9 | — | — | 197.8 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 26.1 | — | — | 26.1 | |||||||||||||||
Inter-company | 54.5 | — | 1.2 | (55.7 | ) | — | ||||||||||||||
Total liabilities | 4,485.10 | 503.5 | 1.3 | (55.7 | ) | 4,934.20 | ||||||||||||||
Additional paid in capital | 1,076.00 | 3,964.40 | 325.7 | (4,290.1 | ) | 1,076.00 | ||||||||||||||
Accumulated deficit | (798.2 | ) | 492 | (273.5 | ) | (218.5 | ) | (798.2 | ) | |||||||||||
Common stock, treasury stock and other | (64.1 | ) | 0.5 | — | (0.5 | ) | (64.1 | ) | ||||||||||||
Total Pinnacle stockholder's equity | 213.7 | 4,456.90 | 52.2 | (4,509.1 | ) | 213.7 | ||||||||||||||
Non-controlling interest | — | — | 11.5 | — | 11.5 | |||||||||||||||
Total equity | 213.7 | 4,456.90 | 63.7 | (4,509.1 | ) | 225.2 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,698.80 | $ | 4,960.40 | $ | 65 | $ | (4,564.8 | ) | $ | 5,159.40 | |||||||||
Pinnacle | Guarantor | Non- | Consolidating | Pinnacle | ||||||||||||||||
Entertainment, | Subsidiaries(a) | Guarantor | and | Entertainment, | ||||||||||||||||
Inc. | Subsidiaries(b) | Eliminating | Inc. | |||||||||||||||||
Entries | Consolidated | |||||||||||||||||||
(in millions) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (4.8 | ) | $ | 142.3 | $ | (3.2 | ) | $ | — | $ | 134.3 | ||||||||
Capital expenditures | (7.2 | ) | (142.6 | ) | — | — | (149.8 | ) | ||||||||||||
Purchase of intangible asset | — | (25.0 | ) | — | — | (25.0 | ) | |||||||||||||
Proceeds from sale of discontinued operations | — | 252.3 | — | — | 252.3 | |||||||||||||||
Escrow refund | — | 25 | — | — | 25 | |||||||||||||||
Loan receivable, net | — | — | — | — | — | |||||||||||||||
Restricted cash | 5.9 | — | — | — | 5.9 | |||||||||||||||
Intercompany and other | 253 | (252.6 | ) | 0.3 | — | 0.7 | ||||||||||||||
Cash provided by (used in) investing activities | 251.7 | (142.9 | ) | 0.3 | — | 109.1 | ||||||||||||||
Proceeds from Credit Facility | 194.3 | — | — | — | 194.3 | |||||||||||||||
Repayments under Credit Facility | (114.3 | ) | — | — | — | (114.3 | ) | |||||||||||||
Repayments of long-term debt | (359.0 | ) | — | — | — | (359.0 | ) | |||||||||||||
Other | 3.7 | — | — | — | 3.7 | |||||||||||||||
Cash used in financing activities | (275.3 | ) | — | — | — | (275.3 | ) | |||||||||||||
Change in cash and cash equivalents | (28.4 | ) | (0.6 | ) | (2.9 | ) | — | (31.9 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 28.6 | 142.3 | 27.7 | — | 198.6 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 0.2 | $ | 141.7 | $ | 24.8 | $ | — | $ | 166.7 | ||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (22.0 | ) | $ | 99.7 | $ | (1.1 | ) | $ | — | $ | 76.6 | ||||||||
Capital expenditures | (2.9 | ) | (103.5 | ) | — | — | (106.4 | ) | ||||||||||||
Purchases of held-to-maturity debt securities, net | — | — | (5.8 | ) | — | (5.8 | ) | |||||||||||||
Proceeds from matured investments | 4.4 | — | — | — | 4.4 | |||||||||||||||
Loan receivable, net | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||
Other | — | 2.5 | (2.0 | ) | — | 0.5 | ||||||||||||||
Cash provided by (used in) investing activities | 1.5 | (101.0 | ) | (12.4 | ) | — | (111.9 | ) | ||||||||||||
Proceeds from Credit Facility | 50 | — | — | — | 50 | |||||||||||||||
Net repayments under Credit Facility | (30.0 | ) | — | — | — | (30.0 | ) | |||||||||||||
Repayments of long-term debt | (1.6 | ) | — | — | — | (1.6 | ) | |||||||||||||
Proceeds from common stock options exercised | — | — | — | — | — | |||||||||||||||
Other | 1.3 | — | — | — | 1.3 | |||||||||||||||
Cash provided by financing activities | 19.7 | — | — | — | 19.7 | |||||||||||||||
Change in cash and cash equivalents | (0.8 | ) | (1.3 | ) | (13.5 | ) | — | (15.6 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 5.5 | 73.5 | 22.8 | — | 101.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 4.7 | $ | 72.2 | $ | 9.3 | $ | — | $ | 86.2 | ||||||||||
_______________________ | ||||||||||||||||||||
(a) | As of June 30, 2014, the following material subsidiaries are identified as guarantors of our senior and senior subordinated notes: Belterra Resort Indiana, LLC; Boomtown, LLC; Casino Magic, LLC; Louisiana-I Gaming; PNK (Baton Rouge) Partnership; PNK (BOSSIER CITY), Inc.; PNK Development 7, LLC; PNK Development 8, LLC; PNK Development 9, LLC; PNK (LAKE CHARLES), L.L.C.; PNK (Ohio), LLC; PNK (Ohio) II, LLC; PNK (Ohio) III, LLC; PNK (RENO), LLC; PNK (River City), LLC; PNK (SAM), LLC; PNK (SAZ), LLC; Ameristar Casino Black Hawk, Inc.; Ameristar Casino Council Bluffs, Inc.; Ameristar Casino St. Charles, Inc.; Ameristar Casino Kansas City, Inc.; Ameristar Casino Vicksburg, Inc.; Cactus Pete’s, Inc.; Ameristar East Chicago Holdings, LLC; Ameristar Casino East Chicago, LLC; and Ameristar Casino Springfield, LLC. In addition, certain other immaterial subsidiaries are also guarantors of our senior and senior subordinated notes. | |||||||||||||||||||
(b) | Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $62.7 million in cash and other assets as of June 30, 2014 that include a subsidiary that owns a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues: | ||||||||||||||||
Midwest segment (a) | $ | 296.4 | $ | 87.1 | $ | 576.7 | $ | 174.2 | ||||||||
South segment (b) | 203.7 | 178.8 | 403.7 | 357.6 | ||||||||||||
West segment (c) | 53.7 | — | 104.3 | — | ||||||||||||
553.8 | 265.9 | 1,084.70 | 531.8 | |||||||||||||
Corporate and other | 1.4 | 1.4 | 3.3 | 2.1 | ||||||||||||
Total revenues | $ | 555.2 | $ | 267.3 | $ | 1,088.00 | $ | 533.9 | ||||||||
Adjusted EBITDA (d): | ||||||||||||||||
Midwest segment (a) | $ | 84.2 | $ | 23 | $ | 174.3 | $ | 45.1 | ||||||||
South segment (b) | 62 | 46.2 | 126.7 | 93.9 | ||||||||||||
West segment (c) | 19.1 | — | 37.3 | — | ||||||||||||
165.3 | 69.2 | 338.3 | 139 | |||||||||||||
Corporate expenses and other (e) | (24.7 | ) | (6.4 | ) | (44.5 | ) | (11.4 | ) | ||||||||
Consolidated Adjusted EBITDA (d) | $ | 140.6 | $ | 62.8 | $ | 293.8 | $ | 127.6 | ||||||||
Other benefits (costs): | ||||||||||||||||
Depreciation and amortization | (58.8 | ) | (22.5 | ) | (117.1 | ) | (45.7 | ) | ||||||||
Pre-opening and development costs | (6.9 | ) | (17.2 | ) | (10.3 | ) | (24.8 | ) | ||||||||
Non-cash share-based compensation expense | (5.5 | ) | (3.4 | ) | (8.7 | ) | (5.2 | ) | ||||||||
Write-downs, reserves and recoveries, net | (2.6 | ) | (1.8 | ) | (3.2 | ) | (2.1 | ) | ||||||||
Interest expense, net | (62.0 | ) | (28.3 | ) | (128.8 | ) | (56.9 | ) | ||||||||
Loss from equity method investment | — | — | — | (92.2 | ) | |||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | (8.2 | ) | — | ||||||||||
Income tax benefit (expense) | 1.1 | 3.3 | (1.1 | ) | 4.4 | |||||||||||
Income (loss) from continuing operations | $ | (2.3 | ) | $ | (7.1 | ) | $ | 16.4 | $ | (94.9 | ) | |||||
For the six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Capital expenditures: | ||||||||||||||||
Midwest segment | $ | 112.8 | $ | 59.7 | ||||||||||||
South segment | 26.6 | 41.8 | ||||||||||||||
West segment | 2.4 | — | ||||||||||||||
Corporate and other, including development projects and discontinued operations | 7.9 | 4.9 | ||||||||||||||
$ | 149.7 | $ | 106.4 | |||||||||||||
(a) | Our Midwest segment consists of Ameristar Council Bluffs, located in Iowa, Ameristar East Chicago located in Indiana, Belterra located in Indiana, Ameristar Kansas City located in Missouri, Ameristar St. Charles located in Missouri, River City located in Missouri, and Belterra Park located in Ohio. | |||||||||||||||
(b) | Our South segment consists of Ameristar Vicksburg located in Mississippi, Boomtown Bossier City located in Louisiana, Boomtown New Orleans located in Louisiana, L'Auberge Baton Rouge located in Louisiana and L'Auberge Lake Charles located in Louisiana. | |||||||||||||||
(c) | Our West segment consists of Ameristar Black Hawk located in Colorado, and Cactus Petes and Horseshu both of which are located in Nevada. | |||||||||||||||
