Document_Entity_Information
Document Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PINNACLE ENTERTAINMENT INC. | ||
Entity Central Index Key | 356213 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $1,477 | ||
Entity Common Stock, Shares Outstanding | 60,244,891 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Gaming | $1,974,410 | $1,327,266 | $892,284 |
Food and beverage | 118,397 | 78,857 | 53,474 |
Lodging | 50,553 | 31,297 | 21,937 |
Retail, entertainment and other | 67,183 | 50,416 | 35,141 |
Total revenues | 2,210,543 | 1,487,836 | 1,002,836 |
Expenses and other costs: | |||
Gaming | 1,056,878 | 733,459 | 501,354 |
Food and beverage | 110,349 | 69,756 | 47,110 |
Lodging | 24,002 | 14,820 | 11,624 |
Retail, entertainment and other | 27,031 | 23,303 | 19,852 |
General and administrative | 421,399 | 287,381 | 181,175 |
Depreciation and amortization | 241,062 | 148,456 | 82,689 |
Pre-opening, development and other costs | 12,962 | 89,009 | 21,508 |
Write-downs, reserves and recoveries, net | 6,387 | 17,265 | 829 |
Total expenses and other costs | 1,900,070 | 1,383,449 | 866,141 |
Operating income | 310,473 | 104,387 | 136,695 |
Interest expense, net | -252,647 | -169,812 | -93,670 |
Loss on early extinguishment of debt | -8,234 | -30,830 | -20,718 |
Loss from equity method investments | -165 | -92,181 | -30,780 |
Income (loss) from continuing operations before income taxes | 49,427 | -188,436 | -8,473 |
Income tax (expense) benefit | -11,096 | 55,055 | -4,764 |
Income (loss) from continuing operations | 38,331 | -133,381 | -13,237 |
Income from discontinued operations, net of income taxes | 5,449 | -122,540 | -18,568 |
Net income (loss) | 43,780 | -255,921 | -31,805 |
Net loss attributable to non-controlling interest | -63 | -51 | 0 |
Net income (loss) | $43,843 | ($255,870) | ($31,805) |
Net income (loss) per common share—basic | |||
Income (loss) from continuing operations (in dollars per share) | $0.64 | ($2.27) | ($0.22) |
Loss from discontinued operations, net of income taxes (in dollars per share) | $0.09 | ($2.09) | ($0.30) |
Net income (loss)—basic (in dollars per share) | $0.73 | ($4.36) | ($0.52) |
Net income (loss) per common share—diluted | |||
Income (loss) from continuing operations (in dollars per share) | $0.62 | ($2.27) | ($0.22) |
Income (loss) from discontinued operations, net of income taxes (in dollars per share) | $0.09 | ($2.09) | ($0.30) |
Net income (loss) per common share—diluted (in dollars per share) | $0.71 | ($4.36) | ($0.52) |
Number of shares - basic | 59,666 | 58,707 | 61,258 |
Number of shares - diluted | 61,606 | 58,707 | 61,258 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $43,780 | ($255,921) | ($31,805) |
Post-retirement benefit obligations | -258 | 381 | 73 |
Comprehensive income (loss) | 43,522 | -255,540 | -31,732 |
Comprehensive loss attributable to non-controlling interest | -63 | -51 | 0 |
Comprehensive income (loss) attributable to Pinnacle Entertainment, Inc. | $43,585 | ($255,489) | ($31,732) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $164,654 | $191,938 |
Accounts receivable, net of allowance for doubtful accounts of $4,963 and $5,178 | 28,424 | 33,569 |
Inventories | 9,877 | 8,193 |
Income tax receivable, net | 20,289 | 17,397 |
Prepaid expenses and other assets | 27,102 | 20,871 |
Deferred income taxes | 7,509 | 7,662 |
Assets of discontinued operations held for sale | 21,260 | 322,548 |
Total current assets | 279,115 | 602,178 |
Restricted cash | 5,667 | 11,592 |
Land, buildings, vessels and equipment, net of accumulated depreciation | 3,017,009 | 3,036,515 |
Goodwill | 919,282 | 919,282 |
Equity method investment | 1,835 | 1,975 |
Intangible assets, net | 529,269 | 500,084 |
Other assets, net | 81,505 | 87,800 |
Total assets | 4,833,682 | 5,159,426 |
Current Liabilities: | ||
Accounts payable | 57,632 | 69,036 |
Accrued interest | 49,760 | 49,318 |
Accrued compensation | 73,698 | 77,322 |
Accrued taxes | 39,287 | 38,348 |
Other accrued liabilities | 119,106 | 96,273 |
Current portion of long-term debt | 11,006 | 16,006 |
Liabilities of discontinued operations held for sale | 413 | 26,103 |
Total current liabilities | 350,902 | 372,406 |
Long-term debt less current portion | 3,975,648 | 4,364,045 |
Other long-term liabilities | 40,021 | 31,321 |
Deferred income taxes | 177,729 | 166,484 |
Total liabilities | 4,544,300 | 4,934,256 |
Commitments and contingencies (Note 11) | ||
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, 59,979,853 and 59,197,606 shares outstanding, net of treasury shares | 6,635 | 6,557 |
Additional paid-in capital | 1,096,508 | 1,075,896 |
Accumulated deficit | -754,206 | -798,049 |
Accumulated other comprehensive income | 132 | 390 |
Treasury stock, at cost, 6,374,882 of treasury shares for both periods | -71,090 | -71,090 |
Total Pinnacle Entertainment, Inc. stockholders' equity | 277,979 | 213,704 |
Non-controlling interest | 11,403 | 11,466 |
Total stockholders' equity | 289,382 | 225,170 |
Total liabilities and stockholders' equity | $4,833,682 | $5,159,426 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $4,963 | $5,178 |
Preferred stock, par value | $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 | $0.10 | $0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 59,979,853 | 59,197,606 |
Treasury stock, shares | 6,374,882 | 6,374,882 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Atributed to Parent | Non-Controlling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning balance at Dec. 31, 2011 | $519,392 | $6,416 | $1,043,358 | ($510,374) | $82 | ($20,090) | $519,392 | $0 |
Beginning balance, shares at Dec. 31, 2011 | 62,144,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | -31,805 | -31,805 | -31,805 | |||||
Post-retirement benefit obligations | 73 | 146 | -73 | 73 | ||||
Comprehensive income (loss) | -31,732 | |||||||
Share-based compensation | 8,795 | 8,795 | 8,795 | |||||
Common stock issuance and option exercises, shares | 429,000 | |||||||
Common stock issuance and option exercises, value | 1,662 | 42 | 1,620 | 1,662 | ||||
Treasury stock repurchase, shares | -4,366,000 | |||||||
Treasury stock repurchase, value | -51,000 | -51,000 | -51,000 | |||||
Ending balance at Dec. 31, 2012 | 447,117 | 6,458 | 1,053,919 | -542,179 | 9 | -71,090 | 447,117 | 0 |
Ending balance, shares at Dec. 31, 2012 | 58,207,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | -255,921 | -255,870 | -255,870 | -51 | ||||
Post-retirement benefit obligations | 381 | 381 | 381 | |||||
Comprehensive income (loss) | -255,540 | |||||||
Distribution to minority owner | -911 | -911 | ||||||
Non-controlling interest | 12,428 | 12,428 | ||||||
Share-based compensation | 11,978 | 11,978 | 11,978 | |||||
Common stock issuance and option exercises, shares | 991,000 | |||||||
Common stock issuance and option exercises, value | 10,033 | 99 | 9,934 | 10,033 | ||||
Tax benefit from stock option exercises | 65 | 65 | 65 | |||||
Ending balance at Dec. 31, 2013 | 225,170 | 6,557 | 1,075,896 | -798,049 | 390 | -71,090 | 213,704 | 11,466 |
Ending balance, shares at Dec. 31, 2013 | 59,198,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 43,780 | 43,843 | 43,843 | -63 | ||||
Post-retirement benefit obligations | -258 | -258 | -258 | |||||
Comprehensive income (loss) | 43,522 | |||||||
Share-based compensation | 14,043 | 14,043 | 14,043 | |||||
Common stock issuance and option exercises, shares | 782,000 | |||||||
Common stock issuance and option exercises, value | 6,647 | 78 | 6,569 | 6,647 | ||||
Ending balance at Dec. 31, 2014 | $289,382 | $6,635 | $1,096,508 | ($754,206) | $132 | ($71,090) | $277,979 | $11,403 |
Ending balance, shares at Dec. 31, 2014 | 59,980,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $43,780 | ($255,921) | ($31,805) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 241,062 | 160,997 | 115,804 |
Loss on disposal of assets | 1,395 | 3,554 | 1,952 |
Loss from equity method investment | 165 | 92,181 | 30,780 |
Loss on early extinguishment of debt | 8,234 | 30,830 | 20,718 |
Reserve on uncollectible loan receivable | 0 | 86 | 1,700 |
Impairment of indefinite-lived intangible assets | 0 | 10,000 | 0 |
Impairment of buildings, vessels and equipment | 4,691 | 144,726 | 0 |
Impairment of land | 0 | 1,534 | 6,950 |
Amortization of debt issuance costs and debt discounts | 9,696 | 6,432 | 6,519 |
Share-based compensation expense | 14,043 | 11,978 | 8,795 |
Change in income taxes | 11,093 | -51,627 | 848 |
Changes in operating assets and liabilities: | |||
Receivables, net | 2,099 | -1,721 | 6,348 |
Prepaid expenses, inventories and other | -10,698 | 10,565 | 997 |
Accounts payable, accrued expenses and other | 2,926 | -2,547 | 17,300 |
Net cash provided by operating activities | 328,486 | 161,067 | 186,906 |
Cash flows from investing activities: | |||
Capital expenditures and land additions | -230,815 | -292,623 | -299,464 |
Payment for business combinations | 0 | -1,749,736 | -4,300 |
Equity method investment, inclusive of capitalized interest | -25 | -2,732 | -24,408 |
Purchase of held-to-maturity debt securities | 0 | -5,853 | -20,062 |
Proceeds from matured investments | 0 | 4,428 | 12,757 |
Proceeds from sale of property and equipment | 441 | 1,148 | 4,295 |
Net proceeds from sale of discontinued operations held for sale | 258,507 | 205,703 | 10,784 |
Purchase of intangible asset | -25,000 | 0 | -1,057 |
Escrow and deposit refund | 25,000 | 3,151 | 25,000 |
Restricted cash | 5,925 | 656 | 413 |
Loans receivable | -817 | -6,884 | -6,037 |
Net cash provided by (used in) investing activities | 33,216 | -1,842,742 | -302,079 |
Cash flows from financing activities: | |||
Proceeds from credit facility | 291,700 | 2,168,835 | 47,500 |
Repayments under credit facility | -692,987 | -15,122 | -103,500 |
Proceeds from issuance of long-term debt | 0 | 850,000 | 646,750 |
Repayment of long-term debt | 0 | -1,190,313 | -391,500 |
Proceeds from common stock options exercised | 6,644 | 10,070 | 1,482 |
Payments on other secured and unsecured notes payable | 0 | 0 | -653 |
Purchase of treasury stock | 0 | 0 | -51,000 |
Distribution to non-controlling interest minority owner | 0 | -911 | 0 |
Debt issuance and other financing costs | -980 | -44,101 | -12,408 |
Net cash provided by (used in) financing activities | -395,623 | 1,778,458 | 136,671 |
Increase (decrease) in cash and cash equivalents | -33,921 | 96,783 | 21,498 |
Cash and cash equivalents, beginning of period | 198,575 | 101,792 | 80,294 |
Cash and cash equivalents, end of period | 164,654 | 198,575 | 101,792 |
Supplemental Cash Flow Information: | |||
Cash paid for interest, net of amounts capitalized | 242,507 | 141,199 | 82,831 |
Cash payments related to income taxes, net | 118 | 2,629 | 3,474 |
Decrease in construction related deposits and liabilities | -24,899 | -163 | -1,340 |
Increase in accrued liabilities associated with recognized intangible asset | 25,000 | 0 | 0 |
Non-cash consideration for business combination | 0 | 0 | -300 |
Non-cash issuance of common stock | $881 | $227 | $180 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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, and we are a party to a management contract, for Retama Park Racetrack located 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. We view each of our operating properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. For financial reporting purposes, we aggregate our operating segments into the following reportable segments: | ||||||||||||||||||||
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 | |||||||||||||||||||
River City | St. Louis, Missouri | |||||||||||||||||||
Belterra | Florence, Indiana | |||||||||||||||||||
Belterra Park | Cincinnati, Ohio | |||||||||||||||||||
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 and Horseshu | Jackpot, Nevada | |||||||||||||||||||
We have classified certain of our assets and liabilities as held for sale in our 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 for all periods presented. In April 2014, we completed the sale of the ownership interests in the Lumière Place Casino and Hotels. For further information, see Note 8, “Discontinued Operations.” Our Consolidated Statements of Cash Flows have not been adjusted for discontinued operations. | ||||||||||||||||||||
In November 2014, we announced that our Board of Directors approved a plan to pursue a separation of our operating assets and real estate assets into two publicly traded companies. We intend to carry out the proposed separation of our real estate assets through the creation of a newly formed, publicly traded, real estate investment trust (“REIT” or “Prop Co”), the common stock of which would be distributed to Pinnacle stockholders in a tax-free spin-off (“REIT transaction”), with Pinnacle remaining an operating entity (“Op Co”) following the transaction. The completion of the REIT transaction is subject to the successful resolution of various contingencies, including, but not limited to, approval by the required gaming regulators, obtaining a private letter ruling from the U.S. Internal Revenue Service (“IRS”), and completion of financing transactions for both Prop Co and Op Co. | ||||||||||||||||||||
In November 2014, in connection with our plan to pursue a REIT transaction, our Board of Directors adopted a short-term REIT protection shareholder rights plan to prohibit ownership of 9.8% or more of its outstanding common stock in order to safeguard our ability to pursue a pro rata dividend in the proposed REIT transaction under Section 355 of the Internal Revenue Code of 1986. Under the shareholder rights plan, any person or group that acquires beneficial ownership of | ||||||||||||||||||||
9.8% or more of Pinnacle common stock without Board approval would be subject to significant dilution. The rights will expire upon the earliest of (i) November 6, 2016, (ii) the first business day after the closing of the proposed Prop Co spin-off transaction, or (iii) the time at which the rights are redeemed or exchanged under the shareholder rights plan. | ||||||||||||||||||||
In December 2014, we filed a request for a private letter ruling with the IRS. The private letter ruling seeks guidance on various technical tax matters related to the proposed REIT transaction. We expect to complete the REIT transaction in 2016 with REIT election for corporate tax purposes occurring shortly thereafter. However, there can be no assurance that we will be able to complete the proposed REIT transaction in 2016 or at all. | ||||||||||||||||||||
Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and the rules and regulations of the Securities and Exchange Commission (“SEC”). The results for the periods reflect all adjustments that management considers necessary for a fair presentation of operating results. The Consolidated Financial Statements include the accounts of Pinnacle Entertainment, Inc. and its subsidiaries. Investments in the common stock of unconsolidated affiliates in which we have the ability to exercise significant influence are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||
Use of Estimates. The preparation of 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, 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 Consolidated Balance Sheets: | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
As of December 31, 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 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 | ||||||||||||||||
(in millions) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 21.7 | $ | — | $ | 18.5 | $ | 3.2 | ||||||||||
Promissory notes | $ | 12 | $ | 16.8 | $ | — | $ | 16.8 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 3,986.60 | $ | 4,029.90 | $ | — | $ | 4,029.90 | $ | — | ||||||||||
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 include the fair value of our senior notes, senior subordinated notes, senior secured credit facility and term loans were based on Level 2 inputs of observable market data on comparable debt instruments on or about December 31, 2014. | ||||||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents totaled approximately $164.7 million and $191.9 million at December 31, 2014, and 2013, respectively. Cash equivalents are highly liquid investments with an original maturity of less than three months and are stated at the lower of cost or market value and are valued using Level 1 inputs. | ||||||||||||||||||||
Accounts Receivable. Accounts receivable consist primarily of casino, hotel and other receivables. We extend casino credit to approved customers in states where it is permitted following investigations of creditworthiness. Accounts receivable are non-interest bearing and are initially recorded at cost. We have estimated an allowance for doubtful accounts of $5.0 million and $5.2 million as of December 31, 2014, and 2013, respectively, to reduce receivables to their carrying amount, which approximates fair value. The allowance for doubtful accounts is estimated based upon, among other things, collection experience, customer credit evaluations and the age of the receivables. Bad debt expense totaled $2.4 million, $2.2 million, and $3.8 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
Inventories. Inventories, which consist primarily of food, beverage and retail items, are stated at the lower of cost or market value. Costs are determined using the first-in, first-out and the weighted average methods. | ||||||||||||||||||||
Restricted Cash. Long-term restricted cash of $5.7 million and $11.6 million as of December 31, 2014, and 2013, respectively, consists primarily of indemnification trust deposits. | ||||||||||||||||||||
Land, Buildings, Vessels and Equipment. Land, buildings, vessels and equipment are stated at cost. Land includes land not currently being used in our operations that totaled $37.6 million and $39.2 million at December 31, 2014, and 2013, respectively. | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Depreciation expense | $ | 220.3 | $ | 139.1 | $ | 82.5 | ||||||||||||||
We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repairs costs as incurred. Gains or losses on the dispositions of land, buildings, vessels or equipment are included in the determination of income. We depreciate our land improvements, buildings, vessels and equipment using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, as follows: | ||||||||||||||||||||
Years | ||||||||||||||||||||
Land improvements | 5 to 20 | |||||||||||||||||||
Buildings and improvements | 10 to 35 | |||||||||||||||||||
Vessels | 10 to 25 | |||||||||||||||||||
Furniture, fixtures and equipment | 3 to 20 | |||||||||||||||||||
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 portions 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 3, “Long-Term Debt.” | ||||||||||||||||||||
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 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. If such conditions exist, we would compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated. In addition, we would determine if the impairment is other-than-temporary based on our assessment of all relevant factors, including consideration of our intent and ability to retain the investment. To estimate fair value, we would use a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates. | ||||||||||||||||||||
Goodwill and Indefinite-lived Intangible Assets. Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations. Indefinite-lived intangible assets include gaming licenses, trademarks and a racing license. 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. There were no impairments to goodwill for the years ended December 31, 2014, 2013, or 2012. During the third quarter of 2013, we determined there was an indication of impairment for our Boomtown Bossier City gaming license due to a decrease in forecasted financial performance resulting from new competition, and we recorded an impairment charge of $10.0 million. There were no impairments to other indefinite-lived intangible assets for the years ended December 31, 2014, and 2012. For further discussion, see Note 9, “Goodwill and Other Intangible Assets.” | ||||||||||||||||||||
During the year ended December 31, 2014, we recorded a $50.0 million indefinite-lived intangible asset related to Belterra Park's video lottery terminal (“VLT”) license. As of December 31, 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, which is included in “Other accrued liabilities” in our Consolidated Balance Sheet. | ||||||||||||||||||||
During the year ended December 31, 2013, we recorded a total of $864.1 million of goodwill and $529.2 million of intangible assets related to our acquisitions of Ameristar Casinos, Inc. (“Ameristar”) and Pinnacle Retama Partners, LLC. In November 2013, we completed the sale of our equity interests in the entity developing the Ameristar Casino Lake Charles project, and as a result, we no longer hold a $29.8 million gaming license acquired through the Ameristar acquisition. For further discussion, see Note 7, “Investments and Acquisition Activities” and Note 8, “Discontinued Operations.” | ||||||||||||||||||||
Debt Issuance Costs and Debt Discounts/Premiums. Debt issuance costs include costs incurred in connection with the issuance of debt and are capitalized and amortized over the contractual term of the debt to interest expense. Debt issuance costs of the revolving credit facility are amortized on a straight-line basis, while all other debt issuance costs are amortized using the effective interest method. Unamortized debt issuance costs were $44.1 million and $54.1 million at December 31, 2014 and 2013, respectively, and are included in “Other assets, net” in our Consolidated Balance Sheets. Debt discounts/premiums incurred in connection with the issuance of debt have been included as a component of the carrying value of debt and are being amortized to interest expense using the effective interest method. Amortization of debt issuance costs and debt discounts/premiums included in interest expense was $9.7 million, $6.4 million, and $6.5 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
Self-Insurance Accruals. We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage. Insurance claims and reserves include accruals of estimated settlements for known claims, legal costs related to settling such claims and accruals of actuarial estimates of incurred but not reported claims. At December 31, 2014, and 2013, we had total self-insurance accruals of $24.4 million and $26.2 million, respectively, which are included in “Other accrued liabilities” in our Consolidated Balance Sheets. In estimating these accruals, we consider historical loss experience and make judgments about the expected level of costs per claim. We believe the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity could materially affect the estimate for these liabilities. | ||||||||||||||||||||
Customer Loyalty Program. 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. 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. | ||||||||||||||||||||
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 December 31, 2014, and 2013, we had accrued $26.6 million and $18.9 million, respectively, for the estimated cost of providing these benefits. As of December 31, 2013, we had accrued $12.8 million for the estimated cost of providing benefits under Ameristar customer loyalty program. Such amounts are included in “Other accrued liabilities” in our unaudited Consolidated Balance Sheets. | ||||||||||||||||||||
Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are provided against deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax asset will not be realized within a reasonable time period. We assess tax positions using a two-step process. A tax position is recognized if it meets a "more likely than not" threshold, and is measured at the largest amount of benefit that is greater than 50.0% percent of being realized. Uncertain tax positions are reviewed each balance sheet date. Liabilities recorded as a result of this analysis are classified as current or long-term based on the timing of expected payment. See Note 4, “Income Taxes,” for additional information. | ||||||||||||||||||||
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. Cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gaming revenue. Food and beverage, lodging, retail, entertainment, and other operating revenues are recognized as products are delivered or services are performed. Advance deposits on lodging are recorded as accrued liabilities until services are provided to the customer. | ||||||||||||||||||||
The retail value of food and beverage, lodging and other services furnished to guests on a complimentary basis is included in revenues and then deducted as promotional allowances in calculating total revenues. The estimated cost of providing such promotional allowances is primarily included in gaming expenses. Complimentary revenues that have been excluded from the accompanying Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012, were as follows: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Food and beverage | $ | 135.3 | $ | 94.7 | $ | 58.1 | ||||||||||||||
Lodging | 61.1 | 49.3 | 28.1 | |||||||||||||||||
Retail, entertainment and other | 18.2 | 13.4 | 9.6 | |||||||||||||||||
Total promotional allowances | $ | 214.6 | $ | 157.4 | $ | 95.8 | ||||||||||||||
The cost to provide such complimentary benefits for the years ended December 31, 2014, 2013, and 2012, were as follows: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Promotional allowance costs included in gaming expense | $ | 160.9 | $ | 111.2 | $ | 72.4 | ||||||||||||||
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 department expense in the Consolidated Statements of Operations. These taxes for the years ended December 31, 2014, 2013, and 2012, were as follows: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Gaming taxes | $ | 557.3 | $ | 378.6 | $ | 261.8 | ||||||||||||||
Advertising Costs. We expense advertising costs the first time the advertising takes place. These costs are included in gaming expenses in the accompanying Consolidated Statements of Operations. In addition, advertising costs associated with development projects are included in pre-opening, development and other costs until the project is completed. These costs for the years ended December 31, 2014, 2013, and 2012, consist of the following: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Advertising costs | $ | 30.6 | $ | 20.9 | $ | 22.1 | ||||||||||||||
Pre-opening, Development and Other Costs. Pre-opening, development and other costs consist of payroll costs to hire, employ and train the workforce prior to opening an operating facility; marketing campaigns prior to and commensurate with the opening; master planning and conceptual design fees; legal and professional fees related to the project but not otherwise attributable to depreciable assets; lease payments; real estate taxes; acquisition costs; restructuring costs; and other general and administrative costs related to our projects. Pre-opening, development and other costs are expensed as incurred and for the years ended December 31, 2014, 2013, and 2012, consist of the following: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Ameristar acquisition (1) | $ | 2.2 | $ | 85.3 | $ | — | ||||||||||||||
Belterra Park (2) | 8.2 | 1.2 | 0.4 | |||||||||||||||||
Other (3) | 2.6 | 2.5 | 21.1 | |||||||||||||||||
Total pre-opening, development and other costs | $ | 13 | $ | 89 | $ | 21.5 | ||||||||||||||
-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. | |||||||||||||||||||
-3 | Costs in 2014 include $1.7 million of costs in 2014 associated with our evaluation and plan to pursue a REIT spin-off transaction. The 2012 total includes costs incurred in connection with our L'Auberge Baton Rouge property, which opened in 2012. | |||||||||||||||||||
Share-based Compensation. We measure the cost of awards of equity instruments to employees based on the grant-date fair value of the award. The grant-date fair value is determined using the Black-Scholes model. The fair value, net of estimated forfeitures, is amortized as compensation cost on a straight-line basis over the vesting period. See Note 6, “Employee Benefit Plans.” | ||||||||||||||||||||
Earnings per Share. Diluted earnings per share reflects the addition of potentially dilutive securities, which include in-the money stock options, restricted stock units and phantom stock units. We calculate the effect of dilutive securities using the treasury stock method. A total of 1.6 million, 1.0 million, and 4.4 million out-of-money stock options were excluded from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013, and 2012, respectively, because including them would have been anti-dilutive. | ||||||||||||||||||||
For the years ended December 31, 2013, and 2012, we recorded a net loss 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 such years. Options and securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share were 1.7 million and 0.5 million, respectively. | ||||||||||||||||||||
Business Combinations. We allocate the business combination 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. We determined the fair value of identifiable intangible assets, such as customer relationships and trademarks, as well as any other significant tangible assets or liabilities, such as long-lived property. The fair value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of acquired assets and liabilities assumed. Management estimates the fair value of assets and liabilities primarily using discounted cash flows and replacement cost analysis. Provisional fair value measurements of acquired assets and liabilities assumed may be retrospectively adjusted during the measurement period. The measurement period ends once we are able to determine we have obtained all necessary information that existed as of the acquisition date or once we determine that such information is unavailable. The measurement period does not extend beyond one year from the acquisition date. See Note 7, “Investment and Acquisition Activities,” for additional information. | ||||||||||||||||||||
Reclassifications. The Consolidated Financial Statements reflect certain reclassifications to prior year amounts to conform to classification in the current period. These reclassifications had no effect on previously reported net income or 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. The adoption of this standard is not expected to have an impact on our financial position, results of operations or cash flows. | ||||||||||||||||||||
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 standard on our consolidated financial statements. | ||||||||||||||||||||
In June 2014, the FASB issued an accounting standards update with respect to performance share awards. This accounting standards 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. Given 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 consolidated financial statements. |
Land_Buildings_Vessels_and_Equ
Land, Buildings, Vessels and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Land, Buildings, Vessels and Equipment | Land, Buildings, Vessels and Equipment | |||||||
Impairment of long-lived assets: We review our long-lived assets for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. During the year ended December 31, 2013, we recorded impairment charges totaling $1.5 million related to a decline in value of some of our excess land. | ||||||||
The following table presents a summary of our land, buildings, vessels and equipment: | ||||||||
For the year ended December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Land, buildings, vessels and equipment: | ||||||||
Land and land improvements | $ | 401.9 | $ | 391.7 | ||||
Buildings, vessels and improvements | 2,677.80 | 2,492.20 | ||||||
Furniture, fixtures and equipment | 721.9 | 633.1 | ||||||
Construction in progress | 75.6 | 175.6 | ||||||
Land, buildings, vessels and equipment, gross | 3,877.20 | 3,692.60 | ||||||
Less: accumulated depreciation | (860.2 | ) | (656.1 | ) | ||||
Land, buildings, vessels and equipment, net | $ | 3,017.00 | $ | 3,036.50 | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||||||||
Long-Term Debt | Long-Term Debt | ||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||
December 31, 2014 | |||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | |||||||||||||
(in millions) | |||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||
Revolving Credit Facility due 2018 | $ | 606.6 | $ | — | $ | 606.6 | |||||||||
Term B-2 Loan due 2020 | 782.2 | (21.1 | ) | 761.1 | |||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | ||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 53.8 | 1,093.80 | ||||||||||||
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 | 3,953.90 | 32.7 | 3,986.60 | ||||||||||||
Less current maturities | (11.0 | ) | — | (11.0 | ) | ||||||||||
Total long-term debt | $ | 3,942.90 | $ | 32.7 | $ | 3,975.60 | |||||||||
December 31, 2013 | |||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | |||||||||||||
(in millions) | |||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||
Revolving Credit Facility due 2018 | $ | 493.6 | $ | — | $ | 493.6 | |||||||||
Term B-1 Loan due 2016 | 202 | (7.7 | ) | $ | 194.3 | ||||||||||
Term B-2 Loan 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: On August 13, 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 $1.0 billion revolving credit commitment. As of December 31, 2014, we fully repaid the outstanding principal balance of our Tranche B-1 term loans, had approximately $782.2 million in outstanding principal Tranche B-1 term loan debt, and had approximately $606.6 million drawn under the revolving credit facility. Additionally, we had approximately $12.7 million committed under letters of credit. 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. | |||||||||||||||
The loans under the Credit Facility are due to be paid as follows: (i) the revolving credit loans are due and payable in full on August 13, 2018; and (ii) the Tranche B-2 term loans are subject to 0.25% quarterly principal amortization requirements and the remaining principal outstanding is due and payable in full on August 13, 2020; provided, that such date shall be accelerated to November 15, 2019, if any portion of the Company's 8.75% senior subordinated notes due 2020 are outstanding on November 19, 2019. | |||||||||||||||
The term loans bear interest, at our option, at either LIBOR plus 2.75% or at a base rate plus 1.75% and in no event will LIBOR be less than 1.00%. The revolving credit facility bears interest, at our option, at either LIBOR plus a margin ranging from 1.75% to 2.75% or at a base rate plus a margin ranging from 0.75% to 1.75%, in either case based on our consolidated total leverage ratio, which in general is the ratio of consolidated total debt (less excess cash, as defined in the Credit Facility) to annualized adjusted EBITDA. | |||||||||||||||
The Credit Facility has, among other things, financial covenants and other affirmative and negative covenants. As of December 31, 2014, the Credit Facility requires compliance with the following ratios so long as there are outstanding borrowings under our revolving credit facility: (1) maximum consolidated total leverage ratio (as defined in the Credit Facility) of 7.50 to 1.00; (2) minimum consolidated interest coverage ratio (as defined in the Credit Facility) of 2.00 to 1.00; and (3) maximum consolidated senior secured debt ratio (as defined in the Credit Facility) of 3.00 to 1.00. In addition, the Credit Facility has covenants that limit the amount of senior unsecured debt we may incur to $3.5 billion, unless our maximum consolidated total leverage ratio is less than 6.00 to 1.00. The maximum consolidated total leverage ratio and maximum senior secured debt ratio are subject to change periodically for future fiscal quarters. As of December 31, 2014, we were in compliance with each of these ratios, and compliance with these ratios does not have a material impact on our financial flexibility, including our ability to incur new indebtedness. | |||||||||||||||
The Credit Facility permits us, in the future, to increase the commitments under the revolving credit facility and to obtain term loan commitments, in each case from existing or new lenders that are willing to commit to such an increase, so long as we are in pro-forma compliance with the Credit Facility's financial and other covenants, including a consolidated senior secured debt ratio and a consolidated total leverage ratio. | |||||||||||||||
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”). 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 of each year. The 6.375% Notes mature on August 1, 2021. Net of initial purchasers’ fees and various costs and expenses, proceeds from the offering were approximately $835.0 million. | |||||||||||||||
7.50% Senior Notes due 2021: As part of the acquisition of Ameristar, we assumed $1.04 billion in aggregate principal amount of 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. | |||||||||||||||
7.75% Senior Subordinated Notes due 2022: In March 2012, we issued $325.0 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 $318.3 million. | |||||||||||||||
8.75% Senior Subordinated Notes due 2020: In May 2010, we issued $350.0 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. | |||||||||||||||
The 6.375% Notes, 8.75% Notes, 7.75% Notes, and 7.50% Notes, become callable at a premium over their face amount on August 1, 2016, May 15, 2015, April 1, 2017, and April 15, 2015, respectively. Such premiums decline periodically as the notes progress toward their respective maturities. All of our notes are redeemable prior to such times at a price that reflects a yield to the first call that is equivalent to the applicable Treasury bond yield plus 0.5 percentage points. | |||||||||||||||
6.375% Notes Redeemable | 8.75% Notes Redeemable | 7.75% Notes Redeemable | 7.50% Notes Redeemable | ||||||||||||
On or after | At a % of | On or after | At a % of | On or after | At a % of | On or after | At a % of | ||||||||
August 1, | par equal to | May 15, | par equal to | April 1, | par equal to | April 15, | par equal to | ||||||||
2016 | 104.78% | 2015 | 104.38% | 2017 | 103.88% | 2015 | 105.62% | ||||||||
2017 | 103.19% | 2016 | 102.92% | 2018 | 102.58% | 2016 | 103.75% | ||||||||
2018 | 101.59% | 2017 | 101.46% | 2019 | 101.29% | 2017 | 101.88% | ||||||||
2019 and thereafter | 100.00% | 2018 and thereafter | 100.00% | 2020 and thereafter | 100.00% | 2018 and thereafter | 100.00% | ||||||||
Our indentures governing our senior and senior subordinated notes and our Credit Facility limit the amount of dividends we are permitted to pay. | |||||||||||||||
Interest expense, net, was as follows: | |||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(in millions) | |||||||||||||||
Interest expense | $ | 255.9 | $ | 173.5 | $ | 114.8 | |||||||||
Interest income | (0.4 | ) | (0.4 | ) | (0.8 | ) | |||||||||
Capitalized interest | (2.9 | ) | (3.3 | ) | (20.3 | ) | |||||||||
Total interest expense, net | $ | 252.6 | $ | 169.8 | $ | 93.7 | |||||||||
Interest expense is capitalized on internally constructed assets at our overall weighted average cost of borrowing. During 2014, we capitalized interest on our Belterra Park re-development project and our Boomtown New Orleans hotel. Interest expense increased due to the additional debt incurred to fund our acquisition of Ameristar and other development projects. During the years ended December 31, 2014, 2013, and 2012, cash paid for interest, net of amounts capitalized, were $242.5 million, $141.2 million, and $82.8 million, respectively. | |||||||||||||||
Loss on early extinguishment of debt was as follows: | |||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(in millions) | |||||||||||||||
Loss on early extinguishment of debt | $ | 8.2 | $ | 30.8 | $ | 20.7 | |||||||||
During 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. For 2013, we recorded a $30.8 million loss related to the early redemption of our 8.625% Notes and the amendment and restatement of our Fourth Amended and Restated Credit Agreement. The loss included redemption premiums and the write-off of previously unamortized debt issuance costs and original issuance discount costs. For 2012, we recorded a $20.7 million loss related to the early redemption of our 7.50% Senior Subordinated Notes due 2015. The loss included redemption premiums and the write-off of previously unamortized debt issuance costs and original issuance discount costs. | |||||||||||||||
Scheduled maturities of long-term debt: As of December 31, 2014, annual maturities of secured and unsecured notes payable are as follows (amounts shown in millions): | |||||||||||||||
Year ended December 31: | |||||||||||||||
2015 | $ | 11 | |||||||||||||
2016 | 11 | ||||||||||||||
2017 | 11 | ||||||||||||||
2018 | 617.6 | ||||||||||||||
2019 | 11 | ||||||||||||||
Thereafter | 3,292.30 | ||||||||||||||
Total | 3,953.90 | ||||||||||||||
Less unamortized debt discounts | (21.1 | ) | |||||||||||||
Unamortized debt premium | 53.8 | ||||||||||||||
Long-term debt, including current portion | $ | 3,986.60 | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
The composition of our income tax (expense) benefit from continuing operations for the years ended December 31, 2014, 2013, and 2012, was as follows: | |||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
U.S. Federal | $ | 3.7 | $ | (8.3 | ) | $ | (4.6 | ) | |||||||||||||
State | (1.7 | ) | (4.8 | ) | (6.5 | ) | |||||||||||||||
$ | 2 | $ | (13.1 | ) | $ | (11.1 | ) | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | 53.8 | $ | 53.8 | |||||||||||||||
State | (3.3 | ) | 4.6 | 1.3 | |||||||||||||||||
$ | (3.3 | ) | $ | 58.4 | $ | 55.1 | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | (0.9 | ) | $ | (0.9 | ) | |||||||||||||
State | (4.0 | ) | 0.1 | (3.9 | ) | ||||||||||||||||
$ | (4.0 | ) | $ | (0.8 | ) | $ | (4.8 | ) | |||||||||||||
The following table reconciles our effective income tax rate from continuing operations to the federal statutory tax rate of 35%: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Percent | Amount | Percent | Amount | Percent | Amount | ||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
Federal income tax (expense) benefit at the statutory rate | 35 | % | $ | (17.3 | ) | 35 | % | $ | 66 | 35 | % | $ | 3 | ||||||||
State income taxes, net of federal tax benefits | (0.1 | )% | 0.1 | 3.4 | % | 6.5 | (52.5 | )% | (4.4 | ) | |||||||||||
Non-deductible expenses and other | 5.1 | % | (2.5 | ) | (0.9 | )% | (1.8 | ) | (8.1 | )% | (0.7 | ) | |||||||||
Cancellation of stock options | — | % | — | — | % | — | (24.5 | )% | (2.1 | ) | |||||||||||
Acquisition costs | 1.1 | % | (0.5 | ) | (5.4 | )% | (10.2 | ) | — | % | — | ||||||||||
Reserves for unrecognized tax benefits | 1.8 | % | (0.9 | ) | (0.1 | )% | (0.2 | ) | (1.4 | )% | (0.1 | ) | |||||||||
Credits | (4.8 | )% | 2.3 | 0.8 | % | 1.6 | 6.2 | % | 0.4 | ||||||||||||
Change in valuation allowance/reserve of deferred tax assets | (15.6 | )% | 7.7 | (3.6 | )% | (6.8 | ) | (10.9 | )% | (0.9 | ) | ||||||||||
Income tax (expense) benefit from continuing operations | 22.5 | % | $ | (11.1 | ) | 29.2 | % | $ | 55.1 | (56.2 | )% | $ | (4.8 | ) | |||||||
The following table shows the allocation of income tax (expense) benefit between continuing operations, discontinued operations and equity: | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 49.4 | $ | (188.5 | ) | $ | (8.4 | ) | |||||||||||||
Income tax (expense) benefit allocated to continuing operations | (11.1 | ) | 55.1 | (4.8 | ) | ||||||||||||||||
Income (loss) from continuing operations | 38.3 | (133.4 | ) | (13.2 | ) | ||||||||||||||||
Income (loss) from discontinued operations before income taxes | 5.2 | (123.8 | ) | (18.9 | ) | ||||||||||||||||
Income tax (expense) benefit allocated to discontinued operations | 0.3 | 1.2 | 0.3 | ||||||||||||||||||
Income (loss) from discontinued operations | 5.5 | (122.6 | ) | (18.6 | ) | ||||||||||||||||
Net income (loss) | $ | 43.8 | $ | (255.9 | ) | $ | (31.8 | ) | |||||||||||||
At December 31, 2014, and 2013, the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Deferred tax assets—current: | |||||||||||||||||||||
Workers’ compensation insurance reserve | $ | 4.3 | $ | 4.3 | |||||||||||||||||
Allowance for doubtful accounts | 2.5 | 2.8 | |||||||||||||||||||
Legal and merger costs | 2.3 | 4.8 | |||||||||||||||||||
Accruals, reserves and other | 28.4 | 29.2 | |||||||||||||||||||
Less valuation allowance | (17.9 | ) | (22.5 | ) | |||||||||||||||||
Total deferred tax assets—current | 19.6 | 18.6 | |||||||||||||||||||
Deferred tax liabilities—current: | |||||||||||||||||||||
Prepaid expenses | (7.8 | ) | (7.0 | ) | |||||||||||||||||
Accruals, reserves and other | (4.3 | ) | (3.9 | ) | |||||||||||||||||
Total deferred tax liabilities—current | (12.1 | ) | (10.9 | ) | |||||||||||||||||
Net current deferred tax asset | $ | 7.5 | $ | 7.7 | |||||||||||||||||
Deferred tax assets—non-current: | |||||||||||||||||||||
Federal tax credit carry-forwards | $ | 34.1 | $ | 31.2 | |||||||||||||||||
Federal net operating loss carry-forwards | 214.5 | 188.1 | |||||||||||||||||||
State net operating loss carry-forwards | 36.6 | 29.6 | |||||||||||||||||||
Capital loss carry-forwards | — | 5.9 | |||||||||||||||||||
Deferred compensation | 2.6 | 2.6 | |||||||||||||||||||
Pre-opening expenses capitalized for tax purposes | 13.2 | 10.8 | |||||||||||||||||||
ACDL investment write-down | 38.5 | 38.5 | |||||||||||||||||||
Share-based compensation expense—book cost | 10 | 8.8 | |||||||||||||||||||
Bond payable | 23.2 | 27.7 | |||||||||||||||||||
Accruals, reserves and other | 43.7 | 42 | |||||||||||||||||||
Less valuation allowance | (227.8 | ) | (237.7 | ) | |||||||||||||||||
Total deferred tax assets—non-current | 188.6 | 147.5 | |||||||||||||||||||
Deferred tax liabilities—non-current: | |||||||||||||||||||||
Land, buildings, vessels and equipment, net | (221.4 | ) | (187.2 | ) | |||||||||||||||||
Intangible assets | (144.9 | ) | (126.8 | ) | |||||||||||||||||
Total deferred tax liabilities—non-current | (366.3 | ) | (314.0 | ) | |||||||||||||||||
Net non-current deferred tax liabilities | $ | (177.7 | ) | $ | (166.5 | ) | |||||||||||||||
The following table summarizes the total deferred tax assets and total deferred tax liabilities provided in the previous table: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Total deferred tax assets | $ | 453.9 | $ | 426.3 | |||||||||||||||||
Less valuation allowances | (245.7 | ) | (260.2 | ) | |||||||||||||||||
Less total deferred tax liabilities | (378.4 | ) | (324.9 | ) | |||||||||||||||||
Net deferred tax liabilities | $ | (170.2 | ) | $ | (158.8 | ) | |||||||||||||||
In 2013, we recorded a tax benefit from the release of $58.4 million of our valuation allowance as a result of the consolidation of our deferred tax assets with the Ameristar deferred tax liability. As of December 31, 2014, we continue to provide a full valuation allowance against deferred tax assets for all jurisdictions except for certain states that are more likely than not to be realized. In evaluating the need for a valuation allowance, we consider all sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, forecasts of future taxable income, and tax planning strategies. We have a cumulative U.S. pretax accounting loss for the years 2012 through 2014. Considering all available evidence both positive and negative, and in light of the cumulative losses in recent years, we determined that a full valuation allowance was appropriate. | |||||||||||||||||||||
As of December 31, 2014, our tax filings reflected available Alternative Minimum Tax (“AMT”) credit carry-forwards of $3.1 million, General Business Credit (“GBC”) carry-forwards of $20.6 million and Foreign Tax Credit (“FTC”) carry-forwards of $10.4 million. The FTC and GBC carry-forwards will begin to expire in 2020 through 2034, while the AMT credits can be carried forward indefinitely to reduce future regular tax liabilities. As of December 31, 2014, we had $632.9 million of federal net operating losses, which can be carried forward 20 years and will begin to expire in 2028. We also have $1.0 billion of state net operating loss carry-forwards, predominantly in Louisiana and Missouri, that expire on various dates. Our net operating loss carry-forwards include a $17.8 million excess tax benefit from stock option deductions, which have not been recognized for financial statement purposes. The excess tax benefit will be credited to additional paid-in capital when the net operating loss is utilized and reduces current-year income tax payable. | |||||||||||||||||||||
In 2014, the Internal Revenue Service ("IRS") issued final regulations on tangible depreciable property. The regulations establish requirements to determine when certain costs for acquisition production and improvement of tangible property may be immediately deducted, capitalized and deducted in the future. The regulations are effective for the first day of the taxable year that begins on or after January 1, 2014. The implication of these final regulations had no material impact on our consolidated financial statements. | |||||||||||||||||||||
We file income tax returns in federal and state jurisdictions and are no longer subject to federal income tax examinations for tax years prior to 2011 and state income tax examinations for tax years prior to 2000. In 2012, our federal tax return was examined by the IRS for tax years 2009 and 2010. The examination concluded in January 2013 with adjustments to certain timing items that resulted in an immaterial impact on our 2012 income tax expense. In 2008, the Indiana Department of Revenue commenced an income tax examination of the Company's Indiana income tax filings for the 2005 to 2007 period. We filed an appeal in June 2012 with the Indiana Tax Court to set aside the entire audit assessment. Our appeal is currently pending Court review. For further discussion, see Note 11, "Commitments and Contingencies." | |||||||||||||||||||||
As of December 31, 2014, we had $14.2 million of uncertain tax benefits that, if recognized, would impact the effective tax rate. Authoritative guidance requires companies to accrue interest and related penalties, if applicable, on all tax positions for which reserves have been established consistent with jurisdictional tax laws. We recognize accrued interest and penalties related to uncertain tax benefits as a component of income tax expense. During 2014, we accrued approximately $0.3 million of interest related to unrecognized tax benefits. We had $2.2 million of cumulative interest accrued as of the end of December 31, 2014. No penalties were accrued for in any years. | |||||||||||||||||||||
The following table summarizes the activity related to uncertain tax benefits for 2014 and 2013, excluding any interest or penalties: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance as of January 1 | $ | 35.7 | $ | 9.4 | |||||||||||||||||
Gross increases - tax positions in prior periods | 1.4 | — | |||||||||||||||||||
Gross increases - tax positions in current period | 0.6 | 3.5 | |||||||||||||||||||
Gross decreases - tax positions in current period | — | (0.9 | ) | ||||||||||||||||||
Acquisition | — | 23.8 | |||||||||||||||||||
Statute of limitation expirations | — | (0.1 | ) | ||||||||||||||||||
Balance as of December 31 | $ | 37.7 | $ | 35.7 | |||||||||||||||||
Lease_Obligations
Lease Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Leases Obligations | Lease Obligations | |||||||||||
We have certain long-term operating lease obligations, including corporate office space, land at various locations, water bottom leases in Louisiana, and office and gaming equipment. Minimum lease payments required under operating leases that have initial terms in excess of one year as of December 31, 2014 are as follows (amounts are reflected in millions): | ||||||||||||
Period: | ||||||||||||
2015 | $ | 12.5 | ||||||||||
2016 | 12.1 | |||||||||||
2017 | 10.8 | |||||||||||
2018 | 10.5 | |||||||||||
2019 | 10.1 | |||||||||||
Thereafter | 558.2 | |||||||||||
$ | 614.2 | |||||||||||
Total rent expense for these long-term lease obligations for the years ended December 31, 2014, 2013, and 2012, was $15.0 million, $13.1 million and $11.3 million, respectively. | ||||||||||||
We lease the 232 acres underlying our L’Auberge Lake Charles property. The lease has an initial term of 10 years, which commenced in May 2005, with six renewal options of 10 years each. The annual base rent for the lease is approximately $1.1 million per year, which amount adjusts annually for changes in the consumer price index. | ||||||||||||
We lease the 56 acres that our River City property occupies in St. Louis, Missouri. The lease has a term of 99 years, which commenced in September 2005. The annual rent for the lease is the greater of $4.0 million or 2.5% of annual adjusted gross receipts, as defined in the lease agreement. | ||||||||||||
We lease approximately 148 of the 315 acres that our Belterra property occupies in southern Indiana. The lease period is 50 years total, including an initial five-year lease term with nine consecutive five-year automatic renewal periods. The current lease term is through September 2015 and has seven remaining renewal periods. The lease currently provides for minimum annual rental payments of approximately $1.4 million, plus 1.5% of gross gaming win (as defined in the lease agreement) in excess of $100 million. We also have the option to purchase the land on or after October 2020 for $30 million, subject to adjustments as defined in the lease agreement. | ||||||||||||
We lease the Ameristar East Chicago site from the City of East Chicago under a ground lease that expires (after giving effect to our renewal options) in 2086. | ||||||||||||
We lease corporate office space in Las Vegas, Nevada at various locations. Base rent for these locations ranges from $1.5 million per year to $1.9 million per year, subject to periodic base rate increases. The lease periods range from month-to-month to 10 years, subject to certain renewal options. | ||||||||||||
We are a party to a number of cancellable slot participation and some table game participation arrangements at our various casinos that are customary for casino operations. The slot arrangements generally consist of either a fixed-rent agreement on a per-day basis or a percentage of each slot machine’s gaming revenue, generally payable at month-end. Slot and table game participation fees included in the Consolidated Statements of Operations were as follows: | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Slot and table game participation fees | $ | 27.8 | $ | 20.7 | $ | 16.4 | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||
Share-based Compensation: Our 2005 Equity and Performance Incentive Plan (the “2005 Plan”) allows us to grant stock options, stock appreciation rights, restricted stock, restricted stock units and other performance awards to officers, employees and consultants. The 2005 Plan permits the issuance of up to approximately 9.0 million shares of the Company’s common stock. There were approximately 0.6 million share-based awards available for grant under our 2005 plan as of December 31, 2014. Grants of stock options or stock appreciation rights are counted against the approximately 9.0 million share limit as one share for every one share granted. All other awards under the 2005 Plan are counted against the share limit as 1.4 shares for every one share granted. The 2005 Plan expires in April 2015. | ||||||||||||||
In addition, in 2008 and 2010, in order to recruit our executive officers, we granted options outside of the 2005 Plan for the purchase of 850,000 shares of common stock, all of which remained outstanding as of December 31, 2014. In connection with the acquisition of Ameristar, we granted new employees, who were former employees of Ameristar, options to purchase shares of common stock and restricted stock units. Pursuant to our Annual Incentive Plans, as adopted under the 2005 Plan, 25% of our executive officers' bonuses are payable in restricted stock units, and such executive officers may elect to receive an additional 25% of their bonus in restricted stock units. | ||||||||||||||
As of December 31, 2014, we have approximately 7.7 million share-based awards outstanding, including common stock options, restricted stock units and performance stock units which are detailed below. | ||||||||||||||
Directors Deferred Compensation Plan: Any director may elect to receive phantom stock units in lieu of payment of an annual retainer and board fees under the Company's Directors Deferred Compensation Plan. Phantom stock units are fully expensed when granted. Each phantom stock unit is the economic equivalent of one share of our common stock. Units of phantom stock are payable in common stock following the director’s cessation of service as a director for any reason. | ||||||||||||||
Stock options: Options are granted at the current market price at the date of grant. The following table summarizes information related to our common stock options under the Stock Option Plans: | ||||||||||||||
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Options outstanding at January 1, 2014 | 5,509,246 | $ | 14.01 | |||||||||||
Granted | 939,780 | $ | 23.45 | |||||||||||
Exercised | (480,495 | ) | $ | 13.57 | ||||||||||
Canceled / Forfeited | (399,903 | ) | $ | 20.51 | ||||||||||
Options outstanding at December 31, 2014 | 5,568,628 | $ | 15.17 | 4.75 | $ | 41.7 | ||||||||
Options exercisable at December 31, 2014 | 3,210,753 | $ | 12.81 | 4.12 | $ | 31.3 | ||||||||
Expected to vest at December 31, 2014 | 1,802,431 | $ | 18.67 | 5.63 | $ | 7.5 | ||||||||
The following information is provided for our stock options: | ||||||||||||||
For the year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions, except grant date fair value) | ||||||||||||||
Weighted-average grant date fair value | $ | 9.04 | $ | 10.63 | $ | 5.06 | ||||||||
Intrinsic value of stock options exercised | $ | 5.4 | $ | 9.2 | $ | 0.5 | ||||||||
Net cash proceeds from exercise of stock options | $ | 6.6 | $ | 10.1 | $ | 1.5 | ||||||||
Unamortized compensation costs not yet expensed related to stock options granted totaled approximately $12.1 million at December 31, 2014 and the weighted average period over which the costs are expected to be recognized is approximately two years. | ||||||||||||||
Restricted stock units: The following table summarizes information related to our restricted stock units as of December 31, 2014: | ||||||||||||||
Number of Shares | Weighted Average Fair Value | |||||||||||||
Non-vested shares at January 1, 2014 | 629,518 | $ | 20.11 | |||||||||||
Granted | 1,003,918 | $ | 22.94 | |||||||||||
Vested | (263,864 | ) | $ | 20.25 | ||||||||||
Canceled / Forfeited | (156,639 | ) | $ | 22.78 | ||||||||||
Non-vested shares at December 31, 2014 | 1,212,933 | $ | 22.2 | |||||||||||
Unamortized compensation costs not yet expensed related to non-vested shares totaled approximately $18.7 million at December 31, 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 as of December 31, 2014: | ||||||||||||||
Number of Shares | Weighted Average Fair Value | |||||||||||||
Non-vested shares at January 1, 2014 | 431.858 | $ | 22.79 | |||||||||||
Granted | 123,283 | $ | 26.5 | |||||||||||
Canceled / Forfeited | (34,819 | ) | $ | 23.14 | ||||||||||
Non-vested shares at December 31, 2014 | 520,322 | $ | 23.64 | |||||||||||
Compensation cost: We use the Black-Scholes option-pricing model and the Monte Carlo simulation in order to calculate the compensation costs of employee share-based compensation. Such models require the use of subjective assumptions, including the expected life of the option, the expected volatility of the underlying stock, and the expected dividend on the stock. | ||||||||||||||
In computing the share-based compensation, the following is a weighted average of the assumptions used: | ||||||||||||||
Risk- Free Interest Rate | Expected Life at Issuance (in years) | Expected Volatility | Expected Dividends | |||||||||||
Options granted in the following periods: | ||||||||||||||
2014 | 1.5 | % | 5.17 | 41.2 | % | None | ||||||||
2013 | 1.2 | % | 5.11 | 57 | % | None | ||||||||
2012 | 0.8 | % | 5.25 | 58 | % | None | ||||||||
The expected volatility was derived from an analysis of both the historic actual volatility of our common stock and the implied volatilities of traded options in our common stock. Future volatility may be substantially less or greater than the expected volatility. We do not currently pay dividends, and we do not anticipate that dividends will be paid within the average expected life of existing options. U.S. Treasury rates with similar maturities are used as the proxy for the risk-free rate. The expected life at issuance is based on our experience as to the average historical term of option grants that were exercised, canceled or forfeited. The total compensation costs recognized were as follows: | ||||||||||||||
For the year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Share-based compensation expense | $ | 13.9 | $ | 11.5 | $ | 8.5 | ||||||||
The total fair value of share-based awards that vested during the years ended December 31, 2014, 2013, and 2012 was $12.8 million, $9.0 million, and $9.0 million, respectively. | ||||||||||||||
401(k) Plan: We maintain the Pinnacle Entertainment, Inc. 401(k) Investment Plan (the “401(k) Plan”). The 401(k) Plan is an employee benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, and is intended to be a qualified plan under Section 401(a) of the Internal Revenue Code of 1986. Participants of the 401(k) Plan may contribute up to 100% of pretax income, subject to the legal limitation ($17,500 for 2014). In addition, participants who are age 50 or older may make an additional contribution to the 401(k) Plan, commonly referred to as a “catch-up” contribution ($5,500 for 2014). We consider discretionary matching contributions under the 401(k) Plan, which vest ratably over four to five years, of a 50% discretionary match, up to 3% of eligible compensation. For the years ended December 31, 2014, 2013 and 2012, matching contributions to the 401(k) Plan totaled $3.3 million, $2.4 million, and $1.5 million, respectively. | ||||||||||||||