(d) | We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, income (loss) from equity method investments, non-controlling interest and discontinued operations. We define Adjusted EBITDA for each operating segment as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, inter-company management fees, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, gain (loss) on sale of discontinued operations, and discontinued operations. We define Adjusted EBITDA margin as Adjusted EBITDA for the segment divided by segment revenues. We use Consolidated Adjusted EBITDA and Adjusted EBITDA for each segment to compare operating results among our properties and between accounting periods. Consolidated Adjusted EBITDA and Adjusted EBITDA have economic substance because they are used by management as measures to analyze the performance of our business and are especially relevant in evaluating large, long-lived casino-hotel projects because they provide a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. We eliminate the results from discontinued operations at the time they are deemed discontinued. We also review pre-opening and development expenses separately, as such expenses are also included in total project costs when assessing budgets and project returns, and because such costs relate to anticipated future revenues and income. We believe that Consolidated Adjusted EBITDA and Adjusted EBITDA are useful measures for investors because they are indicators of the performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value of companies within our industry. In addition, our credit agreement and bond indentures require compliance with financial measures similar to Consolidated Adjusted EBITDA. Consolidated Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, or as an alternative to any other measure provided in accordance with GAAP. Our calculations of Adjusted EBITDA and Consolidated Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. | |||||||||||||||
(e) | Corporate expenses represent payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations. Beginning in the 2013 third quarter, we changed the methodology used to allocate corporate expenses to our reportable segments. Historically, we allocated direct and some indirect expenses incurred at the corporate headquarters to each property. Expenses incurred at the corporate headquarters that were related to property operations, but not directly attributable to a specific property, were allocated, typically on a pro rata basis, to each property. Only the remaining corporate expenses that were not related to an operating property were retained in the Corporate expense category. Under our new methodology, only corporate expenses that are directly attributable to a property were allocated to each applicable property. All other costs incurred relating to management and consulting services provided by corporate headquarters to the properties are now allocated to those properties based on their respective share of the monthly consolidated net revenues in the form of a management fee. The corporate management fee is excluded in the calculation of segment Adjusted EBITDA and is completely eliminated in any consolidated financial results. The change in methodology increases Adjusted EBITDA for the reportable segments with a corresponding increase in corporate expense, resulting in no impact to Consolidated Adjusted EBITDA. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 12, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | ||||||
Other Properties | Other Properties | Other Properties | Other Properties | Antidilutive securities | Antidilutive securities | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Ameristar | Ameristar | Ameristar | Ameristar | Ameristar | Credit Facility | Credit Facility | Ameristar | Belterra Park [Member] | Belterra Park [Member] | Belterra Park [Member] | Belterra Park [Member] | Lumiere Place [Member] | ||||||||||||
Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||||||||||||||||||||
Disposal Group, Divestiture of Business, Purchase price, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $252,300,000 | ||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ||||||
Payments to Acquire Intangible Assets | ' | ' | 25,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ||||||
Deferred Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 800,000 | ' | ' | 600,000 | 800,000 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Held-to-maturity Securities | 14,800,000 | ' | 14,800,000 | ' | 14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Held-to-maturity Securities, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,100,000 | 30,100,000 | ' | ' | 0 | 0 | ' | ' | 26,700,000 | 26,676,000 | ' | ' | 3,400,000 | 3,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Promissory Notes | 10,700,000 | ' | 10,700,000 | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Promissory Notes, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | 16,500,000 | ' | ' | 0 | 0 | ' | ' | 17,600,000 | 16,484,000 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term Debt | 4,109,500,000 | ' | 4,109,500,000 | ' | 4,380,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,112,897,000 | 573,618,000 | 493,618,000 | ' | ' | ' | ' | ' | ' | ||||||
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,272,300,000 | 4,511,900,000 | ' | ' | 0 | 0 | ' | ' | 4,272,300,000 | 4,511,900,000 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Land Not Used In Operations | 35,700,000 | ' | 35,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Land and land improvements | 391,700,000 | ' | 391,700,000 | ' | 391,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,770,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Buildings, vessels and improvements | 2,633,600,000 | ' | 2,633,600,000 | ' | 2,492,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,308,151,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Furniture, fixtures and equipment | 691,700,000 | ' | 691,700,000 | ' | 633,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Construction in Progress | 109,400,000 | ' | 109,400,000 | ' | 175,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,815,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Land, buildings, vessels and equipment, gross | 3,826,400,000 | ' | 3,826,400,000 | ' | 3,692,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Less: accumulated depreciation | -757,600,000 | ' | -757,600,000 | ' | -656,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Customer Loyalty Program Liability | 32,700,000 | ' | 32,700,000 | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,800,000 | ' | ' | ' | ' | ' | ||||||
Complimentary Revenues, Food and Beverage | 33,700,000 | 17,200,000 | 66,900,000 | 33,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Complimentary Revenues, Lodging | 15,100,000 | 7,500,000 | 31,100,000 | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Complimentary Revenues, Other | 4,400,000 | 2,900,000 | 8,200,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total promotional allowances | 53,200,000 | 27,600,000 | 106,200,000 | 53,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Promotional allowance costs included in gaming expense | 39,300,000 | 19,993,000 | 77,400,000 | 40,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gaming taxes | 141,500,000 | 68,700,000 | 274,300,000 | 138,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pre-opening and development costs | 6,907,000 | 17,212,000 | 10,319,000 | 24,765,000 | ' | 200,000 | 500,000 | 500,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | [1] | 16,600,000 | [1] | 2,400,000 | 23,300,000 | ' | ' | ' | ' | 4,700,000 | [2] | 100,000 | [2] | 7,400,000 | [2] | 300,000 | [2] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.9 | 1.6 | ' | 1.4 | ' | ' | ' | ' | ' | 1.4 | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property, Plant and Equipment, Net | 3,068,828,000 | ' | 3,068,828,000 | ' | 3,036,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,783,735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accrued Payment to Acquire Intangible Assets | ' | ' | 25,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ||||||
Cash Divested from Deconsolidation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,000,000 | ||||||
[1] | (1)Amounts principally comprised of legal and advisory expenses, severance charges and other costs and expenses related to the financing and integration of the acquisition of Ameristar. | |||||||||||||||||||||||||||||||||||||||||||||