Executive Deferred Compensation Plan: We maintain an Executive Deferred Compensation Plan (the “Executive Plan”), which allows certain highly compensated employees to defer, on a pre-tax basis, a portion of their annual base salary and bonus. Participation in the Executive Plan is limited. A participant is at all times fully vested in his or her contributions, as well as any attributable appreciation or depreciation thereof. We do not make matching contributions to the Executive Plan for the benefit of participating employees, and the payment of benefits under the plan is an unsecured obligation. The total obligation under the Executive Plan and the cash surrender value of insurance policies are as follow: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Total obligation under Executive Plan (a) | $ | 6.7 | $ | 6.5 | ||||||||||
Cash surrender value of insurance policies (b) | $ | 2.9 | $ | 2.8 | ||||||||||
(a) | Recorded in “Other long-term liabilities” in the Consolidated Balance Sheets. | |||||||||||||
(b) | Recorded in “Other assets, net” in the Consolidated Balance Sheets. | |||||||||||||
Directors' Medical Plan: In February 2007, the Board of Directors approved a directors’ health and medical plan designed to provide health and medical insurance benefits comparable to those provided to corporate executives (the “Directors’ Medical Plan”). To the extent that a covered individual has other insurance or Medicare coverage, the benefits under the Company’s coverage would be supplemental to those otherwise provided. The Directors’ Medical Plan covers directors and their dependents while the director is in office and provides benefits for those directors who leave the board after age 70 and their dependents and for directors in office at the time of a change in control and their dependents for a period of 5 years. The benefit obligation is approximately $0.3 million and $0.3 million for years ended December 31, 2014 and 2013, respectively, and is recorded in “Other long-term liabilities” in the Consolidated Balance Sheets. |
Investments_and_Acquisition_Ac
Investments and Acquisition Activities | 12 Months Ended | |||||
Dec. 31, 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 were 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 was recorded as goodwill, of which $176.9 million is deductible for tax purposes. The goodwill recognized was 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 August 13, 2013, 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 in goodwill, approximately $551.1 million was assigned to the Midwest segment, approximately $231.5 million was assigned to the South segment, and approximately $78.2 million was assigned to the West segment. | ||||||
The following table summarizes the August 13, 2013, fair value of 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 8, “Discontinued Operations,” for further detail. | ||||||
The following table summarizes the August 13, 2013, fair value 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 | |||||
$ | 524,200 | |||||
ACDL Investments: We have a minority ownership interest in Asian Coast Development (Canada), Ltd. (“ACDL”). During 2013, we recorded impairments of approximately $94.0 million, fully impairing the remaining asset carrying value of our investment in ACDL. During 2012, we recorded an initial impairment of approximately $25.0 million. 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 December 31, 2014, we have invested $2.0 million in Farmworks, a land re-vitalization project in downtown St. Louis, which is accounted for under the equity method and included in “Equity method investment” on our Consolidated Balance Sheets. For the year ended December 31, 2014, our proportional share of Farmworks' losses totaled $0.2 million. | ||||||
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 of PRP was accounted for as a business combination. The purchase price for the equity of PRP 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 December 31, 2014, we held $12.0 million in promissory notes issued by RDC that are included in “Other assets, net” in our Consolidated Balance Sheet. 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 December 31, 2014, we held, at amortized cost, $11.4 million in local government corporation bonds that were issued by RDC, a local government corporation of the City of Selma, Texas. These bonds have long-term contractual maturities and are included in “Other assets, net” in our Consolidated Balance Sheet. We have both the intent and ability to hold these investments until the amortized cost is recovered. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||
Discontinued operations for 2014, 2013 and 2012 consist primarily of our former Lumiére Place Casino and Hotels operation, our former Boomtown Reno operations, our former Atlantic City operations, and our former Ameristar Casino Lake Charles, LLC (“Ameristar Lake Charles”) development. We also have also classified certain excess land parcels as held for sale. A disposal group classified as held for sale shall be measured at the lower of its carrying amount or 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.” | ||||||||||||
Lumiére Place Casino and Hotels: In August 2013, we entered into an Equity Interest Purchase Agreement to sell the ownership interests in certain of our subsidiaries, which own and operate the Lumiére Place Casino and Hotels. During 2013, we recorded an impairment charge totaling $144.6 million, to reduce the carrying value of the assets to their net realizable value, less costs to sell. During 2014, we completed the sale of the ownership interests in these subsidiaries for net cash consideration of $250.3 million. We expect no material ongoing financial impact from the Lumiére Place Casino and Hotels. | ||||||||||||
Ameristar Casino Lake Charles: In July 2013, we entered into an agreement to sell all of the equity interests of our subsidiary, which was constructing the Ameristar Lake Charles development project. In November 2013, we closed the sale of the equity interests of our subsidiary. We have received approximately $209.8 million in cash consideration and $10.0 million in deferred consideration in the form of a note receivable from the buyer due in July 2016. The recovery of proceeds from escrow and adjustments to our cost to sell estimates resulted in the recognition of an approximate $2.3 million gain during 2014. | ||||||||||||
Boomtown Reno: In June 2012, we closed the sale of the Boomtown Reno operations for total proceeds of approximately $12.9 million, resulting in a loss of $1.1 million. In August 2014, we closed the sale of the membership interest of PNK (Reno), LLC, which owns 27 acres of the excess land surrounding Boomtown Reno. At closing, we received approximately $3.5 million in cash, resulting in a gain of $2.4 million. As of December 31, 2014, we continue to hold approximately 783 acres of remaining excess land surrounding Boomtown Reno. During the third quarter of 2014, we entered into an agreement to sell this land, subject to a due diligence period. | ||||||||||||
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 ongoing financial impact from Atlantic City. | ||||||||||||
Springfield, Massachusetts: We own approximately 40 acres of land in Springfield, Massachusetts, originally purchased by Ameristar for a possible future casino resort. During the first quarter of 2014, we entered into an option agreement to sell this land. As of December 31, 2014, this option had not been exercised. | ||||||||||||
Revenue, expense and net income (loss) for entities and operations included in discontinued operations are summarized as follows: | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | 41 | $ | 181.3 | $ | 213.1 | ||||||
Operating income (loss) | 4.7 | (123.5 | ) | (19.0 | ) | |||||||
Other non-operating income (loss), net | 0.5 | (0.3 | ) | 0.1 | ||||||||
Income (loss) before income taxes | 5.2 | (123.8 | ) | (18.9 | ) | |||||||
Income tax benefit | 0.3 | 1.2 | 0.3 | |||||||||
Income (loss) from discontinued operations, net of taxes | $ | 5.5 | $ | (122.6 | ) | $ | (18.6 | ) | ||||
Net assets for entities and operations included in discontinued operations are summarized as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Assets: | ||||||||||||
Land, buildings, vessels and equipment, net of accumulated depreciation | $ | 11.8 | $ | 275.3 | ||||||||
Other assets, net | 9.4 | 47.2 | ||||||||||
Total assets | $ | 21.2 | $ | 322.5 | ||||||||
Liabilities: | ||||||||||||
Total liabilities | 0.4 | 26.1 | ||||||||||
Net assets | $ | 20.8 | $ | 296.4 | ||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||
Goodwill. Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations. Goodwill is subject to an annual assessment for impairment during the fourth quarter, or more frequently if there are indications of possible impairment. There were no impairments to goodwill for the years ended December 31, 2014, 2013, and 2012. During 2013, we recorded $864.1 million of goodwill related to our acquisitions of Ameristar and Pinnacle Retama Partners, LLC. | ||||||||||||||||||
Other Intangible Assets. Other intangible assets consist of indefinite-lived intangible assets that include gaming licenses, trademarks and a racing license, and amortizing intangible assets, which include customer relationships and favorable leasehold interests. Our indefinite-lived intangible assets are not subject to amortization, but instead are reviewed annually for impairment during the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate the carrying value may not be recoverable. | ||||||||||||||||||
During 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 December 31, 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. | ||||||||||||||||||
During 2013, we acquired $529.2 million of intangible other assets related to our acquisition of Ameristar and Pinnacle Retama Partners, LLC. In November 2013, we completed the sale of our equity interests in the entity developing the Ameristar Casino Lake Charles project, and as a result, we no longer hold a $29.8 million gaming license acquired through the Ameristar acquisition. | ||||||||||||||||||
There were no impairments to indefinite-lived intangible assets for the years ended December 31, 2014 and 2012. During 2013, we determined there was an indication of impairment for our Boomtown Bossier City gaming license due to a decrease in forecasted financial performance resulting from new competition, and we recorded an impairment of $10.0 million. The fair value of the license was calculated using discounted cash flows using Level 3 inputs. | ||||||||||||||||||
The following tables set forth changes in the carrying value of goodwill and other intangible assets: | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Intangible Assets, Net | ||||||||||||||
Goodwill: | (in millions) | |||||||||||||||||
Ameristar acquisition | Indefinite | $ | 860.8 | $ | — | $ | — | $ | 860.8 | |||||||||
Belterra Park | Indefinite | 35.8 | — | — | 35.8 | |||||||||||||
Boomtown New Orleans | Indefinite | 16.8 | — | — | 16.8 | |||||||||||||
Other | Indefinite | 5.9 | — | — | 5.9 | |||||||||||||
919.3 | — | — | 919.3 | |||||||||||||||
Indefinite-lived Intangible Assets: | ||||||||||||||||||
Gaming licenses | Indefinite | 318.6 | — | (31.1 | ) | 287.5 | ||||||||||||
Trade names | Indefinite | 187.2 | — | — | 187.2 | |||||||||||||
Racing license | Indefinite | 5 | — | — | 5 | |||||||||||||
510.8 | — | (31.1 | ) | 479.7 | ||||||||||||||
Amortizing Intangible Assets: | ||||||||||||||||||
Player relationships | 5 | 75.1 | (29.7 | ) | — | 45.4 | ||||||||||||
Favorable leasehold interests | 31 | 4.4 | (0.2 | ) | — | 4.2 | ||||||||||||
79.5 | (29.9 | ) | — | 49.6 | ||||||||||||||
Total Goodwill and Other Intangible Assets | $ | 1,509.60 | $ | (29.9 | ) | $ | (31.1 | ) | $ | 1,448.60 | ||||||||
31-Dec-13 | ||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Intangible Assets, Net | ||||||||||||||
Goodwill: | (in millions) | |||||||||||||||||
Ameristar acquisition | Indefinite | $ | 860.8 | $ | — | $ | — | $ | 860.8 | |||||||||
Belterra Park | Indefinite | 35.8 | — | — | 35.8 | |||||||||||||
Boomtown New Orleans | Indefinite | 16.8 | — | — | 16.8 | |||||||||||||
Other | Indefinite | 5.9 | — | — | 5.9 | |||||||||||||
919.3 | — | — | 919.3 | |||||||||||||||
Indefinite-lived Intangible Assets: | ||||||||||||||||||
Gaming licenses | Indefinite | 268.6 | — | (31.1 | ) | 237.5 | ||||||||||||
Trade names | Indefinite | 187.2 | — | — | 187.2 | |||||||||||||
Racing license | Indefinite | 5 | — | — | 5 | |||||||||||||
460.8 | — | (31.1 | ) | 429.7 | ||||||||||||||
Amortizing Intangible Assets: | ||||||||||||||||||
Player relationships | 6 | 75.1 | (9.0 | ) | — | 66.1 | ||||||||||||
Favorable leasehold interests | 32 | 4.4 | (0.1 | ) | — | 4.3 | ||||||||||||
79.5 | (9.1 | ) | — | 70.4 | ||||||||||||||
Total Goodwill and Other Intangible Assets | $ | 1,459.60 | $ | (9.1 | ) | $ | (31.1 | ) | $ | 1,419.40 | ||||||||
Player relationships are being amortized on an accelerated basis over an approximate weighted average remaining useful life of 5 years. Favorable leasehold interests are being amortized on a straight-line basis over an approximate weighted average remaining useful life of 31 years. | ||||||||||||||||||
The aggregate amortization expense for indefinite-lived intangible assets was $20.8 million, $9.0 million, and $0.1 million, for the years ended December 31, 2014, 2013, and 2012. Estimated future annual amortization is as follows: | ||||||||||||||||||
Player Relationships | Favorable Leasehold Interests | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||
Year ended December 31: | ||||||||||||||||||
2015 | $ | 15.8 | $ | 0.1 | $ | 15.9 | ||||||||||||
2016 | 11.9 | 0.1 | 12 | |||||||||||||||
2017 | 8.8 | 0.1 | 8.9 | |||||||||||||||
2018 | 6.5 | 0.1 | 6.6 | |||||||||||||||
2019 | 2.1 | 0.1 | 2.2 | |||||||||||||||
Thereafter | 0.3 | 3.7 | 4 | |||||||||||||||
Total | $ | 45.4 | $ | 4.2 | $ | 49.6 | ||||||||||||
Writedowns_reserves_and_recove
Write-downs, reserves and recoveries, net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Write Downs Reserves And Recoveries Net Abstract | ||||||||||||
Write-downs, reserves and recoveries, net | Write-downs, reserves and recoveries, net | |||||||||||
Write-downs, reserves and recoveries, net, consist of the following: | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss (gain) on disposal of assets, net | $ | 3.5 | $ | 2.8 | $ | (1.2 | ) | |||||
Lease abandonment | 3 | — | — | |||||||||
Reserve on loan receivable | — | 0.1 | 1.7 | |||||||||
Impairment of long-lived assets | — | 2.9 | 0.3 | |||||||||
Impairment of indefinite-lived intangible assets | — | 10 | — | |||||||||
Other | (0.1 | ) | 1.5 | — | ||||||||
Write-downs, reserves and recoveries, net | $ | 6.4 | $ | 17.3 | $ | 0.8 | ||||||
Write-downs, reserves and recoveries, net, consist of $6.4 million in losses for the year ended December 31, 2014. The losses related to a $3.0 million lease abandonment charge from the consolidation of our Las Vegas headquarters and net losses of $3.5 million from the disposal or abandonment of slot and other equipment at our properties in the normal course of business. | ||||||||||||
For the year ended December 31, 2013, we recognized net losses of $17.3 million. The losses were primarily a result of an impairment loss on our Boomtown Bossier City gaming license of $10.0 million, an impairment charge of $1.5 million related to a decline in value of some of our excess land, and losses of $2.8 million from disposals of slot and other equipment at our properties in the normal course of business. | ||||||||||||
For the year ended December 31, 2012, we recognized net losses of $0.8 million. The losses were primarily a result of a $1.7 million reserve made against an outstanding loan receivable. This loss was offset by a net gain of $1.2 million on disposals of assets. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 $131.0 million, which includes the $20.1 million described above. | |
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 December 31, 2014, and 2013, we had total self-insurance accruals of $24.4 million and $26.2 million, respectively, which are included in “Other accrued liabilities” in our Consolidated Balance Sheets. | |
Indiana Tax Dispute: In 2008, the Indiana Department of Revenue (“IDR”) commenced an income tax examination of the Company's Indiana income tax filings for the 2005 to 2007 period. In February 2010, the Company received a notice of proposed adjustment from the field agent 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. As of December 31, 2014, the Company is still awaiting the issuance of the Indiana Tax Court's ruling on our Motion for Partial Summary Judgment. | |
Other: We are a party to a number of 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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Consolidating Condensed Financial Information | Consolidating Condensed Financial Information | |||||||||||||||||||
Our subsidiaries (excluding subsidiaries with approximately $61.4 million in cash and other assets as of December 31, 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. 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: | ||||||||||||||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Statements of Operations | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 1,974.40 | $ | — | $ | — | $ | 1,974.40 | ||||||||||
Food and beverage | — | 118.4 | — | — | 118.4 | |||||||||||||||
Lodging | — | 50.6 | — | — | 50.6 | |||||||||||||||
Retail, entertainment and other | 0.1 | 67 | — | — | 67.1 | |||||||||||||||
0.1 | 2,210.40 | — | — | 2,210.50 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 1,056.90 | — | — | 1,056.90 | |||||||||||||||
Food and beverage | — | 110.3 | — | — | 110.3 | |||||||||||||||
Lodging | — | 24 | — | — | 24 | |||||||||||||||
Retail, entertainment and other | — | 27 | — | — | 27 | |||||||||||||||
General and administrative | 96.2 | 324.9 | 0.3 | — | 421.4 | |||||||||||||||
Pre-opening, development and other costs | 4.3 | 8.3 | 0.3 | — | 12.9 | |||||||||||||||
Depreciation and amortization | 8.5 | 232.5 | — | — | 241 | |||||||||||||||
Write downs, reserves, recoveries, net | 4.2 | 2.2 | — | — | 6.4 | |||||||||||||||
113.2 | 1,786.10 | 0.6 | — | 1,900.00 | ||||||||||||||||
Operating income (loss) | (113.1 | ) | 424.3 | (0.6 | ) | — | 310.5 | |||||||||||||
Equity earnings of subsidiaries | 292.5 | — | — | (292.5 | ) | — | ||||||||||||||
Interest (expense) and non-operating income, net | (255.4 | ) | 2.7 | — | — | (252.7 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Loss from equity method investment | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (84.2 | ) | 427 | (0.8 | ) | (292.5 | ) | 49.4 | ||||||||||||
Management fee and inter-company interest | 149.8 | (149.8 | ) | — | — | — | ||||||||||||||
Income tax benefit (expense) | (21.8 | ) | 10.7 | — | — | (11.1 | ) | |||||||||||||
Income (loss) from continuing operations | 43.8 | 287.9 | (0.8 | ) | (292.5 | ) | 38.3 | |||||||||||||
Income from discontinued operations, net of income taxes | — | 5.5 | — | — | 5.5 | |||||||||||||||
Net income (loss) | $ | 43.8 | $ | 293.4 | $ | (0.8 | ) | $ | (292.5 | ) | $ | 43.8 | ||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 1,327.30 | $ | — | $ | — | $ | 1,327.30 | ||||||||||
Food and beverage | — | 78.9 | — | — | 78.9 | |||||||||||||||
Lodging | — | 31.3 | — | — | 31.3 | |||||||||||||||
Retail, entertainment and other | 0.1 | 50.2 | — | — | 50.3 | |||||||||||||||
0.1 | 1,487.70 | — | — | 1,487.80 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 733.5 | — | — | 733.5 | |||||||||||||||
Food and beverage | — | 69.8 | — | — | 69.8 | |||||||||||||||
Lodging | — | 14.8 | — | — | 14.8 | |||||||||||||||
Retail, entertainment and other | — | 23.3 | — | — | 23.3 | |||||||||||||||
General and administrative | 63.1 | 223.8 | 0.5 | — | 287.4 | |||||||||||||||
Pre-opening, development and other costs | 86.2 | 2.1 | 0.7 | — | 89 | |||||||||||||||
Depreciation and amortization | 6.5 | 142 | — | — | 148.5 | |||||||||||||||
Write downs, reserves, recoveries, net | 1.1 | 14.5 | 1.6 | — | 17.2 | |||||||||||||||
156.9 | 1,223.80 | 2.8 | — | 1,383.50 | ||||||||||||||||
Operating income (loss) | (156.8 | ) | 263.9 | (2.8 | ) | — | 104.3 | |||||||||||||
Equity earnings of subsidiaries | (16.1 | ) | — | — | 16.1 | — | ||||||||||||||
Loss on early extinguishment of debt | (30.8 | ) | — | — | — | (30.8 | ) | |||||||||||||
Loss from equity method investment | — | — | (92.2 | ) | — | (92.2 | ) | |||||||||||||
Interest (expense) and non-operating income, net | (177.4 | ) | 7.7 | — | — | (169.7 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (381.1 | ) | 271.6 | (95.0 | ) | 16.1 | (188.4 | ) | ||||||||||||
Management fee and inter-company interest | 70.1 | (70.1 | ) | — | — | — | ||||||||||||||
Income tax benefit | 55.1 | — | — | — | 55.1 | |||||||||||||||
Income (loss) from continuing operations | (255.9 | ) | 201.5 | (95.0 | ) | 16.1 | (133.3 | ) | ||||||||||||
Loss from discontinued operations, net of income taxes | — | (122.5 | ) | (0.1 | ) | — | (122.6 | ) | ||||||||||||
Net income (loss) | $ | (255.9 | ) | $ | 79 | $ | (95.1 | ) | $ | 16.1 | $ | (255.9 | ) | |||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 892.3 | $ | — | $ | — | $ | 892.3 | ||||||||||
Food and beverage | — | 53.5 | — | — | 53.5 | |||||||||||||||
Lodging | — | 21.9 | — | — | 21.9 | |||||||||||||||
Retail, entertainment and other | 0.1 | 34.5 | 0.5 | — | 35.1 | |||||||||||||||
0.1 | 1,002.20 | 0.5 | — | 1,002.80 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 501.4 | — | — | 501.4 | |||||||||||||||
Food and beverage | — | 47.1 | — | — | 47.1 | |||||||||||||||
Lodging | — | 11.6 | — | — | 11.6 | |||||||||||||||
Retail, entertainment and other | — | 19.1 | 0.7 | — | 19.8 | |||||||||||||||
General and administrative | 26.7 | 153.9 | 0.6 | — | 181.2 | |||||||||||||||
Pre-opening, development and other costs | 3.2 | 16.7 | 1.6 | — | 21.5 | |||||||||||||||
Depreciation and amortization | 3.3 | 79.2 | 0.2 | — | 82.7 | |||||||||||||||
Write downs, reserves, recoveries, net | 0.3 | (1.2 | ) | 1.7 | — | 0.8 | ||||||||||||||
33.5 | 827.8 | 4.8 | — | 866.1 | ||||||||||||||||
Operating income (loss) | (33.4 | ) | 174.4 | (4.3 | ) | — | 136.7 | |||||||||||||
Equity earnings of subsidiaries | 111.3 | (0.1 | ) | — | (111.2 | ) | — | |||||||||||||
Loss on early extinguishment of debt | (20.7 | ) | — | — | — | (20.7 | ) | |||||||||||||
Loss from equity method investment | — | — | (30.8 | ) | — | (30.8 | ) | |||||||||||||
Interest (expense) and non-operating income, net | (114.4 | ) | 12 | 8.7 | — | (93.7 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (57.2 | ) | 186.3 | (26.4 | ) | (111.2 | ) | (8.5 | ) | |||||||||||
Management fee and inter-company interest | 30.1 | (20.2 | ) | (8.4 | ) | (1.5 | ) | — | ||||||||||||
Income tax expense | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||
Income (loss) from continuing operations | (31.8 | ) | 166.1 | (34.8 | ) | (112.7 | ) | (13.2 | ) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | — | (20.0 | ) | (0.1 | ) | 1.5 | (18.6 | ) | ||||||||||||
Net income (loss) | $ | (31.8 | ) | $ | 146.1 | $ | (34.9 | ) | $ | (111.2 | ) | $ | (31.8 | ) | ||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Current assets, excluding discontinued operations | $ | 73.4 | $ | 184.5 | $ | 23.3 | $ | (23.3 | ) | $ | 257.9 | |||||||||
Property and equipment, net | 34.3 | 2,977.20 | 5.4 | — | 3,016.90 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 524.3 | 5 | — | 529.3 | |||||||||||||||
Other non-current assets | 60 | 4.6 | 24.4 | — | 89 | |||||||||||||||
Investment in subsidiaries | 4,470.80 | — | — | (4,470.8 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.6 | 17.7 | — | — | 21.3 | |||||||||||||||
Inter-company | — | 352 | — | (352.0 | ) | — | ||||||||||||||
Total assets | $ | 4,642.10 | $ | 4,976.30 | $ | 61.4 | $ | (4,846.1 | ) | $ | 4,833.70 | |||||||||
Current liabilities, excluding discontinued operations | $ | 100.8 | $ | 273.1 | $ | — | $ | (23.3 | ) | $ | 350.6 | |||||||||
Notes payable, long term | 3,975.50 | 0.1 | — | — | 3,975.60 | |||||||||||||||
Other non-current liabilities | (63.0 | ) | 280.6 | — | — | 217.6 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 0.4 | — | — | 0.4 | |||||||||||||||
Inter-company | 350.8 | — | 1.2 | (352.0 | ) | — | ||||||||||||||
Total liabilities | 4,364.10 | 554.2 | 1.2 | (375.3 | ) | 4,544.20 | ||||||||||||||
Total Pinnacle stockholders' equity | 278 | 4,422.10 | 48.8 | (4,470.8 | ) | 278.1 | ||||||||||||||
Non-controlling interest | — | — | 11.4 | — | 11.4 | |||||||||||||||
Total equity | 278 | 4,422.10 | 60.2 | (4,470.8 | ) | 289.5 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,642.10 | $ | 4,976.30 | $ | 61.4 | $ | (4,846.1 | ) | $ | 4,833.70 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Current assets, excluding discontinued operations | $ | 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, excluding discontinued operations | $ | 114.8 | $ | 231.4 | $ | 0.1 | $ | — | $ | 346.3 | ||||||||||
Notes payable, long term | 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 | ||||||||||||||
Total Pinnacle stockholders' 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 | |||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 119.3 | $ | 234.4 | $ | (25.2 | ) | $ | — | $ | 328.5 | |||||||||
Capital expenditures and land additions | (12.0 | ) | (218.8 | ) | — | — | (230.8 | ) | ||||||||||||
Purchases of intangible assets | — | (25.0 | ) | — | — | (25.0 | ) | |||||||||||||
Escrow funds | — | 25 | — | — | 25 | |||||||||||||||
Net proceeds from sales of discontinued operations held for sale | — | 258.5 | — | — | 258.5 | |||||||||||||||
Restricted cash | 5.9 | — | — | — | 5.9 | |||||||||||||||
Inter-company transfers of proceeds from sales of discontinued operations held for sale and other | 260.2 | (258.1 | ) | (2.5 | ) | — | (0.4 | ) | ||||||||||||
Cash provided by (used in) investing activities | 254.1 | (218.4 | ) | (2.5 | ) | — | 33.2 | |||||||||||||
Proceeds from credit facility | 291.7 | — | — | — | 291.7 | |||||||||||||||
Repayments under credit facility | (693.0 | ) | — | — | — | (693.0 | ) | |||||||||||||
Other | 5.7 | — | — | — | 5.7 | |||||||||||||||
Cash provided by financing activities | (395.6 | ) | — | — | — | (395.6 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | (22.2 | ) | 16 | (27.7 | ) | — | (33.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 28.6 | 142.3 | 27.7 | — | 198.6 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 6.4 | $ | 158.3 | $ | — | $ | — | $ | 164.7 | ||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,754.5 | ) | $ | 1,895.50 | $ | 20.1 | $ | — | $ | 161.1 | |||||||||
Capital expenditures and land additions | (5.8 | ) | (286.8 | ) | — | — | (292.6 | ) | ||||||||||||
Purchases of held-to-maturity debt securities, net | 4.4 | — | (5.9 | ) | — | (1.5 | ) | |||||||||||||
Payments for business combinations, net | — | (1,749.7 | ) | — | — | (1,749.7 | ) | |||||||||||||
Net proceeds from sales of discontinued operations held for sale | — | 205.7 | — | — | 205.7 | |||||||||||||||
Loans receivable, net | — | — | (6.9 | ) | — | (6.9 | ) | |||||||||||||
Other | 0.5 | 4.1 | (2.4 | ) | — | 2.2 | ||||||||||||||
Cash used in investing activities | (0.9 | ) | (1,826.7 | ) | (15.2 | ) | — | (1,842.8 | ) | |||||||||||
Proceeds from credit facility | 2,168.80 | — | — | — | 2,168.80 | |||||||||||||||
Repayments under credit facility | (15.1 | ) | — | — | — | (15.1 | ) | |||||||||||||
Proceeds from issuance of long-term debt | 850 | — | — | — | 850 | |||||||||||||||
Repayments of long-term debt | (1,190.3 | ) | — | — | — | (1,190.3 | ) | |||||||||||||
Other | (34.9 | ) | — | — | — | (34.9 | ) | |||||||||||||
Cash provided by financing activities | 1,778.50 | — | — | — | 1,778.50 | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 23.1 | 68.8 | 4.9 | — | 96.8 | |||||||||||||||
Cash and cash equivalents, beginning of period | 5.5 | 73.5 | 22.8 | — | 101.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 28.6 | $ | 142.3 | $ | 27.7 | $ | — | $ | 198.6 | ||||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (140.0 | ) | $ | 277.7 | $ | 49.2 | $ | — | $ | 186.9 | |||||||||
Capital expenditures and land additions | (4.1 | ) | (294.8 | ) | (0.5 | ) | — | (299.4 | ) | |||||||||||
Purchase of held-to-maturity debt securities, net | (4.5 | ) | — | (15.6 | ) | — | (20.1 | ) | ||||||||||||
Refund from escrow deposit | — | 25 | — | — | 25 | |||||||||||||||
Net proceeds from sales of discontinued operations | — | 10.8 | — | — | 10.8 | |||||||||||||||
Equity method investment | — | (0.3 | ) | (24.1 | ) | — | (24.4 | ) | ||||||||||||
Loans receivable, net | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||
Other | 0.1 | 7.1 | 4.8 | — | 12 | |||||||||||||||
Cash used in investing activities | (8.5 | ) | (252.2 | ) | (41.4 | ) | — | (302.1 | ) | |||||||||||
Proceeds from credit facility | 47.5 | — | — | — | 47.5 | |||||||||||||||
Repayments under credit facility | (103.5 | ) | — | — | — | (103.5 | ) | |||||||||||||
Proceeds from issuance of long-term debt | 646.8 | — | — | — | 646.8 | |||||||||||||||
Repayment of long-term debt | (392.2 | ) | — | — | — | (392.2 | ) | |||||||||||||
Debt issuance and other financing costs | (12.4 | ) | — | — | — | (12.4 | ) | |||||||||||||
Purchase of treasury stock | (51.0 | ) | — | — | — | (51.0 | ) | |||||||||||||
Other | 1.5 | — | — | — | 1.5 | |||||||||||||||
Cash provided by financing activities | 136.7 | — | — | — | 136.7 | |||||||||||||||
Increase (decrease) in cash and cash equivalents | (11.8 | ) | 25.5 | 7.8 | — | 21.5 | ||||||||||||||
Cash and cash equivalents, beginning of period | 17.3 | 48 | 15 | — | 80.3 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 5.5 | $ | 73.5 | $ | 22.8 | $ | — | $ | 101.8 | ||||||||||
(a) | As of December 31, 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 (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 $61.4 million in cash and other assets as of December 31, 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 | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
We use Consolidated Adjusted EBITDA (as defined below) and Adjusted EBITDA (as defined below) for each segment 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 years ended December 31, 2014, 2013, and 2012. | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Midwest segment (a) | $ | 1,185.20 | $ | 650.9 | $ | 367.3 | ||||||
South segment (a) | 801.9 | 748.1 | 634.9 | |||||||||