[2] | (2)Belterra Park opened on May 1, 2014. |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Senior Notes Due 2021 [Member] | Term loans [Domain] | Term Loan B1 [Domain] | Term loan B2 [Domain] | Letter of Credit [Member] | Term B1 due 2016 [Domain] | Term B1 due 2016 [Domain] | Term B2 due 2020 [Domain] | Term B2 due 2020 [Domain] | Credit Facility | Credit Facility | Senior Subordinated Notes Due 2020 | Senior Subordinated Notes Due 2020 | Senior Subordinated Notes Due 2020 | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Senior Subordinated Notes Due 2022 | Senior Subordinated Notes Due 2022 | Senior Subordinated Notes Due 2022 | Senior Notes due 2021 [Domain] | Senior Notes due 2021 [Domain] | Senior Notes Due April 2021 [Member] | Senior Notes Due April 2021 [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | $4,076,200,000 | ' | $4,076,200,000 | ' | $4,355,200,000 | ' | ' | ' | ' | ' | $0 | $202,000,000 | $937,528,000 | $1,094,500,000 | $573,618,000 | $493,600,000 | ' | $350,000,000 | $350,000,000 | $92,700 | $100,000 | ' | $325,000,000 | $325,000,000 | $850,000,000 | $850,000,000 | $1,040,000,000 | $1,040,000,000 |
Debt Instrument, Unamortized Discount (Premium), Net | 33,300,000 | ' | 33,300,000 | ' | 24,900,000 | ' | ' | ' | ' | ' | 0 | -7,708,000 | -23,919,000 | -26,047,000 | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 57,241,000 | 58,600,000 |
Long-term Debt | 4,109,500,000 | ' | 4,109,500,000 | ' | 4,380,100,000 | ' | ' | ' | ' | ' | 0 | 194,329,000 | 913,609,000 | 1,068,453,000 | 573,618,000 | 493,618,000 | ' | 350,000,000 | 350,000,000 | 92,700 | 110,000 | ' | 325,000,000 | 325,000,000 | 850,000,000 | 850,000,000 | 1,097,241,000 | 1,098,495,000 |
Long Term Debt, Current Maturity, Outstanding Principal | -11,006,000 | ' | -11,006,000 | ' | -16,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt, Current Maturities, Unamortized Discount Premium | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | -11,006,000 | ' | -11,006,000 | ' | -16,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt, Excluding Current Maturities, Outstanding Principal | 4,065,200,000 | ' | 4,065,200,000 | ' | 4,339,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt, Excluding Current Maturities, Unamortized Discount Premium | 33,300,000 | ' | 33,300,000 | ' | 24,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt less current portion | 4,098,556,000 | ' | 4,098,556,000 | ' | 4,364,045,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 1,600,000,000 | 500,000,000 | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit, Revolving Credit Commitment | 1,000,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of Credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | 1,040,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | 7.75% | ' | ' | ' | 7.50% | ' |
Premium Included In Recorded Fair Value Of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,800,000 | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | 835,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341,500,000 | ' | ' | ' | ' | 318,000,000 | ' | ' | ' | ' | ' | ' |
Interest expense | 62,900,000 | 29,200,000 | 131,500,000 | 58,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | -100,000 | -100,000 | -200,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | -800,000 | -800,000 | -2,500,000 | -1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | 62,003,000 | 28,327,000 | 128,792,000 | 56,920,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | $8,234,000 | $0 | $8,234,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes | ' | ' | ' | ' |
Income tax benefit (expense) | $1,093,000 | $3,320,000 | ($1,097,000) | $4,388,000 |
Effective Income Tax Rate, Continuing Operations | 32.10% | 31.90% | 6.30% | 4.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | $3,000,000 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Stock Options | Stock Options | Stock Options | Restricted Stock Units | Restricted Stock Units | Performance Stock Units | Performance Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Awards, Cumulative Shares Issued | 7,100,000 | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based awards available for grant | 1,400,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $5,500,000 | $3,400,000 | $8,700,000 | $5,200,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized compensation costs | ' | ' | ' | ' | 19,800,000 | 19,800,000 | ' | 17,200,000 | 17,200,000 | ' | ' |
Unamortized compensation costs, period for recognition | ' | ' | ' | ' | '2 years | ' | ' | '2 years | ' | ' | ' |
Proceeds from Stock Options Exercised | $4,100,000 | $2,300,000 | $4,060,000 | $2,288,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value | ' | ' | ' | ' | ' | $9.08 | $9.94 | ' | ' | ' | ' |
Options Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at January 1, 2014 | ' | ' | ' | ' | ' | 5,509,246 | ' | ' | ' | ' | ' |
Options outstanding at January 1, 2014, weighted average exercise price, beginning balance | ' | ' | ' | ' | ' | $14.01 | ' | ' | ' | ' | ' |
Options granted, shares | ' | ' | ' | ' | ' | 711,380 | ' | ' | ' | ' | ' |
Options granted, weighted average exercise price | ' | ' | ' | ' | ' | $23.47 | ' | ' | ' | ' | ' |
Options exercised, shares | ' | ' | ' | ' | ' | -302,078 | ' | ' | ' | ' | ' |
Options exercised, weighted average exercise price | ' | ' | ' | ' | ' | $13.03 | ' | ' | ' | ' | ' |
Options cancelled or forfeited, shares | ' | ' | ' | ' | ' | -218,950 | ' | ' | ' | ' | ' |
Options cancelled or forfeited, weighted average exercise price | ' | ' | ' | ' | ' | $18.07 | ' | ' | ' | ' | ' |
Options outstanding at June 30, 2014 | ' | ' | ' | ' | 5,699,598 | 5,699,598 | ' | ' | ' | ' | ' |
Options outstanding, weighted average exercise price, ending balance | ' | ' | ' | ' | $15.11 | $15.11 | ' | ' | ' | ' | ' |
Options exercisable at June 30, 2014, shares | ' | ' | ' | ' | 3,016,460 | 3,016,460 | ' | ' | ' | ' | ' |
Options exercisable at June 30, 2014, weighted average exercise price | ' | ' | ' | ' | $12.46 | $12.46 | ' | ' | ' | ' | ' |
Expected to vest after June 30, 2014 | ' | ' | ' | ' | 2,041,655 | 2,041,655 | ' | ' | ' | ' | ' |
Expected to Vest, Weighted Average Exercise Price | ' | ' | ' | ' | $18.43 | $18.43 | ' | ' | ' | ' | ' |
Unvested Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares at January 1, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 629,518 | ' | 431,858 |
Unvested shares at January 1, 2014, Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | $20.11 | ' | $0 |
Unvested shares granted | ' | ' | ' | ' | ' | ' | ' | ' | 424,678 | 123,283 | ' |
Unvested shares ganted, Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | $23.60 | $26.50 | ' |
Unvested shares vested | ' | ' | ' | ' | ' | ' | ' | ' | -120,638 | ' | ' |
Unvested shares vested, Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | $18.65 | ' | ' |
Unvested shares cancelled/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | -62,190 | 0 | ' |
Unvested shares cancelled/forfeited, Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | $21.93 | $0 | ' |
Unvested shares at June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | 871,368 | 871,368 | 555,141 | 431,858 |
Unvested shares at June 30, 2014, Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | $22.08 | $22.08 | $23.61 | $0 |
Writedowns_reserves_and_recove1
Write-downs, reserves and recoveries, net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Write Downs Reserves And Recoveries Net Abstract | ' | ' | ' | ' |
Write-downs, reserves and recoveries, net | $2,579,000 | $1,827,000 | $3,224,000 | $2,129,000 |
Losses associated with property lease abandonment charges | 2,900,000 | ' | ' | ' |
Asset Impairment Charges | ' | ' | ' | $1,100,000 |
Investments_and_Acquisition_Ac2
Investments and Acquisition Activities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 12, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 12, 2013 |
ACDL [Member] | Farmworks | Midwest [Member] | Ameristar [Member] | Retama Partners | Retama Partners | South Segment [Member] | West [Member] | Ameristar [Member] | Ameristar [Member] | ||||
Schedule of Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Other than Temporary Impairment | ' | ' | ' | $94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Other Than Temporary Impairment, Recognized | ' | ' | ' | 92,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Costs Excluding Assumption Of Long Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 |