West segment (a) | 216 | 82.9 | — | |||||||||
2,203.10 | 1,481.90 | 1,002.20 | ||||||||||
Corporate and other (c) | 7.4 | 6 | 0.6 | |||||||||
Total revenues | $ | 2,210.50 | $ | 1,487.90 | $ | 1,002.80 | ||||||
Adjusted EBITDA (b): | ||||||||||||
Midwest segment (a) | $ | 348.4 | $ | 183.7 | $ | 94.3 | ||||||
South segment (a) | 244.4 | 213.5 | 176.6 | |||||||||
West segment (a) | 78.2 | 27.7 | — | |||||||||
671 | 424.9 | 270.9 | ||||||||||
Corporate expenses and other (c) | (86.2 | ) | (54.3 | ) | (20.6 | ) | ||||||
Consolidated Adjusted EBITDA (b) | $ | 584.8 | $ | 370.6 | $ | 250.3 | ||||||
Other benefits (costs): | ||||||||||||
Depreciation and amortization | (241.1 | ) | (148.5 | ) | (82.7 | ) | ||||||
Pre-opening, development and other costs | (13.0 | ) | (89.0 | ) | (21.5 | ) | ||||||
Non-cash share-based compensation | (13.9 | ) | (11.5 | ) | (8.5 | ) | ||||||
Write-downs, reserves and recoveries, net | (6.4 | ) | (17.3 | ) | (0.8 | ) | ||||||
Interest expense, net | (252.6 | ) | (169.8 | ) | (93.7 | ) | ||||||
Loss from equity method investment | (0.2 | ) | (92.2 | ) | (30.8 | ) | ||||||
Loss on early extinguishment of debt | (8.2 | ) | (30.8 | ) | (20.7 | ) | ||||||
Income tax benefit (expense) | (11.1 | ) | 55.1 | (4.8 | ) | |||||||
Income (loss) from continuing operations | $ | 38.3 | $ | (133.4 | ) | $ | (13.2 | ) | ||||
Capital expenditures | ||||||||||||
Midwest segment (a) | $ | 158.2 | $ | 139.4 | $ | 37.1 | ||||||
South segment (a) | 51 | 77.8 | 249 | |||||||||
West segment (a) | 7.7 | 1.7 | — | |||||||||
Corporate and other, including development projects and discontinued operations | 13.9 | 73.7 | 13.4 | |||||||||
$ | 230.8 | $ | 292.6 | $ | 299.5 | |||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Assets: | ||||||||||||
Midwest segment (a) | $ | 2,758.10 | $ | 2,669.10 | ||||||||
South segment (a) | 1,294.80 | 1,322.80 | ||||||||||
West segment (a) | 546.6 | 568.4 | ||||||||||
Corporate and other, including development projects and discontinued operations | 1,008.20 | 1,627.00 | ||||||||||
Eliminations | (774.0 | ) | (1,027.9 | ) | ||||||||
$ | 4,833.70 | $ | 5,159.40 | |||||||||
(a) See Note 1, "Summary of Significant Accounting Policies," for a listing of properties included in each segment. | ||||||||||||
(b) We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening, development and other costs, 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, development and other costs, 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, | ||||||||||||
development and other costs 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. | ||||||||||||
(c) Corporate and other includes revenues from Retama Park Racetrack (which we manage) and the Heartland Poker Tour. 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. Other includes expenses relating to the management of Retama Park Racetrack and the operation of Heartland Poker Tour. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | |||||||||||||||
The following is a summary of unaudited quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | ||||||||||||||||
Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenues | $ | 554.3 | $ | 568.3 | $ | 555.2 | $ | 532.8 | ||||||||
Operating income (a) | 78.7 | 77.2 | 66.8 | 87.7 | ||||||||||||
Income (loss) from continuing operations | 14.2 | 7.7 | (2.3 | ) | 18.7 | |||||||||||
Income from discontinued operations, net of taxes | 0.4 | 4.8 | — | 0.3 | ||||||||||||
Net income (loss) | 14.6 | 12.5 | (2.3 | ) | 19 | |||||||||||
Net income (loss) attributable to Pinnacle Entertainment, Inc. | $ | 14.6 | $ | 12.5 | $ | (2.3 | ) | $ | 19 | |||||||
Per Share Data—Basic (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.24 | $ | 0.13 | $ | (0.04 | ) | $ | 0.32 | |||||||
Income from discontinued operations, net of taxes | 0.01 | 0.08 | — | — | ||||||||||||
Net income (loss)—basic | $ | 0.25 | $ | 0.21 | $ | (0.04 | ) | $ | 0.32 | |||||||
Per Share Data—Diluted (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.23 | $ | 0.13 | $ | (0.04 | ) | $ | 0.31 | |||||||
Income from discontinued operations, net of taxes | 0.01 | 0.08 | — | — | ||||||||||||
Net income (loss)—diluted | $ | 0.24 | $ | 0.21 | $ | (0.04 | ) | $ | 0.31 | |||||||
2013 | ||||||||||||||||
Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenues | $ | 535 | $ | 418.9 | $ | 267.3 | $ | 266.6 | ||||||||
Operating income (loss) (a) | 69.8 | (15.2 | ) | 17.9 | 31.9 | |||||||||||
Income (loss) from continuing operations | 8.6 | (47.1 | ) | (7.1 | ) | (87.8 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes | 6.4 | (133.3 | ) | 2 | 2.4 | |||||||||||
Net income (loss) | 15 | (180.4 | ) | (5.1 | ) | (85.4 | ) | |||||||||
Net income (loss) attributable to Pinnacle Entertainment, Inc. | $ | 15 | $ | (180.4 | ) | $ | (5.1 | ) | $ | (85.4 | ) | |||||
Per Share Data—Basic (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.15 | $ | (0.80 | ) | $ | (0.12 | ) | $ | (1.50 | ) | |||||
Income (loss) from discontinued operations, net of taxes | 0.11 | (2.27 | ) | 0.03 | 0.04 | |||||||||||
Net income (loss)—basic | $ | 0.26 | $ | (3.07 | ) | $ | (0.09 | ) | $ | (1.46 | ) | |||||
Per Share Data—Diluted (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.14 | $ | (0.80 | ) | $ | (0.12 | ) | $ | (1.50 | ) | |||||
Income (loss) from discontinued operations, net of taxes | 0.11 | (2.27 | ) | 0.03 | 0.04 | |||||||||||
Net income (loss)—diluted | $ | 0.25 | $ | (3.07 | ) | $ | (0.09 | ) | $ | (1.46 | ) | |||||
(a) | Among other items, the estimates inherent in the accounting process can impact quarterly comparability. | |||||||||||||||
(b) | Net income (loss) per share calculations for each quarter is based on the weighted average number of shares outstanding during the respective periods; accordingly, the sum of the quarters may not equal the full-year income (loss) per share. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | PINNACLE ENTERTAINMENT, INC. | ||||||||||||||||||||||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2012, 2013 and 2014 | |||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
As of | 2012 | As of | 2013 | As of | 2014 | As of | |||||||||||||||||||||||||||||||||||
Description | 1/1/12 | Additions | Deductions | 12/31/12 | Additions | Deductions | 12/31/13 | Additions | Deductions | 12/31/14 | |||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,610 | $ | 3,766 | $ | (1,068 | ) | $ | 7,308 | $ | 2,190 | $ | (4,320 | ) | $ | 5,178 | $ | 2,363 | $ | (2,578 | ) | $ | 4,963 | ||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Presentation and Organization [Policy Text Block] | 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, and we are a party to a management contract, for Retama Park Racetrack located 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. We view each of our operating properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. For financial reporting purposes, we aggregate our operating segments into the following reportable segments: | ||
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 | |
River City | St. Louis, Missouri | |
Belterra | Florence, Indiana | |
Belterra Park | Cincinnati, Ohio | |
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 and Horseshu | Jackpot, Nevada | |
We have classified certain of our assets and liabilities as held for sale in our 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 for all periods presented. In April 2014, we completed the sale of the ownership interests in the Lumière Place Casino and Hotels. For further information, see Note 8, “Discontinued Operations.” Our Consolidated Statements of Cash Flows have not been adjusted for discontinued operations. | ||
In November 2014, we announced that our Board of Directors approved a plan to pursue a separation of our operating assets and real estate assets into two publicly traded companies. We intend to carry out the proposed separation of our real estate assets through the creation of a newly formed, publicly traded, real estate investment trust (“REIT” or “Prop Co”), the common stock of which would be distributed to Pinnacle stockholders in a tax-free spin-off (“REIT transaction”), with Pinnacle remaining an operating entity (“Op Co”) following the transaction. The completion of the REIT transaction is subject to the successful resolution of various contingencies, including, but not limited to, approval by the required gaming regulators, obtaining a private letter ruling from the U.S. Internal Revenue Service (“IRS”), and completion of financing transactions for both Prop Co and Op Co. | ||
In November 2014, in connection with our plan to pursue a REIT transaction, our Board of Directors adopted a short-term REIT protection shareholder rights plan to prohibit ownership of 9.8% or more of its outstanding common stock in order to safeguard our ability to pursue a pro rata dividend in the proposed REIT transaction under Section 355 of the Internal Revenue Code of 1986. Under the shareholder rights plan, any person or group that acquires beneficial ownership of | ||
9.8% or more of Pinnacle common stock without Board approval would be subject to significant dilution. The rights will expire upon the earliest of (i) November 6, 2016, (ii) the first business day after the closing of the proposed Prop Co spin-off transaction, or (iii) the time at which the rights are redeemed or exchanged under the shareholder rights plan. | ||
In December 2014, we filed a request for a private letter ruling with the IRS. The private letter ruling seeks guidance on various technical tax matters related to the proposed REIT transaction. We expect to complete the REIT transaction in 2016 with REIT election for corporate tax purposes occurring shortly thereafter. However, there can be no assurance that we will be able to complete the proposed REIT transaction in 2016 or at all. | ||
Principles of Consolidation Policy | Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and the rules and regulations of the Securities and Exchange Commission (“SEC”). The results for the periods reflect all adjustments that management considers necessary for a fair presentation of operating results. The Consolidated Financial Statements include the accounts of Pinnacle Entertainment, Inc. and its subsidiaries. Investments in the common stock of unconsolidated affiliates in which we have the ability to exercise significant influence are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates Policy | Use of Estimates. The preparation of 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, 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. | |
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 include the fair value of our senior notes, senior subordinated notes, senior secured credit facility and term loans were based on Level 2 inputs of observable market data on comparable debt instruments on or about December 31, 2014. | ||
Cash and Cash Equivalents Policy | Cash equivalents are highly liquid investments with an original maturity of less than three months and are stated at the lower of cost or market value and are valued using Level 1 inputs. | |
Accounts Receivable Policy | Accounts Receivable. Accounts receivable consist primarily of casino, hotel and other receivables. We extend casino credit to approved customers in states where it is permitted following investigations of creditworthiness. Accounts receivable are non-interest bearing and are initially recorded at cost. We have estimated an allowance for doubtful accounts of $5.0 million and $5.2 million as of December 31, 2014, and 2013, respectively, to reduce receivables to their carrying amount, which approximates fair value. The allowance for doubtful accounts is estimated based upon, among other things, collection experience, customer credit evaluations and the age of the receivables. | |
Inventories Policy | Inventories. Inventories, which consist primarily of food, beverage and retail items, are stated at the lower of cost or market value. Costs are determined using the first-in, first-out and the weighted average methods. | |
Restricted Cash Policy | Restricted Cash. Long-term restricted cash of $5.7 million and $11.6 million as of December 31, 2014, and 2013, respectively, consists primarily of indemnification trust deposits. | |
Land, Building, Vessels and Equipment Policy | Land, Buildings, Vessels and Equipment. Land, buildings, vessels and equipment are stated at cost. | |
We capitalize the costs of improvements that extend the life of the asset. We expense maintenance and repairs costs as incurred. Gains or losses on the dispositions of land, buildings, vessels or equipment are included in the determination of income. We depreciate our land improvements, buildings, vessels and equipment using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, as follows: | ||
Years | ||
Land improvements | 5 to 20 | |
Buildings and improvements | 10 to 35 | |
Vessels | 10 to 25 | |
Furniture, fixtures and equipment | 3 to 20 | |
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 portions 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 3, “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 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. If such conditions exist, we would compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated. In addition, we would determine if the impairment is other-than-temporary based on our assessment of all relevant factors, including consideration of our intent and ability to retain the investment. To estimate fair value, we would use a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates. | |
Goodwill and Indefinite-lived Intangible Assets Policy | Goodwill and Indefinite-lived Intangible Assets. Goodwill consists of the excess of the acquisition cost over the fair value of the net assets acquired in business combinations. Indefinite-lived intangible assets include gaming licenses, trademarks and a racing license. 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. There were no impairments to goodwill for the years ended December 31, 2014, 2013, or 2012. During the third quarter of 2013, we determined there was an indication of impairment for our Boomtown Bossier City gaming license due to a decrease in forecasted financial performance resulting from new competition, and we recorded an impairment charge of $10.0 million. There were no impairments to other indefinite-lived intangible assets for the years ended December 31, 2014, and 2012. For further discussion, see Note 9, “Goodwill and Other Intangible Assets.” | |
During the year ended December 31, 2014, we recorded a $50.0 million indefinite-lived intangible asset related to Belterra Park's video lottery terminal (“VLT”) license. As of December 31, 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, which is included in “Other accrued liabilities” in our Consolidated Balance Sheet. | ||
During the year ended December 31, 2013, we recorded a total of $864.1 million of goodwill and $529.2 million of intangible assets related to our acquisitions of Ameristar Casinos, Inc. (“Ameristar”) and Pinnacle Retama Partners, LLC. In November 2013, we completed the sale of our equity interests in the entity developing the Ameristar Casino Lake Charles project, and as a result, we no longer hold a $29.8 million gaming license acquired through the Ameristar acquisition. For further discussion, see Note 7, “Investments and Acquisition Activities” and Note 8, “Discontinued Operations.” | ||
Debt Issuance Costs and Debt Discounts/Premiums Policy | Debt Issuance Costs and Debt Discounts/Premiums. Debt issuance costs include costs incurred in connection with the issuance of debt and are capitalized and amortized over the contractual term of the debt to interest expense. Debt issuance costs of the revolving credit facility are amortized on a straight-line basis, while all other debt issuance costs are amortized using the effective interest method. Unamortized debt issuance costs were $44.1 million and $54.1 million at December 31, 2014 and 2013, respectively, and are included in “Other assets, net” in our Consolidated Balance Sheets. Debt discounts/premiums incurred in connection with the issuance of debt have been included as a component of the carrying value of debt and are being amortized to interest expense using the effective interest method. Amortization of debt issuance costs and debt discounts/premiums included in interest expense was $9.7 million, $6.4 million, and $6.5 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Self-Insurance Accruals Policy | Self-Insurance Accruals. We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage. Insurance claims and reserves include accruals of estimated settlements for known claims, legal costs related to settling such claims and accruals of actuarial estimates of incurred but not reported claims. At December 31, 2014, and 2013, we had total self-insurance accruals of $24.4 million and $26.2 million, respectively, which are included in “Other accrued liabilities” in our Consolidated Balance Sheets. In estimating these accruals, we consider historical loss experience and make judgments about the expected level of costs per claim. We believe the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity could materially affect the estimate for these liabilities. | |
Customer Loyalty Program Policy | Customer Loyalty Program. 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. 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. | |
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 December 31, 2014, and 2013, we had accrued $26.6 million and $18.9 million, respectively, for the estimated cost of providing these benefits. As of December 31, 2013, we had accrued $12.8 million for the estimated cost of providing benefits under Ameristar customer loyalty program. Such amounts are included in “Other accrued liabilities” in our unaudited Consolidated Balance Sheets. | ||
Income Taxes Policy | Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are provided against deferred tax assets when it is deemed more likely than not that some portion or all of the deferred tax asset will not be realized within a reasonable time period. We assess tax positions using a two-step process. A tax position is recognized if it meets a "more likely than not" threshold, and is measured at the largest amount of benefit that is greater than 50.0% percent of being realized. Uncertain tax positions are reviewed each balance sheet date. Liabilities recorded as a result of this analysis are classified as current or long-term based on the timing of expected payment. See Note 4, “Income Taxes,” for additional information. | |
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. Cash discounts and other cash incentives to customers related to gaming play are recorded as a reduction to gaming revenue. Food and beverage, lodging, retail, entertainment, and other operating revenues are recognized as products are delivered or services are performed. Advance deposits on lodging are recorded as accrued liabilities until services are provided to the customer. | |
The retail value of food and beverage, lodging and other services furnished to guests on a complimentary basis is included in revenues and then deducted as promotional allowances in calculating total 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. These gaming taxes are an assessment on our gaming revenues and are recorded as a gaming department expense in the Consolidated Statements of Operations. | |
Advertising Costs Policy | Advertising Costs. We expense advertising costs the first time the advertising takes place. These costs are included in gaming expenses in the accompanying Consolidated Statements of Operations. In addition, advertising costs associated with development projects are included in pre-opening, development and other costs until the project is completed. | |
Pre-Opening, Development and Other Costs Policy | Pre-opening, Development and Other Costs. Pre-opening, development and other costs consist of payroll costs to hire, employ and train the workforce prior to opening an operating facility; marketing campaigns prior to and commensurate with the opening; master planning and conceptual design fees; legal and professional fees related to the project but not otherwise attributable to depreciable assets; lease payments; real estate taxes; acquisition costs; restructuring costs; and other general and administrative costs related to our projects. | |
Share-based Compensation Policy | Share-based Compensation. We measure the cost of awards of equity instruments to employees based on the grant-date fair value of the award. The grant-date fair value is determined using the Black-Scholes model. The fair value, net of estimated forfeitures, is amortized as compensation cost on a straight-line basis over the vesting period. See Note 6, “Employee Benefit Plans.” | |
Earnings Per Share Policy | Earnings per Share. Diluted earnings per share reflects the addition of potentially dilutive securities, which include in-the money stock options, restricted stock units and phantom stock units. We calculate the effect of dilutive securities using the treasury stock method. A total of 1.6 million, 1.0 million, and 4.4 million out-of-money stock options were excluded from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013, and 2012, respectively, because including them would have been anti-dilutive. | |
For the years ended December 31, 2013, and 2012, we recorded a net loss 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 such years. Options and securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share were 1.7 million and 0.5 million, respectively. | ||
Business Combinations Policy | Business Combinations. We allocate the business combination 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. We determined the fair value of identifiable intangible assets, such as customer relationships and trademarks, as well as any other significant tangible assets or liabilities, such as long-lived property. The fair value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of acquired assets and liabilities assumed. Management estimates the fair value of assets and liabilities primarily using discounted cash flows and replacement cost analysis. Provisional fair value measurements of acquired assets and liabilities assumed may be retrospectively adjusted during the measurement period. The measurement period ends once we are able to determine we have obtained all necessary information that existed as of the acquisition date or once we determine that such information is unavailable. The measurement period does not extend beyond one year from the acquisition date. See Note 7, “Investment and Acquisition Activities,” for additional information. | |
Reclassifications Policy | Reclassifications. The Consolidated Financial Statements reflect certain reclassifications to prior year amounts to conform to classification in the current period. These reclassifications had no effect on previously reported net income or losses. | |
Recently Issued 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. The adoption of this standard is not expected to have an impact on our financial position, results of operations or cash flows. | ||
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 standard on our consolidated financial statements. | ||
In June 2014, the FASB issued an accounting standards update with respect to performance share awards. This accounting standards 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. Given 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 consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Schedule of Properties within Reportable Segments [Table Text Block] | For financial reporting purposes, we aggregate our operating segments into the following reportable segments: | |||||||||||||||||||
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 | |||||||||||||||||||
River City | St. Louis, Missouri | |||||||||||||||||||
Belterra | Florence, Indiana | |||||||||||||||||||
Belterra Park | Cincinnati, Ohio | |||||||||||||||||||
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 and Horseshu | Jackpot, Nevada | |||||||||||||||||||
Fair Value Measurements, Recurring | 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 Consolidated Balance Sheets: | |||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.6 | $ | 0.6 | $ | — | $ | — | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation | $ | 0.8 | $ | 0.8 | $ | — | $ | — | ||||||||||||
Fair Value Measurements, Nonrecurring | 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 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 | ||||||||||||||||
(in millions) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Held-to-maturity securities | $ | 14.8 | $ | 21.7 | $ | — | $ | 18.5 | $ | 3.2 | ||||||||||
Promissory notes | $ | 12 | $ | 16.8 | $ | — | $ | 16.8 | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt | $ | 3,986.60 | $ | 4,029.90 | $ | — | $ | 4,029.90 | $ | — | ||||||||||
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 | $ | — | ||||||||||
Depreciation Expense | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Depreciation expense | $ | 220.3 | $ | 139.1 | $ | 82.5 | ||||||||||||||
Estimated Useful Lives | We depreciate our land improvements, buildings, vessels and equipment using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, as follows: | |||||||||||||||||||
Years | ||||||||||||||||||||
Land improvements | 5 to 20 | |||||||||||||||||||
Buildings and improvements | 10 to 35 | |||||||||||||||||||
Vessels | 10 to 25 | |||||||||||||||||||
Furniture, fixtures and equipment | 3 to 20 | |||||||||||||||||||
Complimentary Revenues | Complimentary revenues that have been excluded from the accompanying Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012, were as follows: | |||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Food and beverage | $ | 135.3 | $ | 94.7 | $ | 58.1 | ||||||||||||||
Lodging | 61.1 | 49.3 | 28.1 | |||||||||||||||||
Retail, entertainment and other | 18.2 | 13.4 | 9.6 | |||||||||||||||||
Total promotional allowances | $ | 214.6 | $ | 157.4 | $ | 95.8 | ||||||||||||||
The cost to provide such complimentary benefits for the years ended December 31, 2014, 2013, and 2012, were as follows: | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Promotional allowance costs included in gaming expense | $ | 160.9 | $ | 111.2 | $ | 72.4 | ||||||||||||||
Gaming Taxes | These taxes for the years ended December 31, 2014, 2013, and 2012, were as follows: | |||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Gaming taxes | $ | 557.3 | $ | 378.6 | $ | 261.8 | ||||||||||||||
Advertising Costs | These costs for the years ended December 31, 2014, 2013, and 2012, consist of the following: | |||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Advertising costs | $ | 30.6 | $ | 20.9 | $ | 22.1 | ||||||||||||||
Pre-opening and Development Costs | Pre-opening, development and other costs are expensed as incurred and for the years ended December 31, 2014, 2013, and 2012, consist of the following: | |||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Ameristar acquisition (1) | $ | 2.2 | $ | 85.3 | $ | — | ||||||||||||||
Belterra Park (2) | 8.2 | 1.2 | 0.4 | |||||||||||||||||
Other (3) | 2.6 | 2.5 | 21.1 | |||||||||||||||||
Total pre-opening, development and other costs | $ | 13 | $ | 89 | $ | 21.5 | ||||||||||||||
-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. | |||||||||||||||||||
-3 | Costs in 2014 include $1.7 million of costs in 2014 associated with our evaluation and plan to pursue a REIT spin-off transaction. The 2012 total includes costs incurred in connection with our L'Auberge Baton Rouge property, which opened in 2012. |
Land_Buildings_Vessels_and_Equ1
Land, Buildings, Vessels and Equipment Land, Buildings, Vessels and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Land, Buildings, Vessels and Equipment | The following table presents a summary of our land, buildings, vessels and equipment: | |||||||
For the year ended December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Land, buildings, vessels and equipment: | ||||||||
Land and land improvements | $ | 401.9 | $ | 391.7 | ||||
Buildings, vessels and improvements | 2,677.80 | 2,492.20 | ||||||
Furniture, fixtures and equipment | 721.9 | 633.1 | ||||||
Construction in progress | 75.6 | 175.6 | ||||||
Land, buildings, vessels and equipment, gross | 3,877.20 | 3,692.60 | ||||||
Less: accumulated depreciation | (860.2 | ) | (656.1 | ) | ||||
Land, buildings, vessels and equipment, net | $ | 3,017.00 | $ | 3,036.50 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||||||||
Schedule of Long-term Debt | Long-term debt consisted of the following: | ||||||||||||||
December 31, 2014 | |||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | |||||||||||||
(in millions) | |||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||
Revolving Credit Facility due 2018 | $ | 606.6 | $ | — | $ | 606.6 | |||||||||
Term B-2 Loan due 2020 | 782.2 | (21.1 | ) | 761.1 | |||||||||||
6.375% Senior Notes due 2021 | 850 | — | 850 | ||||||||||||
7.50% Senior Notes due 2021 | 1,040.00 | 53.8 | 1,093.80 | ||||||||||||
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 | 3,953.90 | 32.7 | 3,986.60 | ||||||||||||
Less current maturities | (11.0 | ) | — | (11.0 | ) | ||||||||||
Total long-term debt | $ | 3,942.90 | $ | 32.7 | $ | 3,975.60 | |||||||||
December 31, 2013 | |||||||||||||||
Outstanding Principal | Unamortized (Discount) Premium | Long-Term Debt, Net | |||||||||||||
(in millions) | |||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||
Revolving Credit Facility due 2018 | $ | 493.6 | $ | — | $ | 493.6 | |||||||||
Term B-1 Loan due 2016 | 202 | (7.7 | ) | $ | 194.3 | ||||||||||
Term B-2 Loan 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 Redeemable Notes | All of our notes are redeemable prior to such times at a price that reflects a yield to the first call that is equivalent to the applicable Treasury bond yield plus 0.5 percentage points. | ||||||||||||||
6.375% Notes Redeemable | 8.75% Notes Redeemable | 7.75% Notes Redeemable | 7.50% Notes Redeemable | ||||||||||||
On or after | At a % of | On or after | At a % of | On or after | At a % of | On or after | At a % of | ||||||||
August 1, | par equal to | May 15, | par equal to | April 1, | par equal to | April 15, | par equal to | ||||||||
2016 | 104.78% | 2015 | 104.38% | 2017 | 103.88% | 2015 | 105.62% | ||||||||
2017 | 103.19% | 2016 | 102.92% | 2018 | 102.58% | 2016 | 103.75% | ||||||||
2018 | 101.59% | 2017 | 101.46% | 2019 | 101.29% | 2017 | 101.88% | ||||||||
2019 and thereafter | 100.00% | 2018 and thereafter | 100.00% | 2020 and thereafter | 100.00% | 2018 and thereafter | 100.00% | ||||||||
Schedule of Interest Expense Net of Capitalized Interest | Interest expense, net, was as follows: | ||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(in millions) | |||||||||||||||
Interest expense | $ | 255.9 | $ | 173.5 | $ | 114.8 | |||||||||