Business Acquisition Transaction, Consideration for Equity Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 962,428,000 |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 878,828,000 | ' |
Current and other assets | 294,407,000 | 602,178,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,165,000 |
Property, Plant and Equipment, Net | 3,068,828,000 | 3,036,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,783,735,000 |
Goodwill | 919,282,000 | 919,282,000 | ' | ' | ' | 551,100,000 | 860,800,000 | ' | ' | 231,500,000 | 78,200,000 | ' | 860,805,000 |
Intangible Assets | 539,761,000 | 500,084,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 524,200,000 |
Other non-current assets | 84,426,000 | 87,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,496,000 |
Total assets | 4,914,371,000 | 5,159,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,360,401,000 |
Current liabilities | 354,246,000 | 372,406,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,493,000 |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218,646,000 |
Other long-term liabilities | 39,524,000 | 31,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,109,000 |
Total liabilities | 4,659,707,000 | 4,934,256,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,519,145,000 |
Business Acquisition, Net Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,841,256,000 |
Land and land improvements | 391,700,000 | 391,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,770,000 |
Buildings, vessels and improvements | 2,633,600,000 | 2,492,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,308,151,000 |
Furniture, fixtures and equipment | 691,700,000 | 633,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,999,000 |
Construction in Progress | 109,400,000 | 175,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,815,000 |
Business Acquisition, Total Property and Equipment Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,783,735,000 |
Trade names | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000,000 |
Gaming licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,800,000 |
Player relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 |
Favorable leasehold interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 |
Acquired Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 524,200,000 |
Long Term Purchase Commitment, Invested Amount | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 75.50% | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' |
Intangible Asset, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Promissory Notes | 10,700,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | 176,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity, Corporate Bonds | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $4,109,500,000 | $4,380,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,112,897,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Lumiere Place [Member] | Ameristar Lake Charles [Domain] | Boomtown Reno [Member] | Atlantic City [Member] | Springfield, Massachusetts [Domain] | ||||||
acre | acre | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Divestiture of Business, Purchase price, Net | ' | ' | ' | ' | ' | $252,300,000 | ' | ' | ' | ' |
Cash Divested from Deconsolidation | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' |
Cash Refund to Buyer from Divestiture of Business, Working Capital Adjustment | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' |
Proceed From Divestiture of Business, Retained Cash Deposit | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' |
Proceed From Divestiture of Business, Additional Cash Consideration, Subsequent Release From Escrow | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' |
Proceed From Divestiture of Business, Deferred Consideration | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Reno additional land for sale (acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 |
Number of acres held from discontinued operation | ' | ' | ' | ' | ' | ' | ' | 810 | ' | ' |
Proceeds from Sale of Property Held-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' |
Income (Loss) from Discontinued Operation Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 0 | 48,800,000 | 41,000,000 | 95,000,000 | ' | ' | ' | ' | ' | ' |
Operating loss | -100,000 | 5,100,000 | 200,000 | 9,200,000 | ' | ' | ' | ' | ' | ' |
Income tax benefit | 100,000 | -3,100,000 | -100,000 | -4,800,000 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land, buildings, vessels and equipment, net | 13,000,000 | ' | 13,000,000 | ' | 275,300,000 | ' | ' | ' | ' | ' |
Other assets, net | 12,600,000 | ' | 12,600,000 | ' | 47,200,000 | ' | ' | ' | ' | ' |
Assets of discontinued operations held for sale | 25,596,000 | ' | 25,596,000 | ' | 322,548,000 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities of discontinued operations held for sale | 4,346,000 | ' | 4,346,000 | ' | 26,103,000 | ' | ' | ' | ' | ' |
Net assets | $21,300,000 | ' | $21,300,000 | ' | $296,400,000 | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Boomtown New Orleans | River Downs | River Downs | Indiana Income Tax | Minimum | Maximum [Member] | ||
Room | Indiana Income Tax | Indiana Income Tax | ||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Examination, Year under Examination | ' | ' | ' | ' | ' | ' | '2005 | '2007 |
Amended Guaranteed Maximum Price | ' | ' | ' | ' | $119.60 | ' | ' | ' |
Guaranteed Maximum Construction Costs | ' | ' | 14.2 | 20.1 | ' | ' | ' | ' |
Self Insurance Reserve | 21.7 | 26.2 | ' | ' | ' | ' | ' | ' |
Long-term Contract, Number of Guest Rooms | ' | ' | 150 | ' | ' | ' | ' | ' |
Income Tax Examination, Proposed Adjustment Excluding Interest and Penalties | ' | ' | ' | ' | ' | $7.30 | ' | ' |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Condensed Financial Statements, Captions | ' | ' | ' | ' | ' | |||||
Subsidiary reporting information, assets | $62,700,000 | ' | $62,700,000 | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Gaming | 493,281,000 | 235,829,000 | 973,421,000 | 476,026,000 | ' | |||||
Food and beverage | 30,356,000 | 14,597,000 | 57,969,000 | 27,536,000 | ' | |||||
Lodging | 13,802,000 | 6,074,000 | 24,592,000 | 10,832,000 | ' | |||||
Retail, entertainment and other | 17,751,000 | 10,757,000 | 31,977,000 | 19,480,000 | ' | |||||
Revenues | 555,190,000 | 267,257,000 | 1,087,959,000 | 533,874,000 | ' | |||||
Expenses and other costs: | ' | ' | ' | ' | ' | |||||
Gaming | 266,604,000 | 135,088,000 | 514,598,000 | 270,833,000 | ' | |||||
Food and beverage | 28,199,000 | 12,491,000 | 52,911,000 | 23,949,000 | ' | |||||
Lodging | 6,465,000 | 3,180,000 | 11,594,000 | 6,149,000 | ' | |||||
Retail, entertainment and other | 6,688,000 | 5,618,000 | 11,264,000 | 9,328,000 | ' | |||||
General and administrative and other | 112,100,000 | 51,400,000 | ' | 101,200,000 | ' | |||||
Pre-opening and development costs | 6,907,000 | 17,212,000 | 10,319,000 | 24,765,000 | ' | |||||
Depreciation and amortization | 58,773,000 | 22,496,000 | 117,084,000 | 45,655,000 | ' | |||||
Write-downs, reserves and recoveries, net | 2,579,000 | 1,827,000 | 3,224,000 | 2,129,000 | ' | |||||
Total expenses and other costs | 488,363,000 | 249,350,000 | 933,409,000 | 484,047,000 | ' | |||||
Operating income | 66,827,000 | 17,907,000 | 154,550,000 | 49,827,000 | ' | |||||
Equity earnings of subsidiaries | 0 | 0 | 0 | 0 | ' | |||||
Interest expense, net | -62,003,000 | -28,327,000 | -128,792,000 | -56,920,000 | ' | |||||
Loss on early extinguishment of debt | -8,234,000 | 0 | -8,234,000 | 0 | ' | |||||
Loss from equity method investments | 0 | 0 | 0 | -92,181,000 | ' | |||||
Management fee and inter-company interest | 0 | 0 | 0 | 0 | ' | |||||
Income tax (expense) benefit | -1,093,000 | -3,320,000 | 1,097,000 | -4,388,000 | ' | |||||
Income (loss) from continuing operations | -2,317,000 | -7,100,000 | 16,427,000 | -94,886,000 | ' | |||||
Income from discontinued operations, net of income taxes | 26,000 | 1,993,000 | 325,000 | 4,388,000 | ' | |||||
Net income (loss) | -2,291,000 | -5,107,000 | 16,752,000 | -90,498,000 | ' | |||||
Balance Sheets | ' | ' | ' | ' | ' | |||||
Current assets | 268,800,000 | ' | 268,800,000 | ' | 279,600,000 | |||||
Land, buildings, vessels and equipment, net | 3,068,828,000 | ' | 3,068,828,000 | ' | 3,036,515,000 | |||||
Goodwill | 919,282,000 | ' | 919,282,000 | ' | 919,282,000 | |||||
Intangible assets, net | 539,761,000 | ' | 539,761,000 | ' | 500,084,000 | |||||
Other non-current assets | 92,100,000 | ' | 92,100,000 | ' | 101,300,000 | |||||
Investment in subsidiaries | 0 | ' | 0 | ' | 0 | |||||
Assets of discontinued operations held for sale | 25,596,000 | ' | 25,596,000 | ' | 322,548,000 | |||||
Inter-company | 0 | ' | 0 | ' | 0 | |||||
Total assets | 4,914,371,000 | ' | 4,914,371,000 | ' | 5,159,426,000 | |||||
Current liabilities | 349,900,000 | ' | 349,900,000 | ' | 346,300,000 | |||||
Long-term debt less current portion | 4,098,556,000 | ' | 4,098,556,000 | ' | 4,364,045,000 | |||||
Other non-current liabilities | 207,000,000 | ' | 207,000,000 | ' | 197,800,000 | |||||
Liabilities of dicontinued operations held for sale | 4,346,000 | ' | 4,346,000 | ' | 26,103,000 | |||||
Inter-company | 0 | ' | 0 | ' | ' | |||||
Additional paid-in capital | 1,088,580,000 | ' | 1,088,580,000 | ' | 1,075,896,000 | |||||
Accumulated deficit | -781,261,000 | ' | -781,261,000 | ' | -798,049,000 | |||||
Common Stock, Treasury Stock, and Other | -64,000,000 | ' | -64,000,000 | ' | -64,100,000 | |||||
Stockholders' Equity Attributable to Parent | 243,234,000 | ' | 243,234,000 | ' | 213,704,000 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 11,430,000 | ' | 11,430,000 | ' | 11,466,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 254,664,000 | ' | 254,664,000 | ' | 225,170,000 | |||||
Total liabilities and stockholders' equity | 4,914,371,000 | ' | 4,914,371,000 | ' | 5,159,426,000 | |||||
Statements of Cash Flows | ' | ' | ' | ' | ' | |||||
Cash provided by (used in) operating activities | ' | ' | 134,314,000 | 76,555,000 | ' | |||||
Capital expenditures | ' | ' | 149,746,000 | 106,389,000 | ' | |||||
Payments to Acquire Intangible Assets | ' | ' | 25,000,000 | 0 | ' | |||||
Net proceeds from sale of discontinued operations | ' | ' | 252,329,000 | 0 | ' | |||||
Escrow refund | ' | ' | 25,000,000 | 0 | ' | |||||
Purchase of held-to-maturity debt securities | ' | ' | 0 | 5,853,000 | ' | |||||
Proceeds from Sale, Maturity and Collection of Investments | ' | ' | 0 | 4,428,000 | ' | |||||
Increase (Decrease) in Restricted Cash | ' | ' | -5,925,000 | 0 | ' | |||||
Cash used in investing activities | ' | ' | 109,124,000 | -111,850,000 | ' | |||||
Proceeds from Credit Facility | ' | ' | 194,300,000 | 50,000,000 | ' | |||||
Repayments of Long-term Debt | ' | ' | 0 | 1,625,000 | ' | |||||
Proceeds from Stock Options Exercised | 4,100,000 | 2,300,000 | 4,060,000 | 2,288,000 | ' | |||||
Cash provided by financing activities | ' | ' | -275,351,000 | 19,736,000 | ' | |||||
Increase (decrease) in cash and cash equivalents | ' | ' | -31,913,000 | -15,559,000 | ' | |||||
Cash and cash equivalents at the beginning of the period | ' | ' | 198,575,000 | 101,792,000 | ' | |||||
Cash and cash equivalents at the end of the period | 166,662,000 | 86,233,000 | 166,662,000 | 86,233,000 | ' | |||||
Total Attributable to Parent Company | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | 0 | 0 | 0 | ' | |||||
Food and beverage | 0 | 0 | 0 | 0 | ' | |||||
Lodging | 0 | 0 | 0 | 0 | ' | |||||
Retail, entertainment and other | 0 | 0 | 0 | 100,000 | ' | |||||
Revenues | 0 | 0 | 0 | 100,000 | ' | |||||
Expenses and other costs: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | 0 | 0 | 0 | ' | |||||
Food and beverage | 0 | 0 | 0 | 0 | ' | |||||
Lodging | 0 | 0 | 0 | 0 | ' | |||||
Retail, entertainment and other | 0 | 0 | 0 | 0 | ' | |||||
General and administrative and other | 28,600,000 | 8,900,000 | 51,300,000 | 15,200,000 | ' | |||||
Pre-opening and development costs | 2,100,000 | 16,600,000 | 2,600,000 | 23,700,000 | ' | |||||
Depreciation and amortization | 1,800,000 | 1,000,000 | 3,500,000 | 2,600,000 | ' | |||||
Write-downs, reserves and recoveries, net | 3,000,000 | 1,100,000 | 3,000,000 | 1,100,000 | ' | |||||
Total expenses and other costs | 35,500,000 | 27,600,000 | 60,400,000 | 42,600,000 | ' | |||||
Operating income | -35,500,000 | -27,600,000 | -60,400,000 | -42,500,000 | ' | |||||
Equity earnings of subsidiaries | 65,100,000 | 45,900,000 | 141,100,000 | 700,000 | ' | |||||
Interest expense, net | -62,800,000 | -29,200,000 | 131,200,000 | 58,200,000 | ' | |||||
Loss on early extinguishment of debt | -8,200,000 | ' | -8,200,000 | 0 | ' | |||||
Loss from equity method investments | ' | 0 | ' | 0 | ' | |||||
Income (loss) from continuing operations before inter-company activity and income taxes | -41,400,000 | -10,900,000 | -58,700,000 | -100,000,000 | ' | |||||
Management fee and inter-company interest | 38,000,000 | 2,500,000 | -76,600,000 | -5,200,000 | ' | |||||
Income tax (expense) benefit | -1,100,000 | -3,300,000 | -1,100,000 | 4,400,000 | ' | |||||
Income (loss) from continuing operations | -2,300,000 | -5,100,000 | 16,800,000 | -90,400,000 | ' | |||||
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | ' | |||||
Net income (loss) | -2,300,000 | -5,100,000 | 16,800,000 | -90,400,000 | ' | |||||
Balance Sheets | ' | ' | ' | ' | ' | |||||
Current assets | 41,100,000 | ' | 41,100,000 | ' | 66,800,000 | |||||
Land, buildings, vessels and equipment, net | 37,000,000 | ' | 37,000,000 | ' | 47,700,000 | |||||
Goodwill | 0 | ' | 0 | ' | 0 | |||||
Intangible assets, net | 0 | ' | 0 | ' | 0 | |||||
Other non-current assets | 63,200,000 | ' | 63,200,000 | ' | 72,600,000 | |||||
Investment in subsidiaries | 4,343,600,000 | ' | 4,343,600,000 | ' | 4,508,300,000 | |||||
Assets of discontinued operations held for sale | 3,500,000 | ' | 3,500,000 | ' | 3,400,000 | |||||
Inter-company | 0 | ' | 0 | ' | 0 | |||||
Total assets | 4,488,400,000 | ' | 4,488,400,000 | ' | 4,698,800,000 | |||||
Current liabilities | 61,100,000 | ' | 61,100,000 | ' | 114,800,000 | |||||
Long-term debt less current portion | 4,098,500,000 | ' | 4,098,500,000 | ' | 4,363,900,000 | |||||
Other non-current liabilities | -81,600,000 | ' | -81,600,000 | ' | -48,100,000 | |||||
Liabilities of dicontinued operations held for sale | 0 | ' | 0 | ' | 0 | |||||
Inter-company | 167,200,000 | ' | 167,200,000 | ' | 54,500,000 | |||||
Additional paid-in capital | 1,088,500,000 | ' | 1,088,500,000 | ' | 1,076,000,000 | |||||
Accumulated deficit | -781,300,000 | ' | -781,300,000 | ' | -798,200,000 | |||||
Common Stock, Treasury Stock, and Other | -64,000,000 | ' | -64,000,000 | ' | -64,100,000 | |||||
Stockholders' Equity Attributable to Parent | 243,200,000 | ' | 243,200,000 | ' | 213,700,000 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 243,200,000 | ' | 243,200,000 | ' | 213,700,000 | |||||
Total liabilities and stockholders' equity | 4,488,400,000 | ' | 4,488,400,000 | ' | 4,698,800,000 | |||||
Statements of Cash Flows | ' | ' | ' | ' | ' | |||||
Cash provided by (used in) operating activities | ' | ' | -4,800,000 | -22,000,000 | ' | |||||
Capital expenditures | ' | ' | -7,200,000 | -2,900,000 | ' | |||||
Payments to Acquire Intangible Assets | ' | ' | 0 | ' | ' | |||||
Net proceeds from sale of discontinued operations | ' | ' | 0 | ' | ' | |||||
Escrow refund | ' | ' | 0 | ' | ' | |||||
Purchase of held-to-maturity debt securities | ' | ' | ' | 0 | ' | |||||
Proceeds from Sale, Maturity and Collection of Investments | ' | ' | ' | 4,400,000 | ' | |||||
Loans receivable, net | ' | ' | 0 | 0 | ' | |||||
Increase (Decrease) in Restricted Cash | ' | ' | 5,900,000 | ' | ' | |||||
Other Investing Activities | ' | ' | 253,000,000 | 0 | ' | |||||
Cash used in investing activities | ' | ' | 251,700,000 | 1,500,000 | ' | |||||
Proceeds from Credit Facility | ' | ' | 194,300,000 | 50,000,000 | ' | |||||
Repayments under Credit Facility | ' | ' | -114,300,000 | -30,000,000 | ' | |||||
Repayments of Long-term Debt | ' | ' | -359,000,000 | -1,600,000 | ' | |||||
Proceeds from Stock Options Exercised | ' | ' | ' | 0 | ' | |||||
Other Financing Activities | ' | ' | 3,700,000 | 1,300,000 | ' | |||||
Cash provided by financing activities | ' | ' | -275,300,000 | 19,700,000 | ' | |||||
Increase (decrease) in cash and cash equivalents | ' | -800,000 | -28,400,000 | ' | ' | |||||
Cash and cash equivalents at the beginning of the period | ' | ' | 28,600,000 | 5,500,000 | ' | |||||