Interest income | (0.4 | ) | (0.4 | ) | (0.8 | ) | |||||||||
Capitalized interest | (2.9 | ) | (3.3 | ) | (20.3 | ) | |||||||||
Total interest expense, net | $ | 252.6 | $ | 169.8 | $ | 93.7 | |||||||||
Schedule of Loss on Early Extinguishment of Debt | Loss on early extinguishment of debt was as follows: | ||||||||||||||
For the year ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(in millions) | |||||||||||||||
Loss on early extinguishment of debt | $ | 8.2 | $ | 30.8 | $ | 20.7 | |||||||||
Schedule of Maturities of Long-term Debt | As of December 31, 2014, annual maturities of secured and unsecured notes payable are as follows (amounts shown in millions): | ||||||||||||||
Year ended December 31: | |||||||||||||||
2015 | $ | 11 | |||||||||||||
2016 | 11 | ||||||||||||||
2017 | 11 | ||||||||||||||
2018 | 617.6 | ||||||||||||||
2019 | 11 | ||||||||||||||
Thereafter | 3,292.30 | ||||||||||||||
Total | 3,953.90 | ||||||||||||||
Less unamortized debt discounts | (21.1 | ) | |||||||||||||
Unamortized debt premium | 53.8 | ||||||||||||||
Long-term debt, including current portion | $ | 3,986.60 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Income Tax (Expense) Benefit From Continuing Operations | The composition of our income tax (expense) benefit from continuing operations for the years ended December 31, 2014, 2013, and 2012, was as follows: | ||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
U.S. Federal | $ | 3.7 | $ | (8.3 | ) | $ | (4.6 | ) | |||||||||||||
State | (1.7 | ) | (4.8 | ) | (6.5 | ) | |||||||||||||||
$ | 2 | $ | (13.1 | ) | $ | (11.1 | ) | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | 53.8 | $ | 53.8 | |||||||||||||||
State | (3.3 | ) | 4.6 | 1.3 | |||||||||||||||||
$ | (3.3 | ) | $ | 58.4 | $ | 55.1 | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
U.S. Federal | $ | — | $ | (0.9 | ) | $ | (0.9 | ) | |||||||||||||
State | (4.0 | ) | 0.1 | (3.9 | ) | ||||||||||||||||
$ | (4.0 | ) | $ | (0.8 | ) | $ | (4.8 | ) | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles our effective income tax rate from continuing operations to the federal statutory tax rate of 35%: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Percent | Amount | Percent | Amount | Percent | Amount | ||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
Federal income tax (expense) benefit at the statutory rate | 35 | % | $ | (17.3 | ) | 35 | % | $ | 66 | 35 | % | $ | 3 | ||||||||
State income taxes, net of federal tax benefits | (0.1 | )% | 0.1 | 3.4 | % | 6.5 | (52.5 | )% | (4.4 | ) | |||||||||||
Non-deductible expenses and other | 5.1 | % | (2.5 | ) | (0.9 | )% | (1.8 | ) | (8.1 | )% | (0.7 | ) | |||||||||
Cancellation of stock options | — | % | — | — | % | — | (24.5 | )% | (2.1 | ) | |||||||||||
Acquisition costs | 1.1 | % | (0.5 | ) | (5.4 | )% | (10.2 | ) | — | % | — | ||||||||||
Reserves for unrecognized tax benefits | 1.8 | % | (0.9 | ) | (0.1 | )% | (0.2 | ) | (1.4 | )% | (0.1 | ) | |||||||||
Credits | (4.8 | )% | 2.3 | 0.8 | % | 1.6 | 6.2 | % | 0.4 | ||||||||||||
Change in valuation allowance/reserve of deferred tax assets | (15.6 | )% | 7.7 | (3.6 | )% | (6.8 | ) | (10.9 | )% | (0.9 | ) | ||||||||||
Income tax (expense) benefit from continuing operations | 22.5 | % | $ | (11.1 | ) | 29.2 | % | $ | 55.1 | (56.2 | )% | $ | (4.8 | ) | |||||||
Allocation of Income Tax (Expense) Benefit Between Continuing Operations, Discontinued Operations and Equity | The following table shows the allocation of income tax (expense) benefit between continuing operations, discontinued operations and equity: | ||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 49.4 | $ | (188.5 | ) | $ | (8.4 | ) | |||||||||||||
Income tax (expense) benefit allocated to continuing operations | (11.1 | ) | 55.1 | (4.8 | ) | ||||||||||||||||
Income (loss) from continuing operations | 38.3 | (133.4 | ) | (13.2 | ) | ||||||||||||||||
Income (loss) from discontinued operations before income taxes | 5.2 | (123.8 | ) | (18.9 | ) | ||||||||||||||||
Income tax (expense) benefit allocated to discontinued operations | 0.3 | 1.2 | 0.3 | ||||||||||||||||||
Income (loss) from discontinued operations | 5.5 | (122.6 | ) | (18.6 | ) | ||||||||||||||||
Net income (loss) | $ | 43.8 | $ | (255.9 | ) | $ | (31.8 | ) | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2014, and 2013, the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Deferred tax assets—current: | |||||||||||||||||||||
Workers’ compensation insurance reserve | $ | 4.3 | $ | 4.3 | |||||||||||||||||
Allowance for doubtful accounts | 2.5 | 2.8 | |||||||||||||||||||
Legal and merger costs | 2.3 | 4.8 | |||||||||||||||||||
Accruals, reserves and other | 28.4 | 29.2 | |||||||||||||||||||
Less valuation allowance | (17.9 | ) | (22.5 | ) | |||||||||||||||||
Total deferred tax assets—current | 19.6 | 18.6 | |||||||||||||||||||
Deferred tax liabilities—current: | |||||||||||||||||||||
Prepaid expenses | (7.8 | ) | (7.0 | ) | |||||||||||||||||
Accruals, reserves and other | (4.3 | ) | (3.9 | ) | |||||||||||||||||
Total deferred tax liabilities—current | (12.1 | ) | (10.9 | ) | |||||||||||||||||
Net current deferred tax asset | $ | 7.5 | $ | 7.7 | |||||||||||||||||
Deferred tax assets—non-current: | |||||||||||||||||||||
Federal tax credit carry-forwards | $ | 34.1 | $ | 31.2 | |||||||||||||||||
Federal net operating loss carry-forwards | 214.5 | 188.1 | |||||||||||||||||||
State net operating loss carry-forwards | 36.6 | 29.6 | |||||||||||||||||||
Capital loss carry-forwards | — | 5.9 | |||||||||||||||||||
Deferred compensation | 2.6 | 2.6 | |||||||||||||||||||
Pre-opening expenses capitalized for tax purposes | 13.2 | 10.8 | |||||||||||||||||||
ACDL investment write-down | 38.5 | 38.5 | |||||||||||||||||||
Share-based compensation expense—book cost | 10 | 8.8 | |||||||||||||||||||
Bond payable | 23.2 | 27.7 | |||||||||||||||||||
Accruals, reserves and other | 43.7 | 42 | |||||||||||||||||||
Less valuation allowance | (227.8 | ) | (237.7 | ) | |||||||||||||||||
Total deferred tax assets—non-current | 188.6 | 147.5 | |||||||||||||||||||
Deferred tax liabilities—non-current: | |||||||||||||||||||||
Land, buildings, vessels and equipment, net | (221.4 | ) | (187.2 | ) | |||||||||||||||||
Intangible assets | (144.9 | ) | (126.8 | ) | |||||||||||||||||
Total deferred tax liabilities—non-current | (366.3 | ) | (314.0 | ) | |||||||||||||||||
Net non-current deferred tax liabilities | $ | (177.7 | ) | $ | (166.5 | ) | |||||||||||||||
The following table summarizes the total deferred tax assets and total deferred tax liabilities provided in the previous table: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Total deferred tax assets | $ | 453.9 | $ | 426.3 | |||||||||||||||||
Less valuation allowances | (245.7 | ) | (260.2 | ) | |||||||||||||||||
Less total deferred tax liabilities | (378.4 | ) | (324.9 | ) | |||||||||||||||||
Net deferred tax liabilities | $ | (170.2 | ) | $ | (158.8 | ) | |||||||||||||||
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to uncertain tax benefits for 2014 and 2013, excluding any interest or penalties: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance as of January 1 | $ | 35.7 | $ | 9.4 | |||||||||||||||||
Gross increases - tax positions in prior periods | 1.4 | — | |||||||||||||||||||
Gross increases - tax positions in current period | 0.6 | 3.5 | |||||||||||||||||||
Gross decreases - tax positions in current period | — | (0.9 | ) | ||||||||||||||||||
Acquisition | — | 23.8 | |||||||||||||||||||
Statute of limitation expirations | — | (0.1 | ) | ||||||||||||||||||
Balance as of December 31 | $ | 37.7 | $ | 35.7 | |||||||||||||||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum lease payments required under operating leases that have initial terms in excess of one year as of December 31, 2014 are as follows (amounts are reflected in millions): | |||||||||||
Period: | ||||||||||||
2015 | $ | 12.5 | ||||||||||
2016 | 12.1 | |||||||||||
2017 | 10.8 | |||||||||||
2018 | 10.5 | |||||||||||
2019 | 10.1 | |||||||||||
Thereafter | 558.2 | |||||||||||
$ | 614.2 | |||||||||||
Schedule of Slot and Table Game Participation Expense | Slot and table game participation fees included in the Consolidated Statements of Operations were as follows: | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Slot and table game participation fees | $ | 27.8 | $ | 20.7 | $ | 16.4 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information related to our common stock options under the Stock Option Plans: | |||||||||||||
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Options outstanding at January 1, 2014 | 5,509,246 | $ | 14.01 | |||||||||||
Granted | 939,780 | $ | 23.45 | |||||||||||
Exercised | (480,495 | ) | $ | 13.57 | ||||||||||
Canceled / Forfeited | (399,903 | ) | $ | 20.51 | ||||||||||
Options outstanding at December 31, 2014 | 5,568,628 | $ | 15.17 | 4.75 | $ | 41.7 | ||||||||
Options exercisable at December 31, 2014 | 3,210,753 | $ | 12.81 | 4.12 | $ | 31.3 | ||||||||
Expected to vest at December 31, 2014 | 1,802,431 | $ | 18.67 | 5.63 | $ | 7.5 | ||||||||
Schedule of Weighted-Average Value per Granted Option | The following information is provided for our stock options: | |||||||||||||
For the year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions, except grant date fair value) | ||||||||||||||
Weighted-average grant date fair value | $ | 9.04 | $ | 10.63 | $ | 5.06 | ||||||||
Intrinsic value of stock options exercised | $ | 5.4 | $ | 9.2 | $ | 0.5 | ||||||||
Net cash proceeds from exercise of stock options | $ | 6.6 | $ | 10.1 | $ | 1.5 | ||||||||
Schedule of Nonvested Share Activity | The following table summarizes information related to our restricted stock units as of December 31, 2014: | |||||||||||||
Number of Shares | Weighted Average Fair Value | |||||||||||||
Non-vested shares at January 1, 2014 | 629,518 | $ | 20.11 | |||||||||||
Granted | 1,003,918 | $ | 22.94 | |||||||||||
Vested | (263,864 | ) | $ | 20.25 | ||||||||||
Canceled / Forfeited | (156,639 | ) | $ | 22.78 | ||||||||||
Non-vested shares at December 31, 2014 | 1,212,933 | $ | 22.2 | |||||||||||
Schedule of Nonvested Performance-based Units Activity | The following table summarizes information related to our performance stock units as of December 31, 2014: | |||||||||||||
Number of Shares | Weighted Average Fair Value | |||||||||||||
Non-vested shares at January 1, 2014 | 431.858 | $ | 22.79 | |||||||||||
Granted | 123,283 | $ | 26.5 | |||||||||||
Canceled / Forfeited | (34,819 | ) | $ | 23.14 | ||||||||||
Non-vested shares at December 31, 2014 | 520,322 | $ | 23.64 | |||||||||||
Schedule of Weighted Average of Assumptions Used | In computing the share-based compensation, the following is a weighted average of the assumptions used: | |||||||||||||
Risk- Free Interest Rate | Expected Life at Issuance (in years) | Expected Volatility | Expected Dividends | |||||||||||
Options granted in the following periods: | ||||||||||||||
2014 | 1.5 | % | 5.17 | 41.2 | % | None | ||||||||
2013 | 1.2 | % | 5.11 | 57 | % | None | ||||||||
2012 | 0.8 | % | 5.25 | 58 | % | None | ||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The total compensation costs recognized were as follows: | |||||||||||||
For the year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Share-based compensation expense | $ | 13.9 | $ | 11.5 | $ | 8.5 | ||||||||
Schedule of Benefit Obligations | The total obligation under the Executive Plan and the cash surrender value of insurance policies are as follow: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Total obligation under Executive Plan (a) | $ | 6.7 | $ | 6.5 | ||||||||||
Cash surrender value of insurance policies (b) | $ | 2.9 | $ | 2.8 | ||||||||||
(a) | Recorded in “Other long-term liabilities” in the Consolidated Balance Sheets. | |||||||||||||
(b) | Recorded in “Other assets, net” in the Consolidated Balance Sheets. |
Investments_and_Acquisition_Ac1
Investments and Acquisition Activities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||
Schedule of Business Acquisitions, by Acquisition | 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 | The following table reflects the August 13, 2013, 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 | The following table summarizes the August 13, 2013, fair value of 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 8, “Discontinued Operations,” for further detail. | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the August 13, 2013, fair value 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 | |||||
$ | 524,200 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of Discontinued Operations | Revenue, expense and net income (loss) for entities and operations included in discontinued operations are summarized as follows: | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | 41 | $ | 181.3 | $ | 213.1 | ||||||
Operating income (loss) | 4.7 | (123.5 | ) | (19.0 | ) | |||||||
Other non-operating income (loss), net | 0.5 | (0.3 | ) | 0.1 | ||||||||
Income (loss) before income taxes | 5.2 | (123.8 | ) | (18.9 | ) | |||||||
Income tax benefit | 0.3 | 1.2 | 0.3 | |||||||||
Income (loss) from discontinued operations, net of taxes | $ | 5.5 | $ | (122.6 | ) | $ | (18.6 | ) | ||||
Net Assets for Entities and Operations Included in Discontinued Operations | Net assets for entities and operations included in discontinued operations are summarized as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Assets: | ||||||||||||
Land, buildings, vessels and equipment, net of accumulated depreciation | $ | 11.8 | $ | 275.3 | ||||||||
Other assets, net | 9.4 | 47.2 | ||||||||||
Total assets | $ | 21.2 | $ | 322.5 | ||||||||
Liabilities: | ||||||||||||
Total liabilities | 0.4 | 26.1 | ||||||||||
Net assets | $ | 20.8 | $ | 296.4 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||
Schedule of Goodwill | The following tables set forth changes in the carrying value of goodwill and other intangible assets: | |||||||||||||||||
31-Dec-14 | ||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Intangible Assets, Net | ||||||||||||||
Goodwill: | (in millions) | |||||||||||||||||
Ameristar acquisition | Indefinite | $ | 860.8 | $ | — | $ | — | $ | 860.8 | |||||||||
Belterra Park | Indefinite | 35.8 | — | — | 35.8 | |||||||||||||
Boomtown New Orleans | Indefinite | 16.8 | — | — | 16.8 | |||||||||||||
Other | Indefinite | 5.9 | — | — | 5.9 | |||||||||||||
919.3 | — | — | 919.3 | |||||||||||||||
Indefinite-lived Intangible Assets: | ||||||||||||||||||
Gaming licenses | Indefinite | 318.6 | — | (31.1 | ) | 287.5 | ||||||||||||
Trade names | Indefinite | 187.2 | — | — | 187.2 | |||||||||||||
Racing license | Indefinite | 5 | — | — | 5 | |||||||||||||
510.8 | — | (31.1 | ) | 479.7 | ||||||||||||||
Amortizing Intangible Assets: | ||||||||||||||||||
Player relationships | 5 | 75.1 | (29.7 | ) | — | 45.4 | ||||||||||||
Favorable leasehold interests | 31 | 4.4 | (0.2 | ) | — | 4.2 | ||||||||||||
79.5 | (29.9 | ) | — | 49.6 | ||||||||||||||
Total Goodwill and Other Intangible Assets | $ | 1,509.60 | $ | (29.9 | ) | $ | (31.1 | ) | $ | 1,448.60 | ||||||||
31-Dec-13 | ||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Intangible Assets, Net | ||||||||||||||
Goodwill: | (in millions) | |||||||||||||||||
Ameristar acquisition | Indefinite | $ | 860.8 | $ | — | $ | — | $ | 860.8 | |||||||||
Belterra Park | Indefinite | 35.8 | — | — | 35.8 | |||||||||||||
Boomtown New Orleans | Indefinite | 16.8 | — | — | 16.8 | |||||||||||||
Other | Indefinite | 5.9 | — | — | 5.9 | |||||||||||||
919.3 | — | — | 919.3 | |||||||||||||||
Indefinite-lived Intangible Assets: | ||||||||||||||||||
Gaming licenses | Indefinite | 268.6 | — | (31.1 | ) | 237.5 | ||||||||||||
Trade names | Indefinite | 187.2 | — | — | 187.2 | |||||||||||||
Racing license | Indefinite | 5 | — | — | 5 | |||||||||||||
460.8 | — | (31.1 | ) | 429.7 | ||||||||||||||
Amortizing Intangible Assets: | ||||||||||||||||||
Player relationships | 6 | 75.1 | (9.0 | ) | — | 66.1 | ||||||||||||
Favorable leasehold interests | 32 | 4.4 | (0.1 | ) | — | 4.3 | ||||||||||||
79.5 | (9.1 | ) | — | 70.4 | ||||||||||||||
Total Goodwill and Other Intangible Assets | $ | 1,459.60 | $ | (9.1 | ) | $ | (31.1 | ) | $ | 1,419.40 | ||||||||
Schedule of Indefinite-lived Intangible Assets | Estimated future annual amortization is as follows: | |||||||||||||||||
Player Relationships | Favorable Leasehold Interests | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||
Year ended December 31: | ||||||||||||||||||
2015 | $ | 15.8 | $ | 0.1 | $ | 15.9 | ||||||||||||
2016 | 11.9 | 0.1 | 12 | |||||||||||||||
2017 | 8.8 | 0.1 | 8.9 | |||||||||||||||
2018 | 6.5 | 0.1 | 6.6 | |||||||||||||||
2019 | 2.1 | 0.1 | 2.2 | |||||||||||||||
Thereafter | 0.3 | 3.7 | 4 | |||||||||||||||
Total | $ | 45.4 | $ | 4.2 | $ | 49.6 | ||||||||||||
Writedowns_reserves_and_recove1
Write-downs, reserves and recoveries, net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Write Downs Reserves And Recoveries Net Abstract | ||||||||||||
Schedule of Write Downs Reserves And Recoveries Net | Write-downs, reserves and recoveries, net, consist of the following: | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss (gain) on disposal of assets, net | $ | 3.5 | $ | 2.8 | $ | (1.2 | ) | |||||
Lease abandonment | 3 | — | — | |||||||||
Reserve on loan receivable | — | 0.1 | 1.7 | |||||||||
Impairment of long-lived assets | — | 2.9 | 0.3 | |||||||||
Impairment of indefinite-lived intangible assets | — | 10 | — | |||||||||
Other | (0.1 | ) | 1.5 | — | ||||||||
Write-downs, reserves and recoveries, net | $ | 6.4 | $ | 17.3 | $ | 0.8 | ||||||
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Condensed Consolidating Financial Statements | 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: | |||||||||||||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Statements of Operations | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 1,974.40 | $ | — | $ | — | $ | 1,974.40 | ||||||||||
Food and beverage | — | 118.4 | — | — | 118.4 | |||||||||||||||
Lodging | — | 50.6 | — | — | 50.6 | |||||||||||||||
Retail, entertainment and other | 0.1 | 67 | — | — | 67.1 | |||||||||||||||
0.1 | 2,210.40 | — | — | 2,210.50 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 1,056.90 | — | — | 1,056.90 | |||||||||||||||
Food and beverage | — | 110.3 | — | — | 110.3 | |||||||||||||||
Lodging | — | 24 | — | — | 24 | |||||||||||||||
Retail, entertainment and other | — | 27 | — | — | 27 | |||||||||||||||
General and administrative | 96.2 | 324.9 | 0.3 | — | 421.4 | |||||||||||||||
Pre-opening, development and other costs | 4.3 | 8.3 | 0.3 | — | 12.9 | |||||||||||||||
Depreciation and amortization | 8.5 | 232.5 | — | — | 241 | |||||||||||||||
Write downs, reserves, recoveries, net | 4.2 | 2.2 | — | — | 6.4 | |||||||||||||||
113.2 | 1,786.10 | 0.6 | — | 1,900.00 | ||||||||||||||||
Operating income (loss) | (113.1 | ) | 424.3 | (0.6 | ) | — | 310.5 | |||||||||||||
Equity earnings of subsidiaries | 292.5 | — | — | (292.5 | ) | — | ||||||||||||||
Interest (expense) and non-operating income, net | (255.4 | ) | 2.7 | — | — | (252.7 | ) | |||||||||||||
Loss on early extinguishment of debt | (8.2 | ) | — | — | — | (8.2 | ) | |||||||||||||
Loss from equity method investment | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (84.2 | ) | 427 | (0.8 | ) | (292.5 | ) | 49.4 | ||||||||||||
Management fee and inter-company interest | 149.8 | (149.8 | ) | — | — | — | ||||||||||||||
Income tax benefit (expense) | (21.8 | ) | 10.7 | — | — | (11.1 | ) | |||||||||||||
Income (loss) from continuing operations | 43.8 | 287.9 | (0.8 | ) | (292.5 | ) | 38.3 | |||||||||||||
Income from discontinued operations, net of income taxes | — | 5.5 | — | — | 5.5 | |||||||||||||||
Net income (loss) | $ | 43.8 | $ | 293.4 | $ | (0.8 | ) | $ | (292.5 | ) | $ | 43.8 | ||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 1,327.30 | $ | — | $ | — | $ | 1,327.30 | ||||||||||
Food and beverage | — | 78.9 | — | — | 78.9 | |||||||||||||||
Lodging | — | 31.3 | — | — | 31.3 | |||||||||||||||
Retail, entertainment and other | 0.1 | 50.2 | — | — | 50.3 | |||||||||||||||
0.1 | 1,487.70 | — | — | 1,487.80 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 733.5 | — | — | 733.5 | |||||||||||||||
Food and beverage | — | 69.8 | — | — | 69.8 | |||||||||||||||
Lodging | — | 14.8 | — | — | 14.8 | |||||||||||||||
Retail, entertainment and other | — | 23.3 | — | — | 23.3 | |||||||||||||||
General and administrative | 63.1 | 223.8 | 0.5 | — | 287.4 | |||||||||||||||
Pre-opening, development and other costs | 86.2 | 2.1 | 0.7 | — | 89 | |||||||||||||||
Depreciation and amortization | 6.5 | 142 | — | — | 148.5 | |||||||||||||||
Write downs, reserves, recoveries, net | 1.1 | 14.5 | 1.6 | — | 17.2 | |||||||||||||||
156.9 | 1,223.80 | 2.8 | — | 1,383.50 | ||||||||||||||||
Operating income (loss) | (156.8 | ) | 263.9 | (2.8 | ) | — | 104.3 | |||||||||||||
Equity earnings of subsidiaries | (16.1 | ) | — | — | 16.1 | — | ||||||||||||||
Loss on early extinguishment of debt | (30.8 | ) | — | — | — | (30.8 | ) | |||||||||||||
Loss from equity method investment | — | — | (92.2 | ) | — | (92.2 | ) | |||||||||||||
Interest (expense) and non-operating income, net | (177.4 | ) | 7.7 | — | — | (169.7 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (381.1 | ) | 271.6 | (95.0 | ) | 16.1 | (188.4 | ) | ||||||||||||
Management fee and inter-company interest | 70.1 | (70.1 | ) | — | — | — | ||||||||||||||
Income tax benefit | 55.1 | — | — | — | 55.1 | |||||||||||||||
Income (loss) from continuing operations | (255.9 | ) | 201.5 | (95.0 | ) | 16.1 | (133.3 | ) | ||||||||||||
Loss from discontinued operations, net of income taxes | — | (122.5 | ) | (0.1 | ) | — | (122.6 | ) | ||||||||||||
Net income (loss) | $ | (255.9 | ) | $ | 79 | $ | (95.1 | ) | $ | 16.1 | $ | (255.9 | ) | |||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Gaming | $ | — | $ | 892.3 | $ | — | $ | — | $ | 892.3 | ||||||||||
Food and beverage | — | 53.5 | — | — | 53.5 | |||||||||||||||
Lodging | — | 21.9 | — | — | 21.9 | |||||||||||||||
Retail, entertainment and other | 0.1 | 34.5 | 0.5 | — | 35.1 | |||||||||||||||
0.1 | 1,002.20 | 0.5 | — | 1,002.80 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Gaming | — | 501.4 | — | — | 501.4 | |||||||||||||||
Food and beverage | — | 47.1 | — | — | 47.1 | |||||||||||||||
Lodging | — | 11.6 | — | — | 11.6 | |||||||||||||||
Retail, entertainment and other | — | 19.1 | 0.7 | — | 19.8 | |||||||||||||||
General and administrative | 26.7 | 153.9 | 0.6 | — | 181.2 | |||||||||||||||
Pre-opening, development and other costs | 3.2 | 16.7 | 1.6 | — | 21.5 | |||||||||||||||
Depreciation and amortization | 3.3 | 79.2 | 0.2 | — | 82.7 | |||||||||||||||
Write downs, reserves, recoveries, net | 0.3 | (1.2 | ) | 1.7 | — | 0.8 | ||||||||||||||
33.5 | 827.8 | 4.8 | — | 866.1 | ||||||||||||||||
Operating income (loss) | (33.4 | ) | 174.4 | (4.3 | ) | — | 136.7 | |||||||||||||
Equity earnings of subsidiaries | 111.3 | (0.1 | ) | — | (111.2 | ) | — | |||||||||||||
Loss on early extinguishment of debt | (20.7 | ) | — | — | — | (20.7 | ) | |||||||||||||
Loss from equity method investment | — | — | (30.8 | ) | — | (30.8 | ) | |||||||||||||
Interest (expense) and non-operating income, net | (114.4 | ) | 12 | 8.7 | — | (93.7 | ) | |||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | (57.2 | ) | 186.3 | (26.4 | ) | (111.2 | ) | (8.5 | ) | |||||||||||
Management fee and inter-company interest | 30.1 | (20.2 | ) | (8.4 | ) | (1.5 | ) | — | ||||||||||||
Income tax expense | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||
Income (loss) from continuing operations | (31.8 | ) | 166.1 | (34.8 | ) | (112.7 | ) | (13.2 | ) | |||||||||||
Income (loss) from discontinued operations, net of income taxes | — | (20.0 | ) | (0.1 | ) | 1.5 | (18.6 | ) | ||||||||||||
Net income (loss) | $ | (31.8 | ) | $ | 146.1 | $ | (34.9 | ) | $ | (111.2 | ) | $ | (31.8 | ) | ||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Current assets, excluding discontinued operations | $ | 73.4 | $ | 184.5 | $ | 23.3 | $ | (23.3 | ) | $ | 257.9 | |||||||||
Property and equipment, net | 34.3 | 2,977.20 | 5.4 | — | 3,016.90 | |||||||||||||||
Goodwill | — | 916 | 3.3 | — | 919.3 | |||||||||||||||
Intangible assets, net | — | 524.3 | 5 | — | 529.3 | |||||||||||||||
Other non-current assets | 60 | 4.6 | 24.4 | — | 89 | |||||||||||||||
Investment in subsidiaries | 4,470.80 | — | — | (4,470.8 | ) | — | ||||||||||||||
Assets of discontinued operations held for sale | 3.6 | 17.7 | — | — | 21.3 | |||||||||||||||
Inter-company | — | 352 | — | (352.0 | ) | — | ||||||||||||||
Total assets | $ | 4,642.10 | $ | 4,976.30 | $ | 61.4 | $ | (4,846.1 | ) | $ | 4,833.70 | |||||||||
Current liabilities, excluding discontinued operations | $ | 100.8 | $ | 273.1 | $ | — | $ | (23.3 | ) | $ | 350.6 | |||||||||
Notes payable, long term | 3,975.50 | 0.1 | — | — | 3,975.60 | |||||||||||||||
Other non-current liabilities | (63.0 | ) | 280.6 | — | — | 217.6 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 0.4 | — | — | 0.4 | |||||||||||||||
Inter-company | 350.8 | — | 1.2 | (352.0 | ) | — | ||||||||||||||
Total liabilities | 4,364.10 | 554.2 | 1.2 | (375.3 | ) | 4,544.20 | ||||||||||||||
Total Pinnacle stockholders' equity | 278 | 4,422.10 | 48.8 | (4,470.8 | ) | 278.1 | ||||||||||||||
Non-controlling interest | — | — | 11.4 | — | 11.4 | |||||||||||||||
Total equity | 278 | 4,422.10 | 60.2 | (4,470.8 | ) | 289.5 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 4,642.10 | $ | 4,976.30 | $ | 61.4 | $ | (4,846.1 | ) | $ | 4,833.70 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Current assets, excluding discontinued operations | $ | 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, excluding discontinued operations | $ | 114.8 | $ | 231.4 | $ | 0.1 | $ | — | $ | 346.3 | ||||||||||
Notes payable, long term | 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 | ||||||||||||||
Total Pinnacle stockholders' 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 | |||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 119.3 | $ | 234.4 | $ | (25.2 | ) | $ | — | $ | 328.5 | |||||||||
Capital expenditures and land additions | (12.0 | ) | (218.8 | ) | — | — | (230.8 | ) | ||||||||||||
Purchases of intangible assets | — | (25.0 | ) | — | — | (25.0 | ) | |||||||||||||
Escrow funds | — | 25 | — | — | 25 | |||||||||||||||
Net proceeds from sales of discontinued operations held for sale | — | 258.5 | — | — | 258.5 | |||||||||||||||
Restricted cash | 5.9 | — | — | — | 5.9 | |||||||||||||||
Inter-company transfers of proceeds from sales of discontinued operations held for sale and other | 260.2 | (258.1 | ) | (2.5 | ) | — | (0.4 | ) | ||||||||||||
Cash provided by (used in) investing activities | 254.1 | (218.4 | ) | (2.5 | ) | — | 33.2 | |||||||||||||
Proceeds from credit facility | 291.7 | — | — | — | 291.7 | |||||||||||||||
Repayments under credit facility | (693.0 | ) | — | — | — | (693.0 | ) | |||||||||||||
Other | 5.7 | — | — | — | 5.7 | |||||||||||||||
Cash provided by financing activities | (395.6 | ) | — | — | — | (395.6 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | (22.2 | ) | 16 | (27.7 | ) | — | (33.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 28.6 | 142.3 | 27.7 | — | 198.6 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 6.4 | $ | 158.3 | $ | — | $ | — | $ | 164.7 | ||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,754.5 | ) | $ | 1,895.50 | $ | 20.1 | $ | — | $ | 161.1 | |||||||||
Capital expenditures and land additions | (5.8 | ) | (286.8 | ) | — | — | (292.6 | ) | ||||||||||||
Purchases of held-to-maturity debt securities, net | 4.4 | — | (5.9 | ) | — | (1.5 | ) | |||||||||||||
Payments for business combinations, net | — | (1,749.7 | ) | — | — | (1,749.7 | ) | |||||||||||||
Net proceeds from sales of discontinued operations held for sale | — | 205.7 | — | — | 205.7 | |||||||||||||||
Loans receivable, net | — | — | (6.9 | ) | — | (6.9 | ) | |||||||||||||
Other | 0.5 | 4.1 | (2.4 | ) | — | 2.2 | ||||||||||||||
Cash used in investing activities | (0.9 | ) | (1,826.7 | ) | (15.2 | ) | — | (1,842.8 | ) | |||||||||||
Proceeds from credit facility | 2,168.80 | — | — | — | 2,168.80 | |||||||||||||||
Repayments under credit facility | (15.1 | ) | — | — | — | (15.1 | ) | |||||||||||||
Proceeds from issuance of long-term debt | 850 | — | — | — | 850 | |||||||||||||||
Repayments of long-term debt | (1,190.3 | ) | — | — | — | (1,190.3 | ) | |||||||||||||
Other | (34.9 | ) | — | — | — | (34.9 | ) | |||||||||||||
Cash provided by financing activities | 1,778.50 | — | — | — | 1,778.50 | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 23.1 | 68.8 | 4.9 | — | 96.8 | |||||||||||||||
Cash and cash equivalents, beginning of period | 5.5 | 73.5 | 22.8 | — | 101.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 28.6 | $ | 142.3 | $ | 27.7 | $ | — | $ | 198.6 | ||||||||||
Consolidating | Pinnacle | |||||||||||||||||||
Pinnacle | 100% Owned | Non- | and | Entertainment, | ||||||||||||||||
Entertainment, | Guarantor | Guarantor | Eliminating | Inc. | ||||||||||||||||
Inc. | Subsidiaries(a) | Subsidiaries(b) | Entries | Consolidated | ||||||||||||||||
(in millions) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (140.0 | ) | $ | 277.7 | $ | 49.2 | $ | — | $ | 186.9 | |||||||||
Capital expenditures and land additions | (4.1 | ) | (294.8 | ) | (0.5 | ) | — | (299.4 | ) | |||||||||||
Purchase of held-to-maturity debt securities, net | (4.5 | ) | — | (15.6 | ) | — | (20.1 | ) | ||||||||||||
Refund from escrow deposit | — | 25 | — | — | 25 | |||||||||||||||
Net proceeds from sales of discontinued operations | — | 10.8 | — | — | 10.8 | |||||||||||||||
Equity method investment | — | (0.3 | ) | (24.1 | ) | — | (24.4 | ) | ||||||||||||
Loans receivable, net | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||
Other | 0.1 | 7.1 | 4.8 | — | 12 | |||||||||||||||
Cash used in investing activities | (8.5 | ) | (252.2 | ) | (41.4 | ) | — | (302.1 | ) | |||||||||||
Proceeds from credit facility | 47.5 | — | — | — | 47.5 | |||||||||||||||
Repayments under credit facility | (103.5 | ) | — | — | — | (103.5 | ) | |||||||||||||
Proceeds from issuance of long-term debt | 646.8 | — | — | — | 646.8 | |||||||||||||||
Repayment of long-term debt | (392.2 | ) | — | — | — | (392.2 | ) | |||||||||||||
Debt issuance and other financing costs | (12.4 | ) | — | — | — | (12.4 | ) | |||||||||||||
Purchase of treasury stock | (51.0 | ) | — | — | — | (51.0 | ) | |||||||||||||
Other | 1.5 | — | — | — | 1.5 | |||||||||||||||
Cash provided by financing activities | 136.7 | — | — | — | 136.7 | |||||||||||||||
Increase (decrease) in cash and cash equivalents | (11.8 | ) | 25.5 | 7.8 | — | 21.5 | ||||||||||||||
Cash and cash equivalents, beginning of period | 17.3 | 48 | 15 | — | 80.3 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 5.5 | $ | 73.5 | $ | 22.8 | $ | — | $ | 101.8 | ||||||||||