Cash and cash equivalents at the end of the period | 200,000 | 4,700,000 | 200,000 | 4,700,000 | ' | |||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Gaming | 493,300,000 | [1] | 235,800,000 | [1] | 973,400,000 | 476,000,000 | ' | |||
Food and beverage | 30,400,000 | [1] | 14,600,000 | [1] | 58,000,000 | 27,500,000 | ' | |||
Lodging | 13,800,000 | [1] | 6,100,000 | [1] | 24,600,000 | 10,800,000 | ' | |||
Retail, entertainment and other | 17,700,000 | [1] | 10,700,000 | [1] | 32,000,000 | 19,400,000 | ' | |||
Revenues | 555,200,000 | [1] | 267,200,000 | [1] | 1,088,000,000 | 533,700,000 | ' | |||
Expenses and other costs: | ' | ' | ' | ' | ' | |||||
Gaming | 266,600,000 | [1] | 135,100,000 | [1] | 514,600,000 | 270,800,000 | ' | |||
Food and beverage | 28,200,000 | [1] | 12,500,000 | [1] | 52,900,000 | 23,900,000 | ' | |||
Lodging | 6,500,000 | [1] | 3,200,000 | [1] | 11,600,000 | 6,100,000 | ' | |||
Retail, entertainment and other | 6,700,000 | [1] | 5,600,000 | [1] | 11,300,000 | 9,300,000 | ' | |||
General and administrative and other | 83,400,000 | [1] | 42,400,000 | [1] | 161,000,000 | 85,700,000 | ' | |||
Pre-opening and development costs | 4,700,000 | [1] | 300,000 | [1] | 7,500,000 | 800,000 | ' | |||
Depreciation and amortization | 56,900,000 | [1] | 21,500,000 | [1] | 113,600,000 | 43,100,000 | ' | |||
Write-downs, reserves and recoveries, net | -400,000 | [1] | 700,000 | [1] | 200,000 | 1,100,000 | ' | |||
Total expenses and other costs | 452,600,000 | [1] | 221,300,000 | [1] | 872,700,000 | 440,800,000 | ' | |||
Operating income | 102,600,000 | [1] | 45,900,000 | [1] | 215,300,000 | 92,900,000 | ' | |||
Equity earnings of subsidiaries | 0 | [1] | 0 | [1] | 0 | 0 | ' | |||
Interest expense, net | 800,000 | [1] | 900,000 | [1] | -2,400,000 | -1,300,000 | ' | |||
Loss on early extinguishment of debt | 0 | ' | 0 | 0 | ' | |||||
Loss from equity method investments | ' | 0 | [1] | ' | 0 | ' | ||||
Income (loss) from continuing operations before inter-company activity and income taxes | 103,400,000 | [1] | 46,800,000 | [1] | 217,700,000 | 94,200,000 | ' | |||
Management fee and inter-company interest | -38,000,000 | [1] | -2,800,000 | [1] | 76,600,000 | 5,200,000 | ' | |||
Income tax (expense) benefit | 0 | [1] | 0 | [1] | 0 | 0 | ' | |||
Income (loss) from continuing operations | 65,400,000 | [1] | 44,000,000 | [1] | 141,100,000 | 89,000,000 | ' | |||
Income from discontinued operations, net of income taxes | 0 | [1] | 2,000,000 | [1] | 400,000 | 4,400,000 | ' | |||
Net income (loss) | 65,400,000 | [1] | 46,000,000 | [1] | 141,500,000 | 93,400,000 | ' | |||
Balance Sheets | ' | ' | ' | ' | ' | |||||
Current assets | 202,900,000 | [1] | ' | 202,900,000 | [1] | ' | 185,100,000 | [1] | ||
Land, buildings, vessels and equipment, net | 3,026,200,000 | [1] | ' | 3,026,200,000 | [1] | ' | 2,983,100,000 | [1] | ||
Goodwill | 916,000,000 | ' | 916,000,000 | ' | 916,000,000 | |||||
Intangible assets, net | 534,800,000 | ' | 534,800,000 | ' | 495,100,000 | |||||
Other non-current assets | 5,600,000 | [1] | ' | 5,600,000 | [1] | ' | 6,600,000 | [1] | ||
Investment in subsidiaries | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Assets of discontinued operations held for sale | 22,100,000 | [1] | ' | 22,100,000 | [1] | ' | 318,800,000 | [1] | ||
Inter-company | 168,400,000 | [1] | ' | 168,400,000 | [1] | ' | 55,700,000 | [1] | ||
Total assets | 4,876,000,000 | [1] | ' | 4,876,000,000 | [1] | ' | 4,960,400,000 | [1] | ||
Current liabilities | 288,500,000 | [1] | ' | 288,500,000 | [1] | ' | 231,400,000 | [1] | ||
Long-term debt less current portion | 0 | [1] | ' | 0 | [1] | ' | 100,000 | [1] | ||
Other non-current liabilities | 288,600,000 | [1] | ' | 288,600,000 | [1] | ' | 245,900,000 | [1] | ||
Liabilities of dicontinued operations held for sale | 4,300,000 | ' | 4,300,000 | ' | 26,100,000 | [1] | ||||
Inter-company | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Additional paid-in capital | 3,641,100,000 | [1] | ' | 3,641,100,000 | [1] | ' | 3,964,400,000 | [1] | ||
Accumulated deficit | 653,100,000 | [1] | ' | 653,100,000 | [1] | ' | 492,000,000 | [1] | ||
Common Stock, Treasury Stock, and Other | 400,000 | ' | 400,000 | ' | 500,000 | |||||
Stockholders' Equity Attributable to Parent | 4,294,600,000 | [1] | ' | 4,294,600,000 | [1] | ' | 4,456,900,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | [1] | ' | 0 | [1] | ' | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,294,600,000 | [1] | ' | 4,294,600,000 | [1] | ' | 4,456,900,000 | |||
Total liabilities and stockholders' equity | 4,876,000,000 | [1] | ' | 4,876,000,000 | [1] | ' | 4,960,400,000 | [1] | ||
Statements of Cash Flows | ' | ' | ' | ' | ' | |||||
Cash provided by (used in) operating activities | ' | ' | 142,300,000 | [1] | 99,700,000 | [1] | ' | |||
Capital expenditures | ' | ' | -142,600,000 | -103,500,000 | ' | |||||
Payments to Acquire Intangible Assets | ' | ' | -25,000,000 | ' | ' | |||||
Net proceeds from sale of discontinued operations | ' | ' | 252,300,000 | ' | ' | |||||
Escrow refund | ' | ' | 25,000,000 | ' | ' | |||||
Purchase of held-to-maturity debt securities | ' | ' | ' | 0 | ' | |||||
Proceeds from Sale, Maturity and Collection of Investments | ' | ' | ' | 0 | ' | |||||
Loans receivable, net | ' | ' | 0 | 0 | ' | |||||
Increase (Decrease) in Restricted Cash | ' | ' | 0 | ' | ' | |||||
Other Investing Activities | ' | ' | -252,600,000 | 2,500,000 | ' | |||||
Cash used in investing activities | ' | ' | -142,900,000 | [1] | -101,000,000 | [1] | ' | |||
Proceeds from Credit Facility | ' | ' | 0 | [1] | 0 | [1] | ' | |||
Repayments under Credit Facility | ' | ' | 0 | [1] | 0 | [1] | ' | |||
Repayments of Long-term Debt | ' | ' | 0 | [1] | 0 | [1] | ' | |||
Proceeds from Stock Options Exercised | ' | ' | ' | 0 | ' | |||||
Other Financing Activities | ' | ' | 0 | 0 | ' | |||||
Cash provided by financing activities | ' | ' | 0 | [1] | 0 | [1] | ' | |||
Increase (decrease) in cash and cash equivalents | ' | -1,300,000 | [1] | -600,000 | [1] | ' | ' | |||
Cash and cash equivalents at the beginning of the period | ' | ' | 142,300,000 | [1] | 73,500,000 | [1] | ' | |||
Cash and cash equivalents at the end of the period | 141,700,000 | [1] | 72,200,000 | [1] | 141,700,000 | [1] | 72,200,000 | [1] | ' | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Food and beverage | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Lodging | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Retail, entertainment and other | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Revenues | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Expenses and other costs: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Food and beverage | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Lodging | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Retail, entertainment and other | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
General and administrative and other | 100,000 | [2] | 100,000 | [2] | 100,000 | 300,000 | ' | |||
Pre-opening and development costs | 200,000 | [2] | 300,000 | [2] | 200,000 | 300,000 | ' | |||
Depreciation and amortization | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Write-downs, reserves and recoveries, net | 0 | [2] | 0 | [2] | 0 | -100,000 | ' | |||
Total expenses and other costs | 300,000 | [2] | 400,000 | [2] | 300,000 | 500,000 | ' | |||
Operating income | -300,000 | [2] | -400,000 | [2] | -300,000 | -500,000 | ' | |||
Equity earnings of subsidiaries | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Interest expense, net | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Loss on early extinguishment of debt | 0 | ' | 0 | 0 | ' | |||||
Loss from equity method investments | ' | 0 | ' | -92,200,000 | ' | |||||
Income (loss) from continuing operations before inter-company activity and income taxes | -300,000 | [2] | -400,000 | [2] | -300,000 | -92,700,000 | ' | |||
Management fee and inter-company interest | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Income tax (expense) benefit | 0 | [2] | 0 | [2] | 0 | 0 | ' | |||
Income (loss) from continuing operations | -300,000 | [2] | -400,000 | [2] | -300,000 | -92,700,000 | ' | |||
Income from discontinued operations, net of income taxes | 0 | [2] | 0 | [2] | -100,000 | 0 | ' | |||
Net income (loss) | -300,000 | [2] | -400,000 | [2] | -400,000 | -92,700,000 | ' | |||
Balance Sheets | ' | ' | ' | ' | ' | |||||