(a) | As of December 31, 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 (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 $61.4 million in cash and other assets as of December 31, 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) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information | The following table highlights our Adjusted EBITDA for each segment and reconciles Consolidated Adjusted EBITDA to Income (loss) from continuing operations for the years ended December 31, 2014, 2013, and 2012. | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenues: | ||||||||||||
Midwest segment (a) | $ | 1,185.20 | $ | 650.9 | $ | 367.3 | ||||||
South segment (a) | 801.9 | 748.1 | 634.9 | |||||||||
West segment (a) | 216 | 82.9 | — | |||||||||
2,203.10 | 1,481.90 | 1,002.20 | ||||||||||
Corporate and other (c) | 7.4 | 6 | 0.6 | |||||||||
Total revenues | $ | 2,210.50 | $ | 1,487.90 | $ | 1,002.80 | ||||||
Adjusted EBITDA (b): | ||||||||||||
Midwest segment (a) | $ | 348.4 | $ | 183.7 | $ | 94.3 | ||||||
South segment (a) | 244.4 | 213.5 | 176.6 | |||||||||
West segment (a) | 78.2 | 27.7 | — | |||||||||
671 | 424.9 | 270.9 | ||||||||||
Corporate expenses and other (c) | (86.2 | ) | (54.3 | ) | (20.6 | ) | ||||||
Consolidated Adjusted EBITDA (b) | $ | 584.8 | $ | 370.6 | $ | 250.3 | ||||||
Other benefits (costs): | ||||||||||||
Depreciation and amortization | (241.1 | ) | (148.5 | ) | (82.7 | ) | ||||||
Pre-opening, development and other costs | (13.0 | ) | (89.0 | ) | (21.5 | ) | ||||||
Non-cash share-based compensation | (13.9 | ) | (11.5 | ) | (8.5 | ) | ||||||
Write-downs, reserves and recoveries, net | (6.4 | ) | (17.3 | ) | (0.8 | ) | ||||||
Interest expense, net | (252.6 | ) | (169.8 | ) | (93.7 | ) | ||||||
Loss from equity method investment | (0.2 | ) | (92.2 | ) | (30.8 | ) | ||||||
Loss on early extinguishment of debt | (8.2 | ) | (30.8 | ) | (20.7 | ) | ||||||
Income tax benefit (expense) | (11.1 | ) | 55.1 | (4.8 | ) | |||||||
Income (loss) from continuing operations | $ | 38.3 | $ | (133.4 | ) | $ | (13.2 | ) | ||||
Capital expenditures | ||||||||||||
Midwest segment (a) | $ | 158.2 | $ | 139.4 | $ | 37.1 | ||||||
South segment (a) | 51 | 77.8 | 249 | |||||||||
West segment (a) | 7.7 | 1.7 | — | |||||||||
Corporate and other, including development projects and discontinued operations | 13.9 | 73.7 | 13.4 | |||||||||
$ | 230.8 | $ | 292.6 | $ | 299.5 | |||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Assets: | ||||||||||||
Midwest segment (a) | $ | 2,758.10 | $ | 2,669.10 | ||||||||
South segment (a) | 1,294.80 | 1,322.80 | ||||||||||
West segment (a) | 546.6 | 568.4 | ||||||||||
Corporate and other, including development projects and discontinued operations | 1,008.20 | 1,627.00 | ||||||||||
Eliminations | (774.0 | ) | (1,027.9 | ) | ||||||||
$ | 4,833.70 | $ | 5,159.40 | |||||||||
(a) See Note 1, "Summary of Significant Accounting Policies," for a listing of properties included in each segment. | ||||||||||||
(b) We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening, development and other costs, 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, development and other costs, 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, | ||||||||||||
development and other costs 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. | ||||||||||||
(c) Corporate and other includes revenues from Retama Park Racetrack (which we manage) and the Heartland Poker Tour. 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. Other includes expenses relating to the management of Retama Park Racetrack and the operation of Heartland Poker Tour. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following is a summary of unaudited quarterly financial data for the years ended December 31, 2014 and 2013: | |||||||||||||||
2014 | ||||||||||||||||
Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenues | $ | 554.3 | $ | 568.3 | $ | 555.2 | $ | 532.8 | ||||||||
Operating income (a) | 78.7 | 77.2 | 66.8 | 87.7 | ||||||||||||
Income (loss) from continuing operations | 14.2 | 7.7 | (2.3 | ) | 18.7 | |||||||||||
Income from discontinued operations, net of taxes | 0.4 | 4.8 | — | 0.3 | ||||||||||||
Net income (loss) | 14.6 | 12.5 | (2.3 | ) | 19 | |||||||||||
Net income (loss) attributable to Pinnacle Entertainment, Inc. | $ | 14.6 | $ | 12.5 | $ | (2.3 | ) | $ | 19 | |||||||
Per Share Data—Basic (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.24 | $ | 0.13 | $ | (0.04 | ) | $ | 0.32 | |||||||
Income from discontinued operations, net of taxes | 0.01 | 0.08 | — | — | ||||||||||||
Net income (loss)—basic | $ | 0.25 | $ | 0.21 | $ | (0.04 | ) | $ | 0.32 | |||||||
Per Share Data—Diluted (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.23 | $ | 0.13 | $ | (0.04 | ) | $ | 0.31 | |||||||
Income from discontinued operations, net of taxes | 0.01 | 0.08 | — | — | ||||||||||||
Net income (loss)—diluted | $ | 0.24 | $ | 0.21 | $ | (0.04 | ) | $ | 0.31 | |||||||
2013 | ||||||||||||||||
Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenues | $ | 535 | $ | 418.9 | $ | 267.3 | $ | 266.6 | ||||||||
Operating income (loss) (a) | 69.8 | (15.2 | ) | 17.9 | 31.9 | |||||||||||
Income (loss) from continuing operations | 8.6 | (47.1 | ) | (7.1 | ) | (87.8 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes | 6.4 | (133.3 | ) | 2 | 2.4 | |||||||||||
Net income (loss) | 15 | (180.4 | ) | (5.1 | ) | (85.4 | ) | |||||||||
Net income (loss) attributable to Pinnacle Entertainment, Inc. | $ | 15 | $ | (180.4 | ) | $ | (5.1 | ) | $ | (85.4 | ) | |||||
Per Share Data—Basic (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.15 | $ | (0.80 | ) | $ | (0.12 | ) | $ | (1.50 | ) | |||||
Income (loss) from discontinued operations, net of taxes | 0.11 | (2.27 | ) | 0.03 | 0.04 | |||||||||||
Net income (loss)—basic | $ | 0.26 | $ | (3.07 | ) | $ | (0.09 | ) | $ | (1.46 | ) | |||||
Per Share Data—Diluted (b) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.14 | $ | (0.80 | ) | $ | (0.12 | ) | $ | (1.50 | ) | |||||
Income (loss) from discontinued operations, net of taxes | 0.11 | (2.27 | ) | 0.03 | 0.04 | |||||||||||
Net income (loss)—diluted | $ | 0.25 | $ | (3.07 | ) | $ | (0.09 | ) | $ | (1.46 | ) | |||||
(a) | Among other items, the estimates inherent in the accounting process can impact quarterly comparability. | |||||||||||||||
(b) | Net income (loss) per share calculations for each quarter is based on the weighted average number of shares outstanding during the respective periods; accordingly, the sum of the quarters may not equal the full-year income (loss) per share. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2013 | Sep. 30, 2013 | Nov. 30, 2013 | |
property | ||||||
Accounting Policies [Line Items] | ||||||
Number of casinos owned and operated | 15 | |||||
Cash and cash equivalents | $164,654,000 | $191,938,000 | ||||
Allowance for doubtful accounts | 4,963,000 | 5,178,000 | ||||
Restricted cash | 5,667,000 | 11,592,000 | ||||
Goodwill impairment loss | 0 | 0 | 0 | |||
Impairment of indefinite-lived intangible assets | 0 | 10,000,000 | 0 | |||
Goodwill, Gross | 919,300,000 | 919,300,000 | ||||
Purchase of intangible asset | -25,000,000 | 0 | -1,057,000 | |||
Increase in accrued liabilities associated with recognized intangible asset | 25,000,000 | 0 | 0 | |||
Goodwill | 864,100,000 | |||||
Intangible assets | 529,200,000 | |||||
Unamortized debt issuance costs | 44,100,000 | 54,100,000 | ||||
Amortization of debt issuance costs and debt discounts | 9,700,000 | 6,400,000 | 6,500,000 | |||
Self insurance accruals | 24,400,000 | 26,200,000 | ||||
Customer loyalty program liability | 26,600,000 | 18,900,000 | ||||
Estimated costs of providing benefits under Ameristar customer loyalty program | 12,800,000 | |||||
Threshold for uncertain tax positions | 50.00% | |||||
Purchase of treasury stock | 0 | 0 | 51,000,000 | |||
Retama Partners | ||||||
Accounting Policies [Line Items] | ||||||
Goodwill | 3,300,000 | |||||
Intangible assets | 5,000,000 | |||||
Belterra Park | ||||||
Accounting Policies [Line Items] | ||||||
Goodwill, Gross | 35,800,000 | 35,800,000 | ||||
Intangible assets-gaming license | 50,000,000 | |||||
Allowance for Doubtful Accounts | ||||||
Accounting Policies [Line Items] | ||||||
Bad debt expense | 2,363,000 | 2,190,000 | 3,766,000 | |||
Boomtown Bossier City | ||||||
Accounting Policies [Line Items] | ||||||
Impairment of indefinite-lived intangible assets | 10,000,000 | 10,000,000 | ||||
Belterra Park | ||||||
Accounting Policies [Line Items] | ||||||
Purchase of intangible asset | -25,000,000 | |||||
Increase in accrued liabilities associated with recognized intangible asset | 25,000,000 | |||||
Ameristar Lake Charles | ||||||
Accounting Policies [Line Items] | ||||||
Intangible assets-gaming license | $29,800,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Held-to-maturity Securities | $14,800,000 | $14,800,000 |
Promissory Notes | 12,000,000 | 9,500,000 |
Liabilities: | ||
Debt | 3,986,600,000 | 4,380,100,000 |
Fair Value Measurements, Recurring | ||
Liabilities: | ||
Deferred compensation | 600,000 | 800,000 |
Fair Value Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Liabilities: | ||
Deferred compensation | 600,000 | 800,000 |
Fair Value Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Liabilities: | ||
Deferred compensation | 0 | 0 |
Fair Value Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Liabilities: | ||
Deferred compensation | 0 | 0 |
Fair Value Measurements, Nonrecurring | ||
ASSETS | ||
Held-to-maturity Securities, Fair Value Disclosure | 21,700,000 | 30,100,000 |
Promissory Notes, Fair Value Disclosure | 16,800,000 | 16,500,000 |
Liabilities: | ||
Long-term Debt, Fair Value Disclosure | 4,029,900,000 | 4,511,900,000 |
Fair Value Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||
ASSETS | ||
Held-to-maturity Securities, Fair Value Disclosure | 0 | 0 |
Promissory Notes, Fair Value Disclosure | 0 | 0 |
Liabilities: | ||
Long-term Debt, Fair Value Disclosure | 0 | 0 |
Fair Value Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
ASSETS | ||
Held-to-maturity Securities, Fair Value Disclosure | 18,500,000 | 26,700,000 |
Promissory Notes, Fair Value Disclosure | 16,800,000 | 16,500,000 |
Liabilities: | ||
Long-term Debt, Fair Value Disclosure | 4,029,900,000 | 4,511,900,000 |
Fair Value Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
ASSETS | ||
Held-to-maturity Securities, Fair Value Disclosure | 3,200,000 | 3,400,000 |
Promissory Notes, Fair Value Disclosure | 0 | 0 |
Liabilities: | ||
Long-term Debt, Fair Value Disclosure | $0 | $0 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Land, Buildings, Vessels and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Land, Buildings, Vessels and Equipment | |||
Land not used in operations | $37.60 | $39.20 | |
Depreciation expense | $220.30 | $139.10 | $82.50 |
Minimum | Land Improvements | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 5 years | ||
Minimum | Buildings and Improvements | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 10 years | ||
Minimum | Vessels | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 10 years | ||
Minimum | Furniture, Fxtures and Equipment | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 3 years | ||
Maximum | Land Improvements | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 20 years | ||
Maximum | Buildings and Improvements | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 35 years | ||
Maximum | Vessels | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 25 years | ||
Maximum | Furniture, Fxtures and Equipment | |||
Land, Buildings, Vessels and Equipment | |||
Estimated useful life | 20 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Revenue Recognition, Gaming Taxes and Advertising Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Food and beverage | $135.30 | $94.70 | $58.10 |
Lodging | 61.1 | 49.3 | 28.1 |
Retail, entertainment and other | 18.2 | 13.4 | 9.6 |
Total promotional allowances | 214.6 | 157.4 | 95.8 |
Promotional allowance costs included in gaming expense | 160.9 | 111.2 | 72.4 |
Gaming taxes | 557.3 | 378.6 | 261.8 |
Advertising costs | $30.60 | $20.90 | $22.10 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Pre-opening and Development Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pre-opening and Development Costs | |||
Pre-opening and development costs | $12,962 | $89,009 | $21,508 |
Ameristar Acquisition | |||
Pre-opening and Development Costs | |||
Pre-opening and development costs | 2,200 | 85,300 | 0 |
Belterra Park | |||
Pre-opening and Development Costs | |||
Pre-opening and development costs | 8,200 | 1,200 | 400 |
Other | |||
Pre-opening and Development Costs | |||
Pre-opening and development costs | 2,600 | 2,500 | 21,100 |
REIT costs [Member] | |||
Pre-opening and Development Costs | |||
Pre-opening and development costs | $1,700 |
Summary_of_Signitifcant_Accoun
Summary of Signitifcant Accounting Policies - Earnings per Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Options and securities not included in the computation of diluted earnings per share | 1.7 | 0.5 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Options and securities not included in the computation of diluted earnings per share | 1.6 | 1 | 4.4 |
Land_Buildings_Vessels_and_Equ2
Land, Buildings, Vessels and Equipment - Summary of Land, Buildings, Vessels and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Land, buildings, vessels and equipment: | |||
Land and land improvements | $401,900,000 | $391,700,000 | |
Buildings, vessels and improvements | 2,677,800,000 | 2,492,200,000 | |
Furniture, fixtures and equipment | 721,900,000 | 633,100,000 | |
Construction in progress | 75,600,000 | 175,600,000 | |
Land, buildings, vessels and equipment, gross | 3,877,200,000 | 3,692,600,000 | |
Less: accumulated depreciation | 860,200,000 | 656,100,000 | |
Land, buildings, vessels and equipment, net | 3,017,009,000 | 3,036,515,000 | |
Asset impairment charges | 0 | 1,534,000 | 6,950,000 |
L'Auberge Lake Charles | |||
Land, buildings, vessels and equipment: | |||
Asset impairment charges | $1,500,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 31-May-10 |
Long-term Debt | |||
Long-term Debt, Gross | $3,953,900,000 | $4,355,200,000 | |
Unamortized (Discount) Premium | 32,700,000 | 24,900,000 | |
Debt | 3,986,600,000 | 4,380,100,000 | |
Current portion of long-term debt | -11,006,000 | -16,006,000 | |
Long-term debt, noncurrent | 3,942,900,000 | 4,339,200,000 | |
Long-term debt less current portion | 3,975,648,000 | 4,364,045,000 | |
Line of Credit | |||
Long-term Debt | |||
Long-term Debt, Gross | 606,600,000 | 493,600,000 | |
Unamortized (Discount) Premium | 0 | 0 | |
Debt | 606,618,000 | 493,600,000 | |
Term B1 due 2016 | |||
Long-term Debt | |||
Long-term Debt, Gross | 202,000,000 | ||
Unamortized (Discount) Premium | -7,700,000 | ||
Debt | 194,300,000 | ||
Term B2 due 2020 | |||
Long-term Debt | |||
Long-term Debt, Gross | 782,200,000 | 1,094,500,000 | |
Unamortized (Discount) Premium | -21,100,000 | -26,000,000 | |
Debt | 761,100,000 | 1,068,500,000 | |
Senior Notes Due 2021 | |||
Long-term Debt | |||
Long-term Debt, Gross | 850,000,000 | 850,000,000 | |
Unamortized (Discount) Premium | 0 | 0 | |
Debt | 850,000,000 | 850,000,000 | |
Senior Notes Due April 2021 | |||
Long-term Debt | |||
Long-term Debt, Gross | 1,040,000,000 | 1,040,000,000 | |
Unamortized (Discount) Premium | 53,800,000 | 58,600,000 | |
Debt | 1,093,800,000 | 1,098,500,000 | |
7.75% Senior Subordinated Notes Due 2022 | |||
Long-term Debt | |||
Long-term Debt, Gross | 325,000,000 | 325,000,000 | |
Unamortized (Discount) Premium | 0 | 0 | |
Debt | 325,000,000 | 325,000,000 | |
8.75% Senior Subordinated Notes due 2020 | |||
Long-term Debt | |||
Long-term Debt, Gross | 350,000,000 | 350,000,000 | |
Unamortized (Discount) Premium | 0 | 0 | |
Debt | 350,000,000 | 350,000,000 | 350,000,000 |
Other | |||
Long-term Debt | |||
Long-term Debt, Gross | 100,000 | 100,000 | |
Unamortized (Discount) Premium | 0 | 0 | |
Debt | $100,000 | $100,000 |
LongTerm_Debt_Amended_and_Rest
Long-Term Debt - Amended and Restated Credit Agreement (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 13, 2013 | 31-May-10 |
Long-term Debt | ||||
Revolving credit commitment | $1,000,000,000 | |||
Debt | 3,986,600,000 | 4,380,100,000 | ||
Term Loan | ||||
Long-term Debt | ||||
Maximum borrowing capacity | 1,600,000,000 | |||
Term B1 due 2016 | ||||
Long-term Debt | ||||
Maximum borrowing capacity | 500,000,000 | |||
Debt | 194,300,000 | |||
Term B2 due 2020 | ||||
Long-term Debt | ||||
Debt Instrument, Interest Rate, Spread on Base Rate Loan | 1.75% | |||
Debt Instrument, Interest Rate, Floor on Eurodollar Loan and Base Rate Loan | 1.00% | |||
Maximum borrowing capacity | 1,100,000,000 | |||
Debt | 761,100,000 | 1,068,500,000 | ||
Stated percentage | 0.25% | |||
Debt Instrument, Interest Rate, Spread on LIBOR Loan | 2.75% | |||
Revolving Credit Facility | ||||
Long-term Debt | ||||
Debt Instrument, Interest Rate, Spread on LIBOR Loan (Minimum in Range) | 1.75% | |||
Debt Instrument, Interest Rate, Spread on Base Rate Loan (Maximum in Range) | 1.75% | |||
Debt Instrument, Interest Rate, Spread on LIBOR Loan (Maximum in Range) | 2.75% | |||
Debt Instrument, Interest Rate, Margin on Base Rate Loan (Minimum in Range) | 0.75% | |||
8.75% Senior Subordinated Notes due 2020 | ||||
Long-term Debt | ||||
Debt | 350,000,000 | 350,000,000 | 350,000,000 | |
Debt instrument, stated percentage | 8.75% | |||
Line of Credit | ||||
Long-term Debt | ||||
Debt | 606,618,000 | 493,600,000 | ||
Covenant maximum consolidated total leverage | 7.5 | |||
Minimum consolidated interest coverage ratio | 2 | |||
Maximum consolidated senior secured debt ratio | 3 | |||
Maximum senior unsecured debt allowed | 3,500,000,000 | |||
Maximum consolidated ratio allowed for increase in unsecured borrowings | 6 | |||
Letter of Credit | ||||
Long-term Debt | ||||
Line of credit | $12,700,000 |
LongTerm_Debt_Senior_Notes_Det
Long-Term Debt - Senior Notes (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | 31-May-10 | Mar. 31, 2012 | Aug. 31, 2009 | |
Long-term Debt | |||||||
Early redemption premium | 50.00% | ||||||
Interest Paid, Net | $242,507,000 | $141,199,000 | $82,831,000 | ||||
Debt | 3,986,600,000 | 4,380,100,000 | |||||
Gains (Losses) on Extinguishment of Debt | -8,234,000 | -30,830,000 | -20,718,000 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 850,000,000 | 646,750,000 | ||||
Long-term Debt, Gross | 3,953,900,000 | 4,355,200,000 | |||||
Senior Notes Due 2021 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ||||||
Debt | 850,000,000 | 850,000,000 | |||||
Proceeds from Issuance of Senior Long-term Debt | 835,000,000 | ||||||
Long-term Debt, Gross | 850,000,000 | 850,000,000 | |||||
8.75% Senior Subordinated Notes due 2020 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||||||
Debt | 350,000,000 | 350,000,000 | 350,000,000 | ||||
Proceeds from Issuance of Senior Long-term Debt | 341,500,000 | ||||||
Long-term Debt, Gross | 350,000,000 | 350,000,000 | |||||
Senior Subordinated Notes due 2015 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||
Gains (Losses) on Extinguishment of Debt | -30,800,000 | ||||||
Senior Notes Due 2017 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.63% | ||||||
Senior Notes Due April 2021 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||
Debt | 1,093,800,000 | 1,098,500,000 | |||||
Premium Included In Recorded Fair Value Of Senior Notes | 72,800,000 | ||||||
Debt Instrument, Face Amount | 1,040,000,000 | ||||||
Long-term Debt, Gross | 1,040,000,000 | 1,040,000,000 | |||||
7.75% Senior Subordinated Notes Due 2022 | |||||||
Long-term Debt | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||||||
Debt | 325,000,000 | 325,000,000 | |||||
Debt Instrument, Face Amount | 325,000,000 | ||||||
Proceeds from Issuance of Senior Long-term Debt | 318,300,000 | ||||||
Long-term Debt, Gross | $325,000,000 | $325,000,000 | |||||
Credit Spread Option | |||||||
Long-term Debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
On or after August 1 2016 | Senior Notes Due 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 104.78% | ||||||
On or after August 1 2017 | Senior Notes Due 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 103.19% | ||||||
On Or After August 1 2018 | Senior Notes Due 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 101.59% | ||||||
On or after August 1 2019 and thereafter | Senior Notes Due 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 100.00% | ||||||
On or after May 15 2015 | 8.75% Senior Subordinated Notes due 2020 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 104.38% | ||||||
On or after May 15 2016 | 8.75% Senior Subordinated Notes due 2020 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 102.92% | ||||||
On or after May 15 2017 | 8.75% Senior Subordinated Notes due 2020 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 101.46% | ||||||
On or after May 15 2018 and thereafter | 8.75% Senior Subordinated Notes due 2020 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 100.00% | ||||||
On or after April 1 2017 | 7.75% Senior Subordinated Notes Due 2022 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 103.88% | ||||||
On or after April 1 2018 | 7.75% Senior Subordinated Notes Due 2022 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 102.58% | ||||||
On or after April 1 2019 | 7.75% Senior Subordinated Notes Due 2022 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 101.29% | ||||||
On or after April 1 2020 and thereafter | 7.75% Senior Subordinated Notes Due 2022 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 100.00% | ||||||
On Or After April 15 2015 | Senior Notes Due April 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 105.63% | ||||||
On Or After April 15 2016 | Senior Notes Due April 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 103.75% | ||||||
On Or After April 15 2017 | Senior Notes Due April 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 101.88% | ||||||
On Or After April 15 2018 and thereafter | Senior Notes Due April 2021 | |||||||
Long-term Debt | |||||||
Long-term Debt Instrument, Redemption Price, Percent of Face Amount | 100.00% |
LongTerm_Debt_Interest_Expense
Long-Term Debt - Interest Expense and Loss on Early Extinguishment of Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | |||
Interest expense | $255,900,000 | $173,500,000 | $114,800,000 |
Interest income | -400,000 | -400,000 | -800,000 |
Capitalized interest | -2,900,000 | -3,300,000 | -20,300,000 |
Interest Expense | 252,647,000 | 169,812,000 | 93,670,000 |
Loss on early extinguishment of debt | -8,234,000 | -30,830,000 | -20,718,000 |
Senior Notes Due 2017 [Member] | |||
Short-term Debt [Line Items] | |||
Loss on early extinguishment of debt | -8,200,000 | ||
Senior Subordinated Notes due 2015 | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Loss on early extinguishment of debt | ($30,800,000) |
LongTerm_Debt_Credit_Facility_
Long-Term Debt - Credit Facility and Term Loan (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt | ||
Current portion of long-term debt | $11,006 | $16,006 |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt - Annual Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
2015 | $11 | |
2016 | 11 | |
2017 | 11 | |
2018 | 617.6 | |
2019 | 11 | |
Thereafter | 3,292.30 | |
Total | 3,953.90 | |
Less unamortized debt discounts | -21.1 | |
Unamortized debt premium | 53.8 | |
Debt | $3,986.60 | $4,380.10 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax (Expense) Benefit (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax (Expense) Benefit | $3,700,000 | $0 | $0 |
Current State and Local Tax (Expense) Benefit | -1,700,000 | -3,300,000 | -4,000,000 |
Current Income Tax (Expense) Benefit | 2,000,000 | -3,300,000 | -4,000,000 |
Deferred Federal Income Tax (Expense) Benefit | -8,300,000 | 53,800,000 | -900,000 |
Deferred State and Local Income Tax (Expense) Benefit | -4,800,000 | 4,600,000 | 100,000 |
Deferred Income Tax (Expense) Benefit | -13,100,000 | 58,400,000 | -800,000 |
Federal Income Tax (Expense) Benefit, Continuing Operations | -4,600,000 | 53,800,000 | -900,000 |
State and Local Income Tax (Expense) Benefit, Continuing Operations | -6,500,000 | 1,300,000 | -3,900,000 |
Income tax (expense) benefit from continuing operations | ($11,096,000) | $55,055,000 | ($4,764,000) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax (expense) benefit at the statutory rate, percent | 35.00% | 35.00% | 35.00% |
Federal income tax (expense) benefit at the statutory rate | ($17,300,000) | $66,000,000 | $3,000,000 |
State income taxes, net of federal tax benefits, percent | -0.10% | 3.40% | -52.50% |
State income taxes, net of federal tax benefits | 100,000 | 6,500,000 | -4,400,000 |
Non-deductible expenses and other, percent | 5.10% | -0.90% | -8.10% |
Non-deductible expenses and other | -2,500,000 | -1,800,000 | -700,000 |
Cancellation of stock options, percent | 0.00% | 0.00% | -24.50% |
Cancellation of stock options | 0 | 0 | -2,100,000 |
Acquisition costs, percent | 1.10% | -5.40% | 0.00% |
Acquisition costs | -500,000 | -10,200,000 | 0 |
Reserves for unrecognized tax benefits, percent | 1.80% | -0.10% | -1.40% |
Reserves for unrecognized tax benefits | -900,000 | -200,000 | -100,000 |
Credits, percent | -4.80% | 0.80% | 6.20% |
Credits | 2,300,000 | 1,600,000 | 400,000 |
Change in valuation allowance/reserve of deferred tax assets, percent | -15.60% | -3.60% | -10.90% |
Change in valuation allowance/reserve of deferred tax assets | 7,700,000 | -6,800,000 | -900,000 |
Income tax (expense) benefit from continuing operations, percent | 22.50% | 29.20% | -56.20% |
Income tax (expense) benefit from continuing operations | $11,096,000 | ($55,055,000) | $4,764,000 |
Income_Taxes_Allocation_of_Inc
Income Taxes - Allocation of Income Tax (Expense) Benefit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income (loss) from continuing operations before income taxes | $49,400,000 | ($188,500,000) | ($8,400,000) | ||||||||
Income tax (expense) benefit allocated to continuing operations | -11,100,000 | 55,100,000 | -4,800,000 | ||||||||
Income (loss) from continuing operations | 38,300,000 | -133,400,000 | -13,200,000 | ||||||||
Income (loss) from discontinued operations before income taxes | 5,200,000 | -123,800,000 | -18,900,000 | ||||||||
Income tax (expense) benefit allocated to discontinued operations | 300,000 | 1,200,000 | 300,000 | ||||||||
Income (loss) from discontinued operations | 400,000 | 4,800,000 | 0 | 300,000 | 6,400,000 | -133,300,000 | 2,000,000 | 2,400,000 | 5,449,000 | -122,540,000 | -18,568,000 |
Net income (loss) | $14,600,000 | $12,500,000 | ($2,300,000) | $19,000,000 | $15,000,000 | ($180,400,000) | ($5,100,000) | ($85,400,000) | $43,780,000 | ($255,921,000) | ($31,805,000) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Workers’ compensation insurance reserve | $4.30 | $4.30 |
Allowance for doubtful accounts | 2.5 | 2.8 |
Legal and merger costs | 2.3 | 4.8 |
Accruals, reserves and other | 28.4 | 29.2 |
Less valuation allowance | -17.9 | -22.5 |
Total deferred tax assets—current | 19.6 | 18.6 |
Prepaid expenses | -7.8 | -7 |
Accruals, reserves and other | -4.3 | -3.9 |
Total deferred tax liabilities—current | -12.1 | -10.9 |
Net current deferred tax asset | 7.5 | 7.7 |
Federal tax credit carry-forwards | 34.1 | 31.2 |
Federal net operating loss carry-forwards | 214.5 | 188.1 |
State net operating loss carry-forwards | 36.6 | 29.6 |
Capital loss carry-forwards | 0 | 5.9 |
Deferred compensation | 2.6 | 2.6 |
Pre-opening expenses capitalized for tax purposes | 13.2 | 10.8 |
ACDL investment write-down | 38.5 | 38.5 |
Share-based compensation expense—book cost | 10 | 8.8 |
Bond payable | 23.2 | 27.7 |
Accruals, reserves and other | 43.7 | 42 |
Less valuation allowance | -227.8 | -237.7 |
Total deferred tax assets—non-current | 188.6 | 147.5 |
Land, buildings, vessels and equipment, net | -221.4 | -187.2 |
Intangible assets | -144.9 | -126.8 |
Total deferred tax liabilities—non-current | -366.3 | -314 |
Net non-current deferred tax liabilities | -177.7 | -166.5 |
Total deferred tax assets | 453.9 | 426.3 |
Less valuation allowances | -245.7 | -260.2 |
Less total deferred tax liabilities | -378.4 | -324.9 |
Net deferred tax liabilities | ($170.20) | ($158.80) |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes - Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of January 1 | $35.70 | $9.40 |
Gross increases - tax positions in prior periods | 1.4 | 0 |
Gross increases - tax positions in current period | 0.6 | 3.5 |
Gross decreases - tax positions in current period | 0 | -0.9 |
Acquisition | 0 | 23.8 |
Statute of limitation expirations | 0 | -0.1 |
Balance as of December 31 | $37.70 | $35.70 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ||
Release of valuation allowance | $58.40 | |
Alternative minimum tax | 3.1 | |
General business credit | 20.6 | |
Foreign tax credit | 10.4 | |
Excess tax benefits from stock options not yet recognized | 17.8 | |
Unrecognized tax benefits that would impact effective tax rate | 14.2 | |
Interest related to unrecognized tax benefits | 0.3 | |
Cumulative interest accrued | 2.2 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 632.9 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $1,009 |
Lease_Obligations_Operating_Le
Lease Obligations - Operating Lease Minimum Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $12.50 |
2016 | 12.1 |
2017 | 10.8 |
2018 | 10.5 |
2019 | 10.1 |
Thereafter | 558.2 |
Total minimum payments due | $614.20 |
Lease_Obligations_Additional_I
Lease Obligations - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leased Assets | |||
Rent expense | $15,000,000 | $13,100,000 | $11,300,000 |
Slot and table game participation expenses | 27,800,000 | 20,700,000 | 16,400,000 |
L Auberge du Lac [Member] | |||
Operating Leased Assets | |||
Rent expense | 1,100,000 | ||
Area committed to lease | 232 | ||
Number of renewal options | 6 | ||
Term of lease agreement | 10 years | ||
Renewal period | 10 years | ||
River City Casino | |||
Operating Leased Assets | |||
Term of lease agreement | 99 years | ||
Future annual minimum rent amount | 4,000,000 | ||
Future annual minimum rent, percentage of annual adjusted gross receipts | 2.50% | ||
Belterra Casino Resort | |||
Operating Leased Assets | |||
Number of renewal options | 9 | ||
Term of lease agreement | 50 years | ||
Initial lease term | 5 years | ||
Renewal period | 5 years | ||
Remaining renewal periods | 7 | ||
Minimum rental expense | 1,400,000 | ||
Percentage of gross gaming wins in lease agreement | 1.50% | ||
Excess amount of minimum annual rental payments | 100,000,000 | ||
Option to purchase property | 30,000,000 | ||
Corporate Office Space | |||
Operating Leased Assets | |||
Term of lease agreement | 10 years | ||
River City Casino | |||
Operating Leased Assets | |||
Area committed to lease | 56 | ||
Belterra Casino Resort | |||
Operating Leased Assets | |||
Area committed to lease | 148 | ||
Total Area in Lease | 315 | ||
Minimum | Corporate Office Space | |||
Operating Leased Assets | |||
Rent expense | 1,500,000 | ||
Maximum | Corporate Office Space | |||
Operating Leased Assets | |||
Rent expense | $1,900,000 | ||
Corporate Office Space | |||
Operating Leased Assets | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
L'Auberge Lake Charles [Member] | |||
Operating Leased Assets | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | ||
River City [Member] | |||
Operating Leased Assets | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 99 years | ||
Belterra [Member] | |||
Operating Leased Assets | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 50 years | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years |
Employee_Benefit_Plans_Shareba
Employee Benefit Plans - Share-based Compensation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Effective weight against limit per grant | 1.4 |
Percentage of Bonuses payable in Restricted Stocks | 25.00% |
Share-based awards issued | 7,700,000 |
Share-based awards available for grant | 600,000 |
Equity and Perfomance Incentive Plan 2005 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Maximum amount of issued shares | 9,000,000 |
Individual Arrangements | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Common stock shares outstanding | 850,000 |
Employee_Benefit_Plans_Stock_O
Employee Benefit Plans - Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-vested Stock | |||
Options - Additional Disclosures [Abstract] | |||
Unamortized compensation costs | $18.70 | ||
Unamortized compensation costs, weighted average period of recognition | 2 years | ||
Individual Arrangements | |||
Options Outstanding (in shares): | |||
Options granted, shares | 850,000 | ||
Stock Options | |||
Options Outstanding (in shares): | |||
Options outstanding at January 1, 2014 | 5,509,246 | ||
Options granted, shares | 939,780 | ||
Options exercised, shares | -480,495 | ||
Options canceled or forfeited, shares | -399,903 | ||
Options outstanding at December 31, 2014 | 5,568,628 | 5,509,246 | |
Options outstanding, weighted average remaining contractual term (years) | 4 years 9 months | ||
Options outstanding, aggregate intrinsic value | 41.7 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Options outstanding, weighted average exercise price, beginning balance | $14.01 | ||
Options granted, weighted average exercise price | $23.45 | ||
Options exercised, weighted average exercise price | $13.57 | ||
Options canceled or forfeited, weighted average exercise price | $20.51 | ||
Options outstanding, weighted average exercise price, ending balance | $15.17 | $14.01 | |
Options Vested and Expected to Vest [Abstract] | |||
Vested or expected to vest at December 31, 2014, shares | 1,802,431 | ||
Vested or expected to vest at December 31, 2014, weighted average exercise price | $18.67 | ||
Vested or expected to vest at December 31, 2014, weighted average remaining contractual term (years) | 5 years 7 months 17 days | ||
Vested or expected to vest at December 31, 2014, aggregate intrinsic value | 7.5 | ||
Options - Additional Disclosures [Abstract] | |||
Options exercisable at December 31, 2014, shares | 3,210,753 | ||
Options exercisable at December 31, 2014, weighted average exercise price | $12.81 | ||
Options exercisable at December 31, 2014, weighted average remaining contractual term (years) | 4 years 1 month 13 days | ||
Options exercisable at December 31, 2014, aggregate intrinsic value | 31.3 | ||
Weighted-average grant date fair value | $9.04 | $10.63 | $5.06 |
Intrinsic value of stock options exercised | 5.4 | 9.2 | 0.5 |
Net proceeds from exercise of stock options | 6.6 | 10.1 | 1.5 |
Unamortized compensation costs | $12.10 | ||
Unamortized compensation costs, weighted average period of recognition | 2 years |
Employee_Benefit_Plans_Nonvest
Employee Benefit Plans - Non-vested Shares (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Nonvested shares at January 1, 2014 | 431,858 |
Nonvested shares granted (shares) | 123,283 |
Nonvested shares cancelled (shares) | -34,819 |
Nonvested shares at December 31, 2014 | 520,322 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested shares at January 1, 2014 (Weighted-avereage grant date fair value) | $22.79 |
Nonvested shares ganted (Weighted-avereage grant date fair value) | $26.50 |
Nonvested shares cancelled (Weighted-avereage grant date fair value) | $23.14 |
Nonvested shares at December 31, 2014 (Weighted-avereage grant date fair value) | $23.64 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unamortized compensation costs | $12.10 |
Unamortized compensation costs, weighted average period of recognition | 2 years |
Non-vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Nonvested shares at January 1, 2014 | 629,518 |
Nonvested shares granted (shares) | 1,003,918 |
Nonvested shares vested (shares) | -263,864 |
Nonvested shares cancelled (shares) | -156,639 |
Nonvested shares at December 31, 2014 | 1,212,933 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested shares at January 1, 2014 (Weighted-avereage grant date fair value) | $20.11 |
Nonvested shares ganted (Weighted-avereage grant date fair value) | $22.94 |
Nonvested shares granted (Weighted-avereage grant date fair value) | $20.25 |
Nonvested shares cancelled (Weighted-avereage grant date fair value) | $22.78 |
Nonvested shares at December 31, 2014 (Weighted-avereage grant date fair value) | $22.20 |
Unamortized compensation costs | $18.70 |
Unamortized compensation costs, weighted average period of recognition | 2 years |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value Assumptions & Compensation Cost (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense | $13,900,000 | $11,500,000 | $8,500,000 |
Options Granted [Abstract] | |||
Risk-free interest rate | 1.50% | 1.20% | 0.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | P5Y2M1D | P5Y1M10D | P5Y3M |
Expected volatility | 41.20% | 57.00% | 58.00% |
Expected dividends | $0 | $0 | $0 |
Employee_Benefit_Plans_401k_Pl
Employee Benefit Plans - 401(k) Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of maximum contribution of pretax income per employee | 100.00% | ||
Amount of maximum contribution per employee | $17,500 | ||
Defined contribution, threshold age | 50 years | ||
Amount of maximum catch-up contribution | 5,500 | ||
Amount of matching contributions | $3,300,000 | $2,400,000 | $1,500,000 |
Minimum | Employee Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of discretionary match | 50.00% | ||
Maximum | Employee Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of eligible contribution | 3.00% | ||
Employee Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, 401(k) Vesting Period, Minimum | 4 years | ||
Defined Benefit Plan, 401(k) Vesting Period, Maximum | 5 years |
Employee_Benefit_Plans_Other_B
Employee Benefit Plans - Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Benefit Plans Table Text Block | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $12.80 | $9 | $9 | ||
Executive Plan | |||||
Benefit Plans Table Text Block | |||||
Total obligation | 6.7 | [1] | 6.5 | [1] | |
Cash surrender of insurance policies | 2.9 | [2] | 2.8 | [2] | |
Directors’ Medical Plan | |||||
Benefit Plans Table Text Block | |||||
Threshold age | 70 years | ||||
Directors' Medical Plan, Plan Period | 5 years | ||||
Total obligation | $0.30 | $0.30 | |||
[1] | Recorded in “Other long-term liabilities†in the Consolidated Balance Sheets. | ||||
[2] | Recorded in “Other assets, net†in the Consolidated Balance Sheets. |
Investments_and_Acquisition_Ac2
Investments and Acquisition Activities - Allocation of the Purchase Price to the Tangible and Intangible Assets Acquired and Liabilities Assumed (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 13, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | ($165,000) | ($92,181,000) | ($30,780,000) | |
Current and other assets | 279,115,000 | 602,178,000 | ||
Property and equipment | 3,017,009,000 | 3,036,515,000 | ||
Goodwill | 919,282,000 | 919,282,000 | ||
Intangible assets | 529,269,000 | 500,084,000 | ||
Other non-current assets | 81,505,000 | 87,800,000 | ||
Total assets | 4,833,682,000 | 5,159,426,000 | ||
Current liabilities | 350,902,000 | 372,406,000 | ||
Deferred tax liabilities | 170,200,000 | 158,800,000 | ||
Other long-term liabilities | 40,021,000 | 31,321,000 | ||
Debt | 3,986,600,000 | 4,380,100,000 | ||
Total liabilities | 4,544,300,000 | 4,934,256,000 | ||
Ameristar Acquisition | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current and other assets | 152,165,000 | |||
Property and equipment | 1,783,735,000 | |||
Goodwill | 860,800,000 | 860,805,000 | ||
Intangible assets | 524,200,000 | |||
Other non-current assets | 39,496,000 | |||
Total assets | 3,360,401,000 | |||
Current liabilities | 179,493,000 | |||
Deferred tax liabilities | 218,646,000 | |||
Other long-term liabilities | 8,109,000 | |||
Debt | 1,112,897,000 | |||
Total liabilities | 1,519,145,000 | |||
Net assets acquired | $1,841,256,000 |
Investments_and_Acquisition_Ac3
Investments and Acquisition Activities - Acquired Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 13, 2013 | |
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land and land improvements | $401,900 | $391,700 | ||
Buildings, vessels and improvements | 2,677,800 | 2,492,200 | ||
Furniture, fixtures and equipment | 721,900 | 633,100 | ||
Construction in progress | 75,600 | 175,600 | ||
Ameristar Acquisition | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land and land improvements | 162,770 | |||
Buildings, vessels and improvements | 1,308,151 | |||
Furniture, fixtures and equipment | 158,999 | |||
Construction in progress | 153,815 | [1] | ||
Total property and equipment acquired | $1,783,735 | |||
[1] | 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 8, “Discontinued Operations,†for further detail. |
Investments_and_Acquisition_Ac4
Investments and Acquisition Activities - Acquired Intangible Assets (Details) (Ameristar Acquisition, USD $) | Aug. 13, 2013 |
In Thousands, unless otherwise specified | |
Ameristar Acquisition | |
Schedule of Equity Method Investments [Line Items] | |
Trade names | $187,000 |
Gaming licenses | 258,800 |
Player relationships | 74,000 |
Favorable leasehold interests | 4,400 |
Acquired definite-lived intangible assets | $524,200 |
Investments_and_Acquisition_Ac5
Investments and Acquisition Activities - Additional Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jan. 29, 2013 | Dec. 31, 2014 | Aug. 13, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Business acquisition, goodwill | $176,900,000 | |||||
Goodwill | 919,282,000 | 919,282,000 | ||||
Goodwill acquired | 864,100,000 | |||||
Intangible assets | 529,200,000 | |||||
Promissory Notes | 9,500,000 | 12,000,000 | ||||
Corporate Bonds | 11,400,000 | |||||
ACDL | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairments | 94,000,000 | 25,000,000 | ||||
Ameristar Acquisition | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Purchase price of Ameristar | 1,800,000,000 | |||||
Consideration for Ameristar equity | 962,428,000 | |||||
Repayment of Ameristar debt | 878,828,000 | |||||
Net assets acquired | 1,841,256,000 | |||||
Goodwill | 860,800,000 | 860,805,000 | ||||
Midwest | Ameristar Acquisition | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Goodwill | 551,100,000 | |||||
South Segment | Ameristar Acquisition | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Goodwill | 231,500,000 | |||||
West | Ameristar Acquisition | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Goodwill | 78,200,000 | |||||
Retama Partners | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of voting interests acquired | 75.50% | |||||
Goodwill acquired | 3,300,000 | |||||
Intangible assets | 5,000,000 | |||||
Farmworks | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term purchase commitment, amount | $2,000,000 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2014 | Jun. 30, 2012 | Sep. 30, 2013 |
Lumiere Place | ||||||
Additional Disclosures | ||||||
Impairment charge | $144.60 | |||||
Proceeds from divestiture of businesses | 250.3 | |||||
Ameristar Lake Charles | ||||||
Additional Disclosures | ||||||
Proceeds from divestiture of businesses | 209.8 | |||||
Proceeds from divestiture of business deferred consideration | 10 | |||||
Adjustment to sale estimate due to recoveries gain recognized | 2.3 | |||||
Boomtown Reno | ||||||
Additional Disclosures | ||||||
Proceeds from divestiture of businesses | 12.9 | |||||
Potential proceeds from sale of additional interest | 1.1 | |||||
Number of acres sold from discontinued operations | 27 | |||||
Proceeds for sale of land discontinued operations | 3.5 | |||||
Gain from sale of land discontinued operations | 2.4 | |||||
Number of acres held from discontinued operation | 783 | |||||
Atlantic City | ||||||
Additional Disclosures | ||||||
Proceeds from sale of property held-for-sale | $29.50 | |||||
Springfield, Massachusetts | ||||||
Additional Disclosures | ||||||
Number of acres held from discontinued operation | 40 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Revenue, Expense and Net Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Revenues | $41,000,000 | $181,300,000 | $213,100,000 | ||||||||
Operating income (loss) | 4,700,000 | -123,500,000 | -19,000,000 | ||||||||
Other non-operating income (loss), net | 500,000 | -300,000 | 100,000 | ||||||||
Income (loss) before income taxes | 5,200,000 | -123,800,000 | -18,900,000 | ||||||||
Income tax benefit | -300,000 | -1,200,000 | -300,000 | ||||||||
Income (loss) from discontinued operations | $400,000 | $4,800,000 | $0 | $300,000 | $6,400,000 | ($133,300,000) | $2,000,000 | $2,400,000 | $5,449,000 | ($122,540,000) | ($18,568,000) |
Discontinued_Operations_Summar1
Discontinued Operations - Summary of Net Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||
Land, buildings, vessels and equipment, net of accumulated depreciation | $11,800,000 | $275,300,000 |
Other assets, net | 9,400,000 | 47,200,000 |
Total assets | 21,260,000 | 322,548,000 |
Liabilities: | ||
Total liabilities | 413,000 | 26,103,000 |
Net assets | $20,800,000 | $296,400,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 13, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Gross Carrying Value | $919,300,000 | $919,300,000 | |
Goodwill, Cumulative Impairment Losses | 0 | 0 | |
Goodwill, Intangible Assets, Net | 919,282,000 | 919,282,000 | |
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 510,800,000 | 460,800,000 | |
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | -31,100,000 | -31,100,000 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross Carrying Value | 479,700,000 | 429,700,000 | |
Finite-Lived Intangible Assets, Gross Carrying Value | 79,500,000 | 79,500,000 | |
Finite-Lived Intangible Assets, Cumulative Amortization | -29,900,000 | -9,100,000 | |
Finite-lived Intangible Assets, Cumulative Impairment Losses | 0 | 0 | |
Finite-Lived Intangible Assets, Net | 49,600,000 | 70,400,000 | |
Total Goodwill and Other Intangible Assets, Gross | 1,509,600,000 | 1,459,600,000 | |
Goodwill and Intangible Asset Impairment | -31,100,000 | -31,100,000 | |
Total Goodwill and Other Intangible Assets, Net | 1,448,600,000 | 1,419,400,000 | |
Ameristar Acquisition | |||
Goodwill [Line Items] | |||
Goodwill, Gross Carrying Value | 860,800,000 | 860,800,000 | |
Goodwill, Cumulative Impairment Losses | 0 | 0 | |
Goodwill, Intangible Assets, Net | 860,800,000 | ||
Belterra Park | |||
Goodwill [Line Items] | |||
Goodwill, Gross Carrying Value | 35,800,000 | 35,800,000 | |
Goodwill, Cumulative Impairment Losses | 0 | 0 | |
Goodwill, Intangible Assets, Net | 35,800,000 | 35,800,000 | |
Boomtown New Orleans | |||
Goodwill [Line Items] | |||
Goodwill, Gross Carrying Value | 16,800,000 | 16,800,000 | |
Goodwill, Cumulative Impairment Losses | 0 | 0 | |
Goodwill, Intangible Assets, Net | 16,800,000 | 16,800,000 | |
Other Business Entities | |||
Goodwill [Line Items] | |||
Goodwill, Gross Carrying Value | 5,900,000 | 5,900,000 | |
Goodwill, Cumulative Impairment Losses | 0 | 0 | |
Goodwill, Intangible Assets, Net | 5,900,000 | 5,900,000 | |
Gaming License | |||
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 318,600,000 | 268,600,000 | |
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | -31,100,000 | -31,100,000 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross Carrying Value | 287,500,000 | 237,500,000 | |
Trade Name | |||
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 187,200,000 | 187,200,000 | |
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross Carrying Value | 187,200,000 | 187,200,000 | |
Racing license | |||
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 5,000,000 | 5,000,000 | |
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross Carrying Value | 5,000,000 | 5,000,000 | |
Player Relationships | |||
Goodwill [Line Items] | |||
Amortization expense, useful life | 5 years | 6 years | |
Finite-Lived Intangible Assets, Gross Carrying Value | 75,100,000 | 75,100,000 | |
Finite-Lived Intangible Assets, Cumulative Amortization | -29,700,000 | -9,000,000 | |
Finite-lived Intangible Assets, Cumulative Impairment Losses | 0 | 0 | |
Finite-Lived Intangible Assets, Net | 45,400,000 | 66,100,000 | |
Favorable Leasehold Interests | |||
Goodwill [Line Items] | |||
Amortization expense, useful life | 31 years | 32 years | |
Finite-Lived Intangible Assets, Gross Carrying Value | 4,400,000 | 4,400,000 | |
Finite-Lived Intangible Assets, Cumulative Amortization | -200,000 | -100,000 | |
Finite-lived Intangible Assets, Cumulative Impairment Losses | 0 | 0 | |
Finite-Lived Intangible Assets, Net | 4,200,000 | 4,300,000 | |
Ameristar [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Intangible Assets, Net | $860,800,000 | $860,805,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Future Amortization of Leasehold Interest (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, Gross | $919.30 | 919.3 |
2015 | 15.9 | |
2016 | 12 | |
2017 | 8.9 | |
2018 | 6.6 | |
2019 | 2.2 | |
Thereafter | 4 | |
Total amortization expenses | 49.6 | |
Player Relationships | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization expense, useful life | 5 years | 6 years |
2015 | 15.8 | |
2016 | 11.9 | |
2017 | 8.8 | |
2018 | 6.5 | |
2019 | 2.1 | |
Thereafter | 0.3 | |
Total amortization expenses | 45.4 | |
Favorable Leasehold Interests | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization expense, useful life | 31 years | 32 years |
2015 | 0.1 | |
2016 | 0.1 | |
2017 | 0.1 | |
2018 | 0.1 | |
2019 | 0.1 | |
Thereafter | 3.7 | |
Total amortization expenses | $4.20 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets Disclosure - Additional Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Goodwill [Line Items] | ||||
Goodwill impairment loss | $0 | $0 | $0 | |
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | 31,100,000 | 31,100,000 | ||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 510,800,000 | 460,800,000 | ||
Goodwill | 864,100,000 | |||
Payments to Acquire Intangible Assets | 25,000,000 | 0 | 1,057,000 | |
Increase in accrued liabilities associated with recognized intangible asset | 25,000,000 | 0 | 0 | |
Intangible assets | 529,200,000 | |||
Impairment of indefinite-lived intangible assets | 0 | 10,000,000 | 0 | |
Amortization of Intangible Assets | 20,800,000 | 9,000,000 | 100,000 | |
Belterra Park | ||||
Goodwill [Line Items] | ||||
Intangible assets-gaming license | 50,000,000 | |||
Ameristar Acquisition | ||||
Goodwill [Line Items] | ||||
Intangible assets-gaming license | 29,800,000 | |||
Belterra Park | ||||
Goodwill [Line Items] | ||||
Payments to Acquire Intangible Assets | 25,000,000 | |||
Increase in accrued liabilities associated with recognized intangible asset | 25,000,000 | |||
Boomtown Bossier City | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite-lived intangible assets | 10,000,000 | 10,000,000 | ||
Favorable Leasehold Interests | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 31 years | 32 years | ||
Player Relationships | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | 6 years | ||
Gaming License | ||||
Goodwill [Line Items] | ||||
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | 31,100,000 | 31,100,000 | ||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | 318,600,000 | 268,600,000 | ||
Trade Name | ||||
Goodwill [Line Items] | ||||
Indefinite-lived intangible assets (excluding goodwill), impaired, accumulated impairment | 0 | 0 | ||
Indefinite-lived Intangible Assets, Gross (Excluding Goodwill) | $187,200,000 | $187,200,000 |
Writedowns_reserves_and_recove2
Write-downs, reserves and recoveries, net (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Write-downs, Reserves and Recoveries [Line Items] | ||||
Loss (gain) on disposal of assets, net | $3,514,000 | $2,800,000 | ($1,157,000) | |
Lease abandonment | 3,034,000 | 0 | 0 | |
Reserve on loan receivable | 0 | 100,000 | 1,700,000 | |
Impairment of long-lived assets | 0 | 2,900,000 | 300,000 | |
Impairment of indefinite-lived intangible assets | 0 | 10,000,000 | 0 | |
Other | -100,000 | 1,500,000 | 0 | |
Write-downs, reserves and recoveries, net | 6,387,000 | 17,265,000 | 829,000 | |
Impairment of land | 0 | 1,534,000 | 6,950,000 | |
L'Auberge Lake Charles | ||||
Write-downs, Reserves and Recoveries [Line Items] | ||||
Impairment of land | 1,500,000 | |||
Boomtown Bossier City | ||||
Write-downs, Reserves and Recoveries [Line Items] | ||||
Impairment of indefinite-lived intangible assets | $10,000,000 | $10,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2013 |
In Millions, unless otherwise specified | ||||
Long-term Purchase Commitment | ||||
Self insurance accruals | $24.40 | $26.20 | ||
Belterra Park | ||||
Long-term Purchase Commitment | ||||
Total guaranteed maximum price | 20.1 | |||
Amended guaranteed maximum price | $131 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Income Tax Examination (Details) (Indiana Income Tax, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2010 |
Income Tax Examination [Line Items] | ||
Income tax examination proposed adjustment excluding interest and penalties | $7.30 | |
Minimum | ||
Income Tax Examination [Line Items] | ||
Year under examination | 2005 | |
Maximum | ||
Income Tax Examination [Line Items] | ||
Year under examination | 2007 |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Cash and other assets | $61.40 |
Consolidating_Condensed_Financ3
Consolidating Condensed Financial Information - Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | $1,974,410,000 | $1,327,266,000 | $892,284,000 | |||||||||||||||||||
Food and beverage | 118,397,000 | 78,857,000 | 53,474,000 | |||||||||||||||||||
Lodging | 50,553,000 | 31,297,000 | 21,937,000 | |||||||||||||||||||
Retail, entertainment and other | 67,183,000 | 50,416,000 | 35,141,000 | |||||||||||||||||||
Total revenues | 554,300,000 | 568,300,000 | 555,200,000 | 532,800,000 | 535,000,000 | 418,900,000 | 267,300,000 | 266,600,000 | 2,210,543,000 | 1,487,836,000 | 1,002,836,000 | |||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 1,056,878,000 | 733,459,000 | 501,354,000 | |||||||||||||||||||
Food and beverage | 110,349,000 | 69,756,000 | 47,110,000 | |||||||||||||||||||
Lodging | 24,002,000 | 14,820,000 | 11,624,000 | |||||||||||||||||||
Retail, entertainment and other | 27,031,000 | 23,303,000 | 19,852,000 | |||||||||||||||||||
General and administrative | 421,399,000 | 287,381,000 | 181,175,000 | |||||||||||||||||||
Pre-opening, development and other costs | 12,962,000 | 89,009,000 | 21,508,000 | |||||||||||||||||||
Depreciation and amortization | 241,062,000 | 148,456,000 | 82,689,000 | |||||||||||||||||||
Write-downs, reserves and recoveries, net | 6,387,000 | 17,265,000 | 829,000 | |||||||||||||||||||
Total expenses and other costs | 1,900,070,000 | 1,383,449,000 | 866,141,000 | |||||||||||||||||||
Operating income | 78,700,000 | [1] | 77,200,000 | [1] | 66,800,000 | [1] | 87,700,000 | [1] | 69,800,000 | [1] | -15,200,000 | [1] | 17,900,000 | [1] | 31,900,000 | [1] | 310,473,000 | 104,387,000 | 136,695,000 | |||
Loss on early extinguishment of debt | -8,234,000 | -30,830,000 | -20,718,000 | |||||||||||||||||||
Loss from equity method investments | -165,000 | -92,181,000 | -30,780,000 | |||||||||||||||||||
Interest (expense) and non-operating income, net | -252,647,000 | -169,812,000 | -93,670,000 | |||||||||||||||||||
Income tax benefit (expense) | -11,096,000 | 55,055,000 | -4,764,000 | |||||||||||||||||||
Income (loss) from continuing operations | 14,200,000 | 7,700,000 | -2,300,000 | 18,700,000 | 8,600,000 | -47,100,000 | -7,100,000 | -87,800,000 | 38,331,000 | -133,381,000 | -13,237,000 | |||||||||||
Income from discontinued operations, net of income taxes | 400,000 | 4,800,000 | 0 | 300,000 | 6,400,000 | -133,300,000 | 2,000,000 | 2,400,000 | 5,449,000 | -122,540,000 | -18,568,000 | |||||||||||
Net income (loss) | 14,600,000 | 12,500,000 | -2,300,000 | 19,000,000 | 15,000,000 | -180,400,000 | -5,100,000 | -85,400,000 | 43,843,000 | -255,870,000 | -31,805,000 | |||||||||||
Pinnacle Entertainment, Inc. | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | 0 | 0 | 0 | |||||||||||||||||||
Food and beverage | 0 | 0 | 0 | |||||||||||||||||||
Lodging | 0 | 0 | 0 | |||||||||||||||||||
Retail, entertainment and other | 100,000 | 100,000 | 100,000 | |||||||||||||||||||
Total revenues | 100,000 | 100,000 | 100,000 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 0 | 0 | 0 | |||||||||||||||||||
Food and beverage | 0 | 0 | 0 | |||||||||||||||||||
Lodging | 0 | 0 | 0 | |||||||||||||||||||
Retail, entertainment and other | 0 | 0 | 0 | |||||||||||||||||||
General and administrative | 96,200,000 | 63,100,000 | 26,700,000 | |||||||||||||||||||
Pre-opening, development and other costs | 4,300,000 | 86,200,000 | 3,200,000 | |||||||||||||||||||
Depreciation and amortization | 8,500,000 | 6,500,000 | 3,300,000 | |||||||||||||||||||
Write-downs, reserves and recoveries, net | 4,200,000 | 1,100,000 | 300,000 | |||||||||||||||||||
Total expenses and other costs | 113,200,000 | 156,900,000 | 33,500,000 | |||||||||||||||||||
Operating income | -113,100,000 | -156,800,000 | -33,400,000 | |||||||||||||||||||
Equity earnings of subsidiaries | 292,500,000 | -16,100,000 | 111,300,000 | |||||||||||||||||||
Loss on early extinguishment of debt | -8,200,000 | -30,800,000 | -20,700,000 | |||||||||||||||||||
Loss from equity method investments | 0 | 0 | 0 | |||||||||||||||||||
Interest (expense) and non-operating income, net | -255,400,000 | -177,400,000 | -114,400,000 | |||||||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | -84,200,000 | -381,100,000 | -57,200,000 | |||||||||||||||||||
Management fee and inter-company interest | 149,800,000 | 70,100,000 | 30,100,000 | |||||||||||||||||||
Income tax benefit (expense) | -21,800,000 | 55,100,000 | -4,700,000 | |||||||||||||||||||
Income (loss) from continuing operations | 43,800,000 | -255,900,000 | -31,800,000 | |||||||||||||||||||
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||||||||||
Net income (loss) | 43,800,000 | -255,900,000 | -31,800,000 | |||||||||||||||||||
100% Owned Guarantor Subsidiaries | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | 1,974,400,000 | [2] | 1,327,300,000 | [2] | 892,300,000 | [2] | ||||||||||||||||
Food and beverage | 118,400,000 | [2] | 78,900,000 | [2] | 53,500,000 | [2] | ||||||||||||||||
Lodging | 50,600,000 | [2] | 31,300,000 | [2] | 21,900,000 | [2] | ||||||||||||||||
Retail, entertainment and other | 67,000,000 | [2] | 50,200,000 | [2] | 34,500,000 | [2] | ||||||||||||||||
Total revenues | 2,210,400,000 | [2] | 1,487,700,000 | [2] | 1,002,200,000 | [2] | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 1,056,900,000 | [2] | 733,500,000 | [2] | 501,400,000 | [2] | ||||||||||||||||
Food and beverage | 110,300,000 | [2] | 69,800,000 | [2] | 47,100,000 | [2] | ||||||||||||||||
Lodging | 24,000,000 | [2] | 14,800,000 | [2] | 11,600,000 | [2] | ||||||||||||||||
Retail, entertainment and other | 27,000,000 | [2] | 23,300,000 | [2] | 19,100,000 | [2] | ||||||||||||||||
General and administrative | 324,900,000 | [2] | 223,800,000 | [2] | 153,900,000 | [2] | ||||||||||||||||
Pre-opening, development and other costs | 8,300,000 | [2] | 2,100,000 | [2] | 16,700,000 | [2] | ||||||||||||||||
Depreciation and amortization | 232,500,000 | [2] | 142,000,000 | [2] | 79,200,000 | [2] | ||||||||||||||||
Write-downs, reserves and recoveries, net | 2,200,000 | [2] | 14,500,000 | [2] | -1,200,000 | [2] | ||||||||||||||||
Total expenses and other costs | 1,786,100,000 | [2] | 1,223,800,000 | [2] | 827,800,000 | [2] | ||||||||||||||||
Operating income | 424,300,000 | [2] | 263,900,000 | [2] | 174,400,000 | [2] | ||||||||||||||||
Equity earnings of subsidiaries | 0 | [2] | 0 | [2] | -100,000 | [2] | ||||||||||||||||
Loss on early extinguishment of debt | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||||||||||
Loss from equity method investments | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||||||||||
Interest (expense) and non-operating income, net | 2,700,000 | [2] | 7,700,000 | [2] | 12,000,000 | [2] | ||||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | 427,000,000 | [2] | 271,600,000 | [2] | 186,300,000 | [2] | ||||||||||||||||
Management fee and inter-company interest | -149,800,000 | [2] | -70,100,000 | [2] | -20,200,000 | [2] | ||||||||||||||||
Income tax benefit (expense) | 10,700,000 | [2] | 0 | [2] | 0 | [2] | ||||||||||||||||
Income (loss) from continuing operations | 287,900,000 | [2] | 201,500,000 | [2] | 166,100,000 | [2] | ||||||||||||||||
Income from discontinued operations, net of income taxes | 5,500,000 | [2] | -122,500,000 | [2] | -20,000,000 | [2] | ||||||||||||||||
Net income (loss) | 293,400,000 | [2] | 79,000,000 | [2] | 146,100,000 | [2] | ||||||||||||||||
100% Owned Non-Guarantor Subsidiaries | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Food and beverage | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Lodging | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Retail, entertainment and other | 0 | [3] | 0 | [3] | 500,000 | [3] | ||||||||||||||||
Total revenues | 0 | [3] | 0 | [3] | 500,000 | [3] | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Food and beverage | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Lodging | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Retail, entertainment and other | 0 | [3] | 0 | [3] | 700,000 | [3] | ||||||||||||||||
General and administrative | 300,000 | [3] | 500,000 | [3] | 600,000 | [3] | ||||||||||||||||
Pre-opening, development and other costs | 300,000 | [3] | 700,000 | [3] | 1,600,000 | [3] | ||||||||||||||||
Depreciation and amortization | 0 | [3] | 0 | [3] | 200,000 | [3] | ||||||||||||||||
Write-downs, reserves and recoveries, net | 0 | [3] | 1,600,000 | [3] | 1,700,000 | [3] | ||||||||||||||||
Total expenses and other costs | 600,000 | [3] | 2,800,000 | [3] | 4,800,000 | [3] | ||||||||||||||||
Operating income | -600,000 | [3] | -2,800,000 | [3] | -4,300,000 | [3] | ||||||||||||||||