Current assets | 24,800,000 | [2] | ' | 24,800,000 | [2] | ' | 27,700,000 | [2] | ||
Land, buildings, vessels and equipment, net | 5,600,000 | [2] | ' | 5,600,000 | [2] | ' | 5,700,000 | [2] | ||
Goodwill | 3,300,000 | ' | 3,300,000 | ' | 3,300,000 | |||||
Intangible assets, net | 5,000,000 | ' | 5,000,000 | ' | 5,000,000 | |||||
Other non-current assets | 23,300,000 | [2] | ' | 23,300,000 | [2] | ' | 22,100,000 | [2] | ||
Investment in subsidiaries | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] | ||
Assets of discontinued operations held for sale | 700,000 | [2] | ' | 700,000 | [2] | ' | 1,200,000 | [2] | ||
Inter-company | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] | ||
Total assets | 62,700,000 | [2] | ' | 62,700,000 | [2] | ' | 65,000,000 | [2] | ||
Current liabilities | 300,000 | [2] | ' | 300,000 | [2] | ' | 100,000 | [2] | ||
Long-term debt less current portion | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] | ||
Other non-current liabilities | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] | ||
Liabilities of dicontinued operations held for sale | 0 | ' | 0 | ' | 0 | [2] | ||||
Inter-company | 1,200,000 | [2] | ' | 1,200,000 | [2] | ' | 1,200,000 | [2] | ||
Additional paid-in capital | 324,400,000 | [2] | ' | 324,400,000 | [2] | ' | 325,700,000 | [2] | ||
Accumulated deficit | -274,600,000 | [2] | ' | -274,600,000 | [2] | ' | -273,500,000 | [2] | ||
Common Stock, Treasury Stock, and Other | 0 | ' | 0 | ' | 0 | |||||
Stockholders' Equity Attributable to Parent | 49,800,000 | [2] | ' | 49,800,000 | [2] | ' | 52,200,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 11,400,000 | ' | 11,400,000 | ' | 11,500,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 61,200,000 | ' | 61,200,000 | ' | 63,700,000 | |||||
Total liabilities and stockholders' equity | 62,700,000 | [2] | ' | 62,700,000 | [2] | ' | 65,000,000 | [2] | ||
Statements of Cash Flows | ' | ' | ' | ' | ' | |||||
Cash provided by (used in) operating activities | ' | ' | -3,200,000 | [2] | -1,100,000 | [2] | ' | |||
Capital expenditures | ' | ' | 0 | 0 | ' | |||||
Payments to Acquire Intangible Assets | ' | ' | 0 | ' | ' | |||||
Net proceeds from sale of discontinued operations | ' | ' | 0 | ' | ' | |||||
Escrow refund | ' | ' | 0 | ' | ' | |||||
Purchase of held-to-maturity debt securities | ' | ' | ' | -5,800,000 | ' | |||||
Proceeds from Sale, Maturity and Collection of Investments | ' | ' | ' | 0 | ' | |||||
Loans receivable, net | ' | ' | 0 | -4,600,000 | ' | |||||
Increase (Decrease) in Restricted Cash | ' | ' | 0 | ' | ' | |||||
Other Investing Activities | ' | ' | 300,000 | -2,000,000 | ' | |||||
Cash used in investing activities | ' | ' | 300,000 | [2] | -12,400,000 | [2] | ' | |||
Proceeds from Credit Facility | ' | ' | 0 | [2] | 0 | [2] | ' | |||
Repayments under Credit Facility | ' | ' | 0 | [2] | 0 | [2] | ' | |||
Repayments of Long-term Debt | ' | ' | 0 | [2] | 0 | [2] | ' | |||
Proceeds from Stock Options Exercised | ' | ' | ' | 0 | ' | |||||
Other Financing Activities | ' | ' | 0 | 0 | ' | |||||
Cash provided by financing activities | ' | ' | 0 | [2] | 0 | [2] | ' | |||
Increase (decrease) in cash and cash equivalents | ' | -13,500,000 | [2] | -2,900,000 | [2] | ' | ' | |||
Cash and cash equivalents at the beginning of the period | ' | ' | 27,700,000 | [2] | 22,800,000 | [2] | ' | |||
Cash and cash equivalents at the end of the period | 24,800,000 | [2] | 9,300,000 | [2] | 24,800,000 | [2] | 9,300,000 | [2] | ' | |
Consolidating and Eliminating Entries | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | 0 | 0 | 0 | ' | |||||
Food and beverage | 0 | 0 | 0 | 0 | ' | |||||
Lodging | 0 | 0 | 0 | 0 | ' | |||||
Retail, entertainment and other | 0 | 0 | 0 | 0 | ' | |||||
Revenues | 0 | 0 | 0 | 0 | ' | |||||
Expenses and other costs: | ' | ' | ' | ' | ' | |||||
Gaming | 0 | 0 | 0 | 0 | ' | |||||
Food and beverage | 0 | 0 | 0 | 0 | ' | |||||
Lodging | 0 | 0 | 0 | 0 | ' | |||||
Retail, entertainment and other | 0 | 0 | 0 | 0 | ' | |||||
General and administrative and other | 0 | 0 | 0 | 0 | ' | |||||
Pre-opening and development costs | 0 | 0 | 0 | 0 | ' | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | |||||
Write-downs, reserves and recoveries, net | 0 | 0 | 0 | 0 | ' | |||||
Total expenses and other costs | 0 | 0 | 0 | 0 | ' | |||||
Operating income | 0 | 0 | 0 | 0 | ' | |||||
Equity earnings of subsidiaries | -65,100,000 | -45,900,000 | -141,100,000 | -700,000 | ' | |||||
Interest expense, net | 0 | 0 | 0 | 0 | ' | |||||
Loss on early extinguishment of debt | 0 | ' | 0 | 0 | ' | |||||
Loss from equity method investments | ' | 0 | ' | 0 | ' | |||||
Income (loss) from continuing operations before inter-company activity and income taxes | -65,100,000 | -45,900,000 | -141,100,000 | -700,000 | ' | |||||
Management fee and inter-company interest | 0 | 300,000 | 0 | 0 | ' | |||||
Income tax (expense) benefit | 0 | 0 | 0 | 0 | ' | |||||
Income (loss) from continuing operations | -65,100,000 | -45,600,000 | -141,100,000 | -700,000 | ' | |||||
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | ' | |||||
Net income (loss) | -65,100,000 | -45,600,000 | -141,100,000 | -700,000 | ' | |||||
Balance Sheets | ' | ' | ' | ' | ' | |||||
Current assets | 0 | ' | 0 | ' | 0 | |||||
Land, buildings, vessels and equipment, net | 0 | ' | 0 | ' | 0 | |||||
Goodwill | 0 | ' | 0 | ' | 0 | |||||
Intangible assets, net | 0 | ' | 0 | ' | 0 | |||||
Other non-current assets | 0 | ' | 0 | ' | 0 | |||||
Investment in subsidiaries | -4,343,600,000 | ' | -4,343,600,000 | ' | -4,508,300,000 | |||||
Assets of discontinued operations held for sale | -800,000 | ' | -800,000 | ' | -800,000 | |||||
Inter-company | -168,400,000 | ' | -168,400,000 | ' | -55,700,000 | |||||
Total assets | -4,512,800,000 | ' | -4,512,800,000 | ' | -4,564,800,000 | |||||
Current liabilities | 0 | ' | 0 | ' | 0 | |||||
Long-term debt less current portion | 0 | ' | 0 | ' | 0 | |||||
Other non-current liabilities | 0 | ' | 0 | ' | 0 | |||||
Liabilities of dicontinued operations held for sale | 0 | ' | 0 | ' | 0 | |||||
Inter-company | -168,400,000 | ' | -168,400,000 | ' | -55,700,000 | |||||
Additional paid-in capital | -3,965,500,000 | ' | -3,965,500,000 | ' | -4,290,100,000 | |||||
Accumulated deficit | -378,500,000 | ' | -378,500,000 | ' | -218,500,000 | |||||
Common Stock, Treasury Stock, and Other | -400,000 | ' | -400,000 | ' | -500,000 | |||||
Stockholders' Equity Attributable to Parent | -4,344,400,000 | ' | -4,344,400,000 | ' | -4,509,100,000 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -4,344,400,000 | ' | -4,344,400,000 | ' | -4,509,100,000 | |||||
Total liabilities and stockholders' equity | -4,512,800,000 | ' | -4,512,800,000 | ' | -4,564,800,000 | |||||
Statements of Cash Flows | ' | ' | ' | ' | ' | |||||
Cash provided by (used in) operating activities | ' | ' | 0 | 0 | ' | |||||
Capital expenditures | ' | ' | 0 | 0 | ' | |||||
Payments to Acquire Intangible Assets | ' | ' | 0 | ' | ' | |||||
Net proceeds from sale of discontinued operations | ' | ' | 0 | ' | ' | |||||
Escrow refund | ' | ' | 0 | ' | ' | |||||
Purchase of held-to-maturity debt securities | ' | ' | ' | 0 | ' | |||||
Proceeds from Sale, Maturity and Collection of Investments | ' | ' | ' | 0 | ' | |||||
Loans receivable, net | ' | ' | 0 | 0 | ' | |||||
Increase (Decrease) in Restricted Cash | ' | ' | 0 | ' | ' | |||||
Other Investing Activities | ' | ' | 0 | 0 | ' | |||||
Cash used in investing activities | ' | ' | 0 | 0 | ' | |||||
Proceeds from Credit Facility | ' | ' | 0 | 0 | ' | |||||
Repayments under Credit Facility | ' | ' | 0 | 0 | ' | |||||
Repayments of Long-term Debt | ' | ' | 0 | 0 | ' | |||||
Proceeds from Stock Options Exercised | ' | ' | ' | 0 | ' | |||||
Other Financing Activities | ' | ' | 0 | 0 | ' | |||||
Cash provided by financing activities | ' | ' | 0 | 0 | ' | |||||
Increase (decrease) in cash and cash equivalents | ' | 0 | 0 | ' | ' | |||||
Cash and cash equivalents at the beginning of the period | ' | ' | 0 | 0 | ' | |||||
Cash and cash equivalents at the end of the period | $0 | $0 | $0 | $0 | ' | |||||