Equity earnings of subsidiaries | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Loss on early extinguishment of debt | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Loss from equity method investments | -200,000 | [3] | -92,200,000 | [3] | -30,800,000 | [3] | ||||||||||||||||
Interest (expense) and non-operating income, net | 0 | [3] | 0 | [3] | 8,700,000 | [3] | ||||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | -800,000 | [3] | -95,000,000 | [3] | -26,400,000 | [3] | ||||||||||||||||
Management fee and inter-company interest | 0 | [3] | 0 | [3] | -8,400,000 | [3] | ||||||||||||||||
Income tax benefit (expense) | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Income (loss) from continuing operations | -800,000 | [3] | -95,000,000 | [3] | -34,800,000 | [3] | ||||||||||||||||
Income from discontinued operations, net of income taxes | 0 | [3] | -100,000 | [3] | -100,000 | [3] | ||||||||||||||||
Net income (loss) | -800,000 | [3] | -95,100,000 | [3] | -34,900,000 | [3] | ||||||||||||||||
Consolidating and Eliminating Entries | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | 0 | 0 | 0 | |||||||||||||||||||
Food and beverage | 0 | 0 | 0 | |||||||||||||||||||
Lodging | 0 | 0 | 0 | |||||||||||||||||||
Retail, entertainment and other | 0 | 0 | 0 | |||||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 0 | 0 | 0 | |||||||||||||||||||
Food and beverage | 0 | 0 | 0 | |||||||||||||||||||
Lodging | 0 | 0 | 0 | |||||||||||||||||||
Retail, entertainment and other | 0 | 0 | 0 | |||||||||||||||||||
General and administrative | 0 | 0 | 0 | |||||||||||||||||||
Pre-opening, development and other costs | 0 | 0 | 0 | |||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||||||
Write-downs, reserves and recoveries, net | 0 | 0 | 0 | |||||||||||||||||||
Total expenses and other costs | 0 | 0 | 0 | |||||||||||||||||||
Operating income | 0 | 0 | 0 | |||||||||||||||||||
Equity earnings of subsidiaries | -292,500,000 | 16,100,000 | -111,200,000 | |||||||||||||||||||
Loss on early extinguishment of debt | 0 | 0 | 0 | |||||||||||||||||||
Loss from equity method investments | 0 | 0 | 0 | |||||||||||||||||||
Interest (expense) and non-operating income, net | 0 | 0 | 0 | |||||||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | -292,500,000 | 16,100,000 | -111,200,000 | |||||||||||||||||||
Management fee and inter-company interest | 0 | 0 | -1,500,000 | |||||||||||||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||||||||||||
Income (loss) from continuing operations | -292,500,000 | 16,100,000 | -112,700,000 | |||||||||||||||||||
Income from discontinued operations, net of income taxes | 0 | 0 | 1,500,000 | |||||||||||||||||||
Net income (loss) | -292,500,000 | 16,100,000 | -111,200,000 | |||||||||||||||||||
Consolidated Entities | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Gaming | 1,974,400,000 | 1,327,300,000 | 892,300,000 | |||||||||||||||||||
Food and beverage | 118,400,000 | 78,900,000 | 53,500,000 | |||||||||||||||||||
Lodging | 50,600,000 | 31,300,000 | 21,900,000 | |||||||||||||||||||
Retail, entertainment and other | 67,100,000 | 50,300,000 | 35,100,000 | |||||||||||||||||||
Total revenues | 2,210,500,000 | 1,487,800,000 | 1,002,800,000 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Gaming | 1,056,900,000 | 733,500,000 | 501,400,000 | |||||||||||||||||||
Food and beverage | 110,300,000 | 69,800,000 | 47,100,000 | |||||||||||||||||||
Lodging | 24,000,000 | 14,800,000 | 11,600,000 | |||||||||||||||||||
Retail, entertainment and other | 27,000,000 | 23,300,000 | 19,800,000 | |||||||||||||||||||
General and administrative | 421,400,000 | 287,400,000 | 181,200,000 | |||||||||||||||||||
Pre-opening, development and other costs | 12,900,000 | 89,000,000 | 21,500,000 | |||||||||||||||||||
Depreciation and amortization | 241,000,000 | 148,500,000 | 82,700,000 | |||||||||||||||||||
Write-downs, reserves and recoveries, net | 6,400,000 | 17,200,000 | 800,000 | |||||||||||||||||||
Total expenses and other costs | 1,900,000,000 | 1,383,500,000 | 866,100,000 | |||||||||||||||||||
Operating income | 310,500,000 | 104,300,000 | 136,700,000 | |||||||||||||||||||
Equity earnings of subsidiaries | 0 | 0 | 0 | |||||||||||||||||||
Loss on early extinguishment of debt | -8,200,000 | -30,800,000 | -20,700,000 | |||||||||||||||||||
Loss from equity method investments | -200,000 | -92,200,000 | -30,800,000 | |||||||||||||||||||
Interest (expense) and non-operating income, net | -252,700,000 | -169,700,000 | -93,700,000 | |||||||||||||||||||
Income (loss) from continuing operations before inter-company activity and income taxes | 49,400,000 | -188,400,000 | -8,500,000 | |||||||||||||||||||
Management fee and inter-company interest | 0 | 0 | 0 | |||||||||||||||||||
Income tax benefit (expense) | -11,100,000 | 55,100,000 | -4,700,000 | |||||||||||||||||||
Income (loss) from continuing operations | 38,300,000 | -133,300,000 | -13,200,000 | |||||||||||||||||||
Income from discontinued operations, net of income taxes | 5,500,000 | -122,600,000 | -18,600,000 | |||||||||||||||||||
Net income (loss) | $43,800,000 | ($255,900,000) | ($31,800,000) | |||||||||||||||||||
[1] | Among other items, the estimates inherent in the accounting process can impact quarterly comparability. | |||||||||||||||||||||
[2] | As of December 31, 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 (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. | |||||||||||||||||||||
[3] | Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $61.4 million in cash and other assets as of December 31, 2014, that include a subsidiary that owns a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries. |
Consolidating_Condensed_Financ4
Consolidating Condensed Financial Information - Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
ASSETS | ||||||
Property and equipment | $3,017,009,000 | $3,036,515,000 | ||||
Goodwill | 919,282,000 | 919,282,000 | ||||
Intangible assets | 529,269,000 | 500,084,000 | ||||
Assets of discontinued operations held for sale | 21,260,000 | 322,548,000 | ||||
Total assets | 4,833,682,000 | 5,159,426,000 | ||||
Long-term debt less current portion | 3,975,648,000 | 4,364,045,000 | ||||
Total liabilities | 413,000 | 26,103,000 | ||||
Total liabilities | 4,544,300,000 | 4,934,256,000 | ||||
Total Pinnacle Entertainment, Inc. stockholders' equity | 277,979,000 | 213,704,000 | ||||
Non-controlling interest | 11,403,000 | 11,466,000 | ||||
Total stockholders' equity | 289,382,000 | 225,170,000 | 447,117,000 | 519,392,000 | ||
Total liabilities and stockholders' equity | 4,833,682,000 | 5,159,426,000 | ||||
Pinnacle Entertainment, Inc. | ||||||
ASSETS | ||||||
Current assets, excluding discontinued operations | 73,400,000 | 66,800,000 | ||||
Property and equipment | 34,300,000 | 47,700,000 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Other non-current assets | 60,000,000 | 72,600,000 | ||||
Investment in subsidiaries | 4,470,800,000 | 4,508,300,000 | ||||
Assets of discontinued operations held for sale | 3,600,000 | 3,400,000 | ||||
Inter-company | 0 | 0 | ||||
Total assets | 4,642,100,000 | 4,698,800,000 | ||||
Current liabilities, excluding discontinued operations | 100,800,000 | 114,800,000 | ||||
Long-term debt less current portion | 3,975,500,000 | 4,363,900,000 | ||||
Other non-current liabilities | -63,000,000 | -48,100,000 | ||||
Total liabilities | 0 | 0 | ||||
Inter-company | 350,800,000 | 54,500,000 | ||||
Total liabilities | 4,364,100,000 | 4,485,100,000 | ||||
Total Pinnacle Entertainment, Inc. stockholders' equity | 278,000,000 | 213,700,000 | ||||
Non-controlling interest | 0 | 0 | ||||
Total stockholders' equity | 278,000,000 | 213,700,000 | ||||
Total liabilities and stockholders' equity | 4,642,100,000 | 4,698,800,000 | ||||
100% Owned Guarantor Subsidiaries | ||||||
ASSETS | ||||||
Current assets, excluding discontinued operations | 184,500,000 | [1] | 185,100,000 | [1] | ||
Property and equipment | 2,977,200,000 | [1] | 2,983,100,000 | [1] | ||
Goodwill | 916,000,000 | [1] | 916,000,000 | [1] | ||
Intangible assets | 524,300,000 | [1] | 495,100,000 | [1] | ||
Other non-current assets | 4,600,000 | [1] | 6,600,000 | [1] | ||
Investment in subsidiaries | 0 | [1] | 0 | [1] | ||
Assets of discontinued operations held for sale | 17,700,000 | [1] | 318,800,000 | [1] | ||
Inter-company | 352,000,000 | [1] | 55,700,000 | [1] | ||
Total assets | 4,976,300,000 | [1] | 4,960,400,000 | [1] | ||
Current liabilities, excluding discontinued operations | 273,100,000 | [1] | 231,400,000 | [1] | ||
Long-term debt less current portion | 100,000 | [1] | 100,000 | [1] | ||
Other non-current liabilities | 280,600,000 | [1] | 245,900,000 | [1] | ||
Total liabilities | 400,000 | [1] | 26,100,000 | [1] | ||
Inter-company | 0 | [1] | 0 | [1] | ||
Total liabilities | 554,200,000 | [1] | 503,500,000 | [1] | ||
Total Pinnacle Entertainment, Inc. stockholders' equity | 4,422,100,000 | [1] | 4,456,900,000 | [1] | ||
Non-controlling interest | 0 | [1] | 0 | [1] | ||
Total stockholders' equity | 4,422,100,000 | [1] | 4,456,900,000 | [1] | ||
Total liabilities and stockholders' equity | 4,976,300,000 | [1] | 4,960,400,000 | [1] | ||
100% Owned Non-Guarantor Subsidiaries | ||||||
ASSETS | ||||||
Current assets, excluding discontinued operations | 23,300,000 | [2] | 27,700,000 | [2] | ||
Property and equipment | 5,400,000 | [2] | 5,700,000 | [2] | ||
Goodwill | 3,300,000 | [2] | 3,300,000 | [2] | ||
Intangible assets | 5,000,000 | [2] | 5,000,000 | [2] | ||
Other non-current assets | 24,400,000 | [2] | 22,100,000 | [2] | ||
Investment in subsidiaries | 0 | [2] | 0 | [2] | ||
Assets of discontinued operations held for sale | 0 | [2] | 1,200,000 | [2] | ||
Inter-company | 0 | [2] | 0 | [2] | ||
Total assets | 61,400,000 | [2] | 65,000,000 | [2] | ||
Current liabilities, excluding discontinued operations | 0 | [2] | 100,000 | [2] | ||
Long-term debt less current portion | 0 | [2] | 0 | [2] | ||
Other non-current liabilities | 0 | [2] | 0 | [2] | ||
Total liabilities | 0 | [2] | 0 | [2] | ||
Inter-company | 1,200,000 | [2] | 1,200,000 | [2] | ||
Total liabilities | 1,200,000 | [2] | 1,300,000 | [2] | ||
Total Pinnacle Entertainment, Inc. stockholders' equity | 48,800,000 | [2] | 52,200,000 | [2] | ||
Non-controlling interest | 11,400,000 | [2] | 11,500,000 | [2] | ||
Total stockholders' equity | 60,200,000 | [2] | 63,700,000 | [2] | ||
Total liabilities and stockholders' equity | 61,400,000 | [2] | 65,000,000 | [2] | ||
Consolidating and Eliminating Entries | ||||||
ASSETS | ||||||
Current assets, excluding discontinued operations | -23,300,000 | 0 | ||||
Property and equipment | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Other non-current assets | 0 | 0 | ||||
Investment in subsidiaries | -4,470,800,000 | -4,508,300,000 | ||||
Assets of discontinued operations held for sale | 0 | -800,000 | ||||
Inter-company | -352,000,000 | -55,700,000 | ||||
Total assets | -4,846,100,000 | -4,564,800,000 | ||||
Current liabilities, excluding discontinued operations | -23,300,000 | 0 | ||||
Long-term debt less current portion | 0 | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Inter-company | -352,000,000 | -55,700,000 | ||||
Total liabilities | -375,300,000 | -55,700,000 | ||||
Total Pinnacle Entertainment, Inc. stockholders' equity | -4,470,800,000 | -4,509,100,000 | ||||
Non-controlling interest | 0 | 0 | ||||
Total stockholders' equity | -4,470,800,000 | -4,509,100,000 | ||||
Total liabilities and stockholders' equity | -4,846,100,000 | -4,564,800,000 | ||||
Consolidated Entities | ||||||
ASSETS | ||||||
Current assets, excluding discontinued operations | 257,900,000 | 279,600,000 | ||||
Property and equipment | 3,016,900,000 | 3,036,500,000 | ||||
Goodwill | 919,300,000 | 919,300,000 | ||||
Intangible assets | 529,300,000 | 500,100,000 | ||||
Other non-current assets | 89,000,000 | 101,300,000 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Assets of discontinued operations held for sale | 21,300,000 | 322,600,000 | ||||
Inter-company | 0 | 0 | ||||
Total assets | 4,833,700,000 | 5,159,400,000 | ||||
Current liabilities, excluding discontinued operations | 350,600,000 | 346,300,000 | ||||
Long-term debt less current portion | 3,975,600,000 | 4,364,000,000 | ||||
Other non-current liabilities | 217,600,000 | 197,800,000 | ||||
Total liabilities | 400,000 | 26,100,000 | ||||
Inter-company | 0 | 0 | ||||
Total liabilities | 4,544,200,000 | 4,934,200,000 | ||||
Total Pinnacle Entertainment, Inc. stockholders' equity | 278,100,000 | 213,700,000 | ||||
Non-controlling interest | 11,400,000 | 11,500,000 | ||||
Total stockholders' equity | 289,500,000 | 225,200,000 | ||||
Total liabilities and stockholders' equity | $4,833,700,000 | $5,159,400,000 | ||||
[1] | As of December 31, 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 (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] | Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $61.4 million in cash and other assets as of December 31, 2014, that include a subsidiary that owns a majority interest in the licensee of Retama Park Racetrack and certain other subsidiaries. |
Consolidating_Condensed_Financ5
Consolidating Condensed Financial Information - Statements of Cash Flows (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | $328,486,000 | $161,067,000 | $186,906,000 | |||
Capital expenditures and land additions | -230,815,000 | -292,623,000 | -299,464,000 | |||
Purchases of intangible assets | -25,000,000 | 0 | -1,057,000 | |||
Escrow funds | 25,000,000 | 3,151,000 | 25,000,000 | |||
Net proceeds from sales of discontinued operations | 258,507,000 | 205,703,000 | 10,784,000 | |||
Purchases of held-to-maturity debt securities, net | 0 | -5,853,000 | -20,062,000 | |||
Payment for business combinations | 0 | -1,749,736,000 | -4,300,000 | |||
Restricted cash | 5,925,000 | 656,000 | 413,000 | |||
Equity method investment, inclusive of capitalized interest | -25,000 | -2,732,000 | -24,408,000 | |||
Loans receivable, net | -817,000 | -6,884,000 | -6,037,000 | |||
Net cash provided by (used in) investing activities | 33,216,000 | -1,842,742,000 | -302,079,000 | |||
Proceeds from credit facility | 291,700,000 | 2,168,835,000 | 47,500,000 | |||
Repayments under credit facility | -692,987,000 | -15,122,000 | -103,500,000 | |||
Repayment of long-term debt | 0 | -1,190,313,000 | -391,500,000 | |||
Debt issuance and other financing costs | -980,000 | -44,101,000 | -12,408,000 | |||
Purchase of treasury stock | 0 | 0 | -51,000,000 | |||
Net cash provided by (used in) financing activities | -395,623,000 | 1,778,458,000 | 136,671,000 | |||
Increase (decrease) in cash and cash equivalents | -33,921,000 | 96,783,000 | 21,498,000 | |||
Cash and cash equivalents, beginning of period | 198,575,000 | 101,792,000 | 80,294,000 | |||
Cash and cash equivalents, end of period | 164,654,000 | 198,575,000 | 101,792,000 | |||
Pinnacle Entertainment, Inc. | ||||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | 119,300,000 | -1,754,500,000 | -140,000,000 | |||
Capital expenditures and land additions | -12,000,000 | -5,800,000 | -4,100,000 | |||
Purchases of intangible assets | 0 | |||||
Escrow funds | 0 | |||||
Net proceeds from sales of discontinued operations | 0 | 0 | 0 | |||
Purchases of held-to-maturity debt securities, net | 4,400,000 | -4,500,000 | ||||
Payment for business combinations | 0 | |||||
Proceeds from escrow deposit | 0 | |||||
Restricted cash | 5,900,000 | |||||
Equity method investment, inclusive of capitalized interest | 0 | |||||
Loans receivable, net | 0 | 0 | ||||
Other | 260,200,000 | 500,000 | 100,000 | |||
Net cash provided by (used in) investing activities | 254,100,000 | -900,000 | -8,500,000 | |||
Proceeds from credit facility | 291,700,000 | 2,168,800,000 | 47,500,000 | |||
Repayments under credit facility | -693,000,000 | -15,100,000 | -103,500,000 | |||
Proceeds from issuance of long-term debt | 850,000,000 | 646,800,000 | ||||
Repayment of long-term debt | -1,190,300,000 | -392,200,000 | ||||
Debt issuance and other financing costs | -12,400,000 | |||||
Purchase of treasury stock | -51,000,000 | |||||
Other | 5,700,000 | -34,900,000 | 1,500,000 | |||
Net cash provided by (used in) financing activities | -395,600,000 | 1,778,500,000 | 136,700,000 | |||
Increase (decrease) in cash and cash equivalents | -22,200,000 | 23,100,000 | -11,800,000 | |||
Cash and cash equivalents, beginning of period | 28,600,000 | 5,500,000 | 17,300,000 | |||
Cash and cash equivalents, end of period | 6,400,000 | 28,600,000 | 5,500,000 | |||
100% Owned Guarantor Subsidiaries | ||||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | 234,400,000 | [1] | 1,895,500,000 | [1] | 277,700,000 | [1] |
Capital expenditures and land additions | -218,800,000 | [1] | -286,800,000 | [1] | -294,800,000 | [1] |
Purchases of intangible assets | -25,000,000 | [1] | ||||
Escrow funds | 25,000,000 | [1] | ||||
Net proceeds from sales of discontinued operations | 258,500,000 | [1] | 205,700,000 | [1] | 10,800,000 | [1] |
Purchases of held-to-maturity debt securities, net | 0 | [1] | 0 | [1] | ||
Payment for business combinations | -1,749,700,000 | [1] | ||||
Proceeds from escrow deposit | 25,000,000 | [1] | ||||
Restricted cash | 0 | |||||
Equity method investment, inclusive of capitalized interest | -300,000 | [1] | ||||
Loans receivable, net | 0 | [1] | 0 | [1] | ||
Other | -258,100,000 | [1] | 4,100,000 | [1] | 7,100,000 | [1] |
Net cash provided by (used in) investing activities | -218,400,000 | [1] | -1,826,700,000 | [1] | -252,200,000 | [1] |
Proceeds from credit facility | 0 | [1] | 0 | [1] | 0 | [1] |
Repayments under credit facility | 0 | [1] | 0 | [1] | 0 | [1] |
Proceeds from issuance of long-term debt | 0 | [1] | 0 | [1] | ||
Repayment of long-term debt | 0 | [1] | 0 | [1] | ||
Debt issuance and other financing costs | 0 | [1] | ||||
Purchase of treasury stock | 0 | [1] | ||||
Other | 0 | [1] | 0 | [1] | 0 | [1] |
Net cash provided by (used in) financing activities | 0 | [1] | 0 | [1] | 0 | [1] |
Increase (decrease) in cash and cash equivalents | 16,000,000 | [1] | 68,800,000 | [1] | 25,500,000 | [1] |
Cash and cash equivalents, beginning of period | 142,300,000 | [1] | 73,500,000 | [1] | 48,000,000 | [1] |
Cash and cash equivalents, end of period | 158,300,000 | [1] | 142,300,000 | [1] | 73,500,000 | [1] |
100% Owned Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | -25,200,000 | [2] | 20,100,000 | [2] | 49,200,000 | [2] |
Capital expenditures and land additions | 0 | [2] | 0 | [2] | -500,000 | [2] |
Purchases of intangible assets | 0 | |||||
Escrow funds | 0 | |||||
Net proceeds from sales of discontinued operations | 0 | [2] | 0 | [2] | 0 | [2] |
Purchases of held-to-maturity debt securities, net | -5,900,000 | [2] | -15,600,000 | [2] | ||
Payment for business combinations | 0 | [2] | ||||
Proceeds from escrow deposit | 0 | [2] | ||||
Restricted cash | 0 | |||||
Equity method investment, inclusive of capitalized interest | -24,100,000 | [2] | ||||
Loans receivable, net | -6,900,000 | [2] | -6,000,000 | [2] | ||
Other | -2,500,000 | [2] | -2,400,000 | [2] | 4,800,000 | [2] |
Net cash provided by (used in) investing activities | -2,500,000 | [2] | -15,200,000 | [2] | -41,400,000 | [2] |
Proceeds from credit facility | 0 | [2] | 0 | [2] | 0 | [2] |
Repayments under credit facility | 0 | [2] | 0 | [2] | 0 | [2] |
Proceeds from issuance of long-term debt | 0 | [2] | 0 | [2] | ||
Repayment of long-term debt | 0 | [2] | 0 | [2] | ||
Debt issuance and other financing costs | 0 | [2] | ||||
Purchase of treasury stock | 0 | [2] | ||||
Other | 0 | [2] | 0 | [2] | 0 | [2] |
Net cash provided by (used in) financing activities | 0 | [2] | 0 | [2] | 0 | [2] |
Increase (decrease) in cash and cash equivalents | -27,700,000 | [2] | 4,900,000 | [2] | 7,800,000 | [2] |
Cash and cash equivalents, beginning of period | 27,700,000 | [2] | 22,800,000 | [2] | 15,000,000 | [2] |
Cash and cash equivalents, end of period | 0 | [2] | 27,700,000 | [2] | 22,800,000 | [2] |
Consolidating and Eliminating Entries | ||||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | 0 | 0 | 0 | |||
Capital expenditures and land additions | 0 | 0 | 0 | |||
Purchases of intangible assets | 0 | |||||
Escrow funds | 0 | |||||
Net proceeds from sales of discontinued operations | 0 | 0 | 0 | |||
Purchases of held-to-maturity debt securities, net | 0 | 0 | ||||
Payment for business combinations | 0 | |||||
Proceeds from escrow deposit | 0 | |||||
Restricted cash | 0 | |||||
Equity method investment, inclusive of capitalized interest | 0 | |||||
Loans receivable, net | 0 | 0 | ||||
Other | 0 | 0 | 0 | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | |||
Proceeds from credit facility | 0 | 0 | 0 | |||
Repayments under credit facility | 0 | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Repayment of long-term debt | 0 | 0 | ||||
Debt issuance and other financing costs | 0 | |||||
Purchase of treasury stock | 0 | |||||
Other | 0 | 0 | 0 | |||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | |||
Cash and cash equivalents, end of period | 0 | 0 | 0 | |||
Consolidated Entities | ||||||
Condensed Financial Statements | ||||||
Cash provided by (used in) operating activities | 328,500,000 | 161,100,000 | 186,900,000 | |||
Capital expenditures and land additions | -230,800,000 | -292,600,000 | -299,400,000 | |||
Purchases of intangible assets | -25,000,000 | |||||
Escrow funds | 25,000,000 | |||||
Net proceeds from sales of discontinued operations | 258,500,000 | 205,700,000 | 10,800,000 | |||
Purchases of held-to-maturity debt securities, net | -1,500,000 | -20,100,000 | ||||
Payment for business combinations | -1,749,700,000 | |||||
Proceeds from escrow deposit | 25,000,000 | |||||
Restricted cash | 5,900,000 | |||||
Equity method investment, inclusive of capitalized interest | -24,400,000 | |||||
Loans receivable, net | -6,900,000 | -6,000,000 | ||||
Other | -400,000 | 2,200,000 | 12,000,000 | |||
Net cash provided by (used in) investing activities | 33,200,000 | -1,842,800,000 | -302,100,000 | |||
Proceeds from credit facility | 291,700,000 | 2,168,800,000 | 47,500,000 | |||
Repayments under credit facility | -693,000,000 | -15,100,000 | -103,500,000 | |||
Proceeds from issuance of long-term debt | 850,000,000 | 646,800,000 | ||||
Repayment of long-term debt | -1,190,300,000 | -392,200,000 | ||||
Debt issuance and other financing costs | -12,400,000 | |||||
Purchase of treasury stock | -51,000,000 | |||||
Other | 5,700,000 | -34,900,000 | 1,500,000 | |||
Net cash provided by (used in) financing activities | -395,600,000 | 1,778,500,000 | 136,700,000 | |||
Increase (decrease) in cash and cash equivalents | -33,900,000 | 96,800,000 | 21,500,000 | |||
Cash and cash equivalents, beginning of period | 198,600,000 | 101,800,000 | 80,300,000 | |||
Cash and cash equivalents, end of period | $164,700,000 | $198,600,000 | $101,800,000 | |||
[1] | As of December 31, 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 (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] | Guarantor subsidiaries of our senior and senior subordinated notes exclude subsidiaries with approximately $61.4 million in cash and other assets as of December 31, 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 | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
Revenues: | ||||||||||||||||
Revenues | $554,300,000 | $568,300,000 | $555,200,000 | $532,800,000 | $535,000,000 | $418,900,000 | $267,300,000 | $266,600,000 | $2,210,543,000 | $1,487,836,000 | $1,002,836,000 | |||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | 584,800,000 | [1] | 370,600,000 | [1] | 250,300,000 | [1] | ||||||||||
Other benefits (costs): | ||||||||||||||||
Depreciation and amortization | -241,100,000 | -148,500,000 | -82,700,000 | |||||||||||||
Pre-opening, development and other costs | -12,962,000 | -89,009,000 | -21,508,000 | |||||||||||||
Non-cash share-based compensation | -13,900,000 | -11,500,000 | -8,500,000 | |||||||||||||
Write-downs, reserves and recoveries, net | -6,387,000 | -17,265,000 | -829,000 | |||||||||||||
Interest expense, net | -252,647,000 | -169,812,000 | -93,670,000 | |||||||||||||
Loss from equity method investments | -165,000 | -92,181,000 | -30,780,000 | |||||||||||||
Loss on early extinguishment of debt | -8,234,000 | -30,830,000 | -20,718,000 | |||||||||||||
Income tax benefit (expense) | -11,096,000 | 55,055,000 | -4,764,000 | |||||||||||||
Income (loss) from continuing operations | 14,200,000 | 7,700,000 | -2,300,000 | 18,700,000 | 8,600,000 | -47,100,000 | -7,100,000 | -87,800,000 | 38,331,000 | -133,381,000 | -13,237,000 | |||||
Capital expenditures | ||||||||||||||||
Capital expenditures | 230,815,000 | 292,623,000 | 299,464,000 | |||||||||||||
Assets: | ||||||||||||||||
Assets | 4,833,682,000 | 5,159,426,000 | 4,833,682,000 | 5,159,426,000 | ||||||||||||
Midwest segment | ||||||||||||||||
Revenues: | ||||||||||||||||
Revenues | 1,185,200,000 | [2] | 650,900,000 | [2] | 367,300,000 | [2] | ||||||||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | 348,400,000 | [1],[2] | 183,700,000 | [1],[2] | 94,300,000 | [1],[2] | ||||||||||
Capital expenditures | ||||||||||||||||
Capital expenditures | 158,200,000 | [2] | 139,400,000 | [2] | 37,100,000 | [2] | ||||||||||
Assets: | ||||||||||||||||
Assets | 2,758,100,000 | [2] | 2,669,100,000 | [2] | 2,758,100,000 | [2] | 2,669,100,000 | [2] | ||||||||
South segment | ||||||||||||||||
Revenues: | ||||||||||||||||
Revenues | 801,900,000 | [2] | 748,100,000 | [2] | 634,900,000 | [2] | ||||||||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | 244,400,000 | [1],[2] | 213,500,000 | [1],[2] | 176,600,000 | [1],[2] | ||||||||||
Capital expenditures | ||||||||||||||||
Capital expenditures | 51,000,000 | [2] | 77,800,000 | [2] | 249,000,000 | [2] | ||||||||||
Assets: | ||||||||||||||||
Assets | 1,294,800,000 | [2] | 1,322,800,000 | [2] | 1,294,800,000 | [2] | 1,322,800,000 | [2] | ||||||||
West segment | ||||||||||||||||
Revenues: | ||||||||||||||||
Revenues | 216,000,000 | [2] | 82,900,000 | [2] | 0 | [2] | ||||||||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | 78,200,000 | [1],[2] | 27,700,000 | [1],[2] | 0 | [1],[2] | ||||||||||
Capital expenditures | ||||||||||||||||
Capital expenditures | 7,700,000 | [2] | 1,700,000 | [2] | 0 | [2] | ||||||||||
Assets: | ||||||||||||||||
Assets | 546,600,000 | [2] | 568,400,000 | [2] | 546,600,000 | [2] | 568,400,000 | [2] | ||||||||
Operating segments | ||||||||||||||||
Revenues: | ||||||||||||||||
Revenues | 2,203,100,000 | 1,481,900,000 | 1,002,200,000 | |||||||||||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | 671,000,000 | [1] | 424,900,000 | [1] | 270,900,000 | [1] | ||||||||||
Corporate and other | ||||||||||||||||
Revenues: | ||||||||||||||||
Revenues | 7,400,000 | [3] | 6,000,000 | [3] | 600,000 | [3] | ||||||||||
Adjusted EBITDA [Abstract] | ||||||||||||||||
Adjusted EBITDA | -86,200,000 | [1],[3] | -54,300,000 | [1],[3] | -20,600,000 | [1],[3] | ||||||||||
Capital expenditures | ||||||||||||||||
Capital expenditures | 13,900,000 | 73,700,000 | 13,400,000 | |||||||||||||
Assets: | ||||||||||||||||
Assets | 1,008,200,000 | 1,627,000,000 | 1,008,200,000 | 1,627,000,000 | ||||||||||||
Intersegment Eliminations | ||||||||||||||||
Assets: | ||||||||||||||||
Assets | ($774,000,000) | ($1,027,900,000) | ($774,000,000) | ($1,027,900,000) | ||||||||||||
[1] | We define Consolidated Adjusted EBITDA as earnings before interest income and expense, income taxes, depreciation, amortization, pre-opening, development and other costs, 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 earlyextinguishment 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, development and other costs, 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,development and other costs 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] | See Note 1, "Summary of Significant Accounting Policies," for a listing of properties included in each segment. | |||||||||||||||
[3] | Corporate and other includes revenues from Retama Park Racetrack (which we manage) and the Heartland Poker Tour. 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. Other includes expenses relating to the management of Retama Park Racetrack and the operation of Heartland Poker Tour. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $554,300 | $568,300 | $555,200 | $532,800 | $535,000 | $418,900 | $267,300 | $266,600 | $2,210,543 | $1,487,836 | $1,002,836 | ||||||||
Operating income (loss) | 78,700 | [1] | 77,200 | [1] | 66,800 | [1] | 87,700 | [1] | 69,800 | [1] | -15,200 | [1] | 17,900 | [1] | 31,900 | [1] | 310,473 | 104,387 | 136,695 |
Income (loss) from continuing operations | 14,200 | 7,700 | -2,300 | 18,700 | 8,600 | -47,100 | -7,100 | -87,800 | 38,331 | -133,381 | -13,237 | ||||||||
Income (loss) from discontinued operations, net of taxes | 400 | 4,800 | 0 | 300 | 6,400 | -133,300 | 2,000 | 2,400 | 5,449 | -122,540 | -18,568 | ||||||||
Net income (loss) | 14,600 | 12,500 | -2,300 | 19,000 | 15,000 | -180,400 | -5,100 | -85,400 | 43,780 | -255,921 | -31,805 | ||||||||
Net income (loss) attributable to Pinnacle Entertainment, Inc. | $14,600 | $12,500 | ($2,300) | $19,000 | $15,000 | ($180,400) | ($5,100) | ($85,400) | $43,843 | ($255,870) | ($31,805) | ||||||||
Per Share Data - Basic | |||||||||||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.24 | [2] | $0.13 | [2] | ($0.04) | [2] | $0.32 | [2] | $0.15 | [2] | ($0.80) | [2] | ($0.12) | [2] | ($1.50) | [2] | $0.64 | ($2.27) | ($0.22) |
Loss from discontinued operations, net of income taxes (in dollars per share) | $0.01 | [2] | $0.08 | [2] | $0 | [2] | $0 | [2] | $0.11 | [2] | ($2.27) | [2] | $0.03 | [2] | $0.04 | [2] | $0.09 | ($2.09) | ($0.30) |
Net income (loss)—basic (in dollars per share) | $0.25 | [2] | $0.21 | [2] | ($0.04) | [2] | $0.32 | [2] | $0.26 | [2] | ($3.07) | [2] | ($0.09) | [2] | ($1.46) | [2] | $0.73 | ($4.36) | ($0.52) |
Per Share Data - Diluted | |||||||||||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.23 | [2] | $0.13 | [2] | ($0.04) | [2] | $0.31 | [2] | $0.14 | [2] | ($0.80) | [2] | ($0.12) | [2] | ($1.50) | [2] | $0.62 | ($2.27) | ($0.22) |
Income (loss) from discontinued operations, net of income taxes (in dollars per share) | $0.01 | [2] | $0.08 | [2] | $0 | [2] | $0 | [2] | $0.11 | [2] | ($2.27) | [2] | $0.03 | [2] | $0.04 | [2] | $0.09 | ($2.09) | ($0.30) |
Net income (loss) per common share—diluted (in dollars per share) | $0.24 | [2] | $0.21 | [2] | ($0.04) | [2] | $0.31 | [2] | $0.25 | [2] | ($3.07) | [2] | ($0.09) | [2] | ($1.46) | [2] | $0.71 | ($4.36) | ($0.52) |
[1] | Among other items, the estimates inherent in the accounting process can impact quarterly comparability. | ||||||||||||||||||
[2] | Net income (loss)Â per share calculations for each quarter is based on the weighted average number of shares outstanding during the respective periods; accordingly, the sum of the quarters may not equal the full-year income (loss)Â per share. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $5,178 | $7,308 | $4,610 |
Additions | 2,363 | 2,190 | 3,766 |
Deductions | -2,578 | -4,320 | -1,068 |
Ending balance | $4,963 | $5,178 | $7,308 |