[1] | (a)As of June 30, 2014, the following material subsidiaries are identified as guarantors of our senior and senior subordinated notes: Belterra Resort Indiana, LLC; Boomtown, LLC; Casino Magic, LLC; Louisiana-I Gaming; PNK (Baton Rouge) Partnership; PNK (BOSSIER CITY), Inc.; PNK Development 7, LLC; PNK Development 8, LLC; PNK Development 9, LLC; PNK (LAKE CHARLES), L.L.C.; PNK (Ohio), LLC; PNK (Ohio) II, LLC; PNK (Ohio) III, LLC; PNK (RENO), LLC; PNK (River City), LLC; PNK (SAM), LLC; PNK (SAZ), LLC; Ameristar Casino Black Hawk, Inc.; Ameristar Casino Council Bluffs, Inc.; Ameristar Casino St. Charles, Inc.; Ameristar Casino Kansas City, Inc.; Ameristar Casino Vicksburg, Inc.; Cactus Pete’s, Inc.; Ameristar East Chicago Holdings, LLC; Ameristar Casino East Chicago, LLC; and Ameristar Casino Springfield, LLC. In addition, certain other immaterial subsidiaries are also guarantors of our senior and senior subordinated notes. | |||||||||
[2] | (b)Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $62.7 million in cash and other assets as of June 30, 2014 that include a subsidiary that owns a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | $555,190,000 | $267,257,000 | $1,087,959,000 | $533,874,000 | ||||
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | 140,600,000 | [1] | 62,800,000 | [1] | 293,800,000 | [2] | 127,600,000 | [2] |
Other benefits (costs) [Abstract] | ' | ' | ' | ' | ||||
Depreciation and amortization | -58,773,000 | -22,496,000 | -117,084,000 | -45,655,000 | ||||
Pre-opening and development costs | -6,907,000 | -17,212,000 | -10,319,000 | -24,765,000 | ||||
Non-cash share-based compensation expense | -5,500,000 | -3,400,000 | -8,700,000 | -5,200,000 | ||||
Write-downs, reserves and recoveries, net | -2,579,000 | -1,827,000 | -3,224,000 | -2,129,000 | ||||
Interest expense, net | -62,003,000 | -28,327,000 | -128,792,000 | -56,920,000 | ||||
Loss from equity method investments | 0 | 0 | 0 | -92,181,000 | ||||
Loss on early extinguishment of debt | -8,234,000 | 0 | -8,234,000 | 0 | ||||
Income tax (expense) benefit | 1,093,000 | 3,320,000 | -1,097,000 | 4,388,000 | ||||
Income (loss) from continuing operations | -2,317,000 | -7,100,000 | 16,427,000 | -94,886,000 | ||||
Capital expenditures | ' | ' | 149,746,000 | 106,389,000 | ||||
Midwest [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | 296,400,000 | [3] | 87,100,000 | [3] | 576,700,000 | [3] | 174,200,000 | [3] |
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | 84,200,000 | [3] | 23,000,000 | [3] | 174,300,000 | [2],[3] | 45,100,000 | [2],[3] |
Other benefits (costs) [Abstract] | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | 112,800,000 | 59,700,000 | ||||
South Segment [Domain] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | 203,700,000 | [4] | 178,800,000 | [4] | 403,700,000 | 357,600,000 | ||
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | 62,000,000 | [4] | 46,200,000 | [4] | 126,700,000 | [2] | 93,900,000 | [2] |
Other benefits (costs) [Abstract] | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | 26,600,000 | 41,800,000 | ||||
West [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | 53,700,000 | [2] | 0 | [2] | 104,300,000 | 0 | ||
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | 19,100,000 | [2] | 0 | [2] | 37,300,000 | [2] | 0 | [2] |
Other benefits (costs) [Abstract] | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | 2,400,000 | [3] | 0 | [3] | ||
Operating Segments [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | 553,800,000 | 265,900,000 | 1,084,700,000 | 531,800,000 | ||||
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | 165,300,000 | 69,200,000 | 338,300,000 | 139,000,000 | ||||
Corporate and Other | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Revenues | 1,400,000 | 1,400,000 | 3,300,000 | 2,100,000 | ||||
Adjusted EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjusted EBITDA | -24,700,000 | [5] | -6,400,000 | [5] | -44,500,000 | [1],[2] | -11,400,000 | [1],[2] |
Other benefits (costs) [Abstract] | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | $7,900,000 | $4,900,000 | ||||
[1] | (d)We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, corporate-level litigation settlement costs, gain (loss) on sale of certain assets, loss on early extinguishment of debt, gain (loss) on sale of equity security investments, income (loss) from equity method investments, non-controlling interest and discontinued operations. We define Adjusted EBITDA for each operating segment as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening and development expenses, non-cash share-based compensation, asset impairment costs, write-downs, reserves, recoveries, inter-company management fees, gain (loss) on sale of certain assets, gain (loss) on early extinguishment of debt, gain (loss) on sale of discontinued operations, and discontinued operations. We define Adjusted EBITDA margin as Adjusted EBITDA for the segment divided by segment revenues. We use Consolidated Adjusted EBITDA and Adjusted EBITDA for each segment to compare operating results among our properties and between accounting periods. Consolidated Adjusted EBITDA and Adjusted EBITDA have economic substance because they are used by management as measures to analyze the performance of our business and are especially relevant in evaluating large, long-lived casino-hotel projects because they provide a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. We eliminate the results from discontinued operations at the time they are deemed discontinued. We also review pre-opening and development expenses separately, as such expenses are also included in total project costs when assessing budgets and project returns, and because such costs relate to anticipated future revenues and income. We believe that Consolidated Adjusted EBITDA and Adjusted EBITDA are useful measures for investors because they are indicators of the performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value of companies within our industry. In addition, our credit agreement and bond indentures require compliance with financial measures similar to Consolidated Adjusted EBITDA. Consolidated Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, or as an alternative to any other measure provided in accordance with GAAP. Our calculations of Adjusted EBITDA and Consolidated Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. | |||||||
[2] | (c)Our West segment consists of Ameristar Black Hawk located in Colorado, and Cactus Petes and Horseshu both of which are located in Nevada. | |||||||
[3] | (a)Our Midwest segment consists of Ameristar Council Bluffs, located in Iowa, Ameristar East Chicago located in Indiana, Belterra located in Indiana, Ameristar Kansas City located in Missouri, Ameristar St. Charles located in Missouri, River City located in Missouri, and Belterra Park located in Ohio. | |||||||
[4] | (b)Our South segment consists of Ameristar Vicksburg located in Mississippi, Boomtown Bossier City located in Louisiana, Boomtown New Orleans located in Louisiana, L'Auberge Baton Rouge located in Louisiana and L'Auberge Lake Charles located in Louisiana. | |||||||
[5] | (e)Corporate expenses represent payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations. Beginning in the 2013 third quarter, we changed the methodology used to allocate corporate expenses to our reportable segments. Historically, we allocated direct and some indirect expenses incurred at the corporate headquarters to each property. Expenses incurred at the corporate headquarters that were related to property operations, but not directly attributable to a specific property, were allocated, typically on a pro rata basis, to each property. Only the remaining corporate expenses that were not related to an operating property were retained in the Corporate expense category. Under our new methodology, only corporate expenses that are directly attributable to a property were allocated to each applicable property. All other costs incurred relating to management and consulting services provided by corporate headquarters to the properties are now allocated to those properties based on their respective share of the monthly consolidated net revenues in the form of a management fee. The corporate management fee is excluded in the calculation of segment Adjusted EBITDA and is completely eliminated in any consolidated financial results. The change in methodology increases Adjusted EBITDA for the reportable segments with a corresponding increase in corporate expense, resulting in no impact to Consolidated Adjusted EBITDA. |